For the three months ended June 30, produced 598,037ounces of gold and 21,228 tonnes of copper, down6.0% and 7.4%, respectively from the prior quarter. Output was lower due tothe suspension of operations at its Gosowong mine in Indonesia and lower grade ore processedat the Cadiamine in New South Wales, Australia. The company's all-in sustaining cost perounce in the quarter increased 8.9% to US$787 per ounce.
De BeersSA unit De BeersCanada Inc. is selling its shuttered Snap Lake diamond mine in Canada's NorthwestTerritories and has tapped Bank of Montreal to help in the transaction, Reutersreported, citing company spokesperson Tom Ormsby.
AngloGoldAshanti Ltd. expects headline earnings in the first half of thisyear to rise tobetween US$87 million and US$99 million, compared to a headline loss of US$128million a year ago. Basic earnings are expected to be between US$45 million andUS$59 million, compared to a basic loss of US$143 million in the prior-yearhalf.
* KAZ MineralsPLC will spend US$100 million less than expected on its Aktogay copper project in Kazakhstan becauseof the sharp devaluation of the country's tenge currency and the experiencegained bringing its Bozshakol mine into operation this year. The cost ofAktogay is now expected to total US$2.2 billion.
* After reaching an agreement with the company, workers haveended a strike at Anglo AmericanPlc's Chile-based El Soldado copper mine, Reuters reported,citing a union official. The workers downed tools at the mine July 8, afterfailing to strike a deal in contract discussions.
* WeatherlyInternational Plc has experienced unprecedented levels of waterinflow rates at its Tschudi mine in Namibia, resulting in production of3,812 tonnes of copper cathode in the quarter ended June 30, of 4,250 tonnes perquarter. The company anticipates production in the September quarter to be 15%below nameplate, with a return to normal levels expected by the end of theDecember quarter.
* A contracted driver at MMG Ltd.'s Las Bambas copper mine in Peru following a road accident near thetown of Antuyo in the Cotabambas province.
* Global Metals Exploration NL completed the of , andchanged the company name to Zinc of Ireland NL. The deal covers seven zincprojects in Ireland with an area of about 750 square kilometers.
* AcaciaMining plc's net earnings jumped to US$46.3 million in the second quarter, fromUS$5.6 million a year ago. Gold production in the quarter increased 19% yearover year to 221,815 ounces.
* RegisResources Ltd. surpassed its production expectations of 275,000 ounces to 305,000ounces of gold for the 2016 financial year, with gold output reaching 305,084ounces after production in the June quarter climbed 4% quarter over quarter to78,471 ounces.
* ChinaNational Gold Group Corp., one of the nation's largest gold miners,posted profit of 230 million Chinese yuan and sales revenue of 50.4 billionyuan, in the first half of this year, China Securities Journal reported.The company met more than 80% of annual profit target, and spent 129 millionyuan in exploration during the period.
* Production at Randgold Resources Ltd.'s Tongon gold mine in Ivory Coast is due to anextended downtime experienced by a mill at the site. The company now expects toproduce more than 260,000 ounces of gold this year, from 290,000 ouncesannounced previously.
* QuantumResources Ltd. entered into a deed of variation and withNewmont Mining Corp.unit Newmont Tanami Pty. Ltd. covering the Officer Hill gold tenement in Australia'sNorthern Territory. Newmont is now required to spend A$500,000 over three yearsto earn a 70% interest in the property, compared to up to a 75% stakepreviously.
* Timmins GoldCorp. completed the sale of its Caballo Blanco gold-silver project in Mexico toCandelaria Mining Corp. The deal was announced in May.
* Central RandGold Ltd. will commence the processingof gold bearing ore at the company's metallurgical plant in late July. Thecompany has received multiple deliveries of ore from the supplier under thejoint venture tolling agreement, which is presently being stockpiled on site.
* Eco OroMinerals Corp. entered into an investment agreement with TrexsInvestments LLC, an entity managed by Tenor Capital Management Co. L.P., with respect to anaggregate investment in the Eco Oro of US$14 million. Proceeds of theinvestment will be used to fund Eco Oro's arbitration with the Government of Colombia under theFree Trade Agreement between Canada and Colombia.
* The AustralianFinancial Review wrotethat the BHP BillitonGroup led BHPBilliton Mitsubishi Alliance is understood to be the last standingbidder for Anglo American's Australian coal assets, which include theMoranbah andGrosvenormines. The auction results may be out as early as this week.
* CITICLtd. expects to record a 40% to 50% drop in net profit attributable toshareholders for the six months ended June 30, from an attributable net profitof HK$37.7 billion a year ago. The company said it expects lower profit fromits property business and its associate company CITIC Securities, and that theChinese yuan has depreciated in the first half, resulting in a lesser amountwhen translated to Hong Kong dollars. Net profit a year ago also included aHK$9.6 billion gain on the sale of a stake in CITIC Securities.
* OAO HoldingCo. METALLOINVEST, Russia's largest iron ore producer repaid afive-year US$750 million eurobond issued in 2011 in line with plans amiduncertain global demand for steel. A company spokesman also told SNL Metals& Mining that Metalloinvest probably would not buyback and refinance itsUS$1 billion eurobond maturing in 2020, because of a lack of cash following therecent bond redemption and the "already low" 5.625% coupon rate onthe remaining debt.
* In a bid to push of forward consolidation of coalresources owned by state-owned companies to help cut the overcapacity in thesector, China has set up a coal asset management firm which include ChinaShenhua Group, China NationalCoal Group Corp., China Reform Holdings Corp. and China ChengtongHoldings Group Ltd., Reuters reported,citing the State-owned Assets Supervision and Administration Commission.
* Yanzhou CoalMining Co. Ltd. entered into a joint venture agreement with Duanxin Investment, awholly owned subsidiary of the company, and Great Wall Securities in relationto, among other things, capital commitment to the JV. The group will contributea total capital of 2 billion Chinese yuan representing 40% interest in JV,while Great Wall Securities will contribute 3 billion yuan representing a 60%interest.
* In a bid to release itself from all existing loans,Cokal Ltd. hasreached agreementwith Platinum Partners Value Arbitrage Fund LP to convert about US$15 millionof loans owed to various funds managed by the latter or its affiliates to aproduction royalty. The royalty will be 1% of the realized selling price,capped at US$40 million. The company also raised A$1.2 million from a privateplacement, to be used for working capital.
* Australia's Export Finance and Insurance Corp. will loanA$49.2 million to ArriumLtd. for new machinery at the Iron Knob and Iron Baron mines, The Australian reported.The loan is expected to help Arrium's OneWhyalla generate cash flow of overA$200 million over the next five years.
*Shares in Paladin EnergyLtd. were forcedinto a trading halt after the ASX asked for more information regarding theuranium miner's proposed deals worth around US$200 million, The West Australian reported. Paladindid not disclose the name of the buyer who offered to pay US$175 million for the 24% stake in theLanger Heinrichmine in Namibia.
* The China Geological Survey has been working with itscounterparts in Central Asian countries on cross-border geological maps formining resources in the region, according to Li Wenyuan, director of the localbureau of China Geological Survey at Shaanxi province's capital city Xi'an. Litold SNL Metals & Mining on the sidelines of the Xinjiang-Central AsiaMining Development Forum on July 23 that the department is setting uprepresentative offices in Central Asia tofurther such cooperation between China and five countries in theregion: Kazakhstan, Kyrgyzstan, Uzbekistan, Turkmenistan and Tajikistan.
* Fu Ying, deputy director at China's Economic ResearchCenter of Ministry of Land and Resources, told delegates at theXinjiang-Central Asia Mining Development Forum on July 22 that mining resourcesin China's northwest region has been underestimated due to insufficient exploration programs."The price rebound in metals this year is an opportunity to kick off a newround of exploration development in [domestic] mining sector," Fu said.
* Meanwhile, Mining.com wrote,citing a recent report by BMI Research, that due to low production costs andunderdeveloped high-grade copper deposits, Chinese mining investors are likelyto shift their focus to the Democratic Republic of Congo in the coming years.The report also flagged depleting domestic gold reserves and higher productioncosts as contributing factors behind the Asian investors' growing interest inthe DRC.
* According to S&P Global Ratings, the number ofcompanies defaulting on debthas reached 104 so far in 2016 — 60% more than in the same period of 2015 —with oil, mining and steel companies accounting for most of the total. Energyand natural resource companies, including miners, accounted for more than halfof nonpayments so far in 2016, with about 14.9% of speculative-grade companiesin these sectors in default — about seven times higher than the average defaultrate for all other sectors.
* Unmanned aerial vehicles, also known as or UAVs, are growing inprevalence in the global mining sector and are now being used to conductaeromagnetic surveys, providing a more cost effective option for explorers.
* Revisions to Indonesia's mining law are unlikely to befinalized in this year despite being included in the 2016 legislation program, Bisnis Indonesia reported,citing lawmaker Satya Widya Yudha from the energy commission. Yudha added thatthe government could issue temporary regulations in lieu of law.
S&P Global Ratingsand SNL Metals & Mining are owned by S&P Global Inc.
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