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Glencore loses Paradise Papers court fight; Vedanta meets Zambia over Konkola


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Glencore loses Paradise Papers court fight; Vedanta meets Zambia over Konkola


Court blocks Glencore's request to stop using leaked documents in tax probe

Australia's High Court refused Glencore PLC's request to prevent the Australian Taxation Office from using documents from the 2017 Paradise Papers leak in its tax probe into the mining giant, The Guardian reported. Glencore is being investigated over a US$25 billion swap involving its two Bermudan units and its Glencore Australia Investment Holdings subsidiary in a transaction that, although legal, may have been used to evade taxes in Australia.

Vedanta fails to prevent Konkola liquidation in meeting with Zambia's president

Zambian President Edgar Lungu will still pursue the liquidation of Konkola Copper Mines PLC despite meeting with Vedanta Resources Ltd. Chairman Anil Agarwal, who expressed the company's desire to reinvest in the unit, Reuters reported, citing a statement issued by the Zambian State House.

Trump's chances of ending China's developing country status 'virtually nil'

President Donald Trump's ability to strip China of its developing country status at the World Trade Organization is "virtually nil" because it would require the cooperation of other countries that benefit from the current system, a former U.S. trade representative official said.


* Incoming Codelco CEO Octavio Araneda is optimistic about the long-term outlook of copper prices amid current market volatility caused by the U.S.-China trade war, Reuters reported.

* Orion Minerals Ltd. is confident of securing up to 65% of the funding for its A$400 million Prieska copper project via debt from South African government-sponsored finance agencies that focus heavily on environmental, social and governance issues championed by the junior's new investor, The Anglo American sefa Mining Fund.

* PolyMet Mining Corp. narrowed its second-quarter net loss to US$910,000, from US$2.7 million last year, due to lower finance costs and a non-cash loss on the land exchange in the prior year.

* Nickel Mines Ltd. completed its acquisition of another 43% stake in the Ranger nickel project in Indonesia, increasing its ownership to 60% from 17%.

* Cape Lambert Resources Ltd. abandoned its Kipushi cobalt-copper tailings joint venture with Paragon Mining SARL in the Democratic Republic of the Congo after failing to secure project funding. Instead, Cape Lambert will shift its focus to the Marampa iron ore project in Sierra Leone to take advantage of high prices.

* Global Atomic Corp. resumed operations at the Iskenderun electric arc furnace dust processing plant in Turkey after expanding the capacity to 110,000 tonnes from 65,000 tonnes.


* Since May, China has cut US$15 billion to US$25 billion worth of gold imports, or about 300 tonnes to 500 tonnes compared with last year, a move seen as an attempt to curb outflows of dollars and strengthen its yuan currency amid a slow economic growth, Reuters reported, citing bullion industry resources with direct knowledge of the matter.

* Hochschild Mining PLC's profit attributable to shareholders for the first half increased to US$13.9 million from US$12.9 million a year ago. Revenue in the half dropped to US$354.5 million from US$372.3 million as silver sales declined to 10.2 million tonnes from 11.1 Mt on a yearly basis while average realized prices fell. The results include exceptional items of US$11.9 million related to restructuring the Arcata mine unit in Peru.

* TMAC Resources Inc. agreed to grant Maverix Metals Inc. an additional 1.5% net smelter royalty on top of an existing 1% NSR on the Hope Bay gold mine in Nunavut for US$40 million. TMAC swung to a second-quarter net profit of C$1.2 million, or 1 cent per share, from a loss of C$10.3 million, or 11 cents per share, recorded a year ago.

* A third environment audit on Lydian International Ltd.'s Amulsar gold project in Armenia, where an illegal blockade is ongoing, found no grounds for criminal prosecution against the company. The government is expected to decide on the project's fate shortly.

* Gold miner Saracen Mineral Holdings Ltd.'s takeover bid to acquire all of the shares of Bligh Resources Ltd. closed Aug. 12 with a relevant interest of 95.72%. The company said it will complete the compulsory acquisition process in due course.

* The governor of Peru's Puno province, Walter Aduviri, is facing six years in jail after a Peruvian court found him guilty of disturbing public order after leading 2011 deadly protests against Bear Creek Mining Corp.'s plans to mine silver in the region, Reuters reported.

* Greenpower Energy Ltd. exercised its option to acquire the past-producing Camel Creek, Golden Cup and Big Rush gold mines in Queensland, Australia from Q-Generate Pty Ltd.

* Sphinx Resources Ltd. acquired the exploration-stage Soufflot and Patrie gold projects to broaden its portfolio in southwestern Quebec.

* ValOre Metals Corp. closed its purchase of the Pedra Branca platinum group metals project in Brazil from Jangada Mines PLC.

* Capricorn Metals Ltd. hedged 200,000 ounces of gold with a Dec. 31 maturity and a price of A$2,249 per ounce. The hedging represents coverage of about two years of anticipated gold production out of a mine life of 8.5 years on the current ore reserve of 892,000 ounces of gold at Karlawinda, the company noted.

* Golden Arrow Resources Corp. signed a definitive agreement for an option to acquire the 63,854-hectare Tierra Dorada gold project in Paraguay for US$4 million.


* China's coal mine safety regulator said a new phase of safety inspections for coal mines all over the country will last from late August to the end of September, and inspectors are planning to crack down on illegal production, Reuters reported. The inspections were prompted after concerns over safety conditions arose due to multiple fatal accidents at coal mines.

* Crude steel production in China slid to 85.2 million tonnes in July, compared to 87.5 Mt in June and 81.2 Mt in July 2018, due to government-imposed curbs amid environmental concerns coupled with record-high prices for raw materials, Reuters reported.

* Ramaco Resources Inc. executives said the company's focus on geologically advantaged, low-cost mines allowed it to post the second-highest adjusted EBITDA on record, even as turbulence in metallurgical coal markets has led competitors to the bankruptcy court.

* Contura Energy Inc. is keeping several options on the table should it secure the bankruptcy auction purchase of certain Blackjewel LLC coal assets, including a resale or relatively quick pivot to reclaiming the acquired Powder River Basin mines, executives said in an earnings call.

* Liuzhou Iron & Steel Co. Ltd.'s attributable net profit in the first half slumped 38% year on year to 1.27 billion Chinese yuan, or 49 fen per share, as sales revenue fell 1.3% to 22.88 billion yuan.

* Labrador Iron Ore Royalty Corp. swung to a second-quarter net income of C$61.1 million, or 95 cents per share, from a year-ago loss of C$3.2 million, or 5 cents per share, driven by higher prices for concentrate and pellets, as well as higher production.

* Euro Manganese Inc. started work for a feasibility study for its Chvaletice manganese project in the Czech Republic, with completion targeted in mid-2020.

* Amid the automation trend in global financial markets, human traders are still dominating the steel market, with a large bulk of transactions done through annual contract deals with agreed-upon prices and volumes, Bloomberg News reported.

* India's demand for Australian coal will increase in the future especially with the approval of Adani Enterprises Ltd.'s Carmichael project in Queensland, The Australian reported, citing Ajay Gondane, India’s high commissioner.

* Though the seaborne price on coal used for steelmaking has recently faltered, experts speaking at the American Coal Council's Coal Market Strategies 2019 conference in Utah suggested the decline is likely cyclical and should see a midterm recovery.

* North Korea is accused of violating sanctions after a ship carrying what appeared to be coal was spotted docked in the country's western port of Nampo, Yonhap News Agency reported, citing Voice of America.


* De Beers SA will allow buyers to reject more diamonds offered at an upcoming sale amid stagnant demand, weak prices and oversupply issues in the smaller stones market, Bloomberg News reported, citing people familiar with the matter. The Anglo American PLC unit usually requires buyers to accept the price and quantities they are offered.

* PJSC Alrosa's 14.83-carat pink diamond named The Spirit of the Rose is expected to be sold at between US$60 million and US$65 million in November, making it possibly one of the most expensive gems ever, Bloomberg News reported, citing spokeswoman Evgeniya Kozenko.

* Argosy Minerals Ltd. agreed to acquire the tenements comprising the Tonopah lithium project in Nevada from Lithium Consolidated Ltd. unit LCME Holdings Inc., Big Smokey Exploration LLC, ProspectOre LLC and ProspectOre Inc.

* Alita Resources Ltd. was in talks with major lender Tribeca Investment Partners over the viability of its Bald Hill lithium operation in Western Australia, which has been hurt by slumping prices, The Australian Financial Review reported.

* Kommersant reported that Rostec Corp. moved out of a joint venture with Alexander Nesis' IST for extracting and processing rare earth metals at the Tomtor deposit in Yakutia, Russia. Rostec's share was transferred to Cyprus-registered Zaltama Holding Ltd., associated with the chairman of Eastern Mining Co. and former president of SUEK, Oleg Misevra. Misevra is guided by favorable forecasts for the niobium market, which is classified as an important mineral for the U.S. economy.

* Minbos Resources Ltd. kicked off auger drilling at its Ambato rare earth project in Madagascar.


* Angola will launch public tenders for mining concessions in Dubai, Beijing and London in September, Prensa Latina reported.

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