jueves, 16 de agosto de 2018

China's Ganfeng grabs SQM's stake in Argentinean lithium project

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Latin America News Digest
Friday 17 August 2018
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The $87.5-million deal is the latest Chinese acquisition of a lithium project in South America, following Tianqi Lithium's decision to buy 24% of SQM for $4.1 billion, which has not yet been approved by Chile's antitrust regulator.

The project is made up of five contiguous exploration permits and has a historic gold production of around 40,000 ounces of gold, mined between 1985 and 1996.

While lithium and potash are often found in the same deposits and mined together, the increasing number of projects aimed at producing the white metal shouldn't have an impact in the potash market.

It also recorded an impairment charge of $31.7 million, or $20.5 million net of tax, related to placing the La Guitarra mine on care and maintenance.

The need to store electricity, generated by renewable energy sources such as wind and solar, will also help demand to grow, the Metal Bulletin says.

Orosur says that the scarcity of alternative sources of ore at its Uruguayan project is resulting in financial liquidity constraints.

The $4.9 billion-investment is part of Codelco's 10-year, $39 billion overhaul of its core mines.

Exactly six months after hinting at the possibility of opening shop in Chile, MGX Minerals is acquiring 50 per cent of the issued shares of Chilean Lithium Salars.

Teck Resources received regulatory approval for its Quebrada Blanca Phase 2 project in the Tarapacá Region in northern Chile.

Zamin Ferrous alleges that the passing of a new mining law turned out to be a major change in the game rules in the South American country.

Founder gives up CEO role.

Despite the political unrest in the Central American country, Condor has received an environmental permit for the development of a processing plant and associated mine site infrastructure at La India gold project.

Five bodies were recovered from a collapsed marble and limestone mine in the town of Dengantzha, located in the Hidalgo state.

The Canadian precious metals miner logged a $10.6-million net loss for the first half of the year following a $49-million investment in its Gold Bar, Black Fox and Los Azules projects during the period.

Silverstream valuation had an adverse effect on profit before income tax, which came down 16.6% to $323 million.

Workers have downed tools and blocked access to the mine in protest of the "unjustified layoff" of two colleagues.

The president of Peru's National Society of Mining, Petroleum, and Energy said the project will create 9,000 jobs during its construction phase and additional 2,500 once it goes into production.

Barrick said earnings and cash flow impacted by planned maintenance activities at Barrick Nevada and Pueblo Viejo.

Guidance reconfirmed.

Production in the second-quarter of the year jumped 6.1% to 163,200 tonnes, as higher output at its Centinela and Antucoya mines mitigated declines at Los Pelambres and Zaldívar.

Vale announced an adjusted EBITDA of US$3.9 billion in Q2 with iron ore production of 96.8 tonnes and sales of 86.5 tonnes.

The ongoing trade war between the United States and China has forced the Chilean Copper Commission (Cochilco) to revise downwards its average copper price prediction by $0.06 per pound to $3.

Companies can now perform non-systematic drilling during the early exploration phase of their mining concessions and without requiring an environmental license.

Law firm leading the action says it has more than 3,000 investors signed up to pursue the miner for losses.

HEPS for continuing operations remained unchanged at $0.08 per share for the six months ended June 30, 2018 compared with the same period last year.

Some of the latest battery technologies may become obsolete before reaching the market because of the breakneck pace of advances in the industry.

Chilean copper producer Antofagasta said first-half core earnings fell 16.2 percent from a year earlier.

The main union at Chile's Caserones copper mine said on Monday that both sides had agreed to extend government mediation of labor talks until Thursday.

Brazilian steelmaker Usinas Siderurgicas de Minas Gerais SA will resume partial operations on Monday at its Ipatinga plant after an explosion injured 34 workers.

Peruvian President Martin Vizcarra says his government will likely pass laws within six months needed to tap a new lithium and uranium deposit, removing a major hurdle for Canadian miner Plateau Energy Metals' proposed $800 million mine.

A Canadian mining company can seize the shares of the owner of Citgo Petroleum Corp. to satisfy a $1.2 billion arbitration award over a Venezuelan gold mine.

Barrick's plan going forward includes increasing its portfolio of so-called tier 1 assets over time, and gradually shedding anything that's not tier 1 or deemed to be "strategic."

Mining companies around the globe are joining an industrywide push for gender equality and launching initiatives to increase the proportion of women working in mine pits, smelters and refineries.

Brazilian steelmaker Usinas Siderurgicas de Minas Gerais said said none of the injuries were severe.

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