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Coronado Coal valued up to US$3.1B ahead of planned ASX listing

Greenhouse gas and gold mines Nearly 1 ton of CO2 emitted per ounce of gold produced in 2019

Essential Metals & Mining Insights - September 2020

Essential Metals & Mining Insights - August 2020

State of the Market: Mining Q2-2020


Coronado Coal valued up to US$3.1B ahead of planned ASX listing

TOP NEWS

Coronado Coal valued up to US$3.1B ahead of planned ASX listing

Ahead of its planned listing on the ASX in November, Coronado Coal LLC was valued by Credit Suisse at between US$2.5 billion and US$3.1 billion, The Australian reported. Goldman Sachs analysts, meanwhile, valued Coronado at between US$2.1 billion and US$2.8 billion. Goldman also forecast that the company will report an EBITDA of US$659 million and free cash flow of US$377 million in 2019.

Former Rio Tinto execs to be grilled in Australia over Mozambique fraud case

Three former Rio Tinto executives will be grilled under oath in Australia by the U.S. Securities and Exchange Commission about fraud charges against former CEO Thomas Albanese and former CFO Guy Elliott, who are both accused of inflating the value of the company's coal assets acquired in Mozambique for US$3.7 billion, The Australian reported. Former Rio board audit committee member Mike Fitzpatrick, ex-Rio coal chief Doug Ritchie and erstwhile Rio coal chief development officer Matt Coulter are scheduled for depositions between January and March.

Vedanta Resources to delist after Volcan offer declared unconditional

Vedanta Resources PLC will delist from London Oct. 1 after an all-cash offer made by Volcan Investments Ltd., the family trust of Vedanta Resources Chairman Anil Agarwal, to buy all of the shares in Vedanta Resources it does not own at US$10.89 per share was declared unconditional.

BASE METALS

* Mineral exploration expenditures in Australia surged 28.4% year on year in the June quarter to A$563.4 million, mainly driven by a 38.1% increase in expenditures on selected base metals, according to data from the Australian Bureau of Statistics.

* New Century Resources Ltd. entered a binding term sheet for a A$40 million senior secured debt and bank guarantee facility with National Australia Bank Ltd., allowing for the Australia-listed explorer to fast-track the planned expansion of its Century zinc mine in Queensland, Australia.

PRECIOUS METALS

* Evolution Mining Ltd. expects to produce approximately 700,000 ounces of gold for the next three years, and sees all-in sustaining costs to remain relatively flat between A$850 per ounce of gold to A$920/oz of gold throughout the period.

* Australia's gold miners produced 310 tonnes of gold in fiscal year 2018, the highest annual production in 20 years and near record highs, The West Australian reported, citing data from Melbourne-based mining consultants Surbiton Associates.

* ECR Minerals PLC's shares rose by as much as 21% to 1.02 British pence after announcing that its Blue Moon gold project in Victoria, Australia has potential for a significant gold discovery with deeper drilling. In addition, the company identified two new gold prospective targets named Red Moon and Yellow Moon.

* Northern Star Resources Ltd. shares surged by as much as 18.5% to a record A$8.25 per share after the end of a trading halt in the wake of a deal to acquire the Pogo gold mine in Alaska, the Australian Associated Press reported. The company raised A$175 million from a fully underwritten placement to help fund the US$260 million transaction.

* Evolution Mining Ltd. and Andromeda Metals Ltd. formed a joint venture over the latter's Drummond gold project in Queensland, Australia.

* Torian Resources Ltd. acquired the surface rights to several Western Australian tenements, part of a profit sharing deal with Strategic Projects Mining Pty. Ltd., at zero cost.

* Approximately 36 staffers at Eastern Goldfields Ltd.'s Davyhurst gold mine in Western Australia were declared redundant after the company declared a temporary suspension on mining operations.

* The underground development at Ilunga, part of Shanta Gold Ltd.'s New Luika gold mine in Tanzania, began three months ahead of schedule, with first ore from the deposit expected in mid-2019.

* Valor Resources Ltd. outlined the timeframe of necessary work to be completed, in support for a pre-feasibility study on the Berenguela silver project in Peru, due in the third quarter of 2019.

BULK COMMODITIES

* Jindal Steel & Power Ltd. is looking to split its steel, power and international business into three separate entities as part of a restructuring that aims to cut its debt worth 420 billion Indian rupees, Bloomberg News reported, citing Chairman Naveen Jindal. He said that the steel unit would include the coal mines, while the international business would include the Oman steel plant.

* Coal India Ltd.'s output grew 12% in the first five months of its fiscal year after producing 216.2 million tonnes of coal in the period, The Hindu reported. The improvement mostly came from its subsidiaries, namely Eastern Coalfields Ltd., Northern Coalfields Ltd., South Eastern Coalfields Ltd. and North Eastern Coalfields.

* India's exports of steel items to the U.S. affected by the latter's sanctions on the metal dropped 42% in the June quarter, Mint reported. Overall, the country's steel exports to the U.S. fell 5.7% to US$468 million during the period, while aluminum exports rose 54% to US$181 million.

* TerraCom Ltd.'s Blair Athol coal mine in Queensland, Australia, booked record sales of A$141.1 million for fiscal year 2018.

* POSCO plans to invest 45 trillion South Korean won in the company over the five years starting 2019, of which 26 trillion won will be invested in its steel business, The Korea Herald reported. The planned investment is reportedly 2.5 times POSCO's investment in the last five years while job creation will be about 190% more than the roughly 7,000 people it hired during that time.

* GMR Infrastructure Ltd. divested to PT Golden Energy Mines Tbk. its stake in four Indonesian coal mining firms, namely PTBSL Group entities PT Barasentosa Lestari, PT Duta Sarana Internusa, PT Dwikarya Sejati Utama and PT UNSOCO, through its step down companies, Press Trust of India reported.

* MC Mining Ltd. received government approval on the amendments made to its 2016 environmental authorization for the Makhado coal project in Limpopo, South Africa. The changes were made following the completion of a revised project plan, which proposed the transport of salable coal to the Musina rail siding by road rather than rail.

* South Korea's major steelmakers, including POSCO and Hyundai Steel Co., asked the U.S. Department of Commerce to exclude some of their products from the 70% steel import quota, news agency Yonhap reported, citing industry sources.

* JSW Steel Ltd. plans to expand the production capacity of its Vijayanagar plant in India's Karnataka to 18 million tonnes per year, Press Trust of India. The facility has a current capacity of 12 Mt/y. The company in June revealed plans to invest 75 billion Indian rupees to boost the capacity to 13 Mt/y by March 2020.

* Following an announcement by Cia. Siderúrgica Nacional of a steel price hike in July, Usinas Siderúrgicas de Minas Gerais SA also raised prices by about 10%, effective Sept. 1, following the devaluation of the Brazilian real against the US dollar and rising materials costs, news agency Estadao reported.

* Magnetite Mines Ltd. terminated a final framework agreement with Lodestone Equities Ltd. and lone shareholder Coffee House Group Ltd. for a proposed merger.

* Metro Mining Ltd. signed a binding deal with China's state-owned State Power Investment Corp. Aluminium and Electric Power Investment Co. Ltd. for the supply of 300,000 wet tonnes of bauxite from the Bauxite Hills mine in Queensland, Australia.

SPECIALTY

* Amid a weak low-end diamond market, De Beers SA will allow diamond buyers to reject some lower-quality stones at its sale this week, Bloomberg News reported, citing unnamed sources. The diamond miner, known for requiring buyers to to take what is offered, also made the move in 2016, when India's ban on high-value currency notes crippled demand.

* Institutional backing is believed to be forthcoming for Centaur Resources, whose prospectus is due about Sept. 14 ahead of a A$50 million IPO on the ASX in October focusing on the Lobo Blanco project in Argentina's Salta province. Centaur CEO Brian Clifford told S&P Global Market Intelligence during an investor roadshow in Perth, Australia, that the company already has an exploration permit, its pilot plant permits are expected in a month, and a JORC resource is due by June 2019 underpinned by drilling down to between 450 meters and 600 meters post-listing, targeting grades north of 550 milligrams per liter of lithium concentrate.

* Tungsten Mining NL agreed to acquire the Hatches Creek tungsten project in Australia's Northern Territory for approximately A$8.7 million. The sale of Hatches Creek will allow GWR to focus on its Wiluna West gold project in Western Australia.

* Volt Resources Ltd. secured an environmental impact assessment certificate from the National Environment Management Council of Tanzania for its Bunyu graphite project.

* An environmental impact assessment report for Greenland Minerals Ltd.'s Kvanefjeld rare earths project was lodged with Greenland's Environmental Agency for Mineral Resource Activities.

INDUSTRY NEWS

* Africa-focused mining companies, including Randgold Resources Ltd., Acacia Mining PLC, and Ivanhoe Mines Ltd., saw their share prices fall in the wake of resource nationalism sweeping across countries they are operating in, including the Democratic Republic of the Congo and Tanzania, Miningmx reported.

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