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Mining Bulletin

The full story: In-depth news and analysis

RIO TINTO CUTS FY IRON ORE FORECASTS AFTER COVID IMPACTS SLOW MINE DEVELOPMENTS

The impact of COVID-19 counter-measures on labour recruitment and retention in the Australian mining sector has slowed completion of global miner Rio Tinto’s Gudai-Darri iron ore mine development and forced a cut in its FY2021 export forecasts.

STRONG PANDEMIC RECOVERY BOOSTS LUCAPA CY2021 PROFIT MARGIN FORECAST

The unexpected strength of the recovery in rough diamond prices from the COVID-19 pandemic disruptions has enabled international miner Lucapa to boost its already-ambitious profit forecasts for the calendar year.

TIETTO MINERALS DFS POINTS TO LATE 2022 PRODUCTION START AT ABUJAR GOLD PROJECT

Definitive feasibility study supports Tietto Minerals’ expectations for the Abujar gold project to be one of the Cote d’Ivoire’s largest producing gold mines.

FIREFINCH TIPS ‘IMMINENT’ APPROVAL OF GANFENG JV PLAN FOR WEST AFRICAN LITHIUM MINE

Mali government backs plans for Firefinch -Ganfeng joint venture to progress West Africa’s first large-scale hard rock lithium mine in the face of growing terrorist attacks.

NEW GRUYERE PLANT FAILURE DELIVERS HARD CHEESE FOR GOLD FIELDS AND GOLD ROAD

The Gruyere gold mine, originally billed by JV owners Gold Fields and Gold Road Resources as one of Australia’s largest and lowest-cost producers, is travelling well short of its full year guidance after the latest in a series of mechanical failures.

BASE RESOURCES NEW STUDY OUTLINES ENHANCED SCALE AND ECONOMICS FOR TOLIARA

African mineral sands producer and developer Base Resources has outlined substantial improvements in forecast production and financial returns in an enhanced definitive feasibility study for its 100%-owned Toliara project in Madagascar.

SANDFIRE RESOURCES AGREES AMBITIOUS DEAL TO ACQUIRE SPANISH COPPER COMPLEX

Sandfire Resources is targeting a quick transformation into one of Australia’s largest copper focused producers and a leading diversified global base metals producer with an ambitious $1.85B deal to acquire the large MATSA mining complex in Spain.

HIGH-FLYER FINLAYSON KEY TO GENESIS MINERALS' FUNDING, EXECUTIVE RESTRUCTURE

One of the Australian mining sector’s highest flyers, Raleigh Finlayson, has put his experience and expertise plus $7M funding behind a funding and restructuring plan aimed at building Genesis Minerals into a mid-tier gold company. John Feary reports

NICKEL MINER DOWNPLAYS FEARS OF INDONESIA IMPOSING NEW TAX ON LOW-GRADE EXPORTS

Australian-based nickel miner and processor Nickel Mines dismisses Indonesian minister’s claims of potential export tax on low-grade nickel pig iron and ferronickel exports.

FALLING PRICES AND RISING DISCOUNTS HALT VENTURE MINE AFTER FIRST SHIPMENT

New producer Venture Minerals suspends its Riley iron ore mine in Australia after just one export shipment due to the plunge in global iron ore prices.

GRAPHITE SPECIALIST TIRUPATI IN $12.5M DEAL TO BUY MOZAMBIQUE PROJECTS

UK-based integrated graphite value chain producer Tirupati will double the size of its portfolio in Mozambique with $12.5M agreement to acquire the Montepuez and Balama Central graphite flake projects from current owner Battery Minerals.

NEW CORONADO CURRAGH MINE TERM WORTH $1B-PLUS TO GOLDING CONTRACTORS

International coal miner Coronado Global Resources has signed a letter of intent with Golding Contractors for a five-year amendment of its mining services contract, with an anticipated value of up to $A1.4B at its Curragh mine in Queensland, Australia.

SCONI DEVELOPER AUSTRALIAN MINES SIGNS ‘MILESTONE’ OFFTAKE WITH BATTERY MAKER LGES

Australian Mines is aiming for June 2022 to finalise a funding agreement for its proposed $US1.5B development of the world-class Sconi mine in northern Queensland after signing a memorandum of understanding with world-leading EV batteries manufacturer LG Energy Solution covering 100% of its battery-grade nickel and cobalt.

NEWCREST GREENLIGHTS $246M TELFER MINE LIFE EXTENSION PROJECT TO AID HAVIERON TRANSITION

Newcrest Mining aims to smooth the transition to the Havieron mine, the first of its prospective developments in Western Australia’s Paterson province, with approval of an additional $246M mine cutback to maintain the continuity of operations at its Telfer plant.

LOCAL CONTRACTORS MAY GAIN FROM COVID COSTS REVIEW OF MOUNT PEAKE PROJECT

Commercial and logistical challenges caused by the global COVID-19 pandemic force a rethink by Australian project developer TNG and its proposed German EPC contractor SMS Group on the development strategy for the Mount Peake project in the NT.

DIGGERS HIGHLIGHT ‘CLEANER PLANET’ OPPORTUNITIES IN SWING TO BATTERY METALS

Miner credits the COVID-19 “pause button” for allowing the world to recognise the need to deliver cleaner solutions for future generations. John Feary reports

TVI DEAL WITH RED 5 SEIZES NEW OPPORTUNITY IN A LESS HOSTILE PHILIPPINES ENVIRONMENT

Philippines miner TVI Resource Development is moving to take advantage of a perceived easing of the Duterte regime’s opposition to the mining sector with its $54M agreement to acquire the Siana gold mine shut down because of government intransigence over four years ago.

RIO TINTO COMMITS $2.4B TO JADAR PROJECT AS GLOBAL BATTERY MINERAL SUPPLIER

Seventeen years after its geologists made the first discovery of the unique mineral jadarite in western Serbia, Rio Tinto has committed to invest $2.4B on becoming a top 10 global supplier of lithium carbonate to the booming EV and energy storage industries.

RIO TINTO FORCE MAJEURE AS SECURITY BREACHES HALT SOUTH AFRICAN MINERAL SANDS MINE

South Africa’s largest mineral sands producer is halted for the second time in less than two years because of rising levels of violent opposition from local community groups.

$1.7B VALE EXPANSION PROJECT DELIVERS FIRST UNDERGROUND ORE AT GIANT VOISEY’S BAY MINE

Delivery of the first production ore from the Reid Brook mine marks a milestone in the transition of the Voisey’s Bay mine on the northern Labrador coast in Canada for global miner Vale from openpit to underground mining.

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Breaks - ONE-CLICK INSTANT NEWS ...

Published: 31 Oct, 2021, Relevance: 1

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Breaks - MMG: BLOCKADES THREATEN FURTHER CUTS TO LAS BAMBAS OUTPUT

Published: 23 Oct, 2021, Relevance: 1

International miner MMG is facing more production shortfalls at its Las Bambas copper mine in Peru after local communities reinstated blockades on regional roads leading to the Andes project, just a month after settlement was reached on a previous round of protests.
MMG announced in its Sept qtr (Q3) report it had lowered its FY2021 production guidance for Las Bambas from 310,000t to 300,000-305,000t because of the earlier disruption to...

Breaks - HUMMINGBIRD RESOURCES: EQUIPMENT ISSUES SLOW MALI MINE OUTPUT

Published: 22 Oct, 2021, Relevance: 1

Lower than forecast Sept qtr (Q3FY2021) production due to excavator equipment availability issues for its mining contractor have led Hummingbird Resources to amend guidance for its Yanfolila gold mine in S Mali to the lower end of its 100,000-110,000oz production and upper end of its $US1,250-1,350/oz AISC ranges.
The UK-based company cautions the revised guidance is based on mitigation measures being implemented with its contractor to...

Breaks - ARDEA RESOURCES: $18M DESIGN CONTRACT FOR BATTERY PILOT PLANT

Published: 22 Oct, 2021, Relevance: 1

Some of the world’s largest nickel and chemicals producers are part of a plan to develop a cathode precursor production pilot plant at Kalgoorlie in Western Australia to produce locally sourced materials for electric vehicle batteries, adding value in downstream processing within Australia.
The companies are members of the Future Battery Industries Cooperative Research Centre, which has signed an $A18M contract to design and commission the pilot plant, with installation...

Breaks - AURIZON HOLDINGS: COAL SERVICES SPLIT FROM $2.4B RAIL TRANSACTION

Published: 22 Oct, 2021, Relevance: 1

Rail haulage operations covering major coal mining centres in the Hunter Valley of New South Wales and Central Queensland will be subject to a demerger or trade sale as part of the $A2.35B acquisition by Australia’s rail freight leader Aurizon of regional business One Rail Australia.
Aurizon says it will give an enforceable commitment to divest ORA’s East Coast Rail business to address likely official objections by competition...

Breaks - LYNAS RARE EARTHS: POST-COVID RECOVERY DRIVES STRONG Q1

Published: 22 Oct, 2021, Relevance: 1

The continuing strong magnet demand and increasing prices for neodymium and praseodymium in global economies recovering from COVID-19 disruptions have enabled Lynas Rare Earths to post invoiced revenue of $A121.6M in the Sept qtr (Q1FY22), second only to the previous period.
Total REO production at its Kuantan plant in Malaysia of 3,166t (Q4FY21: 3,788t) was achieved despite an 11-day shutdown of the cracking and leaching plant due to unavailability of...

Breaks - SWICK MINING: DDH1 MERGER TO CREATE GLOBAL DRILLING LEADER

Published: 22 Oct, 2021, Relevance: 1

The merger of leading listed Australian drillers DDH1 and Swick Mining Services is expected to create a world-leading mineral driller with a strong balance of surface and underground drilling exposures with a combined fleet of more than 170 rigs and generating pro-forma FY21 annual revenues of about $A445M and a combined pro-forma FY21 EBITDA of $104M.
Their binding scheme implementation agreement under which DDH1 will issue 0.297...

Breaks - CONSOLIDATED ZINC: PENOLES EXTENDS PLOMOSAS OFFTAKE

Published: 22 Oct, 2021, Relevance: 1

Mexican mining-metallurgical group Penoles has exercised its option to purchase 100% of the zinc concentrates produced by Consolidated Zinc’s wholly owned Minera Latin American Zinc operation at the historic Plomosas zinc, lead and silver mine in Chihuahua state.
The high-grade zinc concentrates are processed at Penoles’ Met-Mex smelter about 600km from Plomosas,...

Breaks - APOLLO CONSOLIDATED: GOLD ROAD JOINS FIGHT FOR WA EXPLORER

Published: 22 Oct, 2021, Relevance: 1

West Australian explorer Apollo Consolidated is urging shareholders to hold off on any decision on the off-market $A166M takeover offer from miner Gold Road Resources in competition to the board-endorsed original offer from Ramelius Resources.
Gold Road says its $A0.56 per share all-cash offer represents a premium to Ramelius’s cash-plus-shares offer, which it values currently at $0.554 per share.
The company has...

Breaks - BCI MINERALS: MARDIE POTASH PROJECT GETS GREEN LIGHT

Published: 22 Oct, 2021, Relevance: 1

Australian developer BCI Minerals is confident of finalising project funding within weeks after green-lighting its 100%-owned Mardie salt and potash development on WA’s Pilbara coast. The decision comes after it wrapped up $A740M of the project’s total $1.2B funding requirement this month.
The company is targeting an early 2022 construction start for the solar evaporation operation slated to produce 5.35Mtpa high-purity...

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Insights and analysis from leading industry commentators

IEA WARNS NET ZERO EMISSIONS TARGET UNACHIEVABLE WITHOUT SIGNIFICANT CHANGE

(ENVIRONMENTAL) A new International Energy Agency report published as a handbook for the coming United Nations interim climate change conference in Glasgow warns that the current growth in the emerging new energy economy is not yet enough to reach the net zero emissions target that is being adopted by governments and key industry leaders around the world.

GLOBAL MINING LEADERS BACK DRIVE TO MEET UN CLIMATE GREENHOUSE EMISSIONS TARGET

(ENVIRONMENTAL) The chief executives of the world’s leading mining companies and their representative bodies have given their unanimous commitment to meeting the UN’s target of achieving net zero greenhouse gas emissions by 2050.

AUSTRALIA’S MINERS REAFFIRM COMMITMENT TO NET ZERO EMISSIONS AHEAD OF COP26

(ENVIRONMENTAL) While the Australian government is still making up its mind over climate change policies, the nation’s mining sector is reinforcing its commitment and stepping up its practical implementation to achieving the Paris Agreement’s target of net zero greenhouse gas emissions by 2050.

INTERNATIONAL PRESSURE TO MAKE COAL ‘HISTORY’ GROWS AHEAD OF UN CLIMATE CONFERENCE

More countries sign up to growing international campaign to halt the development of new coal-fired power plants and the phase out of existing installations in readiness for the COP26 United Nations Climate Change Conference in Glasgow in October-November.

FORTESCUE PROMOTES COLLABORATIVE ROLE FOR NATIVE TITLE GROUPS IN MINE DEVELOPMENTS

(ENVIRONMENTAL, SOCIAL, GOVERNANCE) Australian mining entrepreneur and philanthropist Andrew Forrest promises a new shared direction for iron ore major Fortescue Mining Group’s operations and future developments in the WA Pilbara region with the establish of a “culturally safe” management framework.

WORLD GOLD LEADERS COMMIT TO STRONGER CLIMATE CHANGE REPORTING

(ENVIRONMENTAL) The pressure by global investors for a clear understanding of how their investments are being made climate-resilient in the face of climate challenges have prompted the 33 leading global gold miners who make up membership of the World Gold Council to commit themselves to the next stage of embedding climate change into their governance, strategy and risk management.

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START THE WEEK: COMMODITIES (Oct 15, 2021)

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DATADIGGING: TRACKING COVID-19’S IMPACT ON THE GLOBAL RESOURCES SECTOR (October 17, 2021)

START THE WEEK: COMMODITIES (Oct 8, 2021)

START THE WEEK: CALENDAR (Oct 11, 2021)