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In This List

Barrick's Q3'19 gold output rises; Pangaea Investment ups First Quantum stake

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


Barrick's Q3'19 gold output rises; Pangaea Investment ups First Quantum stake

TOP NEWS

Barrick Gold's Q3'19 gold output, sales rise YOY

Barrick Gold Corp.'s third-quarter gold output rose to 1.31 million ounces, from 1.15 Moz in 2018, and sales climbed to 1.32 Moz from 1.20 Moz, according to preliminary figures. The results included contributions from its Nevada Gold Mines LLC joint venture with Newmont Goldcorp Corp.. Copper production increased year over year to 111 million pounds from 106 million pounds, while sales fell to 64 million pounds from 114 million pounds due to a major refurbishment at a third-party smelter that processes some of the concentrate produced from the Lumwana mine in Zambia.

Jiangxi-backed Pangaea Investments ups First Quantum stake to 10.8% for C$59.3M

Jiangxi Copper Co. Ltd.-backed Pangaea Investment Ltd. said it acquired 6 million shares of First Quantum Minerals Ltd. for C$59.3 million to bring its stake in the company to 10.8%, as well as an option to buy a further 5.8% interest. Paradigm Capital analyst David Davidson said it was hard to gauge whether Pangaea's move was a precursor to a full-scale bid for First Quantum, which started producing copper at Cobre Panama this year.

BHP eyes investment decision on Jansen potash project by early 2021

BHP Group's board will make a final investment decision on the first stage of its Jansen potash project in Saskatchewan by February 2021. The board approved US$345 million in funding for the project, comprising US$201 million to further de-risk the project and US$144 million for activity to support project planning and to finalize a port solution. Meanwhile, Reuters reported that BHP shareholders are poised to reject a motion urging it to suspend membership of some industry bodies judged to be at odds with goals to tackle climate change.

DIVERSIFIED

* South32 Ltd. said its metallurgical coal output grew to 1.65 million tonnes in the first quarter of its fiscal 2020 from 1.52 Mt in the year-ago period following two longwall moves that boosted output at the Illawarra operations in New South Wales. The company maintained its fiscal 2020 production guidance for all operations.

* BHP Group is actively grooming candidates to replace CEO Andrew Mackenzie, the Australian Financial Review reported, quoting Chairman Ken MacKenzie.

BASE METALS

* Atalaya Mining PLC reduced its copper output guidance to between 44,000 and 45,000 tonnes from between 45,000 and 46,500 tonnes due to delays in securing electric supply for its 15 million-tonne-per-annum expansion at the Proyecto de Rio Tinto project in Spain. The company produced 10,568 tonnes of copper in the third quarter, down from 11,055 tonnes a year ago.

* Horizonte Minerals PLC's pre-feasibility study for its Vermelho nickel-cobalt project in Brazil outlined a posttax net present value, discounted at 8%, of US$1.72 billion, a 26.3% internal rate of return and a 4.2-year payback period, assuming a base case nickel price of US$16,400 per tonne.

* Altius Minerals Corp. reported a total attributable revenue of about C$19.1 million for the third quarter, higher than the revenue of C$17.1 million in the same period a year ago.

* Northern Cobalt Ltd. signed a binding term sheet to acquire a majority stake in Millrock Resources Inc.'s Gold Paster gold project, which surrounds Northern Star Resources Ltd.'s Pogo gold mine in Alaska. Northern Cobalt can own 60% of the entire property by spending US$20 million, issuing 38 million shares, paying US$200,000 and conducting a 7,500-meter diamond core drill program over four years.

* The China Smelters Purchase Team raised fourth-quarter copper treatment and refining charges by 20% from the previous quarter to US$66 per tonne and 6.6 U.S. cents per pound, respectively, Reuters reported, citing three people with knowledge of the matter. The charges were down from a floor of US$90/t and 9 cents per pound set in the same quarter a year earlier.

* Cerro de Pasco Resources Inc. signed a definitive agreement with the Quiulacocha Rural Community to obtain rights of use over 77.54 hectares held by the community to develop the Quiulacocha project, and the social license to develop exploration and reuse activities within the Quiulacocha Tailings in Peru.

* Surge Exploration Inc. entered into an option agreement to acquire 100% of the Caledonia, Cascade and Bluebell mineral claims in Vancouver Island adjacent to the joint venture partnership between Freeport-McMoRan Inc. and Northisle Copper & Gold Inc. The properties are subject to a 2% net smelter royalty.

PRECIOUS METALS

* St Barbara Ltd. revised its consolidated production guidance for fiscal 2020 for its Gwalia, Simberi and Atlantic Gold operations to 380,000 ounces to 420,000 oz of gold, from 310,000 oz to 335,000 oz. All-in sustaining cost was revised to A$1,240/oz to A$1,330/oz from A$1,250/oz to A$1,350/oz.

* Northern Star Resources Ltd. produced 211,553 oz of gold in the first quarter of its fiscal 2020, decreasing from the 229,136 oz produced a year ago. Gold sales fell to 184,005 oz from 212,682 oz, while all-in sustaining cost increased to A$1,493/oz from A$1,226/oz. It expects costs to decline following access to new mining zones and a percentage increase in stoping tonnes relative to the total processing tonnes.

* Tharisa Minerals (Pty) Ltd. has the right to take over a platinum mine project in Zimbabwe that could potentially cost US$4.2 billion, and is currently overseen by Karo Mining Holdings Ltd., Bloomberg reported.

* Aura Energy Ltd. is looking into a separate IPO of its gold assets and is engaging several companies regarding listed shells to use for the assets.

* Tyranna Resources Ltd. granted an option to sell its controlling joint venture interest in the Jumbuck gold project in South Australia to Syngas Ltd. for A$950,000 cash. The company entered a term sheet to sell its 100% stake in Half Moon Pty Ltd., which owns a majority interest in Western Gawler Craton joint venture and all adjacent tenements held by Trafford Resources Pty Ltd.

* Getchell Gold Corp. signed a binding letter agreement for an option to acquire Canarc Resource Corp.'s Fondaway Canyon and Dixie-Comstock gold properties in Nevada, for US$4 million in cash and shares over four years, with both projects subject to a 2% net smelter return.

* Puma Exploration Inc. signed a purchase agreement to acquire the Jonpol gold project located in the Murray Brook area in New Brunswick, Canada.

BULK COMMODITIES

* Heavily indebted Russian potash producer PJSC Uralkali placed US$500 million of five-year eurobonds at 4%, VTB Capital, a joint bookrunner of the sale, confirmed to S&P Global Market Intelligence in an exclusive report. Uralkali declined to comment on the placement, but demand for the notes reached over US$1 billion, according to VTB. As a result, the initial yield guidance of 4.375% was lowered to between 4.125% and 4.25% and subsequently to between 4.0% and 4.125%.

* VRX Silica Ltd.'s bankable feasibility study for its Muchea silica sand project in Western Australia outlined a posttax net present value of A$337.9 million, with an internal rate return of 96% and a payback period of 2.3 years, based on 25 years life of mine. The project has estimated maiden probable ore reserves of 18.7 million tonnes at 99.9% silicon dioxide, for 14.6 million tonnes.

* Mechel PAO signed a contract to supply coal to South Korea's STX Corp. The deal covers the supply of up to 1.2 million tonnes of coking and thermal coal from Mechel's Southern Yakutia facilities and PCI product from its Southern Kuzbass Coal Co. unit in 2020.

* Whitehaven Coal Ltd. warned that a drought may impact future production at its flagship Maules Creek coal mine in New South Wales, Australia.

* Fortescue Metals Group Ltd.'s Chichester Hub iron ore operations in Western Australia will be powered by renewable energy under a landmark agreement with Alinta Energy Finance Pty. Ltd.

SPECIALTY

* PJSC Alrosa produced 12.1 million carats of diamonds in the third quarter, rising 15% year over year from 10.5 million carats, according to preliminary figures released by the company.

* U.S. Energy Secretary Rick Perry expects the Nuclear Fuel Working Group, a cabinet-level group that President Donald Trump set up in July, to make recommendations that will strengthen the domestic uranium mining industry, Reuters reported.

* Zenith Minerals Ltd. secured the Laramie rare earths project through leasing and staking in Wyoming. The company's surface rock sampling returned widespread total rare earth oxide grades up to 0.54% in two initial sampling areas.

* American Pacific Borate & Lithium Ltd. has changed its name to American Pacific Borates Ltd..

* Mountain Province Diamonds Inc. mined a total of 11.7 million tonnes in the third quarter, up 1% from 11.6 Mt in the comparable period a year ago. Ore mined totaled 1 Mt, down from 1.2 Mt in the same period a year ago, while ore treated totaled 890,325 tonnes, up 17% from 759,000 tonnes recorded last year. It recovered 1.5 million carats at an average grade of 1.72 carats/t, 16% lower than the 1.8 million carats at 2.4 carats/t in 2018. Carats sold totaled 791,252 at an average value of C$69/carat for total proceeds of C$54.8 million, lower than the 788,842 carats at an average value of C$95/carat sold last year for total proceeds of C$74.9 million.

* Rosatom is pursuing its goal of applying lithium ion battery technology in the Russian economy by positioning itself to join Canadian corporation Wealth Minerals Ltd.'s lithium greenfield project in Chile, Wealth Minerals' president, Tim McCutcheon, told S&P Global Platts.

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