may have than its targeted 260million tonnes of iron ore from Port Hedland in Western Australia's Pilbararegion for the 2016 financial year, TheAustralian Financial Review reported.
Zijin MiningGroup Co. Ltd.'s net profit attributable to owners of the parent slumped60.48% year over year to 530 million Chinese yuan in the first six monthsof 2016, according to preliminary figures. Results fell on the impact ofhedging as certain products did not benefit from rising commodity prices.
UBS analysts suggest that Rio Tinto's new CEO Jean-Sebastien Jacques is expectedto speed up the mining giant's asset divestment program in the next threeyears, The Australian reported. Theinvestment bank anticipates the company will make noncore asset sales totalingabout US$4 billion in the next three years.?
*Rising electricity costs and outages in South Australia are becoming asignificant concern for the sustainability of BHP Billiton's copper operationsdespite the company having reduced energy consumption with minimal impact toproduction, The Australian FinancialReview reported.
* Hong Kong investor APAC Resources Ltd. divested 21.5 million shares inMetals X Ltd., The West Australian reported.In June, APAC announced plans to sell its entire 99.4 million shares in theASX-listed company, but the larger disposal needs shareholder approval.
*Codelco plans tobuild the second largest seawater desalination plant in the country after BHPBilliton's Escondidain Antofagasta region. The US$1.5 billion project is part of the expansionproject, RT Sulfuros, and includes a 160-kilometer pipeline and pumpingstations that will draw water from the Pacific Ocean at 1,600 liters per secondto an altitude of 3,000 meters, daily ElMercurio reported.
*Yunnan Copper Industry (Group)Co. Ltd. expects its net profit attributable to shareholdersto drop between 17%and 36% year over year in the first half to between 10 million Chinese yuan and13 million yuan.
*First Quantum MineralsLtd. was takenoff rating watch negative and assigned a stable outlook by FitchRatings after selling its Kevitsanickel-copper mine in Finland and securing a new US$1.8 billion loan and creditfacility.
*The Chilean Supreme Court ratified fines issued against Codelco unit for violatinghealth regulations, confirming a previous ruling by the Court of Appeals ofCopiapo. The state miner must pay about 22 million Chilean pesos, daily Pulso reported.
*Aura Minerals Inc.'sAranzazu coppermine in Zacatecas state, Mexico, is set to resume operations in September thisyear, according to the state's mines director, Juan de Dios Magallanes, daily Zacatecas en Imagen reported.
*Bad weather conditions off the coast of Chile, which forced ports to remainclosed for several days in a row, delayed copper shipments from the country inthe second half of June, Reuters reported.
* The government of Zimbabwe is seeking court orders for acompulsory acquisition of 28,000 hectares held by unitZimplats Holdings Ltd.by saying "the land is necessary for economic growth," Bloomberg Newswrote,citing an affidavit of Zimbabwean Mines Minister Walter Chidakwa.
*Metals ExplorationPlc is negotiating a US$5 million capital raise with its majorshareholders to fund the company's immediate working capital needs. The companyhas been struggling after the recent suspension of milling activities at itsRunruno goldproject in the Philippines delayed expected income.
*ACH Minerals Pty Ltdexercised its option toacquire the Great Southern gold project in Western Australia fromSilver Lake ResourcesLtd.
* OrefindersResources Inc. signed a milling contract with IAMGOLD Corp. to process the Mirado gold mine's stockpiles at the latter'sWestwood goldproject in Quebec.
*Lundin Gold Inc.'sphase change application for its 100% owned La Zarza concession, which is hostto the Fruta delNorte project, was approvedby the Government of Ecuador, allowing the concession to move from theexploration phase to the exploitation phase.
*Shanta Gold Ltd.plans to startpilot-scale production in the first quarter of 2017 on the Gold Tree 1prospect, part of its Singida gold project in northern central Tanzania.
*Citizens of Jachal in Argentina's San Juan province are demanding to close itsVeladerogold-silver mine, arguing that the operation is in breach of the Glacial Lawbecause of its location, Buenos AiresHerald reported.Veladero was the site of a massive cyanide solution spill in 2015.
*Quaterra ResourcesInc. is selling its remaining 35% stake in the gold project inAlaska, to joint venture partner GrandePortage Resources Ltd.
* Coal production in China dropped9.7% on a yearly basis to 1.63 billion tonnes in the first half of 2016,Bloomberg News wrote, citing data from China's National Bureau of Statistics.
*Germany's K+S AG isacquiring theactivities of Chinese magnesium sulfate fertilizers producer, Huludao MagpowerFertilizers Co. Ltd., as it looks to expand to Asia.
* Rising coal prices in international markets may helpCoal India Ltd. tosell-off inventories at its mines to local customers, the state-run company'sMarketing Director S.N. Prasad toldBloomberg News. Meanwhile, the Kolkata-based miner is in discussions to supplycoal to Bangladesh, Prasad added.
* WhitehavenCoal Ltd.'s run-of-mine coal output in the June quarter 2% to 5.6 milliontonnes compared to the same quarter of 2015. The Australian producer's coalproduction for the quarter rose 8% year over year to 5.1 million tonnes, withtotal coal sales up 22% to 5.2 million tonnes.
*Shenhua Group Corp. Ltd.,Baosteel Group Corp.,Wuhan Iron & Steel (Group)Corp., ChinaMinmetals Corp. have been selected under a list of seven state-ownedenterprises to lead areform to establish "state-owned capital investmentcompanies," China Securities Journalreported, citing the State-owned Assets Supervision and AdministrationCommission.
*Anglo American Plcmay face somedifficulty in getting the sale of its coal mine inQueensland, Australia, over the line following two roof falls that occurredwithin a month of each other.
* Shaanxi CoalIndustry Co. Ltd. expects a swing to a net profit attributable to shareholders ofbetween 150 million Chinese yuan and 280 million yuan in the first half,compared to the year-ago net loss of 954.8 million yuan.
* Atotal of 10 people died and 14 were trapped over a period of 13 days due toflooding in four coal projects in China, Xinhua News Agency reported,citing data from the country's State Council. The affected coal mines are partof the Nasheng, Tiedingyan and Hongcai projects in Guizhou province, as well asthe Zhongcun operation in Shanxi province.
*Beijing Shougang Co.Ltd. expects to swing to a net profit attributable to shareholders of between 10million Chinese yuan and 50 million yuan, or between 0.19 fen per share and0.95 fen per share, in the first half of the year.
*Indian consortium of state-owned companies International Coal Ventures Ltd. islooking to build a thermal power plant at its Benga coal mine in Mozambique, The Economic Times reported,citing PK Singh, chairman of Steel Authority of India Ltd.
*Aguia Resources Ltd.is withdrawing the twopreliminary economic assessments for its Tres Estradas phosphate project inBrazil after an objection by the ASX, citing the reporting of a productiontarget or forecast that was too reliant on a high proportion of inferredmineral resources.
* Vedomosti reportedthat OAO TMK's management initiated a meeting of its board of directors todetermine the offering price of additional shares. The steel pipe manufacturerproposed to set the price at 71 Russian rubles per share, which will value thecompany at 70 billion rubles. The company plans to place 4.25% of its increasedcapital for 3.12 billion rubles.
* Kommersant reported that construction of thePrimorskaya, or Maritime, coal power plant in Russia's Kaliningrad region willstart by year end and will finish in mid-2019. The plant will process coal fromthe Kuznetsk Basin, which will be transported to Kaliningrad by rail; however,a backup option with the sea port terminal may be needed.
*KPS Capital Partners LP pulled out of a consortium that offered to acquireESSAR Steel Algoma,Reuters reported.
*Sierra Rutile Ltd.'srutile production in the second quarter increased 16% year over year to 34,629 tonnes, whilehalf year production increased 15% year over year to 61,408 tonnes.
* In coming weeks, Australia's Environmental ProtectionAuthority is set to recommend approval for ToroEnergy Ltd.'s Wiluna uranium mine and 's uranium project inWestern Australia, The West Australianreported.
*BHP Billiton MitsubishiAlliance will offer freecheck-ups for all of its coal workers following the "black lung"outbreak in Queensland, The AustralianFinancial Review reported.
* Growingconcerns of increasing fees prompted the London Metal Exchange to atits global network of warehouses for five years, Reuters reported, citingMatthew Chamberlain, the exchange's head of business development.
The Daily Dose is updated asof 7 a.m. New York time, and scans news sources published in Chinese, English,Indonesian, Malay, Portuguese, Russian, Spanish, Thai and Ukrainian. Someexternal links may require a subscription.