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In This List

Thyssenkrupp board said to favor unit sale; BHP eyes return to trading

COVID19 Mining Impacts Mining Projects With At Risk Production

Mining Insights Newsletter June 2020

A Decade of Underperformance for Gold Discoveries

State of the Market: Mining Q1-2020


Thyssenkrupp board said to favor unit sale; BHP eyes return to trading

TOP NEWS

Report: Thyssenkrupp board leans toward elevator sale

Most members on thyssenkrupp AG's management board are favoring a sale of the company's elevators business instead of a planned IPO of a partial stake, which would not generate enough funds for the struggling German conglomerate, Reuters reported, citing two people familiar with the matter.

Report: BHP plans return to commodities trading

BHP Group chose Yuna Chang, formerly with base metals trading house Concord Resources, to help manage a base metals book in Singapore as the mining giant is planning to return to commodities trading to enhance earnings and manage transaction risk, Reuters reported, citing two people with knowledge of the matter. The company plans to gradually add trading capacity across its copper, energy and iron ore divisions and will not be launching a proprietary trading desk, according to the sources. BHP abandoned trading in 2006 as the company focused on cutting operational risk amid a credit-related loss in freight and losses in thermal coal, Reuters added.

Centamin 'disappointed' with Endeavour's demands in merger talks

London- and Toronto-listed Centamin PLC said prospective buyer Endeavour Mining Corp. will not share information vital to determining its value unless Centamin agrees to extend the Dec. 31 deadline for lodging a firm offer. Centamin's statement came despite a recent agreement by the two companies to undertake reciprocal due diligence over a possible merger.

BASE METALS

* Cassini Resources Ltd. wholly owned subsidiary Wirraway Metals and Mining Pty. Ltd. will acquire the exclusive rights to all of Traka Resources Ltd.'s Musgrave tenements in Western Australia. Traka agreed to transfer all of its rights in the tenements to the West Musgrave nickel-copper project, Cassini's joint venture with OZ Minerals Ltd., for A$250,000. Traka will maintain a 2% net smelter royalty over the tenements.

* The government of North Macedonia decided to unilaterally terminate the concession agreement for Ilovica 6 with Euromax Resources Ltd. The explorer said the decision does not affect the Ilovica 11 concession.

* Zenith Energy Ltd. began supplying power to Independence Group NL's Nova nickel-copper-cobalt mine in Western Australia's Fraser Range via a hybrid solar-diesel plant.

* Raiden Resources Ltd. signed an earn-in and option-to-purchase agreement for the Iglika copper-gold deposits in southeastern Bulgaria.

PRECIOUS METALS

* Despite having spent more than US$2 billion on exploration since the founding of the modern Gold Fields Ltd. in 1998 and the discovery of two multimillion-ounce deposits, Johannesburg-based Gold Fields has to-date not taken a project from discovery to production, demonstrating how difficult greenfields exploration success can be, according to S&P Global Market Intelligence's Metals and Mining Research team.

* Osisko Metals Inc. said it closed the acquisition of Karst Investments LLC, owner of a 3% net smelter royalty on the Pine Point zinc project in Canada's Northwest Territories, for US$8.5 million in cash and 2 million shares. Osisko Metals recently signed a binding term sheet to sell a 1.5% NSR on Pine Point to Osisko Gold Royalties Ltd.

* Cia. de Minas Buenaventura SAA CEO Victor Gobitz said the construction restart of the Conga gold project in Peru's Cajamarca region — owned by Buenaventura and Newmont Goldcorp Corp. joint venture Minera Yanacocha SRL — is not planned at the moment but continues to be part of Yanacocha's portfolio, Energiminas reported.

* A pre-feasibility study for Argonaut Gold Inc.'s Cerro del Gallo gold project in Mexico generated a posttax net present value of US$175 million, at a 5% discount, with a 20% internal rate of return and a 4.5-year payback period.

* Harmony Gold Mining Co. Ltd. said a worker died from injuries sustained in an accident related to rail-bound equipment at its Kusasalethu gold mine in South Africa. An investigation is underway.

* Barrick Gold Corp. expects its Pueblo Viejo power plant in the Dominican Republic to receive its first natural gas in the first quarter of 2020. The miner forecast that this will result in lower greenhouse gas emissions and reduced costs.

* Capricorn Metals Ltd. executed A$100 million in debt and guarantee facilities with Macquarie Bank Ltd., which will be used to develop the Karlawinda gold project in Western Australia. Meanwhile, the plant design for the operation is progressing based on a change to the three-stage crushing and single ball mill design, which will result in increased throughput of up to 4.0 million tonnes per annum from the previous forecast of 3.0 mtpa.

* Shandong Gold Mining Co. Ltd. plans to launch a debt-for-equity swap program to replace debt worth 1.5 billion Chinese yuan to reduce its corporate leverage.

* Great Northern Minerals Ltd. received two new exploration permits for its Golden Ant projects, which include the Big Rush, Golden Cup and Camel Creek gold mines, in northern Queensland, Australia.

* Australian precious metals explorer Austral Gold Ltd. snapped up an initial 22.48% stake in the historical Rawhide gold-silver mine in Nevada from privately held Rawhide Acquisition Holding LLC for about US$4.0 million.

* Resolute Mining Ltd. reached a binding deal with Aggreko PLC for developing and building a hybrid modular power station at the Syama gold mine in Mali.

BULK COMMODITIES

* Vale SA is looking to increase the size of its Fazendão iron ore project in Brazil's Minas Gerais state by expanding the area around the São Luiz mine and joining the Almas and Tamandua mines. The miner plans to begin the licensing process in January 2020, Notícias de Mineração reported.

* Russian steelmaker PAO Severstal's venture capital arm, Severstal Ventures, made a minority investment in Seattle, Wash.-based Modumetal Inc., which is commercializing nano-laminated alloys that are said to be stronger and lighter than conventional steels and alloys.

* PAO TMK received U.S. Department of Justice approval for its US$1.2 billion sale of Texas-based IPSCO Tubulars Inc. to Luxembourg's Tenaris SA.

* State-owned China Shenhua Energy Co. Ltd.'s commercial coal production in November declined 10.9% yearly to 22.9 million tonnes, while sales dropped 2.3% to 37.8 Mt. Year-to-date production slipped 4.7% to 258.5 Mt, and sales fell 3.3% to 403.2 Mt. The company attributed the fall in production to lower output from its Shengli No.1 and Heidaigou open pit mines and the Bu'ertai and Wanli No. 1 mines.

* Ncondezi Energy Ltd. received a letter of interest from the Industrial and Commercial Bank of China to provide debt financing for its namesake Ncondezi coal mine to a power project in Mozambique. The company is targeting a minimum debt financing of 70% of the project's capital cost.

* Fourteen people were killed in an explosion at the Guanglong coal mine in Guizhou province in China, BBC reported. At least 37 fatalities have been reported in five mining accidents in China since October.

* Schnitzer Steel Industries Inc. aims to reduce absolute greenhouse gas emissions from its auto and metals recycling operations by 25% and maintain at least 90% carbon-free electricity use by the end of its fiscal 2025.

* Korea Electric Power Corp. approached the New South Wales Land and Environment Court in Australia in an attempt to secure development approval for its Bylong coal mine, which was blocked by the New South Wales Independent Planning Commission in September, Mining Weekly reported, citing The Newcastle Herald.

* Salt Lake Potash Ltd. signed an off-take deal with HELM AG for the supply of 50,000 tonnes per annum of sulfate of potash from the company's Lake Way project in Western Australia for 10 years.

* The management of Bosnia-based Aluminij d.d. Mostar stepped down amid struggles to find a strategic partner for the troubled aluminum smelter, Reuters reported.

* Tunisian Mining Services has yet to comply with the orders of the Court of Cassation to return Celamin Holdings Ltd.'s interest in the Chaketma phosphate project and to pay damages and costs in excess of US$4 million.

SPECIALTY

* Anglo American PLC unit De Beers SA's provisional sales in the 10th and final cycle of 2019 totaled US$425 million, a decline from year-ago actual sales of US$544 million.

* U.K.-based Gemfields Group Ltd. reported US$71.5 million in sales at an average of US$77.12 per carat from its latest auction of rough rubies in Singapore.

* Ioneer Ltd. signed its first binding off-take agreement with Dalian Jinma Boron Technology Group Co. Ltd. for the supply of 105,000 tonnes per annum of boric acid from the Rhyolite Ridge lithium-boron project in Nevada.

* Renascor Resources Ltd. entered into a nonbinding memorandum of understanding with Sicona Battery Technologies for the joint development of next-generation battery anode material.

* Bass Metals Ltd. will start work for detailed feasibility studies for the Graphmada operation as it tries to achieve large project status under the country's laws. The company will pause mining and processing activities at Graphmada due to the upcoming monsoon season, while drying, screening and packaging operations will continue.

* Eclipse Metals Ltd. successfully concluded Aboriginal land-rights agreement negotiations, paving the way for exploration and subsequent mining activity at the Devil's Elbow prospect, part of the Liverpool uranium project in Australia's Northern Territory.

INDUSTRY NEWS

* State-owned Zimbabwe Mining Development Corp. may lose assets worth US$65.9 million after a failed appeal of a 2014 arbitration ruling related to its cancellation of nickel and platinum ventures formed with British Virgin Islands-based Amari Holdings Ltd. in 2007 and 2008, Bloomberg News wrote. Amari will look to seize fixed assets owned by Zimbabwe and the state miner and may also target diamond and tobacco shipments, a lawyer acting for Amari was quoted as saying.

* The U.S. seeks to tighten enforcement of sanctions on Iran after driving its oil exports down, with a plan to ratchet up pressure on global shippers, Chinese state-owned enterprises and exporters of raw materials used for producing metals, Bloomberg News reported, citing two unidentified U.S. officials.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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