Anglo AmericanPlatinum Ltd.'s net profit attributable to shareholders dropped62% year over year to 938 million South African rand, or 3.58 rand per share,in the first half, from a net profit of 2.44 billion rand a year ago. Net salesrevenue increased to 30.66 billion rand, from 29.86 billion rand in theprior-year half, and cost of sales increased 10% to 27.95 billion randmainly as a result of an increase in cash operating cost. The company said itplanned to cut 1,000 jobs at its Union mine.
U.S.-based commodities giant is mulling off-loadingits metals and energy operations to focus on its core business of food and agriculture,The Wall Street Journal reported,citing "people familiar with the matter." The company trades in steeland iron ore.
For the three months ended June 30, produced 598,037ounces of gold and 21,228 tonnes of copper, down 6.0% and 7.4%, respectively from the prior quarter.Output was lower due to the suspension of operations at its mine in Indonesia andlower grade ore processed at the Cadia East mine in New South Wales, Australia. Theall-in sustaining cost per ounce in the quarter increased 8.9% to US$787 perounce.
* CompañíaMinera Milpo SAA said that the third stage of consolidation of itsPasco zinc-copper-lead-silver mining complex in Peru is near completion, withthe construction of a new energy transmission line between the Atacocha and ElPorvenir mines. Now the mining company will focus on the fourth and final phaseof the project, consisting of the integration of both underground mines, newsagency Andina reported.
* According to Amur Minerals Corp.'s updated definitive feasibilitystudy and working plan for the development of its flagship nickel-copper sulfideproject, the project's resource can sustain15 years of operations at an annual mining rate of 5.0 million tonnes of orefor the production of polymetallic concentrate.
* After reaching an agreement with the company, workers haveended their strike atAnglo American Plc'sChile-based ElSoldado copper mine, Reuters reported, citing a union official. The workers laid downtheir tools at the mine July 8, after failing to strike a deal in contractdiscussions.
* WeatherlyInternational Plc has experienced unprecedented levels of water inflowrates at its Tschudi mine in Namibia, resulting in the of 3,812 tonnes ofcopper cathode in the quarter ended June 30, 10% under the target of 4,250 tonnesper quarter. The company anticipates production in the September quarter to be15% below nameplate, with a return to normal levels expected by the end of theDecember quarter.
* A contracted driver at MMG Ltd.'s Las Bambas copper mine in Peru following a road accident near thetown of Antuyo in the Cotabambas province.
* Bolivia's Office of the Attorney General concluded twoweeks of oral presentations in the final hearing of the internationalarbitration proceeding filed by TriMetals Mining Inc. subsidiary against theBolivian State for the expropriation of the Malku Khota silver project in Bolivia bySupreme Decree 1308 on Aug. 1, 2012. The hearing takes place in WashingtonD.C., daily Jornada Net reported.
* RandgoldResources Ltd. said its Tongon gold mine in Ivory Coast has completedthe final phase of its crusher expansion and mill circuit upgrade project, andis set for increased performance in the second half.
* ChinaNational Gold Group Corp., one of the nation's largest gold miners,posted profit of 230 million Chinese yuan and sales revenue of 50.4 billionyuan, in the first half of this year, China Securities Journal reported.The company met over 80% of its annual profit target, and spent 129 millionyuan in exploration during the period.
* Production at Randgold Resources Ltd.'s Tongon gold mine in Ivory Coast is expected todecline due to anextended downtime experienced by a mill at the site. The company now expects toproduce over 260,000 ounces of gold this year, from 290,000 ounces announcedpreviously.
* QuantumResources Ltd. entered into a deed of variation and agreement withNewmont Mining Corp.unit Newmont Tanami Pty.Ltd. covering the Officer Hills gold tenement in Australia's Northern Territory.Newmont is now required to spend A$500,000 over three years to earn a 70%interest in the property, compared to up to a 75% stake previously.
* Timmins GoldCorp. completed the sale of its Caballo Blanco gold-silver project in Mexico toCandelaria Mining Corp.
* China has startedimposing anti-dumping duties, ranging from 37.3% to 46.3%, on imports of electricsteel products from the European Union, Japan, and South Korea, Reuters reported,citing the country's official Xinhua news agency.
* CompañíaMinera Autlán SAB de CV resumed operations at its Gomez Palaciosilicomanganese plant in Durango state, Mexico, which were suspended in Januarydue to low steel prices and unfair competition from Chinese imports. The planthas an annual production capacity of 33,000 tonnes of ore, daily El Financiero reported.
* The Australian Financial Review wrote that the BHP Billiton Group-led isunderstood to be the last standing bidder for Anglo American's Australian coalassets, which include the Moranbah and Grosvenor mines. The auction results may be out as earlyas this week.
* Kommersant reported that Suleyman Kerimov maybuy part of United Co. RUSALPlc from ONEXIMGroup with the aim to conduct a spinoff of shares of owned byRUSAL. The idea was discussed in 2014, but not realized because of thepotential costs, including taxes.
* Vedomosti reportedthat Russia's state-run technology control authority, Rostekhnadzor, said theexplosion at the Severnaya coal mine, owned by may have been caused bea methane explosion due to poor isolation of mining production and damage toelectric cables.
* RBC Daily reportedthat the Kyiv Economic Court of Appeal did not uphold a complaint by VelbayHolding Ltd., which is controlled by RUSAL, to cancel a decision to return68.01% of shares of Zaporizhzhya Aluminium Plant to the Ukrainian state.
,* Puls Biznesu reportedthat coal from the East is available in Poland for 200 zlotys per tonne, whilethe cost of mining by the state-owned Polish Mining Group is more than 250zlotys per tonne. According to Weglokoks, Poland received 3.1 million tonnes offoreign coal between January and May, while imports in the same period a yearago were 2.8 million tonnes. Imports of energy coal increased, while cokingcoal saw a decline. Poland buys coal mainly from Russia, Australia, CzechRepublic, Colombia and the U.S.
* Coal ofAfrica Ltd. said its environmental authorization for the coal project inSouth Africa has been extendedfor an additional five years.
* CITICLtd. expects to record a 40% to 50% in net profit attributable toshareholders for the six months ended June 30, from an attributable net profitof HK$37.7 billion a year ago.
* OAO HoldingCo. METALLOINVEST, Russia's largest iron ore producer, repaid afive-year US$750 million eurobond issued in 2011 in line with plans to total debt amid uncertainglobal demand for steel. A company spokesman also told SNL Metals & Miningthat Metalloinvest probably would not buy back and refinance its US$1 billion eurobondmaturing in 2020, because of a lack of cash following the recent bondredemption and the "already low" 5.625% coupon rate on the remainingdebt.
* In a bid to push off forward consolidation of coalresources owned by state-owned companies to help cut the overcapacity in the sector,China has set up a coal asset management firm, which includes China ShenhuaGroup, China National Coal GroupCorp., China Reform Holdings Corp. and China Chengtong HoldingsGroup Ltd., Reuters reported, citing the state-owned Assets Supervision andAdministration Commission.
* Yanzhou CoalMining Co. Ltd. entered into a joint venture agreement with Duanxin Investment, awholly owned subsidiary of the company, and Great Wall Securities in relationto, among other things, capital commitment to the JV. The group will contributea total capital of 2 billion Chinese yuan representing 40% interest in JV,while Great Wall Securities will contribute 3 billion yuan representing a 60%interest.
* Petra DiamondsLtd.'s diamond output in fiscal 2016 totaled 3.7 million carats, exceedingthe full-year guidance of 3.6 million carats to 3.65 million carats. In fiscal2017, the company expects to produce 4.6 million carats to 4.8 million carats,and reach its target of 5 million carats in fiscal 2018. Revenue in fiscal 2016improved 1% year over year to US$430.9 million mainly due to increased sales.
* De BeersSA unit De BeersCanada Inc. is selling its shuttered Snap Lake diamond mine in Canada's NorthwestTerritories and has tapped Bank of Montreal to help in the transaction, Reutersreported, citing company spokesperson Tom Ormsby.
* Orion MetalsLtd. shareholders approved the investment agreement it signed withExcellence Holding HKLtd., pursuant to which Excellence increased its shareholding inOrion Metals to 57.95%.
* The Queensland Resources Council's state of the sectorreport found that miners in the Australian state are more worried about thechanging industry regulations and policies than the depressed globalcommodities market, The AustralianFinancial Review reported.
* Li Wenyuan, the director of the local bureau of ChinaGeological Survey at Shaanxi province's capital city of Xi'an, told SNL Metals& Mining that the department is setting up representative offices inCentral Asia to improvecooperation on cross-border geological maps for mining resources inthe region between China and five countries in the region — Kazakhstan,Kyrgyzstan, Uzbekistan, Turkmenistan and Tajikistan.
* The deputy director at China's Economic Research Center ofMinistry of Land and Resources, Fu Ying, said mining resources in China'snorthwest region have been underestimated due to insufficient exploration programs.
* According to S&P Global Ratings, the number ofcompanies defaultingon debt has reached 104 so far in 2016 — 60% more than in the same period of2015 — with oil, mining and steel companies accounting for most of the total.Energy and natural resource companies, including miners, accounted for overhalf of nonpayments so far in 2016, with about 14.9% of speculative-gradecompanies in these sectors in default — about seven times higher than theaverage default rate for all other sectors.
S&P Global Ratings and SNL Metals & Mining areowned by S&P Global Inc.
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