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In This List

US to impose more tariffs on China; Codelco to delay Chuquicamata restart

Mining Exploration Insights December

Mining Exploration Insights: Dip in gold drilling weighs on results

Mining Exploration Insights: Is the exploration sector back on recovery?

State of the Market: Mining Q2-2019


US to impose more tariffs on China; Codelco to delay Chuquicamata restart

TOP NEWS

US to impose 10% tariff on US$300B of Chinese goods in September

President Donald Trump put consumers, companies and manufacturers on heightened alert, breaking the long-anticipated news that his controversial and largest batch of tariffs to date on imports from China will go into effect in September. Calling it a "small additional tariff," Trump tweeted that the proposed 10% tariff on US$300 billion of Chinese goods will go into effect Sept. 1, after he accused Beijing of reneging on prior commitments to quell the escalating trade spat between the two economic powerhouses. According to Chris Rogers, research analyst for Panjiva, the largest product groups in the batch include smartphones, laptops, toys, video games and clothes.

Report: Restart of Codelco's Chuquicamata smelter delayed to late October

The restart of Codelco's Chuquicamata copper smelter in Chile has been further delayed to the end of October, Reuters reported, citing four sources. The sources added that the Chilean state-owned miner is purchasing copper cathode on the spot market, with two sources claiming that the company was short of metal and another saying that it is part of Codelco's plan to set up its in-house trading unit.

US Steel's Q2'19 profit plummets 68.2% YOY

U.S. Steel Corp.'s net profit plummeted 68.2% year over year in the second quarter to US$68.0 million, or 39 U.S. cents per share, from US$214.0 million, or US$1.20 per share. Operations were affected by challenging market conditions, and severe weather created logistics headwinds for the steelmaker. Meanwhile, U.S. Steel completed upgrades to its operations, including the Mon Valley steelworks in Pennsylvania, on time and within budget.

BASE METALS

* BHP Group intends to start nickel sulfate production at its Nickel West operation in Western Australia in the second quarter of 2020, targeting the electric vehicle battery market, Reuters reported, citing asset President Eddie Haegel.

* Hudbay Minerals Inc. will appeal a ruling by the U.S. District Court in Arizona that set aside the approval for the company's Rosemont copper project in Arizona.

* Rio Tinto is conducting cultural heritage surveys and preliminary environmental baseline studies, geotechnical and metallurgical test work on its Winu copper discovery in Western Australia's Paterson province. Construction of a gravel airstrip is also nearly done, and the company will continue exploration within the broader province on its licenses and joint venture licenses this year.

* Freeport-McMoRan Inc. priced US$1.2 billion of senior notes, including US$600 million of 5.0% notes due Sept. 1, 2027, and US$600 million of 5.250% notes due Sept. 1, 2029. The sale is expected to settle Aug. 15.

* New Century Resources Ltd. successfully raised A$42.5 million through a fully underwritten share placement, with funds generated to be used toward the continued refurbishment and ramp-up of the Century zinc mine in Queensland, Australia.

* Power Metal Resources PLC secured an option from Société Co-Operative Minière et de Suis-Traitance SARL to acquire a 70% interest in a cobalt- and copper-prospective license in the Democratic Republic of the Congo.

PRECIOUS METALS

* Barrick Gold Corp. President and CEO Mark Bristow and Papua New Guinea Prime Minister James Marape met to discuss a partnership to develop the Porgera gold mine in the country.

* Global gold demand in the second quarter improved 8% year over year to 1,123 tonnes due to record purchases from central banks, according to the World Gold Council.

* Chinese gold consumption dropped 3.3% year over year to 523.54 tonnes in the first half, with 2% higher demand for jewelry offset by a 17.3% decrease in gold bar purchases, Reuters reported, citing the China Gold Association. Chinese gold production fell 5.1% year over year to 180.68 tonnes due to the withdrawal of mining rights in nature reserves.

* On the back of a US$283 million agreement to acquire the Chulbatkan gold project in Russia, Kinross Gold Corp. management was optimistic about the project's chances of getting approved as a strategic resource if necessary.

* Gold Fields Ltd. expects a swing to profit in its first half, forecasting basic EPS of between 8.0 U.S. cents and 10.0 cents. from the year-ago loss per share of 45.0 cents.

* LeaGold Mining Corp.'s consolidated gold production in the second quarter shrunk to 91,285 ounces from 105,949 ounces in the first quarter. The miner swung to a loss of US$70.2 million, or 25 U.S. cents per share, from a year-ago profit of US$9.8 million, or 5 cents per share.

* In the second quarter, Eldorado Gold Corp. swung to a net attributable profit of US$12.2 million, or 8 U.S. cents per share, from a year-ago loss of US$24.4 million, or 15 cents per share. Higher sales boosted revenue to US$173.7 million, compared to US$153.2 million in 2018.

* Hummingbird Resources PLC poured 27,466 ounces of gold at its Yanfolila mine in Mali in the second quarter, 15% higher than its first-quarter total of 23,807 ounces. All-in sustaining costs for the period fell 23% to US$998 per ounce.

* North American Palladium Ltd. declared a special dividend of 35 Canadian cents per share on top of its quarterly dividend of 10 cents per share after the company posted record second-quarter revenue of C$135.6 million. Palladium output totaled 56,472 payable ounces, compared to 57,652 payable ounces in the year-ago period.

* Equinox Gold Corp. lowered its full-year gold production guidance to between 200,000 and 235,000 ounces from between 230,000 and 265,000 ounces due to a longer-than-expected leach cycle for nonoxide ore and stacking of lower-grade material at Mesquite as well as construction delays at Aurizona.

* Genesis Minerals Ltd. secured a A$6 million cornerstone investment from Alkane Resources Ltd. as part of a A$7.5 million capital raising. Proceeds will be used to fast-track the next phase of resource and exploration drilling at the Ulysses gold project in Western Australia.

* IAMGOLD Corp. temporarily suspended mining activities at its Rosebel gold mine in Suriname after an incident involving police and artisanal miners saw one miner killed. The incident also damaged some equipment at the mine.

* Ora Banda Mining Ltd. slashed the cost of remediation work at its Davyhurst gold processing plant in Western Australia by 43% to A$8.5 million following a detailed review.

* Ring the Bell Capital Corp., to be renamed Arizona Metals Corp., said its 11459040 Canada Inc. unit successfully merged with Croesus Gold Corp. in a reverse takeover.

* Sabre Resources Ltd. agreed to acquire Power Metals Pty. Ltd., which owns the Bonanza gold project in Western Australia.

* O3 Mining Inc. completed its previously announced acquisition of Alexandria Minerals Corp. and its Cadillac Break gold property in Quebec.

* Barra Resources Ltd. will initiate a study for potential mining options at the Burbanks gold project in Western Australia after outlining a maiden inferred resource estimate at the Burbanks North Trend deposit. Total resources at the project increased 16% to 145,700 ounces of gold contained in 1.24 million tonnes grading 3.7 g/t gold.

BULK COMMODITIES

* Vale SA's iron ore production "bottomed" in the wake of the deadly tailings dam failure in January at the Feijao mine in Brumadinho, Brazil, CFO Luciano Pires said on an earnings call. Meanwhile, the miner expects to reach a final settlement by the end of the year for all claims from the collapsed dam at Feijao, Valor International reported.

* JSW Steel Ltd. unit JSW Steel (USA) Inc. sued the U.S. after failing to secure an exemption from the Trump administration's metal tariffs, Bloomberg News reported, adding that the move came less than a year after CEO John Hritz lauded the levies for allowing the company to proceed with its US$1 billion expansion plan in the country.

* In the first half, Ferrexpo PLC booked a 78% yearly rise in profit to US$270 million, or 45.8 U.S. cents per share. Revenue grew 28% to US$787 million.

* Itochu Corp. recorded a rise in fiscal first-quarter net profit for its metals and minerals division to ¥33.97 billion from ¥22.45 billion in the prior year, while revenue for the segment grew to ¥172.87 billion from ¥160.38 billion. Trading profit for the segment rose to ¥30.97 billion from ¥20.17 billion thanks to higher iron ore prices.

* CAP SA booked an attributable net profit of US$37.4 million, down from US$37.7 million a year ago.

* BGC Contracting Pty. Ltd. was awarded an earthworks and civil construction works contract for Rio Tinto's West Angelas iron ore mine in Western Australia. Work at the site will begin in October, with completion expected in less than a year.

* Century Aluminum Co. swung to a second-quarter net loss of US$20.7 million, or 23 U.S. cents per share, from a year-ago profit of US$17.9 million, or 20 cents per share, driven by an inventory adjustment and a loss on the sale of its 40% stake in its BHH anode plant in China.

* Gulf Manganese Corp. Ltd. signed a deal to acquire a 20% interest in private East Timor-focused manganese explorer Iron Fortune Pty. Ltd.

* PJSC Novolipetsk Steel decided to use merchant steel slab supplies at its U.S. assets instead of importing its own slab due to market volatility, Fastmarkets MB wrote.

* Leigh Creek Energy Ltd. completed talks with South Australian regulators over the operation of a pre-commercial demonstration plant at its Leigh Creek coal project.

* Orion Minerals Ltd. said it signed a memorandum of understanding to add Safika Resources as a shareholder to Prieska Resources, the company's black economic empowerment partner company.

SPECIALTY

* Turkish ferrochrome producer Eti Krom A.S. tapped JPMorgan Chase & Co. to raise US$250 million from its first sale of five-year, dollar-denominated sukuk, or Islamic bonds, later this year, Bloomberg News reported, citing CFO Evren Ozturk.

* India's National Aluminium Co. Ltd., Hindustan Copper Ltd. and Mineral Exploration Corp. Ltd agreed to form a joint venture, Khanij Bidesh India Ltd., to look for lithium and cobalt reserves abroad after the government gave them the mandate to do so in 2018.

* Clancy Exploration Ltd. entered into a conditional agreement to acquire RareX Pty. Ltd., which holds an option to acquire the Cummins Range rare earth project in Western Australia from Element 25 Ltd.

* Nova Minerals Ltd. unit Snow Lake Resources Ltd. reached an agreement to cooperate with Tanco Mining Corp. of Canada Ltd. in relation to its Thompson Brothers lithium mine in Manitoba.

INDUSTRY NEWS

* Japan's Cabinet approved the removal of South Korea from a list of preferred trading partners, effective Aug. 28, in a sign of deepening tensions between the two East Asian economies.

* Australian miners need to take a bigger role in helping indigenous businesses grow if they want sustainable suppliers and contractors as Aboriginal procurement experts said broken promises have harmed the sector's reputation, according to an exclusive S&P Global Market Intelligence report.

* Mining investment in Peru totaled US$2.53 billion in the first half, up 26.2% compared with the same period in 2018, according to official figures released by the Ministry of Energy and Mines, El Comercio reported. Ministry figures also showed that copper, lead, tin and molybdenum production in Peru increased 1.6%, 9.9%, 13.9% and 1%, respectively, in the half, compared with the same period in 2018, La República reported.

* Mining and construction contractor Macmahon Holdings Ltd. completed its takeover of underground mining contractor GBF Underground Mining Group.

* Foreign investors in Zimbabwe will be allowed to take majority stakes in platinum and diamond mines as the government plans to repeal its black ownership law, Reuters reported, citing Finance Minister Mthuli Ncube. The sectors had been exempted from a ruling in 2018 that removed the ownership requirement.

Panjiva is a business line of S&P Global Market Intelligence, a division of S&P Global Inc.

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