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In This List

Osisko Gold to purchase precious metals asset portfolio for C$1.13B

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


Osisko Gold to purchase precious metals asset portfolio for C$1.13B

TOP NEWS

Osisko Gold to purchase precious metals portfolio for C$1.13B

Osisko Gold Royalties Ltd. signed a definitive agreement with Orion Mine Finance Group to acquire a portfolio of precious metals assets consisting of 74 royalties, streams and precious metal offtakes for a total of about C$1.13 billion.

En+ Group eyes US$1.5B from possible London IPO

En+ Group Ltd. intends to raise about US$1.5 billion from a possible IPO in London, Reuters reported, citing Russian tycoon Oleg Deripaska's interview with Rossiya 24 TV on the sidelines of the St. Petersburg International Economic Forum. En+ Group, which owns a 48% stake in Russian aluminum producer United Co. Rusal Plc, will make the decision over the next 18 months.

Polyus looks to raise US$400M from secondary offering in London, Moscow

PJSC Polyus will proceed with its planned return to the London Stock Exchange, looking to raise US$400 million through the offering of 7% of its issued share capital in both London and Moscow. Separately, the Russian miner raised its production guidance to between 2.35 million troy ounces and 2.4 million ounces in 2018, and 2.8 million ounces in 2019.

DIVERSIFIED

* Teck Resources Ltd. is planning to redeem all of its about US$84 million of 3% notes due 2019 and about US$130 million of 8% notes due 2021. The diversified miner will fund the redemption from cash on hand and is expected to save interest expenses of about US$10 million per annum.

* The U.S.-based grain trader Bunge has appointed JPMorgan Chase and law firm Shearman & Sterling as its advisors to fend off takeover interest from Glencore Plc, the Financial Times reported.

BASE METALS

* Cobalt Blue Holdings Ltd. upgraded the mineral resource estimate for its Thackaringa cobalt project in New South Wales, Australia, showing a 66% increase in overall tonnes and a 9% increase in cobalt grade compared to the January estimate.

* Jilin Jien Nickel Industry Co. Ltd.'s overdue debt had increased to 6.16 billion Chinese yuan as of June 2 from the 5.05 billion yuan announced in March, as the company failed to raise money to complete a loan replacement plan. The company is continuing negotiations with creditors for a debt restructuring.

* India Resources Ltd. appointed Vaughan Neil Strawbridge and Jason Tracy of Deloitte Financial Advisory Pty. Ltd. as voluntary administrators of the company.

* Meanwhile, India Resources subsidiary IRL Copper Mining Pvt. Ltd. terminated the operations contract with Hindustan Copper Ltd. for the Surda copper mine in India, effective immediately, citing slow progress in the mine's expansion.

* Atalaya Mining plc signed an option to acquire private company EGC, which controls 122.7 square kilometers of exploration concessions immediately surrounding its Touro copper project in northwestern Spain.

* The governor of the Trans-Baikal territory, Natalya Zhdanova, and PJSC Norilsk Nickel Co. Vice President, State Secretary and GR Elena Bezdenezhnykh signed a social and economic cooperation agreement, under which the region's government will support the company's investment projects, particularly its key asset in the Trans-Baikal Territory, the Bystrinsky mining and processing plant.

* Clive Palmer sold off Queensland Nickel Inc.'s head office as part of a A$53.7 million sale of three adjacent properties, The Sydney Morning Herald reported.

PRECIOUS METALS

* Polymetal International Plc agreed to extend its existing US$400 million credit facility with Sberbank for a period of 7 years, until June 2024.

* Acacia Mining plc remains hopeful that it will reach a settlement with Tanzania over the export ban on gold and copper concentrates as a second Presidential Committee nears completion on its investigation into the economic and legal issues associated with the matter. The CEO of the Barrick Gold Corp. unit, Brad Gordon, said it would cost US$30 million to shut down the Bulyanhulu mine in Tanzania and between US$2 million to US$3 million per month for care and maintenance charges, Reuters reported.

* Kommersant reported Russia may get a new large gold miner that may take second place in the market after the merger of Petropavlovsk Plc with Gold of Kamchatka, owned by Victor Vekselberg, and the possible subsequent consolidation with either Highland Gold Mining Ltd., owned by Roman Abramovich, or GV Gold. The plan, however, may be hindered by the big debt of Petropavlovsk, along with the difficulties in structuring the transaction and managing the merged company.

* Yamana Gold Inc. completed the secondary offering of 26,667,000 common shares of Brio Gold Inc. that it owned for total gross proceeds of C$80 million.

* Highland Gold Mining Ltd. received clearance from the Russian government to develop the Kekura gold deposit, in addition to the standard exploration and mining licenses already held by the company for Kekura and the surrounding Stadukhinsky ore zone.

* Gowest Gold Ltd. CEO Greg Romain said at an investor presentation that the company may start a new gold mine at its Bradshaw site in Ontario's Timmins area by 2018, Mining.com reported. The site currently has an indicated resource of 2.1 million tonnes at 6.19 g/t of gold for 422,000 contained ounces.

* Cerro Grande Mining Corp. said that following the closure of its Pimenton gold-copper mine earlier in the month, the company decided to place its Chilean operating subsidiary, Compañia Minera Pimenton, into voluntary bankruptcy.

* First Majestic Silver Corp. reached a tentative agreement with a workers' union to restart operations at the company's La Encantada silver mine in Mexico. In late May, a group of rogue workers erected an illegal blockade after disagreeing with the bonus that the company and the National Union of Miners, Metallurgists, Steelworkers and Similar Workers of Mexico approved in lieu of profit sharing.

* India will tax gold at a rate of 3% under a new nationwide sales tax that takes effect July 1, Reuters reported, citing Finance Minister Arun Jaitley. The goods and services tax that will be placed upon gold is lower than industry expectations of about 5%, and is a nearly negligible increase compared to the current tax of 2% to 2.5%.

* The merged entity combining Vantage Goldfields Ltd. and Galane Gold Ltd. will restart operations at the former's Lily and Barbrook gold mines in South Africa, 15 months after they were forced to shut down due to financial distress, City Press reported. Lily employed 900 workers and Barbrook employed 100 workers before operations were suspended.

BULK COMMODITIES

* Fortescue Metals Group Ltd. CEO Neville Power told Bloomberg Television in an interview that China may face steel shortage. The CEO noted that there is a shortage of rebar in China after the closure of some steel producers, especially operators of induction furnaces.

* China's Tangshan city launched a new crackdown on steel mills that illegally resumed production or violated industry overcapacity rules as the central government looks to close about 8.6 million tonnes of annual production capacity this year, Reuters wrote citing a notice from the China Iron and Steel Association.

* India's National Aluminium Co. Ltd., or NALCO, halted all its overseas projects to focus on expanding local capacity as the company aims to increase output by 14% to 440,000 tonnes in 2017-2018, Reuters reported citing NALCO Chairman Tapan Kumar Chand.

* Jupiter Mines Ltd. plans to buy back 2.5% of its own shares, to return US$25 million to its shareholders in September.

* A JSW Steel Ltd.-led consortium raised its bid for Italy's troubled Ilva International S.p.A. to challenge the offer of ArcelorMittal and Marcegaglia, which was declared the winner last month but faces opposition from labor unions, Reuters reported. The new bid offers €1.85 billion, broadly in line with the winning bid, and the immediate hiring of 9,800 employees.

* Sanjeev Gupta, the executive chairman of Liberty House, a British firm which emerged as one of the two final bidders for the troubled steelmaker Arrium Ltd., says his proposed "power fix" for the business is crucial to keep it operating, as the rising electricity and gas costs are a big handicap for the Whyalla steelworks, The Australian Financial Review reported.

* The Metinvest BV Group is set to allocate about US$318 million to environmental projects in Mariupol, Ukraine, within the next five years.

* EuroChem Mineral Chemical Co. OJSC plans to produce up to 900,000 tonnes of potash at its Usolskiy and VolgaKaliy projects in Russia in 2018, Interfax reported, citing CEO Dmitry Strezhnev. The company expects to start initial production at Usolskiy in the fourth quarter and at VolgaKaliy in the first quarter of 2018.

* Pakistan plans to open its resource-rich Baluchistan province to Chinese firms to kickstart a boom in its mining industry by including the sector in Beijing's Belt and Road initiative, Reuters reported, citing a senior provincial official.

* According to a United Nations report, North Korean coal exports dropped to zero in April, amid pressure from the international community on the country's regime to give up its nuclear and long-range missile programs, The Korea Herald wrote.

SPECIALTY

* Stellar Diamonds Plc entered an agreement for the proposed sale of its assets in the Republic of Guinea for US$2 million to BDG Capital Ltd. The company plans to use the proceeds to advance its flagship Tongo-Tonguma kimberlite project in Sierra Leone.

* Argosy Minerals Ltd. has secured the exclusive right to purchase the Mina Reyna tenement in Argentina within 18 months. Following the acquisition, Argosy's Rincon lithium joint venture project land area would increase by up to 97% from the existing 654 hectares, to a total of up to 1,289 hectares.

INDUSTRY NEWS

* The Chamber of Commerce in Democratic Republic of Congo sent a letter of complaint to the country's finance minister, claiming the customs agency has levied more than US$300 million in unjustified penalties on mining companies for inaccurate and false declarations of electricity imports despite the fact that the public power utility imported the electricity before selling to the mining companies, Reuters wrote.

* Lin Songtian, the Chinese Foreign Ministry's director-general for African affairs, lodged a complaint against Zambia after authorities in the African country detained 31 Chinese nationals for illegal mining but failed to provide strong proof of the crime, Reuters reported.

* Representatives of mining companies in Chile plan to meet with the technical teams of the presidential candidates running for office in the elections this year. The meetings are set to begin this month and are being brokered by Chilean mining association Consejo Minero. The goal is to present the industry's issues and proposals regarding investment in the country, daily El Mercurio reported.

* The EU-China summit ended with the parties failing to agree on a formal climate statement due to differences over trade and steel production. However, Chinese Premier Li Keqiang and the President of European Council Donald Tusk reiterated their commitment to continue efforts to reduce carbon emissions without the U.S., which backed out of the historic Paris Agreement on climate change a day earlier.

* BHP Billiton Group said it was disappointed with the withdrawal of the U.S. from the Paris Agreement on climate change, but it did not affect the miner's support for the deal, Reuters reported.

* The United Nations Security Council expanded the existing sanctions on North Korea to include 14 individuals and four entities following a unanimous vote. The 15-member council strongly condemned the country's nuclear weapons and ballistic missile development program.

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