Russian government has priced the shares for selling its 10.9%stake in diamond miner PJSCALROSA at 65 Russian rubles per share or US$1.02 apiece, whichwould raise about US$820 million, Reuters reported,citing a source close to the placement.
Due to uncertainty following the Brexit vote and pensionfund liabilities, Tata SteelLtd. has decided to temporarilyhalt the sale of its major U.K. assets, Reuters reported. According toBloomberg News, the company is now in preliminary discussions with potentialpartners, including Germany's ThyssenKrupp AG, to explorethe possibility of a joint venture for the European operations.
Barrick GoldCorp.'s President Kelvin Dushnisky said the gold major can trim itsdebt to US$5 billion in next three years and could eliminate total debt withina decade on gold-price gains, cost cuts and asset sales, Bloomberg News reported.
* BHP BillitonGroup CFO Peter Beaven said that the mining major is struggling toland opportunities to acquire tier-one copper and petroleum assets given pricingissues, The Australian Financial Reviewwrote.
* BHP Billiton Group is steppingup efforts to expand the production capacity of its copper mine inSouth Australia and will start testing a cheaper mining method at a specializedplant in Finland using Olympic Dam concentrate in September, The Sydney Morning Herald reported.
* ChinaMolybdenum Co. Ltd.'s international CEO Kalidas Madhavpeddi saidthe company remains interested in distressed mining assets following severalacquisitions including the Northparkes copper mine in New South Wales, with Australiacontinuing to be on its radar, TheAustralian reported.
* VedantaResources Plc Chairman Anil Agarwal said the company willsign two memoranda of understanding with South African companies during hisupcoming visit to the African country. The deals aim to improve safety andproductivity at the mines owned by Vedanta's Hindustan Zinc Ltd. unit.
* Meanwhile, Agarwal said the company will investa total of US$1 billion on its Gamsberg zinc project in South Africa over the nextthree years, the Press Trust of India wrote.
* ImperialMetals Corp. fileda lawsuit in the Supreme Court of British Columbia against engineeringfirms Knight Piesold and AMEC over damages related to the 2014 breach of thetailings storage facility at its wholly owned Mount Polley copper-gold-silver mine, TheCanadian Press reported. The company claims negligence and breach of contract.
* After failing to reach an agreement in contractdiscussions, workers have downedtools at Anglo AmericanPlc's Chile-based El Soldado copper mine, Reuters reported, citing unionhead Jaime Munoz.
* SandfireResources NL achieved record annual copper production for the yearended June 30, at 68,202 tonnes of contained copper, above the company'sguidance range of 65,000 tonnes to 68,000 tonnes. Contained gold output, at37,612 ounces, was within guidance.
* Following the suspension of 's plantoperations, Brazil's nickel cathode exports in June fell to 94 tonnes ascompared to exports of 1,227 tonnes of cathodes in the year-ago period, MetalBulletin reported.
* Russia's Far East Development Fund and state-owned ChinaNational Gold Group are in talks to establish a new joint investment fundfocused on funding gold projects in eastern Russia, Sputnik News reported.
* Silver LakeResources Ltd. is forecasting higher gold sales in the range of 135,000 ounces to145,000 ounces for the 2017 financial year, over the 132,400 ounces sold in theprior financial year.
* SouthernGold Ltd. acquired from Asiatic Gold Ltd. several gold projectsacross southern Korea in exchange for 6.29 million of its shares, A$116,000cash and assumption of A$70,000 debt. The acquisition is valued at around A$2million.
* GBMResources Ltd. remodeled the resource estimate of the Koala goldmine in Queensland, resulting in a 135% increase to 1.4 million tonnes at 2.6 g/t of goldfor 118,700 ounces of gold.
* In the wake of the Brexit vote, investors have flockedtoward silver and gold due to their safe haven appeal. Silver, however, hasoutpaced gold since the June 23 vote, jumping 14.27% to US$19.70 per ounce on July 7, comparedto an 8.1% gain in gold to US$1,360.40 per ounce.
* PJSCUralkali's second-quarter potassium chloride 2.5 million tonnes from 3million tonnes in the same period of 2015. For the first half, the company'spotassium chloride output totaled 5.1 million tonnes, also lower than the 5.7million tonnes produced in the first half of 2015.
* Russia's Onexim Group sold its 20% stake in the potashproducer Uralkali to Belarusian businessman Dmitri Lobyak, Reuters reported.The market value of the stake is said to be US$2 billion.
* EssarSteel has placed its Essar SteelMinnesota LLC unit into chapter11 bankruptcy protection after a state regulator moved to cancel its leasesto mine taconite iron, The Wall StreetJournal reported.
* Morningstar analysts speculated thatRio Tinto's decisionto shelve plans to develop the US$20 billion Simandou iron ore project in Guinea couldpotentially result in an "aggressive" investor allied with — whichalready owns 41% — taking over the project, the Australian Associated Pressreported.
* MongolianMining Corp. has gained the support of noteholders for itsproposed restructureof US$600.0 million worth of debt, but has not yet signed a binding agreementwith creditors.
* Gränges AB wonthe court-supervised auction of Noranda Aluminum Holding Corp.'s downstream aluminumrolling business in the U.S. According to Reuters, the final bid values theNoranda assets at US$324.2 million, on a cash and debt-free basis. Thetransaction is expected to close in the third quarter.
* GT GroupHoldings Ltd. said it expects to book a consolidated for the six monthsended June 30 compared to a consolidated net profit of about HK$1.07 billion inthe corresponding 2015 period, due to the impairment on its unlistedavailable-for-sale financial assets, and a net realized loss and unrealizedloss on financial assets at fair value through a profit or loss of about HK$16million and HK$500 million, respectively.
* BlueScopeSteel Ltd. is suing for A$2.4 million the Australian Workers Union inWollongong in New South Wales over an unsanctioned 24-hour strike at SpringHill on May 26.
* China's environment ministry said the government willinspect eight more provinces and regions, covering huge coal-producing regionssuch as Inner Mongolia and Ningxia, to check their compliance with thecountry's environmental regulations, Reuters reported.
* The coming two years will see China's state-run steel andcoal firms cutting capacity by around 10%, and by 15% by 2020, to tackle excesssupply, Reuters reported,citing the state asset regulator.
* Australia's Department of Industry, Innovation and Sciencecutits forecast for iron ore prices by nearly 2% to an average of US$44.20 atonne in 2016 and by 20% to US$44 per tonne in 2017, Reuters wrote.
* Polish state-controlled gas firm PGNiG will kick off testslater in the year covering the extraction of methane from coal deposits toboost safety at local coal mines and for commercial use, Reuters reported.
* Mineral sands producer Base Resources Ltd. expects to produce 88,000 tonnes to 95,000 tonnes ofrutile in its fiscal 2017.
* PetraDiamonds Ltd. and Ekapa Minerals (Pty.) Ltd. agreed to form anunincorporated jointventure in South Africa that will house the companies' operations inthe Kimberley area and help to lower costs.
* Ina bid to help the sector sustain the commodities slump, the Democratic Republicof Congo agreed to resume value-added tax reimbursements owed to miningcompanies and suspend VAT on their imports, Reuters reported,citing Finance Minister Henri Yav Mulang.
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