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Barrick swings to Q2'19 profit, eyes US$240M in savings from Nevada JV


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Barrick swings to Q2'19 profit, eyes US$240M in savings from Nevada JV


Barrick's FY'19 gold output tipped near upper end of guidance after strong Q2

Barrick Gold Corp. swung to a net profit attributable to shareholders of US$194 million in the second quarter from a year-ago loss of US$94 million and expects full-year output at the upper end of its guided range of 5.1 million ounces to 5.6 Moz. Revenue jumped 21% year over year to US$2.06 billion in the quarter as gold sales rose 32% to 1.37 Moz with realized prices of US$1,317 per ounce, rising from US$1,313/oz.

Barrick eyes US$240M in short-term savings from Nevada joint venture

Barrick has started to see savings flow from a Nevada joint venture with Newmont Goldcorp Corp. that combined the two companies' major assets in the state and closed July 1, Barrick President and CEO Mark Bristow said in an earnings call. In the short term, Bristow said Barrick has identified US$240 million in annualized savings. Synergies include more efficient trucking routes across previously separate properties and renegotiated contracts on consumables for the combined operations.

Tanzanian government allows Acacia Mining to resume gold exports

Acacia Mining PLC received approval from the government of Tanzania to resume gold exports from the North Mara gold mine following an investigation conducted at the end of July. However, the Mining Commission of the Tanzanian Ministry of Minerals said it believes that provisions of mining regulations from 2010 were violated, and it directed the mine to submit a feasibility study report and mine plan for approval by Aug. 16.


* Vedanta Ltd. Chairman Emeritus Anil Agarwal, through his family trust Volcan Investments, submitted an expression of interest to revive the bankrupt Jet Airways (India) Ltd., Business Standard reported.


* Nyrstar NV once again shut down its Port Pirie lead smelter in South Australia, nearly two weeks after the operation restarted, Reuters reported, citing a company statement sent to the newswire.

* Rafaella Resources Ltd. shareholders approved the purchase of the Santa Comba tin-tungsten project in northwestern Spain through the acquisition of the issued share capital of private Spanish company Galicia Tin & Tungsten SL.

* Indonesia plans to accelerate the implementation of a ban on mineral ore exports currently slated in 2022, Reuters reported, citing news website, which quoted Coordinating Minister for Maritime Affairs Luhut Pandjaitan.

* The electric vehicle industry will need over 250% more copper in 2030 compared to this year to support more than 20 million EV charging points estimated to be built by then, reported, citing Wood Mackenzie.


* Barrick CEO Mark Bristow confirmed that the company is divesting its 50% stake in its Kalgoorlie joint venture with Newmont Goldcorp in Western Australia due to the mine's underperformance, The Australian Financial Review reported. The executive also denied that the company is mulling over the sale of its Tongon mine in Cote d'Ivoire and the Massawa project in Senegal, but he noted that it is open to various options for both properties, Reuters reported.

* MAG Silver Corp. trimmed its second-quarter net loss to US$961,000, or 1 cent per share, from US$2.8 million, or 3 cents per share, recorded a year ago. First-half losses were slashed to US$1.4 million, or 2 cents per share, from US$2.6 million, or 3 cents per share.

* Sandstorm Gold Ltd.'s second-quarter net income increased to US$2.4 million from US$700,000 a year ago on the back of a 13% yearly rise in gold equivalent ounces sold to a record 16,356 ounces.

* Lydian International Ltd. is evaluating strategic, financing, and legal alternatives as it is on the brink of defaulting on its agreements with lenders amid an illegal blockade at its Amulsar gold project in Armenia.

* Investment firm VanEck's New York-based portfolio manager, Joe Foster, said Australian gold miners should be cautious and avoid overpaying for any assets that may be up for sale in the near term, especially with Australian dollar gold prices at a record high, The Australian Financial Review reported.

* U.S-China trade tensions and other concerns about the global economy have driven the price of gold above six-year highs as gold miners look to take advantage against a backdrop of limited supply, according to an exclusive S&P Global Market Intelligence report.

* China's Zhaojin International Mining Co., Ltd. and Perth, Australia-based PCF Capital Group Pty. Ltd. agreed to form a joint venture to identify mining investment opportunities in Western Australia.

* White Cliff Minerals Ltd. granted Lorikeet Resources (WCM) Pty. Ltd. an option to earn up to a 50% stake in tenement E38/2693, covering the Ironstone gold project in Western Australia.


* Rio Tinto CEO Jean-Sebastien Jacques' recent comments calling his company a "cash machine" annoyed some senior ministers of the Western Australian government, which has been frustrated by the royalties paid by the state's iron ore miners, The Sydney Morning Herald reported, adding that the state does not have plans to increase royalties.

* In recent months, Rio Tinto has awarded over A$60 million of work to Pilbara Aboriginal businesses in Western Australia related to the company's Koodaideri iron ore mine.

* A Swiss prosecutor is seeking a prison term of up to 10 years for Israeli billionaire Beny Steinmetz and two associates over the US$10.5 million in illegal payments they allegedly made related to the Simandou iron ore project in Guinea, Reuters reported.

* The BHP Billiton Mitsubishi Alliance Pty. Ltd. partnered with training provider TAFE Queensland and Central Queensland University to fast-track the development of new technology in open-cut mining in the Australian state, Mining Weekly reported.

* Australia pledged A$500 million to help its neighbors in the Pacific Islands build renewable energy projects and prepare for the impact of climate change, Reuters reported. Pacific Island leaders have criticized Australia for refusing to strengthen emission targets, with the former country preferring to protect its coal mining industry, the report said.

* China Hongqiao Group Ltd.'s aluminum plants in Shandong province were damaged by flooding caused by Typhoon Lekima that battered eastern China, Reuters reported, citing a statement by affiliate firm Weiqiao Pioneering.

* Ironveld PLC entered into confidentiality agreements with parties interested in acquiring all or part of its assets, including its high-purity iron, vanadium and titanium project in South Africa.

* Stanmore Coal Ltd. executed a process deed allowing Winfield Group Investments Pty. Ltd. to conduct due diligence over a proposed A$442 million acquisition of the Australian coal miner.

* Clive Palmer's Mineralogy Pty Ltd. was forced to forfeit its exploration license in an iron ore tenement in Pilbara, Western Australia, following its failure to pay A$50,000 on exploration to meet lease conditions, The Sydney Morning Herald reported.

* Pacific Bauxite Ltd. said its proposed A$1.5 million sale of its residual interests in milestone payments and royalties from the Mount Richardson, Rogetta and Golden Camel projects to Cylinder Cove Pty. Ltd. was terminated.

* Champion Iron Ltd. said that its Québec Iron Ore Inc. unit shipped its 10 millionth tonne of high-grade 66.2% iron concentrate from the Bloom Lake iron mine in Quebec.

* Rogue Resources Inc. agreed to acquire the Orillia and Bobcaygeon limestone quarries in Ontario as part of a plan to enter the landscape stone business in the Canadian province.

* China's steel-producing province of Hebei summoned three city leaders over their failure to control air pollution in the first half, Reuters reported, citing the local environmental protection agency.

* Iron ore prices extended a slump since the start of August to US$87.35/t, following a decrease of as much as 6.2% previously, on the back of a downturn in China's construction sector, Bloomberg News reported.

* The queue for aluminum at Istim's Port Klang warehouses in Malaysia was reduced to 33 days at the end of July from 87 days at the end of June following consistent deliveries, Fastmarkets MB wrote.


* Red Mountain Mining Ltd. agreed to acquire up to a 100% interest the Mount Mansbridge rare earths project in Western Australia from Unearthed Resources Pty. Ltd.

* Zenith Minerals Ltd. increased its land position at the Burro Creek East lithium project in Arizona by 250%.

* Northern Minerals Ltd. signed an off-take deal with thyssenkrupp AG unit thyssenkrupp Materials Trading GmbH for the sale of all heavy rare earth carbonate produced from the pilot plant at the Browns Range project in Western Australia. Separately, Northern Minerals entered into negotiations with a China-owned entity for a potential A$20 million investment, subject to shareholder approval.

* A preliminary economic assessment on NRG Metals Inc.'s Hombre Muerto North lithium project in Argentina generated a posttax net present value, discounted at 8%, of C$217 million, with a 28% internal rate of return and a 2.67-year payback period.

* Bluejay Mining PLC secured an export permit to ship 40,000 tonnes of run-of-mine bulk sample material from its Dundas ilmenite project in Greenland to be processed at its pilot processing plant in Quebec.


* Brazil's National Mining Agency extended the deadline for the shutdown of large upstream dams until 2025 or 2027 from 2023, Reuters reported. The deadline for smaller dams was also postponed to 2022. The mining regulator did not explain the reason behind the move, the report said.

* Mexican President Andrés Manuel López Obrador will not grant new mining concessions as they are not needed, but he will not cancel existing ones, Reuters reported.

* Australian rail freight operator Aurizon Holdings Ltd. launched a share buyback of up to A$300 million despite posting a 13% yearly slump in statutory net profit to A$473 million for its fiscal 2019, The Sydney Morning Herald reported.

* The London Metal Exchange will extend the duration of its final open-outcry trading sessions for all metals to 10 minutes following a successful three-month trial for zinc, Reuters reported.

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