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In This List

KGHM swings to Q4'18 profit; Turquoise Hill's Q4'18 income nearly doubles

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


KGHM swings to Q4'18 profit; Turquoise Hill's Q4'18 income nearly doubles

TOP NEWS

KGHM swings to Q4'18 profit

KGHM Polska Miedź SA swung to a profit of 682 million Polish zloty in the fourth quarter of 2018, from a loss of 134 million zloty in the year-ago period. Full-year profit rose 8.7% to 1.66 billion zloty, from 1.53 billion zloty in 2017, on the lower impairment of non-current assets, improvement of joint ventures and more favorable exchange differences.

Turquoise Hill's Q4'18 income nearly doubles

Turquoise Hill Resources Ltd.'s attributable net earnings in the fourth quarter of 2018 nearly doubled year on year to US$101 million, from US$51.1 million in the comparative period, thanks to an increase in gold revenues sparked by a rise in production at its Oyu Tolgoi mine in Mongolia. Full-year profit jumped 127% to US$411.2 million, from 181.2 million in the year-ago period.

Metalloinvest FY'18 profit up 17%

Russia's largest iron ore producer, OAO Metalloinvest, posted a 17.1% rise in net profit to US$1.65 billion for 2018 as prices of its main products grew substantially, boosting revenue. Moody's Investors Service also upgraded the company's corporate rating to Ba1 with a stable outlook, from Ba2 with a positive outlook, in light of progress with deleveraging, among other factors.

BASE METALS

* Anglo American PLC finished installing a floating island of solar panels in a tailings pond near its Los Bronces copper mine in Chile, Reuters wrote. The 256 panels can produce up to 86 kilowatts, according to the newswire.

* Vedanta Resources PLC's Vedanta Zinc International unit will shut down its Skorpion zinc refinery in Namibia after it ran out of stocks due to an ongoing strike, Reuters reported. The company will undertake maintenance work during the stoppage, the report said.

* Russia, China and an unnamed Middle Eastern country struck a deal to acquire a 9.53% stake in The ONEXIM Group unit Intergeo MMC Ltd., which develops the Kingash nickel project and the Ak-Sug copper project in Russia. Total investments to develop and build infrastructure are expected to exceed 178 billion Russian rubles.

* An Australian tribunal court threw out an appeal by OZ Minerals Ltd. insurer ReturnToWorkSA over the compensation payout of a miner who was injured while playing cricket at the company's Prominent Hill copper mine, ABC reported. The worker, Benjamin Backhouse, was also awarded undisclosed damages.

* CST Group Ltd. agreed to sell its Lady Annie copper mine in Queensland, Australia, and a related loan for about A$23 million.

PRECIOUS METALS

* Goldcorp Inc. Chairman Ian Telfer drew flak from investors over the US$12 million retirement package he is expected to receive once the company's proposed merger with Newmont Mining Corp. pushes through, Bloomberg News reported. "I don't see why he should be rewarded for poor performance," said Joe Foster, a portfolio manager at VanEck, Goldcorp's second-largest shareholder.

* A work stoppage at Goldcorp's Cerro Negro gold-silver mine in Argentina has come to an end after the gold miner agreed to a "conciliation process."

* Barrick Gold Corp. is updating its guidance for 2019 as well as its five-year outlook following the formation of a joint venture with Newmont in Nevada.

* LeaGold Mining Corp.'s gold output in the fourth quarter of 2018 reached 93,761 ounces at all-in sustaining costs of US$962 per ounce sold, bringing its full-year 2018 total to 302,550 ounces at AISC of US$974/oz sold.

* Dundee Precious Metals Inc. produced the first gold concentrate from its Krumovgrad mine in Bulgaria.

* Russia is considering a temporary export ban on precious metals scrap and tailings in an effort to promote domestic refining of the materials, Reuters reported.

* Anglo Asian Mining PLC released maiden reserve and resource reports for the underground Gadir mine forming part of its Gedabek operation in western Azerbaijan.

* Hammer Metals Ltd. agreed to acquire the Bronzewing South gold project in Western Australia from Carnegie Exploration Pty. Ltd. for A$550,000 in shares.

BULK COMMODITIES

* K+S AG expects a significant increase in its 2019 EBITDA to between €700 million and €850 million, from €606 million in 2018, driven by higher fertilizer prices, a jump in potash output after a severe drought in Germany halted production at its Werra plant, and the continued ramp-up of its Bethune potash plant in Saskatchewan.

* Exxaro Resources Ltd. reported a rise in attributable EPS for 2018 to 28.01 South African rand from 19.23 rand a year earlier, at the upper end of the range expected by the company earlier in March. Core headline earnings jumped 14% to 7.17 billion rand from 6.3 billion rand.

* Exxaro will allow former workers of Exxaro Coal Mpumalanga Pty. Ltd. to join a joint venture that is expected to acquire the Arnot coal mine in South Africa, Mining Weekly reported, citing CEO Mxolisi Mgojo.

* A Paris arbitration court dismissed a US$2.2 billion claim filed by Pan African Minerals Ltd. against Burkina Faso over the Tambao manganese mine, Reuters reported. The government ended its partnership with the company in 2018 that resulted in the termination of the company's license due to a "breakdown of confidence."

* BHP Group and Incitec Pivot Ltd. missed their targets in Australia's emissions reduction fund Safeguard Mechanism, forcing them to surrender Australian Carbon Credit Units to cover the shortfall, The Australian Financial Review wrote.

* BNP Paribas Asset Management, the fund management arm of French banking giant BNP Paribas SA, will stop investing in companies that make more than 10% of their revenues from coal mining.

* Ampco-Pittsburgh Corp. plans to sell Canadian subsidiary ASW Steel Inc. as part of a restructuring plan which kicked off in late 2018 with the sale of the company's Vertical Seal division.

* Karlka Nyiyaparli Aboriginal Corp. is in talks with BHP to sublease the Ethel Creek and Marillana cattle stations in Western Australia's Pilbara region, The West Australian reported. BHP offered the properties for sublease in 2018 amid plans to exit cattle production after a comprehensive review of its operations.

* Allegheny Technologies Inc. commissioned a new line at its Shanghai STAL Precision Stainless Steel Co. Ltd. joint venture with China Baowu Steel Group Corp. Ltd. The STAL 3 expansion is projected to increase the joint venture's capacity by 65%.

* MC Mining Ltd. de-risked its flagship Makhado hard coking and thermal coal project in South Africa by adopting a two-phase development approach. Phase-one construction is expected to begin in the third quarter.

* China's daily aluminum output decreased 2% in January and February due to low prices, which caused smelters to shut production, producing a total of 5.69 million tonnes in the first two months of 2019, representing a 5% rise from a year-ago period, Reuters wrote, citing the National Bureau of Statistics.

* Reuters said China's daily steel output rose to 2.54 million tonnes in January and February from 2.32 million tonnes in the same two months of 2018 as mills ramped up production due to firm steel margins and less environmental restrictions. Total steel output for the period rose 9.2% year over year to 149.58 million tonnes.

SPECIALTY

* Sociedad Quimica y Minera de Chile SA secured environmental approval for its planned US$400 million expansion of a lithium carbonate production plant at its Salar de Atacama operations in Chile, Reuters wrote.

* Advantage Lithium Corp. President and CEO David Sidoo took a leave of absence after being implicated in a college admissions scam, Reuters reported. According to the newswire, Sidoo was arrested and charged with conspiracy to commit fraud for allegedly paying US$200,000 to the scam's accused mastermind to hire people who can take the SAT admissions test for his two sons.

* Southern Copper Corp. is considering investing in a Canadian miner-owned lithium project in Mexico, which has also drawn interest from a Chinese company, Reuters reported. A spokesperson could not confirm if CEO Oscar Gonzalez was referring to Bacanora Lithium PLC, whose shares jumped 23% on the news. In a statement, Bacanora said it remains focused on securing funds for its US$460 million Sonora lithium project in Mexico.

* European Lithium Ltd., owner of the Wolfsberg lithium project in Austria, will participate in a €1 billion battery production funding program launched by Germany's Ministry of Economy.

* Titanium Corp. Inc. received C$50 million in funding from the Canadian government to develop its tailings recovery technology called Creating Value from Waste at Canadian Natural Resources Ltd.'s Horizon oil sands project in Alberta.

* Triton Minerals Ltd. signed a nonbinding memorandum of understanding with Qingdao Jinhui Graphite Co. Ltd. to develop the Ancuabe graphite project in Mozambique. The parties expect to execute a binding agreement within six months, which would include off-take of up to 15,000 tonnes per annum of graphite concentrate.

* Pensana Metals Ltd. tapped Wood Group to execute a preliminary feasibility study for the expedited development of the Longonjo neodymium-praseodymium project in Angola.

INDUSTRY NEWS

* The Mining Association of Canada expressed concerns about the "worrying trends" the country's mining sector is facing. In its annual Facts & Figures report, the group noted that mining investments in Canada have decreased while it continued to cede market share to other countries such as Australia. To prevent the decline, the group urged the government to boost its support for the industry.

* Global Sea Mineral Resources, a unit of Belgian dredging firm DEME Group, will test a bus-sized machine that can vacuum up metal-rich nodules from the deep sea, Science Magazine wrote. The trial will be conducted in the international waters of the Clarion-Clipperton Zone, a nodule-rich area between Mexico and Hawaii.

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