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Mining Bulletin

The full story: In-depth news and analysis

IAMGOLD IMPAIRMENT-FUELLED FY19 LOSS BLOWOUT TO $412.6M

A 120,000oz gold fall and a $395M impairment charge have powered IAMGOLD’s FY19 loss blowout to $412.6M

ANGLO AMERICAN FY19 PROFIT STEADY, MOST COMMODITIES DOWN

Anglo American’s FY19 profit has tied with the previous year at $3.54B in a year that saw the majority of commodity production down

ALAMOS GOLD LOSS-TO-$96M FY19 PROFIT, BUT PRODN DECLINE TO CONTINUE

In the wake of a $96M profit for FY19, Alamos Gold has confirmed a production decline to continue through FY20

$2.8B IMPAIRMENTS SEE GLENCORE PLUNGE TO FY19 $404M LOSS

$2.8B of impairments has seen global major Glencore collapse from a FY/CY18 $3.4B profit to a $404M FY/CY19 loss

BIG FY19 AMPLATS PROFIT JUMP FAREWELLS CEO GRIFITH

Anglo American Platinum has emerged from power load shedding and a strike to more than double FY19 PGM production and lift its annual div from R11.25 to R52.6ps

SHEFFIELD RESOURCES SLOWS THUNDERBIRD DEVELOPMENT AFTER FUNDING STRATEGY FAILS

The proposed development of one of the world’s largest and highest-grade zircon and ilmenite-rich mineral sands ore reserves has been scaled back after the failure of Sheffield Resources to line up project funding through a strategic partner process.

BIG AGNICO TURNAROUND TO $473M FY19 PROFIT ON INCREASED PRODN

Agnico Eagle has followed up a very profitable FY19 on increased gold production by cutting FY/CY20 output expectations

INCREASED PRODN PUSHES FIRST QUANTUM TO FY19 $57M LOSS

It’s cost some money, but First Quantum is now on track to lift FY20 copper production well past 800,000t and gold past 280,000oz

PRETIUM FY19 PROFIT UP, DESPITE GOLD FALL

Pretium is expecting FY20 gold production to follow FY19’s downward trend, which managing a small increase in profit to $41M

EXPANDED BARRICK LOSS-TO-FY19 $3.97B PROFIT

Barrick Gold has gone from a big FY18 loss to an even bigger FY19 profit, while cutting debt in half and lifting Q4 19 dividend 40%

CAPSTONE FLAGS 2021 IMPROVEMENTS AFTER FY19 PRODN FALL

Capstone is predicting a 20% copper prodn jump and 10% lower costs by 2021 after lower FY19 output cuts net loss TO $16.2M

NEW CENTERRA MINE AIMING TO BOOST FY20 PRODN TO TOP-END 820,000oz

Centerra is expecting higher gold/copper prodn in FY20 after lifting FY19 output to 783,308oz and copper to 71.1Mlbs

HALF-YEAR PROFIT LEAP POINTS TO EVEN BRIGHTER FUTURE FOR NEW KCGM BOSS NORTHERN STAR

Northern Star basks in strong increases in revenue, earnings and cashflow in the December half-year, with even more to come from its acquisition of the 50% management interest in the Kalgoorlie Super Pit and the rapid improvement of its Pogo project in Alaska, USA.

WAFI-GOLPU COPPER-GOLD MINE PERMITTING PROCESS BACK ON TRACK AFTER COURT DISPUTE ENDS

PNG mines minister clears the way for JV partners Newcrest Mining and Harmony Gold to reopen negotiations with the national government on a special mining licence for the giant Wafi-Golpu gold and copper project.

DON MARIO MINE SHUTDOWN HITS Q1 20 PRODN/BOTTOM LINE

Orvana Mins has followed its FY19 losses with more in Q1 20 that came with the shut-down of its Don Mario mine in Bolivia

INCREASED FY19 PRODUCTION FAILS TO AVERT HECLA LOSS BLOWOUT

Despite increased production of all its commodities, Hecla Mining has seen its FY19 loss blow out to $100M+

BARRICK EYEING FREEPORT’S GRASBERG MINE, NOT THE COMPANY

Barrick Gold likes the big Grasberg mine in Indonesia, not all of owner Freeport McMoRan, CEO Bristow

PEABODY HAMMERED IN FY19, POSTING A $755M+ TURNAROUND TO A $211M LOSS

Coal sales down 21Mt+, impairments and write-offs have seen Peabody fall to a FY19 $211M net loss from FY18’s $544.4M profit

WINS ALL ROUND SEES ALACER’S FY19 PRODN/EARNINGS/CASH FLOW ROCKET

More than doubling FY19 gold production has seen Alacer Gold lift profit, with cash flow jumping to $255.2M from $99.3M

MIXED GLENCORE FY19 PRODN -- COPPER/NICKEL DOWN, COBALT/COAL/OIL UP

Glencore is looking for modest changes in FY20 commodity production losses, just easing out increases
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Mining Brokers

START THE WEEK: COMMODITIES (Feb 14, 2020)

LME ($US), Feb 14 –
Aluminium 1,704.50
Copper 5,737.00
Zinc 2,138.00
Nickel 13,035.00
Lead 1,875.00
Tin 16,525.00
Cobalt 33,500.00
Gold 1,583.10
Silver 17.755

COMEX ($US), Feb 14 –
Gold 1,586.90
Silver 17.715
Copper 2.606
Platinum 967.60
Palladium 2335.20

LBMA price data ($US), pm Feb 14 –
Gold 1,581.40
Silver 17.70500
Platinum 972.00
Palladium 2,458.00

NYMEX ($US) 62% Fe CFR China, Feb 14 –
Iron ore 84.86

START THE WEEK: CALENDAR (Feb 17, 2020)

Conferences –
Feb 18-20: RIU Explorers Conference, Fremantle (Australia)

Companies –
Feb 18: BHP HY, Melbourne (Australia)
Feb 19: Fortescue HY20, Perth (Australia)
Feb 20: Kirkland Lake Gold FY, Toronto (Canada)
Feb 21: Hudbay Minerals 4Q2019, Toronto (Canada)
Feb 21: Vale 4Q19 financials, Brasilia (Brazil)
Feb 21: AngloGold Ashanti FY, Johannesburg (S Africa)

START THE WEEK: COMMODITIES (Feb 7, 2020)

LME ($US), Feb 7 –
Aluminium 1,693.50
Copper 5,653.00
Zinc 2,152.50
Nickel 12,770.00
Lead 1,835.00
Tin 16,325.00
Cobalt 34,250.00
Gold 1,569.80
Silver 17.735

COMEX ($US), Feb 7 –
Gold 1,573.80
Silver 17.685
Copper 2.5465
Platinum 962.30
Palladium 2,212.70

LBMA price data ($US), pm Feb 7 –
Gold 1,572.65
Silver 17.77000
Platinum 971.00
Palladium 2,298.00

NYMEX ($US) 62% Fe CFR China, Feb 7 –
Iron ore 81.65

START THE WEEK: CALENDAR (Jan 10, 2020)

Companies –
Feb 11: Vale 4Q19, Brasilia (Brazil)

START THE WEEK: COMMODITIES (Jan 31, 2020)

LME ($US), Jan 31 –
Aluminium 1,709.50
Copper 5,570.00
Zinc 2,219.00
Nickel 12,675.00
Lead 1,874.50
Tin 16,275.00
Cobalt 34,750.00
Gold 1,583.50
Silver 18.015

COMEX ($US), Jan 31 –
Gold 1,593.40
Silver 18.03
Copper 2.512
Platinum 962.3
Palladium 2,215.5

LBMA price data ($US), pm Jan 31 –
Gold 1,584.20
Silver 17.88500
Platinum 959.00
Palladium 2,295.00

NYMEX ($US) 62% Fe CFR China, Jan 31 –
Iron ore 81.35

START THE WEEK: CALENDAR (Feb 3, 2020)

Conferences –
Feb 3-6: Investing in African Mining Indaba, Cape Town (South Africa)

START THE WEEK: COMMODITIES (Jan 24, 2020)


LME ($US), Jan 24 –
Aluminium 1,775.50
Copper 5,968.00
Zinc 2,354.50
Nickel 12,990.00
Lead 1,960.00
Tin 16,900.00
Cobalt 32,250.00
Gold 1,572.30
Silver 18.105

COMEX ($US), Jan 24 –
Gold 1,577.60
Silver 18.12
Copper 2.683
Platinum 1,010.1
Palladium 2,322

LBMA price data ($US), pm Jan 24 –
Gold 1,564.30
Silver 17.83000
Platinum 1,013.00
Palladium 2,455.00

NYMEX ($US) 62% Fe CFR China, Jan 24 –
Iron ore 94.35

START THE WEEK: CALENDAR (Jan 27, 2020)

Companies –
Jan 29: Evolution Mining 1/4, Sydney (Australia)
Jan 30: Fortescue Metals HY, Perth (Australia)
Jan 31: Caterpillar FY, Deerfield (USA)

START THE WEEK: COMMODITIES (Jan 17, 2020)

LME ($US), Jan 17 –
Aluminium 1,796.00
Copper 6,276.50
Zinc 2,434.00
Nickel 13,840.00
Lead 1,977.00
Tin 17,775.00
Cobalt 32,000.00
Gold 1,559.90
Silver 18.055

COMEX ($US), Jan 17 –
Gold 1,557.30
Silver 18.04
Copper 2.846
Platinum 1,027.2
Palladium 2,250.4

LBMA price data ($US), pm Jan 17 –
Gold 1,557.60
Silver 18.06000
Platinum 1,016.00
Palladium 2,465.00

NYMEX ($US) 62% Fe CFR China, Jan 17 -
Iron ore 94.81

START THE WEEK: CALENDAR (Jan 20, 2020)

Public holidays –
Jan 20: Martyrs’ Day (Azerbaijan)
Jan 20: Martin Luther King Day (USA)
Jan 21: Errol Barrow Day (Barbados)
Jan 21: Princess Ingrid Alexandra's Day (Norway)
Jan 22: Plurinational State Foundation Day (Bolivia)
Jan 22: Unity Day (Ukraine)
Jan 24: Spring Festival Eve (China)
Jan 24: Unification Day (Romania)
Jan 24: Seollal Holiday (S Korea)
Jan 25: Lunar New Year
Jan 25: Revolution Day (Egypt)
Jan 25: Seollal (S Korea)
Jan 26: Australia Day (Australia)
Jan 26: Republic Day (India)

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Mining Billboard

Insights and analysis from leading industry commentators

FINNISH GREENLIGHT FOR EUROPEAN UNION’S ONLY URANIUM PRODUCER

Govt OK could see Finland producing uranium in about a year, becoming the European Union’s only uranium producer

SARACEN’S FINLAYSON SET TO PLAY A KEY ROLE IN SUPER PIT PARTNERSHIP WITH NORTHERN STAR

(MANAGEMENT) Saracen Mineral Holdings MD Raleigh Finlayson carves out a key role for himself at his old stamping ground in the joint operational plans with 50% managing partner Northern Star Resources at the Kalgoorlie Super Pit.

FULL TRAINING ESSENTIAL FOR MINING TO MAKE THE MOST OF AUTONOMOUS TECHNOLOGY

(TRAINING) Most of us get to use only about 10% of the features and capabilities of our mobile phones. Sunil Kumar, training coordinator for mobile equipment remote control specialist RCT, sees a parallel in the need for the mining industry to provide training to take full advantage of autonomous technology to increase productivity and profits.

BARRICK SETS NEW STANDARDS FOR TRANSPARENCY TO END TANZANIA DISPUTE

(GOVERNMENT RELATIONS) Barrick Gold concludes a “pioneering” agreement giving the Tanzanian government a new level of partnership and transparency in the ownership, management and profit-sharing from its three gold mines acquired in the takeover of former subsidiary Acacia Mining.

NEW OFFTAKE DEALS PLACE WESTERN AREAS IN THE GROWING EV MARKET FOR NICKEL SULPHATE

(MARKETING) Emerging demand for nickel sulphate in the global electric vehicle battery market informs Australian independent nickel producer Western Areas’ signing of new offtake agreements for its Forrestania operations output.

INVESTMENT GIANT PUTS ITS WEIGHT BEHIND CLIMATE RISK TO SHUN THERMAL COAL PROJECTS

(COMMENTARY) When the world’s largest fund manager, with $US7 trillion in its portfolio, announces it will exit investments such as thermal coal producers, it’s not surprising it will be widely seen as a death sentence for the energy coal sector. But the evidence of coal producers and power generators indicates the reports of its death are still somewhat premature.
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Mining Brokers

START THE WEEK: COMMODITIES (Feb 14, 2020)

    START THE WEEK: CALENDAR (Feb 17, 2020)

      START THE WEEK: COMMODITIES (Feb 7, 2020)

        START THE WEEK: CALENDAR (Jan 10, 2020)

          START THE WEEK: COMMODITIES (Jan 31, 2020)

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