Brazilian mining major Vale SA is joining forces with private equity companyApollo to make an offer for AngloAmerican Plc's niobium and phosphates business in Brazil, Reuters reported,citing three sources familiar with the matter. A sale could fetch US$1 billionfor Anglo American.
BHP BillitonGroup will reduce roughly 7% of its employees at its Chile-basedSpence coppermine, Reuters reported,citing union chief Ronald Salcedo. "The company says the main reason forthis is organizational restructuring and problems due to the drop in copperprices," he added.
The Financial Times,citing people familiar with the matter, reported that is planning to shutdown its U.K. operations if it fails to negotiate a workable sale by May 28.
* Brazilian mining major Vale SA is joining forces with private equity companyApollo to make an offer for AngloAmerican Plc's niobium and phosphates business in Brazil, Reuters reported,citing three sources familiar with the matter. A sale could fetch US$1 billionfor Anglo American.
*Western Australian Premier Colin Barnett slammedRio Tinto's move todelay payments for suppliers, cautioning that it could push contractors tocollapse, The Australian Financial Reviewwrote. Barnett said he hopes the mining giant would reverse the decision andfurther noted that shifting the financial burden to local contractors is not agood policy.
* BHP BillitonGroup will reduce roughly 7% of its employees at its Chile-basedSpence coppermine, Reuters reported,citing union chief Ronald Salcedo. "The company says the main reason forthis is organizational restructuring and problems due to the drop in copperprices," he added.
* Brazil's Votorantim Metais SA increasedits stake to 80.24% in CompañíaMinera Milpo SAA by acquiring an additional 20.17% interest in thecompany, Business News Americas reported.
* According to Reuters, Indonesian businessman GustaafMerukh requested a Jakarta court to haltany deal that would involve a sale of a local company's 17.8% stake inNewmont MiningCorp.'s Indonesian operations. Merukh owns a stake in PT PukuafuIndah and is suing other shareholders of the company for faking his consent touse Pukuafu's 17.8% interest in PT Newmont Nusa Tenggara as collateral to secure aUS$600.0 million loan in 2012.
* PJSC MMCNorilsk Nickel will consider a proposal to a 0.79% packet of its ownshares to Cyprus-based Crispian Investments Ltd., a company controlled bybusiness magnate Roman Abramovich and EvrazPlc co-founders Alexander Abramov and Alexander Frolov. Accordingto Norilsk, Crispian, which already controls 5.5% of Norilsk's shares,approached the board with the proposal to buy 1,250,075 treasury shares forUS$158 million, or US$12.63 per ADR.
* VedantaResources Plc said a case by Zambian villagers regarding allegedpollution from the company's copper mining operations in Zambia should be heardin the Southern African country and not in the U.K. The Guardian reported.
* GlobalGeoscience Ltd. executed a binding term sheet to a global logistics managementsoftware platform, GetSwift, in its bid to transform "into a new companyin a new industry."
* FTI Consulting, the administrator of , said ClivePalmer acted as shadowdirector of the mothballed refinery despite resigning as a director inFebruary 2015 and referred the politician to the ASIC, The Australian Financial Review reported. In its report, FTIConsulting found that Queensland Nickel made a number of"uncommercial" transactions — including A$224 million siphoned offfrom the refinery to Palmer's other interests, including his political party —that could be recovered by a liquidator.
* PanAustLtd. Managing Director Fred Hess said the miner has "greaterfinancial capacity" after being acquired by Guangdong Rising AssetManagement in 2015 and is keen on buying copper assets while prices are low, The Australian Financial Reviewreported. Hess, however, said they have yet to find one asset that gets thecompany excited.
* NewcrestMining Ltd. restarted mining at the Toguraci gold mine, part of the Gosowongoperation on Halmahera Island in Indonesia. Mining was at Gosowong following a geotechnicalevent in early February that trapped one worker 300 meters underground in theKencana mine. It took eight days to rescue the worker.
* RichmontMines Inc.'s Island gold mine in Ontario 26,589 ounces of gold in thefirst quarter — a 147% increase over output in the same period in 2015 —pushing the company's total gold production for the quarter to a record 32,369gold ounces. The company also posted record revenues of C$52.6 million in thefirst three months of the year.
* TengriResources plc is selling its Kyrgyz mineral interests to for US$6 million. Socagestwill acquire the entire share capital of Kami Associates Ltd. and Tatianna Ltd., both Tengri subsidiaries that hold thecompany's mineral exploration and development operations in Talas.
* MarianaResources Ltd. has withdrawn from its earn-in agreement with for theNassau goldproject in Suriname, citing lower-than-expected results and milestonesachieved.
* Torex GoldResources Inc. plans to restart operations at its El Limon-Guajes gold project in Mexico on thenight shift of April 14. The company suspended operations at the mine last weekdue to an illegal blockade, which was initiated by three families demandingpayments from the company for alleged environmental damages.
* A rock drill operator was fatally injured in a fall ofground accident at Harmony GoldMining Co. Ltd.'s Phakisa gold mine in South Africa. Drilling and blastingoperations at the mine have been stoppedwhile further investigations into the accident are ongoing.
* GoldQuestMining Corp. said the government of the Dominican Republic hasre-granted the LaTachuela concession, to the south and adjacent to the company's miningapplication over its Romero gold-copper deposit.
* The Financial Times,citing people familiar with the matter, reported that is planning to shutdown its U.K. operations if it fails to negotiate a workable sale by May 28.
* According to a government source, the British governmentcould offer a state loan on commercial terms to help spark buyer interest forTata Steel's Port Talbot steelworks. The government loan as part of a deal withother investors is the "likeliest scenario" for the purchase of the assetand that there is only a remote possibility that the government would take anequity share in the steel operations.
* FortescueMetals Group Ltd. shipped 42.0 million tonnes of iron ore in the Marchquarter with cash production costs of US$14.79 per wet tonne, representing a43% year-over-year decline.
* U.S. steelmakers, including ArcelorMittal USA and twoother American companies, lodgedanti-dumping and countervailing duty petitions against cut-to-lengthcarbon-quality steel plate makers from South Korea, Austria, China, Brazil andeight other countries with the U.S. International Trade commission and theDepartment of Commerce, The Korea Heraldwrote. The companies sought anti-dumping duties of up to 244.1% on importedSouth Korean steel plates of the type.
* According to the FinancialTimes, Tomas Gutierrez at Kallanish Commodities said China's efforts to restrictsupplies of steel has helped buoy prices but will not stop overall steeldemand from falling.
* PAOSeverstal posted a 2% year-over-year in crude steel production to2.9 million tonnes in the first quarter, while hot metal production inched up2% to 2.4 million tonnes. Consolidated steel products sales slipped 4% to 2.4million tonnes.
* New WorldResources Plc's coking and thermal coal production 1.87 million tonnes in the firstquarter, compared to 1.78 million tonnes in the prior-year quarter. Coking coalsales totaled 1.12 million tonnes at an average realized price of €76 pertonne, and thermal coal sales reached 805,000 tonnes at €47 per tonne in thequarter.
* Meanwhile, owners of New World Resources were unable toconvince the Czech government to bail out the struggling firm before a debtdeadline, Bloomberg News reported.The government wants more input from creditors before deciding on any aid,Czech Finance Minister Andrej Babis said.
* WollongongCoal Ltd.'s A$150 million short-term drawdown facility with itsmajor shareholder Jindal Steel& Power (Mauritius) Ltd. has been to A$175 million and renewedtill March 31, 2017, from March 31, 2016. To date, the company has drawn aroundA$153.3 million under the facility to meet its operational and developmentalcosts.
* AustralianBauxite Ltd. completed the maiden sale of 5,000 tonnes of cement-grade bauxite fromits Bald Hill mine, part of its Tasmania operations in Australia, and shipping willstart from April 18.
* Saudi Arabia has lifteda ban on steel rebar exports, Reuters reported, citing an industry source.
* The Indian government said it will onlyallow the merger of CairnIndia Ltd. with Vedanta Ltd. once Cairn's tax liability of 102.5 millionIndian rupees is settled, the Press Trust of India reported.
* An updated mineral resource for the Mount Hutton Centraldeposit within Archer ExplorationLtd.'s Mount Hutton magnesite project in South Australia yielded atotal mineral resource of 17.52 million tonnes at 24.2% magnesium and 40.2%magnesium oxide.
* Anglo American said the value of rough diamond for unit 's third cycle of 2016provisionally totaled US$660 million as of April 11, compared to US$617 millionfor the second cycle. The company attributed the increase to "continuedstability in polished diamond prices and sales of polished diamonds at thewholesale level," which helped the demand for rough diamonds.
* CazalyResources Ltd. recently acquired a 100% interest in lithium prospectivetenements in the Goldfields of Western Australia. Reconnaissance field workidentified several pegmatites to be mostly under cover and would require moredetailed work to define their extent.
* SayonaMining Ltd. filed a new application of 140 square kilometers at Cooglegong,covering the northern part of the Shaw River tin field in the Pilbara districtof Western Australia. The area is also reported to contain tantalum, whichindicates the potential presence of lithium-prospective pegmatite systems;however, the area has never been explored for lithium.
* AthabascaNuclear Corp. acquired the TREK project, which consists of 12 mineraltenures designed to target gold, copper, zinc and polymetallic prospects,through staking in British Colombia, following its review of a newly releasedbiogeochemical survey by Geoscience BC.
* Empire RockMinerals Inc. agreed to acquire a 70% interest in the Fox Creek Lithium projectin Alberta, together with 100% of two private Alberta companies, Lithium PowerCorp. and Dominica Energy Minerals Inc., for C$100,000 and 1,200,000 Empirecommon shares from two private and one corporate sellers.
* The international Monetary Fund in its "WorldEconomic Outlook" report warned that metal prices are likely to drop by14% in 2016 and 1% in 2017. "Futures prices point to continued low prices,but with rising uncertainty on account of both demand (especially from China)and stronger supply," the report noted.
* Despite persistent uncertainty in the mining sector, SNLMetals & Mining data shows that the Latin American industry's plannedcapital spending announced since January 2015 has to roughly US$108 billion fromUS$60.09 billion recorded in late 2015.
* Australian Prime Minister Malcolm Turnbull acknowledgedthe need for the government to provide a secure and attractive investmentenvironment for global resources firms and said work is ongoing to reduceregulation and speed up the processing of environmental approvals, Mining Weekly wrote.
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