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LME to introduce fixed 5-year maximum charges

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LME to introduce fixed 5-year maximum charges


LME to introduce fixed 5-year maximum charges

The London Metal Exchange plans to impose caps on maximum rates charged by LME-registered warehouses as the final part of its three-year warehouse reform program. The LME will introduce an initial schedule of maximum rates for warehouse rents and free-on-truck charges, and the rates will be frozen for five years, after which the charges will be updated annually.

Locals file lawsuit as Mosaic's Florida sinkhole reaches aquifer

Mosaic Co. believes that the 45-feet sinkhole, which opened at its New Wales phosphate fertilizer facility in Florida in late August, has reached the Floridian aquifer, a source of drinking water for the locals, Bloomberg News reported. The leak, which was not publicly disclosed until Sept. 15, is now the basis of a lawsuit filed by three locals who are claiming that the company failed to store the radioactive and chemical waste properly.

Russian Platinum unable to secure up to US$1.5B from Vnesheconombank

SC Russian Platinum was unable to secure a loan of US$1.3 billion to US$1.5 billion from Vnesheconombank for the development of the Chernogorskoye mining company and the southern part of the Norilsk-1 deposit, Vedomosti reported. The company has started negotiations with Sberbank for an over-US$1 billion loan.


* In a bid to regain its investment-grade rating, Teck Resources Ltd. is eager to slash its debt by some US$1.5 billion to US$2 billion, Reuters reported. Such a move, however, will require "some time and improvement in commodity prices and proceeds from asset sales," CFO Ron Millos said during a Toronto conference.

* Glencore Plc Chairman Tony Hayward said renewable energy is unlikely to achieve cost parity with fossil fuels until 2051, adding that it would require great technological advances for renewables to become, overall, as cost competitive as fossil fuels before mid-century, Reuters reported, citing Hayward's comments during a London event.


* First-half net earnings at BHP Billiton Group-majority-owned Escondida copper mine in Chile dropped 52% year over year to US$527 million on lower sales revenues, Metal Bulletin reported, citing a statement from operating company Minera Escondida Ltda.

* Meanwhile, BHP Billiton said its Olympic Dam copper mine in South Australia was temporarily shut due to a power outage in the state. Reuters reported that the company was able to restart the mine using backup generators. According to Bloomberg News, the entire state lost electricity after severe winds and storms hit the region.

* MMG Ltd. entered a share sale agreement to sell its Avebury nickel mine in Tasmania, Australia, to Dundas Mining Pty. Ltd. for A$25 million. Avebury has been on care and maintenance since February 2009.

* Under an option agreement, Canyon Copper Corp. is earning a 71% interest in ProAm Explorations Corp.'s Sams Lake property in Ontario, a mature exploration project that hosts nickel, copper, cobalt and palladium group metals.

* Bolstered by the Philippine government's announcement of the suspension of 20 more mines as part of its nationwide audit, nickel prices went up 2% to US$10,705 per tonne on the LME, reported.

* In order to offer marketing support to its customers and suppliers, Anglo American Plc is planning to set up a copper trading book as many merchants and investment banks are moving away from physical trading, Metal Bulletin reported, citing Alexander Schmitt, the company's marketing executive.

* The Chilean environmental regulator approved KGHM Polska Miedz SA's US$19.1 million mitigation plan for Sierra Gorda copper mine in the country after it found nine infractions at the operation, Reuters reported.

* Nyrstar NV CEO Bill Scotting said the company is planning a US$14 million restart of its Middle Tennessee Mines, which will enable it to generate additional net positive cash flow on the back of higher zinc prices and improving the quality of the feed book for the Clarksville smelter.


* Echo Resources Ltd. and Metaliko Resources Ltd. are set to announce a merger of their operations, The Australian reported. The combined entity is estimated to have a market capitalization of about A$70 million.

* Petropavlovsk PLC swung to a net profit attributable to equity holders of US$9.2 million in the six months to June 30, from a net loss of US$51.8 million a year ago. The company attributed the turnaround to production cost cuts and the weakening of the Russian ruble.

* Mexico environmental regulator Profepa confirmed that an investigation was launched into a cyanide spill that occurred Sept. 22 at the gold mine of Minera Columbia de Mexico SA de CV, a subsidiary of GFM Minería SAPI de CV, in Sonora state, Proceso reported.

* Ghana's gold output rose by 38.6% in the first half of the year to about 2 million ounces from approximately 1.4 million ounces a year ago, mainly due to new mining operations in the country, Reuters reported, citing Ghana's Chamber of Mines.

* RT Minerals Corp. entered into option agreements to fully acquire, subject to a 2% net smelter royalty, the Norwalk and Dill River gold properties in Ontario.

* Denham Capital will inject US$65 million into Vancouver, Canada-based miner JDS Silver Inc., marking its first investment in the Canadian mining sector. The cash will help JDS complete the construction of its Silvertip silver-lead-zinc mine in British Columbia and bring it into production.

* Great Boulder Resources launched an initial public offering to raise up to A$7 million ahead of its planned listing on the ASX. Great Boulder has set a listing date of Oct. 27.

* Despite having denied interest in acquiring Glencore's Vasilkovskoje gold mine in Kazakhstan in June, Shandong Gold Mining Co. Ltd. offered the highest bid for the property, Bloomberg News reported, citing unnamed sources familiar with the situation.

* B2Gold Corp. said spokespersons from the Philippines' Department of Environment and Natural Resources have informed the company that its Masbate gold project in the country will be given a show-cause order relating to the operations of Filminera Resources Corp. and Philippine Gold Processing and Refining Corp. at the project.

* A pre-feasibility study on GoldQuest Mining Corp.'s Romero gold-copper project estimated an after-tax net present value of US$202.7 million, using a 5% discount rate, with a 28.2% internal rate of return and a 2.5-year payback period. Romero forms part of the company's Tireo property in the Dominican Republic.


* Sources told Reuters that the Chinese government ordered 74 major coal mines to increase thermal coal production by a further 500,000 tonnes per day to boost supplies to electric utilities before winter hits.

* According to South China Morning Post, Chinese authorities blamed illegal mining activities for a gas explosion at a small coal mine in the northwestern region of Ningxia that killed 19 people and left one miner missing. Xinhua News Agency said the blast occurred the morning of Sept. 27.

* Essar Power Ltd. made a plea to the Indian Coal Ministry to reconsider its decision to terminate the company's hold over the Tokisud North mine after failing to pay certain dues relating to the project, Press Trust of India wrote.

* Kosei Shindo, the chairman of the Japan Iron and Steel Federation and president of Nippon Steel & Sumitomo Metal Corp., said Baosteel Group Corp.'s acquisition of Wuhan Iron & Steel Co. Ltd. will establish stronger leadership in the country's steel industry and promote structural reform, Reuters reported.

* The Chinese government is investigating Wang Hongren, the deputy general manager of Hebei Iron & Steel Group Co. Ltd, for suspected corruption, Reuters wrote.

* Struggling steelmaker Dongbei Special Steel Group laid out a revival plan to turn a 300 million Chinese yuan profit in 2018 and cut its debt-to-assets ratio to below 60%, the Economic Observer reported, citing anonymous sources. The company is seeking the Chinese government's support for its debt restructuring plans.

* Union workers of Metallurgical Corp. of China Ltd.'s Sierra Grande iron ore mine decided to continue the strike started Sept. 19 after the company rejected their demand for a 22% wage increase. The negotiation is scheduled to resume Oct. 6, La Nueva Provincia reported.

* Coal production in six former Soviet countries totaled 232 million tonnes in the first half of the year, the highest output in a six-month period since 1996, according to a report from the Eurasia Development Bank.

* The U.K.'s largest steel plate mill, Dalzell, is set to reopen Sept. 28 under new owner Liberty House Group. Liberty acquired the facility and its sister works at Clydebridge in Glasgow from Tata Steel Ltd. earlier in the year.

* The Zhengzhou Commodity Exchange will begin charging transaction fees for thermal coal contracts that were opened and closed on the same day, Bloomberg News reported, citing a statement made by the bourse on its website.

* The development of GCM Resources Plc's Phulbari mine in Bangladesh will remain unaffected regardless of whether the government decides to allow open-pit mining at the state-owned Barapukuria underground coal mine.

* As part of its exit from the mining sector, Nevada Iron Ltd. will sell its Buena Vista iron ore project in Nevada to New Nevada Resources LLC and Rhodes Investment Ltd. The company also renegotiated terms related to its acquisition of SportsHero Pte. Ltd.


* Lucapa Diamond Co. Ltd. sold a parcel of diamonds for A$5.3 million, bringing the total sales for the year to A$44.1 million. The parcel of 2,209 carats of alluvial diamonds from the Lulo diamond project in Angola fetched an average sale price of A$2,437 per carat.

* Chinese group Hong Kong Scott Minerals is among the investors competing for Sociedad de Inversiones Oro Blanco SA's stake in Sociedad de Inversiones Pampa Calichera SA, which in turn holds a 23% stake in Sociedad Quimica y Minera de Chile SA, El Mercurio reported. The other two interested parties are Tianqi Lithium and Ningbo Shanshan Co. Ltd.

* An expansion study on Boss Resources Ltd.'s Honeymoon uranium project, which indicated low capital outlay of US$7 million for plant restart plus US$57 million for the expansion to 2 million pounds per annum, provided the confidence to advance the project toward a pre-feasibility study, with a decision to mine by the end of 2017.


* Komatsu Ltd. unveiled its Innovative Autonomous Haulage Vehicle at the MINExpo International 2016 in Las Vegas. Komatsu expects the truck to considerably improve productivity at mines where existing unmanned haulage vehicles face difficult situations.

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