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In This List

Newcrest's FY'19 profit up 178%; Lynas granted 6-month Gebeng license extension

Mining Exploration Insights December

Mining Exploration Insights: Dip in gold drilling weighs on results

Mining Exploration Insights: Is the exploration sector back on recovery?

State of the Market: Mining Q2-2019


Newcrest's FY'19 profit up 178%; Lynas granted 6-month Gebeng license extension

TOP NEWS

Newcrest Mining's FY'19 profit soars 178%

Newcrest Mining Ltd.'s net profit for fiscal 2019 soared 178% to US$561 million, from US$202 million a year ago, on the back of a record production year at the Cadia gold mine in New South Wales. As a result, the company hiked its annual dividend to 22 cents per share, from 18.5 cents per share last year.

Malaysia grants Lynas 6-month extension to operate Gebeng rare earths plant

Lynas Corp. Ltd. confirmed that the Malaysian government granted the company a six-month extension to operate its Gebeng rare earths processing plant. To secure a longer license renewal, Lynas is required to build a cracking and leaching facility overseas within four years, craft a development plan for a permanent disposal facility, and stop all of its research and development activities related to the processing of radioactive waste into an agricultural soil product, according to a statement from the country's Atomic Energy Licensing Board.

Evolution Mining boosts dividend even as FY'19 earnings fall 17% YOY

Evolution Mining Ltd. will distribute an increased dividend based on a new policy of paying out half of its free cash flow, despite posting a 17% yearly fall in fiscal 2019 profit to A$218.2 million, or 12.8 Australian cents per share. The dividend will be 50% higher than the previous year at 6 cents per share fully franked, payable Sept. 27.

DIVERSIFIED

* Imperial Metals Corp. closed the sale of its 70% interest in the Red Chris copper-gold mine in British Columbia to Newcrest Mining Ltd. for a final purchase price of US$804 million.

* Brazilian conglomerate Votorantim SA's second-quarter net income rose 54% year on year to 225 million Brazilian reais as revenue was steady at 7.9 billion reais amid falling zinc and aluminum prices and lower demand for its products, Reuters reported.

BASE METALS

* KAZ Minerals PLC's profit in the first half slipped 18% year over year to US$227 million, or 47 U.S. cents per share. Cash operating costs increased to US$432 million, from US$408 million a year ago. The Kazakhstan-focused company cut its interim dividend to 4 cents per share, from 6 cents per share declared for the first half of 2018.

* Codelco officially inaugurated the US$5.5 billion Chuquicamata underground copper project, Bloomberg News reported. About 1,700 jobs will be cut at Chuquicamata as operations shift to underground mining from open put.

* Freeport-McMoRan Inc. completed the sale of US$1.20 billion of senior notes comprising US$600 million of 5.0% notes due Sept. 1, 2027, and US$600 million of 5.250% notes due Sept. 1, 2029.

* The European Bank for Reconstruction and Development will invest €25 million in Newco Ferronikeli to help Kosovo's ferronickel producer reduce energy costs and improve environmental standards.

PRECIOUS METALS

* Meeting expectations, Gold Fields Ltd. swung to a profit attributable to shareholders for the first half of US$70.5 million, or 9 U.S. cents per share, from a year-ago loss of US$367 million, or 45 cents per share. The company declared an interim dividend of 60 South African cents per share, compared to the prior-year interim dividend of 20 cents.

* Impala Platinum Holdings Ltd. forecast full-year headline EPS to range between 406 South African cents and 440 cents, compared to a loss of 171 cents per share for the year ended June 30, 2018. Prior-year results included 9.70 billion rand in impairments. The company attributed the guidance to a higher realized rand basket price for its platinum group metal products, a weaker rand, and stronger dollar pricing for rhodium and palladium.

* K92 Mining Inc. increased its production guidance for 2019 to between 72,000 and 80,000 gold equivalent ounces, from between 68,000 and 75,000 gold equivalent ounces. All-in sustaining cost guidance for the year was reduced to between US$720 per ounce and US$760 per ounce, from between US$780 per ounce and US$820 per ounce.

* South Africa's opposition leader Mmusi Maimane urged President Cyril Ramaphosa to form a dedicated task force focused on reforming the country's mining industry as it commemorates the seventh anniversary of a massacre at the Marikana platinum mine that left 34 striking miners dead.

* Sabre Resources Ltd. agreed to buy the Beacon gold project in Western Australia through the acquisition of the issued share capital of the project's license holder, Scarce Minerals Pty. Ltd.

* Dynacor Gold Mines Inc. expects to produce between 44,000 and 46,00 ounces of gold in the second half, a 30% increase from the first half, as it plans to raise annual output to the range of 88,000 to 92,000 ounces of gold.

BULK COMMODITIES

* Shaanxi Coal Industry Co. Ltd.'s attributable net profit in the first half slipped 1.2% year on year to 5.87 billion Chinese yuan, or 6 fen per share, according to an exchange filing.

* K+S AG recorded a net profit of €13.9 million, or 7 cents per share, for the second quarter, swinging year over year from a loss of €31.9 million, or 17 cents per share.

* Whitehaven Coal Ltd. booked a profit after tax for fiscal 2019 of A$527.9 million, up from A$524.5 million. Revenue totaled A$2.49 billion, an increase from A$2.26 billion a year ago.

* Vale suspended operations at the concentration plant of its Viga iron ore mine in Brazil due to permitting issues, Reuters reported. The stoppage will impact about 330,000 tonnes of iron ore a month. Vale acquired Viga through its recent purchase of Ferrous Resources do Brasil, the report said.

* Heavily indebted Russian steelmaker Mechel PAO expects to reach an agreement soon to defer repayment of debt due between 2020 and 2022. The company recently proposed to pay back the principals to unspecified banks between 2024 and 2026 instead, PAO Sberbank of Russia deputy chairman, Anatoly Popov, revealed in July. Most of Mechel's debt belongs to Russia's three largest, state-owned banks, Sberbank, VTB Bank PJSC and Gazprombank OJSC.

* Coal India Ltd.'s 54 mining projects are facing delays due to contractual and permitting issues, The Economic Times reported.

* Vale SA's Mozambican subsidiary posted an increase in operational loss in the second quarter to US$145 million, from US$120 million recorded in the first quarter, due to slumping coal prices, AllAfrica.com reported, citing data from Marcelo Tertuliano Godoy, the financial director of the unit.

* ArcelorMittal Poland S.A. will shut down the blast furnace at its steel plant in Krakow for two to three days after a fire broke out at the site, Reuters reported.

* Rio Tinto and Cargill Inc. completed the first fully digitalized trade transaction in iron ore, Business Chief wrote.

* The European Commission plans to cut a proposed increase in steel import quotas to 3% from 5%, effective Oct. 1, following objections from Outokumpu Oyj, Salzgitter AG and ArcelorMittal, Reuters reported.

* Kibo Energy PLC was granted seven mining rights covering its Mbeya coal project in Tanzania.

* A preliminary economic assessment on Giyani Metals Corp.'s K.Hill manganese project in Botswana delivered a posttax net present value, discounted at 10%, of US$285 million, with a 90.6% internal rate of return and a 1.5-year payback period.

* Kropz PLC will attend a Sept. 11 hearing set by South Africa's Water Tribunal over the key water license for its flagship Elandsfontein phosphate mine, which is opposed by environmental groups, Bloomberg News reported.

* Underground mining services provider Mastermyne Group Ltd. agreed to acquire coal-focused Wilson Mining Services Pty Ltd. for A$7.6 million in cash and shares. Completion is targeted in late-August.

* The Ministry of Natural Resources and Ecology of Russia suggests dividing the forest into sectors, with mining companies — primarily those in the aluminum, coal or smelting sectors — responsible for its preservation, Vedomosti reported.

SPECIALTY

* A Southwest China court approved the auction of the entire inventory of antimony held by the Fanya Metal Exchange, which collapsed in 2015, to raise funds to repay creditors, Reuters reported. The auction for about 18,660 tonnes of antimony will open Aug. 31 for 24 hours.

* China Minmetals Rare Earth Co. Ltd. suspended production at its Ganxian Hongjin Rare Earth Co. Ltd. unit after authorities flagged the latter's pollution issues, Reuters reported.

* Gem Diamonds Ltd., owner of the Letseng diamond mine in Lesotho, recovered 56,668 carats of diamond in the first half, down 13% from 65,279 carats of diamonds in the second half of 2018.

* Orocobre Ltd. will raise its stake in Advantage Lithium Corp. to 34.7% after participating in the latter's share placement.

* VRX Silica Ltd. outlined a total resource for its Arrowsmith Central silica sand project in Western Australia of 76.5 million tonnes grading 96.8% silicon oxide, up 273% from the maiden resource estimate.

INDUSTRY NEWS

* Canada's Centre for Excellence in Mining Innovation and Norway's Gupex AS will team up to commercialize a new heat-exchanger technology that uses propane to heat winter air in underground mines.

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