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In This List

BHP's Q1'20 iron ore, coal output down; Steel Dynamics' Q3'19 income falls 62%

Greenhouse gas and gold mines Nearly 1 ton of CO2 emitted per ounce of gold produced in 2019

Essential Metals & Mining Insights - September 2020

Essential Metals & Mining Insights - August 2020

State of the Market: Mining Q2-2020


BHP's Q1'20 iron ore, coal output down; Steel Dynamics' Q3'19 income falls 62%

TOP NEWS

BHP's fiscal Q1 iron ore, coal output down YOY

BHP Group produced a total of 61.0 million tonnes of iron ore in its fiscal first quarter, 1% lower than the 61.4 million tonnes produced in the same period a year ago. Metallurgical coal and energy coal output were down 10% and 15%, respectively, year over year, but copper production was up 5% to 430,000 tonnes.

Steel Dynamics' Q3'19 net income plunges 62%

Steel Dynamics Inc. posted an attributable net income of US$151.0 million, or 69 cents per diluted share, in the third quarter, 62% lower than the US$398.4 million, or US$1.69 per diluted share posted in the same quarter a year ago. Net sales amounted to US$2.53 billion, lower than the US$3.22 billion recorded in the third quarter of 2018.

Peru authorizes armed forces, police to unblock access to MMG's Las Bambas

The Peruvian government authorized the intervention of the armed forces and police to unblock access to MMG Ltd.'s Las Bambas copper mine, after the company said that it may have to cease production at the site, Reuters reported. Citing the El Peruano, the report said that the government declared a state of emergency for 30 days in an Andean area where residents have been blocking a road used by MMG to transport concentrates for almost four weeks.

BASE METALS

* Pure Minerals Ltd. subsidiary Queensland Pacific Metals Pty. Ltd. extended a nickel-cobalt ore supply agreement for the Townsville Energy Chemicals Hub in Australia to 10 years from five years, with an option to renew for another five years.

* Henan Yuguang Gold & Lead Co. is looking into building a lead-acid battery production line to meet demand from China's automotive sector.

* Carnavale Resources Ltd. withdrew from an option to acquire 70% of the African Panther Resources (U) Ltd's early-stage Kikagati tin project in Uganda.

* Karmin Exploration Inc.'s shareholders approved the acquisition of the company by Votorantim Metals Canada Inc., a subsidiary of Nexa Resources SA, for about 77 U.S. cents for each outstanding common share of the company.

* Justice Debra Mullins said that she is yet to be convinced of Queensland Nickel Pty Ltd.'s argument that it was not insolvent on Jan. 13, 2016, when it made a A$135 million security arrangement with Aurizon Holdings Ltd., the Australian Financial Review reported. The claim was made in Clive Palmer's bid to avoid paying a further A$100 million over the collapse of the company in 2016.

* The Supreme Court of British Columbia issued a final order approving Cobalt 27 Capital Corp.'s acquisition by Pala Investments Ltd.

* Alphamin Resources Corp. produced a total of 2,345 tons of tin in the third quarter, up 269% from the 636 tons produced in the previous quarter.

PRECIOUS METALS

* Zhaojin Mining Industry Co. Ltd. posted a consolidated net profit of 316.9 million Chinese yuan attributable to shareholders under Chinese accounting standards for the first nine months of 2019, falling from 355.6 million yuan in the same period of 2018. Revenue increased to 4.63 billion yuan from 4.56 billion yuan, while the cost of sales rose to 2.83 billion yuan from 2.79 billion yuan.

* Eldorado Gold Corp. produced a total of 101,596 ounces for the third quarter, higher than the 84,783 ounces produced in the same quarter of 2018.

* Roxgold Inc. produced a total of 33,036 ounces of gold in the third quarter, higher than the 30,532 ounces of gold produced in the same quarter of the previous year.

* GBM Resources Ltd. signed a heads of agreement to acquire Stibium Mining Pty Ltd. subsidiary Millstream Resources Pty Ltd. for 150 million shares. Millstream owns an option to acquire a 50% stake in Round Oak Minerals Pty Ltd.'s White Dam gold project in South Australia, with a further option to purchase the remaining 50%.

* Royal Bafokeng Platinum Ltd. subsidiary Royal Bafokeng Resources Pty. Ltd. will receive US$145 million as part of a streaming agreement for gold production from its mines, excluding Styldrift II and the Impala royalty areas. The company will supply 70% of its gold output to Triple Flag Mining Finance Bermuda Ltd. up to 261,000 ounces and deliver 42% of its payable gold production thereafter.

* Otis Gold Corp. has commenced a 14-hole drilling program, averaging approximately 230 meters in length, at its flagship Kilgore gold deposit in Idaho. Theis first phase of drilling is part of a larger 25,000-meter program planned for Kilgore and is expected to take about 45 days to complete.

* Oklo Resources Ltd. has been registered as the 100% owner of the Kandiole gold project permit by the Malian Minister of Mines.

* Sprott Inc. CEO Peter Grosskopf said it is his company's investment strategy to look for mining companies that have seen their valuations plunge, Bloomberg reported.

BULK COMMODITIES

* China's demand for steel is poised to grow by only 1% to 909 million tons in 2020, sharply lower than the 7.8% growth forecast for 2019, as domestic industries wrestle with the repercussions from the country's trade war with the U.S., Nikkei Asian Review reported, citing data from the World Steel Association.

* KONE Oyj and Blackstone Group Inc. are positioning themselves with potential partners to bid for thyssenkrupp AG's elevator unit, a deal that could fetch more than €15 billion, Bloomberg reported, citing unnamed sources privy to the matter. Kone is in talks with CVC Capital Partners Ltd., while Blackstone is in talks with Carlyle Group LP.

* Winfield Group Investments Pty. Ltd.’s proposed acquisition of 50.1% shares of Stanmore Coal Ltd. has been terminated.

* China Hongqiao Group Ltd. has agreed to set up a green aluminum industrial park in Yunnan, China as the company seeks to capitalize on the province's hydropower resources, Reuters reported.

* Aguia Resources Ltd. was granted the preliminary license for the development of the Tres Estradas phosphate project in Brazil, following the approval of its environmental impact assessment by the Rio Grande do Sul State Environmental Agency.

SPECIALTY

* Alcoa Corp. booked an adjusted net loss of US$82 million, or 44 cents per share, in the third quarter, compared to the adjusted net income of US$154 million, or 82 cents per share, in the same period last year.

* Alligator Energy Ltd. signed a nonbinding heads of agreement to acquire the Big Lake uranium project in South Australia from privately owned Big Lake Uranium Pty. Ltd., with the companies aiming to enter a farm-in agreement before Nov. 25.

INDUSTRY NEWS

* Federal Attorney-General Christian Porter is set to reintroduce legislation designed to fix a hole in native title laws caused by the Federal Court's surprise decision to overturn an indigenous land use agreement signed between the Western Australian government and Noongar people, which has put more than 300 mining leases at risk, The Australian reported.

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