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Brazilian bank files A$2.2B class action lawsuit against BHP, Vale, Samarco

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Brazilian bank files A$2.2B class action lawsuit against BHP, Vale, Samarco

TOP NEWS

Brazilian bank files A$2.2B class action lawsuit against BHP, Vale, Samarco

Brazilian bank Banco Safra SA filed a class action lawsuit in New York on behalf of itself and other unnamed holders of A$2.2 billion in notes used to fund the Samarco project, alleging that BHP Billiton Group and Vale SA joint venture Samarco Mineração SA breached disclosure requirements, The Sydney Morning Herald reported.

MMG boosts Q4, FY'16 copper production with output from Las Bambas

MMG Ltd.'s output of copper contained in concentrate in the fourth quarter of 2016 jumped 1,537% year over year to 110,097 tonnes, with the Las Bambas mine in Peru contributing 105,491 tonnes. On an annualized basis, MMG's total copper production, including copper cathode and copper in concentrate, also jumped to 503,510 tonnes in 2016, exceeding the guidance range of 415,000 tonnes to 477,000 tonnes.

Polyus lifts Q4 gold output, beats FY'16 output guidance

Russian gold producer PJSC Polyus beat both its original and its increased production guidance with output climbing 12% year over year to 1.97 million ounces in full-year 2016, driven by higher production volumes at all hard rock deposits. In 2017, the company set a gold production target of between 2.075 million ounces and 2.125 million ounces.

DIVERSIFIED

* Rio Tinto Chairman Jan du Plessis defended the company's move to sack two senior executives over the Simandou bribery case, saying the decision followed a "thorough review of the findings of the comprehensive internal investigation, supported by external counsel," The Australian reported. The response came after Guinean President Alpha Conde claimed that CEO Jean-Sebastien Jacques authorized the terminations to settle scores and "get rid" of Energy & Minerals Chief Executive Alan Davies.

BASE METALS

* Rox Resources Ltd. entered a definitive agreement with Teck Resources Ltd. unit Teck Australia Pty Ltd., under which Teck will acquire Rox's 49% stake interest in the Reward zinc project in Australia's Northern Territory.

* Tech Resources has been in discussions with Anglo American Plc regarding the sharing of port infrastructure in Chile in an effort to cut costs. The two companies are planning to build ports just 5 kilometers apart to support Teck's Quebrada Blanca copper mine and Anglo's Collahuasi copper mine.

* Sandfire Resources NL will repay the remaining A$50 million of the A$380 million finance facility, which was used to fund the development of the DeGrussa copper project in Western Australia on Jan. 3, and will become debt free nearly 12 months earlier than expected.

* Chile anticipates boosting its copper output 4.3% year over year to 5.79 million tonnes in 2017 on the back of increased output at the BHP Billiton Group majority-owned, massive Escondida mine, Reuters reported.

* China produced 6.27 million tonnes of zinc in 2016, reflecting a year-over-year increase of 2%, while copper output rose 6% on a yearly basis to 8.44 million tonnes in the period, Metal Bulletin reported.

* Rokmaster Resources Corp. completed its acquisition of a 100% interest in the Duncan Lake zinc-lead property in the Slocan Mining district in southeast British Columbia.

* ZincOx Resources Plc decided to jointly develop a recycling plant to treat up to 100,000 tonnes per annum of waste dust in Vietnam with Korea Zinc Co. Ltd.

PRECIOUS METALS

* Shandong Gold Mining Co. Ltd. expects its net profit attributable to shareholders for 2016 to surge by between 100% and 150% from the 587.0 million Chinese yuan, or 41 fen per share, posted in 2015, on the back of higher sales prices and volumes of gold.

* The Russian government is reportedly trying to sell one of the world's largest untapped gold deposits at a discount to a joint venture between PJSC Polyus and state-run Rostec while implementing sanctions and restrictions to make the asset unattractive to foreign bidders.

* Pan American Silver Corp. subsidiary Minera Argenta SA decided to suspend its Navidad silver-lead-gold project in Argentina's Chubut province because a new regional mining legal framework was not approved by the local Lower House, which would have allowed open-pit mine development in the province, online news page OPI Santa Cruz reported.

* Zhongjin Gold Corp. Ltd. expects its net profit attributable to shareholders for 2016 to jump 323% from the 86.4 million Chinese yuan, or 3 fen per share, posted in 2015, on the back of a recovery in the price of gold, increased production and cost controls.

* The head of Chilean environmental regulator SMA, Cristián Franz, told daily Diario Financiero that the agency is working on the details for a new fine against Barrick Gold Corp.'s Pascua Lama gold project, which is expected to be announced by mid-2017. According to Franz, Pascua Lama is the most important case being handled by the SMA.

* Asa Resource Group Plc was served with a claim in the High Court of Zimbabwe by Zindico Consortium to indigenize its 85%-owned Freda Rebecca gold mine. The company believes there is no merit to the claim and said operations at the mine will continue as normal.

* Inca One Gold Corp. unit Chala One SAC completed the 90-day ramp-up at the Chala One mill site in Peru at the end of December 2016 and processed 2,885 tonnes of gold-bearing material during the month, the highest level of processing since the start of commercial operations in February 2015.

* Bitterroot Resources Ltd. secured an option to wholly acquire the North Hackberry claims in Arizona, which host the Silver King past-producing, high-grade silver mine, from Ely Gold & Minerals Inc.

* Tyranna Resources Ltd.'s Western Gawler Craton joint venture has defined an initial 219,000-ounce gold resource for the Jumbuck project in South Australia.

* Endeavour Mining Corp. achieved record gold production of 583,712 ounces in 2016, meeting its upgraded 2016 guidance range of 575,000 ounces to 610,000 ounces of gold and beating its 2015 output of 516,646 ounces by 13%. The company also set a record low for all-in sustaining costs for the year at about US$895 per ounce of gold, 3% lower year over year.

* Centamin Plc is not participating in the Egyptian Mineral Resources Authority's gold exploration tender due to commercial terms that resulted in one of the highest effective tax rates in the world, the company's chairman, Josef El-Raghy, told Bloomberg News in an emailed statement. Two Canadian firms, Thani Stratex Resources Ltd. and Aton Resources Inc., also said they will not participate in the tender process and will instead focus on existing operations.

* Bolivia's state miner, Comibol, plans to build a 200-kilogram-per-day gold processing plant in 2018 as part of the country's industrialization drive, Business News Americas reported, citing CEO Marcelo Quispe.

* Henan Yuguang Gold & Lead Co. Ltd. expects net profit attributable to shareholders to range between 150 million Chinese yuan and 200 million yuan in 2016, a jump of between 1,099% and 1,499% from the 12.5 million yuan net profit posted a year ago.

* MX Gold Corp. paid all remaining installments and earned a 50% ownership stake and 45% net profit participating interest in the Magistral Del Oro gold tailings project in Mexico.

* WPG Resources Ltd. trucked the first ore from its Tarcoola gold mine in South Australia to the Challenger project for treatment. The company was previously aiming to transport first ore from Tarcoola in mid-December 2016.

BULK COMMODITIES

* PAO Severstal subsidiary JSC Severstal-Metiz entered a definitive agreement with Austrian metal wire rope company Teufelberger Wirerope GmbH for the sale of the former's Redaelli Tecna SpA, which also manufactures steel wire ropes.

* Jupiter Mines Ltd. plans to buy back 6% of its own shares, at 40 U.S. cents apiece, totaling US$55 million.

* The Indian government decided to off-load a 10% stake in its 75.58%-owned manganese miner, MOIL Ltd., which is expected to fetch about 4.50 billion rupees, Press Trust of India reported.

* BlueScope Steel Ltd. raised its first-half earnings forecast for fiscal 2017, on the back of stronger steel prices, higher iron ore export prices and cost reductions. The company now expects its EBIT to reach about A$600 million, compared to A$510 million projected earlier.

* DaTong Coal Industry Co. Ltd. expected to swing to a net profit attributable to shareholders of about 180 million Chinese yuan in 2016 from the net loss of 1.80 billion yuan, or 1.08 yuan per share, recorded in 2015.

* For the year ended Dec. 31, 2016, Inner Mongolia Yitai Coal Co. Ltd. expects to post net profit attributable to shareholders of about 2.0 billion yuan, representing a 2,110% jump on a yearly basis.

* Kinetic Mines & Energy Ltd. expects to report a pretax profit of over 100 million yuan for 2016, swinging from a loss of 2.6 million yuan booked in 2015. The swing to profit was attributed to higher gross profit margin due to the increase in coal prices during the second half of 2016.

* Czech Industry Minister Jan Mladek said he would recommend that state miner Diamo acquire mining group OKD a.s., the insolvent operating unit of New World Resources Plc, for the symbolic price of 1 Czech koruna, Reuters reported.

SPECIALTY

* Taxes paid in 2017 under the agreement between Rockwood Holdings Inc. and Chilean development agency Corfo to increase lithium extraction in the Atacama salt flat would total less than US$50 million. However, the total paid by 2043 when the contract expires is expected to reach US$3 billion, daily Diario Financiero reported.

INDUSTRY NEWS

* Under an executive order of the newly inaugurated President Donald Trump, the U.S. has withdrawn from the 12-nation Trans-Pacific Partnership, Reuters reported.

* Meanwhile, Trump told business leaders he wants to cut federal regulations by 75% or more and repeated plans to slash taxes to encourage more manufacturing in the U.S.

* Mining contractor CIMIC made a hostile cash takeover offer of 14.5 Australian cents per share for Macmahon Holdings, valuing the latter at A$174 million, The Australian Financial Review reported. CIMIC already owns a 20.54% stake in Macmahon.

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.