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En+ Group confirms US$1.5B IPO in London, Moscow

Greenhouse gas and gold mines Nearly 1 ton of CO2 emitted per ounce of gold produced in 2019

Essential Metals & Mining Insights - September 2020

Essential Metals & Mining Insights - August 2020

State of the Market: Mining Q2-2020


En+ Group confirms US$1.5B IPO in London, Moscow

TOP NEWS

En+ Group confirms US$1.5B IPO in London, Moscow

En+ Group Ltd., owner of a 48.1% stake in United Co. Rusal Plc, intends to proceed with an initial public offering of global depositary receipts to raise about US$1.5 billion. Each global depositary receipt will represent one common share of the company to be admitted to trading on the main markets of the London Stock Exchange and the Moscow Exchange.

Coeur's Q3 silver, gold production up YOY

Coeur Mining Inc. produced 4.0 million ounces of silver and 93,293 ounces of gold in the third quarter, up 11% and 10%, respectively, on a yearly basis. Metal sales of 3.8 million ounces of silver and 89,972 ounces of gold were in line with third-quarter output.

Earnings from Australia's resource, energy exports tipped to reach record A$211B in FY'17-18

Australia's resource and energy export earnings in fiscal 2016-2017 rose by 27% to A$204 billion and are expected to hit a record A$211 billion in 2017-2018 before falling to A$201 billion in 2018-2019, according to a report by the Department of Industry, Innovation and Science.

DIVERSIFIED

* MorningStar analyst Matthew Hodge recommended that investors cut their stake in BHP Billiton Group and sell Rio Tinto, saying the recent improvement in commodities demand and prices was a cyclical upturn helped by Chinese stimulus in 2016, the Australian Associated Press reported. Hodge added that shares in the mining giants are overvalued because investors are "too optimistic" about future growth in commodities demand.

BASE METALS

* The Chinese government's crackdown on pollution prevented more than 1,000 zinc mines across the country from ramping up production, Metal Bulletin reported, citing sources.

* Ferrum Crescent Ltd. believes that it is possible to develop the Toral zinc-lead asset in Spain for a lower cost than planned and is therefore withdrawing the resolution for seeking shareholder approval at the Oct. 18 annual general meeting for a A$2.7 million fundraising.

* ASX-listed explorers Conico Ltd. and Barra Resources Ltd. are looking for another cashed-up partner for the Mount Thirsty cobalt-nickel joint venture in Western Australia to advance the project to the pre-feasibility study stage as soon as possible.

* Silvermet Inc. shareholders gave a lukewarm assent to a proposed merger with Global Atomic Fuels Corp., voting 56% for the merger and 44% against. The merger brings together Silvermet, a zinc producer that owns a 49% stake in Befesa Silvermet Turkey SL, and Global Atomic, which owns the Adrar Emoles uranium project in Niger.

* Codelco and Antofagasta Plc reported no damage to their operations following a magnitude 5.4 earthquake at Calama in Chile's Antofagasta region, Metal Bulletin wrote.

PRECIOUS METALS

* Gold Fields Ltd. is reviewing its A$100 million annual exploration budget for Western Australia amid the state government's proposal to hike gold royalties by up to 50%, The West Australian reported, citing Stuart Mathews, the company's executive vice president for Australasia.

* Cash-strapped Central Rand Gold Ltd. needs at least US$20 million to continue mining operations and remain listed. The company said its "overall financial position is negative" and it is looking for "urgent financing options."

* Caledonia Mining Corp. Plc reported a 7% year-over-year increase in its gold production for the third quarter at its Blanket Mine in Zimbabwe, to about 14,389 ounces, which is a new quarterly production record. Meanwhile, the company narrowed full-year gold guidance to between 54,000 ounces and 56,000 ounces, compared to the previous range of between 52,000 ounces and 57,000 ounces.

* Exterra Resources Ltd. became a wholly owned subsidiary of Anova Metals Ltd. after its shareholders approved the merger.

* Rockcliff Copper Corp. secured an option over a 100% interest in the Berry Creek gold property in Manitoba.

BULK COMMODITIES

* Ferrexpo Plc produced 2.49 million tonnes of pellets in the third quarter, slipping 1.7% quarter over quarter due to the company's ongoing pellet line maintenance program. All of the company's production came from its own ore during the quarter, compared to 9,960 tonnes produced from third-party materials in the prior quarter.

* Exxaro Resources Ltd. priced a public offering of class A shares of Tronox Ltd. at US$22 apiece, and is now offering 19.5 million shares in the latter compared to 16 million shares previously.

* Russian fertilizer producer PJSC PhosAgro and Saudi Arabian Mining Co. signed a memorandum of understanding that aims to contribute to the sustainable development of the companies and domestic and global food security.

* Seriti Resources Holdings Ltd., the consortium that is close to completing the purchase of Eskom Holdings SOC Ltd.-linked coal mines from Anglo American Plc, also reportedly agreed to buy the New Largo coal project in South Africa. This could allow Seriti to go public, depending on its ability to fund the 20 billion South African rand CapEx required to build the mine, Miningmx wrote. If the transaction goes through, it will mark Anglo American's exit from South African coal production, the report added.

* Roy Hill Holdings Pty Ltd. plans to move to completely autonomous drilling by the second quarter of 2018 as it takes its first step toward potentially becoming a fully automated miner. The Australian iron ore producer already has two drills operating autonomously at the Roy Hill mine in Western Australia's Pilbara region and is working to automate the rest of its fleet.

* Australia's Office of the Chief Economist sees India needing 1 billion tonnes per annum of steel by 2035, which could spur demand for Australian coking coal and iron ore, The Australian reported.

SPECIALTY

* Russian diamond miner PJSC Alrosa has begun restoration works in the flooded Mir mine at its Mirny Division in a process that will take a number of years, company CEO Sergey Ivanov told Interfax. Ivanov went on to say that the loss of the mine will have a negative impact on 2018 production levels but the company has substantial ore stockpiles and other deposits it can use to soften the blow.

* De Beers Consolidated Mines Ltd.'s exploration program is grinding to a halt due to ongoing issues that the miner is experiencing with South Africa's Department of Minerals Resources, Mining Weekly reported. The company is unlikely to continue budgeting between 30 million South African rand and 40 million rand a year for greenfields diamond exploration in the country, with the hold-up of as many as 54 prospecting license applications for as long as two years.

* Taruga Gold Ltd.'s shares were up by over 66% at market close after it announced a binding agreement to acquire up to a 65% interest in a project based in the Democratic Republic of the Congo that is prospective for lithium, tin and tantalite. The project is owned by local company TIEX SA and covers 40.8 square kilometers.

* Plymouth Minerals Ltd. agreed to form an alliance with lithium carbonate producer Shandong Ruifu Lithium Co. of China in relation to Plymouth's San Jose lithium project in Spain. The alliance will have an initial term of 18 months, during which Shandong Ruifu will help Plymouth with the technical aspects of the feasibility study on San Jose and will use feedstock from the project to produce salable, battery-grade lithium products and assist in marketing the products.

* W Resources Plc identified two major customers for about 80% of the company's planned 2,700 tonnes per annum of tungsten concentrate production at its La Parrilla tungsten-tin project in Spain. The company signed a letter of intent with one of the customers and expects to do the same with the other customer shortly.

* Strandline Resources Ltd. is nearing an investment decision for its Fungoni mineral sands project in Tanzania and believes that it could have the operation in production within a year of giving it the green light. A recently completed definitive feasibility study over the Fungoni project pegged a pretax net present value of US$42.9 million, an internal rate of return of 56.2% and a 2.7-year payback period from the start of construction.

* Latin Resources Ltd. secured the first option to exclusively acquire the license of a patented spodumene-to-lithium carbonate technology from the National University of Cuyo in Mendoza, Argentina, for commercial use and exploitation in Argentina, Australia, China, Canada and the U.S.

* New York Gov. Andrew Cuomo granted US$13.3 million in funding for the first stage of Magnis Resources Ltd.'s New York State Lithium-ion Gigafactory in upstate New York. A global consortium, of which the ASX-listed company owns a third, is developing a 15-GWh battery plant with Magnis to supply the anode materials and the technologies for the plant.

INDUSTRY NEWS

* BMI Research forecasts Mexico's mining industry value to average 3% year-over-year growth over 2017 to 2021, driven by a strong pipeline of projects, competitive costs, supportive policies and rising metals prices, Mining.com reported. From US$15.7 billion in 2016, the industry value will reach US$17.8 billion by 2020, according to the report.

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