CIMIC Group company, CPB Contractors, has been selected by BHP Iron Ore to deliver the construction of bulk earthworks, concrete and underground services for the South Flank project in Western Australia’s Pilbara region.

Revenue to CPB Contractors for this construct-only contract is approximately $260 million, with construction scheduled to commence in July and conclude in September 2020.


CIMIC Group Chief Executive Officer Michael Wright said: “CIMIC Group has delivered significant resources infrastructure projects for the major mining clients in the iron ore industry, with our team continuing to contribute to Australian mining across all sectors.

“The South Flank development works will help to ensure that the Mining Area C precinct becomes one of the largest standalone iron ore processing centres in the world, and it is our privilege to again be working with BHP to deliver high-quality assets of long-term value.”


CPB Contractors Managing Director Juan Santamaria said: “Our extensive mining and resources experience and long history in the Pilbara mean we can offer comprehensive construction capabilities, certainty of delivery, and high standards of safety and quality.


“In addition, we are focused on a procurement strategy that provides participation, employment and training opportunities for Indigenous enterprises and local businesses, towards broader community benefits.”


The South Flank development is one component of BHP’s strategy to increase the mining, processing and out-loading capacity of the Mining Area C hub. As part of the South Flank Project, CPB Contractors will undertake works in and around the existing rail loop, including:


    • Earthworks and concrete works to support the expansion and duplication of the existing rail loop and stockyard;

    • Earthworks and concrete works for the development of a new ore processing plant and train load-out facilities; and
    • Underground services, including electrical and water services, for the above work.

The Mining Area C precinct is located approximately 120km north west of Newman in the Pilbara region of Western Australia.

Kinross Gold Corporation is pleased to  announce that it is proceeding with the initial Gilmore expansion project at its Fort Knox mine in Alaska.

The initial Gilmore project is expected to extend mining at Fort Knox by six years to 2027, and leaching to 2030, at a low initial capital cost of approximately $100 million, and increase life-of-mine production by approximately 1.5 million Au eq. oz.

The project is expected to generate an internal rate of return (IRR) of 17% and net present value (NPV) of $130 million based on a $1,200/oz. gold price, and an IRR of 26% and NPV of $239 million based on a $1,300/oz. gold price.

“We are pleased to proceed with the initial Fort Knox Gilmore project, a low-risk, low-cost brownfield expansion that is expected to extend mine life to 2030 at one of our top performing operations and contribute 1.5 million gold equivalent ounces to strengthen our long-term U.S. production profile.


“The Gilmore project offers an attractive IRR and NPV and adds to our suite of quality development projects at Tasiast, Round Mountain, Bald Mountain and Kupol to enhance our globally diverse portfolio. The project’s low initial capital cost is expected to be funded by Fort Knox’s cash flow, helping preserve our strong balance sheet and financial flexibility.


“With additional upside potential at Gilmore and beyond, Fort Knox is a significant asset in our portfolio located in an excellent mining jurisdiction. The Gilmore project and the addition of estimated mineral resources improves value and is expected to be a key contributor to the future growth of our Company.”

 

  1. Based on a $1,200 per ounce gold price assumption and $55/bbl oil price assumption. 2018-2030 unless noted otherwise.
  2. Incremental to pre-Gilmore mine plan and estimated mineral reserves previously disclosed by Kinross in its news release dated February 14, 2018.
  3. Throughout this news release, forecast site-level all-in sustaining cost excludes corporate overhead costs. This is a non-GAAP measure and is not defined under IFRS. Refer to “Reconciliation of non-GAAP financial measures” section in the Company’s Q1 2018 MD&A.
  4. Throughout this news release, calculated from July 1, 2018 forward and after tax.
  5. Throughout this news release, calculated based on a 5% discount rate from July 1, 2018 and after tax.


Gilmore feasibility study

The Gilmore feasibility study contemplates the first two phases of a potential multi-phase layback of the existing Fort Knox pit and construction of a new heap leach pad. The Company expects to continue leveraging its extensive experience and knowledge operating cold weather, sub-arctic heap leaching, having successfully operated Fort Knox’s current heap leach during the past 10 years.

The project plan requires minimal construction of new infrastructure and new equipment purchases, and has been optimized for lower initial capital costs. This includes continuing mining using Fort Knox’s current fleet and leveraging assets from the Company’s other North American operations as replacement equipment is required. Kinross expects to finance the initial capital costs of the project using Fort Knox’s cash flow.  


Early construction work on the new heap leach and dewatering is expected to begin in Q3 2018, with stripping commencing in 2019. Initial production from Gilmore is expected in early 2020, with approximately 5% of Gilmore ore expected to be stacked on the existing pad. Approximately 95% of Gilmore ore is expected to be stacked on the new heap leach pad, with stacking commencing in late 2020. Currently, milling at Fort Knox is expected to end in late 2020.


The project team has now been established and contracting is underway. Engineering is largely complete and the permitting process is proceeding as planned. Permits are now in place to start work on the new heap leach pad.


About Kinross Gold Corporation

Kinross is a Canadian-based senior gold mining company with mines and projects in the United States, Brazil, Russia, Mauritania, Chile and Ghana. Kinross’ focus is on delivering value based on the core principles of operational excellence, balance sheet strength, disciplined growth and responsible mining.

ALROSA, the world’s largest diamond mining company, will hold the auctions for the sale of special size rough diamonds (weighing over 10.8 carats) in Hong Kong and Vladivostok this June.


The auction in Hong Kong will take place on June 13-27; the results will be summed up on June 28. The company will auction 105 gem-quality lots with total weight of 1620 carats.


The second auction will be held on June 18-29 in Vladivostok. The company plans to bring there 130 gem-quality lots with total weight 2149 carats. The results of the auction will appear on June 29.


ALROSA invited 150 companies representing Belgium, Hong Kong, Israel, India, China, UAE, Russia and the USA to participate in the auctions. The diamonds to be put up for the auctions belong to ALROSA, and its subsidiaries –ALROSA-Nyurba and Severalmaz.


“Interaction with the Asia-Pacific countries is one of ALROSA’s key activities today. Vladivostok and Hong Kong are two excellent sites for attracting customers from these regions. Moreover, thanks to the good demand noted at the previous auctions, we decided to revise the previously approved schedule and to hold not two but four auctions in Vladivostok in 2018,” said Evgeny Agureev, the Member of the Executive committee, Director of the USO ALROSA.


In September 2018, ALROSA will hold an auction in Hong Kong as part of the Hong Kong Jewelery & Gem Fair. Before the end of the year, there will be two more auctions in Vladivostok, except that in June; their results will be announced in September and November, respectively.

ArcelorMittal has begun construction of new premises at its site in Ghent, Belgium, to house a pioneering new installation which will convert carbon-containing gas from its blast furnaces into bioethanol. If proved successful, the new concept has the potential to revolutionise blast furnace carbon emissions capture and support the decarbonisation of the transport sector.


The technology in the gas conversion process was pioneered by Chicago-based company, LanzaTech, with whom ArcelorMittal has entered a long-term partnership. The technology licensed by LanzaTech uses microbes that feed on carbon monoxide to produce bioethanol. The bioethanol will be used as transport fuel or potentially in the production of plastics.

 


This is the first installation of its kind on an industrial scale in Europe and once complete, annual production of bioethanol at Ghent is expected to reach around 80 million litres, which will yield an annual CO2 saving equivalent to putting 100,000 electrical cars on the road. The new installation will create up to 500 construction jobs over the next two years and 20 to 30 new permanent direct jobs. Commissioning and first production is expected by mid-2020.


The application of this microbial gas conversion system significantly advances ArcelorMittal’s carbon capture and storage (CCS) and carbon capture and utilisation (CCU) capabilities and enhances steel’s role in the circular economy. ArcelorMittal’s long-term aspiration is to become a zero-waste business, with all materials used or generated during steel production recuperated, treated and reused in the production chain or becoming the raw materials for other industries.


"We are excited that after several years of research and engineering, we are now progressing with the largest project of its kind within the ArcelorMittal group. This is the first application of a viable new business case where re-use of carbon is possible at large scale. We will achieve significant carbon reduction and we hope that this will lead us to a lower carbon economy," says Carl De Maré, vice president of Technology Strategy at ArcelorMittal. "This new Carbon Smart technology illustrates ArcelorMittal’s commitment to transforming steel production and it will also further strengthen steel’s standing in the circular economy, particularly compared to other higher carbon metals like aluminium.”


"Single use carbon must become a thing of the past,” said Jennifer Holmgren, CEO of LanzaTech. “In order to succeed in decarbonizing our economy, we will need the commitment of large companies and governments from around the world to ensure carbon reuse is part of the solution. This facility in Europe embodies the key principles of the circular economy and drives to a zero-waste steel production world. We are excited to work with ArcelorMittal and are grateful for the support of the European Commission.”


ArcelorMittal will work with specialized partners to roll out this bioethanol technology. Funding was obtained from various sources, including the European Union's Horizon 2020 program, to carry out further research and development and scale up the project.


About ArcelorMittal

ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and an industrial footprint in 18 countries. Guided by a philosophy to produce safe, sustainable steel, we are the leading supplier of quality steel in the major global steel markets including automotive, construction, household appliances and packaging, with world-class research and development and outstanding distribution networks.


Through our core values of sustainability, quality and leadership, we operate responsibly with respect to the health, safety and wellbeing of our employees, contractors and the communities in which we operate.


For us, steel is the fabric of life, as it is at the heart of the modern world from railways to cars and washing machines. We are
actively researching and producing steel-based technologies and solutions that make many of the products and components people use in their everyday lives more energy efficient.


We are one of the world’s five largest producers of iron ore and metallurgical coal. With a geographically diversified portfolio of iron ore and coal assets, we are strategically positioned to serve our network of steel plants and the external global market. While our steel operations are important customers, our supply to the external market is increasing as we grow.

In 2017, ArcelorMittal had revenues of $68.7 billion and crude steel production of 93.1 million metric tonnes, while own iron ore production reached 57.4 million metric tonnes.


ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).

 

For more information about ArcelorMittal please visit: http://corporate.arcelormittal.com/


About LanzaTech

LanzaTech has developed a unique microbial capability that captures and recycles a broad spectrum of gases for fuel and chemical production with over 50 different molecules demonstrated. Proprietary microbes combined with innovative approaches in bioreactor design and process development have enabled rapid scale up to take place. The first European demonstration facility with ArcelorMittal, the world’s largest steel company is under construction in Belgium.

Across the supply chain, LanzaTech promotes a “Carbon Smart™” circular economy, where both gas providers and end users can choose to be resource efficient by recycling or “sequestering” carbon into new products rather than making them from fossil reserves. Founded in New Zealand, LanzaTech has raised more than US$250 million from investors including Khosla Ventures, K1W1, Qiming Venture Partners, Petronas, Mitsui, Primetals, China International Capital Corp, Suncor, China International Investment Corporation (CITIC) and the New Zealand Superannuation Fund.

Newmont Mining Corp announced that it has entered into an agreement to sell its royalty portfolio (the Transaction) to Maverix Metals Inc. , an emerging precious metals royalty and streaming company.

In connection with the Transaction, Newmont will receive 60 million Maverix common shares, representing an ownership interest of approximately 28 percent; $17 million in cash; and warrants for an additional 10 million common shares.

Newmont’s royalty portfolio includes 54 precious metals and industrial minerals royalties, including royalties at TMAC Resources’ Hope Bay mine in Canada and Premier Gold’s McCoy Cove project in Nevada.


“Our strategic partnership and equity interest in Maverix generates value for both companies’ shareholders,” said Randy Engel, Executive Vice President, Strategic Development. “Maverix’s management team has a strong track record of managing and growing high-quality royalty and streaming assets in favorable mining districts on four continents.”


In connection with the Transaction, the parties will enter into a shareholder agreement which will entitle Newmont to a seat on Maverix’s Board of Directors and pre-emptive rights to participate in future financings to maintain the Company’s ownership stake. Newmont’s strategic partnership will provide ongoing exposure to Maverix’s growing portfolio, which currently includes 27 high-quality royalties and streams, 10 of which are on producing mines. Closing of the Transaction is expected to occur in the second quarter of 2018.


About Newmont

Newmont is a leading gold and copper producer. The Company’s operations are primarily in the United States, Australia, Ghana, Peru and Suriname. Newmont is the only gold producer listed in the S&P 500 Index and was named the mining industry leader by the Dow Jones Sustainability World Index in 2015, 2016 and 2017. The Company is an industry leader in value creation, supported by its leading technical, environmental, social and safety performance. Newmont was founded in 1921 and has been publicly traded since 1925.

Fortescue Metals Group (Fortescue) continues to successfully implement its innovation projects with the relocatable conveyor at Cloudbreak coming online.


A key productivity initiative, the five kilometre conveyor includes a semi-mobile primary crushing station and feeds directly into the Cloudbreak ore processing facility. The relocatable conveyor and semi-mobile crushing facilities can be positioned approximate to pits and relocated once mined.


By providing greater flexibility and increased accessibility to remote mine pits, the relocatable conveyor will reduce haulage costs, offsetting rising strip ratios and delivering sustained efficiency improvements across the business.


Chief Executive Officer Elizabeth Gaines said Fortescue has a proud history of embracing technology and innovation.


“The long and shallow nature of the ore body at the Chichester Hub presents unique challenges and opportunities. Since Fortescue first began operation with strip miners, the team has consistently brought new ideas and solutions to deliver the most from our ore bodies,” Ms Gaines said.


“In partnership with RCR Tomlinson, we have been able to adapt the relocatable conveyor technology frequently used in underground mining operations, allowing our team to respond to the requirements of the mine plan with greater flexibility.


“Together with the rollout of autonomous haulage technology (AHS) across the Chichester Hub, this innovative conveyor system will contribute to further productivity and efficiency improvements and maintain our cost leadership position.


“I would like to thank the entire Fortescue team for the safe and successful completion of the project.”

 

Nornickel is the only Russian company on the annual Forbes’ Top-100 Most Innovative list.The list is a ranking of companies investors think will create profitable new ideas.

The assessment is based on innovation premium the difference between capitalisation and discounted cash flow which reflects the growth potential. To be included on the list, firms need seven years of public financial data and USD 10 bn in market cap.

The strategy of Nornickel the global leader in palladium and high grade nickel production is focused on the development of Tier-1 assets, upgrade of the existing capacities and launch of new facilities for a more efficient, environmentally-friendly and safe production process.

Nornickel’s portfolio has a number of promising growth projects seeking to develop the vast reserves of non-ferrous and precious metals in the Norilsk Industrial District. The company is committed to digitisation of every production stage, with Technology Breakthrough programme introduced in 2015 to digitise and automate most processes by 2020. It is currently implemented by over 50%.

This year’s Forbes #1 World’s Most Innovative Company is ServiceNow, a company providing IT support automation solutions. Workday, a cloud service to track finance and HR resources, scores the second. Top-10 also includes Netflix, Incyte, Hindustan Unilever, Naver and Facebook, and only two non-American companies — India-based cosmetics company Hindustan Unilever and South Korean search engine Naver.

Rio Tinto and Minmetals have formalised a Joint Venture Contract to establish a 50:50 joint venture to explore for world-class mineral deposits in China.

It follows a Technical Collaboration Contract signed in November 2017 when both parties committed to a collaborative partnership in mineral exploration. The joint venture is subject to regulatory approvals.

Rio Tinto chief executive J-S Jacques and China Minmetals president Guo Wenqing witnessed the signing of the Joint Venture Contract by Rio Tinto Minerals Development Limited and Minmetals Exploration & Development Company Limited.


Rio Tinto chief executive J-S Jacques said, "The formalisation of the exploration joint venture is an important milestone in our growing partnership with China and Minmetals, who is an increasingly important player in the global mining industry. Our complementary strengths in exploration put us in the best possible position to find metals and minerals essential to human progress."


China Minmetals Corporation president Guo Wenqing said, "The collaboration is very significant to Minmetals. Rio Tinto has rich prospecting experience and great discoveries worldwide, while Minmetals has solid technical expertise and extensive experience the two strong partners will drive breakthroughs, pioneer progress, and promote the exchanges and collaboration of the global resource industry.


The immediate priority for the joint venture will be mineral targets in China that are identified under the Technical Collaboration Agreement. The future collaboration of the parties will expand to exploration of global resources.


The registered capital of the joint venture will be RMB200M (US$31.3 million) with initial contributions of RMB35M (US$5.5 million) by each party within approximately 6 months of establishment of the joint venture. Any further capital contributions will be subject to unanimous approval of the parties and linked to agreed target areas.


Minmetals is considered to be a related party of Rio Tinto plc under the UK’s Financial Conduct Authority Listing Rules. The entry into the joint venture is a smaller related party transaction, falling within UK Financial Conduct Authority Listing Rule 11.1.10R.

In a presentation to investors and analysts in Perth, Rio Tinto will showcase its Pilbara operations, a world-class, leading-edge, fully integrated system.


The presenters will discuss how Rio Tinto's Iron Ore business will continue to deliver superior value for shareholders by developing greater flexibility across its system of mines, rail and ports in Western Australia, capable of dynamically responding to changes in market and customer demand.

 


Rio Tinto Iron Ore chief executive Chris Salisbury said "Our strategy is to optimise our Pilbara assets to deliver value for our
shareholders. Our Iron Ore business delivered $7.3 billion of free cash flow in 2017 and we will continue to maximise free cash flow by pursuing a value-over-volume approach, built on a portfolio of world-class assets that deliver our premium iron ore product, the Pilbara Blend.

"We are driving productivity improvements right across the business and we continue to leverage considerable value from innovation and new technology. Our pioneering autonomous rail project, AutoHaul®, is on schedule to be implemented by the end of the year, and is already delivering benefits to the business through an uplift in rail capacity.


"Removing our bottleneck in rail and increasing flexibility remain a key priority. This work is progressing well and rail and mine capacity should be in line with nameplate port capacity by the end of 2019. As we have said before, we will continue to optimise the system to provide the flexibility to respond to market conditions. However, importantly, capacity is not the same as tonnes shipped. How we use the capacity of our integrated system will be dynamic, in line with a strict value-over-volume approach.


"We have an extensive pipeline of future development options, which we continue to grow. In 2018, our 700 kilometre drilling programme will provide both ongoing reserve replenishment and significant optionality to optimise operations."


More than 4,500 mine-to-market productivity initiatives are being pursued in Iron Ore, delivering $500 million in additional free cash flow per year by 2021 as part of an annual Group-wide target of $1.5 billion. The company's productivity and cash focus are increasingly important to offset early signs of cost inflation which are returning to the industry.


The Group's sector-leading application of new technology will also be discussed, including the continued successful roll out of automation, with 95 autonomous trucks and 11 autonomous drills already in operation. Work is progressing on the feasibility study for the Koodaideri project, designed to be the first mine to take full advantage of all these innovations.


Mr Salisbury added the company continues to benefit from changes in the Chinese steel industry.

"The steel industry in China has undergone a significant shift in recent times due to supply-side reforms and environmental policy improvements. We believe these reforms are structural and that our business is well positioned to take advantage of these changes due to robust demand for our high quality products, including the Pilbara Blend."


Other key points from the presentations include:

Resource and mine development

• A large drilling programme for 2018 is scheduled, with 700 kilometres of drilling scheduled at various operational hubs near existing mines in addition to exploration on new leases.
• The Koodaideri feasibility study continues to progress. The project underpins the Pilbara Blend product and should be a low-cost operation with significant capacity optionality.
• Expected spending of ~$2.2 billion on replacement mines over the next three years including initial spending on the Koodaideri, West Angelas and Robe Valley developments.
• The $118 million Billiard South sustaining project is in development, helping to support Yandicoogina operations. Production is expected to commence in 2019.

Operations

 

The Silvergrass mine continues to ramp up to its 21Mtpa capacity, running at an annualised rate of 15.3Mtpa at end of the first quarter of 2018.
Sustaining capital spending of ~$1 billion per year for the next three years in the Pilbara.
The pioneering AutoHaul® project is building future system flexibility. Following regulatory approval received in May, full implementation of the autonomous programme is anticipated by the end of 2018.
Rail and mine capacity is expected to match nameplate port capacity by the end of 2019.
The rail productivity programme, targeting every part of the rail system, will deliver additional capacity and flexibility to underpin our optimised supply chain design.


Sales and marketing

China's steel industry is undergoing a structural change.
Removal of less efficient steel-making capacity and strong demand is supporting steel pricing and currently provides a robust backdrop for high quality iron ore.
Shipment guidance for 2018 remains unchanged at between 330 million and 340 million tonnes.

Glencore refers to its announcement with regard to the Settlement Agreement entered into by Katanga Mining Limited ("Katanga") with La Générale des Carrières et des Mines ("Gécamines") for the resolution of the capital deficiency at Katanga's 75% owned DRC operating subsidiary Kamoto Copper Company.

Glencore confirms that the condition precedent to the Settlement Agreement has now been fulfilled. The Settlement Agreement is therefore unconditional and effective.


Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities. The Group's operations comprise around 150 mining and metallurgical sites, oil production assets and agricultural facilities.

With a strong footprint in both established and emerging regions for natural resources, Glencore's industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries.


Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, oil and food processing sectors. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore's companies employ around 146,000 people, including contractors.


Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.

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