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Mining Bulletin

The full story: In-depth news and analysis

NULLAGINE GUIDANCE SLASHED AS MILLENNIUM MINERALS TACKLES ISSUES SLOWING KEY UPGRADES

Major shareholder IMC Group offers a $20M working capital lifeline as WA miner Millennium Minerals works to remedy Nullagine production shortfall. John Feary reports

NEW NUMBERS FLAG 40% CODELCO COPPER MINE FALL OVER 2-YEARS

Codelco internal forecast sees 40% prodn fall from its huge Chuquicamata Copper Mine in Chile over the next 2-years as it moves underground

PFS OUTLINES A FAST PATH TO REVENUE FOR TALGA’S VITTANGI GRAPHITE PROJECT IN SWEDEN

The PFS for Talga Resources’ Vittangi graphite project in Sweden points to early revenue from a low-cost first stage development plus NPV of over $US1B for the full-scale operation.

$9.5M NICKEL MINE DEAL BOOSTS MINCOR’S KAMBALDA RESTART STRATEGY

Hard on the heels of a big resource increase and a new off-take agreement, Mincor Resources has signed $9.5M deal to buy the 32,000t nickel resource Long Nickel mine to accelerate its Kambalda nickel restart strategy. By Mark Mentiplay

BARRICK OFFERS $285M TO BUY ACACIA MINING OUT OF ITS PEACE TALKS WITH TANZANIAN GOVERNMENT

Barrick Gold acquiesces Tanzanian government demands to exclude management of Acacia Mining from negotiations to end their damaging stand-off with the regime of President John Magufuli, proposing a hostile share-swap takeover of its subsidiary.

GLOBAL MINER VEDANTA PLUNGES FROM PROFIT TO FY19 $237M LOSS

Lower commodity prices, a smelter shutdown and a major steel acquisition have helped push Vedanta Resources from a FY18 $239M profit to a FY19 $237M loss

GLOBAL LITHIUM MAJOR GANFENG INTO BACANORA FOR £22M

World lithium major Ganfeng is buying 30% of Bacanora Lithium and 22.5% of its advanced Mexican lithium project for £22M, with options for more

BIG PEA NUMBERS IN SOLGOLD’S $10B+ ECUADOR Cu-Au-Ag PROJECT

4 scenario development options have been laid out in SolGolds’ PEA for its majority- owned Cascabel copper-gold-silver project costing up to $10.5B and generating some impressive production numbers for up to 66-years. By Mark Mentiplay

WARNINGS RAISE DANGER OF THIRD MAJOR BRAZILIAN IRON ORE DAM COLLAPSE

Monitors detect material movement in a disused Vale iron ore mine that raises alarm over the potential risk of another collapse in Brazil’s Minas Gerais state.

PEA GREEN LIGHT FOR SILVERCREST’S $150M LAS CHISPAS PROJ

New study flags $100M pa net free cash flow over an initial 8.5-year LoM from SilverCrest Metals’ $150M capex Las Chispas silver-gold project in Mexico

ORVANA BACK IN BLACK, WITH PRODN UP, COSTS DOWN

Higher production and lower costs from its Spanish/Bolivian operations has seen Orvana Minerals post a loss-$3.3M profit turnaround

PEMBROKE SEES 80-YEAR LIFE WITH STATE OKAY FOR BOWEN BASIN COKING COAL PRODUCER

Pembroke Resources expects the strong demand from Asian steelmakers for high-quality coking coal to sustain an eight-decade mine life for its Olive Downs mine in Australia’s Bowen Basin.

TIGERS REALM LIFTS FY19 RUSSIAN COAL PRODN FOLLOWING FY18 $11M PROFIT

$11M FY18 profit underpins Tigers Realm’s increase in FY19 Russian coking coal prodn expectations to its 10Mtpa target

ACACIA HITS BACK AT BARRICK OVER TANZANIAN TAX ROW

Barrick has again raised the buyout option for majority-held Acacia after Acacia hit back at claims it’s an obstacle in resolving the long running tax dispute with the Tanzanian govt

ACACIA APRIL GOLD SURGE DUE TO DISPUTED N MARA MINE PRODN

The need for an urgent settlement of the Acacia Mining/Tanzanian govt N Mara dispute underpinned by the mine’s April 54% gold jump

SOUTH AFRICAN ASSETS MAY GO IN ANGLOGOLD ASHANTI PORTFOLIO STREAMLINING

Less than a year after completing a major restructuring, AngloGold Ashanti has announced it is considering plans to divest its remaining South African assets as part of a continuing process to streamline its international gold mine portfolio.

$6.7M FX GAIN HELPS TASEKO CUT Q1 19 LOSS TO $8M

Bad weather, bad start to FY/CY19 despite FX gain-assisted Q1 19 net loss cut on revenue/cash flow plunges

PILE-UP OF PROBLEMS SLASH VALE Q1 PRODUCTION AFTER BRAZILIAN DAM DISASTER

A disastrous three month period that followed the Brumandinho tailings dam rupture in January has resulted in Vale sustaining significant reductions in output and sales of iron ore, coal, nickel and copper in the March quarter.

LEPIDICO’S DESERT LION DEAL TO SET UP INTEGRATED LITHIUM MINER-PROCESSOR

Lepidico share-swap merger deal with Desert Lion Energy sets the basis to create a global leader in the development of lithium chemicals.

KIRKLAND KICKS OFF FY/CY19 WITH RECORD Q1 19 $110.1M PROFIT

Q1 19 records in all the right places prompts Kirkland Lake Gold to lift FY/CY19 expectations to 950,000oz+, with costs down
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START THE WEEK: CALENDAR (Apr 22, 2019)

Public holidays –
Apr 21: Easter Sunday
Apr 21: Passover (Argentina)
Apr 21: Shab e-Barat (Bangladesh)
Apr 21: Tiradentes Day (Brazil)
Apr 21: Ridván (Pakistan)
Apr 21: Imam Mahdi's birthday (Iran)
Apr 21-27: Pesach (Israel)
Apr 22: Easter Monday
Apr 22: Holocaust Remembrance Day (Serbia)
Apr 22: Family Day (South Africa)
Apr 23: Language Day (Colombia)
Apr 23: St. George's Day (UK)
Apr 23: National Sovereignty and Children's Day (Turkey)
Apr 24: Action Day for Tolerance and Respect (Argentina)

START THE WEEK: COMMODITIES (Apr 12, 2019)

LME ($US), Apr 12 –
Aluminium 1,843.50
Copper 6,490.00
Zinc 3,010.00
Nickel 12,945.00
Lead 1,910.00
Tin 20,850.00
Cobalt 36,000.00
Gold 1,291.80

COMEX ($US), Apr 12 –
Gold 1,293.50
Copper 2.9415
Silver 14.93

NYMEX ($US) 62% Fe CFR China, Apr 12 -
Iron ore 93.79

LBMA price data ($US), pm Apr 12 –
Platinum 899.00
Palladium 1,365.00

START THE WEEK: CALENDAR (Apr 14, 2019)

Public holidays –
Apr 14: New Year (Bangladesh, Laos, Sri Lanka)
Apr 14: Ambedkar Jayanti, Vaisakhi (India)
Apr 14: Baisakhi (Pakistan)
Apr 14-15: Hung Kings Festival (Vietnam)
Apr 14-16: Songkran (Thailand)
Apr 14-16: New Year (Cambodia)
Apr 15: Public holiday (Sri Lanka)
Apr 15: Kim Il Sung Birth (North Korea)
Apr 15: Tax Day (USA)
Apr 15: New Year holiday (Laos)
Apr 17: Women’s Rights Day (Gabon)
Apr 17: Mahavir Jayanti (India)
Apr 17: Independence Day (Syria)
Apr 18: Maundy Thursday

START THE WEEK: COMMODITIES (Apr 5, 2019)

LME ($US), Apr 5 –
Aluminium 1,864.00
Copper 6,419.00
Zinc 2,969.00
Nickel 13,090.00
Lead 1,973.00
Tin 21,280.00
Cobalt 33,000.00
Gold 1,291.70

COMEX ($US), Apr 5 –
Gold 1,295.90
Copper 2.889
Silver 15.08

NYMEX ($US) 62% Fe CFR China, Apr 5 -
Iron ore 91.81 

LBMA price data ($US), pm Apr 5 –
Platinum 903.00
Palladium 1,352.00

START THE WEEK: CALENDAR (Apr 8, 2019)

Public holidays –
Apr 7: Motherhood and Beauty Day (Armenia)
Apr 7: Qing Ming Jie Holiday (China)
Apr 7: Health Day (Mongolia)
Apr 7: Tutsi Genocide Memorial Day (Rwanda)
Apr 7: Karume Day (Tanzania)
Apr 8: April People's Revolution Day Observed (Kyrgyzstan)
Apr 8: Woman's Day Observed (Mozambique)
Apr 8: Chakri Day Observed (Thailand)
Apr 9: Vimy Ridge Day (Canada)
Apr 9: Independence Restoration Day (Georgia)
Apr 9: The Day of Valor (Philippines)
Apr 9: Martyrs' Day (Tunisia)

START THE WEEK: COMMODITIES (Mar 29, 2019)

LME ($US), Mar 29 –
Aluminium 1,900.00
Copper 6,485.00
Zinc 3,000.00
Nickel 13,015.00
Lead 2,022.00
Tin 21,575.00
Cobalt 30,000.00

COMEX ($US), Mar 29 –
Gold 1,297.00
Copper 2.9315
Silver 15.10

NYMEX ($US) 62% Fe CFR China, Mar 29 -
Iron ore 86.37

LBMA price data ($US), pm Mar 29 –
Platinum 850.00
Palladium 1,390.00

START THE WEEK: CALENDAR (Apr 1, 2019)

Public holidays –
Apr 1: National Holiday (Cyprus)
Apr 2: Day of the Veterans (Argentina)
Apr 2: Union Day of Belarus and Russia (Belarus)
Apr 2: Al Isra' wal Miraj (Jordan)
Apr 3: Ascension of the Prophet (Indonesia, Iran, UAE)
Apr 3: Shab e-Meraj (Pakistan)
Apr 3: Isra and Mi'raj
Apr 4: Peace Day (Angola)
Apr 4: Independence Day (Senegal)
Apr 4: Children's Day (Taiwan)
Apr 5-6: Qing Ming Jie (China)
Apr 5: Tomb Sweeping Day (Taiwan, Hong Kong)
Apr 5: Arbor Day (Republic of Korea)

START THE WEEK: COMMODITIES (Mar 22, 2019)

LME ($US), Mar 22 –
Aluminium 1,867.00
Copper 6,375.00
Zinc 2,865.00
Nickel 12,930.00
Lead 2,020.00
Tin 21,600.00
Cobalt 30,000.00
Gold 1,312.00

COMEX ($US), Mar 22 –
Gold 1,319.70
Copper 2.8485
Silver 15.435

NYMEX ($US) 62% Fe CFR China, Mar 22 -
Iron ore 85.89

LBMA price data ($US), pm Mar 22 –
Platinum 853.00
Palladium 1554.00

START THE WEEK: CALENDAR (Mar 25, 2019)

Public holidays –
Mar 24: Memorial Day (Argentina)
Mar 24: Navruz Celebration (Tajikistan)
Mar 25: Saint Joseph's Day (Colombia)
Mar 25: Greek Independence Day (Cyprus)
Mar 25: National Holiday (Greece)
Mar 25: Nauryz Observation (Kazakhstan)
Mar 26: Independence Day (Bangladesh)
Mar 26: National Day of Life, Peace and Justice (El Salvador)
Mar 26: Martyrs' Day (Mali)
Mar 27: Armed Forces Day (Myanmar)
Mar 29: Martyrs' Day (Madagascar)
Mar 29: Youth Day (Taiwan)

START THE WEEK: COMMODITIES (March 15, 2019)

LME ($US), Mar 15 –
Aluminium 1,868.00
Copper 6,410.00
Zinc 2,839.00
Nickel 12,845.00
Lead 2,053.50
Tin 21,340.00
Cobalt 30,000.00
Gold 1,302.30

COMEX ($US), Mar 15 -
Gold 1,302.30
Copper 2.9085
Silver 15.29

NYMEX ($US) 62% Fe CFR China, Mar 15 -
Iron ore 86.12

LBMA price data ($US), pm Mar 15 –
Platinum 831.00
Palladium 1,555.00

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Mining Billboard

Insights and analysis from leading industry commentators

TUG OF WAR LOOMS AS AUSTRALIAN MINE PROFESSIONALS TACKLE FRUGAL BOSSES

(EMPLOYMENT) A survey by global professional recruiting group Hays predicts a ‘tug of war’ over salaries as the Australian mining sector emerges from its prolonged employment slump with skill shortages start to emerge.

GEMFIELDS TACKLES ZAMBIAN ROYALTY HIKES AFTER POSTING RECORD EMERALD AUCTION PRICES

(SOVEREIGN RISK) The world’s leading supplier of emeralds, rubies and other coloured gemstones continues the mining sector’s attempts to tackle the Zambian government over its demands for a greater share of mineral resource profits.

ADANI COULD BE THE BIGGEST WINNER IN AUSTRALIA’S SHOCK FEDERAL POLL RESULT

(COMMENTARY) Indian conglomerate Adani Group’s long-stalled plans for a massive thermal coal development are likely to find a much more sympathetic official ear after Australian voters swung solidly behind the jobs and development rhetoric of incumbent PM Scott Morrison at the weekend.

LOUTHEAN LINE: NZ GREEN ALLIANCE HIGHLIGHTS POLITICAL RISK FOR AUSTRALIAN MINERS

Does New Zealand offer some lessons for Australian voters as they prepare for Australia’s federal election this weekend? Veteran mining journalist and commentator ROSS LOUTHEAN has unmatched experience in covering the resources sector in both countries, and sees significant risks if Australia’s Greens win the level of influence on government as their Kiwi counterparts.

VALE COUNTS THE INITIAL FINANCIAL COSTS OF BRAZILIAN DAM BURST TRAGEDY

(FINANCIAL) Fifteen weeks after the collapse of a tailings dam wall at its Córrego do Feijão iron ore mine, Brazilian mining giant Vale has published the first comprehensive statement of the financial implications of the disaster in its March quarterly report.

BRITAIN’S 1ST COAL-FREE ELECTRICITY WEEK

Britain’s 1st coal-free electricity week sets the stage for complete alternate power generation by 2025
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Mining Brokers

START THE WEEK: COMMODITIES (May 17, 2019)

    START THE WEEK: CALENDAR (May 19, 2019)

      START THE WEEK: COMMODITIES (May 10, 2019)

        START THE WEEK: CALENDAR (May 12, 2019)

          START THE WEEK: COMMODITIES (May 3, 2019)

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