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Oleg Deripaska's En+ stake to go below 45% under sanctions relief plan

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Oleg Deripaska's En+ stake to go below 45% under sanctions relief plan

TOP NEWS

Report: Oleg Deripaska's En+ stake to go below 45% under sanctions relief plan

Oleg Deripaska's En+ Group PLC submitted the final version of its proposal to the U.S. Treasury's Office of Foreign Assets Control as it looks to be removed from the U.S. sanctions list, the Financial Times reported. The proposal will see Deripaska reducing his stake in the London-listed company to below 45% from around 70% currently, mainly via a share transfer to Russian bank VTB. The bank will hold the shares briefly until the sanctions are lifted, following which they would be sold to cover Deripaska's loans.

Whitehaven declares special dividend on record FY'18 profit

Australian coal producer Whitehaven Coal Ltd. declared a special dividend after posting record profit for its fiscal year 2018 of A$525.6 million, up 29.7% from A$405.4 million a year ago. The board proposed an unfranked dividend of 27 cents per share, comprising a final dividend of 14 cents and a special dividend of 13 cents.

Aeris Resources targets majors' assets in mid-tier growth strategy

Aeris Resources Ltd. is back from the brink after over five years of restructuring , and Executive Chairman Andre Labuschagne believes it is finally in the position to successfully hunt majors' non-core copper assets to better compete as a mid-tier producer, S&P Global Market Intelligence reported.

DIVERSIFIED

* Teck Resources Ltd. reported early tender results for the purchase of up to US$1.00 billion of four series of notes due 2021, 2022, 2023 and 2024, noting that the offer has been fully subscribed.

BASE METALS

* Antofagasta PLC's first-half net profit dropped to US$194.3 million, from US$290.5 million previously, due to lower copper sales volumes. The Chile-focused miner declared an interim dividend of 6.8 cents per share, falling from 10.3 cents per share a year ago.

* PJSC Norilsk Nickel Co.'s net income attributable to shareholders surged 81% on a yearly basis to US$1.65 billion on the back of higher revenue. Total revenue in the half grew to US$5.83 billion from US$4.25 billion a year ago due to higher realized metal prices, an increase in copper and platinum group metals output and sales of palladium from previous stocks.

* The union at the Escondida copper mine in Chile agreed to extend government-led mediation talks with BHP Billiton Group and Rio Tinto over wage negotiations and delaying a potential strike, Reuters reported.

* Ero Copper Corp.'s second quarter copper production was 5,684 tonnes, inching up from 5,651 tonnes in the previous year-ago period, at a C1 cash cost of US$1.49 per pound.

* Hunan Gold Corp. Ltd. was ordered to shut down two antimony mines, both located in environmentally protected areas, in China's Hunan province.

* ExGen Resources Inc.'s shares surged by 50% after it announced a maiden NI 43-101-compliant resource for the Empire copper project in Idaho. The project hosts measured resources of 3.3 million tonnes at 0.53% copper containing 17,472 tonnes of copper, and indicated resources of 7.1 million tonnes at 0.51% copper containing 36,327 tonnes of copper.

PRECIOUS METALS

* Shandong Gold Mining Co. Ltd.'s first-half net profit inched down year over year to 612.0 million Chinese yuan. Gold production, meanwhile, increased 24.8% to 19.39 tonnes.

* Barrick Gold Corp. and Novagold Resources Inc. secured joint approval from the U.S. Army Corps of Engineers and the U.S. Bureau of Land Management for the environment permit of its Donlin gold project in Alaska.

* Semafo Inc. said that five gendarmes and one subcontractor employee died in an "armed incident" between the town of Fada and the Boungou gold-silver mine site in Burkina Faso.

* Equinox Gold Corp. said that AngloGold Ashanti Ltd. unit AngloGold Ashanti Holdings Plc terminated a 70% earn-in agreement on the former's greenfields concessions surrounding the past-producing Aurizona gold mine in Brazil.

* Gander Exploration Inc. completed a plan of arrangement with GreenBank Capital Inc. Gander owns the Cripple Creek, Dudder Lake and Blue Wind properties in Newfoundland.

* Magellan Gold Corp. struck a deal to acquire Ingenieros Mineros SA de CV's El Dorado gold-silver property located about 50 kilometers south of the former's SDA flotation plant in Mexico.

* Ascot Resources Ltd. agreed to acquire the Silver Coin gold property, a joint venture by Jayden Resources Inc. and Mountain Boy Minerals Ltd., in northwestern British Columbia in an all-share deal.

BULK COMMODITIES

* K+S AG swung to second-quarter net loss of €31.9 million, or 17 cents per share, from a profit of €38.3 million, or 20 cents per share, previously. Revenue increased to €811.9 million, from €742.0 million.

* Tata Steel Ltd. reported consolidated net profit of 19.34 billion Indian rupees, or 16.66 rupees per share, for the first quarter of its fiscal 2019, jumping from a profit of 9.21 billion rupees, or 8.38 rupees per share, posted a year earlier. Consolidated steel production reached 6.92 million tonnes, up from 6.23 million tonnes produced in the year-ago period.

* The Australian Manufacturing Workers' Union called on Western Australia Premier Mark McGowan to pressure BHP into reconsidering the award of major steel work linked to its South Flank iron ore project in Pilbara to China's Tianjin BOMESC Offshore Engineering Co., The West Australian reported. The union said the miner's move would deprive the region of jobs.

* S&P Global Platts reported that European thermal coal traders have been hesitant to participate in the Turkish market amid the ongoing lira/dollar depreciation, despite demand from utilities.

* Coal India Ltd. will review domestic coal demand and the diversification of its business verticals to determine its CapEx beyond fiscal 2018/19, after formally ditching the 1 billion-tonne-per-year production target by 2020, Mining Weekly reported.

* China's crude steel output in July increased 7.2% year over year to 81.2 million tonnes, setting a record high on a monthly basis, Reuters reported, citing data from the statistics bureau. In addition, primary aluminum output climbed 12% yearly to 2.9 million tonnes, equaling its monthly record. Coal output, meanwhile, dropped 2% yearly to 281.5 million tonnes, its lowest output since September 2016.

* The price of carbon in the EU's emissions trading scheme hit a 10-year high, reaching €18 per tonne on Aug. 13, up about 200% from the year-ago levels, The Guardian reported. "It will already be cutting into coal profits," said Phil MacDonald, the head of communications at Sandbag, a group that monitors the carbon market.

* Many U.S. coal companies reported that they benefited from a strong export market through the second quarter that helped tighten the domestic sector.

* Canada is expected to begin consultations on possible measures to avoid a potential flood of imports from global steelmakers using the country as a safe haven from U.S.-imposed tariffs, Bloomberg News reported, citing sources.

* Edenville Energy Plc relinquished exploration license PL6098/2009, forming part of the Muze deposit within the Rukwa coal project in Tanzania. The company concluded that all likely economic coal measures are within the primary licenses, resulting in US$30,000 in savings for license fees and work requirements.

* Usinas Siderúrgicas de Minas Gerais SA expects its blast furnace three at its Ipatinga facility in Brazil's Minas Gerais state to resume operations on Aug. 15, days following a gas tank explosion that left 34 workers injured.

* Bounty Mining Ltd. completed a A$2 million upgrade of the Koorilgah rail loop, which services the Cook colliery in Queensland, Australia.

* Shanxi Coking Co. Ltd.'s attributable net profit jumped by more than 4,000% year over year to 823 million Chinese yuan in the first half, while revenue rose by 31.3% to 3.51 billion yuan, China Securities Journal reported.

* A methane gas explosion in a coal mine in Pakistan's Balochistan province killed at least seven miners, while six remain missing, Reuters reported, citing a mining official. Authorities warned that the death toll could rise.

* Champion Iron Ltd. plans to continue with operational improvements at its Bloom Lake iron ore mine in Quebec after the asset achieved commercial production ahead of schedule on June 30.

SPECIALTY

* Lithium Americas Corp. said Sociedad Quimica y Minera de Chile SA agreed to sell all of its interest in Minera Exar SA, the holding company for the Cauchari-Olaroz lithium brine project in Argentina, to a Jiangxi Ganfeng Lithium Co. Ltd. unit. As a result of the transaction, Lithium Americas' interest in the project will increase from 50% to 62.5%, with its new partner Jiangxi Ganfeng holding the remaining 37.5% stake.

* Tungsten miner Almonty Industries Inc. swung to a profit of C$6.5 million, or 4 cents per share, from a loss of C$909,000, or 1 cent per share, a year ago.

* Largo Resources Ltd.'s second quarter vanadium production at its Maracás Menchen mine in Brazil increased 13% yearly to 2,458 tonnes.

* Advantage Lithium Corp.'s preliminary economic assessment for a 20,000 tonnes per annum capacity standalone lithium carbonate operation at its Cauchari lithium joint venture in Argentina pegged a posttax net present value, discounted at 8%, of US$827 million and an internal rate of return of 24.3%.

* The Association of Mining and Exploration Companies urged the Western Australian government to take advantage of an opportunity to manufacture lithium ion batteries, which would deliver economic benefits to the state, The West Australian reported.

* The Zimbabwean government confirmed that the restructuring of Premier African Minerals Ltd.'s 49%-owned RHA tungsten mine can move ahead without approval by the mines ministry, sending the company's share soaring in early afternoon London trading.

* Image Resources NL is on track to begin first production at its Boonanarring mineral sands project, part of its North Perth Basin project in Western Australia, in the fourth quarter, as construction reached 50% completion as of June.

* BlackEarth Minerals NL outlined a maiden resource estimate for the Razafy deposit, part of the Maniry graphite project in southern Madagascar. Indicated and inferred resource stood at 795,200 tonnes of graphite contained in 11.2 million tonnes grading 7.1% total graphitic carbon.

* Dempsey Minerals Ltd. secured shareholder approval to change its name to Galan Lithium Ltd., effective Aug. 15, with the ASX-listed explorer's shares to trade under the ticker GLN.

S&P Global Market Intelligence and S&P Global Platts are both owned by S&P Global Inc.

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