Russia raised 52.2 billion Russian rubles, or US$813million, from the sale of its 10.9% stake in diamond miner , Reuters reported.According to Economy Minister Alexei Ulyukayev, foreign investors picked upabout 60% of the shares offered. Following the stake sale, the government isexpected to kick off a wider privatizations drive this year, according tosenior government officials.
AlcoaInc.'s second quarter net income totaled US$135 million or 9 centsper share, down froma year-ago net profit of US$140 million or 10 cents per share, with thecompany's revenue for the period sliding down 10% year over year to US$5.3billion. Alcoa expects to generate total cash proceeds of US$1.2 billion thisyear from sales of non-essential assets, of which US$815 million has beenreceived.
As the companies, administrators, and a debtor fight to havetheir cases heard first regarding Clive Palmer's nickel refinery, 's lawyers motionedin Queensland's Supreme Court that they would pursue the forced wind up ofQueensland NickelInc., The Australianreported. The Swiss mining giant is also seeking to ensure that the A$3.8million debt to the refinery is advanced to its administrators and not to othercompanies.
* IvanhoeMines Ltd. received the second installment of US$41.2 million owingfrom Zijin Mining Group Co.Ltd.'s subsidiary as part of a strategic co-development agreement,under which Zijin acquired 49.5% of Ivanhoe's majority stake in the copper project inthe Democratic Republic of Congo.
* Hecla MiningCo. furtherincreased its output guidance for the year as it postedyear-over-year improvements in gold, silver and lead production in the secondquarter. The company now estimates its 2016 output to total 15.75 millionounces of silver and 233,000 ounces of gold, or 44 million ounces of silverequivalent.
* Mexico-focused Endeavour Silver Corp. its 2016 production guidanceand said it now expects to produce 9 million to 9.8 million silver equivalentounces at a throughput of 2,900 tonnes to 4,800 tonnes per day. The movereflects the higher metal prices and renewed focus on growth.
* Sibanye Gold Ltd. has initiated a Section 189A consultation process withorganized labor and other stakeholders for possible job cuts at its gold operations inSouth Africa, as the company considers all options and alternatives to closingthe loss-making project.
* Gold output from Independence Group NL's jointly owned gold mine in WesternAustralia fell to448,485 ounces for the year ended June, down from the 496,413 produced in 2015.
* CaledoniaMining Corp. Plc produced about 12,509 ounces of gold in the secondquarter this year fromits 49%-owned BlanketMine in Zimbabwe. Quarterly production was up 20% year over year,and 16% compared to the first quarter. The company is aiming to produce about50,000 ounces of gold in the full year.
* PanoramicResources Ltd. is aiming to finalize the prospectus for the IPO of itsGum Creek goldassets in Western Australia on the Australian Securities Exchange in September.The company announcedthe planned IPO in May, deeming the transaction as the best way to unlock thevalue of the gold assets.
* GoldplatPlc's 74%-owned Goldplat Recovery (Pty.) Ltd. has the toll-treatment stipulatedunder its silver processing memorandum of understanding with and hasissued a demand letter to the refinery for about 13.5 million South Africanrand in unpaid invoices.
* A court in Slovakia dismissed the appeal against 's undergroundgold-silver mining license at the company's Sturec gold-silver deposit in Slovakia.
* According to TheAustralian Financial Review, Metals X Ltd. said it will considerselling its Rover gold project in the Northern Territory after itreceived several expressions of interest for the project. Thecompany has engagedPrime Corporate Finance to deal with the enquiries individually.
* GeopacificResources Ltd. has secured an option to earn up to a 75% interest in theWoodlark Islandgold project in Papua New Guinea from Kula Gold Ltd. by spending A$18.7 millionover 3.5 years.
* MedgoldResources Corp. entered into an option agreement with Lusorecursos, a private Portuguesecompany, to acquire up to a 100% interest in the Marrancos gold project innorthern Portugal.
* StoneResources Australia Ltd. executed a confidential withMHM Metals Ltd.pursuant to which MHM Metals have withdrawn all claims against Stone Resources.
* AluminumCorp. of China, or Chinalco, the parent of , orChalco, achievedan operating profit of 330 million Chinese yuan for the first half of the year,registering the best first-half performance in the past five years, accordingto the state-owned Assets Supervision and Administration Commission (SASAC).
* In a positive profit alert, to book a net profit ofbetween 350 million and 520 million Chinese yuan for the first half,attributable to the company's optimized product portfolio, cost-cuttingstrategy and reduction in excessive production capacity.
* Hebei Province, China's major steel production base, has launcheda campaign to cut excessive steel production capacity. The government hasarranged for the demolition of 35 production facilities across 35 steel-relatedcompanies. Among the steel mills affected, a total of six blast furnaces with3.12 million tons of iron production capacity and eight converters with 4.86million tons of capacity have been removed.
* Two sources told Reuters that will sell600,000 tonnes of potash to Indian Potash Ltd. at US$227 per tonne, the samedecade-low price the Indian firm was able to secure for its supply deal withJSC Belarusian Potash Co. According to the newswire, ICL's move could pressureother producers such as PJSCUralkali, and MosaicCo., AgriumInc. and Potash Corp.of Saskatchewan Inc.'s Canpotex Ltd. unit into considering offering similar prices.
* In a bid to protect local production, Mexico extendeda tariff on the imports of steel carbon pipes from the U.S. as well as enforceda separate tariff on ferromanganese, a steel deoxidizer, imported from SouthKorea, Reuters reported.
* Following the Brexit vote, U.K.'s non-ferrous metalproducers facepotential duties on exports to the European Union, if the country decides to goahead with its plan to exit the EU, MetalBulletin reported.
* S&P Global Ratings affirmed Norwegian aluminumproducer Norsk Hydro ASA'scredit rating at BBB/A-2 with a stable outlook, as the company continues tomaintain a "prudent financial policy and a very comfortable liquidityposition." The liquidity of Norsk Hydro has been revised to exceptionalfrom strong.
* The Singapore branch of BNP Paribas has and for theappointment of joint official liquidators to the miner. The bank's applicationto the Grand Court of the Cayman Islands follows the miner's recentannouncement that it has gained the support of noteholders for its proposedrestructure of US$600.0 million worth of debt.
* Responding to Australian Industry Minister Christopher Pyne'sstatement that the Steelworks at Whyalla in South Australia are back on trackand not in danger of shutting down, South Australian Prime Minister JayWeatherill labelled the comments as "premature" and urged Pyne toreturn to discussions to secure the future of 's operations, The Australian reported.
* Sources confirmed that liquidator Korda Mentha is lookingto finalize the 2015 agreement for the sale of 's iron ore project inthe Northern Territory to a buyer which is believed to be Al Rawda Resources Australia,The Sydney Morning Herald wrote.
* Metro MiningLtd. secured funding of A$8.9 million from GreenstoneResources II LP by giving the latter a 19.98% interest in the company. Thecompany will use the funds to advance its flagship bauxite projectin Queensland, Australia.
* India has asked the regulators to halt approvals formaintenance and repair of the plants which are older than 25 years as thecountry seeks to modernize its thermal coal plants, Bloomberg News reported,citing the coal and power minister, Piyush Goyal.
* Wuhan Iron & Steel Co. Ltd. said production at thecity of Wuhan, Hubei province, was not affected by the floods along China's YangtzeRiver, noting that its production facilities are "under control and remainstable." The statement was made in response to media reports stating thatthe company suspended production lines due to heavy rains.
* TawanaResources NL has acquired Mount Belches Pty. Ltd., which owns fivelithium prospective tenements in two project areas, Cowan and Yallari, inWestern Australia.
* ArdidenLtd. has exercised its option to purchase 100% of Landore Resources Ltd.'sRoot Lakelithium property in northwestern Ontario.
* In a recently released note, Citigroup Inc. said it isbullish on the outlook for commodities in 2017 citing the fading Brexit impactand growing global raw material demand, bolstered by U.S. and China, BloombergNews reported.
* Samsung C&T is cutting down its mining business afterit lost A$1 billion in its first mining project, Gina Rinehart's Roy Hill ironore project in Australia, the FinancialTimes reported.The South Korean company is also involved in lawsuits with contractors seekingpayment for unpaid work.
S&P Global Ratings and SNL Metals & Mining are owned byS&P Global Inc.
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