Amplats to advanceUnion mine sale by year-end as H1 net profit dives 62% YOY
Anglo AmericanPlatinum Ltd. CEO Chris Griffith said the company expects to progressthe sale of its Union platinum mine in South Africa by the end of theyear, by which time the sale of three other operations to should be concluded,Bloomberg News wrote. The company plans to cut 1,000 jobs at the Union mine asits net profit attributable to shareholders dropped 62% year over year to 938 million South Africanrand, or 3.58 rand per share, in the first half.
For the three months ended June 30, produced 598,037ounces of gold and 21,228 tonnes of copper, down 6.0% and 7.4%, respectively from the prior quarter.Output was lower due to the suspension of operations at its mine in Indonesia andlower grade ore processed at the Cadia East mine in New South Wales, Australia.
Petra DiamondsLtd.'s diamond output in fiscal 2016 totaled 3.7 million carats,exceeding the fullyear guidance of 3.6 million carats to 3.65 million carats. In fiscal 2017, thecompany expects to produce 4.6 million carats to 4.8 million carats, and reachits target of 5 million carats in fiscal 2018.
* MMGLtd. general manager Rick Watsford said the company willspend A$30 million on a new tailings dam at its zinc mine in Tasmaniato extend the mine's life, ABC wrote.
* Regina Lopez, secretary of the Philippines' Department ofEnvironment and Natural Resources, said the closure of 's unit in theisland of Manicani was voluntaryand not ordered by the government, according to the Philippine Daily Inquirer.
* CompañíaMinera Milpo SAA said the third stage of consolidation of its Pascozinc-copper-lead-silver mining complex in Peru is nearcompletion, with the construction of a new energy transmission line betweenthe Atacocha and El Porvenir mines. Now the mining company will focus on thefourth and final phase of the project, consisting of the integration of bothunderground mines, news agency Andina reported.
* According to Amur Minerals Corp.'s updated definitive feasibilitystudy and working plan for the development of its flagship nickel-copper sulfideproject, the project resource cansustain 15 years of operations at an annual mining rate of 5.0 milliontonnes of ore for the production of polymetallic concentrate.
* After reaching an agreement with the company, workers haveended their strike atAnglo American Plc'sChile-based ElSoldado copper mine, Reuters reported, citing a union official.
* Bolivia's Office of the Attorney General concluded two weeks ofpresentations in the final hearing of the international arbitration proceedingfiled by TriMetals MiningInc. subsidiary SouthAmerican Silver Ltd. against the Bolivian State for theexpropriation of the MalkuKhota silver project in Bolivia on Aug. 1, 2012. The hearing takesplace in Washington D.C., daily JornadaNet reported.
* RandgoldResources Ltd. said its Tongon gold mine in Ivory Coast has completedthe final phase of its crusher expansion and mill circuit upgrade project, andis set for increased performance in the second half. The company alsocut its 2016production guidance to 260,000 ounces of gold from 290,000 ounces, asproduction at the Tongon mine is expected to decline due to an extendeddowntime experienced by a mill at the site.
* ChinaNational Gold Group Corp., one of the nation's largest gold miners,posted a profit of230 million Chinese yuan and sales revenue of 50.4 billion yuan, in the firsthalf of this year, China SecuritiesJournal reported. The company met over 80% of its annual profit target, andspent 129 million yuan in exploration during the period.
* QuantumResources Ltd. entered into a deed of variation and joint ventureagreement with Newmont MiningCorp. unit NewmontTanami Pty. Ltd. covering the Officer Hills gold tenement in Australia'sNorthern Territory. Newmont is now required to spend A$500,000 over three years to earn a70% interest in the property, compared to up to a 75% stake previously.
* Timmins GoldCorp. completed the sale of its Caballo Blanco gold-silver project in Mexicoto Candelaria Mining Corp.
* China has started imposinganti-dumping duties, ranging from 37.3% to 46.3%, on imports of electric steelproducts from the European Union, Japan and South Korea, Reuters reported,citing the country's official Xinhua news agency.
* CompañíaMinera Autlán SAB de C.V. resumedoperations at its Gomez Palacio silicomanganese plant in Durango state,Mexico, which were suspended in January due to low steel prices and competitionfrom Chinese imports. The plant has an annual production capacity of 33,000tonnes of ore, daily El Financieroreported.
* The AustralianFinancial Review wrote that the BHP Billiton Group-led isunderstood to be the lastremaining bidder for Anglo American's Australian coal assets, whichinclude the Moranbahand Grosvenormines. Separately, Bloomberg News wrote that other bidders, including CoronadoCoal LLC and AMCI Capital LP, are discussingacquisition financing with certain banks. People with knowledge of the mattersaid the coal assets may fetch up to US$1.5 billion and that Anglo Americandelayed the decision on a winning bidder until next month.
* AluminiumBahrain BSC posted a 45.4% yearly dropin its second quarter net profit to 16.28 million Bahraini dinars, Reutersreported.
* According to the Press Trust of India, the Indiangovernment said it generatedabout 22.37 billion Indian rupees in revenue by the end of May from theallocation of 74 coal mines.
* Guinea's Societe des Bauxites de Dabola-Tougue, or SBDT,is expected to startconstruction at a mine by the end of the year to exploit its bauxitereserves, SBDT CEO Fode Diaby told Reuters. The company said its concessionsinclude 13 bauxite plateaus at Dabola and 12 at Tougue, which have a combinedreserve of over 600 million tonnes.
* G-20 finance officials said the world's top economies willaddressexcess capacity in steel and other industries as overcapacity, coupled with aweak global economic recovery and a depressed market, weighed on trade andworkers, Reuters wrote citing a draft statement from the group.
* China's environment ministry said the government hasordered special teams to startinspecting steel mills' compliance with the country's new pollutionregulations, Reuters wrote.
* U.S.-based commodities giant Cargill Inc. is its metalsand energy operations to focus on its core business of food and agriculture, The Wall Street Journal reported, citing"people familiar with the matter." The company trades in steel andiron ore.
* Kommersantreported that Suleyman Kerimov maybuy part of United Co. RUSALPlc from ONEXIM Group with the aim to conduct a spin-off of sharesof PJSC MMC NorilskNickel owned by RUSAL. The idea was discussed in 2014, but notrealized because of the potential costs, including taxes.
* Vedomostireported that Russia's state-run technology control authority, Rostekhnadzor,said the explosion at the Severnayacoal mine, owned by PAOSeverstal, may have been caused by a methaneexplosion due to poor isolation of mining production and damage to electriccables.
* RBC Dailyreported that the Kyiv Economic Court of Appeal did notuphold a complaint by Velbay Holding Ltd., which is controlled by RUSAL, tocancel a decision to return 68.01% of shares of Zaporizhzhya Aluminium Plant tothe Ukrainian state.
* Puls Biznesureported that coal from the East is available in Poland for 200 zlotys pertonne, while the cost of mining by the state-owned Polish Mining Group is morethan 250 zlotys per tonne. According to Weglokoks, Poland received3.1 million tonnes of foreign coal between January and May, while imports inthe same period a year ago were 2.8 million tonnes.
* Coal ofAfrica Ltd. said its environmental authorization for the coal project in SouthAfrica has been extendedfor an additional five years.
* OAO HoldingCo. METALLOINVEST, Russia's largest iron ore producer, a five-year US$750million Eurobond issued in 2011 in line with plans to reduce total debt amiduncertain global demand for steel.
* In a bid to push consolidation of coal resources owned bystate-owned companies to help cut the overcapacity in the sector, China hasset up a coal assetmanagement firm, which includes China Shenhua Group, , ChinaReform Holdings Corp. and China Chengtong Holdings Group Ltd., Reuters reported.
* Yanzhou CoalMining Co. Ltd. entered into a joint venture agreement with unit Duanxin Investment,and Great Wall Securities in relation to, among other things, capitalcommitment to the venture. The Yanzhou Coal group will contribute a totalcapital of 2 billion Chinese yuan representing 40% interest in JV, while GreatWall Securities will contribute 3 billion yuan representing a 60% interest.
* De BeersSA unit De BeersCanada Inc. is sellingits shuttered SnapLake diamond mine in Canada's Northwest Territories and has tappedBank of Montreal to help in the transaction, Reuters reported, citing company spokespersonTom Ormsby.
* LithiumAustralia NL has fully acquired private company Lithopile Pty. Ltd.,which controls three lithium prospects in Western Australia's Gascoyne Complex,giving the miner access to four prospects in the complex.
* Orion MetalsLtd. shareholders approved the investment agreement it signed withExcellence Holding HK Ltd., pursuant to which Excellence increased itsshareholding in Orion Metals to 57.95%.
* The Philippines' newly elected house speaker, PantaleonAlvarez, wants new mining firms to get legislative licenses before beingallowed to operate in the country. According to Reuters, Alvarez also said hewill revivetalks regarding the proposal to require miners to process ores locallybefore they are shipped overseas to help create local jobs.
* The Queensland Resources Council's state of the sectorreport found that miners in the Australian state are moreworried about the changing industry regulations and policies than thedepressed global commodities market, TheAustralian Financial Review reported.
* Li Wenyuan, the director of the local bureau of ChinaGeological Survey at Shaanxi province's capital city of Xi'an, told SNL Metals& Mining that the department is setting up representative offices inCentral Asia to improvecooperation on cross-border geological maps for mining resources inthe region between China and five countries in the region — Kazakhstan,Kyrgyzstan, Uzbekistan, Turkmenistan and Tajikistan.
* The deputy director at China's Economic Research Center ofMinistry of Land and Resources, Fu Ying, said mining resources in China'snorthwest region have been underestimated due to insufficient exploration programs.
* According to S&P Global Ratings, the number ofcompanies defaulting on debt has reached 104 so far in 2016 — than in the same periodof 2015 — with oil, mining and steel companies accounting for most of thetotal. Energy and natural resource companies, including miners, accounted forover half of nonpayments so far in 2016, with about 14.9% of speculative-gradecompanies in these sectors in default — about seven times higher than theaverage default rate for all other sectors.
S&P Global Ratingsand SNL Metals & Mining are owned by S&P Global Inc.
The Daily Dose isupdated as of 7 a.m. New York time, and scans news sources published inChinese, English, Indonesian, Malay, Portuguese, Russian, Spanish, Thai andUkrainian. Some external links may require a subscription.