Vedanta lifts mined metal production at Zinc India by 14% in fiscal Q2'18
Vedanta Resources Plc increased mined metal production at its Zinc India operations by 14% for the second quarter of its fiscal 2018. The Indian operations produced 192,000 ounces of refined zinc, 38,000 tonnes of refined lead and 4.5 million ounces of silver in the second quarter, reflecting year-over-year increases of 28%, 24% and 31%, respectively. International zinc production increased 13% from the year-ago period to 42,000 tonnes. The Press Trust of India quoted chairman Anil Agarwal as saying Vedanta Ltd. plans to spend over US$6 billion to double oil and gas output to 4 million barrels per day in three to four years.
Liberal party rejection sinks Western Australia's planned gold royalty increase
Western Australia's Liberal party unanimously voted against a proposed gold royalty increase from 2.5% to 3.75%, which was part of a bid to cut the state's debt, The Sydney Morning Herald reported. "The McGowan government did not seek nor receive a mandate to increase gold royalties at the March election," party leader Mike Nahan said.
US companies call for deep look into Chinese trade practices
A panel of business leaders urged U.S. trade officials to deeply probe the Chinese trade practices currently under investigation by the Trump administration to determine whether they are infringing upon the protection of U.S. intellectual property and technologies and harming U.S. companies. The Trump administration launched a "Section 301" investigation into Chinese trade practices in August, seeking to determine whether Chinese laws, policies and practices discriminate against U.S. companies and "burden or restrict U.S. commerce."
* Australian Foundation Investment Co., one of BHP Billiton Group's largest Australian shareholders, said Chairman Ken MacKenzie must be given time to do to what he wants to do put his imprint on the company, The Australian Financial Review reported. This comes amid reports that activist shareholder Elliott is renewing a push for a shakeup at the mining major.
* For the nine-month period that ended Sept. 30, Nickel Asia Corp.'s estimated value of shipments rose by 16% to 11.65 billion Philippine pesos. The increase is mainly due to higher prices for its nickel ore sales combined with a weaker peso exchange rate.
* KGHM Polska Miedz SA CEO Radoslaw Domagalski-Labedzki said the miner would like to pay out a dividend from its 2017 profit, Reuters reported.
* Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. suspended production at its Fankou lead-zinc underground mine in China's Guangdong province for two weeks from Oct. 9 as part of an annual maintenance plan.
* Metalicity Ltd. completed the first stage of the pre-feasibility study for its Admiral Bay zinc project in Western Australia, confirming the project's potential to support a long life and low-cost zinc-lead-silver operation.
* Great Western Mining Corp. Plc's JORC-compliant scoping study over its M2 copper-gold prospect in Nevada pegged a base case mine life of 13 years using current mineral resources. The company recently estimated indicated and inferred resources at M2 of 17 million tonnes at 0.525% copper containing 89,195 tonnes, using a 0.2% cutoff. The minable resources stand at 16.1 million tonnes grading 0.48% copper in two separate open pit mines.
* Bluejay Mining plc expanded the Disko-Nuussuaq nickel-copper-platinum project in southwest Greenland by more than 200% to 462.3 square kilometers after the country's government granted additional exploration licenses. The licenses are valid for five years until Dec. 31, 2022.
* Australia's Northern Territory Chief Minister Michael Gunner officially opened the US$120 million expansion of Newmont Mining Corp.'s Tanami gold operations, Mining Weekly reported. The expansion is expected to increase annual gold production from Tanami by 80,000 ounces per year to between 425,000 and 475,000 ounces of gold per year.
* Dalradian Resources Inc. secured funding of C$84.8 million via a nonbrokered private placement and exercise of warrants. CEO Patrick Anderson said the company is now well-funded to move its Curraghinalt gold project in Northern Ireland through permitting.
* Tharisa Plc CEO Phoevos Pouroulis said the company is "looking favorably" on a "generous" dividend at year's end, Miningmx reported. This comes as the company posted record chrome output for the year of 1.3 million tonnes, a 7% year over year increase, with platinum group production rising 8.3% to 143,600 ounces.
* Endeavour Silver Corp.'s third-quarter output dipped year on year, with silver equivalent production falling by 3% to about 2.2 million ounces. Silver sales volume, however, increased by 6% to 1.3 million ounces, while gold ounces sold tumbled 3% to 13,759 ounces.
* Mandalay Resources Corp. in the third quarter produced a total of 25,819 salable gold equivalent ounces and sold 27,310 gold equivalent ounces. This compares with output of 34,586 ounces of gold equivalent and sales of 35,617 ounces of gold equivalent in the third quarter of 2016.
* Northern Vertex Mining Corp.'s preliminary economic assessment at its Moss gold-silver mine in Arizona pegged a posttax net present value, discounted at 5%, of US$93.0 million, a 52.5% internal rate of return and a 27-month payback period. The study uses a base case gold price of US$1,250 per ounce and a silver price of US$20 per ounce. Gold production from the project is estimated at 313,150 troy ounces during its 10-year life.
* An updated mineral resource estimate for Jangada Mines Plc's Pedra Branca platinum group metals project in Brazil showed increases of 35% and 74%, respectively, in measured and indicated resources. The project now hosts a JORC-compliant resource of about 1 million ounces of PGM plus gold at 2.46 g/t of palladium equivalent, 109 million pounds of nickel, 23 million pounds of copper, 6.4 million pounds of cobalt and 670,000 tonnes of chromium.
* Integra Resources Corp. outlined a maiden resource estimate for the DeLamar gold project in Idaho that it is acquiring from Kinross Gold Corp. The inferred resource is 117.9 million tonnes grading 0.41 g/t of gold and 24.34 g/t of silver at a cutoff grade of 0.3 g/t of gold equivalent. The project hosts an estimated 1.6 million ounces of gold and 91.9 million ounces of silver.
* Troy Resources Ltd. Chairman Peter Stern and nonexecutive director John Jones got to keep their board seats, backed by majority of Troy shareholders, after 5.1% Troy shareholder Republic Investment Management Pte. Ltd. called for a board shake-up to replace the two directors with its own nominees, The West Australian wrote.
* Japan Gold Corp. added the Tobaru and Ohra-Takamine projects to its epithermal gold exploration portfolio in Japan. The projects, which comprise nine applications over 3,028 hectares collectively, expand the company’s portfolio to around 69,505 hectares over 17 separate projects.
* Monarques Gold Corp. signed a custom milling contract to process some 50,000 to 55,000 tonnes of ore from Eldorado Gold Corp.'s Quebec-based Lamaque gold mine at its Camflo mill until Dec. 31. The contract can be extended by mutual agreement.
* Riversgold Ltd. started trading on the ASX after raising about A$6.1 million by issuing 30.6 million shares at 20 Australian cents per share.
* Gold Road Resources Ltd. signed agreements with Cygnus Gold Ltd. to earn a 75% interest in both the Wadderin and Lake Grace projects in Western Australia.
* Russian tycoons Mikhail Prokhorov and Viktor Vekselberg are selling a 3% interest in United Co. Rusal Plc, with Prokhorov offering a 0.7% stake and Vekselberg offering a 2.3% stake, said Reuters, citing one of the businessmen's bookrunners. The report valued the 3% stake at US$341 million, based on the HK$5.84 closing price of Rusal shares on Oct. 10.
* Coal India Ltd. signed a five-year national wage agreement with worker unions, granting wage hikes to the state-owned company's 298,000 workers. The increase will cost Coal India 56.67 billion Indian rupees per annum, will apply retroactively from July and will be effective until the end of June 2021.
* For the nine months that ended Sept. 30, China Coal Energy Co. Ltd. expects its net profit to jump between 150% and 190% on a yearly basis.
* Japan's Ministry of Economy, Trade and Industry told Kobe Steel Ltd. to look into whether there were any illegal proceedings, after the company announced that a portion of its products had been falsely labeled to meet customer specifications, Reuters reported, citing a ministry official.
* Strategic Minerals Plc posted record quarterly sales of about US$2 million from its iron ore operations in New Mexico during the September quarter, rising more than 300% from a year ago.
* PAO Severstal's crude steel production in the third quarter increased 4% over the prior quarter to 2.9 million tonnes. Hot metal output in the three months remained relatively stable quarter over quarter, at 2.2 million tonnes.
* Tata Steel Ltd. is expected to make a bid for the debt-ridden Essar Steel Ltd's Hazira steel plant in the Indian state of Gujarat, Mint reported.
* Edenville Energy Plc entered a coal off-take agreement with Riftcot Ltd. for up to 75% of its annual production from the Rukwa coal project in Tanzania.
* Diamcor Mining Inc. raised about US$1.3 million from the sale of 7,771.13 carats of rough diamonds recovered from its Krone-Endora at Venetia project in South Africa during the quarter that ended Sept. 30. The diamonds were sold at an average price of US$171.70 per carat.
* Stornoway Diamond Corp. produced 442,154 carats from the processing of 506,381 tonnes of ore at the Renard diamond mine in the third quarter, compared to a plan of producing 422,475 carats from processing 540,000 tonnes of ore. The company raised C$51.6 million from 438,632 carats sold in two sales at an average price of US$94 per carat during the period.
* Lepidico Ltd. aims to raise up to A$7 million in a private placement that will see Galaxy Resources Ltd. come on board as a strategic shareholder. Galaxy agreed to buy approximately 292 million shares in the company at 1 Australian cent apiece for A$2.9 million in proceeds, giving it a 12% stake.
* Argosy Minerals Ltd. terminated an investment deal with Chinese battery company Qingdao Qianyun High-tech New Material Co. Ltd. after it declined to give an extension to satisfy certain conditions for the placement.
* Bloomberg News wrote that AMG Advanced Metallurgical Group NV's shares have surged almost 160% this year with a 3% rise last week to €37.57, the company's highest weekly close since 2008.
* BlueRock Diamonds Plc's Kareevlei diamond operations in South Africa broke even in September as production continued to improve, coupled with increased grade and the recent reduction in operating costs.
* An updated resource estimate for Hastings Technology Metals Ltd.'s Yangibana project in Western Australia pegged total resources at 20.6 million tonnes at 1.18% total rare earths oxide.
* Bass Metals Ltd. signed a sales agreement for 50% of its forecast stage-one flake graphite concentrate production of 6,000 tonnes per annum from the Graphmada project in Madagascar.
* Mustang Resources Ltd. increased its ruby inventory to 352,260 carats ahead of its maiden rough ruby tender in Mauritius later in the month. Mustang was also granted mining concession 8921C, the first concession granted to the company at its Montepuez ruby project in Mozambique.
* The U.S. government decided to revoke its economic sanctions on Sudan on the back of the African nation's efforts to fight terrorism and ease humanitarian distress. The sanctions are set to be lifted Oct. 12. Orca Gold Inc., which is prepared to build Sudan's first full-scale commercial gold mine, welcomed the decision.
* IG Metall, said to be Germany's largest trade union, is demanding shorter working hours and a 6% wage hike for nearly 4.0 million workers it represents in the country's metals and electrical sectors, Reuters reported, citing union head Joerg Hofmann.
* China's expanded resource tax reform resulted in a decrease in taxes of 4.2 billion Chinese yuan by the end of June, China Daily reported.
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