R/€ = 15.47 Change: 0.03
R/$ = 13.21 Change: 0.06
Au 1239.80 $/oz Change: -1.76
Pt 822.50 $/oz Change: -9.93


Huge Brazil tax liability slows sale of funds' Vale stakes – sources

By: Reuters     29th June 2018 A potential tax liability in the billions of dollars is delaying the sale of major stakes in miner Vale SA by Brazil's largest pension funds, according to two sources with knowledge of the matter. Discussions over the tax issue are prolonging when and how pension funds are going to unload their... 

Brazil truckers strike having limited impact on Vale operations – CEO

By: Reuters     30th May 2018 A strike by Brazilian truckers to protest a hike in diesel prices has had a limited impact on operations at Vale, the world's top iron-ore producer, but could worsen if the strike continues, CEO Fabio Schvartsman said on Tuesday. Speaking at an event in Sao Paulo, Schvartsman also said he saw a... 

Brazil deal to end truckers' strike rattles Petrobras investors

By: Reuters     29th May 2018 Petrobras shares plunged 15% on Monday after Brazil's government offered new fuel subsidies and softened the oil producer's pricing policy in a bid to settle a truckers' strike that has wreaked havoc on Latin America's largest economy. As a result of tax cuts and subsidies announced by President... 

Pension fund Previ not likely to sell its Vale shares in 2018 – source

By: Reuters     5th April 2018 Brazilian pension fund Previ is not likely to sell its shares in Vale in a public offering this year, a person with knowledge of the matter said on Wednesday, a week after the iron ore miner announced a more generous dividend policy. Holding on to its full Vale stake would allow Previ to take... 

Brazilian miner Vale to discuss new dividend policy - Valor

By: Reuters     28th March 2018 Board members of Brazilian miner Vale will discuss in a meeting on Thursday a new dividend policy, according to a Wednesday report by newspaper Valor Econômico. Under the new policy, Vale would calculate dividend payouts based on its earnings before interest, tax, depreciation and amortisation,... 

Hydro to start shutdown of Brazil alumina lines by mid-April – sources

By: Reuters     28th March 2018 The Alunorte refinery in northern Brazil, owned by Norway's Norsk Hydro, will start shutting down half of its alumina capacity in the next two weeks to preserve equipment, two people familiar with the matter said on Tuesday. The world's largest alumina refinery, situated in Brazil's Amazon... 

Brazil court denies Norsk Hydro request to resume production

By: Reuters     6th March 2018 A Brazilian court denied a request by Norwegian aluminium maker Norsk Hydro to resume full operations at its unit Hydro Alunorte, the court said in a statement, in the latest setback after allegations it had contaminated water in the area. Norsk Hydro had appealed to a higher court after a judge... 

Vale diversifies away from iron-ore despite strong China demand – CEO

By: Reuters     30th January 2018 Continued Chinese efforts to reduce pollution will boost demand for Vale's high quality iron-ore, the Brazilian miner's chief executive said on Tuesday, even as the world's top iron-ore producer seeks to diversify away from the metal. China's aggressive campaign to clean its skies by clamping... 

Vale could be 'natural' owner for Samarco, in talks with BHP

By: Reuters     17th January 2018 Brazil's Vale is in talks with BHP Billiton on options for their joint venture Samarco, and it may be easier for Vale to resolve that miner's problems as sole owner, a director of the Brazilian mining company said on Wednesday. "Maybe Vale would be a natural owner of Samarco, maybe it could make... 

Vale to get $733m by month-end from Moatize stake sale to Mitsui

By: Reuters     16th March 2017 Brazilian mining company Vale said on Wednesday it is nearing conclusion of a deal to sell a stake in Mozambique's Moatize coal project to Japan's Mitsui & Co. Vale said it expects to receive by the end of this month an initial payment of $733-million from Mitsui from the equity sale. The... 

Paladin lifts Q3 uranium output as Langer Heinrich output rises, costs fall

By: Henry Lazenby     18th October 2016 Despite Australia-based uranium producer Paladin Energy lifting saleable uranium output by 16% in the quarter ended September 30, it missed its sales guidance by 50 000 lbs of uranium oxide (U3O8), citing a re-timing of sales negatively influencing results. Total sales for the quarter amounted to... 

Carolina Capital closes Montana mine acquisition, to change name

By: Henry Lazenby     18th October 2016 Vancouver-based Carolina Capital has acquired a 100% interest, subject to certain underlying royalties, in the Montana-based Madison gold/copper project, where it has identified a series of existing gold and copper zones that remain open for expansion. The company, which has won approval from the... 

Asante Gold signs C$19.5m JV with Chinese-backed BXC to develop Ghana-based Kubi project

By: Henry Lazenby     18th October 2016 Ghana-focused project developer Asante Gold has partnered with China-owned BXC to form the Kubi Gold joint venture (JV), a 50:50 JV that will develop the Kubi mining leases to production. BXC is a subsidiary of Beijing Fuxing Xiao-Cheng Electronic Technology Stock, and has agreed to provide... 

Argonaut lowers FY guidance as abnormal weather, mine sequencing impedes output

By: Henry Lazenby     18th October 2016 Canadian gold producer Argonaut Gold has lowered its full-year guidance by 15 000 gold-equivalent ounces (GEOs) to between 115 000 GEOs and 120 000 GEOs, after abnormally high rainfall and changes in mine sequencing impacted on production at the El Castillo mine, in Mexico. During the three... 

BHP-Vale Brazil mine said to weigh missing next bond coupon

By: Bloomberg     15th September 2016 Samarco Mineracao is considering skipping bond coupon payments that are due as soon as this month as the stalled Brazilian iron-ore miner runs out of money, according to people with knowledge of the matter. Without knowing when it can restart mining, the venture owned by BHP Billiton and Vale is... 

Big miners need a better plan for growth riddle in China

By: Bloomberg     13th September 2016 Rio Tinto Group, the world’s second-biggest miner, is no longer certain of picking the path ahead for growth in China, its biggest customer. It isn’t alone. China’s short-term demand remains difficult to read, Glencore’s CEO Ivan Glasenberg said last month after the largest miners were... 

BHP-Vale mine bondholders said to hire lawyers for debt talks

By: Bloomberg     6th September 2016 Samarco bondholders hired US law firm Hogan Lovells for help with debt-restructuring talks as the stalled Brazilian iron-ore miner runs out of money, according to people with knowledge of the matter. With a coupon payment looming, Hogan Lovells is seeking a Brazilian law firm to work with it on... 

Samarco prosecutor expects to seek criminal charges next month

By: Bloomberg     1st September 2016 Brazilian prosecutors are finalising a criminal investigation into the Samarco mine disaster and expect to ask a judge by the end of September to charge employees, said one of the prosecutors heading the case. The investigation is looking into alleged negligence that may constitute involuntary... 

Vale says crown-jewel deal unlikely this year

By: Bloomberg     26th August 2016 Vale SA, the top iron-ore miner, is poised to complete coal and fertilizer sales this year, while a deal involving its most prized assets probably will take longer, according to its investor relations chief. The Rio de Janeiro-based company, which is grappling to reduce one of the industry’s... 

Stalled BHP-Vale mine said seeking waiver on bank repayments

By: Bloomberg     13th August 2016 Brazilian miner Samarco is seeking a standstill agreement on about $1.6-billion in bank loans as its owners BHP Billiton and Vale refuse to cover debt payments, people with knowledge of the matter said. The iron-ore venture, whose operations were halted last year after a dam spill, is asking... 

Vale output expected to tease record levels despite dam disaster

By: Bloomberg     20th July 2016 Vale SA’s relentless expansion is expected to keep the world’s biggest iron-ore miner near record output levels despite the hobbling effects of last year’s Samarco dam burst on its Brazilian operations. The Rio de Janeiro-based miner will report second-quarter output of 86-million metric tons,... 

Vale expects to raise $1.5bn from asset sale in Brazil

By: Reuters     24th June 2015 Brazilian miner Vale could raise about $1.5-billion through the sale of a stake in one of its Brazil-based assets, a senior executive said on Wednesday. Vale, the world's largest producer of iron-ore, is scrambling to raise cash to shore up its finances in the midst of a price slump in the raw... 

Investment crucial for growth of South American mining industry

By: Sashnee Moodley     26th July 2013 The fulfilment of the South American mining industry’s potential for growth lies not only in the resource-rich areas of the continent, but also in the ability to articulate the several challenges and the eagerness of the government to help on this, given the complexity of such kinds of investments.  

Brazil's Usiminas posts bigger-than-expected Q3 loss

By: Henry Lazenby     1st November 2012 Usinas Siderúrgicas de Minas Gerais on Thursday posted a bigger-than-expected loss for the third quarter as weak iron-ore sales and surging one-time expenses weighed down results at Brazil's largest maker of flat steel products. Usiminas, as the Belo Horizonte, Brazil-based company is known,... 

Brazil's CCX coal miner appoints new CEO after resignation

By: Henry Lazenby     27th October 2012 Brazil coal miner CCX, whose operations are focused on Colombia, has appointed Jose Gustavo de Souza Costa as CE and head of investor relations, according to the minutes of the company's board meeting on Friday. The board of CCX Carvao de Colombia, developing a greenfield coal mine project in... 

The Brazilian gold rush

12th October 2012 Perhaps the most popular and romantic aspect of the history of gold is the narrative of the various gold rushes that lured hundreds of thousands of people, literally, to the four corners of the globe during the eighteenth and, more notably, the nineteenth centuries. Such popularity can partly be... 

Kolomela project passes 18-million LTI-free hours

By: Leandi Kolver     27th April 2012 Engineering Consultancy Hatch reports that it has just passed 18-million lost-time injury- (LTI-) free hours at iron-ore producer Kumba Iron Ore’s Kolomela mine, in the Northern Cape, for which it is the engineering, procurement and construction management (EPCM) contractor.  


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