trending Market Intelligence /marketintelligence/en/news-insights/trending/iwKmt1_RHdiPiMR9WgkG8w2 content esgSubNav
In This List

Amplats, Sibanye wage talks in deadlock; Mosaic to cut FY'19 phosphate output

Blog

Insight Weekly: US stock performance; banks' M&A risk; COVID-19 vaccine makers' earnings

Blog

Insight Weekly: LNG exports surge; investors unfazed by inflation; neobanks drive VC funding

Blog

Essential Metals Mining Insights November 2021

Blog

[Infographic]: 2021 World Exploration Trends


Amplats, Sibanye wage talks in deadlock; Mosaic to cut FY'19 phosphate output

TOP NEWS

Amplats, Sibanye wage talks with AMCU reach deadlock

Anglo American Platinum Ltd. and Sibanye Gold Ltd. are looking to bring in mediators after wage talks with the Association of Mineworkers and Construction Union reached a deadlock, Bloomberg News reported. The union reportedly declared a dispute, and the companies want to solve the matter internally rather than bring it to arbitration.

Mosaic to idle Louisiana phosphates operations amid price slump

Amid declining prices, Mosaic Co. will idle its Faustina and Uncle Sam phosphate production facilities in Louisiana by Oct. 1 to cut 2019 output by about 500,000 tonnes. The move is projected to tighten supply, rebalance the market and reduce inventories. Mosaic also plans to initiate US$250 million in stock repurchases, while its Mosaic Fertilizantes do Brasil Ltda. unit expects to achieve US$275 million in synergies this year, with an additional US$200 million targeted by 2022.

First Quantum warns Zambia government tax changes may hit future expansions

First Quantum Minerals Ltd. is continuing to pile the pressure onto Zambia over its contentious new mining duties and increased royalties, linking them to potential expansions at its Kansanshi project and warning other African countries about the need for stability amid the lower grades and margins of copper deposits. The company wants to double the size of the flotation plant at Kansanshi's sulfide deposit at depth, but Director of Exploration Mike Christie warned that it needs a return on investment to do so. "If you change the royalty regimes to the point where the return just isn't there, then basically you'll just keep running that mine down over time."

BASE METALS

* Cobalt 27 Capital Corp. said second quarter production from its 8.56%-owned Ramu nickel-cobalt operation in Papua New Guinea decreased year on year to 22,490 tonnes of mixed hydroxide product, containing 8,767 tonnes of nickel and 793 tonnes of cobalt.

* Josemaria Resources Inc. spinoff NGEx Minerals Ltd. entered into an option to earn a 100% interest in the Valle Ancho, Interceptor and Filo de las Vicunas properties, collectively known as the Valle Ancho gold project in Argentina. The company may acquire the project by spending C$8.2 million on exploration over two years.

PRECIOUS METALS

* In a live Facebook broadcast, Armenian Prime Minister Nikol Pashinyan said access to Lydian International Ltd.'s Amulsar gold project should be restored, urging protesters to remove a blockade at the site. The government will carry out an inspection to ensure Lydian's compliance with its permits.

* Victoria Gold Corp. completed the construction of the Eagle gold project, part of the Dublin Gulch property in Canada's Yukon Territory, one month ahead of schedule and on budget with the first gold pour scheduled for Sept. 17.

* A preliminary economic assessment on Integra Resources Corp.'s DeLamar gold-silver project in Idaho defined a posttax net present value, discounted at 5%, of US$357.6 million, a 43% internal rate of return and a 2.4-year payback period based on gold and silver prices of US$1,350 per ounce and US$16.90/oz, respectively.

* Pure Gold Mining Inc. awarded the surface engineering and procurement contract and the underground mine design engineering contract and kicked off construction at its Madsen Red Lake gold mine in Ontario.

* The value of Russia's gold reserves jumped 42% yearly to US$109.5 billion, Bloomberg News reported.

* Americas Gold and Silver Corp. agreed to form a 60/40 joint venture with Eric Sprott's 2176423 Ontario Ltd. to recapitalize mining operations at the Galena complex in Idaho. 2176423 Ontario must invest US$20 million by Oct. 1 to earn its 40% stake.

* Meteoric Resources NL hired GEOSOL to launch a maiden 2,500-meter drill program at its Novo Astro gold project in Brazil.

* Geopacific Resources Ltd. obtained an extension to complete the construction and commissioning of the processing facility at its Woodlark gold project in Papua New Guinea to July 5, 2022, from the previous deadline of January 2020.

* Matador Mining Ltd. started work on a development study to assess the potential for gold production at its Cape Ray project in Newfoundland, with completion expected in the first quarter of 2020.

BULK COMMODITIES

* The Construction, Forestry, Maritime, Mining and Energy Union published advertisements slamming BHP Group's new contract employment model, calling it a "cheap move" that creates two classes of workers with huge pay gaps deployed across its Australian coal mines, The Australian Financial Review wrote.

* Aluminum producer Alcoa Corp. will trim its executive team to seven members from 12 after removing its business unit structure, part of a restructuring aimed at improving the company's operations.

* Russia's VTB Bank PJSC denied a Financial Times report saying it was in talks with Chinese firms about a potential share sale in En+ Group IPJSC, Reuters wrote.

* KONE Oyj tapped German law firm Hengeler Mueller as an adviser on its planned bid for thyssenkrupp AG's elevator business, Reuters wrote, citing two people familiar with the matter.

* Hebei Jinxi Iron and Steel Co. Ltd. will invest 30 billion Chinese yuan in a 10-million-tonne-per-annum steel plant in Fangchenggang city in China's Guangxi province, China Securities Journal reported.

* MacDonald Mines Exploration Ltd. will expand its SPJ iron-oxide-copper-gold property in Ontario by purchasing 151 contiguous claims in the Wanapitei Lake area.

* Meridian Mining SE was granted a trial production license for its Espigão manganese project in Brazil valid until March 6, 2021.

SPECIALTY

* PJSC Alrosa is in talks with several global jewelry retailers about marketing its fluorescent diamonds branded Luminous Diamonds, which are considered by many traders as being of lower quality, Reuters reported, citing CEO Sergei Ivanov.

* Rio Tinto launched the Argyle Pink Everlastings Collection, a new offering of rare pink diamonds from its Argyle diamond mine in Western Australia.

* Melior Resources Inc. units Goondicum Resources Pty. Ltd. and Melior Australia Pty. Ltd. appointed a voluntary administrator after failing to secure funds to continue operations due to the underperforming Goondicum ilmenite mine in Queensland, Australia.

* Stornoway Diamond Corp. applied to the Superior Court of Quebec for creditor protection to allow restructuring. Stornoway also entered a letter of intent allowing Osisko Gold Royalties Ltd. and certain secured creditors to acquire the company's assets, assume its debt and ongoing obligations related to the Renard diamond mine in Quebec.

* The government of Saudi Arabia intends to enrich uranium for its nuclear power program, with a tender to be issued in 2020 for the country's first two nuclear power reactors, Reuters reported, citing Prince Abdulaziz bin Salman.

* Oro Verde Ltd. secured an initial 20% interest in Ugandan company Rwenzori Rare Metals Ltd., which owns the Makuutu rare earths project. The company is earning up to a 60% direct interest in Rwenzori.

* Pensana Metals Ltd. delayed reporting a pre-feasibility study for its Longonjo rare earth project in Angola to mid- to late October, from late September, due to delays in shipping samples for mineralogical studies and metallurgical test work.

INDUSTRY NEWS

* The Brazilian government wants China to increase its investment in the South American nation's mining, oil and logistics industries, Reuters reported, citing Brazil’s Vice President Hamilton Mourao. Chinese President Xi Jinping will visit Brazil in November as the two countries aim to strengthen ties, the report said.

* Finland's new government plans to increase taxes on fossil fuel used for transport, part of an effort to make the country carbon-neutral by 2035, Reuters reported, citing the country's environment ministry.

* Voluntary administrators have been appointed to five subsidiaries of mining contractor Management Resource Solutions PLC in relation to a A$3.2 million debt facility granted by Hermes Capital in May, International Mining reported.

The Daily Dose has an editorial deadline of 7 a.m. Hong Kong time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.