's second-quarter ironore production dropped 2.8% year over year to 86.8 million tonnes asgood performance at the Northern System was offset by the company's focus onmargin optimization and the halt in run-of-mine production from the mine in Brazil.
Unmannedaerial vehicles, also known as drones or UAVs, are in the globalmining sector and are now being used to conduct aeromagnetic surveys, providinga more cost-effective option for explorers. The global UAV market was valued ataround US$10.1 billion in 2015 and is tipped to reach US$14.9 billion by 2020,according to research firm MarketsandMarkets.
For the second quarter, Acacia Mining plc produced 221,815 ounces of gold and sold 216,782 ounces,up by 19% and 18%, respectively, year over year compared to the correspondingquarter last year. The company also lowered its all-in sustaining cost from US$1,149per ounce to US$926 per ounce, leading to a 461% increase in adjusted netearnings to US$40.7 million.
*OZ Minerals Ltd.produced 27,350tonnes of copper in the June quarter, down from 31,018 tonnes produced in theprevious quarter from its Prominent Hill operations in South Australia. Quarterlygold output came in at 30,099 ounces, higher than the March quarter figures of27,563 ounces, driven by increased gold head grade, which will remain elevatedand contribute to the increasing gold production profile in the second half.
* OZMinerals and Mithril ResourcesLtd. have teamedup to explore for nickel and copper in South Australia's CoompanaProvince. The first step will be for Mithril to undertake a target generationexercise in the Coompana Block, with OZ Minerals agreeing to contributeA$250,000 to the targeting program. If Mithril is successful in identifyingprospective drill targets, then a formal joint venture will be executed.
* PJSC MMC Norilsk Nickel solda 13.3% interest in its Bystrinsky copper-gold-iron ore-silver project in Russiato Chinese Highland Fund for US$100 million, Vedomosti reported.
*Lago Dourado MineralsLtd. changed its name to Sandy Lake Gold Inc. after the acquisition ofproperty interests in the Sandy Lake district of northwestern Ontario fromGPM Metals Inc. for40 million shares.
*Regis Resources Ltd.surpassed itsproduction expectations of 275,000 ounces to 305,000 ounces of gold for the2016 financial year, with gold output reaching 305,084 ounces after productionin the June quarter climbed 4% quarter over quarter to 78,471 ounces.
*Fresnillo Plc has earmarkedUS$515 million for the SanJulian silver-gold-lead-zinc mine in Mexico's Chihuahua state, El Financiero reported, citing miningchamber Caminex. San Julian represents the company's largest investment in thecountry.
*Newmont Mining Corp. willreassess the dividend payout later this year to reflect a 25% jump inbullion prices for the year, Reuters reported.
*Havilah ResourcesLtd. pouredA$2 million worth of gold in one day from its Portia mine in South Australia. The minepoured four gold bars totaling about 40 kilograms, with site analystsindicating the bars' purity at over 90%, MiningWeekly reported.
*The Kelantan State Lands and Mines Office of Malaysia issued a stop-workorder on CNMC GoldmineHoldings Ltd.'s Sokor gold mine following the company's request to thelocal government to review its application for Large Scale Operation status,Malaysia's The Edge reported. Shouldit be granted to the company, the status would allow CNMC to mine unlimitedamounts of ore from the site.
*Japanese mining equipment maker Komatsu Ltd. agreed to acquire smaller rival for about US$3.7billion, including debt. In a separate transaction, U.S. steelmaker agreed to purchaseJoy Global's steel plate mill in Longview, Texas, for about US$29 million.
*Moody's downgradedSamarco MineraçãoSA's corporate family rating and its senior unsecured notes due2022, 2023 and 2024 to C, from Caa2. The rating agency expects Samarco to soonsuspend debt and interest payments, or start debt restructuring, unless thecompany is able to resume operations and start generating cash again.
*Arrium Ltd.'ssteelworks, port and mining operations at South Australia's Whyalla, as well asits manufacturing, distribution and recycling businesses, are inthe market, The Australian FinancialReview's Street Talk reported.
*POSCO said itssecond-quarter net profit jumped to 221 billion South Korean won from 117 billionwon a year ago, while operating profit fell to 679 billion won from 686 billionwon a year ago. Revenue for the quarter came in at about 12.857 trillion won,down from 15.190 trillion won booked a year ago.
*Cancana ResourcesCorp. signed a nonbinding letter of intent to with Ferrometals HoldingsCooperatief UA in a bid to combine and streamline the ownership structure ofthe companies' joint venture Brazil Manganese Corp. Under the terms, Ferrometals willacquire all the shares of Cancana in exchange for its own shares, and assumeits listing on the TSX Venture Exchange.
*The Grand Court of the Cayman Islands granted an order to Simon Conway of PwC CorporateFinance Recovery (Cayman) Ltd. and Christopher So Man Chun ofPricewaterhouseCoopers Ltd. as liquidators of to assist withthe company's proposed restructuringof US$600.0 million worth of debt.
*Murray Energy Corp.produced 11.1 milliontons of coal in the second quarter of the year, down from 11.7 million tons inthe year-ago period and 11.2 million tons in the first quarter of the year.
*Polish firm Katowicki HoldingWeglowy SA is in need of about 700 million zlotys in financialsupport as part of its planned restructuring, Puls Biznesu wrote,citing an energy official.
*About 2,800 employees of Polish coal miner Jastrzebska Spólka Weglowa SA are prepared to voluntarilytransfer to the Mine Restructuring Company (SRK) to take advantage ofvoluntary transfer protection and one-time severance payments, Puls Biznesu reported.
*Shares in Paladin EnergyLtd. were forced into a tradinghalt after the ASX asked for more information regarding the uranium miner'sproposed deals worth around US$200 million, TheWest Australian reported. Paladin Energy did not disclose the name of thebuyer who offered topay US$175 million for the 24% stake in the Langer Heinrich mine in Namibia.
*PJSC ALROSA'ssecond-quarter diamond output fell to 8.7 million carats from 9.6 million caratsproduced a year ago. First-half production, meanwhile, slipped 6% year overyear to 16.9 million carats, which the company attributed to an increase in oreprocessing at the Mir underground mine and a decrease in ore processing at theInternational Underground mine — both part of the .
*UEX Corp. signed ajoint venture agreementwith JCU (Canada) Exploration Co.Ltd. over the Christie Lake uranium project in Saskatchewan. Theventure will be overseen by a management committee comprising a representativefrom each company, with votes equal to the equity stake of the company theyrepresent.
*Thailand's Ministry of Commerce officials urged authorities in Mozambique to supportThai investors seeking opportunities in various industries in the southernAfrican country such as energy and mining, Thailand's Manager Daily reported.
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