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Glencore H1 net income up 13% YOY on higher commodity prices, revenue

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Glencore H1 net income up 13% YOY on higher commodity prices, revenue

TOP NEWS

Glencore H1 net income up 13% YOY on higher commodity prices, revenue

Glencore PLC booked a 13% increase in attributable net income to US$2.78 billion, or 19 cents per share, in the first half, owing to strong performances by its metals and minerals segment and energy products segment due to stronger commodity prices, offset by weaker performance by its agricultural products segment. Revenue for the period increased to US$108.55 billion, from US$100.29 billion.

Samarco Mineração eyes iron ore mine ops restart after license review in 2019

BHP Billiton Group and Vale SA joint venture Samarco Mineração SA expects to secure all licenses required to resume operations at the Samarco iron ore mine in Brazil in 2019, Reuters reported, citing a company statement. The environmental agency for the country's Minas Gerais state, in a separate statement, said it expects to conclude an analysis of the licenses in the first half of 2019. Mine operations at Samarco were suspended after a fatal tailings dam incident in 2015 that killed 19 people.

Albemarle's Q2 income nearly triples YOY on strong lithium segment

Albemarle Corp. posted an attributable net income of US$302.5 million in the second quarter, nearly triple from US$103.3 million in the year-ago period, on the back of its lithium segment's strong performance. Lithium net sales rose 30.2% year over year to US$317.6 million, from US$243.8 million in the year-ago period, due to favorable pricing impacts, increased sales volumes and US$7.7 million in favorable currency exchange impacts.

BASE METALS

* Glencore's Katanga Mining Ltd. unit widened its attributable net loss to US$324.5 million, or 17 cents per share, in the second quarter, from US$126.6 million, or 7 cents per share, a year ago. Sales from the Democratic Republic of the Congo-focused copper miner in the period ballooned to US$345.5 million, from US$11.7 million.

* The union at the Escondida copper mine in Chile called on BHP to revise its negotiating strategy and improve its contract offer during a final phase of talks if it hoped to avoid a strike, Reuters reported. The two sides set the agenda for the last round of talks after BHP requested government-led mediation.

* Independence Group NL is seeking to replicate its success at the Nova nickel mine in Western Australia through exploration across 15,000 square kilometers of tenure within the Fraser Range area, The West Australian reported, citing Managing Director Peter Bradford.

* Talisman Mining Ltd. intends to distribute a substantial proportion of its cash to shareholders following the completion of a conditional agreement with Sandfire Resources NL for the sale of its 30% interest in the Springfield copper joint venture in Western Australia for A$72.3 million. Sandfire already holds 70% of Springfield.

* Westminster Resources Ltd. inked a letter of intent to acquire an 80% interest in a 10,858-hectare land package in Saskatchewan's La Ronge district. The project package, comprising two contiguous claims, lies within a group of claims historically focused on nickel, platinum group elements, orogenic gold and volcanogenic massive sulfide deposit types.

* Canadian Metals Inc. agreed to acquire interests in three base metal properties in New Brunswick and one silica property in Quebec from Osisko Metals Inc.

PRECIOUS METALS

* Evolution Mining Ltd. Chairman Jake Klein said the company is eyeing expansion into North America to capitalize on the recent relative weakness in the valuation of U.S. and Canadian gold assets, The Australian reported. Klein said the company could handle six to eight assets, indicating the capacity to take on one or two more. "We have no pressing need for more assets but if you can improve the quality of the assets with a deal accretive to our shareholders, we'd be interested," the executive added.

* Gold Road Resources Ltd. Managing Director and CEO Ian Murray called for the gold royalty in Western Australia to remain capped at 2.5% to promote greenfields exploration for gold-focused companies in the state, the Kalgoorlie Miner reported.

* Gold Fields Ltd. did not guarantee that another cost blowout will not happen for its Gruyere JV with Gold Road, with the budget already swelling by over A$100 million from its original estimate of A$507 million, The West Australian reported, citing Gold Fields' Australasia boss Stuart Mathews.

* South Africa's Association of Mineworkers and Construction Union will launch an unspecified industrial action at Impala Platinum Holdings Ltd. if talks over the company's plan to slash several thousand jobs fail to stop the layoffs, Reuters reported, citing Joseph Mathunjwa, the union's president. The company's board recently approved a strategic turnaround that would see 13,000 jobs axed at its Impala Rustenburg operation in South Africa by 2021.

* Underground operations at Doray Minerals Ltd.'s Deflector gold-copper mine in Western Australia were suspended following a fire involving an underground loader.

* Premier Gold Mines Ltd.'s consolidated production tanked to 16,007 ounces of gold and 51,746 ounces of silver, from 37,617 ounces of gold and 97,007 ounces of silver, in the same period a year earlier, due to reduced production at the South Arturo mine in Nevada.

* Semafo Inc. sunk to an attributable net loss of US$10.4 million in the second quarter, from a net income of US$8.9 million a year ago, with gold production falling to 45,700 ounces from 47,600 ounces and gold sales down to US$58.5 million from US$59.3 million.

* Rox Resources Ltd.'s Helios Gold Ltd. subsidiary secured an option to acquire the Bronzewing South gold project from Carnegie Exploration Pty Ltd.

* Golden Reign Resources Ltd. and Marlin Gold Mining Ltd. signed a definitive agreement regarding the planned merger announced in mid-May, with closing anticipated in October.

* Sunvest Minerals Corp. entered into a binding memorandum of understanding to acquire privately held 1174679 B.C. Ltd., which owns the Moosehead North gold project, from arm's length vendors. Moosehead North comprises two claim blocks covering around 4,215 hectares and is located near Sokoman Iron Corp.'s Moosehead project in Newfoundland and Labrador. Meanwhile, Tasca Resources Ltd. agreed to buy another property, covering 600 hectares, near the Moosehead project.

* Brixton Metals Corp. will acquire 29,608 hectares of mineral rights within the Atlin gold camp of British Columbia, which includes the purchase of the Spruce and Yellowjacket properties, as well as the McKee and Otter properties.

* Spectrum Rare Earths Ltd. confirmed that surface infrastructure at the Washington gold mine suffered damage as a result of an active wildfire in California.

* Osisko Mining Inc. raised the possibility it extended a gold discovery with a second deep drillhole at the Windfall Lake property in Quebec. It drilled 3.4 meters grading 22.4 g/t of gold about 1,900 meters below surface in hole OSK-W-18-1616-W1.

* Australian junior explorer Explaurum Ltd. is pegging its hopes in Western Australia's Wheatbelt as the site of the state's next gold-rich province, beginning with its Tampia gold project, The West Australian reported, citing Managing Director John Lawton.

* Mining services provider NRW Holdings Ltd. outlined plans to increase its work within the gold market to diversify from its current base in Western Australia's Pilbara region, The West Australian reported, citing CEO Jules Pemberton.

BULK COMMODITIES

* Brazilian steelmaker Cia. Siderúrgica Nacional booked a net profit of 1.19 billion Brazilian reais, falling from a profit of 1.49 million reais in the previous quarter, due to the recognition of the sale of CSN LLC and the partial reversal of the provision for recognition of deferred income tax gains. Revenue increased 12% quarterly to 4.31 billion reais, due to a 9% quarterly increase in iron ore sales to 7.8 million tonnes and a 3% increase in steel sales to 1.2 million tonnes.

* ArcelorMittal launched cash tender offers to purchase up to US$750 million of notes due 2039 and 2041.

* Labrador Iron Ore Royalty Corp. swung to a net loss of C$3.2 million in the second quarter, from a net profit of C$32.3 million a year earlier, with royalty revenue sliding to C$5.2 million from C$34.2 million, as Iron Ore Co. of Canada Inc.'s concentrate production in the second quarter fell 69% year over year to 1.5 million tonnes, while pellet output plummeted 78% in the period.

* Hindalco Industries Ltd. unit Novelis Inc.'s net profit climbed to US$137 million in the first quarter of its fiscal 2019, from US$101 million a year ago. Net sales for the aluminum rolling and recycling company increased 16% over the prior year to US$3.1 billion for the quarter ended June 30, driven by higher aluminum prices, shipments and a favorable product mix, partially offset by lower conversion premiums on some products.

* Fitch Ratings expects China's boosted demand for high-quality iron ore and coking coal to widen premiums and discounts for the products' various grades relative to benchmarks in the short term, but for the gap to tighten over time.

* Czech miner Euro Manganese Inc. is said to be seeking a dual listing in Australia and Canada by September, with a market capitalization of about A$45 million, The Australian Financial Review's Street Talk reported. The company owns the Chvaletice manganese project in the Czech Republic, and is looking to produce "ultra high-quality and high-purity manganese products," namely batteries, based on an investor presentation obtained by the Australian news outlet.

* Wescoal Holdings Ltd. agreed to sell its Leeuw Braakfontein colliery in South Africa to Sitatunga Resources Pty. Ltd. for 103 million South African rand.

* Argentina's antitrust regulator will investigate steelmaker Acindar Industria Argentina de Aceros SA to determine if it had abused its dominant position in the market for long steel products to block imports from entering the market at lower prices, Reuters reported.

* Urban Select Capital Corp. is continuing with its due diligence on North America Frac Sand Inc.'s Eagle Creek project to determine if it will renew negotiations, as a previously announced letter of intent signed in April lapsed.

* Despite fierce support for coal from the Trump administration, industry representatives indicated at the American Coal Council's Coal Market Strategies conference in New Mexico that they are still seeking strategies to address the challenges facing the sector.

SPECIALTY

* Pilbara Minerals Ltd. Managing Director Ken Brinsden quelled fears of an oversupply of lithium in the global market, which led to price drops in China, saying that the recent slide was caused by subsidy regime changes in China favoring nickel-rich cathode batteries, The West Australian reported.

* Chile's lithium carbonate exports more than doubled to US$85 million in July compared to the same year-ago period, on the back of higher demand and prices for the key component in electric vehicle batteries, Reuters reported, citing the country's central bank.

* Bass Metals Ltd. reached nameplate production at is Graphmada graphite mine in Madagascar.

* Altura Mining Ltd. began trucking lithium concentrate produced at its namesake Altura lithium mine in Western Australia to the port of Port Hedland, ahead of the first concentrate shipment.

* LSC Lithium Corp. contracted GHD Ltd. to conduct a preliminary economic assessment for the Pozuelos-Pastos lithium project in Argentina, scheduled for completion in the fourth quarter.

INDUSTRY NEWS

* Boosted spending by iron ore majors BHP, Rio Tinto and Fortescue Metals Group Ltd. breathed in an air of optimism in Western Australia's mining sector, Reuters reported.

* Despite widespread outcry from American companies that may suffer as a result of more tariff impositions, the Trump administration said it would move forward with imposing 25% tariffs on US$16 billion of Chinese imports, marking the latest development in the ongoing trade war between the two nations.

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