RUSAL nearly triples Q1 profit to US$544M
United Co. Rusal PLC's net profit in the first quarter nearly tripled to US$544 million, and revenue rose 19.5% to US$2.74 billion. Sales of primary aluminum and alloys slipped 2.0% yearly to 965,000 tonnes at a 12.4%-higher average alumina price of US$382/tonne. Rusal said that due to sanctions imposed by the U.S. in early April, any of the company's previous forecasts for this year are unreliable and may become irrelevant.
ArcelorMittal books higher Q1 net income on improved sales
ArcelorMittal's first-quarter net income attributable to shareholders improved to US$1.19 billion, compared to US$1.00 billion a year ago. Sales climbed to US$19.19 billion, from US$16.09 billion in the year-ago quarter. Crude steel production slipped to 23.3 million tonnes from 23.6 million tonnes, with iron ore output up 4.3% year over year to 14.6 million tonnes.
Rio Tinto, Alcoa launch JV to advance carbon-free aluminum smelting
Alcoa Corp. and Rio Tinto are forming a joint venture to advance and market a carbon-free aluminum smelting process the companies developed. The joint venture, to be called Elysis, will license the technology so it can be used to retrofit existing smelters or build new facilities. Apple Inc., which helped facilitate the collaboration between the iron ore and smelting giants, is providing C$13 million along with specific intellectual property and patents. Collectively, Rio, Alcoa, Apple and the governments of Canada and Quebec will provide C$188 million toward the initiative.
* BHP Billiton Group CEO Andrew Mackenzie said the Australian government should create incentives for corporations to invest in infrastructure and spend taxpayers' dollars on health and education, The Australian Financial Review reported. The comments came after the government allocated A$24.5 billion to infrastructure in the budget.
* Mining giants BHP Billiton Group and Rio Tinto closed at multiyear highs on the ASX on May 10, indicating investors' renewed interest in mining companies amid higher commodity prices, The Sydney Morning Herald wrote.
* OZ Minerals Ltd. secured a stake of about 35.57% in Avanco Resources Ltd. under its A$418 million takeover offer, which was approved by the latter's board in early May. Avanco's largest shareholder, Appian Natural Resources, with about 18.44% ownership, and BlackRock, with about 11.60% interest, have now accepted the offer, which is expected to close June 1.
* Symbol Mining Ltd. decided to proceed with the activities required to start mining the Macy deposit of its 60%-owned Imperial zinc property in Nigeria after a scoping study on the deposit indicated the deposit's potential for a high-grade, low-CapEx zinc and lead mining operation. On a pretax basis, Macy is expected to generate about A$20.3 million in free cash flow over its mine life, with a pre-production CapEx of about US$3.2 million and a total capital funding requirement of about A$5 million.
* Grosvenor Resource Corp. agreed to acquire the Powder property in south-central British Columbia. The company intends to conduct a mapping and sampling program to confirm and map the extent of the mineralized zones across the property.
* Vedanta Resources PLC's Tuticorin copper smelter in India is likely to remain closed under an enforced shutdown for at least a week longer after a court set May 17 to hear opening arguments in proceedings to gain approval for a restart, Metal Bulletin reported. The smelter was shuttered in late March after local residents protested the company's plans to double the capacity at the plant, alleging environmental breaches.
* According to Bloomberg News, Randgold Resources Ltd.'s shares fell the most in 18 months in London due to the company's operational issues in Cote D'Ivoire and the Democratic Republic of the Congo. The company's stock dropped as much as 9% on May 10, its steepest intraday loss since November 2016.
* Impala Platinum Holdings Ltd. is seeking tenders to build a tailings or waste storage facility at its Marula platinum mine in South Africa, Reuters wrote, citing a newspaper ad from the company.
* First Majestic Silver Corp. entered into a new precious metal purchase agreement with Wheaton Precious Metals International Ltd. and FM Metal Trading (Barbados) Inc., a wholly owned subsidiary of the company, and terminated a pre-existing silver purchase agreement with Wheaton Precious Metals Corp. over its recently acquired San Dimas gold mine in Mexico. First Majestic also secured a US$75 million senior secured revolving term credit facility.
* Wheaton Precious Metals' net profit climbed 11.3% year over year in the first quarter to US$68.1 million, or 15 cents per share, with revenues inching up 0.7% year over year to US$199.3 million.
* Colorado Resources Ltd. terminated a 2016 deal with Ely Gold Royalties Inc. to acquire a 100% interest in the Green Springs gold property in Nevada.
* Hill End Gold Ltd. appointed PCF Capital Group Pty. Ltd. to conduct a strategic review of the company's Hill End and Hargraves gold projects in New South Wales, Australia, in a bid to unlock their value. The process will be completed by mid-June.
* Latitude Consolidated Ltd. completed the sale of its Mount Ida gold project tenements to Alt Resources Ltd.
* Pretium Resources Inc. reported a net loss of US$8.1 million in the first quarter, widening from US$4.3 million a year earlier, while the company's revenue totaled US$89.4 million.
* Stratex International PLC-->'s 30.4%-owned Thani Stratex Ltd. informed the company that Ethiopian authorities