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Tribeca to push for BHP Billiton board overhaul

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Tribeca to push for BHP Billiton board overhaul

TOP NEWS

Tribeca to push for BHP Billiton board overhaul

Tribeca Global Natural Resources Fund looks to start talks with BHP Billiton Group to push for the replacement of five to six people out of the miner's 11 board members, Bloomberg News wrote. The hedge fund, which previously called for the board overhaul in May, also urged the miner to spin off its onshore assets, in line with the earlier suggestion of its fellow activist shareholder Elliott Management to spin off about US$22 billion of its U.S. oil assets.

Rio Tinto's US$781M cash tender offers oversubscribed before expiration

Rio Tinto's cash tender offers to purchase up to about US$781 million of outstanding securities were set to expire June 1 but were oversubscribed on June 5. The company has priced the cash tender offers, announced in May as part of a plan to reduce debt by up to US$2.5 billion.

Anglo American taps Stuart Chambers as chairman

Anglo American Plc appointed Stuart Chambers as chairman, replacing John Parker, who will step down from the board Oct. 31 after eight years as the company's chairman. Chambers will join the company as nonexecutive director Sept. 1 and take up the chairman role Nov. 1.

DIVERSIFIED

* Rio Tinto and Chinese state-owned China Minmetals Corp. struck a heads of agreement to explore opportunities for potential collaboration in mineral exploration both inside and outside China.

BASE METALS

* A further 15% of global copper supply is at risk from upcoming wage negotiations in Chile, according to ANZ Research senior commodity strategist Daniel Hynes. "In the copper market we're seeing an increasing amount of supply disruption," Hynes said, prompted by a strike at BHP Billiton Group's Escondida mine that lasted over 40 days. Labor contracts for several other Chilean mining operations are due to come to an end this year.

* Antofagasta PLC CEO Iván Arriagada told daily La Tercera that the company is selling nonmining assets and taking additional precautions in investment allocation to improve efficiency, given the current uncertainties in the international copper market.

* First Quantum Minerals Ltd. will withdraw from the farm-in agreement over the Calingiri copper project in Western Australia. Caravel Minerals Ltd. will regain 100% interest in the project, but First Quantum will retain an 8.8% shareholding in the company.

* Artemis Resources Ltd. has started generating net revenue from copper ore sales, with the first truckload of copper oxide ore leaving its Whundo copper mine in Western Australia.

* Peruvian miner Volcan Compañía Minera SAA is looking for new copper projects to increase its portfolio, Reuters reported. "We are investing heavily in exploration in 2017 to discover the potential we have in copper," said the company's manager of corporate development, Jose Montoya.

* Zambia's copper production will jump 4% to a record 800,000 tonnes this year as operators near a resolution with government over power prices, Bloomberg News reported, citing Nathan Chishimba, president of the Zambia Chamber of Mines. In 2016, the figure stood at 770,600 tonnes.

* Era Resources Inc. secured shareholder approval for its proposal to go private, and expects the transaction to close by June 14.

PRECIOUS METALS

* With the suspension of the Conga gold project in Peru since 2011 due to social opposition, the Cia. de Minas Buenaventura SAA and Newmont Mining Corp. joint venture is focusing efforts and resources on developing the gold-prospective Qhecher Main, the copper-gold prospective Yanacocha Verde, and the sulfur-prospective Yanacocha Sulfuros projects, Buenaventura CEO Victor Gobitz told daily Gestión. Gobitz also believes that the Conga project can be resumed during President Pedro Pablo Kuczynski's administration.

* Separately, Buenaventura expects to begin production at its Tambomayo gold project in Peru in August, Gobitz said. Output capacity could reach between 60,000 ounces and 90,000 ounces by the end of 2017, daily Gestión reported.

* The total paid, and the unit valuations, for primary gold assets fell sharply in 2016. The total price paid during the year as a percentage of the total in situ value of all metals acquired in reserves, and resources fell to only 3.4% from 4.3% in 2015, well below the 10-year median, which was also 4.3%.

* Scotgold Resources Ltd. entered a sales agreement covering the first refining batch of about 16 ounces of Scottish Gold made available for jewelry from the company's bulk processing trial at the Cononish gold-silver mine in Scotland.

* Laconia Resources Ltd. was granted two new prospecting licenses in Botswana, together called the Kraaipan West polymetallic project. The project is located about 30 kilometers to the west of Laconia's recently acquired Kraaipan polymetallic project and expands the company's landholding covering highly prospective greenstone rocks in southern Botswana by almost 120%, to 1,896 square kilometers.

* Ortac Resources Ltd. said it will focus on speeding up the development of its African investments in the near term.

* Endeavour Silver Corp. acquired two small but prospective mineral property groups called Calicanto and Veta Grande in the historic silver mining district of Zacatecas in the Mexican state of the same name.

* Corvus Gold Inc. agreed to acquire the Mother Lode gold property in Nevada from Goldcorp Inc.

* Hochschild Mining Plc secured an option to earn a 100% stake in Revelo Resources Corp.'s Loro gold-silver project in northern Chile.

* Secova Metals Corp. is acquiring privately held 1106541 B.C. Ltd., which owns a sole asset called Osisterra in Quebec's Windfall Lake district. The Osisterra project is adjacent to Secova's Eagle River gold project and brings the company's total contiguous land position at Eagle River to 21,472 hectares.

BULK COMMODITIES

* Following the go-ahead for the Carmichael coal mine in Queensland, Australia, activists will ramp up the campaign against Adani Enterprises Ltd. to discourage a potential Australian government loan of up to A$1 billion to the Indian conglomerate, The Australian reported.

* S&P Global Ratings affirmed Russia-based fertilizer producer PJSC PhosAgro's long-term corporate credit rating at BBB-, with a negative outlook.

* Usinas Siderúrgicas de Minas Gerais SA's mining arm, Mineração Usiminas, reached an agreement with the Sudeste port in Brazil to end a dispute over an iron ore shipping contract signed in 2011, Metal Bulletin reported. Sudeste agreed to pay US$62.5 million to the miner, and both parties will waive the rights they may retain regarding the contract, which was terminated by Usiminas in 2015.

SPECIALTY

* Senator Minerals Inc. entered a standstill agreement with Gunnar Minerals Corp., securing an exclusive right to acquire a controlling interest in the Carter Lake uranium project in Saskatchewan's Athabasca Basin.

* Stina Resources Ltd. increased its holdings adjacent to its Bisoni McKay vanadium property in Nevada via staking a total of 154 new claims over 3,182 acres.

* Argentina's annual lithium production will reach 100,000 tonnes in the next five years, mining Secretary Daniel Meilan said. Currently, there are 35 companies conducting lithium prospecting and exploration works in the country, Meilan said, news agency Telam reported.

INDUSTRY NEWS

* Australian explorers have again urged the federal government to follow Canada's lead and adopt a flow-through share scheme following the decision to scrap the Exploration Development Incentive. The government announced in May its decision to drop the three-year scheme because of low participation by junior exploration companies.

* Data from the Australian Bureau of Statistics showed that mineral exploration expenditures in the country dropped 16.2%, to A$337.6 million in the first quarter, Mining Weekly reported.

* About 1,500 members of the Rustenburg community marched to the offices of Chamber of Mines offices in South Africa to issue a memorandum of demands, Mining Weekly wrote. Community leader Godfrey Masuge said that about 4,000 people will march to the Department of Mineral Resources offices June 7 to protest the granting of mining licenses to firms that have not been doing enough to benefit the surrounding communities.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.

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.