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SHANTA COST SAVINGS YIELD LOSS-TO-H1 18 $7.1M PROFIT TURNAROUND

Fine tuning sees operational cost savings offset lower gold production, to take Shanta Gold from a loss to an H1 18 $7.1M profit

MORE RECORDS IN EVOLUTION’S FY18 PROFIT JUMP TO $263.4M

Just about the only negative in Evolution Mining’s FY18 result was a fall in gold-silver production, with all the other major markers up for a 21% profit jump to $263.4M

YANCOAL AUSTRALIA MULLS UNDERGROUND DEVELOPMENT OF HUNTER VALLEY MINES

Yancoal ponders more development and brownfield exploration options after posting a half-year profit turnaround on the strong performance of its former Rio Tinto mines.

HIGHER FY PROFITS STRENGTHEN MINERAL RESOURCES FOR FURTHER GROWTH OPPORTUNITIES

West Australian mining services and processing company Mineral Resources secures higher profits and eyes full-cycle development opportunities.

AVESORO LOOKING FOR BETTER H2 18 AFTER Q2 18 FALLS

Avesoro Res has flagged a better H2 18 on a range of mine improvements after a Q2 18 that saw cash flow/EBITDA plunge on lower gold prod/costs

BARTONS SUCCESSES HAVE MILLENNIUM EYEING MORE UNDERGROUND MINES AT NULLAGINE

Good progress with the first underground mine has Millennium Minerals looking at an early production start and the potential for more underground developments at its Nullagine gold project in Western Australia.

FLORIDA CANYON TAKEOVER PRODN LIFTS ALIO GOLD Q2 18 PROFIT

The completion of the Rye Patch Gold takeover and the addition of its Florida Canyon production has lifted Alio Gold’s Q2 18 prodn and profit to $3.28M

HISTORIC AGREEMENT RAISES THREAT TO 10% CONSOLIDATED PLOMOSAS ZINC INTEREST

Australian-based project developer Consolidated Zinc says it will contest a claim by a low-profile private company for a 10% free-carried share in its Plomosas project in Mexico.

EXTRA COSTS PUSH ARGONAUT Q2 18 PROFIT DOWN $11.8M TO $400,000

Lower production and higher/extra costs have slashed Argonaut Gold’s Q2 18 net income to $400,000, but with adjusted net profit falling to $7M from $7.9M

ASSET SALE IMPAIRMENT PUSHES MANDALAY Q2 18 LOSS OUT TO $23.7M

The $11.6M deal to sell Manadalay’s Chilean asset has come with a $23.7M impairment that’s taken the company’s Q2 18 loss out to $23.7M

MOD RESOURCES BOOSTS BOTSWANA T3 PROJECT THROUGHPUT PLANS FOR RESOURCE GROWTH

A review of optimal operational and financial outcomes has prompted MOD Resources to lift the planned plant throughput by 20% at its feasibility-stage T3 copper project in Botswana.

TREVALI Q2 18 PROFIT FALL, DESPITE ZINC-SILVER RISE

With zinc-silver up, but lead down, Trevali Mining has seen its Q2 18 profit slide $5M+ to $23.5M

GLENCORE LIFTS H1 18 PROFIT TO $2.77B

Glencore’s H1 18 metals/minerals business adjusted EBITDA up $1.33B, lifting overall profit 13% to $2.77B

GOLDEN REIGN ALL-SHARE BID FOR MARLIN MINING

Mutually agreed all-share Golden Reign bid for Marlin Mining to spawn restructured Mako Mining with current and near future gold-silver production

COPPER MOUNTAIN Q2 18 PROFIT PLUNGE TO $3M

A steady production Copper Mountain Mining Q2 18, with revenues up, has failed to offset a $7.7M profit fall to $2.9M.

TASEKO STORMS BACK FROM 2017 FIRES WITH Q2 18 LOSS CUT

The Gibraltar mines’ recovery from the 2017 summer fires sees Taseko Mines back on track with big Q2 18 production, sales, grades and recovery increases

MT WELD UPGRADE KEEPS 25-YEAR RESERVES CUSHION FOR RARE EARTHS LEADER LYNAS

A 60% increase in ore reserves at its Mt Weld rare earths mine in Western Australia keeps special materials company Lynas Corporation on target to retain its position as a leading non-Chinese supplier to the specialty materials market. John Feary reports

ECHO BFS SEES 746,000oz INITIAL 8.5-YEAR LoM BRONZEWING REVIVAL

New study envisages Echo Resources’ WA gold project generating $1.2B in its 1st 8.5-years, giving it a post-tax NPV 8% of $135M and 147% IRR. By Mark Mentiplay

RECORD TERANGA Q2 18 GOLD, BIG PROFIT JUMP LIFTS 2019 GUIDANCE TO 230,000oz

Record Teranga Q2 18 gold prodn for a big profit jump lifts 2019 expectations to top-end 230,000oz with Wahgnion in the wings

ENDEAVOUR Q2 18 PROFIT PLUNGE, PRODN DOWN

Despite lower Q2 18 gold production and higher costs, Endeavour is clinging to 800,000pa+ in FY/CY19 at AISC below $800oz. By MBM’s North American correspondent
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START THE WEEK (CALENDAR)

CALENDAR
Public holidays -
Feb 14-18: Tet Nguyen Dan (Vietnam)
Feb 16-21: New Year (China, South Korea)
Feb 21: Robert Mugabe Youth Day (Zimbabwe)
Feb 23 - Defence of the Fatherland (Russia)

Conferences -
Feb 20-21: RIU Explorers Conference, Fremantle (Australia)

START THE WEEK: WHAT YOU NEED TO KNOW

(BRIEFING)

ALTURA NEARS PRODUCTION AS SPODUMENE CONCENTRATE PRICES RISES

Australian company Altura Mining has in place nearly all its requirements for development of its 100%-owned Pilgangoora lithium project in the Pilbara region, with the approval of its revised mining proposal expected in February and leading to construction starting in March.
Discussions are continuing on debt finance, expected to be finalised after the mining proposal has been granted, and Altura has ordered its long-lead time mechanical equipment.

LONGER LIFE AND HIGHER PRODUCTION SHOULD REVERSE MISPERCEPTIONS OF RAMELIUS RESOURCES

Australian miner Ramelius Resources is in the unusual position for a profitable 100,000ozpa-plus gold producer of being undervalued, but broker Hartleys suggests continued production and exploration performance should address the apparent mispricing.
Ramelius' production for FY2016 was about 10% above guidance, and indications are that production will again outperform by about 3-5% in FY2017. It is, Hartleys comments, a record that shores up confidence in Ramelius’ reserve base, mine plans and exploration prospects.

'SENSIBLE' WEST MUSGRAVE DEAL LIFTS SENTIMENT FOR CASSINI RESOURCES

West Australian explorer Cassini Resources has opened up a potential pathway to commercialise its very large West Musgrave nickel and copper project through its recently finalised farm-in deal with mid-tier miner OZ Minerals, broker Hartleys suggests.

REFOCUSED VICTORIAN MINING STRATEGY HAS A1 CONSOLIDATED POISED TO DELIVER

The start of mechanised underground mining marks the refocusing of mining efforts by Australian miner A1 Consolidated to maximise grades at its namesake gold mine in Victoria.
Overall, the company is targeting an initial production rate of over 25,000ozpa of gold at all-in-sustaining costs of under $A985/oz over the next 12 months.
Australian broker Patersons said the costs forecast suggested a potential margin of $700-800/oz and EBITDA of over $20Mpa over the 2-1/2 year mine life.

MARRIAGE OF WILLA AND MAX SET TO DELIVER STRONG UPSIDE FOR MX GOLD

With final rehabilitation and upgrades to its 100%-owned MAX mill on budget for completion in the December quarter, starting with a 10,000t bulk sample sourced from its nearby 100%-owned Willa gold/copper/silver deposit, Canadian junior MX Gold is poised for upside revaluation as its inherent value and accomplishments are appreciated by the market.
The company is currently advancing its Max mill and Willa gold mine near Revelstoke in British Columbia toward becoming Canada's newest gold mining operation.

BIRIMIAN FORECASTS REST ON LARGE MALI SPODUMENE POTENTIAL

Australian-based Birimian has been rated a speculative buy on the basis of the potential for a very large spodumene (lithium) development at its Bougouni project in Mali, Australian broker Hartleys reported. 
Bougouni comprises some 250sq km licence area that hosts the high-grade, potential bulk-tonnage Goulamina lithium deposit.
A maiden JORC-compliant resource is expected in October and Hartleys sees potential for a very large deposit at good grades (1.6-1.8% Li2O) on limited drilling to date.

GOOD NEWS FLOW TIPPED AS GASCOYNE NEARS DALGARANGA RESERVE UPGRADE

The gathering momentum of West Australian explorer Gascoyne Resources’ exploration campaign at its 80%-owned Dalgaranga gold project in the Murchison region prompts Argonaut to maintain its speculative buy recommendation with its target price raised to $A0.65 (current price $0.50), from $0.53 previously.
Recent results at Gilbeys confirm the tenor (width and grade) of the orebody and first reverse circulation results at Hendricks, 3km east of the Gilbeys openpit, demonstrate the potential for a satellite deposit.

DANAKALI SET TO BENEFIT FROM LOWEST-COST ERITREAN POTASH PROJECT

Australian-based Danakali has been given a "buy" recommendation with a $A0.50 price target, compared to its current share price of $0.31, in the initial research coverage of the company by broker Baillieu Holst.

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Insights and analysis from leading industry commentators

GOLD FIELDS PLANS MORE JOB AND OUTPUT CUTS IN NEW SOUTH DEEP TRANSFORMATION BID

(PRODUCTIVITY) Gold Fields is making another attempt to stem the cash burn at its South Deep mine in South Africa, announcing restructure plans that will see it cut workforce numbers by 28% while it seeks to transform it into a modern, mechanised operation.

BARRICK CHIEF BLASTS MINING INDUSTRY DISEASE, DISASTROUS DEALS AND POOR DECISIONs

(COMMENTARY) In wide-ranging criticism of the corporate performance of his company and across the mining industry, Barrick chief John Thornton sees Chinese partnerships as the most likely route for gold giant to build a global copper company.

STRATEGY SWITCH SPEEDS CONSOLIDATED ZINC PLANS TO REVIVE HISTORIC PLOMOSAS MINE

(DEVELOPMENT) Increasing resources and growing confidence in its mining studies have encouraged Consolidated Resources to adapt a staged development strategy that will see the historic Plomosas zinc-lead-silver mine back in production by the end of this year.

FAST PROGRESS AT MADAGASCAR MINE KEEPS BASS ON TRACK FOR PRODUCTION TARGET

(INDUSTRIAL MINERALS) Quick Graphmada graphite ramp-up has Bass Metals on track to become a material producer of industrial concentrates from its new Madagascar project.

MINER NEW HOPE GRABS A GROWTH OPPORTUNITY IN WESFARMERS EXIT FROM COAL MINING

(COAL MARKETS) Australian miner New Hope's confidence in the continuing demand of Asian power generators for thermal coal lies behind its planned $860M acquisition of Wesfarmers Resources' 40% stake in the Bengalla coal mine.

BHP MOVING TO FEED BURGEONING NICKEL EMPHASIS FOR ELECTRIC CARS

BHP is moving quickly to feed an increasing nickel need for electric cars as new technology moves to cut cobalt/manganese requirements

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START THE WEEK: COMMODITIES (Aug 10, 2018)

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