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G7 members slam Trump's metal tariffs

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G7 members slam Trump's metal tariffs

TOP NEWS

G7 members slam Trump's metal tariffs

G7 finance leaders asked U.S. Treasury Secretary Steven Mnuchin to convey their "unanimous concern and disappointment" over the 25% steel and 10% aluminum tariffs that the U.S. imposed on Mexico, Canada and the European Union, Reuters reported. Finance leaders from Canada, France, Germany, the U.K., Italy and Japan made the comment in a joint statement following a three-day meeting of G7 finance leaders in Canada. The group also called for "decisive action" at the G7 summit scheduled to take place in Quebec June 8 and 9.

Nutrien auctions remaining SQM stake for nearly US$1B

Nutrien Ltd. auctioned its remaining stake in Chilean lithium miner Sociedad Quimica y Minera de Chile SA for nearly US$1 billion, Reuters reported. The 20,166,319 B SQM shares were sold on Chile's IPSA stock exchange for 31,000 Chilean pesos, or US$49.05 per share.

Shanghai Pengxin in talks for US$1.5B deal to take over Martabe gold-silver mine

Shanghai Pengxin Group Co., Ltd. subsidiary Pengxin International Mining Co Ltd. is in advanced talks to purchase the Martabe gold-silver mine in Indonesia, people familiar with the matter told The Wall Street Journal. The previously rumored deal is estimated to fetch about US$1.5 billion for the EMR Capital Group-led consortium.

BASE METALS

* The Supreme Court in the Democratic Republic of the Congo rejected Glencore PLC's challenge that a commercial court is not competent to hear a petition to dissolve the company's Kamoto Copper Co. SARL unit brought by its partner and state miner Gecamines SA, Reuters reported citing a lawyer representing the state miner.

* Sandfire Resources NL is set to acquire the remaining 30% stake in the Monty copper-gold project in Western Australia from joint venture partner Talisman Mining Ltd., The Australian Financial Review's Street Talk reported. The deal is said to be worth around A$70 million, the report added.

* Unionized workers at BHP Billiton Group's Escondida copper mine in Chile started another round of contract negotiations with the miner, Reuters reported. The union is demanding a one-time bonus of US$34,000 per worker and a 5% increase in salaries. BHP said it would review the proposal and prepare a response within 10 business days allowed by law.

* Weatherly International PLC appointed Simon Kirkhope and Andrew Johnson of FTI Consulting LLP as administrators to the company. The company also terminated the formal sale process initiated in late April, when it announced a strategic review. Additionally, the company said it remains uncertain regarding the resumption of operations at its Tschudi copper mine in Namibia due to a recent increase in groundwater inflow at the site. As a result, Orion Mine Finance (Master) Fund I LP is unlikely to permit further drawdowns under an existing uncommitted loan facility.

* U.K.-listed Antofagasta PLC paid taxes and fees amounting to US$316.8 million in Chile and US$206,000 in The U.S. in 2017, Mining Weekly reported.

* Pasu Loharjun, who heads the committee focused on settling the dispute between Thailand and Kingsgate Consolidated Ltd., said the Australian firm recently submitted a statement of claim over the shutdown of its Thai unit Akara Resources PCL to arbitration, Thai Rath reported. Loharjun said the two sides still have the opportunity to enter negotiations to resolve the dispute, adding that a tribunal will eventually side with the Thai government.

* Nexa Resources SA said that production at its Tres Marias zinc smelter in Brazil's Minas Gerais state has returned to normal levels. Output at the smelter was partially affected due to interruptions in supply of raw materials resulting from a nationwide strike by truck drivers in the country.

* Bass Metals Ltd. terminated a previously agreed terms sheet to sell all of its tenements and mining-related interests in Tasmania, Australia, to NQ Minerals Plc, by mutual consent. Bass is now in the process of appointing advisers to run a formal sale process with interested parties.

* Myanmar Metals Ltd. CEO John Lamb, in an exclusive interview with S&P Global Market Intelligence, said he believes that he has timed the junior's entry perfectly into the country, which is expanding trade links with China, but international mining lawyer and Mining Standards International Founder Robert Milbourne, who helped Myanmar build its regulations, has serious reservations as exploration is still at a trickle.

PRECIOUS METALS

* GFG Resources Inc. agreed to acquire the Sewell gold property, adjacent to its Pen gold project in Ontario, from Alamos Gold Inc. subsidiary Richmont Mines Inc.

* Sumatra Copper & Gold Plc lowered its full-year production guidance to between 37,500 and 42,500 ounces of gold equivalent, from between 45,000 and 55,000 ounces of gold equivalent, after it temporarily suspended mining activities at its Tembang gold-silver mine in Indonesia.

* Kin Mining NL placed its Leonora gold project in Western Australia on care and maintenance following its recent decision to suspend construction.

* A worker was killed at Sibanye Gold Ltd.'s Driefontein gold operations in South Africa due to a fall-of-ground incident, said the National Union of Mineworkers. The union said the fatalities occurring at the company's operations are "totally unacceptable." Seven workers died in early May after a seismic event at the Driefontein operations.

* U.S. hedge fund Paulson & Co is set to launch an investors alliance, called the Shareholders Gold Council, which would see investors collaborate to drive changes and better returns from gold mining firms, Reuters reported, citing sources.

BULK COMMODITIES

* The European Union will not return to negotiations with the U.S. to settle a row over steel and aluminum tariffs, as the bloc opened a case at the World Trade Organization and began formulating retaliatory measures.

* German Economy Minister Peter Altmaier said the U.S. government could face pressure to exempt some of German-made steel imports from the tariffs as the U.S. companies that are dependent on these special steel products would have to raise prices, Reuters reported.

* Russia's Evraz PLC agreed to sell its 15.04% stake in Chinese steel producer Delong Holdings Ltd for US$91.7 million to Best Decade Holdings Ltd.

* Rio Tinto completed the US$200 million sale of its 75% interest in the Winchester South coal project in Queensland, Australia, to Whitehaven Coal Ltd.

* A spokesman for Mitsui & Co. Ltd. confirmed that the Japanese company will keep its stake in the Kestrel coal mine in Queensland, Australia, even after Rio Tinto completes the sale of its 80% interest in the project, Reuters reported.

* Fortescue Metals Group Ltd. CEO Elizabeth Gaines said the iron ore producer is working towards finding other commodities to mine and is establishing its presence in Argentina, a country which it believes is prospective for copper, gold and lithium, as well as in Ecuador, where it has copper-gold prospective concessions, The Sydney Morning Herald reported.

* Philippe Darmayan, the head of ArcelorMittal's French division, called on for quotas and safeguards to protect the European steel industry in the wake of the U.S. government's decision to impose aluminum and steel tariffs, Reuters reported. Meanwhile, Austrian steelmaker Voestalpine AG said the impact from the import tariffs would be manageable, but urged the EU to act quickly to protect its firms.

* Tata Chemicals Ltd. completed the sale of its phosphate fertilizers business, and the bulk and non-bulk fertilizers trading business to Indorama Holdings BV unit IRC Agrochemicals Private Ltd. for 8.73 billion Indian rupees. Tata Chemicals intends to focus on specialty chemicals and consumer foods, while maintaining leadership in the inorganic chemicals business.

* A recent report from BMI Research showed that China, India and the U.S. will remain the largest thermal coal consumers, while China, India and Russia will continue as the largest consumers of coking coal through 2027, Mining Weekly wrote.

* Unicorn Capital Partners Ltd. CEO Jacques Badenhorst said the company's Nkomati anthracite mine in South Africa is expected to start delivering around 40% of the country's anthracite needs in the next three to five years, and also plans supply the international market, Mining Weekly reported.

* A coal mine collapse resulting from a gas explosion in Pakistan's Balochistan province killed four workers, Mining.com reported, citing local media reports. Nine people were said to be working at the site at the time of the explosion, of which six got trapped while only two were rescued.

* Guinea is considering the transfer of certain alumina deposits to Russia's United Co. Rusal PLC, Vedomosti reported.

* Brazil's iron ore export volumes jumped 11.01% year over year to 38.98 million tonnes in May, Metal Bulletin reported, citing figures released by the country's foreign trade ministry, MDIC.

* A pre-feasibility study for BCI Minerals Ltd.'s Mardie salt project in Western Australia outlined a pretax net present value, discounted at 10%, of A$335 million, an internal rate of return of 20% and a payback period of five years after the start of production.

* Centrex Metals Ltd.'s updated resource estimate for the Ardmore phosphate rock project in Queensland, Australia, increased to 16.2 million tonnes grading 27.8% phosphorus pentoxide, or P2O5, using a cutoff of 16% P2O5, partly due to a lower cutoff grade used based on the latest project information.

* Altech Chemicals Ltd. received Malaysian government approval for the manufacturing license for its proposed 4,500-tonne-per-annum high-purity alumina plant in the country's Johor state.

* NLC India Ltd. and Indian state miner National Mineral Development Corp. Ltd. signed a memorandum of understanding with Australia's Environmental Clean Technologies for a collaboration in the research and development of the latter's two proprietary technologies, The Hindu reported.

SPECIALTY

* Eramet is set to meet major shareholders in Mineral Deposits Ltd. as it kicks off its takeover bid for the Australian mineral sands producer, The Australian Financial News reported. Earlier in May, Mineral Deposits recommended its shareholders to reject Eramet's approximately A$291 million off-market takeover offer.

* Triton Minerals Ltd. approved the development of the Ancuabe graphite project in Mozambique, following a positive definitive feasibility study in December 2017 and the completion of development and commercialization activity this year.

INDUSTRY NEWS

* Australia's mining sector is on track to record its biggest and most active year of mergers and acquisitions for the fiscal year that will end June 30, with about US$12 billion of transactions since July 1, 2017, according to data compiled by The Australian.

* Ed Mead, executive director at Artemis Resources Ltd., called for an overhaul of the JORC code used by Australian mining companies to calculate resources, amid the latest crisis of confidence in the Pilbara gold nugget rush, The Australian reported.

* Under new Tanzanian measures aimed at further tightening control of the mining industry, large-scale mining licenses will only be issued following cabinet approval, Reuters reported, citing Minister of Justice and Constitutional Affairs Palamagamba Kabudi.

* Zimbabwe's parliament passed amendments to the mining bill, removing a requirement for foreign mining companies to list locally, Reuters reported.

* Renzo Rossini, manager of the Peruvian central bank, called on the government to intensify efforts to revive mining projects suspended by unrest, noting that three suspended projects would have delivered US$7 billion in investments and about US$500 in annual tax revenues had their development continued, Reuters wrote.

* According to African News Agency, South African Mineral Resources Minister Gwede Mantashe is confident that the government will deliver a "solid" mining charter after the last community consultation for the new regulations. Mantashe will convene a summit to present a draft of the mining charter before submitting it to the cabinet.

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