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In This List

Newcrest's FY'19 profit up 178%; Lynas granted 6-month Gebeng license extension

Mining Exploration Insights December

Mining Exploration Insights: Dip in gold drilling weighs on results

Mining Exploration Insights: Is the exploration sector back on recovery?

State of the Market: Mining Q2-2019


Newcrest's FY'19 profit up 178%; Lynas granted 6-month Gebeng license extension

TOP NEWS

Newcrest's FY'19 profit surges 178% YOY; acquisition of Red Chris complete

Newcrest Mining Ltd.'s full fiscal 2019 net profit surged 178% to US$561 million, or 73 U.S. cents per basic share, from US$202 million, or 26.3 cents per basic share, in the prior year. Higher gold and copper sales volumes at the Cadia mine in New South Wales, Australia, a favorable Australian dollar exchange rate and a lower depreciation expense at the Telfer mine in Western Australia positively influenced earnings for the period. Meanwhile, Newcrest closed its acquisition of a 70% interest in the 23,142-hectare Red Chris copper-gold mine in British Columbia from Imperial Metals Corp. for a final purchase price of US$804 million.

Malaysia grants Lynas 6-month extension to operate Gebeng rare earths plant

Lynas Corp. Ltd. confirmed that the Malaysian government granted the company a six-month extension to operate its Gebeng rare earths processing plant. To secure a longer license renewal, Lynas is required to build a cracking and leaching facility overseas within four years, craft a development plan for a permanent disposal facility, and stop all of its research and development activities related to processing radioactive waste into an agricultural soil product, according to a statement from the country's Atomic Energy Licensing Board.

Vale suspends operations at Viga concentration plant in Brazil on permit issues

Vale SA temporarily halted operations at its Viga concentration plant in Brazil, saying it identified an inconsistency in the documents related to the operation permit from the municipality of Jeceaba. The suspension will impact about 330,000 tonnes of iron ore production per month, and full operations will resume when the documentation is deemed appropriate.

DIVERSIFIED

* Brazilian conglomerate Votorantim SA's second-quarter net income rose 54% yearly to 225 million Brazilian reais as revenue was steady at 7.9 billion reais amid falling zinc and aluminum prices and lower demand for its products, Reuters reported.

BASE METALS

* SR Languyan Mining Corp., the Philippines' top exporter of high-grade nickel ore, is "most likely" to close its mining operations later this year as ore deposits at its namesake mine in the country's Tawi-Tawi province have almost run out, Reuters wrote, citing Jaynul Ali Sambarani, head of mines and geoscience services at the Environment and Natural Resources Ministry. This is likely to bring down the Philippines' monthly exports of nickel ore to China by 300,000 to 400,000 tonnes, according to estimates by the Mines and Geosciences Bureau.

* Amid low cobalt prices, Zhejiang Huayou Cobalt Co. Ltd.'s overseas unit Huayou International Mining decided to terminate a 2017 deal to invest US$66.3 million for a 51% stake in Lucky Resources Holdings Co. Ltd., which holds a cobalt mining license in the Democratic Republic of the Congo, Reuters reported.

* Freeport-McMoRan Inc. completed the sale of US$1.20 billion of senior notes comprising US$600 million of 5.0% notes due Sept. 1, 2027, and US$600 million of 5.250% notes due Sept. 1, 2029.

* Tiger Resources Ltd. secured an up to US$30 million funding facility over three tranches from QMetco Ltd., which will go toward planned capital enhancements at the Kipoi copper project in the Democratic Republic of the Congo.

* The European Bank for Reconstruction and Development will invest €25 million in NewCo Ferronikeli to help Kosovo's ferronickel producer reduce energy costs and improve environmental standards.

* Clancy Exploration Ltd. received shareholder approval to rebrand as Sagon Resources Ltd. The Australia-listed junior explorer will trade under the ticker SG1, effective Aug. 19.

PRECIOUS METALS

* Acacia Mining PLC resumed gold exports from the North Mara mine and started receiving export permits from the mining commission of the Tanzanian Ministry of Minerals. However, it has been forced to stop all gold production at the site's processing plant under a prohibition notice issued by the Tanzanian National Environment Management Council.

* West Wits Mining Ltd. signed a heads of agreement with TME Group Pte. Ltd. for ongoing maintenance and development at the former's Derewo River gold project in Indonesia.

* South Africa's opposition leader, Mmusi Maimane, urged President Cyril Ramaphosa to form a dedicated task force focused on reforming the country's mining industry as it commemorates the seventh anniversary of a massacre at the Marikana platinum mine that left 34 striking miners dead.

* Dynacor Gold Mines Inc. expects to produce between 44,000 and 46,000 ounces of gold in the second half, a 30% increase from the first half, as it plans to raise annual output to between 88,000 and 92,000 ounces of gold.

* Platinum Group Metals Ltd. aims to secure US$49.6 million in funding to repay US$43 million in debt owed to Liberty Metals & Mining Holdings LLC related to the Maseve platinum group metals mine in South Africa and for working capital.

* Gladiator Resources Ltd. said exploration license E52/3104, covering the Marymia gold project in Western Australia, was formally granted.

* SilverCrest Metals Inc. raised C$25.3 million at the close of its prospectus offering and will put the funds toward the exploration and advancement of a feasibility study for the Las Chispas project in Mexico and for working capital.

BULK COMMODITIES

* The U.K. government's Official Receiver confirmed that it is in exclusive talks with Ataer Holding, a subsidiary of Turkish military pension fund Oyak Yatirim Ortakligi AS, for the takeover of British Steel Corp. Ltd., which was placed in compulsory liquidation earlier this year, putting 4,000 jobs directly at risk. Oyak said its priority for British Steel will be to increase capacity and to invest in clean steel production.

* The Vietnamese government plans to sell off stakes in 93 state-owned companies, including up to a 35% stake in Vietnam National Coal - Mineral Industries Holding Corp. Ltd., the country's largest coal miner, by the end of 2020, Bloomberg and Reuters wrote.

* Shaanxi Coal Industry Co. Ltd.'s net profit attributable to shareholders in the first half fell 1.2% year over year to 5.87 billion Chinese yuan from 5.94 billion yuan in the year-ago period.

* Heavily indebted Russian steelmaker Mechel PAO expects to reach an agreement soon to defer repayment of debt due between 2020 and 2022. The company recently proposed to pay back the principal to unspecified banks between 2024 and 2026 instead, PAO Sberbank of Russia Deputy Chairman Anatoly Popov revealed in July. Most of Mechel's debt belongs to Russia's three largest, state-owned banks: Sberbank, VTB Bank PJSC and Gazprombank OJSC.

* Russian power-to-aluminum conglomerate En+ Group PLC's second-quarter group profit inched up 4.6% yearly to US$387 million, with revenue up 12% to US$3.02 billion.

* Itafos swung to a loss of US$21.6 million, or 15 U.S. cents per share, in the second quarter, from a profit of US$4.7 million, or 3 cents per share, in the prior year, mainly due to a gain in the fair valuation of its Conda phosphate operation in Idaho in the earlier period.

* Coal India Ltd.'s 54 mining projects are facing delays due to contractual and permitting issues, Press Trust of India reported.

* BHP Group opened an expanded accommodation village with a capacity of 2,500 people for the workers of the South Flank iron ore project in Western Australia.

* Vale's Mozambican subsidiary widened its operational loss in the second quarter to US$145 million from US$120 million in the first quarter, due to slumping coal prices, AllAfrica.com reported, citing data from Marcelo Tertuliano Godoy, the financial director of the unit.

* Rail service provider Genesee & Wyoming Australia reportedly declined to provide coal-hauling services for Adani Enterprises Ltd.'s Carmichael mine in Queensland, Australia, dealing another blow to the controversial development, ABC News reported.

* ArcelorMittal Poland SA will shut down the blast furnace at its steel plant in Krakow for two to three days after a fire broke out at the site, Reuters reported.

* Rio Tinto and Cargill Inc. completed the first fully digitized trade transaction in iron ore, Business Chief wrote.

* The European Commission plans to cut a proposed increase in steel import quotas to 3% from 5%, effective Oct. 1, following objections from Outokumpu Oyj, Salzgitter AG and ArcelorMittal, Reuters reported.

* A preliminary economic assessment on Giyani Metals Corp.'s K.Hill manganese project in Botswana delivered a posttax net present value, discounted at 10%, of US$285 million, with a 90.6% internal rate of return and a 1.5-year payback period.

* PJSC Novolipetsk Steel will launch online sales for the European and American markets in 2020, Vedomosti reported, citing a representative for the steelmaker.

* Russian coking coal and coke exporters will redirect supplies from the Ukraine market to more profitable ones, Kommersant reported.

* Underground mining services provider Mastermyne Group Ltd. agreed to acquire coal-focused Wilson Mining Services Pty. Ltd. for A$7.6 million in cash and shares. Completion is targeted for late-August.

SPECIALTY

* Kibaran Resources Ltd. is working to reach a final investment decision for its proposed battery graphite production facility in Western Australia's Kwinana Industrial Area in the first half of 2020.

* The Kunming court in China plans to auction two batches of rare earths with a market value of about US$41.5 million as well as antimony valued at about US$97 million, which were formerly held by the Fanya Metal Exchange, Reuters wrote. Fanya collapsed in 2015, and proceeds from the sales will be used to pay off creditors, who were owed close to 40 billion Chinese yuan.

INDUSTRY NEWS

* In his state of the union address, Indonesia President Joko Widodo discussed further development of downstream processing for commodities, including bauxite, nickel and coal, Reuters reported.

* Canada's Centre for Excellence in Mining Innovation and Norway's Gupex AS will team up to commercialize a new heat-exchanger technology that uses propane to heat winter air in underground mines.

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