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In This List

Zambia to proceed with Konkola liquidation; China curbs gold imports

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


Zambia to proceed with Konkola liquidation; China curbs gold imports

TOP NEWS

Vedanta's meeting with Zambia's president fails to prevent Konkola liquidation

Zambian President Edgar Lungu will still push through with the liquidation of Konkola Copper Mines PLC, even after a meeting with Vedanta Resources Ltd. Chairman Anil Agarwal, Reuters reported, citing a statement issued by the Zambian State House. Agarwal, who pushed for the meeting with Lungu, expressed the Indian diversified miner's desire to reinvest in the unit, particularly toward paying debts and restructuring its shareholding, among others. Zambia said that while Lungu agreed to listen to Agarwal, the arguments failed to change his stance on the issue.

Report: China curbing gold imports amid local economic slowdown

China trimmed US$15 billion to US$25 billion of gold imports since May, or about 300 to 500 tonnes compared with 2018, Reuters reported, citing industry sources with direct knowledge of the matter. The move is seen as a measure to curb outflow of U.S. dollars — which is used to purchase the bullion from the likes of Switzerland, Australia and South Africa — and strengthen the yuan amid slow economic growth.

Implats details swing to FY profit

Impala Platinum Holdings Ltd. expects to swing to a profit in the year ended June 30, flagging headline earnings of between 2.92 billion South African rand and 3.16 billion rand on the back of a higher realized rand platinum group metals basket price, improved operational performance and higher sales volumes. Headline EPS is expected between 406 South African cents and 440 cents. The company reported a prior-year headline loss of 1.23 billion rand, or a loss of 171 cents per share.

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.

* Incoming Codelco CEO Octavio Araneda is optimistic about the long-term outlook of copper prices amid current market volatility caused by the U.S.-China trade war, Reuters reported. Meanwhile, the miner officially inaugurated the US$5.5 billion Chuquicamata underground copper project, Bloomberg News reported.

* Construction at Anglo American PLC's Quellaveco copper joint venture in Peru reached 25% completion on schedule, despite protests against the project that began Aug. 12, El Comercio reported, citing a representative for the miner.

* PolyMet Mining Corp. narrowed its second-quarter net loss to US$910,000, from US$2.7 million in the year-ago period, due to lower finance costs and a noncash loss in the prior year.

* Imperial Metals Corp. booked a second-quarter loss of C$9.7 million, or 8 Canadian cents per share, narrowing from a year-ago loss of C$22.4 million, or 19 cents per share

* Nickel Mines Ltd. completed its acquisition of another 43% stake in the Ranger nickel project in Indonesia, increasing its ownership to 60% from 17%.

* Ardea Resources Ltd. outlined an inferred resource of 12.8 million tonnes at 0.38% copper, 0.14 g/t gold, 2.2 g/t silver and 120 parts per million molybdenum at a 0.2% copper cutoff grade for the Yeoval project in New South Wales, Australia.

* Global Atomic Corp. resumed operations at the Iskenderun electric-arc furnace dust processing plant in Turkey after expanding capacity to 110,000 tonnes from 65,000 tonnes.

* An initial resource estimate for Rockridge Resources Ltd.'s Knife Lake deposit in Saskatchewan defined 86 million pounds of copper equivalent in the indicated category, with 117 million pounds of copper equivalent classified as inferred.

* Thor Mining PLC's 25%-owned EnviroCopper Ltd. outlined an initial mineral resource for the Moonta project in South Australia of 66.1 million tonnes at 0.17% copper containing 114,000 tonnes of copper.

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.

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

* 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

* TMAC Resources Inc. agreed to grant Maverix Metals Inc. an additional 1.5% net smelter royalty on top of an existing 1% NSR on the Hope Bay gold mine in Nunavut, Canada, for US$40 million. TMAC swung to a second-quarter net profit of C$1.2 million, or 1 Canadian cent per share, from a loss of C$10.3 million, or 11 cents per share, a year ago.

* China Gold International Resources Corp. Ltd. swung to a second-quarter loss of US$23.0 million, from a US$400,000 profit a year ago. Second-quarter production totaled 55,503 ounces of gold and 16,126 tonnes of copper.

* Cautivo Mining Inc. major shareholders Arias Resource Capital Fund II LP and Arias Resource Capital Fund II (Mexico) LP intend to take the Peru-focused miner private to eliminate the financial and management burden of operating as a reporting issuer.

* Harte Gold Corp.'s second-quarter gold output totaled 7,754 ounces, a 42% increase on a quarterly basis. Revenue for the period increased 50% to US$11.8 million.

* ValOre Metals Corp. closed its purchase of the Pedra Branca platinum group metals project in Brazil from Jangada Mines PLC.

* A third environment audit on Lydian International Ltd.'s Amulsar gold project in Armenia, where an illegal blockade is ongoing, found no grounds for criminal prosecution against the company. The government is expected to decide on the project's fate shortly.

* The governor of Peru's Puno province, Walter Aduviri, is facing six years in jail after a Peruvian court found him guilty of disturbing public order after leading the 2011 deadly protests against Bear Creek Mining Corp.'s plans to mine silver in the region, Reuters reported.

* 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.

* Greenpower Energy Ltd. exercised its option to acquire the past-producing Camel Creek, Golden Cup and Big Rush gold mines at the Golden Ant project in Northern Queensland, Australia, from Q-Generate Pty. Ltd.

* Sphinx Resources Ltd. acquired the exploration-stage Soufflot and Patrie gold projects to broaden its portfolio in southwestern Quebec.

BULK COMMODITIES

* Mechel PAO's run-of-mine coal production in the first half dropped 16% year over year to 8.1 million tonnes. Pig iron output declined 10% to 1.7 Mt, and steel output slid 9% to 1.9 Mt. The company's coking coal concentrate sales in the half climbed 3% on a yearly basis to 3.6 Mt, while thermal coal sales dropped 13% to 2.6 Mt. Iron ore concentrate sales jumped 42% to 1.2 Mt, and coke sales improved 4% to 1.3 Mt on a yearly basis.

* K+S AG returned to a profit of €13.9 million, or 7 cents per share, in the second quarter, from a year-ago loss of €31.9 million, or 17 cents per share. Revenues totaled €878.5 million, up from €811.9 million.

* 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.

* Ramaco Resources Inc. executives said the company's focus on geologically advantaged, low-cost mines allowed it to post the second-highest adjusted EBITDA on record even as turbulence in metallurgical coal markets has led competitors to the bankruptcy court.

* Contura Energy Inc. is keeping several options on the table should it secure the bankruptcy auction purchase of certain Blackjewel LLC coal assets, including a resale or relatively quick pivot to reclaiming the acquired Powder River Basin mines, executives said on an earnings call.

* Labrador Iron Ore Royalty Corp. swung to a second-quarter net income of C$61.1 million, or 95 Canadian cents per share, from a year-ago loss of C$3.2 million, or 5 cents per share, driven by higher prices for concentrate and pellets as well as higher production.

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

* India's demand for Australian coal will increase in the future, especially with the approval of Adani Enterprises Ltd.'s Carmichael project in Queensland, The Australian reported, citing Ajay Gondane, India's high commissioner.

* Though the seaborne price on coal used for steelmaking has recently faltered, experts speaking at the American Coal Council's Coal Market Strategies 2019 conference in Utah suggested the decline is likely cyclical and the price should see a midterm recovery.

* 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.

* De Beers SA will allow buyers to reject more diamonds offered at an upcoming sale amid stagnant demand, weak prices and oversupply issues in the smaller stones market, Bloomberg News reported, citing people familiar with the matter. The Anglo American PLC unit usually requires buyers to accept the price and quantities they are offered.

* China's Ministry of Ecology and Environment said China Minmetals Corp. unit Ganxian Hongjin Rare Earth Co. Ltd. failed to address pollution issues amid continued violations of environmental protection laws, Reuters reported.

* PJSC Alrosa's 14.83-carat pink diamond named The Spirit of the Rose is expected to be sold for between US$60 million and US$65 million in November, making it possibly one of the most expensive gems ever, Bloomberg News reported, citing spokesperson Evgeniya Kozenko.

* 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.

* Minbos Resources Ltd. kicked off auger drilling at its Ambato rare earths project in Madagascar.

INDUSTRY NEWS

* U.S. stocks fell sharply Aug. 14 as an inversion of the U.S. government bond yield curve stoked fears of a recession. The S&P 500 index slid 2.93%, erasing gains from the day before, after the U.S. announced delays in tariffs on major Chinese imports. The index is down 6.12% since its closing high July 26.

* President Donald Trump's ability to strip China of its developing-country status at the World Trade Organization is "virtually nil" because it would require the cooperation of other countries that benefit from the current system, a former U.S. trade representative official said.

* Angola will launch public tenders for mining concessions in Dubai, Beijing and London in September, Prensa Latina reported.

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