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Glencore launches offer to buy back up to US$1.25B of debt

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Glencore launches offer to buy back up to US$1.25B of debt

TOP NEWS

Glencore launches offer to buy back up to US$1.25B of debt

Glencore Plc launched a cash tender offer to buy back up to US$1.25 billion of its outstanding notes. Subject to purchase limit of US$1 billion, the Swiss mining giant will accept for repurchase 3.125% notes, 2.500% notes and floating rate notes, all due 2019.

Ongoing strike disrupts operations at Freeport-McMoRan's Grasberg mine

An ongoing strike staged by workers demanding better working conditions, including bonus payments, put open-pit operations on hold at Freeport-McMoRan Inc.'s Grasberg copper-gold mine in Indonesia, Reuters reported, citing a company spokesman and a union official.

Apollo Global consortium in exclusive talks to buy Anglo American coal assets

The consortium backed by Apollo Global Management LLC secured exclusivity to buy Anglo American Plc's metallurgical coal mines in Queensland, Australia, and the parties are in final-stage talks over the sale, unnamed sources told The Australian Financial Review's Street Talk. Lender sources believe a deal could be signed within the next two weeks.

BASE METALS

* Nyrstar NV expects its 2016 zinc metal production to be at the low end of the guidance range of 1 million to 1.1 million tonnes, after losing about 30,000 tonnes of processing output during the third quarter due to a storm-related power outage in South Australia that halted all operations at the Port Pirie zinc-lead smelter, and two exceptional fires at the Balen zinc smelter in Belgium.

* Vast Resources PLC said that full-scale commercial zinc production started at its polymetallic Manaila mine in Romania. Manaila produced 50 tonnes of concentrate since initial commissioning in the first week of September, with output targeted at 150 tonnes per month from this month onward.

* Two Cuban nickel processing plants were temporarily shuttered to avoid serious damage to the operations as a powerful hurricane threatens the eastern part of the Caribbean island, Reuters reported. State-owned nickel-miner Cubaniquel owns one plant and is a joint venture partner with Sherritt International Corp. in the other facility.

* Pan Pacific Copper Co. Ltd. is looking to produce 283,700 tonnes of refined copper in the second half of its fiscal year, 17.5% more than in the year-ago period, according to Reuters. The company expects the combined production from its Saganoseki smelter and refinery and Hitachi refinery in Japan to rise by 18.2% in the six-month period.

* Japan's Mitsui Mining & Smelting Co. Ltd. plans to increase zinc output by 6.7% year over year in the second half of its 2016 financial year between this October and March 2017. According to Reuters, the increase is expected to cover a shortfall that resulted from the closure of zinc production at Sumitomo Metal Mining Co. Ltd.'s Harima smelter in Japan.

* UBS Group AG said nickel prices could rally by a further 25% through 2017, as the Philippine government's crackdown on miners could shave 11% of the world's nickel supply.

* PJSC MMC Norilsk Nickel signed a five-year, US$500 million committed revolving back-stop credit facility with a syndicate of international banks.

* New World Resources Plc shareholder State Street Nominees Ltd. requested that the company's directors call a general meeting for shareholders to vote on placing New World into liquidation and to appoint liquidators.

* A new pre-feasibility study on Horizonte Minerals Plc's Araguaia nickel project in northern Brazil estimated a posttax net present value of US$581 million, discounted at 8%, with a 26.4% internal rate of return and a 3.4-year payback period, using a nickel price of US$14,000 per tonne.

* Scientific Metals Corp. completed the acquisition of 58 unpatented lode mining claims totaling 1,160 acres that are contiguous with its Iron Creek copper-cobalt project in Idaho.

PRECIOUS METALS

* After Argentine judge Pablo Oritja maintained an order suspending operations at Barrick Gold Corp.'s Veladero gold mine last week, saying the repairs were insufficient to restart mine, the miner has been in a scramble to show officials otherwise. Andy Lloyd, Barrick's senior vice president of communications, said via email to SNL Metals & Mining that "a number of updates have been filed since judge Oritja's comments last week, demonstrating the necessary works are 100% complete." Lloyd added it was his understanding that no more site inspections "are required in order for the court to make its decision."

* South Africa's National Union of Mineworkers ended a protected strike at the Impala Platinum Holdings Ltd. platinum refinery in South Africa after both parties forged a new two-year wage deal, Bloomberg News reported, citing the union's spokesman, Livhuwani Mammburu.

* Goldcorp Inc. suspended operations at its Penasquito gold-silver mine in Mexico, following an illegal blockade by a trucking contractor that began Sept. 26.

* Yamana Gold Inc. completed the sale of its Mercedes gold-silver mine in Sonora, Mexico, to Premier Gold Mines Ltd. for US$122.5 million in cash, plus shares, equity securities and net smelter return royalties worth an additional US$22 million.

* OZ Minerals Ltd. may not be able to meet its 2016 gold production guidance of between 125,000 and 135,000 ounces due to an ongoing power outage at its Prominent Hill mine in South Australia.

* Newmont Mining Corp. completed construction of the Merian gold mine in Suriname on time and more than US$150 million below its initial development CapEx budget. On Oct. 1, the company poured the first gold and declared commercial production after achieving sustained average mill throughput of 80% and gold recovery of more than 90% over the last 30 days.

* White Rivers Exploration Pty. Ltd. is considering another gold partnership in South Africa. "We are talking to a number of other large South African producers," Executive Chairman Neil Warburton told SNL Metals & Mining.

* St Barbara Ltd. will repurchase a further US$55 million in aggregate principal of its U.S. 144A senior secured notes, effective Oct. 31. The notes will be repurchased at a 3.3% premium to par value, and the transaction will reduce future interest expense by about A$6.5 million per year.

* Azimut Exploration Inc. acquired four new gold exploration properties in Quebec through its strategic alliance with SOQUEM Inc. The properties — Munischiwan, Pikwa, Pontois and Desceliers — comprise a total of 1,280 claims covering 658.3 square kilometers.

* Genesis Minerals Ltd. started mining at the Ulysses West open pit, part of the company's Ulysses gold property in Western Australia. The project is expected to generate total estimated free cash flow of about A$6 million from the initial Ulysses West operation, based on a gold price of A$1,750 per ounce.

BULK COMMODITIES

* Compass Minerals International Inc. completed the purchase of all remaining interest in specialty plant nutrients company Produquímica Indústria e Comércio SA for about US$465 million.

* West Australia's Nationals leader Brendon Grylls said that he will not compromise or negotiate on a proposed mining bill, which recommends a A$5 per tonne levy on mining majors BHP Billiton Group and Rio Tinto's iron ore production, ABC reported.

* Coal India Ltd.'s production fell 5.2% year over year to 35.24 million tonnes in September, a second consecutive monthly fall, amid weak demand from power plants, Bloomberg News reported, citing company data.

* The U.S. federal court for the District of Delaware approved Altos Hornos de México SAB de CV's Chapter 15 filing, ratifying an order made by a Mexican court in April that enables the Mexican steelmaker to move ahead with the restructuring plan agreed with its creditors, Metal Bulletin reported.

* Moody's said that the U.S. steel industry's earnings and revenues will improve in comparison to the previous year, but the momentum from the first half of 2016 will slow down toward the end of the year and possibly into 2017. The outlook for the industry is negative, driven by the expectation that a sustained recovery is unlikely in the near-term.

* ArcelorMittal started producing flat steel bars for use in the auto industry at its plant in Ostrava, Czech Republic, Metal Bulletin reported. The company has invested more than US$9 million in modifications to the rolling mill to be able to produce the bars.

* Gulf Manganese Corp. Ltd. received approval from the governor of East Nusa Tenggara for the construction of the Kupang manganese smelting hub in Indonesia.

* Due to insufficient interest from potential investors, Slovenia has temporarily stopped the privatization of metal products maker MLM, Reuters reported, citing state-owned Slovenian Sovereign Holding, which is coordinating the process. The sales process is now anticipated to continue next year.

* Vendome Resources Corp. agreed to earn a 100% interest in the Mont Sorcier iron-titanium-vanadium project in Quebec's Roy Township, from Chibougamau Independent Mines Inc.

SPECIALTY

* Lithium Corp. and Idaho North Resources Corp. have jointly staked a block of claims, known as the Big Lithium prospect, covering about 4,790 acres on the Gabbs Valley playa in Nevada.

* Pilbara Minerals Ltd. has received another writ of summons in the Supreme Court of Western Australia from Mineral Resources Ltd. over the validity of its off-take notice related to the sale of lithium from the Pilgangoora project in Western Australia to General Lithium. Pilbara will make an immediate application to stay the court proceedings as both the companies are contractually obliged to follow the dispute resolution procedure set out in the Pilgangoora asset sale agreement.

* Caeneus Minerals Ltd. has received the required approvals to commence drilling at its Lida Valley lithium brine project and is presently mobilizing a team to start the drill program.

INDUSTRY NEWS

* Colombia's bid to end more than five decades of armed conflict with the Revolutionary Armed Forces of Colombia, known as FARC, has failed, with Colombians voting against a peace deal. The voting was expected to end in favor of ending the conflict, but 50.25% of votes were cast against the agreement.

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.