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Yancoal Australia shutters Donaldson ops; Newmarket Gold targets quality assets; NALCO to repurchase stake from India

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


Yancoal Australia shutters Donaldson ops; Newmarket Gold targets quality assets; NALCO to repurchase stake from India

TOP NEWS

Yancoal Australia idles Donaldson operations

Citing market challenges, Yancoal Australia Ltd. placed its Donaldson coal operations in New South Wales, Australia,on care and maintenance,a month earlier than anticipated. The move follows a halt in mining activities atthe Abel underground mine and the start of new feasibility studies that will considerthe future development of new underground working areas.

NewmarketGold eyeing quality assets in Australia, North America

With US$52.1 million cash and only US$1.6 million of debt, is looking toacquirequality assets in Australia and North America, with CEO and President DouglasForster saying the "landscape is still positive … in terms of acquisition,but we are cautious investors. … We're looking for quality and willing to pay upfor that," MiningNews.net reported. "It would be nice to pair our Australiangold production with some US gold production. … That would be sort of the naturalhedge, if you will, against the strengthening Australian dollar," Forster said.

NALCO to repurchase 25% stake from India

According to Indian Mines Secretary Balvinder Kumar, has agreedto repurchase 25% of theshares out of the 80.93% interest the Indian government owns at a price to be determinedlater this month. The buyback is part of the government's drive to raise up to 565billion Indian rupees to offset the national 2016-17 fiscal deficit.

BASE METALS

* about 19.0 million poundsof copper in the first quarter from its Copper Mountain mine in British Columbia, up from 18.4 millionpounds a year ago. Gold and silver production, meanwhile, totaled 7,600 ounces and64,700 ounces, respectively, down from 7,800 ounces and 80,300 ounces recorded lastyear.

* A preliminary economic assessment on the planned redevelopmentof Ivanhoe Mines Ltd.'sKipushi zinc-coppermine in the Democratic Republic of Congo peggedan after-tax net present value, at an 8% real discount rate, of US$533 million,a real internal rate of return of 30.9% and a payback period of 2.2 years.

* Indico ResourcesLtd. said its partner AruntaniSAC made an annual payment of US$2 million due in April, toward theacquisition of a 100%interest in the Irmincopper-gold project in Peru.

PRECIOUS METALS

* With US$52.1 million cash and only US$1.6 million of debt,Newmarket Gold Inc. islooking to acquirequality assets in Australia and North America, with CEO and President DouglasForster saying the "landscape is still positive … in terms of acquisition,but we are cautious investors. … We're looking for quality and willing to pay upfor that," MiningNews.net reported. "It would be nice to pair our Australiangold production with some US gold production. … That would be sort of the naturalhedge, if you will, against the strengthening Australian dollar," Forster said.

* Endeavour MiningCorp. produced131,567 ounces of gold in the first quarter at an all-in sustaining cost of US$900per ounce, compared to 123,744 ounces of gold at an AISC of US$946 per ounce a yearago. The company sold 127,355 ounces of gold in the period, up from 124,850 ouncessold a year ago.

* Eastern GoldfieldsLtd. signed a binding agreement to acquiremore tenements in Western Australia's Eastern Goldfields region from 's Goldstar Resources(WA) Pty. Ltd. unit in exchange for A$125,000 in cash and 2 million unlisted options.

* Northern SphereMining Corp. earned an 80%stake in Trueclaim ExplorationInc.'s Scaddinggold property in Ontario after entering a joint venture deal.

* Barkerville GoldMines Ltd. and WilliamsCreek Gold Ltd. entered into a definitive arrangement under which Barkerville agreedto issue an aggregate of 6,800,000 common shares in exchange for all issued andoutstanding common shares of Williams Creek held by its shareholders.

* Havilah ResourcesLtd. has kicked off the processingof high-grade ore at the Portiagold mine in South Australia. Ore is being sourced from the stockpile generatedfrom mining the interim subpit, as previously reported, with there being sufficientmaterial available for treatment for several weeks.

* The strong run in OceanaGoldCorp.'s share price led Deutsche Bank to downgradethe stock to "sell" based on valuation, The Australian Financial Review reported.

BULK COMMODITIES

* Citing market challenges, Yancoal Australia Ltd. placed its Donaldson coal operations in New South Wales, Australia,on care and maintenance,a month earlier than anticipated. The move follows a halt in mining activities atthe Abel underground mine and the start of new feasibility studies that will considerthe future development of new underground working areas.

* According to Indian Mines Secretary Balvinder Kumar, has agreedto repurchase 25% of theshares out of the 80.93% interest the Indian government owns at a price to be determinedlater this month. The buyback is part of the government's drive to raise up to 565billion Indian rupees to offset the national 2016-17 fiscal deficit.

* BHP Billiton Group, which manages eight coal mines in Queensland,Australia, may hold an early direct vote of workers on a redraft of their enterpriseagreement, The Australian Financial Reviewreported,citing three major coal unions in the Australian state. The unions, in a circularto their members, said management was planning "extreme" and "massivedepartures" from legacy work agreements.

* U.S. Steel Corp.plans to offer US$500million worth of senior secured debt due 2021, subject to market and other conditions.The company will use the proceeds to repay debt, prioritizing near-term liabilitiesand general corporate purposes.

* Alcoa Inc.reached an agreementwith the Bonneville Power Administration, which will help improve the competitivenessof its Intalco aluminumsmelter in Ferndale, Wash. With the agreement, the facility will not curtail atthe end of the second quarter.

* Sanjeev Gupta's Liberty House confirmed that it will proposea bid for Tata Steel Ltd.'s loss-making U.K. operation by May 3, London's Financial Times reported,citing a Liberty House spokesman. "[Liberty House] has put in place a stronginternal transaction team and panel of leading external advisers to take the bidforward," the spokesman said. The trading company is reportedly working withMacquarie Bank to advise on the bid and to potentially fund the offer with a US$1billion credit line while a Tata Steel management buyout team is also mulling overoffering a bid for troubled business. Liberty House also agreed to acquire Tata'sScottish steel plants in late March.

SPECIALTY

* Lithium AustraliaNL and Cazaly ResourcesLtd. combinedtheir current and future lithium mineral interests within a 100-kilometer radiusof Kalgoorlie, Western Australia, for an initial period of five years to form theGoldfields Lithium Alliance on a 50/50 basis.

* Ashburton VenturesInc. signed a definitive agreement with Strider Resources Ltd. to acquire an option over the Thompson Bros. lithium property in Wekusko Lake,Manitoba, while simultaneously entering a binding heads of agreement with ManitobaMinerals Pty. Ltd. to finance all payments and obligations relating to the optionover the property.

* Workers at AREVASA's Cominakuranium mine in Niger initiateda 72-hour strike May 2, saying they have yet to receive the full payment of bonusesfor meeting financial targets last year, Reuters reported, citing two unions.

* Platypus MineralsLtd. said Lepidico Ltd.has granted European Metals HoldingsLtd. an option to acquirea license to use the L-Max technology for the latter's lithium project in the CzechRepublic for A$20,000.

* Globex MiningEnterprises Inc. acquiredthree lithium projects in Quebec, in exchange for undertaking the renewal of certainclaims and reserving a 1% net smelter royalty for the vendor.

* Anson ResourcesLtd. signed a nonbinding memorandum of understanding with Shanxi JianbangGroup. Co. Ltd. to assess usinggraphite and graphene in the latter's steel products.

* Canadian InternationalMinerals Inc. and NoramVentures Inc. entered into a letter of intent to cooperatively the Alberta lithium brineproject in west-central Alberta.

* Scandium InternationalMining Corp. filed an Environmental Impact Statement with the New SouthWales Department of Planning and Environment in support of the of the scandium project in the Australianstate.

INDUSTRY NEWS

* The government in India is planning to start monitoringmines in the country through satellites, starting this year, after a three-monthpilot project found widespread illegal limestone mining in a big state, Reutersreported, citing Indian Mines Secretary Balvinder Kumar. The Indian Bureau of Minesis digitizing maps of all mines under the purview of the ministry to check whethercompanies are complying by rules or mining outside their lease areas.

* Moody's flagged that more Brazilian companies will face increasingliquidity risk through next year as surging borrowing costs and the harshest recessionin decades affect their ability to service debt, Reuters reported.Despite cost-cutting initiatives, raising funds has emerged as challenge for theoil and gas, homebuilding, transportation, telecommunications and media, and metalsand mining industries, the rating agency added.

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