The government of President Michel Temer in Brazil reportedly decided not to reappoint Vale SA CEO Murilo Ferreira in May 2017, when his current term in office expires, according to O Globo business columnist Lauro Jardim.
Rio Tinto cutting debt by US$1.5B via cash tender offer
Rio Tintorepurchased and canceled about US$1.5 billion of its 2019, 2020, 2021 and 2022 notes under the cash tender offer announced in late September. The global mining giant's offer to redeem about US$1.5 billion of its 2017 and 2018 U.S.-dollar-denominated notes will remain open until Oct. 26.
International Finance Corp. to exit Rio Tinto's Simandou iron ore project
The World Bank's International Finance Corp. is exiting Rio Tinto's Simandou iron ore project in Guinea after a decade of being a partner, Bloomberg News wrote.
* With the Paris climate accord scheduled to come into force on Nov. 4, mining major BHP Billiton still expects its copper, oil and gas, iron ore and coal businesses to have strong future margins, saying that fossil fuels will "continue to be a significant part of the energy mix for decades," Reuters reported.
* The BHP Billiton and Glencore Plc majority-owned Antamina mine in Peru is likely to double zinc output to between 340,000 tonnes and 360,000 tonnes in 2017, Reuters reported. Annual copper output is expected to increase to 430,000 tonnes in 2016 and 2017, slightly above the 2015 total of 412,000 tonnes.
* Compañía Minera Milpo SAAand Quinn International Groupare among the investors interested in bidding for Doe Run Peru SRL's La Oroya polymetallic smelter and the Cobriza copper mine in Peru, sources told El Comercio. So far, eight potential investors would be participating in the auction that is planned for the first quarter of 2017, including business conglomerate Eetac Syndicate — composed of Chinese firms Greenovo and China Nonferrous Metals Co. Ltd.as well as ZincOx Resources Plc.
* PT Timah (Persero) Tbk recorded lower monthly exploration activity amounting to 88 billion Indonesian rupiah during the January-September period, compared to 109 billion rupiah in the same period in 2015, Bisnis Indonesia reported.
* The environmental permit of Austral-Asia Link Mining Corp.'s nickel mine in the Philippines will be canceled just months after it started operations, Reuters reported, citing the environment and natural resources secretary Regina Lopez. The suspension was not prompted by the country's mining audit but because the mine sits between a UNESCO World Heritage Site and a marine protected area.
* PJSC MMC Norilsk Nickelvowed to defend its interests in the sale of its 50% stake in the Nkomati nickel joint venture in South Africa to Botswana-based BCL Ltd. This comes after the government of Botswana applied to the high court to place its copper and nickel producer BCL Mine Ltd. under provisional liquidation due to nonprofitability.
* The Association of Mining and Exploration Companies warned the gold mining industry that the issue of possible royalty hikes is still very much alive.
* Compañía de Minas Buenaventura SAA's gold output in the third quarter totaled 277,556 ounces, down from 366,881 ounces in the year-ago corresponding period. Silver production amounted to about 5.75 million ounces, slightly up from 5.63 million ounces reported in the same quarter of 2015.
* Despite Indonesia's revision of its mining laws, Lion Selection Group Ltd. is investing in One Asia Resources Ltd.'s 2.8 million-ounce Awak Masgold project.
*SolGold Plcrejected a proposal by BHP Billiton Group, which offered US$30 million for a 10% stake in the company and a director position at its boards. BHP also suggested an earn-in arrangement over the Cascabel copper project in Ecuador.
* Construction has started at Hummingbird Resources Plc's Yanfolilagold project in Mali, with first gold pour expected by the end of 2017, targeting an output of 132,000 ounces in the first year.
* The Australian Securities & Investments Commission ordered the sale of22,901,234 Sovereign Gold Co. Ltd. shares, or 1.62% of the company's issued capital, after finding thatmajor shareholder GTT Ventures Pty. Ltd. contravened the takeovers threshold in relation to Sovereign Gold, and that former substantial shareholder Hudson Resources Ltd. collaborated with GTT.
* Tharisa Plcexceededits fiscal 2016 output guidance for platinum group metals, producing about 132,600 ounces, a 12.4% year-over-year increase. Chrome production totaled approximately 1.2 million tonnes, up 10.8% despite marginally lower feed grades.
* Metals X Ltd. CEO Peter Cook believes the separation of the ASX-listed miner's gold assets into a new company will likely set it up for a rerating rather than make it a takeover target.
* The Malian government demanded that Randgold Resources Ltd. pay 50% of the US$80 million it says the miner owes the government before starting talks about the repayment schedule for the remaining amount, Reuters reported.
* Kinross Gold Corp. is set to start mining two small but high-grade silver and gold deposits in Russia by 2018. The Toronto-listed company will begin mining Moroshka, located 4 kilometers east of the Kupol site, by late 2017, and at September Northeast, located 15 kilometers northwest of Dvoinoye, by 2018.
* King River Copper Ltd. signed a heads of agreement with Spectrum Rare Earths Ltd., allowing the latter to earn a 51% stake in the Mount Remarkable gold prospect in Western Australia.
* Following the surge in coking coal prices after supply cuts in China, Jindal Steel & Power Ltd.restartedits mines in Mozambique on Oct. 1, Mint reported.
* While India's domestic steel industry may be protected from a price decline due to increasing local demand, the sharp jump in exports makes Indian steel producers "vulnerable" to global price fluctuations, Mint wrote.
* Noble Group Ltd. agreed to sell its Noble Americas Energy Solutions LLCunit to Calpine Corp. for US$800 million plus an estimated US$100 million of net working capital, according to separate statements. The sale also includes the repayment of working capital, estimated at an additional US$248 million.
* Prairie Mining Ltd.acquired the Debienskocoking coal project in southern Poland through the purchase of 100% of the shares in New World Resources Plclocal subsidiary, NWR Karbonia SA,for an upfront cash consideration of €500,000 and deferred cash consideration of €1.5 million.
* Savannah Resources Plcentered into a new consortium agreement with Rio Tinto covering the Jangamo,Chilubane and Mutambaprojects in Mozambique that will allow operations at the project to start immediately.
* Russian Mining and Metallurgical Co. has bought the property of the bankrupt Revyakino steel plant in Russia's Tula region, Kommersant reported.
* JSW Steel Ltd. is engaged in "exploratory work" on acquiring an interest in troubled Italian steelmaker Ilva International SpA, Metal Bulletin reported, citing JSW's joint Managing Director Seshagiri Rao.
* Following a rally in the spot market, a recent deal points to the fourth quartermetallurgical coal benchmark likely doubling versus both the prior quarter and the year-ago period to settle above market expectations, reversing a down cycle that lasted more than five years.
* Chinese state-owned Dongbei Special Steel Group Co. Ltd. has been formally placed into a bankruptcy restructuring process following a court filing by one of its creditors, Alashan Jinzhen Smelting Co. Ltd., Reuters reported, citing Xinhua News Agency.
* According to The Australian Financial Review's Street Talk, Arrium Ltd.'s Moly-Cop expected a fiscal 2017 EBITDA of US$146.2 million, in line with the US$145.8 million posted for the year ended June 30.
* Sichuan Tianqi Lithium Industries Inc. is interested in the sale of Sociedad de Inversiones Pampa Calichera SA because it would help the Chinese firm expand in the international lithium business, Andrew Low, manager of international corporate finance and capital market at Citic CLSA, a financial adviser to Tianqi, told La Tercera. Tianqi already bought a 2% stake in Sociedad Quimica y Minera de Chile SA and is vying for a 23% controlling stake, held by Pampa Calichera, of the Chilean fertilizer company.
* TNG Ltd. produced its first high-purity vanadium electrolyte using vanadium pentoxide from its flagship Mount Peake vanadium-titanium-iron project in Australia's Northern Territory.
* India's Mines Ministry is assessing funding options to support exploration activities of government-owned and -operated mining firms in a bid to increase the sector's contribution to the country's gross domestic product to 2% from 1%, according to Mining Weekly.
The Daily Dose is updated as of 7 a.m. London time, and scans news sources published in Chinese, English, Indonesian, Malay, Portuguese, Russian, Spanish, Thai and Ukrainian. Some external links may require a subscription.