's net profit jumped125.2% to US$608 million in the second quarter from US$270 million in the firstquarter, boosted by a foreign exchange gain of US$181 million and a 44.0%quarter-over-quarter increase in revenue to US$1.58 billion. The company's netprofit for the first half increased by 8.9% to US$878 million compared to thecorresponding period last year, despite a 19.8% decrease in revenue to US$2.68 billion.
Reportingits first full financial year of operation, South32 Ltd. may have met or beaten its guidance for themajority of the company's operations, but production was also across most commodities.The most noticeable decline was in the production of manganese alloy, whichfell by 46% to 224,000 tonnes for the 2016 financial year from 413,000 tonnesin the prior year. Manganese ore production slipped 8% year over year to 4.8million tonnes, while payable nickel output fell 9% to 36,800 tonnes.
's netincome attributable to shareholders in the second quarter to US$23 million from the US$72million booked in the year-ago quarter. Attributable gold output rose 7% toabout 1.3 million ounces, while attributable copper production declined 10% to38,000 tonnes.
*Fortescue Metals GroupLtd. is planning to part ways with its exploration rights for lithiumfollowing a strategic review of the company's holdings in Western Australia'sPilbara region, and will focus instead on its core business of iron ore.
* could face upto A$775million in taxes and charges following an audit of the mining giant'sSingapore marketing hub, The Australian reported.The looming payment appears to have increased from an earlier announced A$522million.
*Hindustan Zinc Ltd.saw its profit after tax for the first quarter of the 2017 financial yeartumble 47% year overyear to 10.37 billion Indian rupees on production declines and falling revenues.Revenues during the quarter dropped to 25.01 billion rupees from 35.96 billionrupees due to lower volumes, primarily zinc, and lower London Metal Exchangeprices, partly offset by higher rupee depreciation and a higher silver price.
*Jilin Jien Nickel Industry Co.Ltd. chairman, Wu Shu, was detained by Chinese prosecutors on suspicion of bribery.The case is still under investigation and has not affected the company'soperations.
*Chile's state mining company Empresa Nacional de Minera plans to submita new modernization plan for its Paipote copper smelter for board approval, Pulso reported. The proposal includesminor investments to comply with the new emission standard that comes intoforce in 2018, which makes mandatory the capture of 95% of total emissions.
*Codelco's debt grew247% between 2004 and 2015 to US$13.08 billion, according to officialfigures submitted to Congress recently. In the same period, the state minercontributed US$56 billion to the national Treasury, El Mercurio reported.
*Thiess was awardedthe contract for the first underground decline project at 's copper-gold mine inMongolia, Mining Weekly reported. Theproject is slated to start within the month and is expected to be completed in2020.
*Hochschild Mining Plcraisedits full-year silver equivalent production guidance to 34 million ounces from32 million ounces after posting an 86% year-over-year jump in second-quarterproduction, to 9.5 million silver equivalent ounces from 5.1 million ounces.
*Evolution Mining Ltd.booked a record group goldoutput of 216,644 ounces in the June quarter, at an all-insustaining cost of A$1,117 per ounce. Group gold production for fiscal 2016totaled a record 803,476 ounces, representing an 84% year-over-year increase,at an AISC of A$1,014 per ounce.
*The heads of Australia's Evolution Mining and believe the recentslip in gold price is just a hiccup and the precious metal will soon resume itsupward trend sincethe U.K. voted to leave the European Union. However, Foster Stockbrokinganalysts disagree that the gold price will continue to rise post-Brexit, notingthat the market realized that Brexit will not completely derail the economy nortotally disrupt the European Union.
*Strategic MineralsPlc will receive US$675,000 after it accepteda settlement offer related to its claim pertaining to rail works for theCobre magnetitetailings mine in New Mexico, to be paid in instalments of US$100,000 in August,US$400,000 in January 2017 and US$175,000 in June 2017.
*Matsa Resources Ltd.is acquiring theLake Carey gold project in Western Australia for a total consideration of A$1.8million, excluding goods and services tax.
*Anglo American PlatinumLtd. produced 586,000 ounces of platinum in the secondquarter, 1% more than the same quarter of 2015, while gross refined platinumoutput rose by 33% year on year to 748,000 ounces.
*Russian-focused gold group Auriant Mining AB lifted its full-year production forecast by 10% afterits first-half gold production increased 64% compared to the same period of2015 to 12,389 ounces, which is much more than initially expected.
* Agroup of armed men attackedthe La Indiamine owned by Agnico Eagle MinesLtd. in northern Mexico and injured a security guard beforestealing silver and gold, Reuters reported. The company did not provide anestimate of the value of the stolen metals.
*Condor Resources Inc.acquired mineralrights over three new projects from the Peruvian government and has expandedits Pucamayogold-silver project in the country through the acquisition of a substantialland position adjoining the project.
*Probe Metals Inc.signed an agreement to sell three blocks of mining claims within its gold projectin Quebec to GFK ResourcesInc. in exchange for 3 million common shares. Furthermore, thecompanies also agreed to terminate their option agreement signed in December2013, which gave GFK the right to earn a 100% interest in the Casa-Cameronproject.
*After complaints by ArcelorMittalBrasil SA, CompanhiaSiderúrgica Nacional and Gerdau SA, Brazil's foreign trade department Secex opened anantidumping investigation into steel wire imported from China and Russia,Reuters reported. According to Secex, the probe involves exports to Brazilbetween 2013 and the end of 2015.
*Avenira Ltd.'sSenegalese unit Gadde Bissik Phosphates Operations SUARL into three-year offtakeagreements, in which buyers will initially purchase between 240,000 tonnes and360,000 tonnes per annum of rock phosphate from the project.
*Russia's Federal Anti-monopoly Service is investigatingthe unjustified rise in prices for rebar by Severstal, Mechel and Evraz, whichare suspected of abusing their dominant market position, Vedomosti reported.
*Vale SA is expectedto post near-record output levels in the second quarter, despite the effects ofthe November 2015 Samarco tailings dam disaster, Bloomberg News reported. Theaverage estimate of five analysts surveyed by Bloomberg pegged the miner'ssecond-quarter output at 86 million tonnes of iron ore, which compares torecord production of 89.3 million tonnes in the same quarter a year ago.
* Aproposed law to ban upstream tailings dams, such as the one used at theSamarco mine, couldbe approved by Brazil's Minas Gerais state this year, Reuters wrote, citingAnderson Silva de Aguilar, a state environmental official. The official alsonoted that the mine would not be restarting this year and may not in 2017either.
*Sirius Minerals Plcsaid it received governmentapproval for the harbor facilities at Teesside for its polyhalite project inthe U.K. All "major approvals" for the project have now been granted,the company noted.
*Data provided by the U.S. Mine Safety and Health Administration indicates thatArch Coal Inc.'sBlack Thunder mine in Wyoming produced only 13.7 million tons in the second quarter2016, the lowest amount since the last quarter of 1999 when the mine producedaround 13.2 million tons. The recent quarter's number is down 9.6% from the15.2 million tons reported in the first quarter of 2016 and decreased 41.5%from the 23.5 million tons produced in second quarter 2015.
*The Oakland City Council has confirmed its ban of a planned coal export terminal witha final vote. The city had previously voted unanimously against the projectsupported by Utah coal producers after city staff released a report recommendingthe prohibition of coal and coke storage and handling within the city.
*Uranium miner Paladin EnergyLtd. inked terms sheets for a proposed to a nuclear power participant of a24% stake in the LangerHeinrich mine in Namibia and the sale to of up to a 75%interest in Manyingee in Western Australia. The stake sales couldraise over US$200 million.
*Sayona Mining Ltd.will develop theAuthier lithiumproject in a staged approach after completing the project's acquisition for C$4million.
*Following due diligence, CapitalMining Ltd. decided to withdrawfrom its acquisition of Shaw River Lithium Pty. Ltd., which holds 13prospecting license applications in Western Australia's Pilbara region.
*Orocobre Ltd. doesnot expect to reach nameplate capacity at its Olaroz lithium facility in Argentina untilNovember as it makes modifications to the site's purification circuit,Industrial Minerals wrote.
*Mining companies selling off good assets at the bottom of the cycle are puttingtheir future growth atrisk, Brian Beamish, chairman of Lonmin Plc, said. Speaking during an interview with SNLMetals & Mining, Beamish said these miners were also doing theirshareholders a disservice by hiving off quality assets at knock-down prices.
*According to Mining Weekly,Queensland Natural Resources and Mines Minister Anthony Lynham is planning tomake 826 square kilometers of land availablefor minerals, coal, petroleum and natural gas exploration in the next 12 months.
The Daily Dose is updated asof 7 a.m. London time, and scans news sources published in Chinese, English,Indonesian, Malay, Portuguese, Russian, Spanish, Thai and Ukrainian. Someexternal links may require a subscription.