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Tata Steel to close 2 UK units; New Hope cuts jobs at New Acland coal mine

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Tata Steel to close 2 UK units; New Hope cuts jobs at New Acland coal mine

TOP NEWS

Tata Steel flags hundreds of layoffs after deciding to close 2 UK businesses

Tata Steel Ltd. plans to shut down its loss-making Orb Electrical Steels unit in Newport, south Wales, U.K., with the potential for up to 380 job losses. The company also plans to shutter its Wolverhampton Engineering Steels Service Centre in the U.K., which employs about 26 people, as it was unable to find a buyer. Tata Steel Europe Ltd. signed an agreement with Japanese steel giant JFE Shoji Trade Corp. for the sale of its unit Cogent Power Inc. in Canada for an undisclosed price, as part of a plan to sell five noncore assets that was announced in May 2018.

New Hope cuts jobs at New Acland coal mine as planned expansion remains stalled

New Hope Corp. Ltd. followed through on its threat to slash half of its workforce at the New Acland coal mine in Queensland, Australia after the state government did not respond to the company's ultimatum over the long-delayed stage-three expansion of the site. In a report by The Australian Financial Times, Queensland Premier Annastacia Palaszczuk and Resources Minister Anthony Lynham reiterated that the approvals could not be given as they still await a court decision on an appeal against the expansion.

Report: China lodges WTO complaint against US over import duties

China filed a complaint with the World Trade Organization against the U.S. over its import duties, Reuters said, citing the Chinese commerce ministry. The recent round of U.S.-imposed tariffs breached the consensus struck between the U.S. and Chinese leaders in Japan, the commerce ministry reportedly said.

DIVERSIFIED

* Incitec Pivot Ltd.'s Dyno Nobel Ltd. unit agreed to invest A$25 million over the next five years for a blast technology research program that will benefit BHP Group's Australian mines, International Mining reported.

BASE METALS

* Nickel prices on the London Metal Exchange surged to a five-year high of US$18,850 per tonne as a result of Indonesia's decision to expedite restrictions on nickel ore exports to Jan. 1, 2020, Reuters reported. The country may cover the expected shortfall in nickel pig iron supplies caused by the ban by boosting its own capacity to produce the material, Reuters said in a separate report.

* Meanwhile, Indonesia will impose big fines on companies that fail to meet targets on the construction of new processing facilities, The Straits Times reported. The fines may be equivalent to 20% of the value of the country's unprocessed mineral exports, such as nickel ore, raw bauxite and copper, in the past six months, the report said.

* Over 650 GW of new onshore and 130 GW of new offshore wind capacity to be installed between 2018 and 2028 is expected to consume over 5.5 million tonnes of copper, according to an analysis by Wood Mackenzie.

* Western Areas Ltd.'s shares closed with a 14% gain on the ASX after it reported discovering massive nickel-copper sulfides at shallow depth in the first ever drilling at the Radar prospect of its Mount Alexander property in Western Australia.

* Kavango Resources PLC signed a memorandum of understanding with LVR GeoExplorers (Pty.) Ltd. for the right to earn in up to a 90% interest in two prospecting licenses in the Botswana section of the Kalahari copper belt.

PRECIOUS METALS

* The new conservative Greek government is expected to soon issue permits for Eldorado Gold Corp.'s Skouries gold project that would allow the project to proceed, Reuters wrote citing the energy ministry. Eldorado halted construction at Skouries in November 2017 after starting in 2013 due to delays in receiving environmental permits.

* A landowner group in New Ireland, Papua New Guinea said villagers will forcibly shutter Newcrest Mining Ltd.'s Lihir gold operation if the company does not reinstate Craig Jetson as the mine's executive general manager by Sept. 10, Radio New Zealand reported.

* Bardoc Gold Ltd. executed a deal to acquire prospecting license P24/4698 for A$60,000 in cash, plus 3 million share options.

* India's seizures of smuggled gold in the June quarter jumped 23.2% yearly to 1,197.7 kilograms, Reuters reported, citing an unnamed government official. Gold smuggling is expected to rise further in the coming months due to an increase in gold import taxes, the report said.

* Tajiri Resources Corp. exercised its option to acquire Middle Island Resources Ltd.'s Reo gold project in Burkina Faso.

* Asia Broadband Inc.'s Asia Metals Inc. unit is looking to acquire gold assets in South America, Central America and Mexico, Global Mining Review wrote.

BULK COMMODITIES

* Flinders Mines Ltd.'s shares closed with a 17% gain on the ASX after saying it signed a non-binding terms sheet with BBI Group Pty Ltd. to jointly develop the Pilbara iron ore project in Western Australia. Meanwhile, an independent review concluded the Balla Balla infrastructure project is the most favorable infrastructure option for the Pilbara project.

* The Tanzanian mining commission ordered Tancoal Energy Ltd. to start charging royalty to customers on their cost of transporting coal from the Tancoal mine. The company said the agency will not issue coal transportation permits after Sept. 15 if the royalty is not implemented.

* Bathurst Resources Ltd. exercised the option to increase its stake in Jameson Resources Ltd.'s Crown Mountain coal project in British Columbia to 20% from 8%, sending the latter's shares up to close with a 14% gain on the ASX. The option, valued at C$7.5 million, is designed to fund permitting and a bankable feasibility study for the project.

* Whitehaven Coal Ltd.'s debut sustainability report will have a section discussing risk factors and steps to mitigate climate change, The Australian reported, citing a company spokesman. The company is likely to be the first pure-play coal miner to assess itself against the Financial Stability Board's global climate framework.

* Aluminum Corp. of China Ltd. will issue up to 2 billion yuan in bonds to repay bank loans.

* OM Holdings Ltd. secured an initial 10% interest in the Bryah Basin manganese joint venture with Bryah Resources Ltd.

* Minergy Ltd started mining operations at its Masama coal project in Botswana, with first commercial sales expected this month, Mining Weekly reported.

SPECIALTY

* Alita Resources Ltd.'s receivers are planning to place its Bald Hill lithium-tantalum mine in Western Australia on care and maintenance, Mining News reported, citing receiver Andrew Smith.

* Karelian Diamond Resources PLC shareholders reportedly owning an 11.86% stake in the company requisitioned an extraordinary general meeting to remove five directors from its board, replacing them with four of their own nominees. The company said the resolutions are identical to those that were proposed at a recent meeting held in late July, and failed to pass.

* Latrobe Magnesium Ltd.'s feasibility study for its 3,000-tonne-per-annum magnesium plant in Victoria, Australia, outlined capital costs of A$54 million. The company expects to make a final investment decision and start construction of the third stage by December.

* GTI Resources Ltd. completed its takeover of Voyager Energy Pty. Ltd. and its eight uranium-vanadium claims in Utah.

INDUSTRY NEWS

* Mineral exploration expenditure in Australia rose 31.1% to A$663.1 million in the June quarter, according to the Australian Bureau of Statistics. Exploration on areas of new deposits climbed 57.1% and expenditure on areas of existing deposits rose 17.4%. The largest increase came from expenditure on selected base metals, which were up 47.3%.

* Hurricane Dorian made landfall on the eastern end of Grand Bahama Island late in the evening of Sept. 1 and continues to threaten the southeastern coast of the U.S. Dorian will continue to pound Grand Bahama Island through much of Sept. 2 and will move "dangerously close" to the Florida east coast the night of Sept. 2 through the evening of Sept. 4.

* More than 260,000 people are at risk of losing their jobs after the expiration of 329 mining leases in India on March 31, 2020, Business Standard reported.

* The plan of South Africa's labor registrar to cancel the registration of the Association of Mineworkers and Construction Union did not push through, Reuters reported. The union is now in the process of meeting government requirements, the report said.

* The Zambia Chamber of Mines welcomed a proposed mining cooperation agreement between Zambia and Argentina, Xinhua News Agency reported.

* Cameroon banned semi-mechanized small-scale mining at riverbeds, and the use of toxic chemicals like mercury or cyanide in ore processing, Business in Cameroon wrote.

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