has hit anew record for thenumber of tonnes of iron ore produced in a year from its Pilbara mines inWestern Australia, but it did not completely offset the impact of thesuspension at the Samarcomine in Brazil. Iron ore output from the Western Australian operations infiscal 2016 climbed 2% to 257 million tonnes on a 100% basis compared to theprior fiscal year, but company-wide production slipped 2% to 227.0 milliontonnes.
sawhigher production across all of its precious and base metal products in thesecond quarter. Total silver and gold output improvedyear over year by 14.5% and 19.6%, respectively, to 13.0 million ounces and217,645 ounces. Lead production went up 18.1% to 11,585 tonnes while zincoutput increased 21.3% to 12,529 tonnes.
Forthe second quarter, AngloAmerican Plc bookedlower diamond, Kumbairon ore, copper and export thermal coal production by 19%, 15%, 8% and 6%,respectively, but reported respective 91%, 76%, 4% and 1% increases in theproduction of MinasRio iron ore, nickel, export metallurgical coal and platinum.
*Vena Resources Inc.inked binding letters of intent to acquire and jointly consolidate the Bongará andCharlotte Bongará zinc projects in Peru for cash and share payments totalingUS$835,000 for Bongará and US$595,000 for Charlotte Bongará over a three-yearperiod.
*The rejection by the World Bank's International Center for the Settlement ofInvestment Disputes of a US$800 million lawsuit filed against Peru in 2011 overthe country's alleged failure to clean up pollution surrounding 'sLa Oroya coppersmelter is "insignificant"and the result of a technical failure, Gestión reported, citing Doe Run majorshareholder Renco GroupInc. Renco plans to file a legal appeal immediately.
*Amarc Resources Ltd.negotiated a new optionagreement with GaloreResources Inc. to fully acquire the latter's copper project inBritish Columbia. Under the terms, Amarc is required to complete staged cashpayments of C$550,000 to Galore and C$100,000 to the underlying owners byJanuary 2018.
*Zinc rose to its highestlevel in over a year on the London Metal Exchange, as forecasts for aglobal shortage continue to buoy the metal's prices, Bloomberg News wrote.According to Goldman Sachs Group Inc., zinc may rise to US$2,500 per tonne overthe next six months.
*Northern Star ResourcesLtd. booked 143,580 ounces of gold production in the Junequarter and 613,162 ounces for the 2016 financial year. June-quarter productionwas a 7.8% decrease over the March quarter, which was due to a lower head gradeand recovery rate that resulted in an 8.8% drop in recovered ounces.
*Despite the operational challenges — including dealing with multiple ore typesfrom different sources that affected throughput, recovery and grade in thefirst half of the year — RandgoldResources Ltd.'s Kibaligold mine in the Democratic Republic of Congo is its production targetof more than 600,000 ounces this year.
*Blackham ResourcesLtd. started open pit mining and underground development workat the company's Matilda gold project in Western Australia. Wetcommissioning of the Wiluna processing plant, meanwhile, is on track to beginin August.
*Major shareholder LingbaoState-owned Assets Operation LLC received approval to divest2,233,000,000 non-circulating shares, or 28.99% of the total shares, inLingbao Gold Co. Ltd.to Shenzhen Da Ren InvestmentManagement Co. Ltd. and Chengdu Tian Xin Yang Gold Co. Ltd.
*Mexico's environment ministry Semarnat authorizedMinera Frisco SAB deCV subsidiary MineraReal de Angeles SA de CV to expand activities at its SantaFrancisca and El Porvenir gold deposits in Aguascalientes, La Jornada reported.
*Great Thunder Gold Corp.decided to sell itsBRX goldmineral claims to Avino Silver& Gold Mines Ltd. unit BralorneGold Mines Ltd., completing its long-term plan to divest noncoreassets. Under the agreement, Bralorne will pay C$65,000 cash, issue 10,000Avino shares and grant a 1% net smelter returns royalty, capped at C$250,000.
*Goldcorp Inc. hascompleted theacquisition of Kaminak GoldCorp. Under the deal, Kaminak shareholders will receive 0.10896 ofa common share of Goldcorp for each Kaminak Share held.
*Although Vale SApromised to restart construction of its Rio Colorado potash project, the CEO of Valein Argentina, Eduardo Santana, is reportedly in talks with the Mendoza provincegovernment to extendthe deadline to submit a work plan by 90 days. The deadline was scheduled forthe end of July, Cronista reported.
*The Colombian Government extendedthe concession contract for the La Jagua coal project with mining consortium Prodeco,owned by Glencore Plc, to 2031, ElHeraldo reported. The new contract includes 200 billion Colombian pesos inroyalties per year. Estimated annual production for 2016 is 3.3 million tonnesand 13.5 million tonnes by 2031.
*Altos Hornos de México SAB deCV's Hercules iron ore unit began productionat its La Negra and H14 fields in Mexico, with a combined potential to generate2 million tonnes of ore, Mundo Mineroreported. The deposits will supply Altos Hornos' Monclova plant.
*United Co. RUSAL Plcis selling its entirestake in Alumina Partners of Jamaica to China's for US$299 million as part of the Russian group's plans to optimize assets andreduce debt.
*China rejectedthe European Union's complaint over its export tariffs and quotas on 11 metalsand minerals, with the Chinese Commerce Ministry saying "China regrets theEU request for consultations," Reuters reported. The ministry noted thatChina's measures are in line with the World Trade Organization's rules and saidthe complaint will be handled in accordance with WTO procedures.
*Meanwhile, the U.S. broadened its challenge at the WTO to China's export limitson raw materials to cover chromium, antimony, indium, magnesia, talc and tin,Reuters wrote,citing a U.S. trade representative.
*S&P Global Ratings upgraded PJSC ALROSA's long-term corporate credit rating to BBfrom BB- and affirmed its short-term rating at B, with a positive outlook, Thiswas driven by the company's demonstration of strong margins and solid cash flowgeneration in 2015 as well as improved operating efficiency the first quarterthis year, supported by the weaker Russian ruble.
*Millennial LithiumCorp. entered a deal to acquire a lithium project inArgentina's Salta province.
*Lithium Power InternationalLtd. struck a binding and exclusive agreement with Chilean firmMinera Salar Blanco to undertake due diligence on the exploration and development of thehigh-grade Maricunga lithium brine project in Chile.
* Researchby SNL Metals & Mining showed a fall in the price of credit default swaps,or CDS, in the first six months of the year for leading mining companies, whichindicates improvingcreditworthiness and lower default risk.
*The International Monetary Fund has cut its global economic outlook amid expectations thatthe U.K.'s vote to leave the European Union will weigh on the world economy. Inits July 19 World Economic Outlook, the fund revised its global growth forecastby 0.1 percentage point to 3.1% in 2016 and to 3.4% in 2017, from 3.2% and3.5%, respectively, in April.
S&P Global Ratings andSNL Metals & Mining are owned by S&P Global Inc.
The Daily Dose is updated asof 7 a.m. London time, and scans news sources published in Chinese, English,Indonesian, Malay, Portuguese, Russian, Spanish, Thai and Ukrainian. Someexternal links may require a subscription.