witnessedhigher production acrossmost of its portfolio in the second quarter, with the most notable increasecoming from its bauxite operations. Bauxite production climbed 13% year overyear to 12.1 million tonnes, with output from all mines increasing over thesecond quarter of 2015. Meanwhile, second-quarter iron ore production rose 8%to 80.9 million tonnes and shipments shifted up 6% to 82.2 million tonnescompared to a year earlier.
Kazakhstan-focuseddiversified miner Eurasian Resources Group, formerly known as ,reached an agreement with its two major Russian lenders to . Thedeal lifts the threat of bankruptcy three years after the company delisted itsLondon stock amid allegations of corruption and a fraud investigation.
AnUS$800 million lawsuit filed by Renco Group Inc. against Peru in 2011 over thecountry's alleged failure to clean up pollution surrounding the smelter was rejectedby the World Bank's International Center for the Settlement of InvestmentDisputes due to a lack of jurisdiction, Reuters reported. The company vowed tocontinue to its legal action.
*Credit Suisse affirmed its rating for Rio Tinto and BHP Billiton Group's stocks at neutral and outperform,respectively. The firm also increased its target price for each of thecompanies' shares, to 2,300pence per Rio Tinto share from 2,100 pence and to 1,150 pence per BHPBilliton share from 1,050 pence.
* Even as it seeks to move away from mining, Botswana'sgovernment will maintainUS$130 million of annual spending on state-owned nickel and copper producerBCL Ltd. to preservemore than 5,000 jobs, Bloomberg News reported, citing the country's Vice PresidentMokgweetsi Masisi.
*Harmony Gold Mining Co.Ltd.'s gold production for its fiscal 2016 ended June 30, wason target at about1.1 million ounces while its underground gold grades have improved by 6% from ayear earlier to an average 5.02 g/t. In addition, the company has hedged432,000 ounces of gold over two years, locking an average price of about682,000 rand per kilogram. The ounces represent approximately 20% of thecompany's total production.
*South African Mineral Resources Minister Mosebenzi Zwane to , concerned about thenumber of fatalities recorded from the company's operations this year, Independent Online wrote. So far thisyear, fatalities in South Africa's mining industry have reached 49, 10 of whichhappened at Sibanye projects.
*Lundin Gold Inc.'sFruta del Nortegold project in Ecuador wouldrequire approximately 2,000 workers for its construction phase, withbetween 700 and 800 new positions open for skilled labor and the remainingnumber to be filled by administrative personnel, news agency Andes reported.
* Ina bid to bolster the sales process for the company's entire Australianbusiness, ArriumLtd.'s administrators seek to secure a 17%pay cut from workers at its Whyalla steelworks and increase iron oreexports by up to 3% per annum, TheAustralian reported.
* Anequipment collapse at K+SAG's C$4.1 billion Legacy potash mine in Saskatchewan led to "consequentialdamage", which could potentially affect the start of production at thesite, Reuters reported.
*Coal production from Russia's Kemerovo region to 108 million tonnes in thefirst half of 2016, 8% more than in the same period last year, Interfaxreported, citing figures from the Kemerovo regional government. The regionproduced 30.7 million tonnes of coking coal and 77.3 million tonnes of thermalcoal, with 60 million tonnes in total heading for export as customers in EastAsia accounted for a larger slice of demand than before.
*China's plans to tackle excess capacity seems to have in its coal sector than insteel, as recent data from the National Bureau of Statistics showed recordhighs in steel output but a 16.6% year-over-year decline in coal production inJune.
*Coal imports in Chinaare targeted toremain at more than 20 million tons per month during the secondhalf, to aid demand and to help fill a supply gap left by a mining slowdown, BloombergNews reported, citing an analyst with ICIS China.
*SouthGobi ResourcesLtd. has finalized the terms of a deal to around US$26.9 million worth ofdebt owed to China Investment Corp.
*The Environmental Protection Authority willrecommend for approval the development of 's iron ore depositin Western Australia to Environment Minister Albert Jacob, The West Australian reported.
*Wollongong Coal Ltd.awarded a mining services contract to Delta SBD Ltd. for its coal mine in NewSouth Wales. The company is planning to restart coal production at the mine this month, with theinitial shipment expected in the current quarter.
*TerraCom Ltd.reiterated that ithas the financial capability to operate the Blair Athol coal mine in Queensland, refutingclaims that it was "financially distressed" and did not possess theexperience to rehabilitate large-scale open cut coal mines. TerraCom'sOrion Mining Pty.Ltd. unit is set to acquire Blair Athol from Rio Tinto.
*Magnetite Mines Ltd.and Lodestone Equities Ltd., acting as the South Australian MagnetiteConsortium, signed anonbinding letter of intent with Shandong Steel International Co. Ltd. todevelop the magnetite resources of the Mawson Iron Province of South Australia.
*BHP Billiton Group has launched an integratedremote operations center in Brisbane, Queensland that will cover sevenmines under the BHP BillitonMitsubishi Alliance, Australian Mining reported.
*India's coal imports for the current fiscal year is to 160.16 milliontonnes, the Press Trust of India reported, citing Power and Coal MinisterPiyush Goyal. The number projected by NITI Aayog signifies an almost 20% dropfrom the 199.88 million tonnes of coal imported in 2015-16.
*Indonesia's Indorama Corp. signed deals with Algerian state-owned firms Asmidaland Manal to developa phosphate mine and two processing plants in the country at a total cost ofUS$4.5 billion, Reuters reported.
*Lynas Corp. Ltd.booked andsales in the fourth quarter of its fiscal year 2016, pushing its annual figuresto beat that of the preceding 12-month period. The company produced a record3,727 tonnes of rare earth oxides in the quarter ended June 30, withneodymium-praseodymium oxide output reaching 1,150 tonnes from 846 tonnes inthe previous quarter.
*The underground mining operations at DiamondCorp Plc's Lace diamond mine in South Africa's Free Stateare temporarily suspendedfollowing an investigation by the South African Department of MineralsResources into a fall of ground incident in a development tunnel on the310-meter level.
*With Namdeb Diamond Corp. (Pty.)Ltd. striking more diamond deposits on land bordering the southernAtlantic coastal areas of Namibia, ground-based mining operations in thecountry could be extendedby another 50 years, Bloomberg News wrote, citing Finance Minister CalleSchlettwein.
*Tsodilo ResourcesLtd. secured a 100% interest in Bosoto (Pty.) Ltd. and itsBK16 kimberliteproject in Botswana after acquiring minority shareholders' 25% equity interestin Bosoto for a 2% gross proceeds royalty on diamond sales from BK16.
*Monax Mining Ltd. a binding term sheet toearn a 90% interest in exploration licenses 29731, 28462 and 30521 inAustralia's Northern Territory by spending A$1.5 million on drilling activitieswithin 24 months. Samples collected within the project area reported up to7.55% lithium oxide and lepidolite-rich rocks up to 2.39% lithium oxide.
*Premier African MineralsLtd. said that screens, plant modifications and electrical reticulation works havebeen completed at its49%-owned RHAtungsten project in Zimbabwe.
*There were no immediate effects on mining operations as a result of theattempted coup in Turkey over the weekend, companies said, but the politicalchaos in the country may cast a long-lasting shadow over fundraising for new projectsthere, according to analysts. Jonathan Williams, a corporate broker with RFCAmbrian in London, said he does not think Turkey will start taking projectsaway given that it still needs foreign investment, but lower-quality projectsmight not be funded.
*According to Mining Weekly,Australian Prime Minister Malcolm Turnbull removedthe environment minister post, replacing it with an expanded environment andenergy portfolio, to be led by former Resources Minister Josh Frydenberg.Furthermore, Greg Hunt will transition from the environment portfolio to becomethe minister of industry, science and innovation, while Senator Matt Canavanwas named as resources minister.
The Daily Dose is updated asof 7 a.m. Hong Kong time, and scans news sources published in Chinese, English,Indonesian, Malay, Portuguese, Russian, Spanish, Thai and Ukrainian. Someexternal links may require a subscription.