South Africa's Association of Mineworkers and Construction Union voted to reject Impala Platinum Holdings Ltd. and Sibanye Gold Ltd.'s initial wage proposals and accused Sibanye of trying to provoke a strike with its "insulting" offer, Bloomberg News reported, citing AMCU President Joseph Mathunjwa. Union members have not yet met to decide on Anglo American Platinum Ltd.'s offer, the report said.
US delays, removes tariffs on major Chinese imports
The imposition of tariffs on major imports from China such as cellphones, laptops and video game consoles will be delayed by two and a half months, while other products will be removed entirely from the Trump administration's planned 10% tariff on US$300 billion of Chinese goods, the U.S. Trade Representative's Office said.
Mexican president vows no new mining concessions, but explorers 'not panicking'
Mexican President Andrés Manuel López Obrador stated earlier this week that Mexico will not issue new mining concessions, but certain veterans of the country's mineral exploration sector said it remains to be seen if his vow will translate into action. Two sources involved in Mexico's exploration sector, with connections to Canada's capital markets, told S&P Global Market Intelligence that López Obrador's statements do not always lead to new policy or procedural outcomes.
* Eurasian Resources Group SARL unit Eurasian Natural Resources Corp. PLC once again sued the U.K. Serious Fraud Office in an attempt to force the watchdog to revive an independent inquiry into its handling of a corruption probe into Eurasian Natural Resources, London's Financial Times reported, citing documents filed in the High Court this month.
* Southern Copper Corp. will defend the granted construction license for its Tia Maria copper project in Peru on legal grounds, Gestión reported, citing a company statement. The government suspended the construction permit for Tia Maria pending a review that will look into the legality of the permit and objections from the local community where the US$1.4 billion project will be built.
* Copper exports from the Matarani Port in Peru have resumed following a nearly three-week stoppage caused by anti-mining protests in the country's southern copper belt, Reuters reported, citing Julia Davila, communications director for port operator Tisur. The protests have eased after Peru recently suspended Southern Copper's license for the Tia Maria project.
* Inca Minerals Ltd. signed a memorandum of understanding to acquire a 90% stake in the Frewena Fable iron ore-copper-gold project in Australia's Northern Territory.
* Horizonte Minerals PLC outlined a maiden measured and indicated resource estimate for the Serra do Tapa deposit, part of the Araguaia nickel project in Brazil, of 70.3 million tonnes grading 1.22% nickel at a cutoff grade of 0.9% nickel, for 857,400 tonnes of contained nickel.
* Dreadnought Resources Ltd. agreed to acquire the nickel-prospective Wombarella project in the Kimberley region of Western Australia from Beau Resources Pty. Ltd.
* The recent surge in gold prices amid global trade tensions has driven a sharp rise in illegal mining activity, particularly in fragile and remote environments such as indigenous lands in Brazil, given the potential for higher rewards from the activity, Bloomberg News wrote. Operating outside of the legal system, illegal miners have in the past been responsible for harming the environment with their mercury use in Brazil and other countries, and their operations commonly fuel drug trafficking and organized crime.
* Roxgold Inc. posted a second-quarter net loss of US$3 million compared to year-ago earnings of US$10.8 million due to lower gold sales, unfavorable valuation of financial derivatives, higher depreciation and increased exploration expenditures.
* Macmahon Holdings Ltd. met with commercial litigation funders IMF Bentham and Harbour over its dispute with Newcrest Mining Ltd. on mining rates at the Telfer gold project in Western Australia, the Australian Financial Review wrote.
* Castle Minerals Ltd. executed a binding term sheet granting Iguana Resources Ltd. an option to acquire up to 80% interest in the Degbiwu and Gbiniyiri gold prospecting licences in Ghana by spending US$11.7 million in three stages over five years.
* Impact Minerals Ltd. signed a binding agreement to sell a sub-block of noncore exploration license 8505 within its Commonwealth gold project in New South Wales, Australia, to Alkane Resources Ltd.
* Patagonia Gold Corp. entered into a preliminary agreement with Latin Metals Inc. for an option to acquire the past-producing Mina Angela property near its Calcatreu gold project in Argentina.
* Atlantic Gold Corp. is facing a lawsuit from an environmental group member who was arrested at a public information session over the Cochrane Hill gold project in Nova Scotia, The Canadian Press reported.
* The Mineworkers Unions of Zambia called on the government to favor Zambians over foreign companies in granting gold mining licenses, local news outlet News Diggers reported.
* Terraco Gold Corp. shareholders approved a planned takeover by Sailfish Royalty Corp. Closing is expected by Aug. 19.
* In July, Northern Vertex Mining Corp. achieved record monthly production of 3,001 ounces of gold and 22,383 ounces of silver from its Moss gold mine in Arizona.
* IMC Exploration Group PLC was awarded two additional prospecting licenses to expand its North Wexford gold project in Ireland.
* In its fiscal first quarter, National Mineral Development Corp. Ltd. reported a 21% yearly increase in standalone net profit to 11.79 billion Indian rupees from 9.75 billion rupees last year, The Economic Times reported.
* Stelco Holdings Inc. swung to a second-quarter net profit of C$1 million from a year-ago loss of C$11 million thanks to a higher finance income, lower finance and restructuring costs as well as lower general and administrative expenses.
* Metallurgical coal producer Ramaco Resources Inc. reported second-quarter net income of $10.6 million, or 26 cents per fully diluted share, increasing year over year from $10.2 million, or 25 cents per share.
* Anglo American PLC unit Kumba Iron Ore Ltd. reached a 2 billion South African rand deal with drilling specialist Rosond (Pty.) Ltd. to implement a next-generation drilling contract, part of the miner's initiative to modernize its geosciences operations and extend the mine life of its Kolomela and Sishen mines in South Africa, Mining Weekly reported.
* Monadelphous Group Ltd. secured a three-year, A$60 million contract to provide maintenance services for Rio Tinto's iron ore railway network in Western Australia's Pilbara region.
* Israeli billionaire Beny Steinmetz will fight the Swiss corruption charges filed against him over the Simandou iron ore project in Guinea, Reuters reported, citing his lawyer, Marc Bonnant.
* Fitch Solutions raised its iron ore price forecast to US$90 per tonne from US$80 per tonne on the back of supply disruptions and strong demand that pulled prices up in the second quarter, Mining Weekly reported. "While iron-ore prices will see a 'correction' in the coming months, we do not expect a strong collapse. Economic stimulus provided by the Chinese government to stabilize growth will keep steel production strong in 2019 and 2020, especially with the re-escalation of the trade war with the US, boosting demand for iron-ore," the news source quoted Fitch Solutions as saying.
* Australian Pacific Coal Ltd. will explore options for the Dartbrook coal mine in New South Wales, Australia, after authorities denied the company's application to add five more years to the mine life.
* Key global metallurgical coal price indicators are still "flashing caution" despite reasons for optimism in the U.S., Seaport Global Securities LLC analyst Mark Levin warned.
* Metalsearch Ltd. reached a binding agreement to buy the Abercorn high-purity alumina project in Queensland, Australia, through the acquisition of the issued share capital of Abercorn Kaolin Pty. Ltd.
* Minerals Council of Australia CEO Tania Constable urged foreign investors to support rare earths projects in the country amid fears that China may restrict exports of the mineral, The Australian Financial Review reported.
* Northern Minerals Ltd. started a scoping study to investigate the downstream processing of mixed rare earths into separated rare earth oxides at the Browns Range project in Western Australia.
* Largo Resources Ltd. swung to a second-quarter loss of C$20.5 million from a year-ago profit of 90.7 million due to a decrease in revenues and increase in costs, as well as the recognition of tax-related items.
* Lithium Americas Corp.'s second-quarter net loss remained steady year on year at US$6.7 million from US$6.6 million recorded last year due to a share of gain in its Cauchari-Olaroz joint lithium venture with Ganfeng Lithium Co. Ltd. in Argentina.
* Lomiko Metals Inc. will add an option for spherical graphite production to the preliminary economic assessment for its La Loutre graphite project located in Quebec.
* Trustco Group Holdings Ltd.'s Meya Mining Ltd unit secured approval for a large scale diamond mining license in Sierra Leone for an initial 25-year term, Namibia Economist reported.
* Mountain Province Diamonds Inc. failed to comply with Nasdaq's minimum bid price requirement of US$1 per share. The company was given 180 days to regain compliance or it may face delisting.
* Ethiopia is eyeing US$1 billion in revenue from mining exports during its 2019/2020 financial year that started July 8 as it cracks down on illegal mining activities that hurt the country's mining earnings a year ago, Xinhua News Agency reported.
* Indonesia’s President Joko Widodo will make the final decision on whether to speed up the implementation of an export ban on mineral ore that is currently due to come into force in 2022, Reuters reported citing Luhut Pandjaitan, coordinating minister for maritime affairs and responsible for the mining ministry.
*The total amount raised in all metals and mining financings fell 34% in July, but the number of financings improved over June, according to the Metals and Mining Research team at S&P Global Market Intelligence.
* New York led a coalition of 22 states and seven municipalities in launching a legal challenge to the U.S. Environmental Protection Agency's replacement for the Obama-era Clean Power Plan. Called the Affordable Clean Energy rule, the replacement regulation establishes a narrow legal interpretation of the EPA's authority to regulate planet-warming carbon dioxide emissions from existing coal-fired power plants under the Clean Air Act.
* Earnings guidance has become a key indicator for investors and analysts, but the forecasts S&P 500 companies present to the market are getting less and less accurate, according to a S&P Global Market Intelligence analysis.
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