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Mining Bulletin

The full story: In-depth news and analysis

NEW CENTURY MULLS TOP 10 GLOBAL FUTURE FOR STRUGGLING PACIFIC PROJECT

New Century Resources eyes the potential to transform Vale’s faltering Goro nickel project in New Caledonia into a long-term world-scale producer after being granted 60-day exclusivity to negotiate the acquisition of a 95% stake.

WESTERN AREAS' $28M PANORAMIC DEAL OPENS DOORS TO NEW ENERGY VEHICLES GROWTH

Western Areas sees its new strategic shareholding and partnership with Panoramic Resources as it works towards the reopening of the Savannah nickel project increasing its exposure to the emerging new energy vehicles global market. John Feary reports

$84M IMPAIRMENT, COVID-19 CLOSURES HAMMER MCEWEN BOTTOM LINE

McEwen Mining’s Q1 20 loss has blown out to $99.2M, hit by an $84M impairment and 3 COVID-19 mine shutdowns

ELEMENT 25 EYES EARLY START ON LOW-COST DEVELOPMENT STRATEGY FOR BUTCHERBIRD

Element 25 has confirmed the potential for its Butcherbird project to be Australia’s next significant manganese mine with a PFS identifying the opportunity for a low-cost, long-life development that will deliver first concentrate much earlier than previously anticipated. John Feary reports.

HUDBAY Q1 20 HIT BY LOWER PRICES, HIGHER COSTS AND MAJOR MINE SUSPENSION

A range of issues across its Americas base/precious metals operations has seen Hudbay Minerals Q1 20 loss blow out to $76M

TAKEOVER TARGET SEMAFO KICKS OFF 2020 WITH DOUBLED Q1 20 PROFIT

SEMAFO has overcome the COVID-19 virus bite to double Q1 20 profit on increased gold production from its Burkina Faso operations

SSR LAUNCHES $1.72B ALL-SHARE BID FOR ALACER GOLD

SSR Mining $1.72B bid for Alacer gold to create $4B market cap, 780,000oz AuEq pa producer

Gt PANTHER MINING Q1 20 LOSS UP ON PRODN FROM ALL 3 MINES DOWN

All 3 of Great Panther Mining’s operations have posted Q1 20 output losses, taking its net loss out to $40.5M

NEW 740,000oz UNDERGROUND DISCOVERY AT EQUINOX’ AURIZONA

Equinox Gold has found an additional 740,000oz underground gold resource at its Aurizona open pit capable of generating an extra $1B revenue over a 10-year LoM

A DOUBLED Q1 20 LOSS SEES HECLA CUT FY/CY20 GUIDANCE

Hecla Mining’s Q1 20 loss blowout to $17.2M on lower production of all its commodities sees FY/CY20 gold/silver expectations cut

BARRICK GOLD EXPECTS Q1 20 GOLD-COPPER SLIDE TO CONTINUE THROUGH FY20

Q1 20 gold-copper production falls have prompted Barrick Gold to cut its FY/CY20 gold expectations by 200,000oz

COVID RUCTIONS FORCE SIGNIFICANT CUTBACKS AT TERRACOM’S BLAIR ATHOL THERMAL COAL MINE

TerraCom is taking “decisive action” to reduce operations and unit costs at its Blair Athol thermal coal mine in Queensland, Australia to cope with the market volatility resulting from the global COVID-19 pandemic.

COVID-19 BITES TAIL END OF IAMGOLD’S Q1 20, CUTTING OUTPUT BY 22,000oz

IAMGOLD has cut its Q1 20 loss back to $34.4M from $303.8M, despite reduced gold production and resultant revenues

CHINESE LITHIUM GIANT YIBIN TIANYI OFFERS NEW $10.7M BACKING FOR AVZ’S DRC PROJECT

After a previous deal failed the Australian foreign investment hurdle, AVZ Minerals has attracted a new $10.6M equity investment from prospective Chinese lithium chemical producer Yibin Tianyi for its flagship Manono lithium-tin project.

CENTERRA BACK FROM FY/CY19 LOSS WITH $20M Q1 20 PROFIT

Despite easing gold production, increased copper output has seen Centerra Gold post a $30M turnaround to Q1 20 $20M profit

ALAMOS $50M TURNAROUND TO Q1 20 $12.3M LOSS

Mulatos and Island Gold shine, despite Alamos’ Q1 20 production slide and turnaround from profit to $12.3M loss

BIG LUNDIN Q1 20 LOSS PROMPTS FY2020 PRODN GUIDANCE CUTS

Diversified global miner Lundin Mining has cut FY2020 guidance after big Q1 20 swing from profit to $111.5M loss

TASEKO MINES Q1 20 LOSS BLOWOUT TO $49M, PRODN DOWN

Taseko Mines’ Q1 20 loss increased by $40M to $49M with moly output nearly halved, but copper less badly affected

FIRST QUANTUM CUTS Q1 20 LOSS, DESPITE LOWER PRODUCTION

Despite lower COVID-19 affected copper-gold output, First Quantum has cut its Q1 20 net loss by $53M to $62M

ST BARBARA Q3 20 OUTPUT DOWN TO 91,550oz ON HIGHER COSTS

2 of St Barbara’s 3 mines have posted production losses in Q3 20, with costs up, the exception being Simberi in PNG with higher output and lower costs
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START THE WEEK: COMMODITIES (Mar 13, 2020)

LME ($US), Mar 13 –
Aluminium 1,677.00
Copper 5,530.50
Zinc 1,986.50
Nickel 12,565.00
Lead 1,781.00
Tin 16,400.00
Cobalt 28,000.00
Gold 1,521.70
Silver 14.515

COMEX ($US), Mar 13 –
Gold 1,528.90
Silver 14.685
Copper 2.4935
Platinum 763.30
Palladium 1,658.00

LBMA price data ($US), pm Mar 13 –
Gold 1,562.80
Silver 15.77000
Platinum 782.00
Palladium 1,744.00

NYMEX ($US) 62% Fe CFR China, Mar 13 –
Iron ore 90.13

START THE WEEK: CALENDAR (Mar 16, 2020)

Public holidays –
Mar 16: JJ Roberts Birthday Holiday (Liberia)
Mar 16: Benito Juárez's Birthday Memorial (Mexico)
Mar 17: Sheikh Mujibur Rahman’s Birthday (Bangladesh)
Mar 17: St Patrick’s Day (Ireland)
Mar 18: Soldiers’ Day (Mongolia)
Mar 19: Saint Joseph's Day (Costa Rica)
Mar 20: Norooz Persian New Year
Mar 20: Spring Equinox (Japan)
Mar 20: International Francophonie Day (DR Congo)
Mar 20: Independence Day (Tunisia)
Mar 21: Human Rights Day (South Africa)
Mar 21: Al Isra' wal Miraj (Jordan)

NEWCREST MINING UPDATED FY20 PRODUCTION GUIDANCE

Revised production guidance for the 12 months ending 30 June 2020 -

START THE WEEK: COMMODITIES (Mar 6, 2020)

LME ($US), Mar 6 –
Aluminium 1,687.00
Copper 5,624.00
Zinc 1,978.00
Nickel 12,710.00
Lead 1,880.00
Tin 16,910.00
Cobalt 33,000.00
Gold 1,671.80
Silver 17.305

COMEX ($US), Mar 6 –
Gold 1,674.20
Silver 17.345
Copper 2.554
Platinum 904.1
Palladium 2,462.20

LBMA price data ($US), pm Mar 6 –
Gold 1,683.35
Silver 17.48000
Platinum 895.00
Palladium 2,571.00

NYMEX ($US) 62% Fe CFR China, Mar 6 –
Iron ore 89.18

START THE WEEK: CALENDAR (Mar 8, 2020)

Conferences –
Mar 10-14: ConExpo-Con/Agg, Las Vegas (USA)

DATADIGGING: AUSTRALIAN GOLD TOP 5

Australia’s largest gold producers for the 2019 calendar year -
Cadia 871,246oz (Newcrest Mining)
Boddington 703,000oz (Newmont)
Fosterville 619,367oz (Kirkland Lake Gold)
Tropicana 513,433oz (AngloGold Ashanti 70%, Independence Group 30%)
Tanami 500,000oz (Newmont)
- Source: Surbiton Associates

START THE WEEK: COMMODITIES (Feb 28, 2020)

LME ($US), Feb 28 –
Aluminium 1,663.00
Copper 5,573.00
Zinc 2,018.50
Nickel 12,160.00
Lead 1,869.00
Tin 16,225.00
Cobalt 33,000.00
Gold 1,567.70
Silver 16.490

COMEX ($US), Feb 28 –
Gold 1,587.30
Silver 16.68
Copper 2.5445
Platinum 866.40
Palladium 2,500

LBMA price data ($US), pm Feb 28 –
Gold 1,609.85
Silver 17.18500
Platinum 871.00
Palladium 2,719.00

NYMEX ($US) 62% Fe CFR China, Feb 28 –
Iron ore 82.93

START THE WEEK: CALENDAR (Mar 2, 2020)

Conferences –
Mar 1-4: PDAC 2020, Toronto (Canada)

Public holidays –
Mar 2: Green Monday (Cyprus)
Mar 2: Adwa Victory Day (Ethiopia)
Mar 2: Clean Monday (Greece)
Mar 2: History and Chamorro Heritage Day (Guam)
Mar 2: Election Day (Israel)
Mar 2: Peasants’ Day (Myanmar)
Mar 2: Lavity Stoutt's Birthday (British Virgin Islands)
Mar 3: Liberation Day (Bulgaria)
Mar 3: Martyrs’ Day (Malawi)
Mar 5: Missionary Day (French Polynesia)
Mar 6: Independence Day (Ghana)
Mar 8: International Women’s Day

RIO TINTO FY2020 PRODUCTION GUIDANCE

2020 production guidance (Rio Tinto share, unless otherwise stated) -

  • Pilbara iron ore (shipments, 100% basis) 324-334Mt (updated Feb 2019 to accommodate cyclone Damien impact)
  • Bauxite 55-58Mt
  • Alumina 7.8-8.2Mt
  • Aluminium 3.1-3.3Mt
  • Mined copper 530,000-570,000t
  • Refined copper 205,000-235,000t
  • Diamonds 12-14Mct
  • Titanium dioxide slag 1.2-1.4Mt
  • Iron Ore Company of Canada pellets and concentrate 10.5-12Mt
  • Boric oxide equivalent ~0.5Mt

2020 unit cost guidance -

FRASER INSTITUTE 2019 SURVEY - TOP 10

The top 10 jurisdictions in the Canadian think tank Fraser Institute's annual survey of mining and exploration investment for 2019 -
1. Western Australia
2. Finland
3. Nevada
4. Alaska
5. Portugal
6. South Australia
7. Republic of Ireland
8. Idaho
9. Arizona
10. Sweden

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Mining Billboard

Insights and analysis from leading industry commentators

US POLL SHOWS COVID PANDEMIC IMPACTS TURNING VOTER SUPPORT FOR MINING SECTOR

(COMMENTARY) ‘It all begins with mining’ ... US survey adds to growing evidence that the economic impacts of the global coronavirus pandemic are swaying public opinion to support the importance of mining.

DATADIGGING: MORE MINES REOPEN WHILE COVID IMPACTS PROJECT FUNDING SEARCH

(CORONAVIRUS) More mines are reopening due to easing COVID-19 restrictions while more project developers are reporting difficulties in sourcing finance due to the impacts of the global pandemic on investor sentiment.

PANTERRA JV ASSESSES PROCESSING OPTIONS FOR CUBAN REFRACTORY GOLD PROJECT

(DEVELOPMENT) US sanctions loom as funding hurdle for the high-cost development of an Albion/CIL processing plant for refractory material under PanTerra Gold joint venture over Cuba’s La Demajagua gold project.

MINING SEEKS ITS PLACE IN NATIONAL ECONOMIC RECOVERY AFTER COVID DISRUPTION

(COMMENTARY) As governments around the world start to focus on the economic road ahead post-coronavirus, a Mining Association of Canada survey finds strong public support for expansion of the nation’s share of the global critical minerals supply.

DATADIGGING: MORE MINES BACK IN ACTION AS COVID-19 LOCKDOWNS EASE

(CORONAVIRUS) More suspended projects resume production under strict precautions as national and regional COVID-19 lockdowns are eased, while our survey of coronavirus-related articles we have published during the last week show a number of companies are operating positively despite continuing restrictions on travel and business activity.

NEW INDONESIAN MINING LAW REVISIONS PASSED

New mining law revisions to cut through red tape and attract more investment
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Mining Brokers

START THE WEEK: COMMODITIES (May 25, 2020)

    START THE WEEK: CALENDAR (May 25, 2020)

      DATADIGGING: TRACKING THE GLOBAL RESOURCES SECTOR IMPACT OF COVID-19 (May 24, 2020)

        START THE WEEK: COMMODITIES (May 15, 2020)

          START THE WEEK: CALENDAR (May 18, 2020)

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