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En+ Group to launch US$1.5B IPO in London, Moscow

Greenhouse gas and gold mines Nearly 1 ton of CO2 emitted per ounce of gold produced in 2019

Essential Metals & Mining Insights - September 2020

Essential Metals & Mining Insights - August 2020

State of the Market: Mining Q2-2020


En+ Group to launch US$1.5B IPO in London, Moscow

TOP NEWS

En+ Group to launch US$1.5B IPO in London, Moscow

En+ Group Ltd. intends to proceed with an initial public offering of global depositary receipts to raise about US$1.5 billion. Each GDR will represent 1 common share of the company, to be admitted to trading on the main markets of the London Stock Exchange and the Moscow Exchange.

Roy Hill targets fully autonomous drilling by Q2'18

Roy Hill Holdings Pty Ltd. plans to move to completely autonomous drilling by the second quarter of 2018 as it takes its first step toward potentially becoming a fully automated miner. The Australian iron ore producer already has two drills operating autonomously at the Roy Hill mine in Western Australia's Pilbara region and is now working to automate the rest of its fleet.

Ferrexpo Q3 pellet production slips 1.7% QOQ

Ferrexpo Plc produced 2.49 million tonnes of pellets in the third quarter, slipping 1.7% quarter over quarter due to the company's ongoing pellet line maintenance program. All of the company's production came from its own ore during the quarter, compared to 9,960 tonnes produced from third-party materials in the prior quarter.

BASE METALS

* There is no proof of nepotism and corruption inside Codelco as the country's Office of the Comptroller General has claimed, the state miner's chairman, Oscar Landerretche, said in a hearing before Congress over the ongoing investigation into how the company grants project contracts. Landarretche said these claims could hurt Codelco's bondholders and discourage potential investment partners, daily La Tercera reported.

* Silvermet Inc. shareholders gave a lukewarm assent to a proposed merger with Global Atomic Fuels Corp., voting 56% for the merger and 44% against. The merger brings together Silvermet, a zinc producer that owns a 49% stake in Befesa Silvermet Turkey SL, and Global Atomic, which owns the Adrar Emoles uranium project in Niger.

PRECIOUS METALS

* Protesters ended a five-day blockade of Goldcorp Inc.'s Penasquito gold mine Oct. 3 while agreeing to talks, Felipe Pinedo Hernandez, one of the protest leaders, confirmed to S&P Global Market Intelligence. The blockade, which Pinedo Hernandez said is about water use and alleged pollution related to the mine in Zacatecas, Mexico, began Sept. 28 and restricted access to the site. Meanwhile, Goldcorp spokesperson Christine Marks said the blockade had not affected Penasquito output and the company had "enough supplies on hand to last many more days before production would be impacted."

* Improving commodities prices are encouraging Hochschild Mining Plc to resume its growth plans in Peru, but without the Crespo and Azuca greenfield projects as priorities, CEO Ignacio Bustamante told daily El Comercio. The company plans to invest between US$125 million and US$135 million in 2018, 80% of which will be allocated to Peru, Bustamante said.

* Barrick Gold Corp. reached an off-court agreement with the indigenous communities of Huasco River Valley in northern Chile to pay US$20.1 million over the environmental compensation protocol of the suspended Pascua Lama gold project. The claimants filed the lawsuit in 2016 after Barrick stopped paying funds for social development as agreed in 2005, daily El Mercurio reported.

* Titan Minerals Ltd. completed its previously announced recapitalization and exited external administration, with its directors regaining control of the company. The company, formerly known as Minera Gold Ltd., went into administration in August 2015 after failing to secure much-needed funding.

* Radius Gold Inc. optioned the 473-hectare Tarros gold-silver project in Chihuahua, Mexico, from a private company. The company can acquire the property by paying about US$1.7 million within four years. Tarros is subject to a 2% net smelter royalty.

* Rockcliff Copper Corp. secured an option to earn a 100% interest in the Berry Creek gold property in Manitoba. The company will pay C$140,000 in cash over a three-year period and spend C$500,000 on the project over five years.

* Exterra Resources Ltd. became a wholly owned subsidiary of Anova Metals Ltd. after its shareholders approved the merger.

* Newcrest Mining Ltd. CEO Sandeep Biswas said the proposal to hike gold royalties in Western Australia has put the miner's Telfer gold mine at "serious risk," The Australian reported.

* Arbitration between junior developer Minera IRL Ltd. and Corporación Financiera de Desarrollo SA, a Peruvian development bank, is set to go ahead. Minera IRL said the bank, known as COFIDE, had objected to the request for arbitration, which Minera IRL made back in June, but the Superior Council of Arbitration of the Chamber of Commerce of Lima rejected COFIDE's arguments.

* Mali has allowed informal gold mining to resume following a three-month suspension during which the government restructured the sector to secure more tax revenue, Reuters reported, citing Tiemoko Sangare, the mines minister.

BULK COMMODITIES

* Anglo American Plc CEO Mark Cutifani opposed the idea of government funding to develop infrastructure for Adani Enterprises Ltd.'s Carmichael coal project unless its competitors are also given the same, The Australian wrote. Cutifani added that the government should instead provide policy certainty to the industry to make it easy to do business.

Cutifani, meanwhile, said the miner is looking to scale up investment into its Queensland coking coal mines and may look at adding new local operations, after a rise in coal prices last year allowed it to avoid selling these assets to slash debt, The Australian reported.

* Gerdau SA agreed to off-load its Chilean long steel assets to local family-owned groups Matco and Ingeniería & Inversiones SA for about US$154 million. Separately, Gerdau launched a cash tender offer to buy back up to US$500 million of its 2021, 2020 and 2024 bonds.

* Lindian Resources Ltd. expanded the Lushoto bauxite project in Tanzania to 143 square kilometers with the addition of three new tenement applications covering 90 square kilometers. The areas form part of the company's 75% farm-in right over Lushoto.

* K+S Aktiengesellschaft will rule out a separate listing of its salt activities when it unveils the results of a strategic review, Reuters reported, citing a source. "There won't be a Salt IPO. It doesn't make any strategic sense and it doesn't pay off," the source added.

* Germany's North Rhine-Westphalia state is confident that a deal between ThyssenKrupp AG workers and management could be reached to push through a steel merger with Tata Steel Ltd., Reuters reported. The deal has received opposition from labor representatives amid fears that more steel jobs may be lost in the long term in addition to as many as 4,000 already announced as part of the deal.

* Sanjeev Gupta's Liberty House reactivated a unit at one of its British steelworks, more than 18 months after it was mothballed by Tata Steel UK Ltd., Press Trust of India reported. The move has the potential to create 150 new jobs over the next few months.

* The board of the European Bank for Reconstruction and Development approved a syndicated loan of up to €350 million for ArcelorMittal's Kryviy Rih iron ore project in Ukraine, delo.ua reported.

SPECIALTY

* Strandline Resources Ltd. is nearing an investment decision for its Fungoni mineral sands project in Tanzania and believes it could have the operation in production within a year of giving it the green light. A recently completed definitive feasibility study over the Fungoni project pegged a pre-tax net present value of US$42.9 million, an internal rate of return of 56.2% and a 2.7-year payback period from the start of construction.

* Latin Resources Ltd. secured the first option to exclusively acquire the license of a patented spodumene-to-lithium carbonate technology from the University of Cuyo in Mendoza, Argentina, for commercial use and exploitation in Argentina, Australia, China, Canada and the U.S.

* Aura Energy Ltd.'s environmental and social impact assessment for its Tiris uranium project was approved by the government of Mauritania. The company will need to set up a radiation monitoring system under the supervision and control of the National Radiation Protection, Nuclear Safety and Security Authority.

* New York Gov. Andrew Cuomo granted a funding of US$13.3 million for the first stage of Magnis Resources Ltd.'s New York State Lithium-ion Gigafactory in Upper State New York.

* Taruga Gold Ltd. entered a binding agreement to acquire up to a 65% interest in the lithium-tin-tantalite prospective permit ZRG0705 in the Democratic Republic of the Congo by funding all exploration toward the completion of a definitive feasibility study within five years. The project covers an area of 40.8 square kilometers.

* Lithium X Energy Corp. completed the consolidation of the Sal de los Angeles lithium project in Argentina and now controls 100% of the mineral titles contained within the brine-bearing regions of the Diablillos basin.

* Forum Uranium Corp. and Uracan Resources Ltd. agreed to terminate the option deal over the Clearwater uranium project in Saskatchewan.

INDUSTRY NEWS

* Indonesia is considering amending tax rules that may require mining companies operating in the country to pay a percentage of their after-tax profits to central and local governments, Reuters reported, citing documents. Under the proposed changes, special mining permit holders will pay a 4% tariff on after-tax profits to the central government and 6% to regional governments where the companies operate.

* Philippine Environment and Natural Resources Secretary Roy Cimatu, who received confirmation from the Commission on Appointments unlike his predecessor Regina Lopez, said that he will follow the instruction of President Rodrigo Duterte to ban open-pit mining in the country.

* South Africa's Chamber of Mines rejected talks with the country's mining ministry over the proposed changes to the mining charter, Reuters reported. "We are of the view that engaging with the minister directly is not going to achieve a set of results for the industry that is workable," said Roger Baxter, CEO of the Chamber of Mines.

* Following a breach of the public filing system at the Securities and Exchange Commission, the agency has promised lawmakers it is ramping up its cybersecurity efforts — including the hiring of a chief risk officer.

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.