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Mining Bulletin

The full story: In-depth news and analysis

$1.9B BLOWOUT SHOCK FOR RIO TINTO DEVELOPMENT OF OYU TOLGOI UNDERGROUND

Previously unrecognised ground stability issues are forcing an urgent review of mine design that will further delay completion and increase costs by around 30% at the already long-delayed underground mine development at the Oyu Tolgoi mine in Mongolia.

EXPECTED LOW GRADES CLOBBER KENMARE’S Q2 19 OUTPUT

It was partially expected, but still tough with Q2 19 HMC, ilmenite and zircon production all well down

OZ MINS FLAGS 120,000oz pa GOLD OPERATION AT BRAZIL’S CENTROGOLD

Oz Mins is looking to create a mining/processing hub from its recently acquired CentroGold operation in Brazil also expected to produce an initial 120,000oz pa

FY 19 EVOLUTION GOLD PRODN DOWN, COSTS JUMP

A broad range of woes have seen Australia-focused gold miner Evolution’s FY19 costs jump $127oz on production down 48,000oz+ to 753,001oz.

DACIAN GOLD SEES GOLD PRODUCTION GROWTH IN NEW MT MORGANS MINE PLAN

After reducing its sights in FY19, Dacian Gold is predicting total production of 1.1Moz gold over eight years in a new mine plan for its Mt Morgans operations in Western Australia. John Feary reports

LEGEND ASSEMBLES $22M THRUST INTO BURGEONING FRASER RANGE

Legend Mining, independence Group and celebrated prospector Mark Creasy have formed a tripartite assault on Western Australia’s Fraser Range. By Mark Mentiplay

CENTAURUS MOVES TO BFS ON STRONG ECONOMICS JAMBREIRO PFS

Low cost $1B+ revenue over initial 18-years forecast in new PFS on Centaurus’ Brazilian iron ore project

OCEANAGOLD PREPARES FOR LOCAL GOVT BATTLE OVER DIDIPIO

Oceanagold has responded to a Philippines governors’ order to restrain company operations at its Didipio Gold-Copper Mine with an injunction to be heard July 10.

ORION BFS OUTLINES LONG LIFE, HIGH MARGINS FOR SOUTH AFRICA’S HISTORIC PRIESKA MINE

Orion Minerals’ bankable feasibility study confirms strong economics for a new long-life, high-margin copper and zinc operation in the footprint of South Africa’s historic Prieska mine.

MACMAHON TO TARGET MORE UNDERGROUND WORK AFTER GBF ACQUISITION

Australian mining contractor Macmahon is confident it can compete more strongly for work across the openpit and underground areas through its planned acquisition of specialist contractor GBF.

HAVILAH EYES ENHANCED OUTCOMES FOR KALKAROO COPPER-GOLD PROJECT IN NEW PFS

South Australian project developer Havilah Resources continues to explore upside scenarios for its flagship Kalkaroo project ahead of a prefeasibility study update.

RAMELIUS TURNS TO EDNA MAY PROCESSING OPTION FOR NEW TAMPIA GOLD PROJECT

WA miner Ramelius Resources sets out five-year plan to produce over 1Moz gold despite six-month delay in land clearance approval for its Greenfinch openpit development.

SARACEN SECURES LONG-SOUGHT BOOST FOR THUNDERBIRD WITH NEW BLIGH DEAL

Saracen’s comeback success in its quest for the Bundarra resource also delivers a significant return for international resources investor Zeta Resources. John Feary reports

ADANI MAKES FAST START TO $2.95B CARMICHAEL COAL MINE AFTER WINNING 8-YEAR BATTLE

The Australian arm of Indian energy giant Adani expects to start construction work almost immediately after finally winning the final state government approval for its 10Mtpa first stage Carmichael thermal coal mine.

NEWCREST AGREES MACMAHON DEMAND TO RENEGOTIATE ITS AT-RISK TELFER MINE CONTRACT

The mining services contract at Newcrest Mining’s Telfer gold mine that triggered a financial crisis for leading Australian contractor Macmahon two years ago has come back to bite it again, with warnings of significant impairment costs if the parties can’t agree to renegotiate the charges. John Feary reports

SHIFT TO CONTRACT MINING WOES CUT AVESORO FY19 GOLD PRODN

Troubles associated with the cost-cutting switch to contract mining at Avesoro’s 2 W African operations has forced the company to cut FY19 gold guidance and increase costs

HECLA TAKES $25M SWORD TO ITS AMERICAS OPERATIONS

Hecla Mining’s non-performing Nevada, US, assets will bear the brunt of a $25M cost cutting purge across all the company’s operations. By MBM’s North American correspondent

DISCOVERY SUPPORTS RNC GEOLOGICAL MODEL FOR MORE BETA HUNT BONANZA GOLD

Canadian miner RNC follows up its Father’s Day Vein bonanza with a second major discovery of coarse gold mineralisation at the Beta Hunt mine in Western Australia.

CHANGE OF CONTROL FLAGGED AS DACIAN CUTS FY19 PROJECTIONS AGAIN

Dacian Gold has flagged a potential “change of control transaction” after a strife-hit Q4 19 at Mt Morgans has forced the company to again cut FY19 production from 180,000oz to 136,000oz-143,000oz. By Mark Mentiplay

CASH-FLOW CRUNCH OVER DALGARANGA MINE WOES TRIGGERS GASCOYNE COLLAPSE

WA miner Gascoyne Resources appoints voluntary administrators after review that pointed to a lower-grade future for its struggling Dalgaranga gold mine. John Feary reports

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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

START THE WEEK: CALENDAR (March 17, 2019)

Public holidays –
Mar 17: St Patrick’s Day (various)
Mar 17: Sheikh Mujbur Rahman Birthday (Bangladesh)
Mar 18: Benito Juarez Birthday Holiday (Mexico)
Mar 18: Soldiers Day (Mongolia)
Mar 19: Father Day (Bolivia)
Mar 19: St Joseph’s Day (various)
Mar 20: Holika Dahana (India)
Mar 20: Erev Purim (Israel)
Mar 20: Full Moon Day (Myanmar, Sri Lanka)
Mar 20: International Francophonie Day (DR Congo)
Mar 20: Imam Ali Birthday (Iran)
Mar 20: Independence Day (Tunisia)
Mar 21: Naw Roz (Afghanistan)

START THE WEEK: COMMODITIES (Mar 8, 2019)

LME ($US), Mar 8 –
Aluminium 1,848.00
Copper 6,398.50
Zinc 2,706.00
Nickel 13,040.00
Lead 2,072.00
Tin 21,410.00
Cobalt 33,000.00
Gold 1,298.90

COMEX ($US), Mar 8 -
Gold 1,298.60
Copper 2.8995
Silver 15.36

NYMEX ($US) 62% Fe CFR China, Mar 8 -
Iron ore 85.15

LBMA price data ($US), pm Mar 8 –
Platinum 818.00
Palladium 1,509.00

START THE WEEK: CALENDAR (Mar 11, 2019)

Public holidays –
Mar 11: Commonwealth Day (Canada)
Mar 11: Clean Monday (Greece)
Mar 11: Moshoeshoe's Birthday (Lesotho)
Mar 11: Independence Day/National Day (Lithuania)
Mar 12: Arbor Day (China)
Mar 12: National Day (Mauritius)
Mar 12: Youth Day (Zambia)
Mar 13: Decoration Day (Liberia)
Mar 14: Summer Day (Albania)
Mar 15: Constitution Day (Belarus)
Mar 15: 1848 Revolution Memorial Day (Hungary)
Mar 15: J. J. Roberts Birthday (Liberia)

START THE WEEK: COMMODITIES (Mar 1, 2019)

LME ($US), Mar 1 –
Aluminium 1,890.50
Copper 6,572.00
Zinc 2,839.50
Nickel 13,160.00
Lead 2,152.50
Tin 21,800.00
Cobalt 33,000.00
Gold 1,298.10

COMEX ($US), Mar 1 -
Gold 1,294.50
Copper 2.9265
Silver 15.23

NYMEX ($US) 62% Fe CFR China, Mar 1 -
Iron ore 85.98

LBMA price data ($US), pm Mar 1 –
Platinum 863.00
Palladium 1,553.00

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Mining Billboard

Insights and analysis from leading industry commentators

STATE AGREEMENT FOR FUTURE BHP PILBARA PROJECTS SETS AUSTRALIAN PRECEDENT

(BUREAUCRACY) West Australian government promises 50% faster approval timelines for future BHP Iron Ore projects up to a century ahead in expansion strategy. John Feary reports

PROCESS TECH GIANTS METSO AND OUTOTEC MERGER TO CREATE NEW INDUSTRY LEADER

(MERGERS & ACQUISITIONS) Scandinavian process technology, equipment and services leaders look to €4B-plus annual sales from new Metso Outotec.

BRAZIL’S IRON ORE WOES DELIVER A NEW ECONOMIC BOOST FOR AUSTRALIAN COMMODITY EARNINGS

(TRADING) The massive impact of commodity exports, particularly to feed growing Chinese demand, that dragged the Australian economy through the global financial crisis of 2007-2010 has come to its aid again with record earnings from resources and energy exports in 2018-19 and once more in the coming year.

ACACIA COULD SUPPORT A BARRICK TAKEOVER DESPITE ITS ROLE IN TANZANIAN ROW

(MERGERS & ACQUISITIONS) Acacia Mining claims parent Barrick Gold’s uninvited intervention in its dispute with the Tanzanian government has made the situation worse, rather than better – but affirms it will support a fairly priced privatisation move.

CHILE TO REVAMP LITHIUM MINING RULES TO DOUBLE PRODN BY 2023

Chile will announce imminent new plans to double lithium carbonate output by 2023 to at least maintain its share of global production

US CLAIMS AUSTRALIA/CANADA SUPPORT TO REDUCE CHINA MINERALS RELIANCE

Australia and Canada have yet to respond to US claims of a joint effort to offset reliance on key Chinese resources
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START THE WEEK: COMMODITIES (July 12, 2019)

    START THE WEEK: CALENDAR (July 14, 2019)

      START THE WEEK: COMMODITIES (July 5, 2019)

        START THE WEEK: CALENDAR (July 7, 2019)

          START THE WEEK: COMMODITIES (28 June 2019)

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