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Protesters pause blockade at Goldcorp's Penasquito for talks

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


Protesters pause blockade at Goldcorp's Penasquito for talks

TOP NEWS

Protesters pause blockade at Goldcorp's Penasquito for talks

Protesters ended a five-day blockade of Goldcorp Inc.'s Penasquito gold mine Oct. 3 while agreeing to talks, Felipe Pinedo Hernandez, one of the protest leaders, confirmed to S&P Global Market Intelligence. The blockade, which Pinedo Hernandez said is about water use and alleged pollution related to the mine in Zacatecas, Mexico, began Sept. 28 and led to restricted access to the site. Meanwhile, Goldcorp spokesperson Christine Marks said the blockade had not affected Penasquito output and the company had "enough supplies on hand to last many more days before production would be impacted."

Gerdau sells Chilean long steel assets for US$154M, launches up to US$500M buy back

Gerdau SA off-loaded its Chilean long steel assets to local family-owned groups Matco and Ingeniaría e Inversiones for US$154 million, Metal Bulletin reported. Separately, Gerdau launched a cash tender offer to buy back up to US$500 million of its 2021, 2020 and 2024 bonds.

Report: Indonesia mulls taxing miners' net profits

Indonesia is considering amending tax rules that may require mining companies operating in the country to pay a percentage of their after-tax profits to central and local governments, Reuters reported, citing documents. Under the proposed changes, special mining permit holders will pay a 4% tariff on after-tax profits to the central government and 6% to regional governments where the companies operate.

BASE METALS

* Andromeda Metals Ltd. retained 100% ownership of its Rover copper-gold project in Northern Territory, Australia, after potential joint venture partner Emmerson Resources Ltd. decided to withdraw from the deal.

* SLAM Exploration Ltd. agreed to acquire an additional property contiguous to the Ramsay Brook cobalt property in New Brunswick, for which the company recently signed an option deal.

* Results from Vast Resources Plc's first phase of drilling at the Carlibaba prospect supported developing a second open pit operation at the Manaila polymetallic mine in Romania with the construction of a metallurgical processing facility on site, which is expected to reduce operational expenditure by up to 25%.

* A review of the economic model for Galileo Resources Plc's Star Zinc project in Zambia estimated a net present value of US$18 million, at a 10% discount, and an internal rate of return of 77% at a current zinc price of US$3,000 per tonne. CapEx was pegged at US$9.1 million with payback in one year.

* Murchison Minerals Ltd. updated the mineral resource estimate for its Brabant-McKenzie zinc deposit in Saskatchewan. The deposit is now estimated to host indicated mineral resources of 1.5 million tonnes at 7.46% zinc, 0.70% copper, 0.39% lead and 31.16 g/t of silver, or 10.09% zinc equivalent, and inferred resources of 4.5 million tonnes at 5.99% zinc, 0.62% copper, 0.39% lead and 19.39 g/t of silver, or 7.99% zinc equivalent.

PRECIOUS METALS

* Newcrest Mining Ltd. CEO Sandeep Biswas said the proposal to hike gold royalties in Western Australia has put the miner's Telfer gold mine at "serious risk," The Australian reported.

* Arbitration between junior developer Minera IRL Ltd. and Corporación Financiera de Desarrollo SA, a Peruvian development bank, is set to go ahead. Minera IRL said the bank, known as COFIDE, had objected to the request for arbitration, which Minera IRL made back in June, but the Superior Council of Arbitration of the Chamber of Commerce of Lima rejected COFIDE's arguments.

* Aruma Resources Ltd. entered a binding agreement to purchase exploration leases from local prospectors, aiming to increase the landholding related to its Beowulf gold project in Western Australia.

* Gran Colombia Gold Corp. posted an underground mineral resource estimate for its Marmato gold-silver project in Colombia of 3.9 million ounces of gold and 22.6 million ounces of silver in the measured and indicated categories contained within 41.2 million tonnes grading 2.9 g/t of gold and 17.0 g/t of silver.

* OceanaGold Corp. achieved commercial production at its Haile gold mine in South Carolina.

* Empire Resources Ltd. achieved first gold pour from its recently commissioned Penny's Find gold mine in Western Australia.

* Metminco Ltd. reduced the number of its shareholders by over 6,900 to 1,294 after buying back 3,875,424 of its shares, or about 3% of the issued share capital.

* Mali has allowed informal gold mining to resume following a three-month suspension during which the government restructured the sector to secure more tax revenue, Reuters reported, citing Tiemoko Sangare, the mines minister.

BULK COMMODITIES

* Anglo American Plc CEO Mark Cutifani opposed the idea of government funding to develop infrastructure for Adani Enterprises Ltd.'s Carmichael coal project unless its competitors are also given the same, The Australian wrote. Cutifani added that the government should instead provide policy certainty to the industry to make it easy to do business.

* Cutifani, meanwhile, said the miner is looking to scale up investment into its Queensland coking coal mines and may look at adding new local operations, after a rise in coal prices last year allowed it to avoid selling these assets to slash debt, The Australian reported.

* K+S Aktiengesellschaft will rule out a separate listing of its salt activities when it unveils the results of a strategic review, Reuters reported, citing a source. "There won't be a Salt IPO. It doesn't make any strategic sense and it doesn't pay off," the source added.

* Germany's North Rhine-Westphalia state is confident that a deal between ThyssenKrupp AG workers and management could be reached to push through a steel merger with Tata Steel Ltd., Reuters reported. The deal has received opposition from labor representatives amid fears that more steel jobs may be lost in the long term in addition to as many as 4,000 already announced as part of the deal.

* Thailand's move to buy 50,000 to 60,000 tonnes of coal from the U.S. received strong opposition from academics and activists, The Nation (Thailand) reported.

* Roy Hill Holdings Pty. Ltd. believes that the issues with its namesake mine that delayed the ramp-up to its target production rate are finally in the rearview mirror. The company began 90-day performance testing, which saw it hit for the first time its run rate of 55 million tonnes per year with the shipping of 4.84 million tonnes from the Roy Hill mine in September. However, CEO Barry Fitzgerald stressed that it was a one-off and Roy Hill has not technically achieved full ramp-up.

* Sanjeev Gupta's Liberty House reactivated a unit at one of its British steelworks, more than 18 months after it was mothballed by Tata Steel UK Ltd., Press Trust of India reported. The move has the potential to create 150 new jobs over the next few months.

* Sherritt International Corp. agreed to pay a fine of C$1 million after pleading guilty in the provincial court in Alberta to three counts under the federal Fisheries Act, The Canadian Press reported. The company was charged five years ago for the discharge of wastewater considered toxic to fish from its Coal Valley mine into ecologically significant habitat for rainbow trout.

* The board of the European Bank for Reconstruction and Development approved a syndicated loan of up to €350 million for ArcelorMittal Kryviy Rih, delo.ua reported.

SPECIALTY

* Galaxy Resources Ltd. denied a report from The Australian Financial Review claiming the company had secured a lithium off-take agreement with Japan's Panasonic Corp., which supplies batteries to Tesla.

* Rainbow Rare Earths Ltd. announced its first production guidance for 2017 to 2018 of 3,000 to 4,000 tonnes of run-of-mine ore mined generating 2,250 to 3,000 tonnes of rare earth mineral concentrate sales. The company remains on track to sell first concentrate in the fourth quarter.

* Birimian Ltd.'s pre-feasibility study for its Goulamina lithium project in southern Mali estimated a net present value, discounted at 10%, of between US$85.6 million and US$126.4 million and a 21% to 25% internal rate of return. The capital cost is estimated between US$86.9 million and US$142.0 million, including contingency.

* Lithium X Energy Corp. completed the consolidation of the Sal de los Angeles lithium project in Argentina and now controls 100% of the mineral titles contained within the brine-bearing regions of the Diablillos basin.

* Forum Uranium Corp. and Uracan Resources Ltd. agreed to terminate the option deal over Clearwater uranium project in Saskatchewan.

* Lithium hopeful Altura Mining Ltd. is weighing options around a A$20 million capital raising, The Australian Financial Review's Street Talk wrote, citing a source. Bizzell Capital Partners is said to be overseeing the transaction.

* State miner Zimbabwe Consolidated Diamond Co. will this month begin conglomerate mining after the near depletion of alluvial diamonds at the Chiadzwa diamond fields, The Herald reported. The Ministry of Mines and Mining Development said the move will improve the country's mineral earnings.

* Ardiden Ltd. posted an initial resource estimate for the North Aubry deposit at its Seymour Lake lithium project in Ontario, with indicated and inferred resources containing an aggregate 8,200 tonnes of lithium.

* Base Resources Ltd. said that an updated resource estimate for the Kwale South Dune deposit at its Kwale operations in Kenya indicated a 29% increase in tonnage and a 13% increase in contained heavy minerals, when compared to the 2016 estimate.

INDUSTRY NEWS

* Philippine lawmakers endorsed the appointment of Roy Cimatu to be the country's environment secretary after his predecessor, Regina Lopez, failed to secure congressional confirmation, Reuters reported. Cimatu told lawmakers during a confirmation hearing that he will uphold President Rodrigo Duterte's plans to ban open-pit mining.

* South Africa's Chamber of Mines rejected talks with the country's mining ministry over the proposed changes to the mining charter, Reuters reported. "We are of the view that engaging with the minister directly is not going to achieve a set of results for the industry that is workable," Chamber of Mines CEO Roger Baxter said.

* Following a breach of the public filing system at the Securities and Exchange Commission, the agency has promised lawmakers it is ramping up its cybersecurity efforts, including the hiring of a chief risk officer.

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