Nyrstar shareholders demand €1.48B from Trafigura
A group of about 100 Nyrstar NV shareholders is seeking damages of €1.48 billion from Trafigura Group Pte. Ltd. after the latter secured a 98% stake in the former's assets as part of the Belgian company's restructuring, Reuters reported. In a lawsuit filed in Belgium, the shareholders accused Trafigura of using its influence to sway the zinc refiner's board into making lopsided deals that drained cash from Nyrstar and led to its collapse.
Ontario court approves C$3B lawsuit against Barrick Gold
The Ontario Superior Court of Justice approved a proposed C$3 billion securities class action against Barrick Gold Corp. by the Local 675 pension's trustees related to the company's Pascua-Lama gold-copper project on the border of Chile and Argentina, Mining.com reported. The lawsuit alleges that the company misrepresented its environmental disclosures about the project when it was under construction in an environmentally sensitive area of the Andes mountain range.
Indonesian state miner signs deal for 20% Vale Indonesia interest
Mining Industry Indonesia, formerly PT Inalum, entered into a deal to purchase a 20% stake in Vale SA's majority-owned nickel producing unit, PT Vale Indonesia Tbk., for an undisclosed price, Reuters reported. Mining Industry Indonesia switched its name from PT Inalum in August to differentiate its holding company function from the smelting operations.
* Mark Freeman, CEO of the Australian Foundation Investment Co., one of Rio Tinto's biggest Australian shareholders, said it would be patient while the mining giant's CEO, Jean-Sebastien Jacques, finds a way through Rio Tinto's troubles in Mongolia, The Australian Financial Review reported. Freeman said, "Mongolia was always going to be a tricky place to invest" after Rio Tinto's Oyu Tolgoi copper mine faced management shortcomings and geological problems causing massive cost and schedule blowouts.
* Magmatic Resources Ltd. will not proceed with the proposed demerger of its four East Lachlan projects into Australian Gold and Copper Ltd., a decision driven by investors reassessing the region following the success of Alkane Resources Ltd. at Boda and feedback from Magmatic shareholders. The company intends to develop a new exploration plan to refocus on the East Lachlan projects.
* Cobalt 27 Capital Corp.'s shareholders approved Pala Investments Ltd.'s improved offer to acquire all of the former's issued and outstanding shares. Each Cobalt 27 shareholder will receive a total consideration of C$5.92 per share, composed of C$4.00 in cash and 1 share of Nickel 28 Capital with an implied value of C$1.92 per share.
* Teck Resources Ltd. will suspend operations at its Carmen de Andacollo copper operations in Chile during a strike starting Oct. 14. The Teck Carmen de Andacollo Workers Union, which represents 473 workers at the operation, gave notice of its plans to start strike action after it failed to finalize a collective bargaining agreement with the company.
* CRCC-Tongguan Investment Co. Ltd.'s Ecuacorriente unit had to temporarily limit its operations at the Mirador copper mine in Ecuador to protect workers amid unrest over the government's austerity plan, Reuters wrote.
* MMG Ltd. may have to halt operations at its Las Bambas copper mine in Peru within one week due to ongoing protests, which have blocked access roads to the area, Reuters reported, citing the mine's vice president of finances, Alvaro Ossio.
* Rio Tinto is looking for copper, zinc and lead deposits in four Chinese regions as part of an exploration venture with China Minmetals Corp. to secure targets for testing, Reuters reported.
* Navarre Minerals Ltd. is reviewing its Stavely Arc mineral properties in Victoria, Australia, looking to restart exploration following a recent outstanding copper-gold discovery by joint venture partner Stavely Minerals Ltd. on the adjoining Thursdays Gossan prospect, part of the Stavely project.
* Companies including China Minmetals Corp., Jiangxi Copper Co. Ltd. and Zijin Mining Group Co. Ltd. are considering bids for Barrick Gold's Lumwana copper mine in Zambia that may be sold for about US$1 billion as part of CEO Mark Bristow's plan to raise US$1.5 billion through asset sales by the end of 2020, Bloomberg wrote, citing people with knowledge of the matter.
* Chinese copper imports fell 14.6% year over year to 445,000 tonnes in September, and aluminum exports were down 14.2% to 435,000 tonnes, Reuters reported, citing General Administration of Customs data.
* Unionized workers at Antofagasta PLC's Antucoya copper mine in Chile will kick off a strike Oct. 16 after a contract negotiation failed, Reuters reported, citing union President Cesar Garcia.
* Independence Group NL agreed to earn a 75% joint venture interest in Apollo Consolidated Ltd.'s early-stage Louisa nickel project in Western Australia by spending at least A$3.4 million over four years.
* A showdown between Metals X Ltd. and its biggest shareholder, APAC Resources Ltd., is looming over the future of the Nifty copper mine in Western Australia as possible buyers circle the asset, The Australian reported. The two companies are at odds over the project's performance and APAC's demand that its nominee, Executive Director Brett Smith, be given a seat on the Metals X board.
* Alamos Gold Inc. suspended all construction activities on its Kirazli gold project in Turkey pending the renewal of its mining concessions, which expired Oct. 13. The company delayed the start of initial production at the mine beyond the previous guidance of late 2020. The company faced protests at the site over pollution and deforestation allegations.
* Ongoing civil unrest in Ecuador has started to impact activities on Lundin Gold Inc.'s Fruta del Norte gold project. The company has curtailed some activities in certain areas of the project.
* Catalyst Metals Ltd. finalized joint ventures with Hancock Prospecting Pty. Ltd. unit Gold Exploration Victoria Pty. Ltd. on the Four Eagles gold project in Victoria, Australia, to carry out exploration on the Boort and Macorna exploration licenses.
* Omineca Mining & Metals Ltd. started preparing for a dewatering program at its Wingdam gold project in British Columbia, which would decrease the dewatering time from the expected three to four months down to three to four weeks.
* Argonaut Gold Inc. temporarily suspended operations at its La Colorada gold mine in Mexico after two workers died due to a high voltage accident while performing maintenance on a haul truck. Operations have since resumed.
* Barrian Mining Corp. staked an additional 40 contiguous claims at its Troy Canyon gold and silver project in Nevada, tripling the size of the project to 59 contiguous claims totaling 493.30 hectares, from 19 claims covering 158.86 hectares.
* India's National Company Law Appellate Tribunal temporarily froze JSW Steel Ltd.'s payment to acquire Bhushan Power and Steel Ltd. over allegations of money laundering by Bhushan's previous owners, which are being investigated by the Enforcement Directorate, Bloomberg reported.
* Over the past year, seven U.S. coal producers have filed for Chapter 11 bankruptcy, including Westmoreland Coal Co., Cloud Peak Energy Inc., Blackhawk Mining LLC and Blackjewel LLC, as coal faces competition from natural gas and renewable sources of energy, The Wall Street Journal reported.
* Guinea and Liberia entered into an agreement allowing several Guinean mines, including the Nimba iron ore project, to export through Liberia, Reuters reported. "The mining projects in question are near the border with Liberia and cannot be profitable if they export through Guinea's coast," Guinean Mines Minister Abdoulaye Magassouba said.
* Chinese iron ore imports hit a 20-month high in September, rising to 99.36 million tonnes from 93.47 million tonnes a year earlier due to high demand at steel mills and stable shipments from big miners, Reuters wrote, citing customs data.
* Sirius Minerals PLC entered into an exclusive 10-year agreement with Qatar Chemical and Petrochemical Marketing and Distribution Co. (Muntajat) Q, to sell and distribute POLY4, the trademarked name for Sirius' flagship polyhalite fertilizer product. The agreement takes Sirius' aggregate peak sales volumes to 13.8 million tonnes per annum and peak contracted production in any one year to 12.2 mtpa, excluding options.
* Two gunmen attacked Ricardo Rojas, the vice president of the union that operates at Drummond Co. Inc.'s El Descanso open pit coal mine in Colombia, Mining.com reported. Rojas was unharmed.
* Metro Mining Ltd.'s definitive feasibility study for the stage 2 expansion of the Bauxite Hills project in Queensland, Australia, confirmed the benefits of expanding to an annual rate of 6.0 million wet tonnes. The capital cost is estimated at A$51.4 million, with project payback in less than 18 months.
* Lithium Australia NL is restructuring operations into four separate business divisions that cover the whole battery production cycle involving raw materials, lithium chemicals, batteries and recycling. Managing Director Adrian Griffin said the move would "create more focused opportunities for investors with an appetite for the energy-metals and battery sectors" and help the company lower costs.
* Latitude Consolidated Ltd. received a notice from the Ministry of Mines & Mining Development in Gwanda, Zimbabwe, that it intends to cancel the certificates of registration issued for the claims over the Mbeta lithium project, saying the mine was registered on land that is not open to prospecting and pegging. The company said it does not operate a mine on the claims and considers the proposed cancellation to be illegal.
* Two federal lawmakers from Arizona disagreed on whether current uranium mining practices pose a health threat. U.S. Rep. Raul Grijalva, the Democratic chairman of the House Natural Resources Committee, told S&P Global Market Intelligence that the effects of uranium contamination have a "long shelf life" and that the federal government should be thinking about investing in the people suffering as a result rather than planning the next spot to "sink a new mine." Republican U.S. Rep. Paul Gosar, chairman of the Congressional Western Caucus and member of the Natural Resources Committee, said in a statement that today's uranium mining meets new Occupational Safety and Health Administration and mine safety laws and "does not present health risks."
* Paladin Energy Ltd. estimated US$80 million in initial capital requirements to restart its flagship Langer Heinrich uranium project in Namibia to production levels of about 5.2 million pounds per annum.
* Bacanora Lithium PLC received about £22 million in funds from Ganfeng Lithium Co. Ltd. in exchange for a 29.99% equity interest in Bacanora and a 22.5% joint venture investment directly in the Sonora lithium project in Mexico. Ganfeng plans to proactively advance the Sonora project during the second half.
* QEM Ltd. reported a 62% increase in the resources at its Julia Creek vanadium property in Queensland, Australia, to 2.8 million tonnes grading 0.30% vanadium pentoxide on average in the indicated and inferred categories.
* Chinese rare earth exports fell 27.9% year over year to 3,571 tonnes in September amid fears that the country will restrict supply due to the ongoing trade war with the U.S., Reuters reported, citing General Administration of Customs data.
* Australian Vanadium Ltd. is confident that the federal government's recognition of its Gabanintha mine has set up the project for success, The Sydney Morning Herald reported, citing Managing Director Vincent Algar.
* Sagon Resources Ltd. executed a native title heritage protection and mineral exploration agreement with the Kimberley Land Council over the Jaru Lands in East Kimberley, where the Cummins Range rare earths project is located.
* WestStar Industrial Ltd.'s engineering contractor business, SIMPEC, was awarded a new contract amounting to about A$5 million for Tianqi Lithium Corp.'s LHPP1 process plant in Kwinana, Western Australia.
* Queensland, Australia, will employ more mine inspectors and another chief mines inspector, The Sydney Morning Herald reported, citing Mines and Natural Resources Minister Anthony Lynham. The statement came as Lynham talked about progress in Queensland's mine safety reset following six deaths in 12 months at mines and quarries in the state.
* The Philippines' Mines and Geosciences Bureau wants to transform its anti-illegal-mining task force into a separate bureau as the agency seeks more resources, manpower and leverage to fight illegal mining activities, BusinessMirror reported.
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