unit expects a 22%increase in production to 930,000 tonnes of copper in 2016, Reuters reported, citing CEO Oscar Gonzalez.
Huckleberry mulls putting namesake mine on care and maintenance
said its 50%unit Huckleberry Mines Ltd.recalled 44 of the 85 employees that were laidoff at the Huckleberrymine in British Columbia in January due to weak copper prices. However, the mineis expected to be placed on care and maintenance if copper prices do not increaseby the third quarter, the company added.
Fortescue MetalsGroup Ltd. CEO Nev Power said the sale of its blend of iron ore fromits partnership with Vale is expected to kickoff by the second half, speaking at the Mines and Money Asia 2016 conferencein Hong Kong.
* Proceedingsof Rio Tinto's case againstthe Forge Group have started in the Supreme Court, The West Australian reported.The diversified miner hasclaimed losses of about A$185 million on two power station projects left incompleteby the engineering company after its collapse in 2014. The receiver for Forge, KordaMentha,has filed counter claims against Rio Tinto and is looking to secure return of bondsworth about A$100 million in total.
* is set to sell a 40%interest in its agriculture unit to the Canada Pension Plan Investment Board forabout US$2.4 billion as part of efforts to reduce its debt pile, Bloomberg Newsreported, citinga person with knowledge of the matter.
* , the SOHAR Port and Freezone,and Oman National Investments Development Company, or TANMIA, agreed to developa logistics corridor to allow exporting minerals extracted and processed in Oman,Notícias de Mineração reported.
* said its 50%unit Huckleberry Mines Ltd.recalled 44 of the 85 employees that were laidoff at the Huckleberrymine in British Columbia in January due to weak copper prices. However, the mineis expected to be placed on care and maintenance if copper prices do not increaseby the third quarter, the company added.
* unit expects a 22%increase in production to 930,000 tonnes of copper in 2016, Reuters reported, citing CEO Oscar Gonzalez.
* , which filedfor bankruptcy protection in February this year, is preparing to submit a recoveryplan to creditors, Notícias de Mineraçãoreported.
* Dueto the losses caused by low copper prices, Samsung is reportedly planning to conducta capital raise to allow the entry of a new partner to take control of the copper projectin Chile, while the Korean company adopts a more passive role, sources familiarwith the process said, daily Diario Financieroreported.
* MantosCopper SA, operator of the MantosBlancos copper mine, is seeking to develop into a much larger and profitablecopper business, said CEO John MacKenzie. According to MacKenzie, the current slowdownfavors the acquisition of assets, mining magazine Minería Chilena reported.
* entered into aconditional binding heads of agreement to acquire100% of the issued capital in Milestone Sport Ltd., a U.S. sports technology company.If the acquisition is successful, the company intends to dispose of its explorationand mining assets.
* CEO Donald Lindsaystrongly criticized the legal reforms currently under review in Chile, claimingthe company would find it difficult to seek financing amid the fall in copper prices,daily Diario Financiero reported, citing a transcript by Bloomberg.
* Chile'smining industry must maintain a long-term perspective amid the current uncertaintyin the copper market and should provide the conditions to attract investors oncethe appetite for investment improves, AntofagastaPlc CEO Diego Hernández said, daily Diario Financiero reported.
* believes it canincrease copperoutput at its Olympic Dammine in South Australia to 280,000 tonnes annually at CapEx anticipated to be belowUS$500 million, The Australian Financial Review reported. The mining gianthad previously projected to raise production at the operation to 255,000 tonneswithin five years, and without significant CapEx.
* Chileancopper producer Codelcosaid it will reduce CapExby US$6 billion over the next five years as it copes with weak prices for the redmetal. As a result, about 13%, or 4 million tonnes, of Codelco's planned productionof 44 million tonnes over the next 25 years would be lost.
* announced amajor change to the organizational structure for Freeport-McMoRan Oil & Gas,resulting in its executive team being laidoff. Under the restructuring move, Freeport-McMoRan Oil & Gas willbecome an operating division of the larger company and the financial and administrativeroles at Freeport-McMoRan Oil & Gas will be merged with Freeport-McMoRan's corporatefunctions. According to the company, the move is expected to cut costs, streamlinefunctions and enhance capital allocation across the company's global business.
* has no plans tooff-load its flagship copper projects amid its asset sale campaign, Bloomberg Newsreported,citing the company's copper chief, Hennie Faul. "We don't need to sell them.Anglo is not in that position," he added.
* TheChile-based Collahuasicopper mine's output is expected to increase slightlyin the current year from 455,300 tonnes in 2015, Reuters reported, citing CEO JorgeGomez. Collahuasi is a joint venture between Anglo American and Glencore.
* 's profitattributable to company owners for the year ended Dec. 31, 2015, plungedto 387 million Brazilian reais from net profit of 1.59 billion reais reported ayear ago.
* produced 23,694tonnes of payable copper and shipped27,985 tonnes of copper in the three months to March 31. Silver and gold production,meanwhile totaled 401,590 ounces and 3,555 ounces, respectively.
* Aftergoing into a trading halt, PilbaraMinerals Ltd. expects to announce a placement to raise between A$60million to A$80 million, and a share purchase plan of up to A$10 million, TheWest Australian reported.
* TheInternational Centre for Settlement of Investment Disputes awarded US$1.39 billion in damages to Crystallex International Corp. in relation to claims againstVenezuela for expropriating the company's investment in the Las Cristinas gold mining project. The tribunalupheld Crystallex's claims that Venezuela violated a treaty between the countryand Canada on by failing to accord fair and equitable treatment of the company'sinvestment in the country and by unlawfully expropriating those investments.
* Followinga strong March quarter, Saracen MineralHoldings Ltd. is well on track to achieve its objective of gold production to about300,000 ounces of gold per annum while remaining debt-free.
* Indonesianconglomerate Medco Group is set to acquire a controlling stakein U.S. mining giant Newmont MiningCorp. unit PT NewmontNusa Tenggara, as part of its move to diversify from oil and gas, theJakarta Globe reported, citing Medco owner Arifin Panigoro.
* said its unit signed a project financing term loan facility of up to US$150.0 million for the Öksüt gold project in Turkey. Funds will be used for a substantialportion of the construction, development and operation of the Öksüt gold mine andits related infrastructure in the Kayseri region of central Turkey.
* increased the size ofits previously announced bought-deal offering to C$100.0 million from C$75.0 million, now offering 23 millionshares at C$4.35 apiece, due to strong demand.
* Inthe quarter ended March 31, GuyanaGoldfields Inc. produced 41,281 ounces and sold 40,568 ounces from itsAurora gold mineat an average realized price of US$1,196 per ounce generating about US$48.5 million in pretax revenue.
* Fortescue MetalsGroup Ltd. CEO Nev Power said the sale of its blend of iron ore fromits partnership with Vale is expected to kickoff by the second half, speaking at the Mines and Money Asia 2016 conferencein Hong Kong.
* said thereis no need for an initial public offering given Eike Batista's transference of sharesto Abu Dhabi sovereign wealth fund, Mubadala, the company said in reply to an inquiryby Brazilian Securities Commission, CVM, Notíciasde Mineração reported.
* plans to improve thefinancial performance of the company through up to 600 job cuts around the world, and is targeting earnings beforeinterest and tax of €500 million by the end of 2020 at the latest. The company saidit will immediately start talks to cut 140 jobs in Finland and up to 90 jobs inSweden, while it will outsource certain manufacturing support operations in Torniothat will impact another about 100 employees.
* Policearrested 57 striking workersafter a three-week-long protest by 160 members of Association of Mine Workers andConstruction Union, or AMCU, at Glencore's Wonderfontein coal mine in South Africa turned violent, accordingto police representative Kwapa Macdonald.
* Thefounder of commodities trading group Liberty House, Sanjeev Gupta, said any planto buy Tata Steel Ltd.'slossmaking steel operations at Port Talbot will be aimed at saving thousands ofjobs but will shutter the blast furnace at the operation, London's FinancialTimes wrote.However, Gupta has yet to hold any discussion with the British government or TataSteel.
* TheDirectorate General of Anti-Dumping and Allied Duties of India servednotices to China, Japan and South Korea proposing to kick off an investigation onthe dumping of hot-rolled coils of alloy and non-alloy steel into the country, Reutersreported, citing a source.
* TheAustralian Securities and Investments Commission appliedto the Federal Court for the appointment of McGrathNicol's Robert Kirman as a liquidatorfor ASX-listed Continental Coal Ltd.,alleging the coal developer is not being properly managed, has failed to complywith its continuous disclosure obligations and is insolvent.
* Accordingto Serbia's Economy Ministry, China's HebeiIron and Steel Group Co. Ltd. has offered €46 million for the loss-making, state-run ZelezaraSmederevo steel mill in Serbia. The US$300 million represents a "minimum investmentover the next two years," said Bojan Bojkovic, CEO of the Serbian firm. Thereare no plans to lay off any of the plant's 5,050 workers, the ministry added.
* AngangIron & Steel Group reported a loss of 7.7 billion Chinese yuan in 2015, narrowing from a loss of 10.4 billion yuanreported a year ago.
* DongbeiSpecial Steel Group Co. failedto make the 1.01 billion yuan payment on 6% notes due April 5, Bloomberg News wrote,citing a statement posted on Chinamoney's website. This was the second default onbonds by the company in two weeks. Chinacoal Group Shanxi Huayu Energy Co. alsoflagged it may miss a 637.7 million yuan payment on debt due April 6.
* 's plan to the management of on-site subcontractorsto reduce costs at its Rossinguranium mine in Namibia may lead to 300 workers losing their jobs, New Era reported.
* updated its feasibility studyfor the Kvanefjeldrare earth elements-uranium project in Greenland, increasing the net present valuefrom US$1.40 billion to US$1.59 billion, while also increasing internal rate ofreturn from 21.8% to 43.4%. Capital costs for the project decreased from US$1.36billion to US$832 million, while payback period reduced from six years to five years.
* and local communitiesliving close to its operations in Chile's Atacama saltflat reached an agreement,under which they will participate in the company's sales, equivalent to 3% of revenues,according to a document accessed by daily Pulso.
* said wet commissioningof its second phase pilot scale test facility in Germany has , which involves processing shapedraw graphite ore from the company's Swedish deposits in slabs of up to 50 kilogramseach, up from 10 kilograms in the first phase. Additional modified cells have beeninstalled to increase total capacity of the facility to 365 kilograms of ore feedat a time.
* Vedomosti reported that this year Russia's FederalProperty Management Agency will sell 10.9% of PJSC ALROSA, valued at an estimated 56.2 billion Russianrubles.
* 's wholly ownedsubsidiary, Dajin Resources (US) Corp.,has acquired by stakinga 100% interest in an additional 37 placer claims covering 710 acres of ground onthe Teels Marsh in Mineral County, Nev., which is known to contain lithium and boronvalues.
* acquired,through pegging, a 100% interestin the Phillips River lithium project in Western Australia. The project comprisesthree exploration license applications covering about 340 square kilometers.
* is kickingoff phase-two explorationat its Clayton Valleylithium project in Nevada, which it acquired in January.
* and joint venturepartner Canex Energy Corp.revised the terms of the option agreementcovering the Clearwater Westproperty in Saskatchewan's Athabasca Basin. Under the revised terms, the expenditurerequired for Canex to earn a 50% interest remains the same, but the staging hasbeen adjusted to reflect market conditions.
* solda total of 8,648 carats of diamonds during the March quarter, comprising 6,247 caratsof kimberlite diamonds and 2,401 carats of tailings diamonds. The kimberlite diamondssold for US$1.1 million, representing an average of US$175 per carat, and the tailingsand fine diamonds sold for US$46,000, representing an average of US$19 per carat.
* Beijinghas banned the importof gold and rare earth metals from North Korea, Reuters reported. China has also banned the exportof jet fuel and other products used to produce rocket fuel, to reflect new sanctionson North Korea imposed by the United Nations. Coal from Pyongyang will also be banned,with exceptions in line with sanctions for "the people's well-being."
TheDaily Dose is updated as of 7 a.m. London time, and scans news sources publishedin Chinese, English, Indonesian, Malay, Portuguese, Russian, Spanish, Thai and Ukrainian.Some external links may require a subscription.