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Tongling flags 92% profit drop; black lung cases to rise; China to close 205 coal mines


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Tongling flags 92% profit drop; black lung cases to rise; China to close 205 coal mines


TonglingNonferrous Metals Group Co. Ltd.'s net profit attributable toshareholders is expected to drop between 77.26% and 92.42% for the first half, fromthe 263.9 million Chinese yuan, or 2.8 fen per share, recorded a year ago. Netprofit is expected to range between 20 million yuan and 60 million yuan, orbetween 0.2 fen per share and 0.6 fen per share.

New'likely' black lung cases emerge in Australia

A new report into the black lung disease has blamed systemicfailures for the re-emergence of the disease in Australia. The MonashUniversity report also found a further 18 likely cases of black lung, The Australian Financial Review reported.

China'sJiangxi province to close 205 coal mines this year

China's Jiangxi province plans to close 205 coal mines witha combined annual capacity of 12.8 million tonnes this year, which forms partof the local government's five-year plan to close 283 coal mines of 18.7million tonnes annual capacity, Chinese newspaper Nanchang Daily reported.


* Moody's said that the U.S. speculative-grade will reach 10.2%for metals and mining companies in the coming year.

* Following the "inevitable" dividend talk byCredit Suisse analysts and a positive near-term outlook from Citi Group,BHP BillitonGroup spin-off South32Ltd.'s value climbed A$500 million in a day, TheAustralian reported.


* VotorantimMetais SA unit Compañía Minera Milpo SAA's CEO Victor Gobitz told dailyEl Comercio that Peru's Cajamarcaregion could produceup to 1 million tonnes of copper annually if four planned mining projects comeinto effect during the government of President-elect Pedro Pablo Kuczynski. Theprojects are RioTinto's LaGranja project, Newmont Mining Corp.'s Conga mine, China Minmetals Corp.'s Galeno project and Milpo's Michiquillay mine.

* The copper circuit of Doe Run Peru SRL began operating at 65% capacity, unionleader Luis Castillo told Reuters, daily Gestiónreported.

* The governor of Mexico's Sonora state, Claudia Pavlovich,requested the federal environment ministry Semarnat to demand compliance fromGrupo México SAB deCV regarding its obligations to residents affected by the August2014 toxic spill at its Buenavista del Cobre copper mine, daily La Jornada reported.

* AngloAmerican Plc is losing 130 tonnes of copper daily from itsChile-based ElSoldado copper mine due to the ongoing work stoppage by theworkers, Metal Bulletin reported.

* Based on assumptions of temporary mine closures in thePhilippines and the lack of mine supply growth, Goldman Sachs has forecast asignificant rise in nickel and zinc prices. Nickel prices are anticipated torise to US$11,000 per tonne in the next three months, and US$12,000 per tonneover the next six months, before dropping back down to US$10,000 per tonne in12 months, Metal Bulletin reported.


* AngloAmerican Platinum Ltd. flagged ayear-over-year fall of up to 74% in its basic earnings in the sixmonths through June 30 to between 645 million South African rand, or 2.45 randper share, and 1.13 billion rand, or 4.30 rand per share, due to a lowerinventory gain and a decrease in metals prices.

* Zimbabwean President Robert Mugabe has filed an applicationfor the confirmation of the government's compulsory acquisition of 28,000 hectares of idle miningland currently held by ZimplatsHoldings Ltd. after the company objected to the land's seizure, The Herald of Zimbabwe wrote.

* Barrick GoldCorp.'s suspended Pascua Lama gold project, on the frontier betweenArgentina and Chile in the Andes mountains, has experienced at least 12 snowavalanches since May. The company said that it is taking the necessary actionto protect the safety of its workers doing maintenance work on site, daily El Mercurio reported.

* ParaResources Inc. intends to acquiremining titles as well as mining applications, knows as the North OTU goldproperty, in Colombia, from OtuGold Ltd. for US$1.0 million.

* KEFIMinerals Plc has restructuredits board, effective August this year, as part of its transition toward goldproduction. The board will comprise two executive directors and threenonexecutive directors.

* FortunaSilver Mines Inc.'s silver production year over year in the secondquarter to 1.6 million ounces of silver. Gold production for the periodincreased 4% on a yearly basis to 9,365 ounces. Silver and gold production forthe six-month period to June totaled 3.2 million ounces and 18,629 ounces,respectively, surpassing the company's mid-year projection by 7% and 10%.

* FirstMajestic Silver Corp.'s second-quarter output  to 4.7 millionsilver equivalent ounces from 3.8 million silver equivalent ounces in the sameperiod of 2015.

* KlondexMines Ltd. achieved record quarterly production of 41,436 goldequivalent ounces from its Nevada-based Fire Creek and  mines in the secondquarter on the back of an increase in tonnes mined and milled.

* Due to sharp decline in production at the  gold mine,Kyrgyzstan's gross domestic product fell 2.3% year over year for the six-monthperiod ended June 30, Reuters reported, as the Kumtor mine accounts for most of thecountry's industrial output.

* According to Reuters, Tanaka Holdings will acquire privately held precious metals refinerMetalor Technologies International SA to boost its business and expand intoprecious metals recovery and refining in Europe, North America and Asia.


* Vedomosti reportedthat PJSC Uralkalimay pay about US$500 million in dividends in 2017, citing Fitch Ratings. Fitchalso speculated that Uralkali's new shareholder, Belarusian businessman DmitryLobyak, will repay the loan for the purchase of 20% of the company from thosedividends.

* Anti-mining group Lock the Gate Alliance representativeRick Humphries pressed the Queensland government toblock RioTinto's sale of its mothballed  coal mineto TerraComLtd. for A$1, saying that it will leave taxpayers exposed totens of millions of dollars in environmental rehabilitation costs, ABC reported.

* EdenvilleEnergy Plc has startedwork for the environmental and social impact assessment at its coal-to-power project inTanzania. The application process is expected to be completed in the first halfof 2017.

* AfricanPotash Ltd. has enteredinto a cooperation and exclusivity agreement with Nutri-Aid Trust to sell ureaand other fertilizer products to more than 2,500 agro-outlets managed byNutri-Aid.

* Financial advisory and asset management firm, LazardAustralia, is running a strategic review and is assessing market appetitefor Peabody EnergyCorp.'s Australian coal assets. The review follows Peabody's recentagreement to sell its interest in undeveloped metallurgical reservetenements in Queensland's Bowen Basin for A$104 million in cash plus royalties.

* A group of Essar Global shareholders inked a letter of intent with United SteelworkersUnion's local unit to negotiate a transaction to acquire  for about US$900million, Reuters reported.

* China's Baosteel Group Corp. will cut 9.2 milliontonnes of crude steel capacity between 2016 and 2018, with to include facilities in its flagshipplant in Shanghai and branches outside of the city, in a bid to curbovercapacity, Reuters reported.

* After defaulting on other bonds earlier this year, DongbeiSpecial Steel Group Co. Ltd. has again defaulted on a 300 million Chinese yuan three-yearprivate placement note that matured July 11, Reuters wrote.


* SociedadQuimica y Minera de Chile SA denied earlier reports that it hasfiled a secondary claim before the Chilean Office of the Comptroller Generalafter its invalidation suit against permits granted to to increaselithium production in northern Chile was rejected by the environmentalregulator SMA, daily Diario Financieroreported.

* A Canadian lithium company intends to farmin to an initial 51% interest in Macarthur Minerals Ltd.'s Australian lithium acreage atRavensthorpe, covering 91 square kilometers, for a minimum expenditure of A$2million.

* FinnAustMining Plc has been grantedan extension of its existing license to include all minerals within the shallowmarine environment at the Pituffik titanium project in Greenland. It is thefirst offshore license for minerals issued by the Self Rule Government ofGreenland.

* Rio Tinto's EnergyResources of Australia Ltd. produced 489 tonnes of U3O8 in the second quarter, a25% increase from output in the same period of 2015, despite being unable tocarry out exploration. All the ores milled during the period were from existingstockpiles, which are expected to last until late 2020.


* According to Rappler, Philippine Environment SecretaryGina Lopez called for the revision of the Philippine Mining Act,saying the law is "unfair" as it is "skewed toward the miningsector" and not toward the people.

The Daily Dose is updated as of 7 a.m. London time, andscans news sources published in Chinese, English, Indonesian, Malay,Portuguese, Russian, Spanish, Thai and Ukrainian. Some external links may requirea subscription.