TOP NEWS
Vale says Samarco iron ore JV may resume ops by year-end or early 2019
Vale SA executives said the Samarco iron ore mine in Brazil may resume operations by the end of this year or in early 2019, but warned that the process hinges on securing environmental licenses, Reuters reported. The mine, which is a joint venture with BHP Billiton Group, halted operations in November 2015 after a deadly tailings dam burst.
Noble Group takes hit on discontinued ops, sinks to FY'17 loss of US$4.94B
In line with its forecast, Noble Group Ltd. posted a net loss of US$4.94 billion in 2017, swinging from a year-ago profit of US$8.7 million. The result included a US$1.05 billion loss from discontinued operations as well as US$3.24 billion in exceptional items, which comprised about US$2.15 billion in noncash losses.
Norsk Hydro preparing Brazilian alumina refinery for 50% production cut
Norsk Hydro ASA started preparing to cut output from its Alunorte alumina refinery in Brazil by 50% from March 1, as ordered by the Secretariat of Environment and Sustainability of the state of Pará. SEMAS plans to impose daily fines of about 500,000 Brazilian reais if production is not cut within the deadline. The Alunorte facility is the world's biggest alumina refinery, with an annual production capacity of 5.8 million tonnes.
DIVERSIFIED
* Podium Minerals Ltd. listed on the ASX after completing a capital raising of A$5.5 million. The company is focused on the exploration of platinum group metals, gold and nickel-copper sulfides.
BASE METALS
* Vale aims to save more than US$150 million by cutting costs across its nickel operations and will halt new investment in nickel assets, Reuters reported, citing the company's executives. Additionally, the miner said is aiming for base metals to account for at least 30% of its financial results by the end of 2019. Meanwhile, Vale expects to reach a decision on its New Caledonia nickel operations by the end of the year and all options will be considered, CEO Fabio Schvartsman said.
* Turquoise Hill Resources Ltd. said the Oyu Tolgoi mine in Mongolia will lift force majeure over copper concentrate supplies, effective March 1. Oyu Tolgoi maintained normal mine operations during the period and no impact on production is expected. The company declared force majeure on deliveries in mid-January after Chinese coal transporters obstructed the main access road within China to the Chinese-Mongolian border.
* The Constitutional Court in Mongolia ruled that Mongolian Copper Corp. LLC never had the right to 49% of the Erdenet copper mine as it broke the law, Reuters wrote. The decision supports a government resolution to buy back the stake, which would give it full control of the asset. The company, however, will challenge the government's plans.
* Ok Tedi Mining Ltd.'s copper concentrate deliveries from the Ok Tedi mine in Papua New Guinea may be affected after an earthquake-induced landslide cut off the site from road access, Metal Bulletin wrote, citing sources.
PRECIOUS METALS
* Phoenix Global Mining Ltd. signed an option to acquire an 80% interest in the Gordon Lake gold property in Canada's Northwest Territories from ExGen Resources Inc. in a cash and share deal.
* Trifecta Gold Ltd. signed a letter of intent with Silver Range Resources Ltd. to acquire up to a 75% interest in the gold-prospective Yuge property in Nevada.
* Coeur Mining Inc. completed the sale of its Empresa Minera Manquiri SA subsidiary to Ag-Mining Investments AB. The Bolivian unit operates the San Bartolome silver mine and processing facility.
BULK COMMODITIES
* Brazilian steelmaker Gerdau SA booked a net loss of 1.38 billion Brazilian reais for the fourth quarter of 2017, narrowing 55% on a yearly basis. The company's net loss for the full year narrowed 88.2% year over year to 339 million reais. The company attributed the improved results to lower impairments, which totaled 1.12 billion reais in 2017, compared to 2.92 billion reais a year earlier.
* Gerdau's current portfolio of assets in the U.S. and Canada is "adequate," and it now plans to draft its growth strategy, Metal Bulletin reported, citing CFO Harley Scardoelli. The company sold some of its U.S.-based rebar production units, a wire rod mill and two downstream facilities in January.
* Hesteel Co. Ltd.'s sales revenue in 2017 rose 55.2% year over year to 115.7 billion, while attributable net profit increased 19.55% to 1.86 billion yuan, China Securities Journal reported.
* China expressed "strong dissatisfaction" with the U.S.'s move to impose antidumping and countervailing duties on imports of certain Chinese aluminum foil, Reuters reported, citing the country's ministry of commerce.
* China's coal consumption rose 0.4% in 2017, the first annual jump since 2013, primarily due to a 5.7% increase in electricity demand, the Financial Times reported, citing data from the country's statistics bureau.
* Universal Coal Plc declared an unfranked interim dividend of 1 Australian cent per share after the company swung to a profit of A$14.1 million, or A$2.05 per share, in the first half of its fiscal 2018, from a loss of A$1.7 million, or 14 cents per share, in the year-ago period.
* Indian steel mills have been benefiting directly from the enforcement of steel production curbs at its plants in northern China, in the form of rising global prices and higher export volumes, Live Mint reported.
SPECIALTY
* Lithium X Energy Corp.'s stock fell Feb. 28 amid speculation that Chinese fund NextView Capital, which struck a deal to acquire the lithium producer in a C$265 million deal in December 2017, may fail to secure funds to complete the transaction, Bloomberg News reported. This comes after Bacanora Minerals Ltd. announced that NextView failed to complete its previously reported £31.2 million investment in the company, defaulting on the transaction.
* Zimbabwe has the potential to supply 20% of the global demand for lithium and is aiming to supply 10% of the world's lithium in four years, Reuters reported, citing Mines Minister Winston Chitando.
* Tianqi Lithium Industries Inc.'s net profit attributable to shareholders for 2017 rose 42% to 2.15 billion Chinese yuan from 1.51 billion yuan recorded a year ago. The company attributed the improvement to higher sales revenues in the lithium segment as well as reduced asset impairments.
* Lithium Australia NL received acceptances to buy 99.7% of the issued capital of Very Small Particle Co. Ltd., a Brisbane, Australia-based battery cathode developer.
* Prospect Resources Ltd. exercised its option to acquire a 70% interest in the Good Days lithium project in Zimbabwe.
* Berkwood Resources Ltd. is acquiring a private company in British Columbia, 1137794 BC Ltd., which will increase its landholding under the Lac Gueret graphite project in Quebec to 25,180 hectares.
* Hastings Technology Metals Ltd. signed a 10-year off-take deal with Thyssenkrupp Raw Materials GmbH for the supply of 5,000 tonnes per annum of mixed rare earth carbonate from its Yangibana project in Western Australia.
INDUSTRY NEWS
* Strong prices for key commodities, favorable interest rate movements and a solid overall operating performance were the key factors that helped mining companies perform better in 2017. However, of the 25 largest companies, only 12 companies beat their 2017 calendar year estimates, while the same number of companies missed their EPS estimates. Two of the three largest companies by market capitalization, BHP and Rio Tinto, missed their 2017 full-year estimates with shortfall margins of 5% and 1%, respectively, while Glencore Plc met its annual earnings estimate.
* Newly appointed South African mines minister Gwede Mantashe said he plans to complete the country's new mining charter within three months, Reuters reported.
The Daily Dose is updated as of 7 a.m. Hong Kong time, and scans news sources published in Chinese, English, Indonesian, Malay, Portuguese, Russian, Spanish, Thai and Ukrainian. Some external links may require a subscription.
