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Alcoa misses on Q3'16 earnings, revenue forecasts

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

Groups Urge Business Roundtable CEOs To Act On New Corporate Purpose Declaration

State of South Korean OTT Video: Subscription

Global Streaming Media Device Sales Forecast To Flatten In 5 Year Outlook


Alcoa misses on Q3'16 earnings, revenue forecasts

TOP NEWS

Alcoa misses on Q3'16 earnings, outlines unexpected aerospace headwinds

Alcoa Inc. just missed analyst forecasts for third-quarter revenue and earnings, and revised down revenue expectations for its Arconic business segment. The company reported US$5.2 billion in revenue during the quarter, down 6% from the corresponding quarter of 2015, while the net income was US$166 million, up fourfold from US$44 million in the third quarter of 2015.

Glencore to resume ops at Collinsville coal mine

Glencore Plc plans to resume full operations and hire more than 200 workers at its Collinsville coal joint venture in Queensland, Australia. The move comes amid growing demand from Southeast Asia for the mine's specific product.

Amplats selling mining rights at Amandelbult to Northam Platinum for 1B rand

Anglo American Plc unit Anglo American Platinum Ltd. said that its Rustenburg Platinum Mines Ltd. business agreed to sell certain mining rights within the Amandelbult property to Northam Platinum Ltd. for 1 billion South African rand. The acquisition will extend the economic mine life of Northam's nearby Zondereinde platinum mine to more than 30 years.

DIVERSIFIED

* Rio Tinto priced the cash tender offer to buy back about US$1.5 billion of its 2019, 2020, 2021 and 2022 notes. The settlement will occur Oct. 12.

* Vale SA's CEO, Murilo Ferreira, will leave the Brazilian iron ore producer in May 2017 amid a change in Brazil's political scenario, SteelOrbis wrote, citing media reports.

BASE METALS

* Botswana's BCL Ltd. is backing out of a deal it made in 2014 to acquire PJSC MMC Norilsk Nickel's 50% stake in the Nkomati nickel joint venture in South Africa due to its inability to afford the US$279 million price tag, Bloomberg News reported, citing Khaulani Fichani, chairman of the state-owned company.

* Yunnan Tin Co. Ltd. expects to swing to a net profit of between 40 million and 60 million Chinese yuan in the third quarter, from a net loss of 87.7 million yuan posted a year ago, driven by a rally in nonferrous metals prices and its acquisition of indium-tin miner Yunnan Hualian Zn-In Shares Co.

* Jilin Jien Nickel Industry Co. Ltd.'s overdue debts amounted to 3.73 billion yuan as of Oct. 10, more than double the 1.63 billion yuan recorded as of Sept. 22. The company said it failed to raise funds to complete a loan replacement plan during the period, which resulted in the steep increase in overdue debts.

* Global Copper Group Inc. staked an additional five mineral claims adjacent to and surrounding its recently acquired claims in Ontario for C$14,000 and 150,000 common shares. The company now holds 712 hectares in Ontario's Cobalt region.

* A worker died in an accident at Capstone Mining Corp.'s Cozamin copper operation in Mexico. The miner was fatally injured after getting struck by a piece of mobile equipment in transit in the Mala Noche Footwall Zone area. Operations at the site were temporarily suspended.

PRECIOUS METALS

* Endeavour Silver Corp.'s silver equivalent production in the third quarter totaled 2.4 million ounces, an 18% drop year over year. Silver output fell 29% to 1.3 million ounces while gold production was down 6% to 14,364 ounces, both on a yearly basis. However, CEO Bradford Cooke said that production exceeded expectations for the third quarter and the company is set to achieve its "recently raised production guidance for 2016".

* Unionized workers in Mali will go on a five-day strike starting Oct. 24 at mines belonging to gold producers including Resolute Mining Ltd. and Robex Resources Inc., alleging victimization by employers over their affiliation with a union called Secnami, Bloomberg News reported, citing Mahamadou Konte, a spokesman for the National Section of Mines and Industries. The union is also in dispute with Randgold Resources Ltd. over unpaid productivity bonuses, Konte added.

* Fitch Ratings revised its outlook on Polyus Gold International Ltd.'s long-term issuer default rating to positive from negative, while affirming it at BB-. The ratings agency also affirmed the short-term issuer default rating at B and the senior unsecured rating of the existing senior unsecured guaranteed notes at BB-.

* According to SolGold Plc Chairman Nicholas Mather, the company has attracted numerous other major mining companies, including BHP Billiton Group and Newcrest Mining Ltd. for an investment in the gold junior, The Australian Financial Review wrote.

* Impala Platinum Ltd. produced its 50 millionth ounce of platinum after 47 years of operations, Mining Weekly reported. The output is equivalent to 1,555 tonnes of platinum and is worth some 750 billion rand at current market prices.

* Banro Corp. achieved record gold output of 53,377 ounces in the third quarter, pushing total production in the first nine months of this year to 147,242 ounces. This means the company is on track to meet its full-year production guidance.

* Bluebird Merchant Ventures Ltd. received an unsolicited offer by an unnamed company, which is seeking to acquire a controlling stake at a premium to the current share price. Bluebird said its board will engage with the tendering company but added that the talks are at a preliminary stage. Bluebird holds a controlling stake in the Batangas gold-copper project in the Philippines.

* Several banks involved in a gold price fixing lawsuit including Bank of Nova Scotia, Barclays PLC, HSBC Holdings PLC, Societe Generale, and Deutsche Bank will be required to turn over internal emails and other correspondence spanning several years as the case moves ahead, said Daniel Brockett, a New York-based lawyer who is spearheading the U.S. lawsuit, the Financial Post reported.

* Construction has started at Hummingbird Resources Plc's Yanfolila gold project in Mali, with first gold pour expected by the end of 2017, targeting an output of 132,000 ounces in the first year.

* The Australian Securities & Investments Commission ordered the sale of 22,901,234 Sovereign Gold Co. Ltd. shares, or 1.62% of the company's issued capital, after finding that major shareholder GTT Ventures Pty. Ltd. contravened the takeovers threshold in relation to Sovereign Gold, and that former substantial shareholder Hudson Resources Ltd. collaborated with GTT.

* Intermin Resources Ltd.'s board approved the stage-one development of the open-pit Teal gold mine at its Binduli North property in Western Australia. The company added that all statutory approvals and full funding are in place.

* Despite Indonesia's revision of its mining laws, Lion Selection Group Ltd. is investing in One Asia Resources Ltd.'s 2.8 million-ounce Awak Mas gold project.

* Chalice Gold Mines Ltd. entered into a binding option and farm-in terms sheet to acquire Globex Mining Enterprises Inc.'s full interest in the Nordeau gold project in Quebec's Abitibi region.

* ABM Resources NL started the divestment process for its Bonanza gold property in Australia's Northern Territory, after receiving several "unsolicited expressions of interest."

* The Association of Mining and Exploration Companies warned the gold mining industry that the issue of possible royalty hikes is still very much alive.

* Seabridge Gold Inc. said that the government of British Columbia granted the necessary permit to develop an exploration adit into the large Deep Kerr deposit at the KSM gold-copper project.

BULK COMMODITIES

* Yanzhou Coal Mining Co. Ltd. has proposed closing its Beisu coal mine in China's Shandong province and cutting 1 million tonnes from the country's excess coal capacity, in line with the government's efforts to curb overcapacity in certain sectors.

* In a note in which S&P Global Ratings affirmed its junk-grade CCC/C rating on the miner Ferrexpo Plc, with a negative outlook, analyst Elad Jelasko wrote that the recent high iron ore prices had benefited the company, but a sustained fall in the price of the commodity below US$45 per ton put the group at high risk of default or debt restructure.

* The CFMEU confirmed the first case of black lung disease in an Australian open cut coal mine, at BHP Billiton's 50%-owned Goonyella Riverside mine in Central Queensland's Bowen Basin.

* Anglo American was granted an operating license from Brazil's Minas Gerais state environmental council for the next phase of its Minas Rio iron ore operation in the country, Metal Bulletin reported.

* Russian steelmaker OJSC Novolipetsk Steel is targeting a 20% increase in construction steel sales in 2016 through boosting exports, Metal Bulletin reported, citing CFO Grigoriy Fedorishin.

* The Australian anti-dumping commission initiated an exemption inquiry into anti-dumping measures against imports of stainless steel sinks from China, Metal Bulletin wrote.

* China's Xinxing Ductile Iron Pipes Co. on Oct. 4 started nickel pig iron production at Obi Island in Indonesia's North Maluku province, Metal Bulletin reported.

* Zamia Metals Ltd. signed a deal to acquire Kirkham International Pte. Ltd., which owns a 4,798-hectare mining permit for a coal project in Central Kalimantan, Indonesia, for A$24.3 million in shares.

* Following the surge in coking coal prices after supply cuts in China, Jindal Steel & Power Ltd. restarted its mines in Mozambique on Oct. 1, Mint reported.

* While India's domestic steel industry may be protected from a price decline due to increasing local demand, the sharp jump in exports makes Indian steel producers "vulnerable" to global price fluctuations, Mint wrote.

* Prairie Mining Ltd. acquired the Debiensko coking coal project in southern Poland through the purchase of 100% of the shares in New World Resources Plc local subsidiary NWR KARBONIA SA for an upfront cash consideration of €500,000 and deferred cash consideration of €1.5 million.

* Savannah Resources Plc entered into a new consortium agreement with Rio Tinto covering the Jangamo heavy mineral sands project in Mozambique that will allow operations at the project to start immediately.

* Fitch Ratings said that Noble Group Ltd.'s disposal of its Noble America Energy Solutions unit will strengthen the company's liquidity position, but will not affect its ratings as the sale has been factored into its current ratings.

SPECIALTY

* Rio Tinto-backed Energy Resources of Australia Ltd. produced 666 tonnes of U3O8 in the September quarter, representing a 46% increase on a yearly basis.

* Lucapa Diamond Co. Ltd. produced a record 8,853 carats from its Lulo diamond operations in Angola during the September quarter, reflecting a 154% year-over-year increase.

* PJSC ALROSA is on track to sell 37 million carats of diamonds in 2016, up from 30 million last year, while net earnings are expected to jump "two to three times" from last year's total of 32.19 billion Russian rubles, President Andrey Zharkov said.

* A rare 8.01-carat "fancy vivid blue" diamond will be displayed this week in London ahead of a November auction at Sotheby's, where it is expected to fetch up to US$25 million, Reuters reported.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.

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