ThyssenKrupp CEO quits amid shareholder criticism of Tata JV deal
ThyssenKrupp AG CEO Heinrich Hiesinger stepped down after heading the company for seven years, Bloomberg News reported. The CEO earlier offered to step down after facing pressure from major shareholders after it struck a definitive deal to form a 50/50 European steel joint venture with Tata Steel Ltd.
Acacia to hit top end of full year gold production guidance
Barrick Gold Corp. majority-owned Acacia Mining PLC is on track to achieve the top end of its full-year production guidance as it recorded an output of 133,778 ounces in the second quarter. The 36% year-over-year decline in production is mainly due to reduced operations at the Bulyanhulu mine and a move to stockpile processing at the Buzwagi mine in Tanzania.
Indian court thumbs down Vedanta's request to reopen Tuticorin copper smelter
An environmental court in India rejected Vedanta Ltd.'s bid to allow for the temporary reopening of its Tuticorin copper smelter in India's Tamil Nadu state, Reuters reported. The Vedanta Resources PLC unit also sought for a permanent injunction against the Tamil Nadu state government from interfering with the operations of its smelter.
* Law firm Dechert LLP alleged that Eurasian Natural Resources Corp. Ltd.'s senior managers oversaw bribes to senior officials in Africa, flouted sanctions and overpaid during acquisitions of related firms, the Financial Times reported. The miner is suing the law firm and one of its top partners over breach of contract, breach of fiduciary duty and negligence.
* India has directed state-owned National Aluminium Co. Ltd., Hindustan Copper Ltd. and Mineral Exploration Corp. Ltd. to team up and acquire lithium and cobalt mines abroad, amid increasing demand for minerals used in batteries, The Economic Times of India reported.
* S&P Global Ratings raised its price assumptions for copper and nickel, from this year to 2020, due to its expectations of supply constraints and strong demand. Copper prices are expected to range between US$6,600 per tonne and US$7,000 per tonne, while nickel prices are assumed to rise to between US$13,000 per tonne and US$14,000 per tonne.
* The workers' union at BHP Billiton Group's Escondida copper mine in Chile and the company are "far from reaching agreement," with less than three weeks to go before a contract negotiations deadline, Reuters reported, citing a union official. The official added that the union was setting up a US$400,000 emergency fund to support workers if they decide to go on strike after BHP offers its final proposal on July 24.
* Vedanta Resources' Vedanta Zinc International unit kicked off commissioning activities at its Gamsberg zinc project in South Africa's Northern Cape province, Mining Weekly reported.
* Four unions at Codelco's El Teniente copper mine, representing 95% of its workforce, agreed to bring forward collective bargaining negotiations, ahead of the current agreement's expiry on Oct. 31, La Tercera reported, citing sources.
* Clean TeQ Holdings Ltd. CEO Sam Riggall remains unfazed by a potential US$1.49 billion CapEx for the Clean TeQ Sunrise nickel-cobalt project, saying that the funding would not be difficult, Mining News reported.
* Zambia agreed to give First Quantum Minerals Ltd. more time to complete its analysis of what the company might owe in taxes after the government slapped the miner with a US$7.9 billion tax bill, Bloomberg News reported. The group received the massive tax bill in March from the Zambian Revenue Authority for the alleged underpayment of customs duties.
* Symbol Mining Ltd. began mining operations at the Macy zinc project, part of the Imperial joint venture in Nigeria, after receiving final government approval for the mining lease of the project.
* Metropolitan Energy Corp. intends to acquire Bertram Capital Finance Inc., operating under the business name of Cannabis One, in a reverse takeover and subsequently exit the mining sector.
* Red River Resources Ltd. awarded an initial seven-year contract to Pybar Mining Services Pty Ltd. for the underground mining operations at its Far West zinc project, part of its Thalanga operations in Queensland, Australia.
* Tiger Resources Ltd. terminated the sale of its Kipoi, Lupoto and La Patience copper-cobalt assets in the Democratic Republic of the Congo, after the buyer, Sinomine Fuhai (Hong Kong) Overseas Resource Investment Co. Ltd., failed to satisfy agreement terms.
* Taseko Mines Ltd. entered copper hedging options for 5 million pounds per month, with a strike price of US$2.80, through December, to take advantage of copper prices, which reached a four-year high.
* China Hanking Holdings Ltd. has agreed to sell its 70% stake in the investment holding company, Hanking (Indonesia) Mining Ltd., to Tuochuan Capital Ltd. for 350 million Chinese yuan. Proceeds for the sale of the nickel assets will be used to advance the Mount Bundy gold project of its recently acquired Australian unit, Primary Gold Ltd., to develop other mineral projects and for working capital.
* Condor Gold PLC Chairman and CEO Mark Child said the company remains confident it is close to securing permitting approval for the Mina La India gold project after the company replied to questions from the Ministry of Environment and Natural Resources in Nicaragua following their site visit in March. The company amended its environmental and social impact assessment to construct and operate an up to 1 million tonnes per annum processing plant without the need to resettle about 330 houses and about 1,000 people.
* Officials of Lydian International Ltd.'s Armenian unit and protesters against the company's Amulsar gold mine could not reach an agreement in a meeting initiated by the country's Prime Minister Nikol Pashinyan, Armenpress reported. Pashinyan asked for time for the government to conduct inspections, however, the company's representatives refused to accept the protesters' demand of suspending operations until the inspections are complete.
* St Barbara Ltd. produced a record 119,436 ounces of gold in the fourth quarter of its fiscal 2018, up from 94,226 ounces it produced in the year-ago quarter. Production from the Gwalia mine in Western Australia notched a record 84,537 ounces of gold in the quarter, while the Simberi mine in Papua New Guinea produced 34,899 gold ounces in the three-month period.
* Unlike many of its peers that have been unloading assets and cutting spending, Toronto-based Agnico Eagle Mines Ltd. has remained focused on growing its production base and investing in its exploration and development projects, S&P Global Market Intelligence's Metals and Mining Research unit reported.
* Centerra Gold Inc. said that there is a risk that throughput levels at its Mount Milligan copper-gold project in British Columbia may need to be reduced in the fourth quarter, if the company fails to receive regulatory approval to access further groundwater and surface water solutions to meet water needs at the site.
* AngloGold Ashanti Ltd. completed the commissioning of a recovery enhancement project at the Sunrise Dam gold mine in Western Australia at the end of June, which is expected to increase production by around 25% to about 300,000 ounces of gold this year.
* In its latest quarterly resources and energy report, Australia's Department of Industry, Innovation and Science's office of the chief economist is forecasting an increase in gold prices to US$1,380 per ounce in 2019 and expects production growth and sustained prices to take its national export value to A$20 billion by 2019 to 2020. The commodity forecasting body expects geopolitical tension in the Middle East and political unrest in Europe to cause upward pressure on gold prices.
* American Creek Resources Ltd. granted Tudor Gold Corp. an option to buy out the company's 40% interest in their Electrum gold joint venture in British Columbia.
* Mitsui & Co. Ltd.'s senior executive managing officer for the energy and metals business, Yukio Takebe, said the company may secure additional interest in Vale SA from its current 5.51% stake to have more sway in the latter's management, Reuters reported.
* EU member countries backed measures proposed by the European Commission to curb steel imports into the bloc, following a U.S. decision to slap import tariffs on steel and aluminum, Reuters reported. The EU fears that products no longer imported into the U.S. will instead flood European markets.
* Tekin Nasikkol, head of labor at ThyssenKrupp, said he will seek to renegotiate with management the planned layoff of around 4,000 workers agreed under the joint venture deal with Tata Steel, Reuters reported.
* For the first quarter of fiscal 2019, Steel Authority of India Ltd.'s captive mines under its Raw Materials Division produced and dispatched 5.2 million tonnes and 5.1 million tonnes of iron ore, respectively, reflecting year-over-year growth of 15.4% and 16.7%, The Economic Times of India reported.
* China Baowu Steel Group Corp. Ltd. is boosting its hot metal capacity to 4.0 million tonnes and crude steel capacity to 3.6 million tonnes at its Zhanjiang production site in China's Guangdong province, Metal Bulletin reported. The increases come on the back of production cuts at operations in Shanghai and in Jiangsu province.
* Liberty House parent GFG Alliance acquired the freehold and cargo-handling services of Bird Port in South Wales, U.K., Metal Bulletin reported. Bird Port, which will be renamed SIMEC Bird Port following deal closing, handles mainly steel and bulk products.
* More than 350 unionized workers at Compass Minerals International Inc.'s salt mine in Ontario have been on strike for about 10 weeks, seeking negotiations with management for a new contract, CBC News reported.
* Eramet is looking to acquire lithium deposits in Chile, Argentina and Brazil to expand its lithium footprint amid increasing demand of the mineral used in batteries for electric vehicles, Reuters reported. CEO Christel Bories told a news conference in Tokyo that the company's priority is to develop its existing lithium deposit in Argentina.
* Voyageur Minerals Ltd. estimated a NI 43-101-compliant indicated resource of 166,210.20 tonnes at 37.75% barium sulfate for 62,745 tonnes of contained barite. The inferred resource stands at 195,578.10 tonnes at 35.40% barium sulfate for 69,229.80 tonnes of contained barite.
* Environmental Protection Agency Administrator Scott Pruitt tendered his resignation as scandals and associated Congressional and other investigations were stacking up. Deputy Administrator Andrew Wheeler, a former coal industry lobbyist, will assume duties as acting administrator July 9.
* U.S. President Donald Trump said the U.S. may eventually impose tariffs on more than US$500 billion worth of Chinese goods, while confirming that his previously announced tariffs on US$34 billion worth of Chinese goods would become effective at 12:01 a.m. ET on July 6.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.
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