Barrick eyes US$240M in short-term savings from Nev. joint venture
Barrick Gold Corp. has started to see savings flow from a Nevada joint venture with Newmont Goldcorp Corp. that combined the two companies' major assets in the state and closed July 1, Barrick President and CEO Mark Bristow said in an earnings call. In the short term, Bristow said Barrick has identified US$240 million in annualized savings. Synergies include more efficient trucking routes across previously separate properties and renegotiated contracts on consumables for the combined operations.
Swiss prosecutor eyeing jail terms for Steinmetz, 2 others in Simandou case
A Swiss prosecutor is seeking prison terms of up to 10 years for Israeli billionaire Beny Steinmetz and two associates for alleged illegal payments of around US$10 million related to the Simandou iron ore project in Guinea, Reuters reported. Prosecutor Claudio Mascotto, who launched the investigation in 2013, said the three persons in question were identified as having promised in 2005 and then paid or had bribes paid to one of the wives of former Guinean President Lansana Conte in order to secure mining rights over the deposits. The other two defendants were not named.
Indonesia plans to accelerate the implementation of a ban on mineral ore exports currently slated in 2022, Reuters reported, citing news website Detik.com, which quoted Coordinating Minister for Maritime Affairs Luhut Pandjaitan.
* Eurasian Resources Group S.à r.l. launched new legal action against the U.K.'s Serious Fraud Office after the agency suspended an internal inquiry into its own conduct in June, Financial Times reported.
* Nyrstar NV once again shut down its Port Pirie lead smelter in South Australia, nearly two weeks after the operation restarted, Reuters reported, citing a company statement sent to the newswire.
* The governor of Peru's Moquegua region, Zenon Cuevas, expressed his support over the community protest against the construction of Anglo American PLC's Quellaveco copper project that started Aug. 12, saying the miner failed to comply with the 26 agreements reached with the residents seven years ago, Gestión reported. In response, Anglo American said in a statement that the Quellaveco operation is in compliance with all agreements, with workers from Moquegua region accounting for 96% of the total unskilled labor force for the project.
* Southern Copper Corp. will defend the granted construction license for its Tia Maria copper project in Peru on legal grounds, Gestión reported, citing a company statement. The government suspended the construction permit for Tia Maria, pending a review that will look into the legality of the permit as well as objections from the local community where the US$1.4 billion project will be built.
* Inca Minerals Ltd. signed a memorandum of understanding to acquire a 90% stake in the Frewena Fable iron ore-copper-gold project in Australia's Northern Territory.
* Horizonte Minerals PLC outlined a maiden measured and indicated resource estimate for the Serra do Tapa deposit, part of the Araguaia nickel project in Brazil, of 70.3 million tonnes grading 1.22% nickel, at a 0.9% nickel cut-off grade.
* Filo Mining Corp. received total commitments of C$40 million through a C$20 million bought deal offering of 7,275,000 shares, as well as a C$20 million commitment from a Lundin family-related trust.
* The electric vehicle industry will need over 250% more copper in 2030 compared to this year to support more than 20 million EV charging points estimated to be built by then, Mining.com reported, citing Wood Mackenzie.
* Barrick Gold swung to a net profit attributable to shareholders of US$194 million in the second quarter from a year-ago loss of US$94 million and expects full-year output at the upper end of its guided range of 5.1 million ounces to 5.6 Moz. Revenue jumped 21% year over year to US$2.06 billion in the quarter as gold sales rose 32% to 1.37 Moz with realized prices of US$1,317 per ounce, rising from US$1,313/oz.
* Barrick CEO Mark Bristow confirmed that the company is divesting its 50% stake in its Kalgoorlie Super Pit joint venture with Newmont Goldcorp in Western Australia due to the mine's underperformance, The Australian Financial Review reported. The executive, in a separate Reuters report, also denied that the Toronto-headquartered miner is mulling the sale of its Tongon mine in Cote d'Ivoire and the Massawa project in Senegal, but he noted that it is open to various options for both properties.
* Capricorn Metals Ltd major shareholders Paradice Investment Management Pty Ltd. and Hawke’s Point Holdings I Ltd. took part in a A$65 million share placement, which will fund the accelerated development of the Karlawinda gold project in Western Australia.
* IMC Exploration Group PLC was awarded two additional prospecting licenses to expands its North Wexford gold project in Ireland.
* Sandstorm Gold Ltd.'s second-quarter net income increased to US$2.4 million from US$700,000 a year ago on the back of a 13% yearly rise in gold equivalent ounces sold to a record 16,356 ounces.
* Lydian International Ltd. is evaluating strategic, financing, and legal alternatives as it is on the brink of defaulting on its agreements with lenders amid an illegal blockade at its Amulsar gold project in Armenia.
* Westgold Resources Ltd. forward sold a further 42,500 ounces of gold from January to June 2021.
* Zeta Resources Ltd. received 9,363,115 shares in Saracen Mineral Holdings Ltd., at the close of of the latter's A$38.2 million acquisition of Bligh Resources Ltd.
* VDM Group Ltd. secured an option to acquire a 55.25% stake in the gold-prospective Cage Bengo project in Angola.
* U.S.-China trade tensions and other concerns about the global economy have driven the price of gold above six-year highs as gold miners look to take advantage against a backdrop of limited supply, according to an exclusive S&P Global Market Intelligence report.
* Australia pledged A$500 million to help its neighbors in the Pacific Islands build renewable energy projects and prepare for the impact of climate change, Reuters reported. Pacific Island leaders have criticized Australia for refusing to strengthen emission targets, with the former country preferring to protect its coal mining industry, the report said. Leaders from the Pacific Island states has called for the immediate ban of the opening of new coal mines, the construction of new coal plants, as well as the introduction of a carbon tax by developed nations, The Australian reported.
* China Hongqiao Group Ltd.'s aluminum plants in Shandong province were damaged by flooding caused by Typhoon Lekima that battered eastern China, Reuters reported, citing a statement by affiliate firm Weiqiao Pioneering.
* Clive Palmer's Mineralogy Pty Ltd. was forced to forfeit its exploration license in an iron ore tenement in Pilbara, Western Australia, following its failure to pay A$50,000 on exploration to meet lease conditions, The Sydney Morning Herald reported.
* Monadelphous Group Ltd. secured a three-year, A$60 million contract to provide maintenance services for Rio Tinto's iron ore railway network in Western Australia's Pilbara region.
* Rogue Resources Inc. agreed to acquire the Orillia and Bobcaygeon limestone quarries in Ontario as part of a plan to enter the landscape stone business in the Canadian province.
* Australian Pacific Coal Ltd. is considering options for its mothballed Dartbrook thermal coal mine in New South Wales after a regulator denied plans for a five-year mine life extension. The miner said it received approval from the Independent Planning Commission for some elements of its application to modify the consent for the Dartbrook operation.
* Metalsearch Ltd. reached a binding agreement to buy the Abercorn high purity alumina project in Queensland, Australia, through the acquisition of the issued share capital of Abercorn Kaolin Pty Ltd.
* The queue for aluminum at Istim's Port Klang warehouses in Malaysia was reduced to 33 days at the end of July from 87 days at the end of June following consistent deliveries, Fastmarkets MB wrote.
* A preliminary economic assessment on NRG Metals Inc.'s Hombre Muerto North lithium project in Argentina generated a posttax net present value, discounted at 8%, of C$217 million, with a 28% internal rate of return and a 2.67-year payback period.
* Mineral Commodities Ltd. successfully secured funding through the Cooperative Research Centers Projects grants program, to develop and demonstrate an industrial-scale hydrometallurgical purificiation process at its Munglinup graphite project in Western Australia.
* Brazil's National Mining Agency extended the deadline for the shutdown of large upstream dams until 2025 or 2027 from 2023, Reuters reported. The deadline for smaller dams was also postponed to 2022. The mining regulator did not explain the reason behind the move, the report said.
* The London Metal Exchange will extend the duration of its final open-outcry trading sessions for all metals to 10 minutes following a successful three-month trial for zinc, Reuters reported.
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