witnessed across most ofits portfolio in the second quarter, with the most notable increase coming fromits bauxite operations. Bauxite production climbed 13% year over year to 12.1million tonnes, with output from all mines increasing over the second quarterof 2015. Meanwhile, second-quarter iron ore production rose 8% to 80.9 milliontonnes and shipments shifted up 6% to 82.2 million tonnes compared to a yearearlier.
recorded a 23.6%year-over-year slidein net profit in the second quarter, to 619 million Swedish kronor from 810million kronor. Production upticks were seen across the company's commodities,with zinc and copper production going up by 11% and 8%, respectively, to 84,719tonnes and 24,028 tonnes.
PolymetalInternational Plc recordeda 9% year-over-year reduction in gold output to 169,000 ounces and a 21% dropin silver output to 7.0 million ounces in the second quarter. Sales of gold andsilver likewise fell by 14% and 26%, respectively, to 157,000 ounces and 6.5million ounces.
*Kazakhstan-focused diversified miner Eurasian Resources Group, formerly knownas Eurasian Natural Rsrc Corp.Ltd., reached an agreement with its two major Russian lenders torestructure US$5.8 billion indebt. The deal lifts the threat of bankruptcy three years after thecompany delisted its London stock amid allegations of corruption and a fraudinvestigation.
*Credit Suisse affirmed its rating for Rio Tinto and BHP Billiton Group's stocks at neutral and outperform,respectively. The firm also increased its target price for each of thecompanies' shares, to 2,300pence per Rio Tinto share from 2,100 pence and to 1,150 pence per BHPBilliton share from 1,050 pence.
* Rio Tinto unit Turquoise Hill Resources Ltd.'s total second-quarterconcentrates outputfrom its majority-owned OyuTolgoi copper-gold mine in Mongolia came in at 207,100 tonnes at anaverage grade of 24.9 % copper. This represents a decrease from 215,500 tonnesproduced in the year-ago quarter and a substantial drop from 229,500 tonnes producedin the previous quarter.
* Chile's Enami EP is assessingfiling a claim against the joint owners of Pampa Camarones — Pampa Mater SA with a 65.3% stake,Arrigoni Minería SpA with 26.7% and Samsung C&T Chile Copper SpA with 8% —over Pampa Camerones' pending debts, which amount to US$120 million. PampaCamerones underwent a restructuring process under local bankruptcy laws in May,in which Enami is one of the creditors, Pulsoreported.
* VecchiolaSA's Minera Tres Valles copper mine in Chile increasedby 11% its cathode production in the first quarter this year compared withthe previous quarter. The company plans to reach full production capacity of18,500 tonnes of cathodes per year by the end of 2016, Diario El Día reported.
* IMI Zinc Exploration Pty Ltd made an offer to 's zinc-lead project inAustralia's Northern Territory for A$14.8 million, consisting of A$2.0 millionin cash and A$12.8 million in shares.
* ConsolidatedTin Mines Ltd.'s board has decided to Blair Pleash and KathleenVouris, both of Hall Chadwick as voluntary administrators to the company afterfailing to secure funding for working capital.
* AnUS$800 million lawsuit filed by Renco Group Inc. against Peru in 2011 over thecountry's alleged failure to clean up pollution surrounding the smelter was rejectedby the World Bank's International Center for the Settlement of InvestmentDisputes due to a lack of jurisdiction, Reuters reported. The company vowed tocontinue to its legal action.
* Even as it seeks to move away from mining, Botswana'sgovernment will maintainUS$130 million of annual spending on state-owned nickel and copper producerBCL Ltd. to preservemore than 5,000 jobs, Bloomberg News reported, citing the country's VicePresident Mokgweetsi Masisi.
* Petropavlovsk PLC's gold production in thefirst half fell22% to 187,400 ounces from 240,200 ounces in the corresponding period last yeardue to the scheduled processing of lower grade material and the impact ofsevere flooding. For the second quarter, gold produced was 95,300 ounces, lowerthan the 127,500 ounces recorded a year ago.
* Coeur MiningInc. terminated the US$100 million five-year senior securedterm loan acquired in June 2015. The company repaid the US$99.0 millionremaining principal balance of the term loan plus a US$4.4 million prepaymentpenalty, for a total of US$103.4 million.
* EmeraldResources NL is proposing to merge with to create awell-funded gold development company. This will be achieved via an off-markettakeover offer underwhich Emerald will offer 1.55 new Emerald shares for every 1 Renaissance shareit does not already own, valuing Renaissance at A$40 million.
*Harmony Gold Mining Co.Ltd.'s gold production for its fiscal 2016 ended June 30, wason target at about1.1 million ounces while its underground gold grades have improved by 6% from ayear earlier to an average 5.02 g/t. In addition, the company has hedged432,000 ounces of gold over two years, locking an average price of about682,000 rand per kilogram. The ounces represent approximately 20% of thecompany's total production.
*South African Mineral Resources Minister Mosebenzi Zwane to , concerned about thenumber of fatalities recorded from the company's operations this year, Independent Online wrote. So far thisyear, fatalities in South Africa's mining industry have reached 49, 10 of whichhappened at Sibanye projects.
*Evraz Plc'sproduction of pig iron and crude steel decreasedby 11.7% and 9.9% from the previous quarter, respectively, to 2.6 milliontonnes and 3.2 million tonnes. Steel products, net of re-rolled volumes,likewise fell by 13.2% to 2.9 million tonnes. Salable coke rose quarter overquarter, up by 77.3% to 290,000 tonnes.
*India's state-owned NationalAluminium Co. Ltd. signed a memorandum of understanding with theIndian Ministry of Mines, settinga target for revenue from operations, excluding excise duty, at 71billion Indian rupees. Nalco also set an annual production target of 2.13million tonnes of alumina and 385,000 tonnes of aluminum in the current fiscalyear.
* Inthe first half of 2016, Russia's largest coal producer, , saw its production increase by 15% to 53.3 milliontonnes and sales in Russia by 9% to 28.4 million tonnes, Kommersant reported. The growth of deliveries to the domesticmarket was due to the high demand for coal from power companies, spurred bylow-water rivers.
* Ina move to avoid bankruptcy, Murray Energy Corp. is working with investment banks to renegotiateterms of its credit agreements, Reuters reported.
*Following TerraComLtd.'s plan to purchase the Blair Athol coal mine in Queensland, theMackay Conservation Group offeredto pay A$2,000 for the mine, AustralianMining reported.
* Ina bid to bolster the sales process for the company's entire Australianbusiness, ArriumLtd.'s administrators seek to secure a 17%pay cut from workers at its Whyalla steelworks and increase iron oreexports by up to 3% per annum, TheAustralian reported.
* Anequipment collapse at K+SAG's C$4.1 billion Legacy potash mine in Saskatchewan led to "consequentialdamage", which could potentially affect the start of production at thesite, Reuters reported.
*Coal production from Russia's Kemerovo region to 108 million tonnes in thefirst half of 2016, 8% more than in the same period last year, Interfaxreported, citing figures from the Kemerovo regional government. The regionproduced 30.7 million tonnes of coking coal and 77.3 million tonnes of thermalcoal, with 60 million tonnes in total heading for export as customers in EastAsia accounted for a larger slice of demand than before.
*Coal imports in China are targeted to remain at over 20 million tons per month during thesecond half of the year, to aid demand and to help fill a supply gap left by amining slowdown, Bloomberg reported, citing an analyst with ICIS China.
*India's coal imports for the current fiscal year is to 160.16 milliontonnes, the Press Trust of India reported, citing Power and Coal MinisterPiyush Goyal. The number projected by NITI Aayog signifies an almost 20% dropfrom the 199.88 million tonnes of coal imported in 2015-16.
*Indonesia's Indorama Corp. signed deals with Algerian state-owned firms Asmidaland Manal to developa phosphate mine and two processing plants in the country at a total cost ofUS$4.5 billion, Reuters reported.
*Prospect ResourcesLtd. entered a deal for a four-month option to , via its 70%-owned Zimbabwesubsidiary Hawkmoth Mining & Investment (Pvt) Ltd, a 90% interest in theGod's Gift lithium project for US$50,000. A further US$450,000 is payable onexercise of the option.
*Lynas Corp. Ltd.booked record quarterlyoutput and sales in the fourth quarter of its fiscal year 2016,pushing its annual figures to beat that of the preceding 12-month period. Thecompany produced a record 3,727 tonnes of rare earth oxides in the quarter endedJune 30, with neodymium-praseodymium oxide output reaching 1,150 tonnes from846 tonnes in the previous quarter.
*Premier African MineralsLtd. said that screens, plant modifications and electrical reticulation works havebeen completed at its49%-owned RHAtungsten project in Zimbabwe.
* Anew federal rule has been shown to have had a on coal miners'exposure to "dangerous levels of coal mine dust," according to theU.S. Department of Labor's Mine Safety and Health Administration. The agencystated that approximately 99% of respirable coal mine dust samples collectedduring the second quarter of this year were in compliance with MSHA coal duststandards.
*There were no immediate effects on mining operations as a result of theattempted coup in Turkey over the weekend, companies said, but the politicalchaos in the country may cast a long-lasting shadow over fundraising for new projectsthere, according to analysts. Jonathan Williams, a corporate broker with RFCAmbrian in London, said he doesn't think Turkey will start taking projects awaygiven that it still needs foreign investment, but lower-quality projects mightnot be funded.
The Daily Dose is updated asof 7 a.m. London time, and scans news sources published in Chinese, English,Indonesian, Malay, Portuguese, Russian, Spanish, Thai and Ukrainian. Someexternal links may require a subscription.