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Anglo American said to rethink cuts amid uptick in commodity prices

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Anglo American said to rethink cuts amid uptick in commodity prices

TOP NEWS

Anglo American reconsidering downsize plans

On the back of a recent rally in commodity prices, Anglo American Plc is said to be reconsidering its plan to sell off two-thirds of its mines and lay off about half of its employees, The Australian reported, citing a person familiar with the plan. In December 2015, the company announced a "radical" restructuring program, targeting to slash its assets by 60% and to reduce the number of jobs by 85,000 to around 50,000.

Peabody Energy targets US$5B debt reduction

Peabody Energy Corp. is one step closer to emerging from Chapter 11 bankruptcy after the company filed a plan of reorganization and disclosure statement with the U.S. Bankruptcy Court for the Eastern District of Missouri on Dec. 22, covering a new capital structure that will significantly reduce the company's pre-filing debt levels by more than US$5 billion.

HudBay Minerals to spend US$346M on Peruvian copper project

HudBay Minerals Inc. will invest US$346 million between 2017 and 2021 to develop its Constancia copper project in Cusco, Peru, Portal Minero reported, citing daily Gestión.

DIVERSIFIED

* Russian President Vladimir Putin confirmed that Glencore Plc and the Qatar Investment Authority's payment for a stake in Rosneft has been received, Reuters reported.

BASE METALS

* The Australian Takeovers Panel has decided not to intervene in a bid by shareholders to stop Kasbah Resources Ltd. from going ahead with a A$3.7 million placement to Pala Investments Ltd. The regulator said that applicants Lois Lane Investments Pty. Ltd. and Bloom Financial Advice Pty. Ltd. did not provide sufficient evidence to justify the panel making further inquiries.

* HudBay Minerals will merge with two of its subsidiaries, Hudson Bay Mining and Smelting Co. Ltd. and Hudson Bay Exploration and Development Co. Ltd., effective Jan. 1, 2017, and change its name to Hudbay Minerals Inc.

* Imperial Metals Corp. plans to raise as much as C$55.0 million from a private placement to improve its working capital.

* After 40 years of secrecy, Chile's controversial Reserved Copper Law, under which state miner Codelco must hand the country's armed forces 10% of its sales, was published in the Official Gazette, daily Pulso reported.

* Codelco informed that it partially suspended operations at its Andina Division for eight days between Dec. 13 and Dec. 21. The unit operated at 40% capacity during the period to conduct maintenance work and solve structural problems, daily Pulso reported.

* Meanwhile, Codelco has developed a plan to continue its Nuevo Nivel Mina project, suspended in 2014 due to geomechanical problems, to expand the lifespan of its El Teniente copper mine in Chile by 50 years. However, chairman Óscar Landerretche acknowledged before Congress that the investment required for the project is still under assessment, daily Pulso reported.

* Chilean national mining company Empresa Nacional de Minera, or Enami, doubled investment to US$700 million to modernize its Paipote foundry, to comply with the new legislation that forces mining companies with smelting operations to capture 95% of emissions beginning in 2018, daily El Mercurio reported.

* Peru President Pedro Pablo Kuczynski expressed his interest in unlocking and bringing forward mining projects that are currently paralyzed or deferred in the South American country, including Southern Copper Corp.'s Tia Maria copper project, daily La República reported.

* Xanadu Mines Ltd. has committed to spending over A$4.5 million on exploration across its advanced porphyry copper-gold projects in the South Gobi porphyry Belt in 2017 to target the discovery of additional copper-gold deposits on its projects at Kharmagtai and Oyut Ulaan.

* PJSC Chelyabinsk Zinc Plant received a mandatory offer from Ural MMC to acquire 2,402,507 shares of the former at 681 Russian rubles apiece. The company will have 75 days to accept or reject Ural MMC's offer.

PRECIOUS METALS

* The European Bank for Reconstruction and Development will invest C$43.7 million in Dundee Precious Metals Inc. by way of a private placement that will give the bank a shareholding of about 9.99% in the miner. Dundee plans to use the proceeds for the construction of its Krumovgrad gold project in Bulgaria.

* Kommersant, Vedomosti and RBC Daily reported that gold miner GV Gold found a partner to fight for the largest undeveloped gold deposit in Sukhoi Log — Rosatom. The parties established a joint venture named BGRK, with Rosatom receiving a 25% stake. This will ensure compliance with the terms of the auction that state presence is required in the capital of applicants with foreign investors. Two other applications for Sukhoi Log have already been filed by the joint venture of Polyus Gold International Ltd. and Rostec and by the consortium of VTB and Ibrahim Palankoev.

* Agnico Eagle Mines Ltd. closed the C$4 million acquisition of Sonoro Metals Corp.'s Chipriona gold project in Mexico.

* AuRico Metals Inc. entered into a definitive arrangement to acquire all of the issued and outstanding securities of Kiska Metals Corp., offering 0.0667 of an AuRico common share for every Kiska share held, for a total deal value of about C$9.6 million.

* SEMAFO Inc. was granted the mining permit application for the Natougou gold project in Burkina Faso. The first gold pour from the mine is expected in the second half of 2018.

* IAMGOLD Corp. struck a definitive deal to acquire the remaining shares of its 23%-owned Merrex Gold Inc. The companies have a 50/50 joint venture on the Siribaya gold project in Mali.

BULK COMMODITIES

* The closure or reduced output of several Chinese steel mills, coal-fired power plants and other exhaust-spewing factories this week will be felt across major bulk commodities markets into 2017, Reuters reported citing Paul Bloxham, chief economist for global commodities at HSBC Bank in Sydney.

* Tata Steel Ltd. signed definitive agreements to acquire Brahmani River Pellets Ltd. from Aryan Mining and Trading Corp. Pvt. Ltd. and other owners within the Moorgate Industries Group for a total of 9 billion Indian rupees.

* Vedomosti and RBC Daily reported that En+ Group Ltd., the energy and metallurgical assets of Oleg Deripaska, is considering an IPO in 2017. The company consulted about the placement in London or Hong Kong.

* Vedomosti reported that Sberbank of Russia postponed the repayment of Mechel PAO's debt of 5 billion Russian rubles for half a year from 2016 to July 2017. The repayment was part of the debt restructuring plan adopted in February this year.

* Malaysia once again extended the ban on bauxite mining for another three months until March 2017 in order to clear stockpiles of the aluminum-making ingredient, Reuters and Metal Bulletin reported, citing the country's Natural Resources and Environment minister, Wan Junaidi Tuanku Jaafar.

* IRC Ltd.'s ramp-up program at the K&S iron ore mine in Russia is making progress, with the ball mills running at 75% of their full capacity. The company expects to resolve some non-crucial issues identified during the ball mill test in time and targets commercial production from K&S by early 2017.

* PT Adaro Energy Tbk approved an interim dividend of US$60.8 million, or 0.19 U.S. cent per share, for its fiscal 2016. The Indonesian coal miner paid a US$35 million cash dividend for 2015.

* OJSC Magnitogorsk Iron & Steel Works signed an agreement with Eurasian Resources Group BV for the supply of more than 30 million tonnes of iron ore from the latter's Sokolovsko-Sarbayskaya mine in Kazakhstan, to MMK through 2020.

* The board of Spanish stainless steelmaker Acerinox approved a plan targeting savings of about €50 million in 2017-2018, Metal Bulletin reported.

* PT Antam (Persero) Tbk signed a cooperation agreement with PT Wijaya Karya Tbk and Kawasaki Heavy Industries Ltd. for the construction of a ferronickel plant, Infobank reported.

* Turkey's Ministry of Economy has initiated anti-dumping investigations into steel plate imported from China, Metal Bulletin reported.

SPECIALTY

* NexGen Energy Ltd. is looking to list on the New York Stock Exchange in 2017 after its share price more than tripled in Canada this year. According to NexGen CEO Leigh Curyer, U.S. funds are looking to invest in uranium amid declining supplies, President-elect Donald Trump's plan to keep aging reactors online, and increased interest in clean energy, Bloomberg News wrote.

* European Lithium Ltd. has struck a cash and scrip deal to sell its Paynes Find gold project in Western Australia to Cervantes Gold Pty. Ltd. for A$1.0 million.

* Stornoway Diamond Corp. achieved commercial production at its Renard diamond mine in north-central Quebec earlier this month.

INDUSTRY NEWS

* Nigerian Minister of Mines and Steel Development Kayode Fayemi expects to start seeing the positive impact from mining sector's increased revenues from January 2017. According to Daily Trust, the minister said the nation would see a drastic reduction in the number of illegal mining incidences, fewer cases of conflicts from mining activities and the timely submission of periodic reports of mining activities.

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