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Votorantim unit targeting up to US$651M in New York, Toronto IPO

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


Votorantim unit targeting up to US$651M in New York, Toronto IPO

TOP NEWS

Votorantim unit targeting up to US$651M in New York, Toronto IPO

Nexa Resources SA, formerly Votorantim Metais Holding SA, and its controlling shareholder are targeting to raise between US$576 million and US$651 million in an IPO in New York and Toronto, Reuters reported. Parent company Votorantim SA will sell 10.5 million common shares, while Nexa will sell some 20.5 million new shares, according to a U.S. SEC filing.

MMK Q3 crude steel production, finished steel product shipments up QOQ

PJSC Magnitogorsk Iron & Steel Works' crude steel production in the third quarter rose 4.4% quarter over quarter to 3.3 million tonnes due to the overall steelmaking capacity utilization at its main site amounting to approximately 95% for the period. Finished steel product shipments increased by 10.2% to 3.2 million tonnes, while coal concentrate production dipped by 5.9% to 658,000 tonnes.

Alrosa sells US$3.36B of diamonds in first nine months of FY'17

PJSC Alrosa's sales of rough and polished diamonds totaled US$3.36 billion in the January to September period, including US$3.29 billion of rough diamond sales and US$68.1 million of polished diamonds. In September, meanwhile, the company sold US$309.7 million worth of rough and polished diamonds, including US$305.8 million of rough diamonds and US$3.9 million polished diamonds.

DIVERSIFIED

* Australian Foundation Investment Co., one of BHP Billiton Group's largest Australian shareholders, said Chairman Ken MacKenzie must be given time to do what he wants to do to put his imprint on the company, The Australian Financial Review reported. This comes amid reports that activist shareholder Elliott is renewing a push for a shakeup at the mining major.

BASE METALS

* For the nine-month period that ended Sept. 30, Nickel Asia Corp.'s estimated value of shipments rose by 16% to 11.65 billion Philippine pesos. The increase is mainly due to higher prices for its nickel ore sales combined with a weaker peso exchange rate.

* KGHM Polska Miedz SA CEO Radoslaw Domagalski-Labedzki said the miner would like to pay out a dividend from its 2017 profit, Reuters reported.

* New Century Resources Ltd. secured a US$45 million debt facility with resources fund Sprott Resource Lending, with the proceeds earmarked to fund the restart of the company's Century zinc mine in Queensland, Australia.

* Red River Resources Ltd. delivered the first zinc concentrate from its Thalanga mine in Queensland, Australia, one month after the start of concentrate production.

PRECIOUS METALS

* Barrick Gold Corp. is on the third phase of the feasibility study to overhaul the suspended Pascua Lama open-pit gold project into an underground operation, Pulso reported, citing CEO Kelvin Dushnisky. The executive said that the revised plan will help in obtaining approvals from communities on both sides of the project located along the Chile-Argentina border.

* Tharisa Plc CEO Phoevos Pouroulis said the company is "looking favorably" on a "generous" dividend at year's end, Miningmx reported. This comes as the company posted record chrome output for the year of 1.3 million tonnes, a 7% year-over-year increase, with platinum group production rising 8.3% to 143,600 ounces.

* An updated mineral resource for Avesoro Resources Inc.'s New Liberty gold mine in Liberia estimated 985,000 ounces of gold contained in 9.6 million tonnes grading 3.2 g/t of gold in the combined measured and indicated categories. Proven and probable mineral reserves, meanwhile, are estimated at 717,000 ounces of gold contained in 7.4 million tonnes grading 3.03 g/t of gold.

* Polymetal International Plc's ore reserves in the proved and probable categories at the Komar gold deposit in Kazakhstan increased to 1.4 million ounces of gold contained in 24.1 million tonnes grading 1.8 g/t of gold, reflecting an increase of 57% and 60% in contained gold and resource tonnes, respectively.

* Altus Strategies Plc signed a nonbinding letter of intent to acquire Legend Gold Corp. in an all-share deal that values the target at C$5.7 million. Legend Gold holds a portfolio of gold prospects in Mali.

* Northern Vertex Mining Corp.'s preliminary economic assessment at its Moss gold-silver mine in Arizona pegged a posttax net present value, discounted at 5%, of US$93.0 million, a 52.5% internal rate of return and a 27-month payback period. The study uses a base case gold price of US$1,250 per ounce and a silver price of US$20 per ounce. Gold production from the project is estimated at 313,150 troy ounces during its 10-year life.

* Castle Minerals Ltd. secured the rights to acquire an 80% interest in two gold prospective exploration licenses in Western Australia.

* Montezuma Mining Co. Ltd. agreed to sell tenement E38/2889 to Gold Road (North Yamarna) Pty Ltd. for A$150,000 in cash. Gold Road will also pay A$7.50 to Montezuma for each resource ounce on future discoveries within the area covered by the tenement.

* Jindalee Resources Ltd. is set to be granted the exploration license application E28/2708, covering its Yindi gold project in Western Australia.

* An updated mineral resource estimate for Jangada Mines Plc's Pedra Branca platinum group metals project in Brazil showed increases of 35% and 74%, respectively, in measured and indicated resources. The project now hosts a JORC-compliant resource of about 1 million ounces of PGM plus gold at 2.46 g/t of palladium equivalent, 109 million pounds of nickel, 23 million pounds of copper, 6.4 million pounds of cobalt and 670,000 tonnes of chromium.

* Integra Resources Corp. outlined a maiden resource estimate for the DeLamar gold project in Idaho that it is acquiring from Kinross Gold Corp. The inferred resource is 117.9 million tonnes grading 0.41 g/t of gold and 24.34 g/t of silver at a cutoff grade of 0.3 g/t of gold equivalent. The project hosts an estimated 1.6 million ounces of gold and 91.9 million ounces of silver.

* Japan Gold Corp. added the Tobaru and Ohra-Takamine projects to its epithermal gold exploration portfolio in Japan. The projects, which comprise nine applications over 3,028 hectares collectively, expand the company’s portfolio to around 69,505 hectares over 17 separate projects.

* Monarques Gold Corp. signed a custom milling contract to process 50,000 to 55,000 tonnes of ore from Eldorado Gold Corp.'s Quebec-based Lamaque gold mine at its Camflo mill until Dec. 31. The contract can be extended by mutual agreement.

* The Chamber of Minerals and Energy of Western Australia has spent more than A$500,000 to oppose the state government's proposed gold royalty increase, The West Australian reported.

BULK COMMODITIES

* Russian tycoons Mikhail Prokhorov and Viktor Vekselberg are selling a 3% interest in United Co. Rusal Plc, with Prokhorov offering a 0.7% stake and Vekselberg offering a 2.3% stake, said Reuters, citing one of the businessmen's bookrunners. The report valued the 3% stake at US$341 million, based on the HK$5.84 closing price of Rusal shares on Oct. 10.

* Coal India Ltd. signed a five-year national wage agreement with worker unions, granting wage hikes to the state-owned company's 298,000 workers. The increase will cost Coal India 56.67 billion Indian rupees per annum, will apply retroactively from July and will be effective until the end of June 2021.

* Iron ore prices fell below US$60 per tonne due to concerns of demand shortages as a result of China's crackdown on polluting steel plants, The Financial Times reported.

* Bowen Coking Coal Ltd. commenced trading on the ASX following the completion of a reverse takeover of Cabral Resources Ltd. by Cape Coal Pty Ltd. The company raised A$4.6 million, for a market capitalization of about A$10.8 million.

* For the nine months that ended Sept. 30, China Coal Energy Co. Ltd. expects its net profit to jump between 150% and 190% on a yearly basis.

* Eastern Iron Ltd. was granted a 55-square-kilometer exploration license EL006183, part of its Nowa Nowa iron ore project in Victoria, Australia. The license allows the company to further explore the copper-gold potential of the property.

* Japan's Ministry of Economy, Trade and Industry told Kobe Steel Ltd. to look into whether there were any illegal proceedings, after the company announced that a portion of its products had been falsely labeled to meet customer specifications, Reuters reported, citing a ministry official.

* Domestic steel consumption in India is expected to accelerate from 2020 to 2030, amid a spike in infrastructure building that is projected to more than double the capacity of the country's mills, Bloomberg News reported, citing the country's steel secretary Aruna Sharma.

SPECIALTY

* Western Australian Premier Mark McGowan introduced legislation to vary the Mineral Sands (Cooljarloo) Mining and Processing Agreement Act of 1988 and allow Tronox Ltd. subsidiary Tronox Management Pty Ltd. to pursue new sources of feedstock for its Muchea and Kwinana processing facilities from tenements currently not covered by the state agreement. This will potentially lead to the development of two new mines at Dongara and Cooljarloo West, generating about A$220 million in new CapEx and 110 construction jobs.

* Diamcor Mining Inc. raised about US$1.3 million from the sale of 7,771.13 carats of rough diamonds recovered from its Krone-Endora at Venetia project in South Africa during the quarter that ended Sept. 30. The diamonds were sold at an average price of US$171.70 per carat.

* Stornoway Diamond Corp. produced 442,154 carats from the processing of 506,381 tonnes of ore at the Renard diamond mine in the third quarter, compared to a plan of producing 422,475 carats from processing 540,000 tonnes of ore. The company raised C$51.6 million from 438,632 carats sold in two sales at an average price of US$94 per carat during the period.

* An updated resource estimate for Hastings Technology Metals Ltd.'s Yangibana project in Western Australia pegged total resources at 20.6 million tonnes at 1.18% total rare earths oxide.

INDUSTRY NEWS

* BlueScope Steel Ltd. CEO Paul O'Malley called for the Australian government to enact a 10-year energy transition policy to address issues on energy prices and reliability, The Australian reported. "Australia can’t afford to focus only on future initiatives and possibilities, — the Finkel recommendations, renewables-only, the future smart technologies — because they aren't here yet," O'Malley said.

* A panel of business leaders urged U.S. trade officials to deeply probe the Chinese trade practices currently under investigation by the Trump administration to determine whether they are infringing upon the protection of U.S. intellectual property and technologies and harming U.S. companies. The Trump administration launched a "Section 301" investigation into Chinese trade practices in August, seeking to determine whether Chinese laws, policies and practices discriminate against U.S. companies and "burden or restrict U.S. commerce."

* IG Metall, said to be Germany's largest trade union, is demanding shorter working hours and a 6% wage hike for nearly 4.0 million workers it represents in the country's metals and electrical sectors, Reuters reported, citing union head Joerg Hofmann.

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