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Mining Bulletin

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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START THE WEEK: CALENDAR (Feb 24, 2020)

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

Companies –
Feb 24: Macmahon H1FY20, Perth (Australia)
Feb 27: Austin Engineering HY, Brisbane (Australia)
Feb 27: Impala Platinum HY, Johannesburg (South Africa)

START THE WEEK: COMMODITIES (Feb 14, 2020)

LME ($US), Feb 14 –
Aluminium 1,704.50
Copper 5,737.00
Zinc 2,138.00
Nickel 13,035.00
Lead 1,875.00
Tin 16,525.00
Cobalt 33,500.00
Gold 1,583.10
Silver 17.755

COMEX ($US), Feb 14 –
Gold 1,586.90
Silver 17.715
Copper 2.606
Platinum 967.60
Palladium 2335.20

LBMA price data ($US), pm Feb 14 –
Gold 1,581.40
Silver 17.70500
Platinum 972.00
Palladium 2,458.00

NYMEX ($US) 62% Fe CFR China, Feb 14 –
Iron ore 84.86

START THE WEEK: CALENDAR (Feb 17, 2020)

Conferences –
Feb 18-20: RIU Explorers Conference, Fremantle (Australia)

Companies –
Feb 18: BHP HY, Melbourne (Australia)
Feb 19: Fortescue HY20, Perth (Australia)
Feb 20: Kirkland Lake Gold FY, Toronto (Canada)
Feb 21: Hudbay Minerals 4Q2019, Toronto (Canada)
Feb 21: Vale 4Q19 financials, Brasilia (Brazil)
Feb 21: AngloGold Ashanti FY, Johannesburg (S Africa)

START THE WEEK: COMMODITIES (Feb 7, 2020)

LME ($US), Feb 7 –
Aluminium 1,693.50
Copper 5,653.00
Zinc 2,152.50
Nickel 12,770.00
Lead 1,835.00
Tin 16,325.00
Cobalt 34,250.00
Gold 1,569.80
Silver 17.735

COMEX ($US), Feb 7 –
Gold 1,573.80
Silver 17.685
Copper 2.5465
Platinum 962.30
Palladium 2,212.70

LBMA price data ($US), pm Feb 7 –
Gold 1,572.65
Silver 17.77000
Platinum 971.00
Palladium 2,298.00

NYMEX ($US) 62% Fe CFR China, Feb 7 –
Iron ore 81.65

START THE WEEK: CALENDAR (Jan 10, 2020)

Companies –
Feb 11: Vale 4Q19, Brasilia (Brazil)

START THE WEEK: COMMODITIES (Jan 31, 2020)

LME ($US), Jan 31 –
Aluminium 1,709.50
Copper 5,570.00
Zinc 2,219.00
Nickel 12,675.00
Lead 1,874.50
Tin 16,275.00
Cobalt 34,750.00
Gold 1,583.50
Silver 18.015

COMEX ($US), Jan 31 –
Gold 1,593.40
Silver 18.03
Copper 2.512
Platinum 962.3
Palladium 2,215.5

LBMA price data ($US), pm Jan 31 –
Gold 1,584.20
Silver 17.88500
Platinum 959.00
Palladium 2,295.00

NYMEX ($US) 62% Fe CFR China, Jan 31 –
Iron ore 81.35

START THE WEEK: CALENDAR (Feb 3, 2020)

Conferences –
Feb 3-6: Investing in African Mining Indaba, Cape Town (South Africa)

START THE WEEK: COMMODITIES (Jan 24, 2020)


LME ($US), Jan 24 –
Aluminium 1,775.50
Copper 5,968.00
Zinc 2,354.50
Nickel 12,990.00
Lead 1,960.00
Tin 16,900.00
Cobalt 32,250.00
Gold 1,572.30
Silver 18.105

COMEX ($US), Jan 24 –
Gold 1,577.60
Silver 18.12
Copper 2.683
Platinum 1,010.1
Palladium 2,322

LBMA price data ($US), pm Jan 24 –
Gold 1,564.30
Silver 17.83000
Platinum 1,013.00
Palladium 2,455.00

NYMEX ($US) 62% Fe CFR China, Jan 24 –
Iron ore 94.35

START THE WEEK: CALENDAR (Jan 27, 2020)

Companies –
Jan 29: Evolution Mining 1/4, Sydney (Australia)
Jan 30: Fortescue Metals HY, Perth (Australia)
Jan 31: Caterpillar FY, Deerfield (USA)

START THE WEEK: COMMODITIES (Jan 17, 2020)

LME ($US), Jan 17 –
Aluminium 1,796.00
Copper 6,276.50
Zinc 2,434.00
Nickel 13,840.00
Lead 1,977.00
Tin 17,775.00
Cobalt 32,000.00
Gold 1,559.90
Silver 18.055

COMEX ($US), Jan 17 –
Gold 1,557.30
Silver 18.04
Copper 2.846
Platinum 1,027.2
Palladium 2,250.4

LBMA price data ($US), pm Jan 17 –
Gold 1,557.60
Silver 18.06000
Platinum 1,016.00
Palladium 2,465.00

NYMEX ($US) 62% Fe CFR China, Jan 17 -
Iron ore 94.81

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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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