TOP NEWS
Fortescue's FY'19 profit surges 263%; dividend up 5x
Fortescue Metals Group Ltd. fiscal 2019 net profit surged 263% to a record US$3.19 billion, or US$1.03 per share, on the strength of iron ore prices earlier this year. The Australian iron ore major declared a fully franked final dividend of 24 Australian cents per share. This brought its full-year dividend to A$1.14 per share, ballooning nearly five-fold from the year-ago dividend of 23 cents per share.
China to strike back at US with tariffs on US$75B of imports
China's State Council Tariff Commission will impose 5% to 10% of tariffs on about US$75 billion of U.S. imports in two batches, effective Sept. 1 and Dec. 15, paralleling with the dates set by the U.S. to impose latest tariffs on US$300 billion of Chinese imports.
China Shenhua's H1'19 profit slips on lower coal sales
China Shenhua Energy Co. Ltd.'s attributable net profit in the first half slipped 1.1% to 24.24 billion Chinese yuan, or 1.22 yuan per share, from the year-ago 24.52 billion yuan, or 1.23 yuan per share. Revenue dropped 8.6% to 116.37 billion yuan as EBITDA fell 8.9% to 47.62 billion yuan.
BASE METALS
* The price of nickel has shot up more than 50% since the beginning of the year and exceeded US$16,000 per tonne in early August, but the industry in Russia remains dominated by Arctic behemoth PJSC Norilsk Nickel Co., with only two other significant projects on the horizon, according to an exclusive S&P Global Market Intelligence report.
* Southern Copper Corp. may consider a review of its US$300 million development budget for the Tia Maria copper project in Peru following the Peruvian government's recent suspension of the company's construction permit, Mining.com reported.
* Trafigura Investment (China) Co. Ltd. lodged a winning bid of 370.6 million Chinese yuan for 9,331.86 tonnes of refined copper in an auction by the Qingdao Intermediate People's Court in China, Reuters reported, citing JD.com.
* S&P Global Market Intelligence calculates that mined zinc production rose globally by 3.9% to 3.4 million tonnes in the June quarter, from 3.2 Mt in the same period of 2018.
* Chilean copper output gained 0.1% year over year in the June quarter to 1.4 million tonnes, while first half output declined 2.5% year over year to 2.8 Mt, according to Metals and Mining Research at S&P Global Market Intelligence.
* Rafaella Resources Ltd. started work to deliver a feasibility study for the Santa Comba tin-tungsten project in Spain, which it acquired in May.
* Mincor Resources NL said an updated estimate for the Cassini nickel deposit at the Kambalda project in Western Australia resulted in a 33% higher indicated and inferred resource of 37,800 tonnes of nickel contained in 985,000 tonnes grading 3.8% nickel.
* Jervois Mining Ltd. started trading on the OTCQB Venture Market in the U.S. under the symbol JRVMF.
PRECIOUS METALS
* Sibanye Gold Ltd. received a favorable ruling from Delaware's Court of Chancery in the U.S. in a dispute with dissenting shareholders of Stillwater Mining Co. over Sibanye's acquisition of Stillwater for US$18 per share.
* Barrick Gold Corp. plans to invest US$34 million to prolong the mine life of its Veladero gold joint venture with Shandong Gold Mining Co. Ltd. in Argentina until 2028, Mining.com reported, citing CEO Mark Bristow.
* Zhaojin Mining Industry Co. Ltd. targets doubling its 650,000-tonne-per-year gold output as early as 2024 through overseas acquisitions valued at below US$500 million, Reuters reported, citing the miner's Zhaojin International Mining Co. unit's Managing Director Leo Zhao.
* Ramelius Resources Ltd.'s fiscal 2019 profit dropped 29% to A$21.8 million due to higher operating costs driven by lower grades at the Mount Magnet and Vivien gold mines in Western Australia.
* Duketon Mining Ltd. entered a binding agreement to sell a package of gold tenements from its namesake project in Western Australia to Regis Resources Ltd. for A$25 million.
* Talisman Mining Ltd. secured an option to acquire up to 70% of the Lucknow gold project in New South Wales, Australia, by spending at least A$1.5 million on exploration over four years and issuing A$250,000 in shares to Lucknow Gold Ltd.
* Arrow Minerals Ltd. completed the acquisition of Boromo Gold Ltd. and its six gold exploration projects in Burkina Faso.
* Newmont Goldcorp Corp. said holders of US$575.3 million, or 95.89%, of its 5.875% notes due 2035 have consented to amendments to the note's terms, releasing Nevada Gold Mines LLC, as guarantor.
* Magmatic Resources Ltd. reached a deal to fast track development of the North Iron Cap gold project in Western Australia on a 50/50 basis with project owner Blue Cap Mining Pty. Ltd.
* RNC Minerals started mining at its Baloo Stage I open pit that will supply the processing plant at its Higginsville gold operation in Western Australia with about 30,000 tonnes per month of material.
* Great Southern Mining Ltd. completed the acquisition the Cox's Find gold project in Western Australia.
* Cullen Resources Ltd.'s Cullen Exploration Pty. Ltd. unit made applications for two contiguous tenements, covering about 350 square kilometers, in Western Australia.
* An updated resource estimate for the Horse Well gold joint venture in Western Australia between Alloy Resources Ltd. and Silver Lake Resources Ltd. outlined a total inferred resource of 257,000 ounces of gold contained in 5.72 million tonnes grading 1.4 g/t gold.
* Platinex Inc. canceled its plan to exit mining and acquire cannabis firm InLove Corp. due to market conditions. The company now wants to focus advancing its mining assets, including the Shining Tree gold property in Ontario.
BULK COMMODITIES
* En+ Group IPJSC revised its previously announced first half earnings upward after recognizing the positive impact of subsidiary Norilsk Nickel's own financial results. For the first half, En+ recorded a yearly decrease in first half net profit to US$863 million, or 91.5 cents per share, from US$1.04 billion, or 93.3 cents per share.
* A group owned by Russian telecommunications magnate Albert Avdolyan is looking to acquire a 49% stake in the Elga coal project in Russia from Gazprombank OJSC, Reuters reported.
* U.S. Steel Corp. is planning to shut down its East Chicago tin plant in Indiana by mid-November as looks to consolidate till mill operations in the U.S., Reuters reported. The move, which will put about 150 jobs at risk, was announced less than a week after the steelmaker said it intends to temporarily lay off less than 200 workers following a decision to stop production at its Great Lakes operation in Michigan.
* Rescuers are trying to find a worker who was buried alive following a wall collapse at OM Holdings Ltd.'s Bootu Creek manganese mine in Australia's Northern Territory, the Australian Associated Press reported.
* OM Holdings unit OM (Manganese) Ltd. will proceed to form a 70/30 joint venture with Bryah Resources Ltd. over the manganese rights at the latter's Bryah Basin project in Western Australia.
* Canada will implement measures to prevent the transshipment of aluminum into the U.S. following the removal of tariffs by the U.S. on imports of aluminum and steel from Canada, Fastmarkets MB wrote.
SPECIALTY
* Lynas Corp. Ltd. may have to build its own chemicals plant in Western Australia or engage former suitor Wesfarmers Ltd. to supply sulfuric acid and other chemicals to be used for its planned cracking and leaching plant in the state, one of the conditions under its renewed operating license for the Gebeng rare earths processing plant in Malaysia, The Australian Financial Review reported.
* MP Materials is moving to revive its mothballed refining equipment at its Mountain Pass rare earths mine in California after China raised its tariffs on U.S. rare earths imports for refining, Reuters reported.
* China's exports of rare earth magnets to the U.S. totaled 447 tonnes in July, rebounding 8% from June and up about 26% yearly, Reuters reported, citing customs data.
INDUSTRY NEWS
* ASX-listed explorers and producers in Mali say the country's new mining code announced Aug. 21, which will reduce the "stability period" under which investments are protected from changes in the country's fiscal or customs regimes, will not materially impact companies that already have mining or even exploration permits granted under the prior 2012 code, according to an exclusive S&P Global Market Intelligence report.
* Macmahon Holdings Ltd. delayed the release of its full-year financial results as it is still concluding negotiations with Newcrest Mining Ltd. over its contract at the Telfer gold mine in Western Australia, The Australian reported.
* China will increase tariffs on imports of copper and aluminum scraps from the U.S. by 5%, Reuters reported, citing a list by the Chinese finance ministry.
* A federal appeals court handed environmental groups a victory by ordering the U.S. Environmental Protection Agency to reconsider its secondary 2015 ozone standard aimed at preventing damage to plants and animals.
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