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Mining Bulletin

The full story: In-depth news and analysis

MINCOR TARGETS KAMBALDA NICKEL REVIVAL TO MEET GLOBAL ENERGY DEMAND GROWTH

Australian nickel specialist Mincor Resources is promising an exciting ride for Western Australia’s renowned Kambalda nickel province following board approval to end a five-year shutdown and redevelopment of its Kambalda Nickel Operations.

CALIDUS EARLY WORKS START ADVANCES WARRAWOONA GOLD PROJECT

West Australian developer Calidus Resources has named preferred contractors Macmahon (opencut mining and civil) and GR Engineering (process plant) as it begins construction work ahead of schedule on its Warrawoona gold project in the East Pilbara.

PARAMOUNT FS FLAGS OREGON’S 1st GOLD MINE

New study backs Oregon’s 1st gold mine, Paramount Gold’s $130M underground operation producing 362,000oz gold/425,000oz silver over an initial 8-year LoM

RED 5 TARGETS EARLY 2021 CONSTRUCTION START AFTER POSITIVE KING OF THE HILLS STUDY

Three years after the Philippines government’s anti-mining policies forced it to leave its Siana gold mine, completion of a strong feasibility study at King of the Hills sets Red 5 on track to become a significant mid-tier Australian gold producer. John Feary reports

$70M RAISING TO FUND MALI GOLD MINE ACQUISITION

Lithium aspirant Mali Lithium gets new major shareholder in Resolute Mining as part of a $70M raising to secure 80% of the Morila Gold Mine in Mali and is already talking strategeic partnership. By Mark Mentiplay

FUNDING AND EQUITY ISSUES KILL NEW CENTURY PLAN TO REVIVE VALE’S NEW CALEDONIA MINE

Australian miner New Century Resources rules out a binding offer to acquire and revive Vale’s struggling Goro nickel and cobalt operation in New Caledonia.

IRONBARK STUDY BACKS WORLD-LEADING FUTURE FOR GREENLAND’S ZINC-LEAD PROJECT

Mine planning optimisation study supports Ironbark Zinc’s case for its Citronen project on the remote northeast coast of Greenland to be a major zinc and lead development.

MALI LITHIUM TO PAY $27M FOR BARRICK-ANGLOGOLD 80% STAKE IN MORILA GOLD MINE

Little-known Australian explorer and developer Mali Lithium aims to find a new lease of life for the Malian gold project that was once known as Morila the Gorilla after agreeing to pay international giants Barrick Gold and AngloGold Shanti $US22M-plus for their combined 80% stake.

MORE FY 20 GOLD GUIDANCE CUTS FOR OCEANAGOLD

Gold miner Oceanagold has again cut FY 20 output expectations for its global operations in the wake of the COVID-19 pandemic

REGIS RECORD FY 20 PROFIT DESPITE GOLD FALL

A $435oz jump in the gold price has seen Regis Resources’ FY 20 profit jump 22% to $200M

STRONG GOLD ACTIVITY DRIVES CONTRACTOR MACMAHON TO RECORD FY20 PROFITS

Australian-based international mining services contractor Macmahon has ridden the increased gold and gold-copper activity to record earnings and cash-flow in the June 2020 financial year. John Feary reports

BIG PERSEUS FY 20 PROFIT JUMP TO $94.4M DESPITE GOLD FALL

Increased sales revenue and lower costs for Perseus $87M FY 20 profit jump to $94.4M, with Yaouré on the production horizon

WESTERN AREAS FY 20 PROFIT HIGHEST IN 7-YEARS

Nickel miner Western Areas more than doubles FY 20 profit in the face of lower production and higher costs. By Mark Mentiplay

NEW RECORDS AS FMG LIFTS FY 20 PROFIT 49% TO $4.7B

A string of FY 20 records, topped by a 49% profit jump to $4.7B on record shipments, has FMG expecting more of the same in FY 21. By Mark Mentiplay

ATLANTIC GOLD CUSHIONS ST BARBARA FY 20 PROFIT FALL TO $128M

Recently acquired Atlantic gold has lifted FY 20 gold production to offset lower output from St Barbara’s Australia/PNG operations and ease the FY 20 profit fall

COVID-19 KICKS HOCHSCHILD H1 20 DOWN $25.6M TO $9M LOSS, DOWN 154% ON H1 19

Covid-19 wreaks havoc on Hochschild’s H1 20 bottom line with all production way down for a $9M loss, down 154% on H1 19

RECORD NORTHERN STAR YEAR, UNDERLYING PROFIT UP 69% TO $291M

Triumphant FY20 results and more cash for shareholders as Northern Star exceeds most expectations on record profit, EBITDA and mine cash flow. By Mark Mentiplay

BHP ENDS CHALLENGING YEAR WITH SHARPENED FOCUS ON HIGH END OF MET COAL MARKET

After seeing FY20 revenue and profits slip under the challenges of the COVID-19 impacts on the world economy, BHP joins the flight from under-pressure thermal coal production but sees continuing strong demand for high-quality metallurgical coal.

NEWCREST FY 20 PROFIT JUMP UNDERSCORES YEAR OF INVESTMENT

Despite a 13% drop in gold production, partially offset by a rise in copper output, Newcrest has managed a 34% jump in underlying profit to $750M

RED LAKE RESOURCE UPGRADE PUSHES EVOLUTION TOWARDS 3-YEAR GROWTH FORECASTS

Aspiring Australian-based global mid-tier gold miner Evolution Mining is using its own underground mining experience and other operations to “recover” previously disregarded resources at its recently acquired Red Lake gold mine in Canada.
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DATADIGGING: FMG IRON BRIDGE PROJECT CONTRACTS

The development of the $US2.6B Iron Bridge magnetite project Stage 2 ore processing facility in Western Australia’s Pilbara region was approved in April 2019.
The project, 145km south of Port Hedland, is owned through an unincorporated joint venture between FMG Magnetite (69%) and Formosa Steel (31%). FMG Magnetite is owned by Fortescue Metals Group (88%) and Baosteel Resources International (12%).
Contracts awarded:

START THE WEEK: COMMODITIES (Sep 11, 2020)

LME ($US), Sep 11 –
Aluminium 1,746.50
Copper 6,757.50
Zinc 2,428.50
Nickel 14,935.00
Lead 1,869.00
Tin 17,885.00
Cobalt 32,995.00
Gold 1,941.30
Silver 26.695

COMEX ($US), Sep 11 –
Gold 1,947.90
Silver 26.857
Copper 3.0395
Platinum 939.60
Palladium 2,330.80

LBMA price data ($US), pm Sep 11 –
Gold 1,947.400
Silver 26.875
Platinum 929.000
Palladium 2,301.000

NYMEX ($US) 62% Fe CFR China, Sep 11 –
Iron ore 127.43

START THE WEEK: CALENDAR (Sep 14, 2020)

Public holidays –
Sep 14: Battle of San Jacinto (Nicaragua)
Sep 15: Independence Day (Costa Rica)
Sep 15: Independence Day (Guatemala)
Sep 15: Independence Day (Nicaragua)
Sep 15: Restoration of Primorska to the Motherland Day (Slovenia)
Sep 16: Independence Day (Mexico)
Sep 16: Malaysia Day (Malaysia)
Sep 16: Martyrs’ Day (Libya)
Sep 16: Independence Day (PNG)
Sep 17-18: National Hero Day (Angola)
Sep 18: Independence Day (Chile)
Sep 18-20: Rosh Hashanah (Israel)
Sep 19: Army Day (Chile)

DATADIGGING: TRACKING THE GLOBAL RESOURCES SECTOR IMPACT OF COVID-19 (Sep 13, 2020)

Keep track of how the global COVID-19 coronavirus pandemic is impacting the global resource sector around the world.
(Note: Some articles will be accessible only by full subscribers.)

START THE WEEK: COMMODITIES (Sep 4, 2020)

LME ($US), Sep 4 –
Aluminium 1,753.00
Copper 6,678.00
Zinc 2,463.50
Nickel 15,210.00
Lead 1,940.00
Tin 18,370.00
Cobalt 33,000.00
Gold 1,927.70
Silver 26.595

COMEX ($US), Sep 4 –
Gold 1,934.30
Silver 26.712
Copper 3.062
Platinum 898.20
Palladium 2,343.20

LBMA price data ($US), pm Sep 4 –
Gold 1,926.30
Silver 26.815
Platinum 903.000
Palladium 2,290.000

NYMEX ($US) 62% Fe CFR China, Sep 4 –
Iron ore 127.53

START THE WEEK: CALENDAR (Sep 7, 2020)

Public holidays –
Sep 7: Labor Day (US, Canada)
Sep 7: Independence Day (Brazil)
Sep 7: Unification Day Observed (Bulgaria)
Sep 7: Constitution Day (Fiji)
Sep 7: Victory Day (Mozambique)
Sep 7: Civil Service Day (Nepal)
Sep 7: Songkran Replacement Day (Thailand)
Sep 8: National Day (Andorra)
Sep 8: Independence Day (N Macedonia)
Sep 9: Martyrs and Ahmad Shah Masoud Day (Afghanistan)
Sep 9: Children’s Day (Costa Rica)
Sep 9: National Day (N Korea)
Sep 9: Independence Day (Tajikistan)

DATADIGGING: TRACKING THE GLOBAL RESOURCES SECTOR IMPACT OF COVID-19 (Sep 6, 2020)

Keep track of how the global COVID-19 coronavirus pandemic is impacting the global resource sector around the world.
(Note: Some articles will be accessible only by full subscribers.)

START THE WEEK: COMMODITIES (Aug 28, 2020)

LME ($US), Aug 28 –
Aluminium 1,762.00
Copper 6,728.00
Zinc 2,529.50
Nickel 15,414.00
Lead 1,976.50
Tin 17,801.00
Cobalt 33,025.00
Gold 1,965.90
Silver 27.460

COMEX ($US), Aug 28 –
Gold 1,974.90
Silver 27.79
Copper 3.0195
Platinum 940

LBMA price data ($US), pm Aug 28 –
Gold 1,957.350
Silver 27.350
Platinum 930.000
Palladium 2,176.000

NYMEX ($US) 62% Fe CFR China, Aug 28 –
Iron ore 122.45

START THE WEEK: CALENDAR (Aug 31, 2020)

Company events -
Sep 1: Highland Gold Mining HY, London (UK)
Sep 3: Gem Diamonds HY, London (UK)

DATADIGGING: TRACKING THE GLOBAL RESOURCES SECTOR IMPACT OF COVID-19 (Aug 30, 2020)

Keep track of how the global COVID-19 coronavirus pandemic is impacting the global resource sector around the world.
(Note: Some articles will be accessible only by full subscribers.)

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Mining Billboard

Insights and analysis from leading industry commentators

‘BUILDING FORWARD BETTER’ REPORT OUTLINES KEY MINING ROLE IN POST-COVID RECOVERY

(CORPORATE) COVID-19 continues to have devastating impacts on the lives, livelihoods and learning of millions of people, but the new Building Forward Better Framework published by a mining industry-business networker-international policy NGO outlines a key role for the global resources sector in long-term recovery.

RIO TINTO ACCEPTS PUBLIC’S JUDGEMENT WITH TOP LEVEL JOB LOSSES OVER HERITAGE BLUNDER

(CORPORATE) The departure of three senior managers over Rio Tinto’s legal but badly misjudged destruction of priceless heritage features to dig up more iron ore illustrates that maintaining relationships with stakeholders is becoming more important to major corporations than business performance.

LAW FIRM, RIGHTS CAMPAIGNER ALLEGE KILLINGS AND ABUSES AT PETRA DIAMOND MINE

(HUMAN RIGHTS) UK-based diamond miner Petra has pledged to investigate allegations of shootings, beatings and other human rights abuses at its Williamson mine, a 75-25% joint venture with the Tanzanian government in the northern Shinhanga province.

MINERAL EXPLORATION SURGE BACKS AUSTRALIA’S ESCAPE FROM RECESSION

(EXPLORATION) Booming expenditure on mineral exploration could be vital to helping the Australian economy to emerge from very unfamiliar territory, its first recessing in nearly 30 years.

JUPITER ADVANCES PLANS FOR IPO SPIN-OFF OF CENTRAL YILGARN IRON ORE PROJECT

(CORPORATE) Jupiter Mines has outlined a staged strategy including fast-track development of DSO mineralisation that will fund a long-life project for the proposed spin-off of its 100%-owned Central Yilgarn Iron Ore assets in Western Australia. JOHN FEARY reports

MINING LEADERS SEEK WA PROTECTION FOR DOWNSTREAM LITHIUM FUTURE

(LITHIUM) A new report backs the potential for Western Australia’s lithium mining sector, the source of 50% of world LCE production, to become a significant global player in the coming boom in downstream applications - but first it needs immediate state government action to maintain the viability of the upstream industry.
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Mining Brokers

DATADIGGING: FMG IRON BRIDGE PROJECT CONTRACTS

    START THE WEEK: COMMODITIES (Sep 11, 2020)

      START THE WEEK: CALENDAR (Sep 14, 2020)

        DATADIGGING: TRACKING THE GLOBAL RESOURCES SECTOR IMPACT OF COVID-19 (Sep 13, 2020)

          START THE WEEK: COMMODITIES (Sep 4, 2020)

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