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Rio Tinto working to revive sale of European aluminum assets

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Essential Metals Mining Insights November 2021

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[Infographic]: 2021 World Exploration Trends

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Copper project pipeline — Project shortage to see supply lag demand post-2025

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Green energy revolution — Boost for industrial metals demand


Rio Tinto working to revive sale of European aluminum assets

TOP NEWS

Rio Tinto working to revive sale of European aluminum assets

Rio Tinto is working to revive the sales process for some of its aluminum assets with the help of French investment bank Natixis, Reuters reported, citing sources. The assets include Icelandic aluminum plant Rio Tinto Iceland Ltd., a 53% stake in a Dutch anode facility and a 50% interest in a Swedish aluminum fluoride plant, which have been valued at about US$350 million.

Barrick posts YOY drop in Q3 gold, copper output

Barrick Gold Corp.'s gold output in the third quarter slipped to 1.15 million ounces from 1.24 million ounces in the year-ago period, according to preliminary production and sales figures. The mining giant also reported a drop in copper production to 106 million pounds, from 115 million pounds in 2017.

FMC's Livent prices IPO in New York

FMC Corp.'s lithium business spinoff, Livent Corp., priced its IPO at US$17 per share in New York. The company's shares will start trading on the NYSE on Oct. 11 under the symbol LTHM. The offering was priced below the target of US$18 to US$20 per share, giving the company a market value of about US$2.43 billion, Reuters reported.

DIVERSIFIED

* The Australian Financial Review reported that Glencore PLC has demanded that the publication take down articles detailing Project Everest, the group's 2014 plan to restructure its Australian holdings, which is under investigation by the Australian Taxation Office.

BASE METALS

* Strategic Elements Ltd. shares were up almost 22% by trading close on the ASX after the company said it found large gravity anomalies in Western Australia within two large multi-ringed magnetic ring features. The company plans to conduct exploration for sulfide minerals, which can be associated with very large deposits of nickel, copper, platinum-group elements and gold.

* OZ Minerals Ltd. earned an initial 51% stake in Cassini Resources Ltd.'s West Musgrave copper-nickel joint venture in Western Australia.

* Avrupa Minerals Ltd. will retain a 100% interest in the Alvito iron oxide-copper-gold project in Portugal after its partner, OZ Minerals, declined to earn its potential stake in the project.

* First Cobalt Corp. reported the results of three studies outlining the costs associated with restarting its namesake refinery in Ontario. The company plans to work on detailed engineering and permitting once it secures financing for the restart.

* Boadicea Resources Ltd. expanded its landholding in Western Australia's Fraser Range region by over 300% to 231 square kilometers after the state's Department of Mines, Industry Regulation and Safety granted the Fraser Range South tenement.

* Glencore's Murrin Murrin Operations Pty. Ltd. was fined A$55,000 for an accident at the Murrin Murrin nickel mine in Western Australia that left a worker seriously injured.

* NorZinc Ltd. secured government approval for the Prairie Creek all season road, which will provide long-term, year-round access to the company's Prairie Creek zinc mine in Canada's Northwest Territories.

PRECIOUS METALS

* Caledonia Mining Corp. PLC dropped its full-year adjusted EPS forecast to between C$1.40 and C$1.50, from C$1.65 to C$1.90 previously forecast, amid tighter output guidance at its Blanket gold mine in Zimbabwe and weak gold prices. The mine is expected to produce between 54,000 and 56,000 ounces in 2018.

* Anglo Asian Mining PLC's third-quarter output jumped 38% yearly to 24,412 gold equivalent ounces. Gold output in the period increased 47% to 21,318 ounces, copper production slipped to 470 tonnes from 550 tonnes a year earlier, and silver output rose to 59,346 ounces.

* An official from the Indian Ministry of Finance said the government is finalizing a second list of import curbs, which will exclude gold and other essential items from the capital goods industry, according to a CNBC-TV18 tweet.

* Novo Resources Corp. reported a 17% rise in gold contained near surface at its Beatons Creek project in Western Australia in the measured and indicated categories. It also said COO Simon Pooley resigned.

* LeaGold Mining Corp. temporarily shut down its Riacho dos Machados gold mine in Minas Gerais, Brazil, due to continued regional drought conditions.

* The Chilean Supreme Court upheld an environmental order to close water pumping wells at Kinross Gold Corp.'s Maricunga gold mine, Reuters reported.

* Acacia Mining PLC said a South African employee in Tanzania was charged by local anti-corruption authorities over the historical activities of a land task force formed in 2012 to create a fair process for valuing purchasable land around the North Mara mine. The employee pleaded not guilty to the offense and was granted bail. Acacia said operations were unaffected.

* Evolution Mining Ltd. approved a plan to progress the underground development, stage-four pit cutback and relevant plant modifications at the Mount Carlton gold project in Queensland, Australia.

* Orminex Ltd.'s partnership with underground mining contractor GBF Mining Pty. Ltd. is in advanced due diligence to expand a model to another near-term production gold mine. The model enabled the Comet Vale project in Western Australia's Goldfields to be fast-tracked to first gold in August despite the company having only relisted on the ASX in May.

* Clancy Exploration Ltd. signed a binding letter of intent to sell a 70% interest in the Hong Kong gold project in Western Australia to Pacton Gold Inc. for C$1.7 million in cash and shares.

* South Africa's Department of Mineral Resources approved Platinum Group Metals Ltd.'s mining right application for the large-scale Waterberg platinum project in the country, Mining Weekly reported.

* Rogue Resources Inc. entered into a letter of intent to acquire Victoria Gold Mines East Timmins Ltd. from a Timmins, Ontario-based resource developer. Victoria Gold Mines owns the early stage Golden Arrow gold project.

* Perseus Mining Ltd. completed a value engineering assessment and the front-end engineering and design study for the Yaouré gold project in Cote D'Ivoire, which confirmed cost estimates under a 2017 definitive feasibility study.

* Zhaojin Mining Industry Co. Ltd. said shareholder Shandong Zhaojin Group Co. Ltd. submitted a proposal for the former to issue up to 1.5 billion Chinese yuan in 10-year corporate bonds.

* MacPhersons Resources Ltd.'s prospecting license applications, covering 1,239 hectares, will proceed through the Western Australia Department of Mines, Industry Regulation and Safety's granting process.

* Drilling at Shanta Gold Ltd.'s New Luika gold project in Tanzania resulted in converting 27,240 ounces of gold into indicated resources.

BULK COMMODITIES

* PAO Severstal's crude steel production in the second quarter inched up 2% quarterly to 3.1 million tonnes, and hot metal output increased 2% to 2.3 million tonnes. Consolidated sales volumes in the period dropped 5% to 2.7 million tonnes.

* Fortescue Metals Group Ltd. plans to launch a 12-month, on-market share buyback program of up to A$500 million after releasing its first-quarter results Oct. 25. S&P Global Ratings said it expects the rating buffer for Fortescue to reduce as development spending peaks for the Eliwana project in Western Australia over the next two or three years.

* The global coal mining market is expected to grow by a compound annual growth rate of about 2% from 2018 to 2022, Mining.com reported, citing a coal mining report published by Technavio.

* S&P Global Ratings revised Atlas Iron Ltd.'s CreditWatch implications on its CCC issuer credit rating and issue ratings from developing to positive after Hancock Prospecting Pty. Ltd. increased its shareholding on the junior miner to over 90% and will initiate compulsory acquisition proceedings.

* The city of Datong in China's Shanxi province will ban the storage, sale and direct combustion of all types of coal in 102 square kilometers of urban areas as part of government measures to combat pollution, according to the South China Morning Post. However, coal-fired power and central heating systems will still be allowed.

* Adam Bandt, the deputy head of political party Australian Greens, pledged to push for the orderly shutdown of all coal-fired power stations in Victoria if his party comes into power after the state election in late November, arguing that market forces do not work for the environment or the community, The Australian Financial Review reported.

* PT Bayan Resources Tbk. produced 8 million tonnes of coal in the third quarter, 23% higher year over year. The company is on track to exceed its full-year guidance of between 24 million and 28 million tonnes.

* Altus Strategies PLC signed a letter of intent with Canyon Resources Ltd. to terminate its joint venture agreement and transfer the Birsok bauxite project in Cameroon to Canyon for 30 million Canyon shares and a US$1.50-per-tonne royalty on the project.

* Three contractors suffered severe burns in an accident during maintenance work on a furnace at Usinas Siderúrgicas de Minas Gerais SA's Ipatinga facility in Minas Gerais, Brazi, Globo Noticias reported.

* Prairie Mining Ltd. said discussions with Jastrzębska Spółka Węglowa SA regarding a potential cooperation or transactions for its Polish coal operations are ongoing.

* Queensland, Australia, granted Adani Enterprises Ltd. approval to increase coal exports through the Abbot Point terminal by 20%, ABC reported. According to the documents obtained by the newswire, the government approved a 10 million-tonne increase in annual coal export capacity through the terminal on top of the previously approved limit of 50 million tonnes.

SPECIALTY

* Shares of Jiangxi Ganfeng Lithium Co. Ltd. plunged as much as 28% on its Hong Kong debut, coinciding with a drop in Hong Kong's benchmark Hang Seng index. The company opened the day at HK$15.3 and fell to a low of HK$11.8 in the early trading session, compared with its initial public offering price of HK$16.5 apiece.

* Chile is exploring the potential of trading lithium on the London Metals Exchange, saying it would provide greater clarity about its value, Reuters reported, citing Mining Minister Baldo Prokurica.

* NioCorp Developments Ltd. signed a commercial sales agreement with Traxys North America LLC for up to 120 tonnes of scandium trioxide over the first 10 years of operations of the company's Elk Creek project in Nebraska.

* Energy Resources of Australia Ltd.'s September-quarter uranium oxide production slipped 15% yearly to 544 tonnes.

* Sociedad Quimica y Minera de Chile SA's controlling shareholder, Pampa Group, filed a lawsuit with Chile's Constitutional Court to block the planned sale of a 24% stake in SQM to China's Tianqi Lithium Corp., Reuters reported.

* Alba Minerals Ltd. acquired the Chascha Norte lithium property in Salta, Argentina, for C$250,000 in cash and 4.5 million shares.

* Northern Minerals Ltd. is proposing the use of ore sorting at its Browns Range heavy rare earths project in Western Australia to boost the plant's production profile and economics.

* TNG Ltd. signed a native title agreement with the Eynewantheyne Aboriginal Corp. RNTBC for the Mount Peake vanadium project in Australia's Northern Territory, clearing the way for the grant of the mineral licenses for the operation.

* The Greenland government reaffirmed its support for rare earths and uranium production at Greenland Minerals Ltd.'s Kvanefjeld project.

* Montero Mining & Exploration Ltd. agreed to team-up with a private geological consortium to explore for lithium in Chile's Atacama Region.

INDUSTRY NEWS

* Asian stock markets tumbled following the worst single-day decline on Wall Street in eight months led by a selloff of technology stocks and concerns over rising bond yields and trade uncertainty.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.

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