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Sibanye drops full-year gold production guidance 6% for South African operations

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Sibanye drops full-year gold production guidance 6% for South African operations

TOP NEWS

Sibanye drops full-year gold production guidance 6% for South African operations

Sibanye Gold Ltd. revised down the full year gold production guidance for its South African operations due to disruptions caused by safety-related incidents at Kloof and Driefontein, a power outage at Beatrix earlier in the year and infrastructure damage at the Masakhane mine following a May 3 seismic event. Sibanye now expects its South African operations to produce between 1.17 million ounces and 1.21 million ounces of gold, down 6% from its earlier forecast of between 1.24 Moz and 1.29 Moz.

Coal projected to be Australia's top export in 2018-19

Australia's coal exports are projected to reach A$58.1 billion in 2018-19, usurping iron ore as the country's top export earner for the first time in nearly 10 years, amid high prices and surging demand from Asia, The Australian reported. Resources Minister Matt Canavan told Australian media that the forecast from the Department of Industry, Innovation and Science underpins the case for Adani Enterprises Ltd.'s proposed Carmichael coal mine and the development of Queensland's Galilee Basin.

London Metal Exchange to require audit of cobalt sourced from DRC

Starting January, the London Metal Exchange will require all companies that source at least 25% of their cobalt from mines in the Democratic Republic of the Congo to undergo a professional audit as it intensifies scrutiny amid growing concerns over the use of child labor in the electric car supply chain, the Financial Times reported, citing sources.

DIVERSIFIED

* Vale SA is seeking approval for the early extension of its railway concessions that expire in 2027. The approval will be submitted to the board after the analysis of the compensation required by the Brazilian federal government that will be formalized following public hearings.

* Rox Resources Ltd. exercised its option to purchase two tenements at its Fisher East nickel and Mount Fisher gold projects in Western Australia for A$600,000 in cash.

BASE METALS

* The Democratic Republic of the Congo court suspended a hearing over a lawsuit against Glencore PLC filed by a former shareholder and Congolese-American businessman Charles Brown seeking US$1.14 billion in compensation, Bloomberg News reported. Brown was aiming to take back a 19% stake in Mutanda Mining Sarl, now a Glencore unit, that he co-founded, after he claimed his shares were fraudulently sold in two transactions to Glencore in 2007 and 2012.

* Independence Group NL is acquiring a group of tenements, covering approximately 1,100 square kilometers, contiguous to its Nova nickel project in Western Australia for A$21.0 million in cash and shares.

* Superior Lake Resources Ltd. is proceeding with a restart study for its namesake Superior Lake zinc-copper-gold-silver project in Ontario, after outlining a maiden resource estimate for the Winston and Pick Lake mines of about 2.15 million tonnes at 17.7% zinc, 0.9% copper, 0.4 g/t gold and 33.5 g/t silver.

* Metals X Ltd.'s and Greentech Technology International Ltd.'s 50/50 joint venture, Bluestone Mines Tasmania Joint Venture, started the commissioning of its new crushing and ore sorting facility at the Renison tin mine in Tasmania, Australia.

PRECIOUS METALS

* Sibanye Gold Ltd. appointed mine safety expert Kobus de Jager as its corporate head of safety, as part of the company's 12-point plan to address safety concerns at its South African operations, Mining Weekly reported.

* An updated definitive feasibility study for an underground operation at Resolute Mining Ltd.'s Syama gold mine in Mali extended the mine's life to 16 years at a reduced all-in sustaining cost of US$746 per ounce of gold.

* Resources & Energy Group Ltd. estimated a maiden JORC 2012-compliant resource for its Radio gold mine in Western Australia of 210,700 tonnes at 4.23 g/t gold for 28,600 contained ounces. The estimate includes an indicated resource of 50,300 tonnes at 4.55 g/t gold for 7,400 contained ounces and an inferred resource of 160,400 tonnes at 4.12 g/t gold for 21,300 contained ounces.

* Millennium Minerals Ltd. updated the probable ore reserve for the Redbeard open pit deposit, part of the Nullagine gold project in Western Australia, to 17,200 ounces of gold contained in 153,000 tonnes grading 3.5 g/t gold.

* Australia's Upper House Member of the Parliament Robin Scott accused Hawthorn Resources Ltd. of "racially taunting" owners of Pinjin Station, located 140 kilometers northeast of Kalgoorlie, Western Australia, amid a legal battle between the Pinjin Station owners and the gold explorer, The West Australian reported.

* Musgrave Minerals Ltd. inked a nonbinding term sheet with Westgold Resources Ltd. for the development of existing gold resources at its Break of Day and Lena deposits, part of the Cue gold project In Western Australia.

* Eurasia Mining PLC secured approval from the Ministry of Economic Development for the mine permit for the Monchetundra platinum mine in Russia.

* Construction and commissioning activities at Endomines AB's Friday gold mine in Idaho is advancing in line with budget and on target to meet the projected startup by the end of February 2019.

* Swick Mining Services Ltd. signed a deal with Saturn Metals Ltd. for the use of its unit's Orexplore Australia Pty Ltd.'s proprietary mineral analysis technology for Saturn's Apollo Hill gold project in Western Australia.

BULK COMMODITIES

* Ferrexpo PLC's total pellet production in the second quarter slipped 2.9% quarter over quarter to 2.5 million tonnes, from about 2.6 million tonnes. Total output in the first half slipped 1.2% yearly to about 5.1 million tonnes.

* Australia's Westpac bank says further major coal investments are likely Down Under after the federal government revealed on July 2 that the commodity would top iron ore as the country's biggest export earner in 2018-19, though that mantle is not expected to last amid lower price forecasts and mining investment having "bottomed out."

* A new thermal coal mine being built in the U.S. will benefit from very good timing, said Paringa Resources Ltd. interim CEO Todd Hannigan, who is overseeing the mine's development. "We'll be delivering coal next year into an improving market, and we're fortunate we've got our timing right."

* ThyssenKrupp AG called its European steel joint venture with Tata Steel Ltd. "fair" after some shareholders voiced disappointment over the revised terms, Reuters wrote. Meanwhile, a source told the news wire that an IPO of the joint venture is expected to take place in 2020 via a capital increase.

* UniSuper and QSuper, with a combined A$147 billion of funds under management, have thrown their support behind the global Climate Action 100+ group, which aims to steer Australian companies away from coal towards cleaner energy and reduced carbon footprints, The Australian Financial Review reported.

* In the June quarter, Metro Mining Ltd.'s Bauxite Hills mine in Queensland, Australia, mined 445,000 wet tonnes of bauxite and shipped 399,000 wet tonnes of bauxite. The mine experienced a steady ramp up in the quarter and is now approaching the budgeted operating rates.

* Ryerson Holding Corp. completed its acquisition of Central Steel & Wire Co. for about US$150.8 million. Following completion of the transaction, Central Steel & Wire became a wholly-owned subsidiary of Ryerson.

* Synalloy Corp.'s Bristol Metals LLC unit closed the acquisition of Marcegaglia USA Inc.'s galvanized tube operations for US$10.0 million.

* Kibo Mining PLC signed an agreement with China-based SEPCOIII for the development of its three existing energy projects, as well as future energy projects.

* Chinese steelmaking city Tangshan will cut the number of steel producers in half by 2020 and get rid of unfit equipment in a bid to improve the city's air, Reuters reported. The city has 64 steelmakers, which together produced 91.2 million tonnes of crude steel in 2017, equal to 11% of China's total steel production.

* Israel Chemicals Ltd. and its Rotem Amfert Negev Ltd. and Fertilizers and Chemicals Ltd. units are facing a class-action lawsuit over the alleged exploitation of their monopolistic position in order to charge consumers in Israel excessive and unfair prices for solid phosphate fertilizer from 2011 to this year. The plaintiffs are seeking damages of US$15 million.

SPECIALTY

* An analyst with mining experience said a "diamond boom" could be taking shape, led by Lucapa Diamond Co. Ltd., after DevEx Resources Ltd. became the latest explorer seeking to emulate its success in Western Australia's Kimberley region, believing that science will unlock new opportunities overlooked by the likes of Rio Tinto.

* Aluminum Corp. of China or Chinalco, ordered a shutdown of its rare earths unit in southern China's Guangxi region after inspectors identified an environmental breach that resulted in water contamination, Reuters reported.

* A mob of between 300 and 500 people overran the operations of exploration firm Web Gemstone Mining, in which Gemfields PLC has a 75% stake and holds an emerald exploration license covering an area of 200 square kilometers in Ethiopia, Mining Weekly reported. It is believed the mob may have been spurred by a faction seeking a portion of Web Gemstone's license.

* Hardey Resources Ltd. signed an agreement to acquire the Nelly vanadium mine in Argentina by acquiring the issued share capital of project owner Nelly Vanadium Pty. Ltd.

* Stornoway Diamond Corp. temporarily suspended operations at its Renard diamond mine in Quebec due to a local forest fire.

* Companies engaged in developing lithium operations are struggling to secure project financings required to increase production of the material to meet the global demand, Bloomberg News wrote. According to Galaxy Resources Ltd., which is seeking to build further operations in Argentina and Canada, lithium producers will need investments of about US$12 billion to boost output five-fold by 2025 in order to cater to the increasing demand for batteries.

INDUSTRY NEWS

* A report has found that a vast portion of Western Australian land has been contaminated with substances, including asbestos, cyanide and arsenic, after the Department of Planning, Lands and Heritage stopped an inspection program, The Sydney Morning Herald reported.

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