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Indonesia eyes deal on Freeport's Grasberg divestment by February 2018


Indonesia eyes deal on Freeport's Grasberg divestment by February 2018

Indonesian State-Owned Enterprises Minister Rini Soemarno said the government expects to conclude a deal for Freeport-McMoRan Inc.'s divestment of a majority stake in the Grasberg copper-gold mine by February 2018, Bloomberg News reported. Soemarno did not disclose further details about the deal but said the transaction's basic structure may be finalized by the end of the year and signed by February 2018.

LSE to lose CEO, chairman amid dispute with activist shareholder

London Stock Exchange CEO Xavier Rolet will step down from his post, with immediate effect, amid a dispute between the exchange's board and activist shareholder TCI Fund Management, Bloomberg News reported. LSE Chairman Donald Brydon will not seek re-election in 2019.

Glencore unit Katanga hit by 2 class action lawsuits

Rosen Law Firm and Bronstein Gewirtz & Grossman LLC filed separate class action lawsuits against Glencore Plc unit Katanga Mining Ltd. seeking to recover damages for investors for alleged violations of federal securities laws.


* Talks between Glencore and the government of Chad over restructuring more than US$1 billion of the country's debt reached a deadlock after the African nation rejected the company's latest proposal. According to Bloomberg News, people familiar with the talks said Glencore proposed to delay the repayment of an oil-for-cash loan. A Glencore-led group made loans to Chad that were to be repaid using the country's future oil output.

* Glencore is facing increased pressure, after a nonprofit organization Resource Matters, found from the Paradise Papers leak that the companies now controlled by the Swiss mining giant agreed to pay several hundred million dollars less than the market rate for mining assets it acquired through joint ventures in the Democratic Republic of Congo, the Financial Times reported.

* As grades fall and deposits become progressively more difficult to access, the industry must focus on precision mining to boost sustainability, Anglo American Plc Technical Director Tony O'Neill said during the Mines and Money conference in London. The mining industry relies on huge amounts of water and energy as well as capital intensity, which leads to an "incredible footprint and waste issues."

* Potash Corp. of Saskatchewan Inc. CEO Jochen Tilk said Chinese groups have shown "broad interest" in acquiring the company's 32% stake in Chile's Sociedad Quimica y Minera de Chile SA, Reuters reported. Tilk, however, declined to identify interested parties or the number of bids the company has received.


* Zambia's state-controlled firm ZCCM Investments Holdings Plc intends to lift its shareholding in the country's mines and also expects higher dividend payments, on the back of higher copper prices, Reuters reported, citing CEO Pius Kasolo. The state-owned miner holds assets of around US$1 billion with minority stakes held in the local mine operating subsidiaries of miners including Glencore, First Quantum Minerals Ltd., Vedanta Ltd. and Jinchuan Group International Resources Co. Ltd.

* Israeli private-equity firm Sapir Capital withdrew an offer to acquire a stake in ZCCM Investments for over US$100 million, Bloomberg News reported, citing two people familiar with the situation. The offer was terminated due to delays.

* The U.S. House of Representatives approved a bill that brings PolyMet Mining Corp. a step closer to getting surface rights to federal land that covers part of the NorthMet copper-nickel-precious metals deposit in Minnesota through a controversial land swap. The company will receive about 6,650 acres of surface land in Minnesota around its NorthMet copper-nickel mine in exchange for transferring four parcels of land totaling 6,690 acres that will become part of the Superior National Forest.

* Lundin Mining Corp. expects to produce between 159,000 and 173,000 tonnes of attributable copper in 2018, between 169,000 and 183,000 tonnes in 2019 and between 187,000 and 201,000 tonnes in 2020.

* Orion Minerals NL's Prieska zinc-copper project in South Africa could begin production by 2020, Mining Weekly reported, citing Managing Director and CEO Errol Smart.

* Executives from copper majors, including Antofagasta Plc CEO Ivan Arriagada, expect a more balanced copper market in the near term, though Arriagada warned that declining ore grades, red tape and technical challenges will continue to threaten supply, Reuters reported.

* Codelco CEO Nelson Pizarro intends to visit research centers in China to learn about lithium extraction during his current trip to Asia, Reuters reported.


* Daniel Matjila, CEO of South Africa's Public Investment Corp. told Reuters that the state-owned company is eyeing two seats on Lonmin Plc's board and is planning to ask the miner for the posts by the end of the year. "We are a 30% shareholder, so we can ask for at least two board seats. We will do it soon. It has become an urgent matter now," Matjila said.

* Western Australia's second attempt at a gold royalty hike was officially dumped by the Upper House, The West Australian reported. The amended plan would have increased the royalty rate to 3.75% from 2.5% when the gold price was above A$1400/oz instead of the previously planned A$1200/oz.

* Taranis Resources Inc. shares jumped more than 20% on Nov. 29, after the company announced the discovery of a new area of sulfide mineralization at its polymetallic Thor property in British Columbia.

* Cameo Resources Corp. entered a deal with arm's length vendors to acquire the Silver King North project, a district-scale precious metals exploration property in British Columbia.

* Yamana Gold Inc. priced an offering of US$300 million aggregate principal amount of its 4.625% senior notes due Dec. 15, 2027. The offer is expected to close Dec. 4.


* Coal India Ltd. is assessing a price increase for its products to offset the impact of a wage hike deal with trade unions and the upcoming salary increases for the company's executives, Mining Weekly reported. Sources said the company's provisions will not be enough for the wage hikes for the year but did not disclose the range of price increases Coal India is considering.

* A U.S. judge put on hold a US$10 billion lawsuit by BSG Resources against George Soros, which claimed that Soros' campaign of defamation cost the company a lucrative iron ore deposit in Guinea, Reuters reported. The hold will continue pending an arbitration between BSG and Guinea, which would likely resolve many underlying issues, the judge noted.

* New measures from China's National Development and Reform Commission showed that the government will support more medium and long-term contracts, particularly those over 200,000 tonnes, between coal suppliers and buyers, ahead of higher demand expectations during the winter season, Reuters reported.

* China's major steel producing city of Tangshan lifted emergency measures to tackle a recent three-day bout of heavy air pollution, Reuters reported, citing a government statement. The measures included restricting the production at steel mills, as well as cement and ceramics among others.

* Fortescue Metals Group Ltd. insisted it remains on track to meet its export target for the year, though data cited by a Deutsche Bank analyst showed the company's November exports would decline for the second consecutive month, falling by about 20% from September figures, The Australian Financial Review reported.

* According to The Australian Financial Review, a bargaining alliance of Australian coal unions, led by the Construction, Forestry, Mining and Energy Union, recently rejected BHP Billiton Mitsubishi Alliance Pty. Ltd.'s latest proposed enterprise agreement that will see the rollover of the 2012 deal between the parties.

* Tri-Star Resources Plc invested a further US$6 million into 40%-owned Strategic & Precious Metals Processing LLC for development at the Oman Antimony Roaster project in Oman.

* Brazil's securities industry regulator, CVM, rejected a request by Cia. Siderúrgica Nacional to file a public tender offer process for the disposal of control as a result of the January 2012 acquisition by Italian-Argentine group Techint-Ternium of a controlling stake in steelmaker Usinas Siderúrgicas de Minas Gerais SA CSN is the largest minority shareholder in Usiminas, Reuters reported.

* Jastrzebska Spólka Weglowa SA and Jindal Steel & Power Ltd. signed a cooperation agreement for consultancy and investment projects in the mining sector, Puls Biznesu reported.


* Oakdale Resources Ltd. amended an option to acquire up to a 51% stake in Africa Mineral Sands Pte. Ltd., which owns the Vast mineral sands project in northern Africa. The company will now pay A$300,000 in shares as consideration for an initial 1% stake in Africa Mineral Sands, plus the option to increase its stake to 51%.

* Sheffield Resources Ltd. said Carawine Resources Ltd.'s IPO was heavily oversubscribed due to strong interest from both new investors and existing Sheffield shareholders. Carawine will raise the maximum subscription under the IPO of A$7 million.

* One of Rio Tinto's biggest local investors, Colonial First State, warned on lithium investment, declaring that while battery demand is expected to rise, new lithium supply will cap prices, The Australian reported.

* The De Beers SA and Mountain Province Diamonds Inc.-owned Gahcho Kue diamond mine in Canada's Northwest Territories produced over 5 million carats of diamonds in the first 10 months of 2017, Mining Weekly reported.

* Polyguard Investment Nig Ltd. is seeking a vanadium off-take partner for its mine in Torkula, Nigeria, Metal Bulletin reported, citing CEO Patrick Odiegwu. The small-scale mine has been producing about 5 tonnes per day of lead, zinc and baryte, which contains 34% vanadium.

* Tertiary Minerals Plc signed a memorandum of understanding for the sale of at least 70% of commercial-grade acid-spar to be produced at Tertiary's three fluorspar projects to Possehl Erzkontor GmbH & Co. KG. Possehl will provide part of the prefinancing to develop the fluorspar projects.

* Japan's Kyushu Electric Power Co. is expected to delay the restart of a nuclear plant by several months as it makes checks related to the data-fabrication scandal that has engulfed Kobe Steel Ltd., The Nikkei newspaper reported.


* According to Anglo American, some mines within the next decade will run without humans and instead rely on robots, virtual models and sensors, Bloomberg News reported. Technical Director Tony O'Neill said the technology requires less infrastructure than current methods, with commercial application just five to seven years away.

* Luxembourg and Japan struck a five-year cooperation agreement to explore and mine space resources, reported.

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