Vale SAsaid it is close to balancing its free cash flow for the current year and will cutits CapEx this year from the US$6.2 billion announced in December 2015, to US$5.5billion, daily DCI Diário Comércio Indústria& Serviços reported.
A Brazilian court approved an injunction by the state of MinasGerais requesting Samarco MineraçãoSA to adopt urgent measures to fully contain the seepage from its Germanotailings dam or pay a daily fine of 1 million Brazilian reais. Materials continueto seep through the dam despite works in the wake of the collapse of the Fundãotailings dam on Nov. 5, 2015, the state Public Prosecutor's Office said.
Mirabela NickelLtd. unit Mirabela Mineraçãodo Brasil Ltda. said employees will be notified of the closure of itsSanta Rita nickelmine on April 7 despite the company's agreement with the state of Bahia for a refundof part of the ICMS transfer of goods and services tax aimed at helping the mineto continue running, Notícias de Mineraçãoreported.
* Vale SAsaid it is close to balancing its free cash flow for the current year and will cutits CapEx this year from the US$6.2 billion announced in December 2015, to US$5.5billion, daily DCI Diário Comércio Indústria& Serviços reported.
* Vale rejected a media report which said the Brazilian mininggiant was in talks to sella stake in its fertilizer business to Norway's Yara International ASA. The response came after Braziliandaily Valor Econômico reported that Vale may sell a minority stake in itsfertilizer unit later this year, with unnamed sources valuing the deal at US$1.2billion.
* Mirabela NickelLtd. unit Mirabela Mineraçãodo Brasil Ltda. said employees will be notified of the closure of itsSanta Rita nickelmine on April 7 despite the company's agreement with the state of Bahia for a refundof part of the ICMS transfer of goods and services tax aimed at helping the mineto continue running, Notícias de Mineraçãoreported.
* Inversiones BrecaSA purchased a 62.25% interest in Compañia Minera Raura SA from Great Yellowstone Corp., increasing its ownership of thezinc, lead and copper concentrate miner to 99.91%, daily Gestión reported.
* The workers union SMCV at the Peruvian copper miner Cerro Verdeannounced a strike on April 8 demanding a share in company profits for the currentyear for its workers, daily La Repúblicareported,citing secretary general Zenon Mujica.
* Central AsiaMetals Plc's production of copper increased36.5% year over year to 3,207 tonnes in the first quarter from its dump leach, solvent extractionand electro-winning copper recovery plant in Kazakhstan. Copper sales during thequarter were up 14% year over year to 2,550 tonnes.
* Philippines nickel miner Marcventures Holdings Inc. is mulling over construction ofa processing plant and acquiring a mining company in the Philippines to increaseoutput and exports, Reuters reported.
* New Caledonia, a South Pacific French territory, will permittwo companies to export up to 700,000 tonnes of low-grade nickel ore to China overa period of 12 months to 18 months, Reuters wrote.The ban was put in place to support local smelters.
* Owing to the higher output from newly operationalized projectsin the country, Peru's copper production surged 70% to 169,114 tonnes in February,from a year ago, Business News Americas reported.
* The anticipated deficit in the supply of copper by 2020 hasmade mining giants such as Anglo AmericanPlc and Glencore Plcreluctant to sell their best copper assets while they continue disposing of iron ore and coal mines as well as agriculturalassets to pay down debt amid a commodity downturn, Bloomberg News reported. "Copperis the most desirable commodity … [and] we are looking very hard at global copperprojects," commented Michael Scherb, founder of Appian Capital Advisory LLP.
* Serengeti ResourcesInc. struck a deal with POSCOunit Daewoo Minerals Canada Corp.,whereby POSCO may earnup to a 35% interest in Serengeti's Kwanikacopper-gold project for C$8.2 million. The initial C$1.2 million investment hasbeen paid into the joint venture account from which Serengeti will receive an upfrontcash operating fee of C$400,000.
* Protesters from the Antauta community in Peru have blockedthe way to Minsur SA'sSan Rafael tin minein the region, a move that may affect production at the site, Business News Americasreported. According to local daily Correo, protestersare demanding a 10% share of profits, reparations from the mine's operations andother benefits.
* Despite uncertainty in commodity prices and fewer opportunities,China Minmetals Corp.Vice President Jerry Jiao said China will continue acquiring copper projects abroad in order to secure future supplies,the Financial Times reported. "China is very short of copper resources… [and] the only way to make stable supply of copper resources?…?going overseasis the only solution," Jiao told attendees at the World Copper Conference inChile.
* South Africa's Association of Mineworkers and ConstructionUnion suspended a plannedwage strike at Sibanye Gold Ltd.to allow further talks to take place, Reuters reported.
* Moody's downgradedto B3/B1.mx from B2/Ba1.mx the ratings of MineraFrisco SAB de CV. The ratings outlook is stable.
* Centamin Plcproduced 125,268 ouncesof gold from its Sukarigold mine in Egypt in the first quarter, a 15.7% increase year over year. The companymaintained the full year production guidance of 470,000 ounces.
* Orefinders ResourcesInc. filed its Notice of Project Status and updated Project Descriptionfor its processing programat the Mirado goldproject in Ontario. The company will then have to file a closure plan with Ontario'sMinistry of Northern Development and Mines, which will allow the company to transport,mill and refine the stockpile this year.
* Asanko Gold Inc.has begun commercial productionat its Asanko goldmine in Ghana, one quarter ahead of schedule. The company expects to produce 35,000ounces to 40,000 ounces in the second quarter, and 90,000 ounces to 100,000 ouncesin the second half of 2016.
* Caledonia MiningCorp.'s 49% owned subsidiary, the Blanket Mine mine in Zimbabwe, producedabout 10,822 ounces of gold in the first quarter, representing an 8.7% year-over-yearincrease. The mine is targeting total production of about 50,000 ounces of goldthis year, unchanged from previous guidance.
* Connemara MiningCo. PLC's drilling on its gold licenses in Inishowen, County Donegal, returnedintercepts of 3.05 meters grading at 5.8 g/t of gold including a 0.65 meter intervalat 11.31 g/t of gold and 0.39 meter at 26.07 g/t of gold. The initial drill resultsconfirmed the presence of significant grades of gold in a multi-vein system withinthe Dalradian rocks of Inishowen.
* Silver StandardResources Inc.'s takeover target Claude Resources Inc. produced 20,672 ounces of gold duringthe first quarter of 2016. While gold production was consistent from 2015 first-quarter production of 21,067 ouncesof gold, sales were up 21% on a yearly basis to 21,008 ounces.
* Backed by South African mining entrepreneur Peter Skeat, twoNew York University graduates plan to revive the ransacked Blyvooruitzicht gold mine in South Africa's North-West,which they say contains an estimated 9 million ounces of gold, worth almost US$11billion at current prices, Bloomberg News reported. The mine was closed in 2013.The partners intend to rebuild the mine's processing plant and start mining a singletailings dump next year.
* Endomines ABproduced 1,881 ounces of gold in the first quarter of 2016, down from 4,221 ounces of gold produced a year earlier as itimplements selective mining plans.
* A Brazilian court approved an injunction by the state of MinasGerais requesting Samarco MineraçãoSA to adopt urgent measures to fully contain the seepage from its Germanotailings dam or pay a daily fine of 1 million Brazilian reais. Materials continueto seep through the dam despite works in the wake of the collapse of the Fundãotailings dam on Nov. 5, 2015, the state Public Prosecutor's Office said.
* Brazil's Minas Gerais state environmental agency Semad willnot authorize the Samarco Mineração's namesake Samarco iron ore mine — the site of a dam spill in November2015 that killed 19 people — unless the tailings leaks are stopped, Reuters reported,citing environmental protection officials.
* Samarco Mineração CEO Roberto Carvalho said that some lossof lives could have been prevented in the Mariana dams collapse on Nov. 5, 2015,had the company's current emergency plan been operative in 2015, daily Valor Econômico reported.
* Arrium Ltd.appointed Said Jahani, Paul Andrew Billingham, Michael Gerard McCann and MatthewJames Byrnes of Grant Thornton as administratorsof the group. The announcement followed the rejection of Arrium creditors of a US$927million recapitalization proposal from U.S.-based GSO Capital Partners LP.
* Despite NipponSteel & Sumitomo Metal Corp.'s reluctance to separate into two units, if this does happen, controlling shareholder Ternium SA is reportedly planning to bring steel sheets producedin Argentina to be processed at Usiminas' plant in Cubatão via the company's privateport in Baixada Santista, sources toldDCI Diário Comércio Indústria & Serviços.
* Base ResourcesLtd. completed the retail component of its accelerated renounceablepro rata entitlement offer issuing30,809,856 new fully paid ordinary shares to raise gross proceeds of about A$1.8million. The company raised total gross proceeds of about A$10.1 million via theentitlement offer.
* CAP SAChairman Roberto de Andraca said the current year will be the most difficult innearly two decades for the commodities industry, daily El Mercurio reported.
* According to Tim Buckley, a director at the Institute of EnergyEconomics and Financial Analysis, WollongongCoal Ltd.'s proposal to mine further into the Sydney drinking watercatchment seems to be "totally stranded" by the findings of the PlanningAssessment Commission, ABC reported.
* The U.S. International Trade Commission started a probe intothe trade of aluminum in the U.S. as well as globally, to investigate the impactof lower cost imports on local smelters, Reuters reported.
* Former MasseyEnergy Co. CEO Donald Blankenship has received the maximum, one-yearpenalty for his convictionon a misdemeanor charge of conspiring to violate mine safety laws. U.S. Secretaryof Labor Thomas Perez said the situation was a "clear case of the punishmentnot fitting the crime." He urged Congress to strengthen mine safety penalties.Blankenship was investigated following the explosion of the Upper Big Branch coalmine that killed 29 coal miners in West Virginia.
* Alcoa Inc.unit Alcoa World Alumina and Chemicals securedmultiple bauxite supply contracts valued at more than US$350 million over the nexttwo years covering customers in China, Europe and Brazil. The contracts more thandouble Alcoa's third-party bauxite sales in 2016.
* SunCoke EnergyInc. has off-loadedits coal mining business to RevelationEnergy LLC in a transaction that includes all of the company's remainingcoal mining assets, mineral leases, real estate and mining reclamation costs. Underthe terms, Revelation Energy will receive about US$10.3 million from SunCoke totake ownership of the assets and associated costs.
* Hindalco IndustriesLtd. unit Novelis Inc.is said to be in talks with banks to restructureabout US$5.3 billion of loans maturing in 2017. Initially, Novelis is looking torefinance up to US$3.5 billion of outstanding debt with an average term of aboutseven years.
* Tata Steel Ltd.received a nod from India's Forest Advisory Committee for the diversionof about 199 hectares of forest land to expand its iron ore mining project in Keonjhardistrict in the country's Odisha state, the Press Trust of India reported, citinga senior government official.
* IRC Ltd.said hot commissioning has finished at the crushing and screening facilities atits mainstay Kimkanskoye andSutarskoye project in the Russian Far East, allowing the group to 40%-content "pre-concentrate"ahead of the expected completion of the rest of the plant later this year. Accordingto IRC Chairman Jay Hambro, the product from the crushing plant will not be sold.Instead, the 40% iron content product would be stockpiled for processing into 65.8%iron concentrate once the main processing plant is operational, he confirmed toSNL Metals & Mining.
* The China Securities Journal reported that willcollaborate with POSCO in two steel joint ventures. The Chinesesteelmaker will invest 1.32 billion Chinese yuan in a cold-rolling steel projectwith a 90% stake, while POSCO will take up the remaining 10% stake for 147 millionyuan.
* Indonesian coal miner ABM Investama's Cipta Kridatama unitsecured an US$82 million contract from Indomining to work onthe latter's 683-hectare coal mine in the country's East Kalimantan region, forthe next five years, the Jakarta Globe reported, citing Cipta President DirectorIrfan Setiaputra.
* Firestone DiamondsPlc agreed to an extension until July 29 for the US$8 million sale of its Botswanaoperations to allow buyer Tango MiningLtd. to finalize a proposed US$30 million loan financing.
* Lincoln MineralsLtd. signed a memorandum of understanding with the district councilof Tumby Bay over the proposed developmentof the Kookaburra Gullygraphite project in South Australia's Eyre Peninsula.
* Walkabout ResourcesLtd. filed applications for three prospecting licenses in a known lithium-tantalumsetting in Tanzania. The move is a part of the company's strategy to into the fast-developingsupply chain for lithium-ion batteries and complement fast-tracked development ofthe Lindi Jumbographite project.
* Sotheby's expects to fetch between US$28 million and US$38 million from the saleof a 15.38-carat diamond in an auction to be held in Geneva on May 17, the FinancialTimes reported.
* ABC wrotethat two mining-related businessmen from Australia have been linked to companieswhich have mining deals with North Korea, uncovered by the Panama Papers leak. Thereis a ban on dealing with certain North Korean companies by the United Nations.
* The Canadian Space Agency is awarding a contract to DeltionInnovations Ltd. to work on a multipurpose device designed for future mining on the moon and Mars, The Canadian Press reported.
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