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Negotiations between Goldcorp, Penasquito protesters continue

Shareholder Advocates Say New SEC Policy To Prompt Litigation, Less Transparency

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Negotiations between Goldcorp, Penasquito protesters continue


Goldcorp continues talks with Penasquito protesters

Goldcorp Inc. said negotiations with protesters blockading the Penasquito gold mine continue, while it remains unclear if access — or how much access — to the mine site has been regained. Hector Alvarado, a spokesman for Zacatecas Gov. Alejandro Tello, said workers could leave the mine, in response to questions from SNL Metals & Mining about the state of the blockade. Goldcorp spokeswoman Christine Marks, however, said via email that "the situation is dynamic," and the company "will provide an update when there is material news."

Agrium, PotashCorp to take shareholder vote on merger in November

Fertilizer producers Agrium Inc. and Potash Corp. of Saskatchewan Inc. plan to hold separate shareholder meetings in November for a vote on the merger of the two companies, Reuters reported. The deal requires two-thirds approval by shareholders of each company to proceed.

Gold majors investing in renewable energy

Barrick Gold Corp., IAMGOLD Corp., AurCrest Gold Inc., Goldcorp Inc., TMAC Resources Inc., Newmont Mining Corp. and Gold Fields Ltd. are all investing in renewable energy to provide power to their operations, reported.


* Strong winds in South Australia are hindering maintenance workers from fixing transmission towers, with restoration of the first damaged power circuit pushed back a day, The Australian Financial Review reported. The electricity provider, ElectraNet, told BHP Billiton Group it can expect power back at its Olympic Dam copper mine in at least five to six days.

* Chile's Second Environmental Tribunal ratified the fine of 850 million Chilean peso ordered in August 2015 by Chilean environmental regulator SMA against Antofagasta Plc-owned port operator Antofagasta Terminal Internacional SA over pollution and health-related risks, magazine Minería Chilena reported.

* Copper Mountain Mining Corp. produced 22 million pounds of copper, 8,170 ounces of gold and 81,540 ounces of silver during the third quarter from its namesake Copper Mountain mine in British Columbia.

* Vedomosti and Kommersant reported that UGMK (UMMC) will be the only zinc producer in Russia. It received permission to consolidate 100% of the shares of the Chelyabinsk Zinc Plant.

* A lawsuit filed by six Eritreans against Nevsun Resources Ltd. over forced labor at the company's Bisha zinc mine can proceed in British Columbia, but they would have to file separate cases, Reuters reported, citing a Canadian court. The miner called for the dismissal of the case, arguing that any lawsuit should be heard in Eritrea, but this was rejected by the court.

* Unionized workers downed tools at Amerigo Resources Ltd.'s Minera Valle Central copper operation in Chile, after the 216-member union decided to reject the company's final wage offer.

* Boliden AB agreed to sell its Noralf aluminum fluoride operations at the Odda zinc smelter in Norway to Italian firm Fluorsid SpA, for €12.5 million. The divestment is in line with Boliden's strategy of increasing its focus on core zinc operations at Odda, and expanding zinc output to 200,000 tonnes per annum from the second quarter of 2017.


* Lowell Copper Ltd., Gold Mountain Mining Corp. and Anthem United Inc. completed their previously planned business combination to form JDL Gold Corp., a new company focused on gold and copper.

* The controlled shutdown of Goldcorp's Penasquito gold-silver mine implies a cost of 25% of the project's production, the company's vice president of Institutional Relations, Brent Bergeron, said in an interview with news agency Notimex. Penasquito has a production capacity of 800,000 ounces of gold per year, daily El Financiero reported.

* Mariana Resources Ltd. has entered a binding term sheet to acquire an 80% interest in Awalé Resources SARL, which focuses on gold projects in the Ivory Coast.

* Avanco Resources Ltd. has entered into an agreement with TSX-listed Jaguar Mining Inc. to earn up to 100% of the 137,000-hectare Gurupi gold project in northern Brazil. A scoping study to reassess the project’s scale and economics via a range of development scenarios has been initiated.

* The Papua New Guinea Mineral Resources Authority has rejected PNG Gold Corp.'s renewal application for two exploration licenses covering its Sehulea and Normanby gold projects in the country. The miner said it was surprised by the government's decision, as it has previously renewed the licenses without issues.

* Orinoco Gold Ltd. said that the first gold is on its way for refining and sale from its Cascavel gold mine in central Brazil.

* Spitfire Materials Ltd. has executed a conditional agreement to acquire the granted Western Australian gold exploration license E38/2869, known as the England gold project.

* Shares of gold miners listed at the Toronto Stock Exchange fell on the expectation that U.S. interest rates will go up this year, Reuters reported.

* Since the 50% devaluation of the ruble after 2014, Russian gold miners have been the most profitable and lowest cost in the world, but market valuations have not reflected this yet, according to Boris Yatsenko, head of metals and mining in Russia at EY.

* Coeur Mining Inc.'s third-quarter silver output totaled 3.5 million ounces while gold production came in at 84,871 ounces. The company also lifted its full-year 2016 production guidance to between 34.4 million and 37.0 million silver equivalent ounces.

* Alamos Gold Inc.'s environmental impact assessment for the initial phase of its La Yaqui gold project secured final approval from Mexico's federal environmental agency, SEMARNAT.

* South Africa's National Union of Mineworkers said one of its members died after succumbing to injuries, African News Agency reported. The Sibanye Gold Ltd. employee was assaulted Oct. 4 at the company's Cooke gold project.


* Union workers at Metallurgical Corp. of China Ltd.'s Sierra Grande iron ore mine have ended their strike, which started Sept. 19 after the company rejected their demand for a 22% wage increase. Workers accepted the addition of 1,500 Argentinean pesos to their current salaries, which is part of the proposed 22% increase. The agreement will remain in force for the next six months, local daily ADN Rio Negro reported.

* Four people have died as a result of police fire in the Indian state of Jharkand, where local villagers were protesting NTPC Ltd.'s plans to open a new coal mine, reported. The locals claim that the state-run power generator infringed forestry rights and failed to offer jobs and satisfactory compensation for their lands.

* Israel Chemicals Ltd. has terminated its potash investment project in Ethiopia due to the country's failure to provide the infrastructure and regulatory framework required for the project. The net value of the project was about US$170 million, as of June 30.

* Increased demand from Chinese steelmakers for iron ore and coal has prompted Australia to improve its price forecasts for the commodities by 10% for iron ore to US$48.50 per tonne and 16% for coking coal to US$99.40 per tonne, CNBC reported.

* Residents of Whitsunday in Queensland plan to argue in the Supreme Court in Brisbane this week that the state government has failed to protect the environment as it gave the go-ahead to Adani Enterprises Ltd. for its expansion of the Abbot Point coal terminal, the Australian Associated Press reported.

* Recently invalidated Usinas Siderúrgicas de Minas Gerais SA CEO Sergio Leite issued a statement to thank stakeholders for their support while he held office. The executive also said he would return to his previous post as Usiminas’ commercial vice president, Notícias de Mineração reported.

* Despite the recent rally in commodities prices, Anglo American Plc will push ahead with the proposed South African asset disposals as part of its business reorganization plan announced in February. The rebound in prices for iron ore, as well as coking and thermal coal, will enable the mining giant to get better prices for the assets, Bloomberg News reported, citing the company's deputy chairman of South African operations, Norman Mbazima.

* Tata Steel Ltd.'s hot metal and crude steel output rose 17% and 13% year over year, respectively, to 3.12 million tonnes and 2.82 million tonnes in its fiscal second quarter of 2017. The Indian steelmaker's salable steel output for the quarter increased by 11% to 2.73 million tonnes, while sales were slightly up on a yearly basis, to 2.62 million tonnes from 2.33 million tonnes. Separately, the steel major raised 10 billion Indian rupees through a private placement of 8.15% unsecured, nonconvertible debentures.

* Japanese aluminum buyers will be required to pay a premium of US$75 per tonne over the London Metal Exchange cash price for their shipments in the fourth quarter, Reuters reported. The new settlement will set the benchmark for Asian physical aluminum markets, and represents a 20% decrease from the previous quarterly per tonne premium of between US$90 and US$93.

* Workers ended a strike at Shougang Hierro Perú's operations after three weeks, following a wage increase, Metal Bulletin reported. The workers restarted activities at the iron ore operations after the agreement, General Manager Raúl Vera La Torre added.


* According to a report by BMI Research, the Chinese government is expected to ramp up rare earth element exports, in an effort to regain control over pricing policy, reversing its previous export-restrictive strategy, Mining Weekly reported.


* Market caps for the top 25 companies rose by an aggregate 10% on a quarterly basis as of the September quarter-end, and the same group saw their value improve 32% year on year, according to an SNL Metals & Mining research report. Debt reduction initiatives have played a central role in companies improving their standing among investors.

* The Philippine government will make a final decision on further mine suspensions by the end of this month, Bloomberg News reported, citing Environment Undersecretary Leo Jasareno. Officials are informing mining companies of proposed suspensions, giving them a week to respond and another week for the department to review their replies before reaching a final decision, Jasareno added.

* According to Reuters, Brazil's Ministry of Mines and Energy signed a cooperation agreement with the National Department of Mineral Production and the Geological Survey of Brazil to improve the environment for mining investment and related administrative procedures. The plan is to accelerate investment in 20,000 areas currently available for concession by the National Department, daily DCI Diário Comércio Indústria & Serviços reported, citing the secretary of Geology, Mining and Mineral Transformation, Vicente Lôbo.

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