trending Market Intelligence /marketintelligence/en/news-insights/trending/ypTJeFKeLJ4u363wfVysEA2 content esgSubNav
Log in to other products

 /


Looking for more?

Contact Us
In This List

BHP, Rio Tinto to hold talks with Western Australia over iron ore taxes

Blog

Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

Video

COVID-19 Impact & Recovery: Metals and Mining Outlook for H2 2021

Blog

Q&A: Data That Delivers - Automating the Credit Risk Workflow

Blog

Mining M&A in 2020 — Deal activity bounces back in H2 after disrupted H1


BHP, Rio Tinto to hold talks with Western Australia over iron ore taxes

TOP NEWS

BHP, Rio Tinto to hold talks with Western Australia over iron ore taxes

BHP Billiton Group and Rio Tinto will seek clarification on proposed iron ore taxes in meetings with the Western Australian government over the next 48 hours, The Australian Financial Review reported. This comes after Premier Mark McGowan said the state would ask both companies to pay a lump sum in lieu of the current lease rental fee under a certain policy. Such a regulation stipulates that the state will charge a rental of 25 Australian cents per tonne of iron ore produced from a mining lease in operation for 15 years.

South32 agrees to sell Davel coal operation in South Africa for 187M rand

Scinta South Africa agreed to purchase South32 Ltd.'s 400 million-tonne Davel coal mining right in South Africa for 187 million South African rand, Mining Weekly reported. As part of the transaction, Scinta also bought the Ermelo Mines' infrastructure, railway loop and discard dump.

Coal India's Q4, FY'17 profit slides YOY

Coal India Ltd. posted consolidated net profit of 27.16 billion Indian rupees in the fourth quarter of its fiscal 2017, compared to 43.98 billion rupees a year prior. Revenue from operations, however, improved year over year to 247.80 billion rupees from 228.13 billion rupees recorded a year earlier.

DIVERSIFIED

* Under its new CEO Fabio Schvartsman, Vale SA will evaluate the potential in the diversification of its portfolio in a bid to reduce dependency on iron ore, Valor International reported. According to analysts, market volatility makes the Brazilian miner too sensitive to iron-ore price fluctuations.

BASE METALS

* The Indonesian government expects to wrap up talks with Freeport-McMoRan Inc. over a contract dispute for the company's local operations by October, The Jakarta Globe reported.

* Concerns about nickel ore supply from the Philippines erupted following the implementation of martial law in the Mindanao region, but market observers said the impact on nickel prices is likely to be minimal for now, Metal Bulletin reported. Out of the country's 28 operating nickel mines, around 20 are based in Mindanao.

* Rox Resources Ltd. is now able to proceed with the acquisition of the Collurabbie Hills nickel project in Western Australia, after a plaint by Baracus Pty. Ltd. over one of the tenements of the projects was dismissed.

* Havilah Resources Ltd. signed a memorandum of understanding with Wanbao Mining Ltd. to complete a pre-feasibility study for the Kalkaroo copper-gold project in northeastern South Australia.

PRECIOUS METALS

* Barrick Gold Corp. began a formal dialogue process with the striking union at the Veladero gold mine in Argentina, ending the work stoppage that commenced May 28.

* Meanwhile, a union leader told Bloomberg News that if management fails to resolve a contractual feud by June 19, the union will resume the strike at Veladero.

* Great Atlantic Resources Corp. granted Fort St. James Nickel Corp. a 30-day exclusive right to conduct due diligence on its mineral claims in New Brunswick, with a view to eventually complete an acquisition deal.

* Laconia Resources Ltd. completed the acquisition of the Kraaipan gold-nickel-copper-platinum group metals project in Botswana.

* Sibanye Gold Ltd. CEO Neal Froneman said there is a "high degree of concern" for the economic viability of up to 300,000 ounces of the company's platinum group metals output should the slump in the South African rand basket price of the metals continue, Miningmx reported. "If by year-end, this production is not profitable, closure may be the only option," Froneman added.

* Ruffer LLP acquired 10% of the total issued ordinary share capital of DRDGold Ltd..

* The Jakarta Globe reported that the Indonesian government warned Amman Mineral Nusa Tenggara, the country's second largest gold miner, to file a detailed plan for smelter by August or risk to get its export permit frozen.

* During the first quarter, Australia's gold output dropped 8% quarter over quarter to 71.5 tonnes due to heavy rains and a cyclone, Reuters reported.

* At least eight illegal miners died in a collapse of shaft at Big Mine in the gold-rich district of Mazowe, Zimbabwe, News24Wire reported.

* A preliminary economic assessment for the Kemess East gold-copper deposit within AuRico Metals Inc.'s Kemess property in British Columbia generated an after-tax net present value of C$375 million at a 5% discount rate, and an internal rate of return of 16.7%, while total project CapEx are pegged at C$783 million.

* A preliminary economic assessment on an expansion at Richmont Mines Inc.'s Island gold mine in Ontario confirmed that an increase in underground mine and mill productivity to 1,100 tonnes per day will support production growth of 22% at low cash costs and a robust cash flow stream over the eight-year, phase-one period, requiring incremental capital of C$28.2 million.

* An upgraded JORC-compliant mineral resource estimate for Focus Minerals Ltd.'s Greenfields deposit pegged a total mineral resource of 1.39 million dry tonnes grading 1.7 g/t of gold for 77,000 contained ounces, using a cutoff grade of over 1 g/t of gold. The Greenfields deposit is part of the Coolgardie gold property in Western Australia.

BULK COMMODITIES

* New Hope Corp. Ltd.'s total raw coal production for the three months to April 30 slipped 1.4% year over year to around 3.5 million tonnes due to the impact of tropical cyclone Debbie on the Queensland operations in Australia. Total salable coal production, meanwhile, rose 10.9% year over year to 2.0 million tonnes and total coal sold increased 18.6% to about 2.2 million tonnes.

* Queensland Treasurer Curtis Pitt said its government will not block the Australian government's A$1 billion loan to India's Adani Enterprises Ltd. to help fund the Carmichael coal mine, rail and port project in the state, The Australian Financial Review reported.

* Australian Pacific Coal Ltd. completed the acquisition of the Dartbrook coal mine in New South Wales, Australia, from Anglo American Plc and Marubeni Coal Pty. Ltd.

* Coal of Africa Ltd.'s integrated water use license for the Makhado coal project in South Africa is no longer suspended. The minister of the department of water and sanitation lifted a previous suspension of the license, meaning it is now executable.

* Carpentaria Exploration Ltd. signed a nonbinding letter of intent with United Steel Industrial Co., or Kuwait Steel, for the sale of 1 million tonnes per annum of supergrade pellet feed from the Hawsons iron ore joint venture in New South Wales, Australia.

* European steelmakers have written to European Leaders urging them not to burden the industry with extra carbon emissions costs, which they believe would make metal producers uncompetitive against foreign rivals and raise the risk of layoffs and plant shutdowns, Reuters reported.

* Formosa Plastics Group restarted its US$11 billion Formosa Ha Tinh Steel plant in Vietnam after the site's operations were suspended for causing one of the country's worst environmental disasters in April 2016, Reuters wrote. The company paid US$500 million in compensation.

* The Philippines is eliminating a most-favored-nations tariff of 3% on imported billet from June 17 onwards, Metal Bulletin reported, citing market participants. The move will provide "a more playing field" for major billet suppliers from countries such as Russia, Ukraine and Turkey, which were at a disadvantage against Chinese sellers.

SPECIALTY

* European Union antitrust regulators approved French utility EDF's planned takeover of AREVA SA's nuclear reactors business, Reuters reported. EDF intends to take a 51% to 75% stake in AREVA NP.

* The National Union of Mineworkers at Petra Diamonds Ltd. and Ekapa Mining (Pty.) Ltd.'s Kimberley diamond joint venture in South Africa said it was "very concerned and disturbed" by the alleged racist treatment of mine workers by management, African News Agency reported.

* Kidman Resources Ltd. will "vigorously defend" its ownership of lithium rights over its Mount Holland gold property in Western Australia, the company said ahead of a trial over the disputed rights brought forward by Marindi Metals Ltd.

* According to a Research and Markets report, the global graphite market is projected to reach US$29.05 billion by 2022, with aerospace & defense, wind energy, and automotive industries driving the growth.

INDUSTRY NEWS

* As the Canadian government digests far reaching recommendations it requested on how to reshape the environmental assessment process, industry, policy makers and experts expressed deep uncertainty and growing anxiety over the looming outcome in recent interviews.

* Companies in Chile have stepped up their requests for engineers and other positions at early stage mining projects, which is a sign of activity rebound in the industry as many mining projects are anticipated to come online in next few years, Reuters reported, citing Pilar Cruz, a senior consultant of the mining division at Michael Page Chile.

* Approved foreign investment in Iran's industry and mining sectors in the 10 months to Jan. 19 grew 109% on a yearly basis, Iran Daily wrote. Spain invested over US$3.14 billion in one approved project, with China and Germany following with US$864.2 million and US$254.7 million in investments, respectively.

The Daily Dose is updated as of 7 a.m. Hong Kong time, and scans news sources published in Chinese, English, Indonesian, Malay, Portuguese, Russian, Spanish, Thai and Ukrainian. Some external links may require a subscription.