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Newmont outlines improved FY'18, long-term production, cost guidance

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Newmont outlines improved FY'18, long-term production, cost guidance

TOP NEWS

Newmont outlines improved FY'18, long-term production, cost guidance

Newmont Mining Corp. released improved gold production and all-in sustaining cost guidance for 2018 to 2020. For 2018, the company expects attributable gold production to increase to between 4.9 million and 5.4 million ounces and all-in sustaining costs of between US$965/oz and US$1,025/oz, compared to to previous guidance of between 4.7 million and 5.2 million ounces and all-in sustaining costs of between US$950/oz and US$1,050/oz. Production is expected to remain between 4.9 million and 5.4 million ounces in 2019, and stabilize at between 4.6 million and 5.1 million ounces per year through 2022, excluding development projects which have yet to be approved.

Vale to lift iron ore pellet output, cut nickel production in 2018

On the back of strong market demand, Vale SA is targeting to boost its iron ore pellet production to around 55 million tonnes in 2018, from 50 million tonnes this year, Metal Bulletin reported, citing Vale's ferrous minerals and coal executive director Peter Poppinga. Meanwhile, the company reduced its 2018 nickel output forecast by 15% to 263,000 tonnes, Reuters reported.

Harmony to tap shareholders to raise US$100M for Moab Khotsong acquisition

Harmony Gold Mining Co. Ltd. plans to tap shareholders to raise around US$100 million to partially fund the US$300 million purchase of the Moab Khotsong gold-uranium mine in South Africa from AngloGold Ashanti Ltd., Miningmx reported. The company will consider a private share placement or a rights issue to raise the funds.

BASE METALS

* Aston Bay Holdings Ltd. released an initial resource estimate for the Seal zinc deposit, which forms part of its namesake property in Nunavut territory, Canada, along with the Storm copper deposit 30 kilometers to the east. Seal hosts inferred resources of 1 million tonnes grading 10.24% zinc and 46.5 g/t of silver, or 11.44% zinc equivalent, for 103,061 tonnes of zinc and 1.5 million ounces of silver.

* The Tanzania-Zambia Railway Authority indefinitely suspended train services, including copper transportation, after unionized employees in Zambia went on strike, demanding payment of salaries for October and November, Reuters reported. Separately, the Zambian government lifted the ban on night driving for truckers after mining companies said the measure affected their commercial activities. According to Reuters, the ban, which was imposed in 2016, will remain enforced for public transport.

* Ishine International Resources Ltd. entered into an option to acquire Superior Mining Pty. Ltd., which holds a 70% initial indirect interest in the past-producing Pick Lake zinc project in northwest Ontario.

* Riva Resources Ltd. entered into a binding agreement to acquire 100% of the Hylea cobalt-nickel-platinum-scandium project in New South Wales, Australia, from Providence Metals Pty. Ltd.

PRECIOUS METALS

* Hochschild Mining Plc will redeem US$294.8 million of 7.750% bonds due 2021, with settlement expected Jan. 23, 2018. The company will pay US$103.875 per US$100 principal amount for a total payment of US$306.2 million.

* Stratex International Plc unit Thani Stratex Resources Ltd. completed an initial resource estimate for its Anbat gold project in Egypt. The project hosts inferred resources of 5.9 million tonnes grading 1.11 g/t for 209,000 ounces of gold within a pit-optimization scenario and using a gold price of US$1,500/oz.

* Belo Sun Mining Corp. said that a Brazilian Federal Court of Appeals in the federal capital of Brasilia upheld the suspension of the construction license for the company's Volta Grande gold property, with the publication of written details pending.

* GV Gold may buy the Kamchatka gold mine in Russia from Renova Group for an estimated US$500 million, Vedomosti reported.

BULK COMMODITIES

* Vale expects EBITDA from its ferrous minerals operations to rise by US$1.20 billion to US$2.00 billion by 2020, translating into an increase of between US$3 and US$5 per tonne, to between US$41 and US$45 per tonne in 2020 from US$38 per tonne this year, as part of the company's focus on improved competitiveness, Metal Bulletin reported.

* Data from the Pilbara Ports Authority showed that iron ore shipments from Australia's Port Hedland stood at 41.3 million tonnes, flat year over year.

* ArcelorMittal restarted operations at the blast furnace No. 2 at its steelmaking plant in Bremen, Germany, after two months of modernization, Metal Bulletin wrote.

* Adani Enterprises Ltd. said it was still committed to the Carmichael coal mine in Queensland despite hopes fading on Chinese financing and the Queensland government's planned veto of any loan from the Northern Australia Infrastructure Facility, The Australian Financial Review reported.

* National Mineral Development Corp. Ltd. is planning to increase its iron ore mining capacity by 19% to 67 million tonnes by 2022, The Hindu reported, citing Managing Director N. Baijendra Kumar. He added that the company was likely to ink a memorandum of understanding with Masan Resources January 2018 to acquire a minority stake in a tungsten mine in Vietnam.

* The U.S. Commerce Department announced plans to impose import duties on certain steel products from Vietnam that originate from China, to curb evasion of existing antidumping and countervailing duty orders on corrosion-resistant and certain cold-rolled steel products.

* Additionally the department increased antidumping duties on South Korean steel imports to 40.8%, from the 10.09% announced in October, after adjusting the South Korean won to U.S. dollar exchange rate, The Korea Times reported.

SPECIALTY

* POZ Minerals Ltd. secured a second native title mining agreement for its Blina diamond project area in Western Australia's West Kimberley region. The mining agreement was signed with Warrwa Combined Native Title Group, the traditional owners of the northern part of the Blina project area.

* Advantage Lithium Corp. and Nevada Sunrise Gold Corp. completed the sale of the Clayton Northeast and Triton lithium projects in Nevada to Pure Energy Minerals Ltd.

* Force Commodities Ltd.'s share price jumped by 80% on the ASX on Dec. 6 after the company executed a binding heads of agreement with Mining Mineral Resources SPRL to establish a new lithium-focused joint venture dubbed the Kanuka lithium project. Force Commodities will have a 51% interest in the joint venture, which will be focused on two contiguous licenses in the Democratic Republic of the Congo.

* Prospect Resources Ltd. announced a 70% increase in reserves tonnage at the Arcadia lithium deposit in Zimbabwe, to 26.9 million tonnes at 1.31% lithium oxide and 128 parts per million of tantalum pentoxide. The updated reserves contain 868,000 tonnes of lithium carbonate equivalent.

* Cougar Metals NL will seek arbitration over the recent default notice from DNI Metals Inc. concerning the March earn-in agreement under which Cougar was earning a 50% stake in the Toamasina, or Vohitsara, graphite project in Madagascar.

INDUSTRY NEWS

* BHP Billiton Group CEO Andrew Mackenzie highlighted the role of technology in the mining sector in a speech at the Melbourne Mining Club, Mining Weekly reported. "Technology lays the foundations for world-class manufacturing systems. These are the systems that cause people to work smarter and be more connected, that create more employment that shield our people from dangerous situations and make them safer and healthier," Mackenzie said.

* Reuters reported that Barrick Gold Corp. is looking to hire artificial intelligence experts to manage projects that use technology for various activities, from exploration to robot-controlled mining.

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.