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Vale books higher YOY Q4, FY'17 net income

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Vale books higher YOY Q4, FY'17 net income

TOP NEWS

Vale books higher Q4, FY'17 net income YOY

Vale SA posted net income of US$5.51 billion in 2017, increasing from a year-ago net income of US$525 million, on the back of the group's cash generation and net debt reduction efforts. The company's board approved a dividend of 2.54 billion Brazilian reais, payable March 15.

Nutrien to tweak phosphate unit, eyes growth with coming cash

Nutrien Ltd. plans to restructure part of its phosphate business, concentrating production at fewer operations and boosting ammonium sulfate output at its Redwater facility in Alberta. Nutrien President and CEO Charles Magro in a presentation at the BMO Global Metals & Mining conference called the decision a post-merger change of plans.

Albemarle sinks to Q4'17 net loss of US$218.4M on tax expense, Hurricane Harvey

Albemarle Corp. posted an attributable net loss of US$218.4 million, or US$1.95 per share, in the fourth quarter of 2017, sinking from a year-ago net profit of US$602.1 million, or US$5.30 per share. The results in the three-month period included US$366.9 million of income tax expense related to new U.S. tax reforms and the effect of hurricane Harvey on its operations. For full year 2017, net income shrunk to US$54.9 million, or 49 cents per share, from a profit of US$643.7 million, or US$5.68 per share.

DIVERSIFIED

* Roman Abramovich-owned Crispian Investment Ltd., United Co. Rusal Plc and Vladimir Potanin's Whiteleave Holdings Ltd. agreed to delay the sale of a 2% stake in PJSC Norilsk Nickel Co.. Crispian was seeking permission from a court in London to proceed with the stake sale, which Rusal is attempting to block.

BASE METALS

* A preliminary economic assessment for Nautilus Minerals Inc.'s Solwara 1 copper project in Papua New Guinea modeled first production beginning in the third quarter of 2019. The study outlined steady payable metal production of about 20,000 tonnes of copper and 29,000 ounces of gold per quarter.

* Secova Metals Corp. acquired the Muskrat, Boudrais and Peribonka-Begin cobalt projects in Quebec by acquiring private company 1151640 B.C. Ltd. for 20.5 million shares.

* The first round of auctions for Doe Run Peru S.R.L.'s Cobriza copper mine is scheduled for March 1, news agency Andina reported.

PRECIOUS METALS

* Cia. de Minas Buenaventura SAA swung to a net profit of US$8.3 million in the fourth quarter of 2017, from a year-ago net loss of US$405.9 million. The Peruvian gold miner also recovered to a net income of US$60.8 million in full-year 2017, reversing a year-ago net loss of US$323.5 million.

* Pan African Resources Plc confirmed looming job cuts at its Evander gold mine in South Africa, saying it has started the consultation process for the potential layoffs in accordance with South African laws. The miner did not disclose the number of employees involved in the process.

* SilverCrest Metals Inc. posted an initial resource estimate for its Las Chispas property in Mexico, with inferred resources containing 402,000 ounces of gold and 32.7 million ounces of silver within 3.4 million tonnes of ore grading 3.66 g/t gold and 297 g/t silver.

* Endomines AB completed the acquisition of TVL Gold 1 LLC, which holds five gold projects in Idaho, for US$31.3 million.

* Phoenix Global Mining Ltd. signed an option to acquire an 80% interest in the Gordon Lake gold property in Canada's Northwest Territories from ExGen Resources Inc. in a cash and share deal.

* Arc Exploration Ltd. agreed to acquire private firm GNR Minerals Pty. Ltd., which owns the Manitou gold project in Ontario.

* Ghana will certify the value of gold exports to tighten controls on the industry and to protect revenues, Reuters wrote, citing the country's vice president Mahamudu Bawumia. The government is also considering passing a bill stating that at least half of the country's gold production would be refined locally within five years.

* Gold producers are finding it hard to attract the attention of general investors, who are being drawn to the recent lure of battery metals as well as stocks riding the marijuana and cyptocurrency booms, Bloomberg News reported.

BULK COMMODITIES

* Siberian Coal Energy Co. OJSC has invested over US$400 million in recent years into clean coal production, including modern high-capacity washing plants and enrichment facilities to produce high efficiency and less polluting coal, Sergei Grigoriev, the company's public relations and communications director, told S&P Global Market Intelligence. The company's new environmental strategy provides for nearly US$2 billion of investments into ecological efficiency between 2017 and 2023, added Grigoriev.

* Mining contractor Downer EDI Ltd. was awarded a US$600 million mining services contract for the BHP Billiton Group and Mitsubishi Corp.-owned Blackwater coal mine in Queensland, Australia, Reuters reported.

* Universal Coal Plc declared an unfranked interim dividend of 1 Australian cent per share after the company swung to a profit of A$14.1 million, or A$2.05 per share, in the first half of fiscal 2018, from a loss of A$1.7 million, or 14 cents per share, in the year ago period.

* Glencore Plc will renew a supply contract to purchase aluminum from Rusal in 2019, but the Russian firm is expected to cut the sales volume by 25% to 50% from the 14.5 million tonnes under the current agreement, Reuters reported.

* Adani Enterprises Ltd. claimed that it passed stringent environmental assessment processes for the Carmichael coal mine in Queensland, Australia, amid fresh legal action over an alleged breach of the conditions of a temporary water emissions license, The Australian Financial Review reported.

* Cia. Siderúrgica Nacional filed an appeal against the approval of a merger between ArcelorMittal unit ArcelorMittal Brasil and Votorantim Siderurgia S.A. by Brazilian competition regulator, Cade, Metal Bulletin reported.

* Edenville Energy Plc signed a one-year contract to supply 2,000 tonnes of coal per month to an East African customer from its Rukwa coal project in Tanzania.

* Ironveld Plc expects to receive its water use license — the final permit required to commence mining — for its South African vanadium-high purity iron-titanium project in the early part of the second quarter.

* Trade union Unifor urged Compass Minerals International Inc. to delay layoffs at the Goderich salt mine in Ontario and review whether the proper procedures were followed, BlackburnNews.com reported. The company handed notices to 48 workers at the mine on Feb. 21.

* The European Union agreed to respond with countermeasures if the U.S. decides to go ahead with tariffs on steel and aluminum imports, Reuters wrote, citing German deputy economy minister Matthias Machnig.

* The U.S. Commerce Department made a final determination that imports of some aluminum foil from China are being sold in the U.S. at less than their fair value, Reuters reported, citing an aluminum trade group. The Aluminum Association noted that anti-dumping duties of between 48.64% and 106.09%, and countervailing duty margins of between 17.14% and 80.97% would be applied against certain firms.

* Indian steel mills have been benefiting directly from the enforcement of steel production curbs at its plants in northern China, in the form of rising global prices and higher export volumes, Live Mint reported.

SPECIALTY

* Tianqi Lithium Industries Inc.'s net profit attributable to shareholders for 2017 rose 42% to 2.15 billion Chinese yuan, or 2.18 yuan per share, from 1.51 billion yuan, or 1.54 yuan per share, recorded a year ago. The company attributed the improvement to higher sales revenues in the lithium segment as well as reduced asset impairments.

* POSCO agreed to buy up to 240,000 tonnes of lithium concentrate per year from Australia's Pilbara Minerals Ltd., Reuters reported. POSCO will take a 4.75% stake in Pilbara Minerals for A$79.6 million by acquiring the ASX-listed company's convertible bonds.

* Bacanora Minerals Ltd. said NextView Capital has defaulted on a proposed equity offering of 32,976,635 shares for approximately £31.2 million.

* Global Geoscience Ltd. widened its net loss to A$1.8 million in the first half of its fiscal 2018, from A$846,176 in the same year-ago period.

* Prospect Resources Ltd. exercised its option to acquire a 70% interest in the Good Days lithium project in Zimbabwe.

* Berkwood Resources Ltd. is acquiring a private company in British Columbia, 1137794 BC Ltd., which will increase its landholding under the Lac Gueret graphite project in Quebec to 25,180 hectares for 2.8 million common shares and C$25,000 in cash.

* Hastings Technology Metals Ltd. signed a 10-year off-take deal with Thyssenkrupp Raw Materials GmbH for the supply of 5,000 tonnes per annum of mixed rare earth carbonate from its Yangibana project in Western Australia.

* Savannah Resources Plc appointed engineering group Hatch to conduct a scoping study for the development of the Mina do Barroso lithium project in Portugal.

INDUSTRY NEWS

* Canada's Bank of Nova Scotia decided to retain its ScotiaMocatta metals trading business, but it will initiate a strategic review of the unit, Reuters reported, citing Dieter Jentsch, the firm's investment banking head.

* Zimbabwe is aiming to boost its revenue from mineral sales to US$1.78 billion this year from US$1.5 billion in 2017, Reuters reported, citing Masimba Chandavengerwa, CEO of the government marketing agency.

* Zambia intends to compel miners to transport 30% of their cargo by train under a new law, which is aimed at boosting the country's rail sector, Mining.com reported.

The Daily Dose is updated as of 7 a.m. London time, and scans news sources published in Chinese, English, Indonesian, Malay, Portuguese, Russian, Spanish, Thai and Ukrainian. Some external links may require a subscription.