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The full story: In-depth news and analysis

ELDORADO GOLD $50.5M TURNAROUND TO $45.6M Q2 20 PROFIT

Eldorado Gold has emerged from its COVID-19 precautions with a June 2020 qtr $45.6M profit from the previous qtr’s $5M loss

BLUEBIRD PLAN TO BUY RELUCTANT PARTNER SOUTHERN GOLD’S KOREAN MINES JV STAKE

Mine resuscitation specialist Bluebird Merchant Ventures presses for an opportunity to take out JV partner Southern Gold’s stake in Gubong and Kochang gold mines in South Korea.

CENTERRA GOLD: BIG Q2 20 WITH PROFIT QUADRUPLED TO $81M

Increased Q2 20 gold production from all 3 operations has lifted net profit to $80.7M from the previous qtr’s $20M.

CAPSTONE MINING $26.2M TURNAROUND TO Q2 20 $4.3M PROFIT

Capstone Mining has shuffled off some minor COVID-19 limitations to jump to a Q2 20 $4.3M profit from the previous qtr’s $22M loss

NEWMONT Q2 20 PROFIT HALVED TO $412M

The ramifications of the global COVID-19 pandemic has cut gold major Newmont’s Q2 20 net income in half on increased costs and lower production

KINROSS Q2 20 PRODN/PROFIT UP, COSTS DOWN

A COVID-19 unscathed Kinross Gold has lifted its Q2 20 profit to $195.7M on the back of its 3 biggest and lowest costs mines

LUNDIN DUCKS COVID-19 BULLET FOR Q2 20 $39M PROFIT

Lundin Mining is forging ahead, with minimal problems from COVID-19 and turning a Q1 20 $111.5 loss into a Q2 20 $38.7M profit

COVID19 BLOWS FIRST QUANTUM Q2 20 LOSS OUT TO $156M

FYCY 20 copper-gold-nickel expectations have been cut again following lower Q2 20 production and an increased loss in the wake of the COVID19 pandemic

FORTESCUE IMPROVES PRODUCTION AND COSTS PERFORMANCE AMID COVID CHALLENGES

Australian iron ore major Fortescue says strong Chinese demand and the success of its integrated production and marketing strategy will sustain its Pilbara operations after its record performance in FY20. John Feary reports

ALAMOS Q2 20 TURNAROUND $11.7M PROFIT ON LOWER GOLD

Despite a horror Q2 20 with COVID-19 hit gold production down, costs up and FY/CY20 guidance cut, Alamos Gold has managed a $24M turnaround to $11.7M profit. By MBM’s North American correspondent

CHAMPION IRON Q1 21 RECORD PROFIT ON LOWER PRODN

Canada-focused Aussie Champion Iron has avoided the sharp edged of the COVID-19 pandemic to post record quadrupled Q1 21 net income up to $75.6M

RIO TINTO EYES DEVELOPMENT OPTIONS AT WINU AND ITS PATERSON PROVINCE NEIGHBOURS

Global miner Rio Tinto’s posting of a maiden Winu resource and its new discovery nearby justify the growing excitement over the potential of the Paterson province in the Pilbara region of Western Australia.

RECORD JUNE QUARTER HIGHLIGHTS OUTSTANDING FIRST YEAR FOR WA’S GRUYERE GOLD MINE

Partners Gold Fields and Gold Road celebrate an ‘outstanding achievement’ in the first year of production as their Gruyere gold mine in Western Australia’s North-Eastern Goldfields achieves record June quarter production.

3 EVOLUTION FY20 CASH FLOW RECORDS, DESPITE LOWER GOLD

Record cash flows as gold-silver-copper miner Evolution Mining sees FY 20 gold-silver down, copper up and higher costs.

ANTOFAGASTA Q2 20 COPPER-GOLD SLIDE, AS COVID-19 COSTS HIT $38M

Antofagasta Q2 20 copper production down 8.4%, gold down 29.3%, costs up 2.7%

AURELIA FY20 GOLD PLUNGE, BUT COPPER-LEAD-ZINC UP

Aussie Aurelia’s big FY20 gold fall has been partially offset by base metal rises, but with AISC well up

BHP CREDITS CORONAVIRUS PANDEMIC MEASURES FOR FULL YEAR PRODUCTION RECORDS

Global miner BHP says it has learned ‘new ways of working’ that have delivered record full year performance across several commodities in the midst of the COVID-19 pandemic.

VALE HANDLES COVID-19 TO LIFT Q2 20 IRON ORE 13.4%, NICKEL 11.7%

Despite COVID-19, Vale has managed to lifted Q2 20 iron ore/nickel/cobalt production, with copper, manganese, coal and gold sliding

SUPER PIT LIFTS SARACEN FY 20 GOLD PRODN TO 520,414oz

Saracen has flagged an up to $200M FY 20 net profit from $1.07B revenue on the Super Pit’s 1st 132,595oz contribution. By Mark Mentiplay

KUPANG MANGANESE SMELTER PROJECT HALTED UNDER COVID THREAT TO KEY FUNDING PACKAGE

The $US67.5M development of a smelting hub in Indonesia by Gulf Manganese has been halted just two months from its targeted first production due to coronavirus-induced delays to the closing of its vital structured loan facility.
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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

FRASER INSTITUTE 2019 SURVEY: THE ALSO-RANS

The bottom 10 jurisdictions for global mining investment as calculated in the Canadian think tank Fraser Institute's survey for 2019 -
67. Nicaragua
68. Mali
69. Democratic Republic of Congo
70. Venezuela
71. Zambia
72. Dominican Republic
73. Guatemala
74. La Rioja, Argentina
75. Chubut, Argentina
76. Tanzania

START THE WEEK: COMMODITIES (Feb 21, 2019)

LME ($US), Feb 21 –
Aluminium 1,677.00
Copper 5,702.00
Zinc 2,086.50
Nickel 12,440.00
Lead 1,881.00
Tin 16,525.00
Cobalt 33,500.00
Gold 1,646.30
Silver 18.550

COMEX ($US), Feb 21 –
Gold 1,645.90
Silver 18.54
Copper 2.6105
Platinum 976.90
Palladium 2,611.80

LBMA price data ($US), pm Feb 21 –
Gold 1,643.30
Silver 18.56000
Platinum 976.00
Palladium 2,690.00

NYMEX ($US) 62% Fe CFR China, Feb 21 –
Iron ore 86.42

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Mining Billboard

Insights and analysis from leading industry commentators

WORLD GOLD COUNCIL SEES EXTENDED UPTURN FOR GOLD INVESTMENT AMID COVID’S PERFECT STORM

(CORONAVIRUS) The severe disruptions of COVID-19 have delivered a brutal hit to consumer markets for gold, but the combination of historic liquidity injections and record low interest rates have reinforced the safe haven of gold investment for the foreseeable future.

RESULTS INDICATE COVID RESPONSE SPEED AND EFFECTIVENESS THE KEY TO MINING PERFORMANCE

(CORONAVIRUS) The current round of mining quarterly, half-yearly or full-yearly reports are providing more evidence that the companies achieving the strongest performance under the global COVID-19 pandemic are those that have responded most quickly with measures to safeguard and support workers and host communities.

BOOK ARGUES CLIMATE PANIC BLINDS HUMANITY TO REAL GLOBAL WARMING SOLUTIONS

(COMMENTARY) Bjorn Lomborg agrees mankind must solve climate change, a solution that must inevitably include massive investment, but from there his views diverge violently from those of global warming activists. He argues drastic cures such as abandoning fossil fuels will be worse than the disease, increasing poverty without effective outcome.

RIO TINTO PLEDGES MORE CARE FOR ABORIGINAL COMMUNITIES AFTER PILBARA CAVES BLAST

(HERITAGE) A parliamentary inquiry into the destruction by Rio Tinto of Aboriginal sacred sites containing 46,000-year-old artefacts for an iron ore mine expansion has been urged to explore the lack of action by the Australian government to prevent or delay the blasting.

MINERS FACE A LONG BATTLE TO OVERCOME THE GLOBAL CHALLENGES OF THE COVID-19 PANDEMIC

(CORONAVIRUS) Production reports outline the still-growing impact of the coronavirus on mining companies across the globe.

BARRICK SEEKS LIKELY MASSIVE DAMAGES OVER PNG DENIAL OF PORGERA GOLD MINE LEASE

(SOVEREIGN RISK) Barrick Gold, partner Zijin Mining Group and their mine operator joint venture company Barrick Niugini have launched arbitration proceedings seeking undisclosed damages from the Papua New Guinea government over its refusal to renew the special mining lease for the giant Porgera gold mine.
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Mining Brokers

START THE WEEK: COMMODITIES (July 31, 2020)

    START THE WEEK: CALENDAR (Aug 3, 2020)

      DATADIGGING: TRACKING THE GLOBAL RESOURCES SECTOR IMPACT OF COVID-19 (Aug 2, 2020)

        START THE WEEK: COMMODITIES (July 24, 2020)

          START THE WEEK: CALENDAR (July 27, 2020)

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