trending Market Intelligence /marketintelligence/en/news-insights/trending/oZsehAZhqFAfLz4IM0MEhg2 content esgSubNav
In This List

BHP to miss iron ore target; Shaanxi Coal flags return to profit; Whitehaven's coal output up


Japan M&A By the Numbers: Q4 2023


Infographic: The Big Picture 2024 – Energy Transition Outlook

Case Study

An Oil and Gas Company's Roadmap for Strategic Insights in a Quickly Evolving Regulatory Landscape


Essential IR Insights Newsletter Fall - 2023

BHP to miss iron ore target; Shaanxi Coal flags return to profit; Whitehaven's coal output up


BHP BillitonGroup seems to have missed its iron ore export target from Western Australiaof 260 million tonnes, with reports from its rivals suggesting that shipmentsfrom the mining major totaled about 258 million tonnes during the 2016financial year, The Australian Financial Review reported.

Shaanxi CoalIndustry Co. Ltd. expects a swing to a attributable to shareholdersof between 150 million Chinese yuan and 280 million yuan in the first half,compared to the year-ago net loss of 954.8 million yuan.

WhitehavenCoal Ltd.'s run-of-mine coal output in the June quarter shifted up 2% to 5.6million tonnes compared to the same quarter of 2015. The Australian producer'scoal production for the quarter rose 8% year over year to 5.1 million tonnes,with total coal sales up 22% to 5.2 million tonnes.


* Codelcoplans to build the second-largest seawater desalination plant in the countryafter BHP Billiton's Escondida in Antofagasta region. The US$1.5 billionproject is part of the Radomiro Tomic expansion project, RT Sulfuros, andincludes a 160-kilometer pipeline and pumping stations that will draw waterfrom the Pacific Ocean at 1,600 liters per second to an altitude of 3,000meters, daily El Mercurio reported.

* YunnanCopper Industry (Group) Co. Ltd. expects its net profitattributable to shareholders to drop between 17% and 36% year over year in thefirst half to between 10 million Chinese yuan and 13 million yuan. EPS isexpected between 0.7 fen and 0.9 fen, compared to 1.1 fen a year ago.

* FirstQuantum Minerals Ltd. has been taken off rating watch negative andassigned a stableoutlook by Fitch Ratings after selling its nickel-copper mine inFinland and securing a new US$1.8 billion loan and credit facility.

* The Chilean Supreme Court ratified fines issued againstCodelco unit Salvador for violating health regulations, confirming aprevious ruling by the Court of Appeals of Copiapo. The state miner must payabout 22 million Chilean pesos, daily Pulsoreported.

* AuraMinerals Inc.'s Aranzazu copper mine in Zacatecas state, Mexico, is setto resume operations in September this year, said the mines director of statemining ministry Sezac, Juan de Dios Magallanes. The company suspendedactivities at the mine in January 2015 citing it had been unable to raise fundsrequired to maintain or expand current operations given the current commodityprice slowdown, daily Zacatecas en Imagenreported.

* Bad weather conditions off the coast of Chile, whichforced ports to remain closed for several days in a row, delayed coppershipments from the country in the second half of June, Reuters reported.

* Clive Palmer's Queensland Nickel Sales has until July 20to voluntarily declare itself the operator of the Townsvillenickel refinery in Queensland, Australia, or it would be given the status byWorkplace Health and Safety Queensland nonetheless, the Australian AssociatedPress reported.


* A preliminary feasibility study for INV Metals Inc.'s Loma Larga gold project in Ecuador showed theproject would generate an after-tax net present value of US$300.9 million andinternal rate of return of 26.3%.

* Lundin GoldInc.'s phase change application for its 100%-owned La Zarzaconcession, which is host to the Fruta del Norte project, was approvedby the Government of Ecuador, allowing the concession to move from theexploration phase to the exploitation phase.

* Shanta GoldLtd. plans to startpilot-scale production in the first quarter of 2017 on the Gold Tree 1prospect, part of its Singida gold project in northern central Tanzania. Theproduction will build up to a milling rate of 10 tonnes per hour for goldproduction of about 800 ounces per month.

* Citizens of Jachal in Argentina's San Juan province aredemanding Barrick GoldCorp. to close its Veladero gold-silver mine, arguing that the operation isin breach of the Glacial Law because of its location, Buenos Aires Herald reported. Veladero was the site of a massivecyanide solution spill in 2015.

* KirklandLake Gold Inc. produced 68,338 ounces in the second quarter from its mine complex andEast Timminsoperations in Ontario, compared to 62,275 ounces in the first quarter.

* QuaterraResources Inc. is selling its remaining in the gold project inAlaska, to joint venture partner Grande Portage Resources Ltd.


* ShenhuaGroup Corp. Ltd., Baosteel Group Corp., Wuhan Iron and Steel (Group)Corp., China MinmetalsCorp. have been selected under a list of seven state-owned enterprisesto lead a reform to establish "state-owned capital investmentcompanies," China Securities Journalreported,citing the State-owned Assets Supervision and Administration Commission. Thesecompanies are expected to become shareholders of other SOEs and to managestate-owned assets for SASAC.

* Ten people died and 14 were trapped over a period of 13days due to flooding in four coal projects in China, Xinhua News Agency reported,citing data from the country's State Council. The affected coal mines are partof the Nasheng, Tiedingyan and Hongcai projects in Guizhou province, as well asthe Zhongcun operation in Shanxi province. The authorities said it will requirelocal governments to improve safety in coal mines during the flood season.

* BeijingShougang Co. Ltd. expects to swing to a net profit attributable to shareholders ofbetween 10 million Chinese yuan and 50 million yuan, or between 0.19 fen pershare and 0.95 fen per share, in the first half of the year.

* AngloAmerican Plc may face some difficulty in getting the of its coal mine inQueensland, Australia, over the line following two roof falls that occurredwithin a month of each other.

* Meanwhile, BHP Billiton said the restart of the Samarco iron ore operations in Brazil is unlikely thiscalendar year and the workforce will be reduced.

* Two of China's coal majors, andChina National Coal GroupCorp., are expected to play a major role in the country's coal sector reforms, bybuying up coal mines owned by central government-owned companies that are notfocused in the coal industry, according to market analysts.

* SierraRutile Ltd.'s rutile production in the second quarter increased16% year over year to 34,629 tonnes, while half-year production increased 15%year over year to 61,408 tonnes. The company expects its full-year productionto be at the upper end of previously stated guidance of between 120,000 tonnesand 135,000 tonnes.

* AguiaResources Ltd. is withdrawing the two preliminary economic assessments forits TresEstradas phosphate project in Brazil after an objection by the ASX,citing the reporting of a production target or forecast that was too reliant ona high proportion of inferred mineral resources.

* Vedomosti reportedthat OAO TMK's management initiated a meeting of its board of directors todetermine the offering price of additional shares. The steel pipe manufacturerproposed to set the price at 71 Russian rubles per share, which will value thecompany at 70 billion rubles. The company plans to place 4.25% of its increasedcapital for 3.12 billion rubles.

* Kommersant reported that construction of thePrimorskaya, or Maritime, coal power plant in Russia's Kaliningrad region willstart by year-end and will finish in mid-2019. The plant will process coal fromthe Kuznetsk Basin, which will be transported to Kaliningrad by rail; however,a backup option with the sea port terminal may be needed.

* JSCBelarusian Potash Co. agreed to supply potash to a consortium of Chinese buyers atUS$219 per tonne, almost US$100 per tonne less than last year, in a deal thatanalysts say demonstrates the growing power of potash buyers compared withincreasingly fragmented producers. BPC director general Elena Kudryavets saidthe price reflected the current situation in the potash market.

* KPS Capital Partners LP pulled out of a consortium that offered to acquireESSAR Steel Algoma,Reuters reported.


* SkyharbourResources Ltd. secured an option to acquire Denison Mines Corp.'s 35,705-hectare uranium project inSaskatchewan.


* BHP BillitonMitsubishi Alliance will offer free check-ups for all of its coal workers following the"black lung" outbreak in Queensland, The Australian FinancialReview reported.

* Growing concerns of increasing fees prompted the London MetalExchange to freezemaximum rental rates at its global network of warehouses for five years,Reuters reported, citing Matthew Chamberlain, the exchange's head of business development.

The Daily Dose is updated as of 7 a.m. London time, andscans news sources published in Chinese, English, Indonesian, Malay,Portuguese, Russian, Spanish, Thai and Ukrainian. Some external links mayrequire a subscription.