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In This List

Up to 7,400 jobs at risk amid restructuring at Sibanye's South Africa ops

Essential Metals & Mining Insights - August 2020

State of the Market: Mining Q2-2020

Report Outlooks of Lithium and Cobalt

Essential Metals & Mining Insights July 2020


Up to 7,400 jobs at risk amid restructuring at Sibanye's South Africa ops

TOP NEWS

Sibanye Gold flags up to 7,400 job cuts in South Africa

Up to 7,400 jobs may be affected as Sibanye Gold Ltd. looks to restructure the loss making Beatrix West and Cooke gold projects in South Africa. The move follows various attempts by the company to contain losses at these operations.

Analysts expects Rio Tinto to significantly raise shareholder returns

UBS analyst Glyn Lawcock said Rio Tinto is expected to return a total of US$10.5 billion to investors over the next 18 months, The Australian Financial Review wrote. Meanwhile, Deutsche Bank economist Paul Young said the miner could unload US$2 billion worth of annual buybacks from next year.

China's Shandong province to cut aluminum smelter capacity by 30%

Shares of aluminum producers in China surged after the Shandong province decided to cut smelter capacity by 30% in four months, starting mid-November, which is expected to shrink aluminum production by 860,000 tonnes, the South China Morning Post reported.

DIVERSIFIED

* Vale SA CFO Luciano Siani Pires said if the miner's voluntary share-conversion is successful, it will be able to tap the stock market to fund investments instead of relying on debt, Bloomberg News reported. The company last sold its stock in July 2008 in a US$11.5 billion transaction.

BASE METALS

* Mitsui & Co. Ltd.'s Caserones copper mine in Chile is now running at around 90% capacity, recovering from a forced suspension of operations for three weeks after a blackout caused by heavy snow and rain in May, Reuters reported, citing CFO Keigo Matsubara.

* Thailand's Padaeng Industry PCL stopped zinc production at its smelter in Tak province as it looks to discontinue operations at the site, which has a capacity of 110,000 tonnes per year, Metal Bulletin reported.

* India raised about around 4 billion Indian rupees, or US$62.8 million from off-loading a 6.8% interest in state-run miner Hindustan Copper Ltd., Reuters reported, citing the finance ministry. After the sale, its stake in the miner will reduce to 76.05%.

* BMI Research lowered its forecast over Russian nickel production in 2017, and added that the outlook for the country's domestic production over the next five years looks bleak, Mining Weekly wrote.

PRECIOUS METALS

* Kinross Gold Corp. President and CEO Paul Rollinson said in a conference call that the company is not considering to resume the dividend "at the present time" but it is a "question we might entertain post 2020." The gold miner cut it back in 2013 under pressure from a falling gold price.

* Hecla Mining Co.'s silver production in the second quarter fell to 2.8 million ounces, from 4.2 million ounces produced a year ago, while gold output dropped to 52,561 ounces, compared to 62,965 ounces produced a year ago.

* Hudbay Minerals Inc. swung to net profit of US$25.6 million in the second quarter, from a year-ago net loss of US$5.7 million. The company's consolidate copper and zinc output totaled 40,842 tonnes and 34,896 tonnes, respectively, up 18% and 14% on a quarterly basis.

* Osisko Gold Royalties Ltd.'s net earnings attributable to shareholders declined to C$11.0 million in the second quarter from C$15.7 million in the year-ago period, mainly due to a foreign exchange loss and the absence of dividend income following the sale of the shares of Labrador Iron Ore Royalty Corp.

* First Majestic Silver Corp.'s silver equivalent production in the second quarter fell 17% year over year to 3.9 million ounces. The company's net earnings also declined to US$1.4 million, down from US$6.1 million in the year-ago period.

* Sandstorm Gold Ltd.'s attributable gold equivalent ounces sold in the second quarter totaled 12,750 ounces, compared to 12,517 gold equivalent ounces in the year-ago period. The company swung to a net loss of US$1.9 million, from a year-ago net profit of US$5.2 million.

* Endeavour Silver Corp. cut its 2017 production guidance to a range of 4.8 million to 5.2 million ounces of silver and 49,100 to 51,200 ounces of gold. The company's silver production dropped 26% to 1.1 million ounces in the second quarter on an annual basis, while gold production fell 17% to 13,058 ounces.

* Alamos Gold Inc.'s second-quarter gold production rose to 105,900 ounces, up from 92,464 ounces the year before, as the company's Young-Davidson mine in Ontario achieved record production of 47,300 ounces.

* Red 5 Ltd. executed two separate deals to acquire the King of the Hills and the Darlot gold mines in Western Australia from Saracen Mineral Holdings Ltd. and Gold Fields Ltd., respectively. To acquire the Darlot project, Red 5 will pay A$18.5 million, while it agreed to pay A$16 million for the King of the Hills mine.

* According to Global Mining Research Ltd., Australia's top gold producers, including Evolution Mining Ltd. and Northern Star Resources Ltd., may be required to take their US$5 billion acquisition spree to the U.S. and Canada to add operations of sufficient scale and quality, Bloomberg News reported.

* EMR Capital has received several unsolicited inquiries from interested buyers for the company's majority-owned Martabe gold mine in Indonesia, Reuters reported. The company, however, said in an emailed statement that no formal sale process is ongoing.

* Greece plans to launch arbitration proceedings by the end of August to resolve development issues related to Eldorado Gold Corp.'s projects in the company.

* The Supreme Court of British Columbia ruled in favor of Skeena Resources Ltd. regarding a dispute over the company's option to earn a 100% equity interest in the mineral and Crown-granted claims called the Elizabeth gold property.

* Auryn Resources Inc. acquired the rights to the Tacora and Andamarca properties contiguous to its Huilacollo gold project in Peru through two separate transactions with private Peruvian owners.

* Ausgold Ltd. increased resources at its Katanning gold project in Western Australia by 23% to 785,800 ounces of gold contained within 20.98 million tonnes at 1.17 g/t gold.

* Randgold Resources Ltd.'s profit attributable to shareholders surged to US$84 million in the second quarter from US$49 million a year ago. Gold sales for the period jumped to US$422.1 million, from US$354.4 million in the prior-year quarter, on the back of higher sales volumes.

* Centamin Plc's profit attributable to shareholders dropped to US$12.7 million in the three months that ended June 30, from a profit of US$72.7 million in the same year-ago period.

BULK COMMODITIES

* Mitsui & Co. Ltd. posted a ¥35.1 billion year-over-year increase in profit attributable to owners of the parent for its mineral and metal resources segment to ¥54.4 billion for the first quarter of fiscal 2018.

* PJSC Novolipetsk Steel plans to boost iron ore processing capacity to 37 million tonnes by 2018, bringing concentrate output to 17.4 million tonnes annually. The capacity hike will cover 100% of the company’s iron ore needs.

*According to market speculation, China Hongqiao Group Ltd. will suspend over 2 million tonnes per annum of its existing aluminum capacity, but will replace it to keep its capacity close to current levels, Metal Bulletin reported.

* Sumitomo Corp.'s attributable profit stood at ¥78.2 billion in the quarter that ended June 30, increasing by ¥55.6 billion from the same period of 2016. The company said basic profit for its mineral resources businesses also increased in the period, driven by higher mineral resources prices.

* Ferrexpo Plc posted a profit attributable to shareholders of US$215.1 million for the first half of the year, swelling from the year-ago profit of US$77.1 million.

* Israel Chemicals Ltd. booked net income attributable to shareholders of US$57 million in the second quarter, dropping to less than half of the US$120 million net income recorded a year ago. Sales for the company slid to US$1.32 billion in the three-month period, from US$1.38 billion in the same prior-year quarter, mainly due to lower sales volumes and lower selling prices for phosphate fertilizers.

* Shenhua Group Corp. Ltd. and China Guodian Corp. submitted a merger plan between the two state-owned majors to the country's State Council, Chinese news agency Jiemian reported, citing a speech by Guan Weizhu, the head of safety production at China Guodian. The new group will be tentatively named National Energy Investment Group, with total assets estimated at over 1.8 trillion yuan and a debt ratio of more than 60%.

* Lindian Resources Ltd. shares closed up over 7% on the ASX Aug. 3, after the company announced a binding heads of agreement to farm in and earn a 75% stake in the Lushoto bauxite project in Tanzania.

SPECIALTY

* Lucara Diamond Corp.'s net income in the second quarter fell to US$32.2 million, from US$46.1 million in the year-ago quarter. The company recovered 57,624 carats in the period, down from 65,241 carats recovered a year earlier.

* Tronox Ltd. signed a definitive agreement to sell its Alkali Chemicals business to Genesis Energy LP for US$1.33 billion in cash. The transaction is expected to close in the second half of this year.

* De Beers SA is planning to run two polished diamond auctions on Aug. 10 and Aug. 24, Mining Weekly wrote.

* SepFluor's wholly owned subsidiary Nokeng Fluorspar Mine broke ground at the site of its 1.7 billion South African rand Nokeng fluorspar mine in South Africa, Mining Weekly reported.

* Prospect Resources Ltd. recorded a 16% increase in the total mineral resource at the Arcadia lithium deposit in Zimbabwe to 66.6 million tonnes grading 1.13% lithium oxide, or Li2O, at a 0.2% cutoff.

* Liontown Resources Ltd. exercised an option to fully acquire the Bynoe lithium project located near Darwin in Northern Territory, Australia, from Orema Pty Ltd.

* Redzone Resources Ltd. secured an option deal to fully acquire the Lucky Mica claim group in Arizona, from two vendors.

INDUSTRY NEWS

* South Africa's Department of Mineral Resources refuted the Chamber of Mines' claim that the department has already implemented the proposed moratorium on new mining rights or prospecting right applications after July 19, despite the closing date for comments on the proposal being set on Aug. 4, Miningmx reported.

* Ross Large, a geology professor at the University of Tasmania, warned that mining in Tasmania could end in the next 10 years if the current trend of decreased mining activity in the Australian state continues, ABC wrote.

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