Brazil court freezes 1B reais in Vale accounts over Feijao dam burst
A Brazilian court froze 1 billion Brazilian reais in Vale SA's accounts as compensation for a community affected by the fatal tailings dam burst at the Feijao iron ore mine in Minas Gerais state. The order requires the company to pay for the relocation, food and other needs of the affected people from the Sebastião de Águas Claras-Macacos community.
A U.S. judge turned down Rio Tinto's request to dismiss a 2017 case filed by the U.S. Securities and Exchange Commission alleging the company of inflating the value of its failed coal investment in Mozambique, Bloomberg News reported.
Autonomous trucks collide at BHP's Jimblebar iron ore mine
Two autonomous trucks collided at BHP Group's Jimblebar iron ore mine in Pilbara, Western Australia, The West Australian reported. No one was injured in the accident, which was blamed on heavy rainfall. Operations resumed a few hours after.
* The Queensland government canceled the mining leases for Baal Gammon Copper Pty. Ltd.'s mothballed Baal Gammon copper mine over A$12,000 in unpaid local council rates, The Australian reported.
* Mincor Resources NL signed a term sheet with BHP Billiton Nickel West Pty. Ltd. that will serve as a basis for a binding off-take agreement covering Mincor's Kambalda nickel operations in Western Australia.
* Camrova Resources Inc. agreed to acquire Chilean firm Asesoria y Inversiones MAYG SpA for C$2 million in shares.
* Strategic Minerals PLC moved to secure 100% control over the Redmoor tin-tungsten project in Cornwall, U.K., after agreeing to acquire New Age Exploration Ltd.'s entire 50% shareholding in Cornwall Resources Ltd., the joint venture vehicle developing Redmoor, for £2.7 million.
* Puma Exploration Inc. and Trevali Mining Corp. mutually terminated an agreement covering the development of the Murray Brook zinc property in New Brunswick.
* A workers' strike looms at KGHM Polska Miedź SA's Sierra Gorda copper mine in Chile after a union rejected the company's latest offer in contract negotiations, Reuters reported, citing Union 1 President Maykel Ocayo.
* Barrick Gold Corp. said the Chilean Supreme Court's cancellation of a lower court ruling to close the Chilean side of the Pascua-Lama gold project only delayed a decision on the site's future. However, Barrick said it remains focused on resolving issues surrounding the project and has conducted studies for an acceptable water management plan.
* The appointment of Mark Bristow as Barrick CEO helped thaw relations between the company's Acacia Mining PLC unit and the Tanzanian government, with a US$190 billion tax dispute expected to be resolved by May, Bloomberg News reported, citing Tanzania's attorney general Adelardus Kilangi.
* Sibanye Gold Ltd. said the South African labor court rejected a request by the Association of Mineworkers and Construction Union to stop the company's plan to restructure its gold operations in the country.
* Lydian International Ltd. CFO Douglas Tobler will resign, effective June 14, less than a year after Howard Stevenson quit as president and CEO, amid continued fierce opposition to the Amulsar gold project in Armenia.
* Kingsgate Consolidated Ltd.'s shares had surged over 43% by March 18 trading close on the ASX after the company said it will receive over A$82 million as settlement of proceedings against its political risk insurers. The company said it had a political risk insurance policy in place at the time it was alleged that the government of Thailand illegally expropriated Kingsgate's Chatree gold mine in May 2016.
* Tanzania aims to curb illegal gold exports by setting up state-controlled trading centers at the country's mineral-producing regions by late June, Reuters reported, citing a statement from Prime Minister Kassim Majaliwa.
* Nkwe Platinum Ltd.'s amalgamation with Gold Mountains (Bermuda) Investment Ltd. has become effective as part of its acquisition by Zijin Mining Group Co. Ltd.
* Peloton Minerals Corp. unit SBSL Subsidiary Corp. granted Frederick Private Equity Corp. an option to acquire up to 75% of the 390-acre Silver Bell-St Lawrence gold project in Montana.
* At least 30 people were killed in an illegal gold mine collapse in Angola, the African News Agency reported.
* Cameo Cobalt Corp. agreed to acquire three mineral claims adjacent to its Big Mac gold property in British Columbia's Golden Triangle.
* Chaarat Gold Holdings Ltd. signed a binding term sheet for a joint venture with Turkish mining contractor Ciftay Insaat Taahhut ve Ticaret A.S. to collaborate on the Chaarat and Kyzyltash projects in the Kyrgyz Republic.
* Vale was ordered by a Brazilian court to suspend its Minervino and Cordao Nova Vista dams until the company proves the stability of the structures, Reuters reported. The miner said the suspension will not have a significant impact on its operations, and that mining waste was already shipped to other unspecified structures.
* The suspension of Vale's Brucutu and Timbopeba mines prompted BMO Capital Markets to slash the company's iron ore production estimate by a further 30 million tonnes, The Northern Miner reported.
* Shares in Rio Tinto, BHP and Fortescue Metals Group Ltd. all rose March 18 as the companies are expected to benefit from the reduced output from Vale, which was forced to halt operations at its Timbopeba iron ore mine in Brazil following a court order, The Sydney Morning Herald wrote.
* Steel Dynamics Inc. flagged a year-on-year decrease in its first-quarter EPS to between 88 U.S. cents and 92 U.S. cents, from 96 U.S. cents a year ago.
* New Hope Group Co. Ltd.'s net profit in the first half of its fiscal 2019 rose 4% to A$120.2 million, from A$115.6 million in the comparative period, thanks to its increased ownership in the Bengalla coal mine in New South Wales, Australia.
* Angang Steel Co. Ltd. intends to issue asset-backed securities of up to 10 billion Chinese yuan to eligible investors in a bid to reduce capital costs and tap idle bills assets.
* Angang Steel's attributable net profit in 2018 climbed 19.8% to 7.95 billion Chinese yuan, from 6.64 billion yuan in the previous year, due to more efficient operations and the acquisition of Ansteel Group Chaoyang Iron and Steel Co. Ltd.
* Russia's second-largest steelmaker, Evraz PLC, would buy back US$700 million of 6.5% outstanding bonds maturing on April 22, 2020, while the company's ultimate owners plan to place 1.8% of shares for sale.
* Thyssenkrupp AG's plant engineering business won a million-euro engineering, procurement and construction contract for a new fertilizer complex in Cairo, Egypt.
* Emirates Global Aluminium agreed to extend its contract with AP Møller - Mærsk A/S for the transport of aluminum to its customers from over 60 countries, Khaleej Times wrote.
* Wollongong Coal Ltd. was ordered to halt all mining activities at its Wongawilli colliery in New South Wales, Australia, following recent underground inspections by mine inspectors. Resumption of the Wongawilli operation is subject to the company completing risk assessment and implementing adequate control measures and to regulators approving the safety measures.
* Bulk alloy suppliers are reporting increased demand from British consumers amid fears of supply disruptions caused by the looming Brexit, Fastmarkets MB wrote.
* Kazakhstan Potash Corp. Ltd. is aiming to finalize a A$6.2 million rights issue by March 22 to conclude its protracted acquisition of the Satimola potash deposit in northwestern Kazakhstan.
* Bernstein Liebhard LLP filed a class-action lawsuit against Vale, seeking to recover shareholder losses related to the Feijao dam collapse.
* S&P Global Ratings affirmed its B- long-term issuer credit rating for Mongolian Mining Corp., with a stable outlook. The rating agency said it expects the company's sales volume and cost profile to improve over the next 12 months despite a decline in coal prices due to China's economic slowdown.
* Prophecy Development Corp. will restart its Ulaan Ovoo coal mine in Mongolia this month, with an estimated 21,000 tonnes of coal production and sales.
* Thiess Pty. Ltd., through its 70%-owned Majwe Mining Joint Venture (Pty.) Ltd., secured a nine-year, A$1.7 billion contract to provide mining services at Debswana Diamond Co. (Pty.) Ltd.'s Cut-9 project, part of its Jwaneng diamond mine in Botswana.
* PJSC Alrosa is evaluating whether to reopen the Mir diamond mine in Russia. The Mir pipe was suspended after a flood in 2017 that required the mine to be evacuated. The restart process would take between six and eight years and cost US$1.3 billion.
* Alrosa wants to own a majority stake in diamond projects in Zimbabwe that it will develop as part of a deal with the government, Reuters reported, citing CEO Sergey Ivanov.
* Renascor Resources Ltd. Managing Director David Christensen said that securing off-take contracts for its Siviour graphite project in South Australia that are creditworthy to service debt obligations is "difficult" as the customer base in the large Chinese market is made up of many small entities not often known to western debt providers.
* Magnis Energy Technologies Ltd.'s 47%-owned Imperium3 New York signed a term sheet to secure US$52 million in funding for the production of lithium-ion battery cells from the company's Huron Campus in New York.
* Mineral Resources Ltd. increased its stake in the Mount Marion lithium project in Western Australia to 50% from 43.1% by paying A$51.9 million.
* The U.S. government established a new research program to address the expansion of automation and related technology in the mining sector.
* The Minerals Council of Australia urged the government to introduce tax reforms to attract more investments.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.
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