Rio Tinto extends supplier payment timetable to 90 days
CEO Sam Walsh has notifiedthe company's suppliers around the world of a delay in payments for their services, pushing payment termsto 90 days from 45, a blow to many contractors already struggling with low pricesand margin pressures.
AMCU accepts Sibanye Gold's new wage offer
SouthAfrica's Association of Mineworkers and Construction Union accepted a new offer from Sibanye Gold Ltd. and called off a strike, Reuters wrote.The strike would have been in protest of the three-year wage agreement that thecompany reached with smaller unions in October 2015. When the agreement was extendedto the AMCU, the union demanded a higher monthly wage of 12,500 South African randfor its members.
CEO Mario Longhisaid the European Union and the U.K. were negligenton China's dumping of cheap steel on world markets, Financial Times reported. The CEO cited their willingness to grant marketeconomy status to China, a move that would complicate the filing of antidumpingcases against the country.
* CEO Sam Walsh has notifiedthe company's suppliers around the world of a delay in payments for their services, pushing payment termsto 90 days from 45, a blow to many contractors already struggling with low pricesand margin pressures.
* California-basedKhang & Khang LLP filed a class action lawsuit against BHP Billiton Group as the company allegedly issued misleadingstatements covering its implementation of safetyprecautions despite knowing the dangerous condition of the iron ore mine in Brazil.
* BHP Billiton does not plan to slow downinvestments in Chile despite the fall in copper prices, and will decidein 2017 on the expansion of its Spencecopper mine, Diario Financiero reported,citing the company's president of operations for Minerals Americas, Daniel Malchuk.
* Vedanta ResourcesPlc's Indian operations produced759,000 tonnes of refined zinc in fiscal 2016, up 3% from the previous year. Refinedlead and total silver output likewise improved year over year by 14% and 30%, respectively,to 145,000 tonnes and 13.65 million ounces.
* CuDecoLtd. will be proceeding with its nonrenounceable rights issueto raise gross proceedsof about A$63.1 million after the Australian Securities and Investments Commissionagreed to lift the stop order on the offer on April 8. Funds will be used to completethe construction and commissioning of the Rocklands Group copper project in Queensland,Australia, repay existing short-term shareholder loans, and for working capital.
* AusTin Mining Ltd. subsidiary, TenStar Mining Pty. Ltd., executed a two-year off-take agreement with Traxys Europe for all of the tinconcentrate from the company's Granvilletin project in Tasmania, Australia.
* Productionat Freeport-McMoRan Inc.'s53.6%-owned Cerro Verdecopper mine in Peru was "partially affected"due to the 48-hour strike by the workers as they protested a reduced profit-sharingbonus, Reuters reported, citing a labor union representative.
* is to save another A$25 million in additionto the A$20 million savings already achieved under its cost cutting drive, now focusingmore on supplier contracts and internal productivity. The initial cost saving programwas focused on supplier and corporate contract renegotiations, operational productionefficiency and a 2016 salary freeze for the board, executives and all employeesacross the business.
* decided that resources fromthe Rajo Inca copper deposit will no longer be extracted separately, but throughthe current open-pit exploitation of its Salvador mine, daily DiarioFinanciero reported.The change would require a lower-than-estimated investment of approximately US$600million rather than the US$3 billion originally planned.
* Membersof the Antauta community in Peru's Puno region, who have been protesting in thearea since March 31, lifteda roadblock to Minsur SA'sSan Rafael tin minein the country, Business News America reported.
* SouthAfrica's Association of Mineworkers and Construction Union accepted a new offer from Sibanye Gold Ltd. and called off a strike, Reuters wrote.The strike would have been in protest of the three-year wage agreement that thecompany reached with smaller unions in October 2015.
* signed a memorandumof understanding to partner with a consortium to acquire the assets of Bharat Gold Mines Ltd. The assets principally comprise miningleases, land and a plant in the heart of the Kolar goldfield of India.
* 's first quartersilver equivalent production fellbelow guidance, coming in at 2.71 million ounces, down 8% year overyear. Meanwhile, quarterly sales were also down 19% and 3% to 1.51 million ouncesof silver and 15,255 ounces of gold, respectively.
* AthabascaNuclear Corp. acquiredthe Hat Au-Cu East property in the Sheslay region of British Columbia by staking.The company initially plans to identify gold-copper porphyry targets at the property.
* into a term sheet with CCMining SA under which the latter will provide funding of US$30 million to Euromaxfor the development of Ilovicagold project in Macedonia.
* completed the of the mining claimscomprising part of the DeSantisgold property in Ontario, from ExcellonResources Inc. by issuing 620,400 common shares. Oban expects to issuea further 229,600 common shares upon completion of the transfer of the mining leases.
* and its controllingshareholder Dundee Precious MetalsInc. completed a plan of arrangement under which Dundee, through a whollyowned subsidiary, acquiredall of Avala shares that it does not already own.
* CEO Mario Longhisaid the European Union and the U.K. were negligenton China's dumping of cheap steel on world markets, Financial Times reported. The CEO cited their willingness to grant marketeconomy status to China, a move that would complicate the filing of antidumpingcases against the country.
* Meanwhile,industry executives said China's steel sector will continueto suffer from significant overcapacity despite restructuring, Financial Times reported.
* YancoalAustralia Ltd. disputedWest Australian treasurer Mike Nahan's calls for the company to merge with , whose operations arelocated near Yancoal's Premiermine, The Australian Financial Review reported."There's something to be said for throwing unsupported business ideas intothe public without consulting either party, I'm just not willing to say it,"said Yancoal Australia spokesman James Rickards.
* is planning to optimizeprofitability before production this year in order for iron ore mining to reach16 million tonnes, up 4% compared with 2015, said general manager Fernando Reitich.Meanwhile, CAP's steel unit Cap Acero expects to ship about 760,000 tonnes, up 6%compared with last year, while its steel processing unit Cintac estimates salesof around 300,000 tonnes this year, La Tercerareported.
* Thecreditors of New World Resources Plcsaid the Czech coal miner needed bynext week a state aid deal to avoid bankruptcy of its main operating subsidiaryOKD a.s., Reuters reported.
* Britain'sSerious Fraud Office starteda criminal investigation into the TataSteel Ltd.'s Yorkshire steelmaking operations over allegations thatstaff may have fabricated certificates detailing the composition of products beforethey were sold.
* Amidconsolidation talks between Tata Steel and ThyssenKruppAG, the IG Metall engineering union is seeking job protection for workers,Reuters reported."Guarantees for jobs, locations and co decision-making rights are at the topof our list; they are prerequisites for any type of partnership," IG Metall'sregional head in the German state of North Rhine-Westphalia, Knut Giesler, toldthe Rheinische Post newspaper.
* told a green court in Indiathat it would be unable to set up a US$12 billion steel plant in the country's Odishastate by July 2017 due to regulatory hurdles, Reuters reported.
* China'sMaanshan Iron & Steel Co. Ltd.plans to cut its steelproduction capacity by 20% over the next three years. According to Maanshan Steel'sGeneral Manager Qian Haifan, the firm plans to slash capacity by 4.2 million tonnes,down from current capacity of 22 million tonnes.
* Inorder to empty stockpiles and prevent contamination, the Malaysian government hasextended its bauxite miningban for another three months, starting April 15, Reuters reported, citing Wan JunaidiTuanku Jaafar, Malaysia's natural resources and environment minister.
* Moody'supgraded 's credit rating toBa2 from Ba3 with the ratings outlook changed to stable from positive. The upgradereflects the company's strengthening financial profile in the past two to threeyears as it benefits from its production of branded value-added products, and fromlow raw material costs, relative to the price of its finished products.
* FitchRatings affirmed the long-term issuer default rating of Metinvest BV at RD, as well as the company's outstandingnotes at C/recovery rating RR6.
* Arriumadministrator Grant Thornton said the company's priority is to work with the SouthAustralian government's steel taskforce to review the restructuring options forWhyalla and its related mining operations, TheAustralian reported.
* Russiamay proceed with closing the most dangerous coal mines and sites, although thiswill affect consumption of material, Vedomostireported,citing Russian Deputy Prime Minister Arkady Dvorkovich.
* Tradeunions in Poland protestedagainst the liquidation of the KatowickiHolding Weglowy SA's Wujekcoal mine in the country, Puls Biznesureported, while Katowicki Holding said no such decision has been taken.
* A feasibility study on 's Pilgangoora lithium project in Western Australiaindicated a net presentvalue of A$382 million, using a 10% discount rate, and an internal rate of returnof 59.5%. CapEx is at A$129 million, with payback in 1.7 years.
* BossResources Ltd. increasedthe uranium resource at its Honeymoonproject in South Australia to 53 million pounds with the definition of a maidenresource for the Gould's Dam prospect. Gould's Dam now hosts 22.1 million tonnesat 510 parts per million for 25 million pounds of contained U3O8.
* KimberleyDiamonds Ltd. said open pit mining has started at its Leraladiamond mine in Botswana. First production and recovery of diamonds is anticipatedwithin this month, with first sales expected in June.
* signed a definitiveagreement to sell subsidiaryHydro Resources Inc. toLaramide Resources Ltd.Hydro Resources holds Uranium Resources' Churchrock and Crownpointuranium properties in New Mexico.
* PressTrust of India, citing Indian Mines Secretary Balvinder Kumar, reported that thegovernment plans to invite tenders for the first-ever auctionof a diamond mine in the Panna district of Madhya Pradesh state.
* began consultations withbrokers on exchange-trading in precious stones, Kommersant reported.A joint project with the Moscow stock exchange may start with investment-grade diamondsin a deliverable futures format. ALROSA also plans to launch unilateral auctionson one of the Russian stock exchanges for the sale of rough diamonds and technicalstones.
* Thefinal version of Canada's Extractive Sector Transparency Measures Act requiresall publicly listed local miners to report payments including taxes, royalties,fees and production entitlements of C$100,000 or more to governments both at homeand abroad.
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