trending Market Intelligence /marketintelligence/en/news-insights/trending/B47ux4lrl5AXsltYEr6TDg2 content esgSubNav
In This List

Implats to buy North American Palladium; Hong Kong scraps merger with LSE

Blog

Insight Weekly: US stock performance; banks' M&A risk; COVID-19 vaccine makers' earnings

Blog

Insight Weekly: LNG exports surge; investors unfazed by inflation; neobanks drive VC funding

Blog

Essential Metals Mining Insights November 2021

Blog

[Infographic]: 2021 World Exploration Trends


Implats to buy North American Palladium; Hong Kong scraps merger with LSE

TOP NEWS

Implats to purchase North American Palladium for C$1.0B

Impala Platinum Holdings Ltd. entered into a definitive agreement to purchase pure-play palladium producer North American Palladium Ltd. for about C$1.0 billion. Implats will purchase an 81% stake from the majority shareholder, Brookfield Asset Management Inc.'s Brookfield Business Partners LP, for about US$570 million in cash at C$16.00 per common share. The remaining shareholders, holding 19%, will receive C$19.74 per share.

Hong Kong Exchanges drops LSE merger bid

Hong Kong Exchanges & Clearing Ltd. said it will no longer pursue its planned acquisition of the entire issued and share capital of London Stock Exchange Group PLC after deciding the move is not in the best interest of its shareholders.

Ferrexpo cuts FY'19 output guidance as Q3 pellet production falls QOQ

Ferrexpo PLC slashed its full-year production guidance to between 10.4 million tonnes and 10.6 Mt, against its previous 10.6 Mt guidance, citing current market conditions. Iron pellet production from its own ore in the third quarter slipped 9.8% quarterly to 2.5 Mt.

BASE METALS

* Amid a tighter supply picture, shares of cobalt and nickel producers in China have rallied in recent months, with analysts expecting that a shortage in the supply of both metals will continue to prop up the price of such stocks and the underlying commodities.

* Central Asia Metals PLC's third-quarter copper production at the Kounrad Dump operation in Kazakhstan totaled 4,039 tonnes, while output at the Sasa operation in Macedonia was 6,186 tonnes of zinc and 7,362 tonnes of lead.

* Antofagasta PLC is seeking intervention from the Chilean government to resolve a contract dispute with the workers at the Los Pelambres mine, Reuters reported, citing the operation's supervisors' union.

* New Century Resources Ltd.'s output for the September quarter totaled 26,171 tonnes of zinc metal produced in 53,500 tonnes of concentrate grading 49.0% zinc, higher than the 20,450 tonnes of zinc metal produced in 42,500 tonnes of concentrate grading 48.1% zinc in the March quarter.

* The Supreme Court of Western Australia approved Sandfire Resources NL's sweetened offer to buy the MOD Resources Ltd. shares that it does not own.

* Mirasol Resources Ltd. granted First Quantum Minerals Ltd. the option to earn an 80% stake in the 1,200-hectare Coronación copper-gold project in Chile.

* Private base metals explorer Cobre Pty. Ltd., which owns the Perrinvale copper project in Western Australia, is said to have tapped stockbroker Ashanti Capital and financial adviser Sternship to aid in a potential IPO on the ASX, The Australian Financial Review's Street Talk wrote.

PRECIOUS METALS

* Bluenose Gold Corp. entered into a letter of intent to acquire Gran Colombia Gold Corp. subsidiary Medoro Resources Colombia Inc. for C$57.5 million to be satisfied by issuing 28,750,000 shares at 2 Canadian cents apiece. The subsidiary holds all of the shares of Gran Colombia Marmato SAS, which in turn holds all of the mining assets.

* PJSC Polyus entered into cross-currency swaps with banks to convert its recent 20 billion Russian rubles of 10-year bonds into a fixed-rate U.S. dollar liability, following their recent placement. The proceeds will mainly be used for debt refinancing and other general corporate purposes.

* Agnico Eagle Mines Ltd. achieved commercial production at the Amaruq satellite deposit, part of the Meadowbank gold complex in Nunavut, Canada. The Canadian miner decreased its gold output guidance for the Meadowbank complex this year to 200,000 ounces from 230,000 ounces, but this will not affect the full-year group guidance of 1.75 million ounces.

* Echo Resources Ltd.'s independent directors accepted Northern Star Resources Ltd.'s unconditional offer to acquire the remaining shares of the company at 33 Australian cents apiece, recommending that other shareholders also accept the bid.

* Prophecy Development Corp. executed its mining production contract with Corporacion Minera de Bolivia, which grants the former an exclusive right to develop and mine at the Pulacayo-Paca silver concessions for up to 30 years.

* First Energy Metals Ltd. entered into a binding letter of intent to acquire all of Muzhu Mining Ltd.'s outstanding share capital upon completion of a technical report on the latter's Xiao Wa Gou silver property in China's Hunan province and completion of a debt or equity financing.

* Velocity Minerals Ltd. was granted an exclusive right to acquire a 70% interest in Gorubso-Kardzhali AD's Sedefche gold deposit in Bulgaria.

* Gold Resource Corp.'s Isabella Pearl gold mine in Nevada reached commercial production levels.

* Nippon Dragon Resources Inc. is restarting development work at its wholly owned Rocmec 1 gold property in Quebec. The work is expected to be complete in 20 months.

* An issue with the white metal bearings in the semi-autogenous grinding mill at Westgold Resources Ltd.'s Meekatharra gold operation in Western Australia, which was discovered during routine processing plant maintenance, is expected to result in a loss of processing time of about a week and a 2,500-ounce output shortfall.

* Impact Minerals Ltd. kicked off trial mining of up to 1.6 million tonnes at its Blackridge gold project in Queensland, Australia.

* A diamond drilling program at Estrella Resources Ltd.'s Munda gold project in Western Australia intersected a bonanza assay of 1 meter grading 234.7 g/t gold.

* Equus Mining Ltd. executed an option to acquire the idled Cerro Bayo silver-gold mine in Chile from Mandalay Resources Corp.

* Nova Minerals Ltd. secured an additional 101.65-square kilometer tenement adjoining the Estelle gold project in Alaska, an 86% increase in the property's land position.

BULK COMMODITIES

* Sierra Leone canceled the mining license of Gerald Group unit SL Mining's Marampa iron ore project in the country after it halted operations in September amid a dispute with the government over royalty payments, Reuters reported, citing Mines Minister Foday Rado Yokie.

* The Cerrejon coal mine in Colombia — a joint venture between Anglo American PLC, BHP Group and Glencore PLC — will cut production by up to 18% amid slumping international prices and ongoing legal action, Reuters reported, citing local newspaper La Republica's interview with mine CEO Guillermo Fonseca.

* Thyssenkrupp AG is planning to slash a majority of the 300 administrative roles at its car parts and plant engineering divisions to cut administrative costs, which total more than €2 billion every year, Reuters wrote, citing two people familiar with the matter.

* Local authorities in Poland's Silesia coal mining region urged the nationalist Law and Justice government on Monday to drop proposed legislation that will allow new mines to open without local authorities' consent, Reuters reported.

* Fitch assigned a first-time B+ credit rating with a stable outlook to Ryerson Holding Corp.

* UBS Group AG analysts remain cautious about American steelmakers such as U.S. Steel Corp. for providing worse-than-expected guidance in September, Bloomberg News reported. The report said a strike at General Motors Co. provides another reason to worry about the industry.

* Rio Tinto awarded a A$12 million contract to Australian mining services company Cape for its Robe Valley iron ore mine in Western Australia, MiningNews.net reported.

* The Commonwealth Director of Public Prosecutions turned down criminal cartel proceedings filed by the Australian Competition & Consumer Commission against BlueScope Steel Ltd.

* Agrimin Ltd. signed a binding memorandum of understanding with Transhipment Services Australia Pty. Ltd. for the provision of barge loading services for the MacKay potash project in Western Australia.

* Paringa Resources Ltd. shipped about 136,000 tonnes of its Poplar Grove mine coal in western Kentucky from its dock on the Green River during the September quarter, an increase from about 26,000 tonnes shipped during the June quarter.

* Salt Lake Potash Ltd. closed its acquisition of the Lake Way tenements from Blackham Resources Ltd.

* Pacific Iron Ore Corp. will delist its common shares from the TSX Venture Exchange, effective Oct. 14.

SPECIALTY

* Brazil plans to restart uranium mining this year for the first time in five years, Reuters reported, citing newpaper Estado de S. Paulo's interview with Mines and Energy Minister Bento Albuquerque, who said the operations will begin at a mine in the city of Caetite in the state of Bahia.

* Alexey Burkser, the former head of PJSC Alrosa's Mir diamond mine in Russia, which flooded in August 2017 killing eight miners, was found dead in a pre-trial detention center Oct. 8, a day after being arrested on suspicion of violating safety rules, Reuters reported, citing Russian investigating authorities.

* Petra Diamonds Ltd. could earn up to US$15 million for a 20.08-carat blue diamond, found in Petra's Cullinan mine in South Africa in September, when the diamond goes for a sale at a planned tender in Johannesburg, Mining.com reported, quoting investment group Shore Capital's Yuen Low.

* United States Antimony Corp. estimated that antimony sales for the third quarter rose 13.7% year over year to 381,683 pounds, though average prices fell 20.1% to US$3.25/lb.

* Alita Resources Ltd.'s administrators kicked off a formal recapitalization process and are urgently seeking proposals from interested parties for a potential sale of the company.

* Talga Resources Ltd. executed a memorandum of understanding with Swiss energy storage solutions provider Leclanché SA under which the latter will evaluate Talga's product range for potential use in commercial lithium-ion battery products.

* Protesters in Bolivia's Potosi province demanded that the government terminate a deal with German company ACI Systems to develop the lithium reserves at the Uyuni salt flat, the Associated Press reported.

INDUSTRY NEWS

* Major Drilling Group International Inc. agreed to acquire all issued and outstanding shares of Norex Drilling for up to C$19.7 million composed of cash and shares.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

The Daily Dose has an editorial deadline of 7 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.