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BHP books record Pilbara iron ore output; RUSAL selling Jamaica biz for US$299M; China eases rules for foreign-funded iron, steel mills


has hit a for the number of tonnes ofiron ore produced in a year from its Pilbara mines in Western Australia, but itdid not completely offset the impact of the suspension at the mine in Brazil. Ironore output from the Western Australian operations in fiscal 2016 climbed 2% to257 million tonnes on a 100% basis compared to the prior fiscal year, butcompany-wide production slipped 2% to 227 million tonnes.

its entire stake inAlumina Partners of Jamaica to China's JiuquanIron & Steel (Group) Co Ltd for US$299 million as part of theRussian group's plans to optimize assets and reduce debt.

China'sState Council temporarilylifted a ban that prevented foreign investors from holdingcontrolling stakes in domestic iron and steel producers in the country's fourfree trade zones from July 1. Foreign companies no longer need preapproval toset up exploration or mining subsidiaries in the country, if they were set upin the free trade zones of Shanghai, Tianjin as well as in the provinces ofGuangdong and Fujian.


*Boliden AB a 23.6% year-over-yearslide in net profit in the second quarter to 619 million Swedish kronor,despite rising zinc and copper production, due to lower metal prices. Operating profit fell to 912million kronor, from 1.09 billion kronor last year.

*Sierra Metals Inc.produced 3.0 millionsilver equivalent ounces and 19.7 million copper equivalent pounds for thequarter that ended June 30, representing declines of 9% on a yearly basis.

* IMMedical Ltd. subsidiary IMI Zinc Exploration Pty. Ltd. intends 's 30% interest inthe Rewardzinc-lead project in the Northern Territory, Australia, for A$14.8 million. Roxhas 30 days to complete due diligence on the offer, which comprises A$12.8million in shares of IM Medical, and A$2.0 million in cash. The offer willremain open until Aug. 17.
* Chile's EnamiEP is mullingover filing a claim against the joint owners of — with a 65.3% stake,Arrigoni Minería SpA with 26.7% and Samsung C&T Chile Copper SpA with 8% —over Pampa Camarones' pending debts, which totaled US$120 million. PampaCamarones underwent a restructuring process under local bankruptcy laws in May,in which Enami is one of the creditors, Pulsoreported.

*Consolidated Tin MinesLtd.'s board has decided to appoint Blair Pleash and KathleenVouris, both of Hall Chadwick, as voluntary administrators to the company after failing tosecure funding.

*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.


*Gold Fields Ltd.expects higherearnings in the first half, driven by a 3% year over year increasedin the U.S. dollar gold price and lower net operating costs in Australiandollar and South African rand. Earnings per share for the six months ended June30 are expected to jump to 14 U.S. cents from zero cent in the same period in2015.

*Polymetal InternationalPlc's gold equivalent production in the second quarter year over year to262,000 gold equivalent ounces, mainly due to the planned grade declines at theOkhotsk andOmolon mines,and the lower grade performance at the Dukat operation.

*Petropavlovsk PLC'sgold production in the first half fell 22% to 187,400 ounces compared to year-ago figuresdue to the scheduled processing of lower grade material and the impact ofsevere flooding. Gold sales reached 195,400 ounces in the half, down from229,700 ounces a year ago.

*Shanta Gold Ltd.lowered the all-insustaining cash guidance for its New Luika gold mine in Tanzania to US$730 per ounce toUS$780 per ounce, from US$750 per ounce to US$800 per ounce. The company,however, maintained its annual production guidance for this year of 82,000ounces to 87,000 ounces.

*Emerald Resources NLand Renaissance MineralsLtd. have entered into a definitive bid implementation agreementfor a merger. Emeraldwill acquire all of the shares in Renaissance via an off-market takeover offerof 1.55 new Emerald shares for every Renaissance share held.

*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.

*Randgold ResourcesLtd. isaddressing the complex issue of multiple ore types from different sourcesthat affected throughput, recovery and grade from the gold mining complex inthe first half of the year, as it works to meet its annual production target ofmore than 600,000 ounces from the site this year, reported.


*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.

*Evraz Plc'sproduction of pig iron and crude steel decreased by 11.7% and 9.9% from the previous quarter,respectively, to 2.6 million tonnes and 3.2 million tonnes. Steel products, netof re-rolled volumes, likewise fell by 13.2% to 2.9 million tonnes. Salablecoke was the lone rise quarter over quarter, up by 77.3% to 290,000 tonnes.

*Following TerraCom Ltd.'splan to purchase the BlairAthol coal mine in Queensland for A$1, the Mackay ConservationGroup offeredto pay A$2,000 for the mine, Australian Mining reported.

*The board of General Mining Corp.Ltd. has unanimouslyrecommended that shareholders accept 's takeoveroffer in the absenceof a superior proposal.


*Millennial LithiumCorp. entered a deal to acquire a lithium project inArgentina's Salta province.

*S&P Global Ratings raised its long-term corporate credit rating on Russiandiamond miner PJSCALROSA to BB from BB- with a positive outlook.

*Prospect ResourcesLtd. entered a deal for a four-month option to acquire a 90%interest in the God's Gift lithium project for US$50,000. A further US$450,000is payable on exercise of the option.

*Quantum ResourcesLtd. hascompleted the due diligence and entered formal agreements toacquire ,which holds rights to earn up to 95% stake in the lithiumproperty in Manitoba.

*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.


*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 isowned by S&P Global Inc.

The Daily Dose is updated asof 7 a.m. Hong Kong time, and scans news sources published in Chinese, English,Indonesian, Malay, Portuguese, Russian, Spanish, Thai and Ukrainian. Someexternal links may require a subscription.