Rio Tinto will reduce its gross debt by $1.5 billion under cash tender offers announced on 26 September 2016.
As part of Rio Tinto's ongoing capital management plan, Rio Tinto Finance (USA) plc and Rio Tinto Finance (USA) Limited have made cash tender offers to purchase up to approximately $1.5 billion of the outstanding securities.
The Offer, which commenced on 26 September 2016 and will expire on 24 October 2016, was oversubscribed at 5pm, New York City time, on 7 October 2016 and therefore approximately $1.5 billion of Securities will be purchased.
No Securities tendered after the above time will be accepted.
Randgold Resources is disappointed the Malian government had escalated their long-running tax dispute to the extent of closing the group's offices in the country's capital Bamako.
The closure does not affect the operations of its three mines in Mali.
As Randgold has previously disclosed, most recently in its August 2016 quarterly report, it has been professionally advised that a large proportion of the tax claims received from the state of Mali in respect of its operations in that country are without merit or foundation.
Following the appropriate legal process, it is strongly defending its position in relation to these claims.
The company pointed out that the Morila, Loulo and Gounkoto operations, each have legally binding establishment conventions which guarantee fiscal stability, govern the taxes applicable to the companies and allow for international arbitration in the event a dispute cannot be amicably resolved.
It noted that the International Center for Settlement of Investment Disputes had recently awarded $29.2 million plus costs to Loulo for taxes found by the tribunal to have been wrongfully collected by the Malian government.
Vedanta has delivered a strong operational performance during the second quarter, said CEO Tom Albanese.
"We have progressed on our ramp-up of aluminium and though we had some operational challenges, our full year volumes are not expected to be materially impacted," he said in a statement.
"We achieved higher mined metal production at Zinc India and this upward trend is expected to continue in the second half.
"We are extremely pleased that shareholders have approved the proposed Vedanta Limited - Cairn India merger last month, and we expect the transaction to complete in the first quarter of CY2017.
"This is an important strategic step in simplifying the Group."
- Oil & Gas: Strong production at Rajasthan, with Mangala EOR 23% higher q-o-q; Gas production at Rajasthan up 17% q-o-q
- Zinc India: Mined metal production up 51% and silver production up 21% q-o-q; H2 production expected to be significantly higher than H1, as per the mine plans
- Aluminium: Smelters continue to ramp up, with current production run-rate of 1.1 mtpa (excluding trial run production); ramp-up was impacted by pot outages at Jharsuguda-II and BALCO-II smelters in Q2; Secured coal linkages of 6mtpa for captive power plants through auctions
- Iron Ore: Mining and shipments from Goa resumed from end September, following the monsoon season
- Copper - Zambia: Mined metal production higher q-o-q due to improved recoveries
- TSPL Power: 1980MW plant fully operational with third 660MW unit capitalized; 77% plant availability in Q2 .
Strategic Minerals has noted the recent rise in its share price and can confirm that there is nothing further to update since the release of the interim results for the six months ended 30 June 2016, on 29 September 2016.
Aurum Mining, the Spain-focused gold and tungsten explorer, has issued and allotted 2.4m shares of 1p each in settlement of services received from a professional adviser.
Application for admission to trading on AIM of the 2,400,000 new Ordinary Shares being issued will be made and admission is expected to take place on 13 October 2016.
Metal Tiger said that with the completion of the maiden Resource at T3, the joint venture has taken the opportunity to take stock of its investment in T3, at the Kalahari Copper Belt in Botswana, to date.
"The T3 deposit has been taken from a discrete copper in soil anomaly, through initial RC drilling confirmation, and subsequent diamond hole drill-out, to a JORC compliant Mineral Resource Estimate in only 6 months, demonstrating real value for a relatively modest spend," said CEO Paul Johnson.
"As we continue to explore the T3 Dome and extend the T3 Resource, the exploration team will continue to carefully manage the programme in order to maximise the potential exploration returns.
"This exploration potential includes the current prospect of a drill hole confirming further significant copper associated with the strong IP geophysics anomaly located immediately down-dip, below, the current T3 Resource."
- Work has commenced on testing possible T3 Resource extensions and on other targets, prospective for T3 vein type mineralisation, situated along the T3 Dome. The first drill target is the large IP (Induced Polarisation) anomaly interpreted 500m down dip from the T3 resource.
- Total all-in cost of the T3 Deposit, in the 6 months from discovery to 350Kt Cu maiden Resource, calculated at US$1.7M, equivalent to only US$0.22 / pound of contained copper in the Mineral Resource Estimate.
- The very low discovery cost and relatively modest investment in the T3 Resource definition has generated significant value for the MOD/MTR joint venture.
- 2016 Q4 exploration work will include investigating a number of IP geophysics targets, soil geochemistry anomalies and structural targets. EXPLORATION DETAIL:
- Drilling has commenced on the first IP geophysics target; a large anomaly interpreted to be 500m down-dip of the T3 Resource. This diamond drill hole will target the same zone as previously drilled hole MO-T3U-01D, which failed to intersect the IP target due to drill-string deviation, some 200m above the target.
- MO-T3U-01D previously intersected 20m @ 0.4% Cu & 6g/t Ag, including 0.8m @ 2.5% Cu & 37g/t Ag from 473m down hole depth, within the same host sedimentary sequence as the T3 mineralisation.
- Assays are currently awaited for the 5 in-fill holes drilled within the high-grade core of the T3 Resource. Regional soil sampling is on-going.
Eurasia Mining said an Engineering Procurement, Construction and Commissioning (EPC) turnkey contract has been signed in relation to its Monchetundra project in the Kola peninsula in northwest Russia bordering Finland.
The EPC is between Eurasia's 80% subsidiary, Closed Joint Stock Company "Terskaya Gornaya Kompaniya" (TGK), which holds the Monchetundra licence, and Sinosteel, a Chinese state owned group operating primarily in mining, trading, equipment manufacturing and engineering.
The contract is for the development of two platinum group metal ('PGM') deposits located in the Company's Monchetundra licence area, which also contain gold, copper, cobalt and nickel.
Feasibility studies are currently underway on two deposits, Loipishnune and West Nittis, to be completed by year-end. Together with the EPC contract, this will be the culmination of the Company's work since the licence was acquired in 2006.
The contract provides for engineering, procurement and construction of a 1.7 million tonnes per annum PGM beneficiation project at Monchetundra.
Sinosteel's engineering and construction arm is Sinosteel Equipment & Engineering Co. Ltd. Sinosteel is a major mining company and the second largest importer of iron ore in China. It is one of the largest global EPC contractors with a track record of successfully commissioning similar projects in Australia, Africa, China and Latin America. The proposed contract would provide for Sinosteel to undertake mine and processing plant turnkey construction and commissioning on a commercial arms-length basis.
The debt-based finance for the EPC turnkey contract is to be arranged by Sinosteel and is an integral part of the EPC turnkey contract. This EPC contract is being advanced as part of discussions with third parties for the sale or joint venture of the project.
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(LON:CHL) Churchill Mining PLC share price was -0.75p at 33.25p
(LON:CZA) Coal of Africa Ltd share price was +0.01p at 2.88p
(LON:EUA) Eurasia Mining PLC share price was +0.43p at 0.95p
(LON:FDI) Firestone Diamonds PLC share price was +2p at 54.5p
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(LON:GEMD) Gem Diamonds Ltd share price was +1.75p at 118.75p
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(LON:KMR) Kenmare Resources PLC share price was -5.37p at 320.13p
(LON:MTR) Metal Tiger Plc Ord 0.01p share price was -0.13p at 3.03p
(LON:SML) Strategic Minerals PLC share price was +0.11p at 0.63p
(LON:VED) Vedanta Resources PLC share price was +30.5p at 662.5p