trending Market Intelligence /marketintelligence/en/news-insights/trending/nnrIFclw3yDhXtwFCKkuNQ2 content esgSubNav
In This List

Baoshan, Wuhan Iron merger approved by China's State Council


Insight Weekly: Bank boards lag on gender parity; future of office in doubt; US LNG exports leap


Insight Weekly: Job growth faces hurdles; shale firms sit on cash pile; Africa's lithium future


Insight Weekly: Loan growth picks up; US-China PE deals fall; France faces winter energy crunch


Insight Weekly: CEO pay jumps; yield curve inversion deepens; wind giants lift turbine prices

Baoshan, Wuhan Iron merger approved by China's State Council


Baoshan, Wuhan Iron merger approved by China's State Council

China's State Council has approved the proposed 3 billion Chinese yuan merger of two of the nation's largest steelmakers, Baoshan Iron & Steel Co. Ltd. and Wuhan Iron & Steel Co. Ltd., Shanghai Daily reported. The newly formed company will be named China Baowu Steel Group.

Compañía Minera Milpo workers go on strike

More than 380 workers of the Miners and Metalworkers Union of Votorantim Metais SA unit Compañía Minera Milpo SAA in Peru's Pasco region started an indefinite strike. The workers demand the company respect the collective agreement and are calling for the immediate removal of the company's operations manager and its labor relations manager, whom they accuse of harassment, daily Correo reported.

US steel makers to file tariff evasion charges against Chinese

ArcelorMittal USA Inc., Nucor Corp., AK Steel Holding Corp. and U.S. Steel Corp. intend to file petitions with the U.S. Commerce Department alleging that the Chinese producers avoid U.S. import tariffs by diverting their shipments through Vietnam, Reuters reported.


* The Australian Competition and Consumer Commission will not oppose plans by Canada Pension Plan Investment Board and British Columbia Investment Management Corp. to acquire stakes of 40% and 9.99%, respectively, in Glencore Plc's Glencore Agriculture Ltd. unit.

* Stephen Pearce, who resigned as the CFO of Fortescue Metals Group Ltd., has been appointed finance director at Anglo American Plc.


* More than 99% of the members of the Union of Mine Supervisors at Antofagasta Plc's Los Pelambres copper mine in Chile rejected the wage proposal made by the mining company as part of the collective bargaining negotiations process that started a few weeks ago. The workers will decide next week whether to go on strike, daily Diario El Día reported.

* Compañía Minera Milpo said that the Ministry of Energy and Mines approved its US$300 million Magistral copper-molybdenum-silver project in Peru's Ancash region, Reuters reported.

* Irish cement maker Ecocem has signed a three-year collaboration deal with Boliden AB, which will see Ecocem supply cement to the Swedish mining giant's Meath and Garpenberg zinc mines, the Irish Independent reported.

* Following the collapse of the Queensland Nickel Inc. refinery, Clive Palmer's Brisbane headquarters Mineralogy House is up for sale under an off-market offering and is expected to attract bids of about A$20 million, ABC reported.

* Metals X Ltd. accepted a A$3 million offer from Tanami Gold NL to settle the legal proceedings regarding the companies' earn-in deal over the Central Tanami gold project in Australia's Northern Territory.


* A local judge in Argentina's San Juan province ordered the suspension of activities at Barrick Gold Corp.'s Veladero mine and the identification of staff members and executives on duty at the time of the Sept. 13 cyanide spill, news agency Télam reported.

* Separately, the Ministry of Environment filed a claim before the federal justice in San Juan province against Barrick Gold over the monitoring and safety errors that led to the cyanide spill on Sept. 13 at Veladero, daily Clarín reported.

* Executives of Hunt Mining Corp. unit Cerro Cazador SA informed the mining authorities of Argentina's Santa Cruz province that processing of the tailings material from its Martha silver-gold mine would begin between November and December at the processing plant at Pan American Silver Corp.'s Manantial Espejo mine. In parallel, Martha would start running its own processing plant in November, daily TiempoSur reported.

* Alliance Resources Ltd. is acquiring a 51% equity stake in Tyranna Resources Ltd.'s Wilcherry gold project in South Australia for A$2 million.

* Kibo Mining Plc signed an agreement with Opera Investment Plc for the sale of the Imweru and Lubando gold projects for 61 million Opera shares at 6 pence each, in a reverse takeover transaction.

* Vedomosti reported that Jiri Šmejc and Petr Kellner will sell about 6% of Polymetal International Plc. Alexander Nesis' ICT Group is ready to buy part of their stake.

* The biggest gold miners will keep away from major acquisitions and will instead focus on financial discipline, Reuters reported. This was the central theme of the Denver Gold Forum, which was held in the U.S. this week.

* African Gold Refinery Ltd., a Ugandan firm backed by a Belgian investor, is set to open Uganda's first gold refinery by year-end, which will process raw gold produced mainly from the East African region, Reuters reported.

* An industry report by investment dealer Haywood Securities states that junior and mid-tier gold producers including Alamos Gold Inc., B2Gold Corp. and Endeavour Mining Corp. are leading the industry as compared to gold majors, in terms of strong balance sheets and cash-flow generating potential, reported.

* A preliminary economic assessment for Metanor Resources Inc.'s Barry gold project in Quebec estimated an after-tax net present value of C$25.9 million, using a 6% discount rate and an internal rate of return of 94%.


* Analysts at AB expect Vale SA's iron ore shipments in the third quarter to increase 10% year over year to 95.6 million tonnes, Barron's reported.

* Vale intends to expand blending facilities for Brazilian Blend iron ore fines to the Rizhao and Shulanghu ports in eastern China, and the Beilun and Zhanjiang ports in southern China, while allowing yuan-denominated trades at the ports, S&P Global Platts reported, citing Vale's executive manager for shipping and iron ore marketing, Luiz Meriz.

* Fortescue Metals Group named former Rio Tinto executive Greg Lilleyman as its new director of operations, effective January 1, 2017.

* U.S. environmentalist Tom Clarke's Conuma Coal Resources Ltd. is set to restart operations at the Brule metallurgical coal mine in British Columbia, reported. The Wolverine mine is expected to be back online in 2017, while no timeline is available for the Willow Creek mine.

* Alcoa Inc.'s Alcoa Nederland Holding BV unit priced its offering of US$750 million aggregate principal amount of 6.75% senior notes due 2024, and US$500 million aggregate principal amount of 7.00% senior notes due 2026. The sale of the notes is expected to be completed on Sept. 27.

* Brockman Mining Ltd. business development director Hendrianto Tee said the company is in discussions to secure funding options for its proposed A$60 million Maverick iron ore project in Western Australia and is negotiating access to Port Hedland's Utah Point, targeting shipments in early 2018, Bloomberg News reported.

* Production and shipments of iron ore at Shougang Hierro Peru SD, a unit of Beijing Shougang Co., have halted due to an indefinite strike by workers, Reuters reported.

* According to industry experts, U.K.-based steelmakers are likely to secure lucrative deals for the supply of steel products for a US$23.5 billion nuclear power plant at Hinkley Point, but it is not enough to ensure the survival of the country's troubled steel sector, Reuters reported.

* Moly Mines Ltd. offered to acquire Gulf Alumina Ltd. for 46 Australian cents cash and 1.4 Moly options for each Gulf share held.

* Lenders to struggling Australian miner Atlas Iron Ltd. are reportedly further selling down their positions, but only in small chunks, with some suggesting that the debt may be trading at a price around 40 Australian cents, The Australian reported.

* Joint administrators were appointed for all controlled units of Hughes Drilling, except its U.S. subsidiary Reichdrill.

* African Rainbow Minerals Ltd.'s 50%-owned Black Rock manganese mine has initiated an investigation into an internal complaint of sexual harassment involving a manager and a female worker, after South Africa's National Union of Mineworkers reported the matter to senior management, African News Agency reported.

* Indonesian coal miners holding certain work contracts decided not to pay royalties owed to the government as it is unable to provide certainty on value-added tax restitution, Bisnis Indonesia reported.


* Rough diamond sales at PJSC ALROSA totaled US$243.0 million in August, 58% more than at the same time last year but a drop on the bumper month of July, when the Russian miner moved US$306.7 million in rough stones.

* Aldrin Resource Corp. agreed to acquire two lithium prospective drill-ready projects, the Case Lake project in Ontario and the Larder River project in Nova Scotia.

* Dominion Diamond Corp.'s Ekati diamond mine process plant in Canada's Northwest Territories resumed operations at full capacity Sept. 21. Additionally, the company noted that it sold a 186-carat gem quality diamond recovered from the Ekati mine for US$2.8 million.


* Leo Jasareno, the Philippine government's senior undersecretary for the environment and head of the audit team, said compliance with environmental standards and social justice are key factors being considered by the Department of Natural Resources as part of a review of the country's mining operations, Metal Bulletin wrote.

SNL Metals & Mining and S&P Global Platts 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.