trending Market Intelligence /marketintelligence/en/news-insights/trending/LgQQmUl7Fwv0IHMZSXD3_g2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Queensland Nickel administrator refers Clive Palmer to regulator; ArcelorMittal to buy back bonds worth over US$3.0B; Uralkali swings to US$184M FY'15 net profit

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


Queensland Nickel administrator refers Clive Palmer to regulator; ArcelorMittal to buy back bonds worth over US$3.0B; Uralkali swings to US$184M FY'15 net profit

TOP NEWS

QueenslandNickel administrator refers 'shadow director' Clive Palmer to regulator

FTI Consulting, the administrator of , said ClivePalmer acted as shadowdirector of the mothballed refinery despite resigning as a director in February2015 and referred the politician to the ASIC, The Australian Financial Review reported. In its report, FTI Consultingfound that Queensland Nickel made a number of "uncommercial" transactions— including A$224 million siphoned off from the refinery to Palmer's other interests,including his political party — that could be recovered by a liquidator.

ArcelorMittal to buy back over US$3.0 billion worth of bonds

a tender offer to purchase all ofits outstanding US$1.50 billion 6.125% notes, due 2018. Concurrently, the companyinvited offers to sell all bonds in relation to its €1.0 billion 4.625% notes, dueNov. 17, 2017, and €500.0 million 4.50% Notes due March 29, 2018.

Uralkali back in black for FY'15 with US$184M net profit

in 2015, buoyed by a higherEBITDA margin and drop in cash costs, but weaker demand for potash fertilizers anda drop in output weighed on the company's bottom line. Net profit amounted to US$184million for the full year, compared to a loss of US$631 million for 2014.

DIVERSIFIED

* 's US$2.25 billion notes duein 2022 have jumped25% since the start of February amid a recovery in iron prices to top rivals and in the bond market, BloombergNews reported.

BASE METALS

* FTI Consulting, the administrator of , said ClivePalmer acted as shadowdirector of the mothballed refinery despite resigning as a director in February2015 and referred the politician to the ASIC, The Australian Financial Review reported. In its report, FTI Consultingfound that Queensland Nickel made a number of "uncommercial" transactions— including A$224 million siphoned off from the refinery to Palmer's other interests,including his political party — that could be recovered by a liquidator.

* JinduichengMolybdenum Co. Ltd. produced42,025 tonnes of molybdenum concentrates in 2015, up 7.19% from a year ago. Thecompany did not propose a dividend for 2015, as it needs to "speed up adjustmentin product mix and facility upgrade." This compared to an annual dividend of40 fen per 10 shares in 2014.

* PanAustLtd. Managing Director Fred Hess said the miner has "greater financialcapacity" after being acquired Guangdong Rising Asset Management in 2015 andis keenon buying copper assets while prices are low, The Australian Financial Review reported. Hess, however, said they haveyet to find one asset that gets the company excited.

* Anglo AmericanPlc confirmedthat a rescue helicopter fell near its Los Bronces copper project in Chile on route to rescue acompany worker trapped inside the mine on the afternoon of April 4. Four peoplewere injured as a result of the crash.

* TasekoMines Ltd. entered into an agreement to defer up to 75% of power costs for the Gibraltar copper mine in British Columbia, retroactiveto March 1.

* 's net profitfrom continuing operations droppedto US$22.4 million in 2015 from US$59.7 million a year ago. The company sold 11,750tonnes of copper cathode, compared to 10,687 tonnes in the prior year, as part ofits off-take arrangements with Traxys at Kounrad in Kazakhstan and a further 290tonnes locally, compared to 476 tonnes a year ago.

* agreed to its 94.75% interest in , which owns the company'sKarchiga copper-gold-zincproject in Kazakhstan, for an initial US$7.75 million, plus deferred considerationof up to US$2 million.

PRECIOUS METALS

* NewcrestMining Ltd. recommencedmining at the Toguracigold mine, part of the Gosowongoperation on Halmahera Island in Indonesia. Mining was suspended at Gosowong followinga geotechnical event in early February that trapped one worker 300 meters undergroundin the Kencana mine. The worker spent eight days underground before being rescued.

* Mariana ResourcesLtd. withdrewfrom its earn-in agreement with SuminResources Ltd. for the Nassaugold project in Suriname, citing lower than expected results and milestones achieved."Mariana has earned a direct interest of 10.2% in the Nassau gold project throughexploration expenditures to date, and will monitor any progress made by Sumin onthe property and maintain this interest as warranted," said Mariana CEO GlenParsons.

* GreatThunder Gold Corp. said it will securefull ownership of the 2,114-hectare BRXgold property in British Columbia by purchasing the 50% interest from its jointventure partner, Levon Resources Ltd.The company would issue 3.0 million shares and grant a 2.5% net smelter returnsroyalty, 60% of which can be bought back for US$750,000.

* The syndicate of underwriters for 's bought dealpublic offering to raise about US$550 million would exercise their over-allotmentoption in full, increasingthe gross proceeds by a further US$82.5 million. The company would now raise totalgross proceeds of US$632.5 million with the issue of an additional 4,970,250 commonshares at US$16.60 per share.

* HunanGold Corp. Ltd. expectedto post a net loss attributable to shareholders of between 1 million Chinese yuanand 10 million yuan in the first quarter, which is lower than its previous estimateof between 20 million yuan and 30 million yuan. The improvement was due to betterthan expected sale prices and volumes of gold and antimony in the first quarter.

* GoldenBand Resources Inc. said its senior secured lender, , for the payment by April 18 of allamounts due and owed totaling C$19.6 million, exclusive of professional fees andcosts. The company also received from the lender a Notice of Intention to EnforceSecurity under Canada's Bankruptcy and Insolvency Act.

* 308,000 ounces of gold, 1.93 millionounces of silver and 26.0 million pounds of copper in the first quarter of 2016,according to preliminary figures. It upped its consolidated gold production guidanceby 30,000 ounces, 85,000 ounces and 104,000 ounces in 2016, 2017 and 2018, respectively,as a result of its RDM acquisition.

* entered intoan agreement with Franco-Nevada Corp.under which the companies have agreed to createa new 2.65% royalty covering all of NewCastle's Castle Mountain gold project claims in California, in exchangefor approximately C$2.2 million.

* A workerwas fatally injured in a fall of ground accidentat Harmony Gold Mining Co. Ltd.'sKusasalethu goldproject in South Africa. The company has suspended activities on the level wherethe incident occurred and investigations are ongoing.

BULK COMMODITIES

* a tender offer to purchase all ofits outstanding US$1.50 billion 6.125% notes, due 2018. Concurrently, the companyinvited offers to sell all bonds in relation to its €1.0 billion 4.625% notes, dueNov. 17, 2017, and €500.0 million 4.50% notes due March 29, 2018.

* in 2015, buoyed by a higherEBITDA margin and drop in cash costs, but weaker demand for potash fertilizers anda drop in output weighed on the company's bottom line. Net profit amounted to US$184million for the full year, compared to a loss of US$631 million for 2014.

* PAO Severstalposteda 2% year-over-year decrease in crude steel production to 2.91 million tonnes inthe first quarter, while hot metal production inched up 2% to 2.35 million tonnes.Consolidated steel products sales slipped 4% to 2.45 million tonnes, with salesfor Russian Steel products also decreasing by 4% to 2.46 million tonnes.

* 's net income during thefirst quarter amountedto US$16 million, compared with the net income of US$195 million in the same periodin 2015. Revenue slid 15% year over year to US$4.95 billion largely as a resultof continued low alumina and aluminum prices, foreign exchange impacts and divested,curtailed or closed operations. First-quarter net income was also impacted by US$92million worth of special items including restructure-related costs of US$63 million,of which about 75% was noncash.

* New World ResourcesPlc produced1.87 million tonnes of coking and thermal coal in the first quarter. It sold 1.12million tonnes of coking coal and 805,000 tonnes of thermal coal priced at €76 pertonne and €47 per tonne, respectively.

* A BrazilianFederal Court judge dismisseda class action that challenged the ownership of several properties of inVolta Redonda, Rio de Janeiro, Valor Econômico reported. The action aimed at returningthese properties to the federal government, said the company in a statement.

* Valeaims at overtakingits Australian competitors and become the largest supplier of iron ore from China,Valor Econômico reported, citing a statement by CEO Murilo Ferreira to Chinese newsagency Caixin. Currently, the company is the third-largest supplier after Rio Tintoand BHP Billiton Group. By reaching agreements with Chinese ship owners and settingup a distribution center in China, Vale aims to reach 250 million tonnes of annualsupply, an increase of 38.9%.

* TheIndian government said it will onlyallow the merger of Cairn IndiaLtd. with Vedanta Ltd.once Cairn's tax liability of 102.5 million Indian rupees is settled, the PressTrust of India reported.

* 's unit signed an agreementto sell its Long Products Europe business to Greybull Capital for a "" — a movethat could save the business' 4,800 employees. No price for the sale was disclosedbut the company said the buyer would take on the whole business, including its assetsand liabilities, and would secure an appropriate funding package.

* 's recently appointedadministrator Grant Thornton is set to be ousted from the position in a court hearingin Sydney and would be replacedby KordaMentha, The Australian Financial Reviewreported.

* plans to investabout 1 billion Brazilian reais to expand its Rio Grande plant in Brazil to doublethe facility's current 800,000 tonnes per annum fertilizer production and blendingcapacity, Business News Americas reported.

* Thetotal mineral resource at Kibo MiningPlc's Mbeyacoal project in Tanzania increased10.42% over the previous estimate to 120.8 million tonnes. The coal resource wasreclassified into measured resources of 20.9 million tonnes, indicated resourcesof 88.6 million tonnes and inferred resources of 11.28 million tonnes.

* Accordingto Mining Weekly, India is likely to endits potash "importholiday" earlier on the back of an expected rise in agricultural sowing.Government officials said potash import negotiations would need to start earlierthan June as India expects to see favorable monsoon rains, ending two consecutivedroughts.

SPECIALTY

* SayonaMining Ltd. continued to advanceits lithium exploration portfolio with a new application of 140 square kilometersat Cooglegong, covering the northern part of the Shaw River tin field in WesternAustralia's Pilbara district. The company's Pilbara lithium project now covers sixtenements covering 764 square kilometers.

* TheNew South Wales government has given a green light to Iluka Resources Ltd.'s A$680 million mineral sands mine inthe Balranald region. The mine is expectedto produce 500,000 tonnes of heavy mineral concentrate and 600,000 tonnesof ilmenite on an annual basis for the next 15 years.

* recoveredmore large special and fancy-colored diamonds from trial mining of the E46 alluvialterraces at the Luloproject in Angola.

* SouthAfrica's Department of Water and Sanitation has approved DiamcorMining Inc.'s water use license application to support long-term diamondmining operations at the company's Krone-Endoraat Venetia project in the country's Limpopo province.

INDUSTRY NEWS

* CivilAustralia Holdings — a coal contractor to mining giants BHP and Anglo American —is set to be wound up, with a court hearing into the process scheduled for April22, The Sydney Morning Herald wrote. Thecontractor is the latest casualty in the struggling resources services sector, witha union official referring to the situation as an indication of the "wafer-thin"profit margins in the Australian coal sector.

* GeoscienceBC launched a sampling program of coniferous tree tops to assess the geology andmineral potential of a 24,000-square-kilometer swath of central British Columbia,Mining Weekly reported.

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