Alcoa Inc.'sfirst-quarter net income plungedto US$16 million from US$195 million reported a year ago, while revenue totaledUS$4.9 billion, down 15% on a yearly basis. The company is on track to completeits separation in the second half of 2016.
Greybull to acquire Tata Steel's UK steel business
Tata Steel Ltd.'sTata Steel UK Ltd. unitsigned an agreement to sell its Long Products Europe business to Greybull Capitalfor a "nominal consideration"— a move that could save the business' 4,800 employees. No price for the sale wasdisclosed but the company said the buyer would take on the whole business, includingits assets and liabilities, and would secure an appropriate funding package.
Vale SA'sUS$2.25 billion notes due in 2022 have jumped25% since the start of February amid a recovery in iron prices to top rivals and in the bond market, BloombergNews reported.
* Vale SA'sUS$2.25 billion notes due in 2022 have jumped25% since the start of February amid a recovery in iron prices to top rivals and in the bond market, BloombergNews reported.
* Central AsiaMetals Plc's net profit from continuing operations to US$22.4 million in 2015 from US$59.7million a year ago. The company sold 11,750 tonnes of copper cathode, compared to10,687 tonnes in the prior year, as part of its off-take arrangements with Traxysat Kounrad in Kazakhstan and a further 290 tonnes locally, compared to 476 tonnesa year ago.
* Orsu Metals Corp.agreed to sell its 94.75%interest in GRK MLD LLP,which owns the company's Karchigacopper-gold-zinc project in Kazakhstan, for an initial US$7.75 million, plus deferredconsideration of up to US$2 million.
* Vedanta ResourcesPlc's Indian operations produced 759,000 tonnes of refined zinc in fiscal2016, up 3% from the previousyear. Refined lead and total silver output likewise improved year over year by 14%and 30%, respectively, to 145,000 tonnes and 13.65 million ounces.
* Aus Tin MiningLtd. subsidiary Ten StarMining Pty Ltd executed a two-year off-take agreement with Traxys Europe for all of the tinconcentrate from the company's GranvilleEast tin project in Tasmania, Australia.
* Yamana Gold Inc.produced 308,000 ouncesof gold, 1.93 million ounces of silver and 26.0 million pounds of copper in thefirst quarter of 2016, according to preliminary figures. It upped its consolidatedgold production guidance by 30,000 ounces, 85,000 ounces and 104,000 ounces in 2016,2017 and 2018, respectively, as a result of its RDM acquisition.
* Central RandGold Ltd. said the High Court of South Africa upheld its appeal related to the Supreme Court's February2015 judgment in a dispute with Puno Gold Investment (Pty.) Ltd. The High Courtawarded a cost order in favor of the company, and the matter will now be referredback to the Supreme Court to fully consider the facts of the funding dispute.
* Citigold Corp.Ltd. signed a memorandum of understanding to partner with a consortiumto acquire the assetsof Bharat Gold Mines Ltd.The assets principally comprise mining leases, land and a plant in the heart ofthe Kolar goldfield of India.
* Eastern GoldfieldsLtd. urged Western Australia's Department of Mines and Petroleum towithdrawthe request for approximately A$8.7 million in unconditional performance bonds giventhat it has completed a capital raise of more than A$25 million and its securitieshave been reinstated to trade on the ASX.
* NewCastle GoldLtd. entered into an agreement with Franco-Nevada Corp. under which the companies have agreedto create a new 2.65%royalty covering all of NewCastle's CastleMountain gold project claims in California, in exchange for approximatelyC$2.2 million.
* A worker was fatally injured in a fall of ground accidentat Harmony Gold Mining Co. Ltd.'sKusasalethu goldproject in South Africa. The company has suspended activities on the level wherethe incident occurred and investigations are ongoing.
* Alcoa Inc.'sfirst-quarter net income plungedto US$16 million from US$195 million reported a year ago, while revenue totaledUS$4.9 billion, down 15% on a yearly basis. The company is on track to completeits separation in the second half of 2016.
* Tata Steel Ltd.'sTata Steel UK Ltd. unitsigned an agreement to sell its Long Products Europe business to Greybull Capitalfor a "nominal consideration"— a move that could save the business' 4,800 employees. No price for the sale wasdisclosed but the company said the buyer would take on the whole business, includingits assets and liabilities, and would secure an appropriate funding package.
* Meanwhile, trade association U.K. Steel said Sanjeev Gupta'sproposalto save Tata Steel's Port Talbot steelworks will only leave the operations twiceas exposed to high electricity prices in Britain. The Financial Times wrote that the scenario increases the pressure on thegovernment to offer more energy subsidies to potential buyers of the business.
* Arrium Ltd.'srecently appointed administrator Grant Thornton is set to be ousted from the positionin a court hearing in Sydney and would be replacedby Korda Mentha, The Australian FinancialReview reported.
* Peter Marcus, managing partner of consultancy World Steel Dynamics,said in an industry conference in Shanghai that the restructuring of China's steelindustry will reduceproduction by 18% from last year to 705 million tonnes by 2018. According toBloomberg News, Marcus expects a "spike and a steel shortage in 2018"and referred to the low prices reached in 2015 as a "one-time event."
* Reuters wrote that China's foreign ministry said the countrywants to work with the rest of the world to addressovercapacity in the steel sector as U.K. Foreign Secretary Philip Hammond urgedChina — the world's top steel producer — to tackle the pressing issue.
* ArcelorMittallaunched a tender offer to purchasefor cash any and all of its outstanding 6.125% notes due 2018. The principal outstandingamount of the offer is US$1.50 billion.
* Yara InternationalASA plans to investabout 1 billion Brazilian reais to expand its Rio Grande plant in Brazil to doublethe facility's current 800,000 tonnes per annum fertilizer production and blendingcapacity, Business News Americas reported.
* The total mineral resource at Kibo Mining Plc's Mbeya coal project in Tanzania increased 10.42% over the previous estimate to 120.8 milliontonnes. The coal resource was reclassified into measured resources of 20.9 milliontonnes, indicated resources of 88.6 million tonnes and inferred resources of 11.28million tonnes.
* Korea Western Power Co. Ltd. bought a total of 550,000 tonnesof steaming coal from South Africa and Australia for loading between June and Novemberthrough two spot tenders closed April 7, Reuters wrote,citing a source from the utility, which did not disclose price information.
* Yancoal AustraliaLtd. disputedWestern Australian Treasurer Mike Nahan's calls for the company to merge with GriffinCoal, whose operations are located near Yancoal's Premier mine, 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.
* PJSC Uralkaliswung to a net profit of 10.15 billion Russian rubles in 2015 from a loss of 33.3billion rubles in the previous year, Vedomostireported.Its revenue increased 39% on a yearly basis to 189.2 billion rubles.
* Chinese private steel mill Haixin Iron and Steel Group couldreopen this month or in early May under a new owner, private company JianlongGroup, The Australian Financial Reviewwrote. The mill started bankruptcy proceedings in November 2014 and its reopeningis expected to add to concerns over China's commitment to restructure its steelsector.
* Accordingto Mining Weekly, India is likely to endits potash "importholiday" earlier on the back of an expected rise in agricultural sowing.Government officials said potash import negotiations would need to start earlierthan June as India expects to see favorable monsoon rains, ending two consecutivedroughts.
* The New South Wales government has given a green light to 's A$680 millionmineral sands mine in the Balranald region. The mine is expected to produce 500,000 tonnes of heavy mineral concentrateand 600,000 tonnes of ilmenite on an annual basis for the next 15 years.
* According to the Australian Associated Press, Rio Tinto's produced 21%more in the March quarter of the year, with 593 tonnes of U3O8.
* Lucapa DiamondCo. Ltd. recoveredmore large special and fancy-colored diamonds from trial mining of the E46 alluvialterraces at the Luloproject in Angola.
* South Africa's Department of Water and Sanitation has Diamcor Mining Inc.'s water use license application to supportlong-term diamond mining operations at the company's Krone-Endora at Venetia project in the country'sLimpopo province.
* A feasibility study on AlturaMining Ltd.'s Pilgangooralithium project in Western Australia indicateda net present value of A$382 million, using a 10% discount rate, and an internalrate of return of 59.5%. CapEx is at A$129 million, with payback in 1.7 years.
* Kimberley DiamondsLtd. said open pit mining has startedat its Lerala diamondmine in Botswana. First production and recovery of diamonds is anticipated withinthis month, with first sales expected in June.
* CivilAustralia Holdings — a coal contractor to mining giants BHP and — is set to be woundup, with a court hearing into the process scheduled for April 22, The Sydney Morning Herald wrote. The contractoris the latest casualty in the struggling resources services sector, with a unionofficial referring to the situation as an indication of the "wafer-thin"profit margins in the Australian coal sector.
* Geoscience BC launched a sampling program of coniferous treetops to assess the geology and mineral potential of a 24,000-square-kilometer swathof central British Columbia, Mining Weeklyreported.
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