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Barrick mulls Pascua Lama relaunch; Belarusian Potash sets China supply prices; NLMK hits record steel output in Q2


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Barrick mulls Pascua Lama relaunch; Belarusian Potash sets China supply prices; NLMK hits record steel output in Q2


BarrickGold mulls relaunching Pascua Lama project

is assessingrelaunching its suspended Pascua Lama gold project located on the border betweenArgentina and Chile, President Kelvin Dushnisky reportedly said. The goal wouldbe to develop the project in several stages, business magazine AméricaEconomía reported.

Belarusian Potash setsChina supply prices

Belarusian Potash Co. signed a potash supply deal withChinese buyers, agreeing to supply the crop nutrient at US$219 per tonne —nearly US$100 per tonne less than the amount agreed in last year'snegotiations. The supply agreement, which follows a similar deal with Indianbuyers earlier in July, will help set the global price benchmark in potash forthe rest of the year.

OJSCNovolipetsk Steel's crude steel output 4.2 million tonnes in thesecond quarter, which was also up 4% on a yearly basis. Total consolidatedsales fell 2% to 3.9 million tonnes.


*American CuMo Mining Corp.said the Idaho District Court affirmed the U.S. Forest Service's determination thatthe work proposed at the CUMO mine site will have no significant effect on thegroundwater. However, the court has ordered the Forest Service to performbaseline survey on a rare plant species known as Sacajawea's bitterroot.

*Vedanta Resources Plcrepaidin full and redeemed the US$514.8 million of outstanding amount on its 5.5%2016 convertible bonds due July 13. The company has now repaid all outstandingU.S. dollar bond maturities due in fiscal 2017.

* SandfireResources NL lodged a mining lease application for the of itsmajority-owned Montycopper-gold project near the company's DeGrussa project in Western Australia.

* According to a new report by analysts at Thomson ReutersGFMS, copper prices are set to retreat to an average of US$4,850 per tonne innominal terms during the second half due to higher production and lower demandgrowth in China, Mining Weekly reported.GFMS also expects this year to be the bottom of the copper price cycle despiteoversupply of some 150,000 tonnes.

* Timber company Nadist LLC and the state of Missouriannounced a settlement for environmental damages caused by the -operated lead project, the St. Louis Post-Dispatch reported.

*The private mining sector in Chile is expected to contribute only US$30 millionin taxes this year, a 98.5% year-over-year drop due to lower production andcopper prices, higher costs, and the global commodities slowdown, according toestimates by the country's Finance Ministry. Meanwhile, state miner would provide someUS$884 million, its lowest amount since 2013, daily El Mercurio reported.

*Atalaya Mining plcsaid total open pit mineral reserves at its Rio Tinto copper project in Spain increasedby 12% to 681,000 tonnes of contained metal, within 153 million tonnes at 0.45%copper.

*The Arizona Court of Appeals overturneda 2015 ruling that blocked the air quality permit for 's proposedRosemont coppermine in Arizona, the Arizona Daily Starreported.

*The Philippine government's crackdown on certain mines in the country isexpected to have minor impact on nickel ore exports to China in the short termas some of the largest producers have already complied with guidelines, Reutersreported,citing experts.


*Kirkland Lake GoldInc. produced 68,338 ounces of gold in the second quarter of 2016,which is animprovement from 62,275 ounces produced in the first quarter.

*Hunan Gold Corp. Ltd.expects net profit attributable to shareholders by between 150% and 200% inthe first half from a net profit of 16.4 million Chinese yuan posted a year ago.

*Kin Mining NL rejected a merger offer from MHM Metals Ltd. saying thatthe proposal significantly undervalues the company.

* INV MetalsInc.'s preliminary feasibility study for gold project inEcuador showed theproject would generate an after-tax net present value of US$300.9 million usinga 5% discount rate and assuming a gold price of US$1,250 per ounce, for a mineproducing 150,000 ounces per annum over a mine life of about 11 years. InitialCapEx is estimated at US$285.9 million.

* AlkaneResources Ltd. poured67,812 ounces of gold during its fiscal year ended June 30, which was withinguidance.

*Pantoro Ltd.completed the acquisition of the remaining 20% of the gold project inWestern Australia from BulletinResources Ltd.

*Goldplat Plc signed anonbinding letter of intent with Gulf Shore Resources Ltd., allowing the latterto earn up to a 75%interest in the company's 90%-owned Anumso gold project in Ghana for US$3 million.

*B2Gold Corp. postedrecord gold productionof 135,242 ounces for the second quarter, representing an 11% increase on ayearly basis.

*Silver Standard ResourcesInc. produced 97,790 gold equivalent ounces during the secondquarter, which includes output at the Seabee operation before the company's takeover ofClaude Resources Inc.

*Beacon Minerals Ltd.entered into an agreement tosell 12,199 tonnes of high-grade refractory gold ore to forA$611.87 per tonne, net of all costs.

*India relaxedits tax policy on gold jewelry sales, exempting jewelers with turnover of up toUS$2.2 million a year from the excise duty, Reuters reported.


* BHP BillitonGroup said the restartof the Samarcoiron ore operations in Brazil is unlikely this calendar year and the workforcewill be reduced.

*Iluka ResourcesLtd.'s total mineral sands production for the June quarterfell to 265,300tonnes, from 304,800 tonnes a year ago. Quarterly rutile production declined to31,400 tonnes from 35,900 tonnes a year earlier, synthetic rutile productionslumped to 49,800 tonnes from 55,800 tonnes, and ilmenite production dropped to82,800 tonnes from 115,500 tonnes.

* Based on the preliminary estimates, expects to book a netprofit attributable to shareholders of about 450 million Chineseyuan in the first half of 2016, swinging from a year-ago loss of 1.24 billionyuan.

* ArcelorMittal paid a total of US$619.3 million in cash for notesaccepted under its tender offers, including accrued interest.

* Chinese coal majors Shenhua Group Corp. Ltd. and areexpected to play a major role in the country's , by buying up coalmines owned by central government-owned companies that are not focused on thecoal industry, according to market analysts.

* Following a strategy review, willstop exploring itsiron ore projects in Gabon until prices of the steel ingredient recover andinstead will focus on a global search for gold and other assets.

*Russian fertilizer producer PJSCAcron's total commercial output for mineral fertilizers in 2015 slid1.5% to 5.0 million tonnes compared to the prior year.

*Challenging potash market conditions prompted to its Saskatchewan-based potash mine forthe rest of 2016. The company will also stop turnaround activities at the mineand has served temporary layoff notices to about 330 employees.

*Brazilian prosecutors have kickedoff a probe into alleged environmental crimes by CEO RobertoCarvalho over the November 2015 dam burst, Reuters reported.

*Companhia SiderúrgicaNacional will off-load its interest in only after it minimizes losses on its US$1.2 billion investment, Reuters reported,citing company executives.

*Usiminas has asked banks toextend the deadline for a standstill agreement over 4 billionBrazilian reais by 30 days to 60 days, Reuters reported. The 120-day agreementis set to expire next week.

*The dispute between controlling shareholders of Usiminas, and TechintGroup, and the current administration led by CEO Sergio Leite hasundermined the chances of financial recovery for the Brazilian steelmaker,attorneys representing minority shareholder Companhia Siderúrgica Nacionalsaid, daily Exame reported.

*BlueScope Steel Ltd.expects itspreliminary unaudited underlying earnings before interest and tax for the yearended June 30 to be about A$570 million.

*Evraz Plc started anew blast furnace constructionproject with the production capacity of 2.5 million tonnes of pig iron peryear. The new blast furnace will allow the company to "maintain theproduction of pig iron at EVRAZNizhny Tagil Metallurgical Plant at 5 million tonnes per year."


*Skyharbour ResourcesLtd. secured anoption to acquire Denison Mines Corp.'s 35,705-hectare uranium project inSaskatchewan.

*Berkeley Energia Ltd.said a definitive feasibility study found that the Salamanca uranium project in Spain is capable ofproducing an average of 4.4 million pounds of uranium per year at a total cashcost of US$15.06 per pound, over a 10-year period.

*PJSC ALROSArecovered a214.65-carat rough diamond from its Nyurbinskoye placer deposit, which islocalized in the immediate vicinity of the Nyurbinskaya pipe primary deposit in Russia.

*De Beers SA pickedfive historically disadvantaged South African-owned diamond cutting andpolishing companies to take part in its beneficiation project, Mining Weekly reported.The firms would receive assistance in their entrepreneurial development andhands-on support from Raizcorp, in addition to bespoke rough diamonds from DeBeers.


*Peru's President-elect Pedro Pablo Kuczynski wants to lower the country's airquality standards in a bid to attract investment in smelters, Reuters reported.

*The U.S. challengedChina at the World Trade Organization over the latter's export duties on nineraw materials including antimony, cobalt, and copper, claiming they give anunfair competitive advantage to Chinese firms, Agence France-Presse reported.

* The Queensland government tougher dust controls andbetter testing in its bid to eliminate the incidences of pneumoconiosis, alsoknown as black lung disease, in the state's coal industry.

* Meanwhile, Queensland Resources Council CEO Michael Rochesaid the industry is appalledat the apparent failure across the spectrum of screening, from lung functiontests, chest x-rays through to questions over the qualifications and expertiseof those carrying out the testing and screening.

The Daily Dose isupdated as of 7 a.m. New York time, and scans news sources published inChinese, English, Indonesian, Malay, Portuguese, Russian, Spanish, Thai and Ukrainian.Some external links may require a subscription.