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TOP NEWS
Newmont Goldcorp starts sale process for Red Lake mine in Canada
Newmont Goldcorp Corp. confirmed that it is selling the Red Lake gold mine in Canada as part of a continuing effort to streamline its portfolio following a merger. The sale process is now underway, with President and incoming CEO Tom Palmer to provide more details in a company presentation on Sept. 17 at the 30th annual Denver Gold Forum.
Honbridge unit to build US$2.2B iron ore complex in Brazil
Honbridge Holdings Ltd. unit Sul Americana de Metais S/A signed a protocol of intent with Brazil's Minas Gerais state to build the Block 8 iron ore complex worth 9.1 billion Brazilian reais, or about US$2.2 billion, Reuters reported, citing newspaper O Estado de Sao Paulo. The deal includes an 845-million-square-meter tailings dam, which would be about 70 times larger than the one that burst at Vale SA's Feijao iron ore mine in January, the report said. Block 8 is expected to produce 30 million tons of pellet feed per year, according to Sul Americana's website.
Kinross Gold to proceed with Tasiast mine expansion
Kinross Gold Corp. is proceeding with the Tasiast 24k project, which according to a feasibility study, can increase the Tasiast gold mine's throughput to 24,000 tonnes per day for an initial capex estimate of US$150 million, with a net present value of US$1.7 billion and an internal rate of return of 60%, from 2022 to 2028. The Mauritanian project's average annual production after the expansion will be 563,000 ounces, with all-in sustaining cost of US$560 per ounce. Its life of mine will be extended by four years to 2033.
BASE METALS
* Philex Mining Corp.'s Silangan copper project in the Philippines' Surigao del Norte province will proceed as planned as the Mines and Geosciences Bureau approved the operation's revised declaration of mining project feasibility, the agency's chief, Wilfredo Moncano, said on the sidelines of the Mining Philippines 2019 conference in Manila. Moncano also said that Indonesia's impending restrictions on nickel ore exports at the end of 2019 are seen as a boon to the Philippines, but he fears that a preference for higher grade ore could dampen the sector's potential.
* Mongolian lawmakers will debate Sept. 18 the recommendations from an earlier parliamentary committee review of the government's legal agreements with Rio Tinto over the Oyu Tolgoi copper mine, The Australian Financial Review wrote.
* Afritin Mining Ltd.'s maiden measured, indicated and inferred resource estimate for the Uis tin mine in Namibia stands at 95,539 tonnes of tin contained in 71.54 million tonnes grading 0.134% tin.
* Indonesia's Energy and Mineral Resources Ministry increased Freeport-McMoRan Inc.'s copper concentrate export quota to 700,000 wet tonnes from 198,282 wet tonnes previously, The Jakarta Post reported, citing the ministry's minerals director, Yunus Saefulhak. Saefulhak said this comes as a result of successful optimization programs at the Grasberg copper-gold mine in the country's Papua province.
* Malaysia Smelting Corp. Bhd. CEO Patrick Yong does not expect the company's tin production to slide despite output cuts flagged by rivals Yunnan Tin Co. Ltd. and PT Timah Tbk. due to falling prices, Reuters reported. Malaysia Smelting's ore production will even increase slightly this year thanks to new mines, Yong said.
PRECIOUS METALS
* Newmont Goldcorp temporarily suspended operations at its Peñasquito gold mine in Mexico after an illegal blockade resumed following the suspension of government-sponsored talks to resolve issues with a trucking contractor and local villagers. The same protesters blockaded the mine in March but decided to end it in June after the government offered to mediate an agreement.
* The High Court of Justice in England and Wales made an order sanctioning the scheme of arrangement for the consolidation of Barrick Gold Corp.'s interest in Acacia Mining PLC. The companies said the deal is expected to become effective Sept. 17, with Acacia Mining shares to be suspended from the London Stock Exchange.
* Northern Star Resources Ltd. will invest US$30 million to increase capacity of the processing plant at the Pogo underground gold mine in Alaska to 1.3 million tonnes, from 1 Mt. Expansion work will start this year and is expected to be completed in early 2021.
* Titan Minerals Ltd. intends to make a formal offer to acquire all shares in Core Gold Inc. that it does not own for 2.5 Titan shares each, valued at 42.2 Canadian cents. Meanwhile, the company disposed its Tulin gold plant in Peru through the sale of its Tulin Gold SAC unit for a nominal consideration of US$1.
* Jadar Lithium Ltd. agreed to acquire the Yanamina gold project in Peru from Wealth Minerals Ltd. for US$100,000 in cash, a 1.0% net smelter royalty and US$8 million in production-linked milestone payments, as well as additional NSRs of 3.0%.
* OreCorp Ltd.'s OreCorp Tanzania Ltd. unit obtained Tanzanian regulatory approvals to complete its acquisition of the Nyanzaga gold project from Acacia.
BULK COMMODITIES
* New Zealand-based Bathurst Resources Ltd. may possibly be the only miner that imports coal to Australia, the world's biggest exporter of coking coal, The Australian Financial Review reported. Bathurst is shipping coal to GFG Alliance Ltd.'s Whyalla steelworks in South Australia, which wanted a cheaper way to source raw materials after emerging from administration in 2017, the report said.
* Local villagers protested against Polska Grupa Górnicza sp. z o.o.'s Imielin North coal project in Poland after complaining about shaky ground and home damages since the company started mining in the area, Xinhua News Agency reported.
* American Pacific Borate & Lithium Ltd. has achieved several milestones at its flagship Fort Cady borate project in California, including the completion of basic engineering and the receipt of all air quality permits. Start of construction is targeted by year-end.
* In mounting potash production cuts, major fertilizer producers may be hoping to support falling spot prices exacerbated by a Chinese import ban as they look to secure the best possible long-term contracts with key buyers in India and China, analysts said in an exclusive S&P Global Market Intelligence report.
* The Moscow Exchange said that trading for the shares of PJSC Uralkali will be halted, on the request by 96.73% shareholder Rinsoco Trading to repurchase shares of the company at 120 rubles per share, Vedomosti reported.
* Aspire Mining Ltd. received a conditional letter of intent from major shareholder Tserenpuntsag Tserendamba to support the explorer's early development plan for the Ovoot coking coal project in Mongolia through a corporate guarantee for up to A$100 million in support of future project financing, as well as pro rata equity contributions to maintain a 51% shareholding in Aspire.
* Anglo Pacific Group PLC raised its stake in Labrador Iron Ore Royalty Corp. to 5.88% after an additional investment of about US$7.1 million.
* PAO TMK's sale of its scrap metal business to Translom LLC hit a snag after TMK's former scrap metal suppliers filed a lawsuit with the Moscow Arbitration Court seeking to stop the transaction, Kommersant reported.
* Vysarn Ltd. unit Pentium Hydro Pty. Ltd. will provide hydrogeological borefield and construction services to Fortescue Metals Group Ltd. for its Chichester Hub iron ore project in Western Australia.
SPECIALTY
* The Minerals Council of Australia called for the lifting of a ban on nuclear power and advocates for the use of small modular reactors, a cheaper and more eco-friendly alternative to coal-fired power stations, The Australian Financial Review and The Sydney Morning Herald wrote, citing a submission by Minerals Council CEO Tania Constable to a federal inquiry.
* Lepidico Ltd. secured patent protection for its L-Max processing technology, a key part of the company's feasibility-stage Phase 1 lithium plant project in Ontario.
INDUSTRY NEWS
* London Stock Exchange Group PLC has issued a stinging rejection of Hong Kong Exchanges & Clearing Ltd.'s takeover proposal and attacked the group's relationship with the Hong Kong government and its future as a strategic gateway.
* Germany's climate protection package that Chancellor Angela Merkel’s conservatives and their Social Democrat coalition partners plan to reveal next week will cost at least €40 billion until 2023, Reuters reported, citing a person briefed on the talks. The package will include some sort of carbon emissions pricing to fund programs aimed at cutting emissions, the report said.
* South Africa’s Deputy Minister of Mineral Resources and Energy, Bavelile Hlongwa, was killed in a car accident, Reuters reported, citing President Cyril Ramaphosa. Hlongwa was 38.
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