MONDAY MORNING @8 7 DAY PERIOD OF 29 JANUARY - 5 FEBRUARY 2018

This page updates you quickly on key developments relating to mining and extraction over the last 7 days until Monday afternoon in Asia.

GLOBAL DEVELOPMENTS AND PRICES

The US economy is on a tear, demonstrated by last week’s upbeat consumer and manufacturing on optimism of world growth.
data followed by Friday’s robust monthly jobs numbers. Wage rates showed the largest gain The steel metals danced sideways alongside their futures prices, but iron ore fell steadily over
since 2009 to grow annually by 2.9%. Even before these numbers were released, the US Fed last week on fears of more oversupply. Manganese and chrome continued to surprise with a
reiterated that “further” interest rate hikes were on the cards. As we already alluded to last further rise, which we ascribe to fears of lower South African production due to its strong rand.
week, the smooth rise of US markets on a weakening dollar may be nearing its end. Today, steel-related iron ore and coking coal futures ticked up on optimism over growth and
US long and short Interest rates were up last week, but the dollar was volatile and up only Trump’s promises of infrastructure spending.
slightly. Stocks and commodities faltered over the week on fears that the dollar has reached Oil fell on news that US drillers added more rigs, while precious metals and industrial metals
its bottom. US stocks ended on average almost 4% lower, European stocks had its biggest were down across the board on the stronger dollar.
weekly selloff in 15 months and Asian stocks were also mostly lower for the week.
The global equity slump deepened in Asia today as Friday’s US data fuelled inflation GENERAL COMMODITY DEVELOPMENTS
expectations and the reality of potentially more aggressive interest rate hikes sank in. The WORLD - VEDANTA RESOURCES - 4th quarter ’17 against prev Q: Revenue $4.1bn, up 10.5% on gains
dollar therefore continued its upwards trend. for all commodities. EBITDA margin 26.3%, up from 24.9%.
Commodities DRC adjusted terms of final mining reform bill: Licence holders must now comply with reforms immediately,
Last week, oil had a roller coaster ride, following an almost perfect inverse path against the rather than after 10yrs. “Strategic substances” (potentially cobalt) royalty boosted to 10%, from 5%.
dollar. Gold had a similar inverse relationship with the dollar but ended the week lower on PHILIPPINES - Chamber of Commerce proposing ban on raw material exports and to restrict mine
fears of inflation and a stronger dollar. The other precious metals were more volatile around ownership to companies willing to set up local beneficiation projects.
differing perceptions of its industrial and precious metals utility. Base metals moved sideways, ZAMBIA - New law requiring miners and bulk carriers to transport 30% of cargo by rail (currently 5%) is
each with its own volatility, on perceptions of their industries following a slightly upwards trend “unworkable”, due to poor rail condition, insufficient capacity - Chamber of Mines.
ENERGY COMMODITIES CHINA - Hebei govt halted plan to convert household heating from
coal to natural gas, due to lack of infrastructure and recent local gas Palladium
Oil (Brent) shortages. Project postponed to 2020 when gas pipelines from Russia Today: $1 039/oz
Today: $67.9/b 4.8%  from week ago
3.6%  from week ago
are scheduled to come online. 22 Jan 29 Jan 5 Feb

22 Jan 29 Jan 5 Feb
Down sharply on stronger dollar and rising US oil production and stocks.
Continued down today after the US added rigs.
Gas (US)
Today: $2.85/mBtu
7.7%  from week ago
22 Jan 29 Jan 5 Feb
Down further as warmer US weather cools heating demand. Continued
down today.
WORLD - SHELL upstream oil & gas - 4th quarter ’17 against prev Q:
Production 3.8mnboepd, up 2.7%. Revenue (excl internal sales) $2.6bn, up
59.9% on higher oil & gas prices. Earnings $2.1bn, up 257%. 2017 against
2016: Production 3.7mnboepd, unchanged. Revenue $7.7bn, up 20.4% on
higher oil & gas prices. Earnings $1.6bn, swung from $3.7bn loss.
WORLD - CONOCOPHILLIPS upstream oil & gas - 4th quarter ’17
against prev Q: Production 1.3mnboepd, up 2.4% on greater US oil
output. Revenue $8.1bn, up 21.4% on higher oil & gas prices. Net profit
$1.6bn, up 276%. 2017 against 2016: Production 1.4mnboepd, down
12.2% on lower US, Canadian oil output. Revenue $29.1bn, up 22.8%.
Net loss $855mn, narrowed from $3.6bn.
WORLD - EXXONMOBIL upstream oil & gas - 4th quarter ’17 against
prev Q: Production 4mnboepd, up 2.9%. Earnings $8.4bn, up 5-fold on
higher oil & gas prices, lower US taxes. 2017: Production 4mnboepd,
down 1.7%. Earnings $13.4bn, up from $196mn profit on higher oil &
gas prices, lower US taxes.
INDIA - COAL INDIA production: Jan ’18 56.7mnt, up 3.8% from Dec
’17. The 3mnths to Jan ’18 up 32.7% from prev 3mnths due to shortages
at local coal-fired power plants. The 12mnths to Jan ’18 up 3.2% from
prev 12mnths.
INDONESIA - Coal loading reportedly still delayed at Kalimantan ports
as coal supply tight after heavy rains over Dec curbed mine output.
Rainy season could see delays last into Mar.
JAPAN - Coking coal imports: Dec ’17 7.5mnt, up 21.4% from Nov on
lower Chinese coke availability. 4th quarter ’17 up 8.9% from prev Q.
2017 down 2.8% from 2016.
JAPAN - Thermal coal imports: Dec ’17 11.1mnt, up 11.7% from Nov
on winter heating demand. 4th quarter ’17 up 4% from prev Q. 2017 up
4.5% from 2016.
SOUTH AFRICA - GLENCORE thermal coal production - 4th quarter
’17 against prev Q: Domestic grade 2.5mnt, down 7.4%. Export grade
4.6mnt, down 14.8%. 2017 against 2016: Domestic grade 10mnt, down
17.4% on mine closures. Export grade 18.7mnt, up 8.7%.
SOUTH AFRICA - Thermal coal exports: Dec ’17 7.8mnt, up 7.3% from
Nov due to 18.1% increase in exports to India. 4th quarter ’17 up 13%
from prev Q. 2017 up 9.1% from 2016.
SOUTH AFRICA - Anthracite exports: Dec ’17 78kt, down 55.1% from
Nov as the Ukraine took no coal. 4th quarter ’17 up 4.4% from prev Q.
2017 up 24% from 2016.
SOUTH AFRICA - ANGLO AMERICAN sold its 73% stake in
14mntpa NEW LARGO thermal coal project to consortium of SERITI
RESOURCES, COALZAR and the IDC for R850mn.
Fell initially on fears of slower US and EU car sales this yr, but picked up
as Nornickel (largest globally) warned of lower 2018 output. Down today
on stronger dollar.
WORLD - NORNICKEL PGM production 4th quarter ’17 against prev
Q - Platinum: 177koz, up 2.3%. Palladium: 753koz, up 8.7%. Increased
on higher matte shipped from POLAR to KOLA refining (both in Russia).
2017 - Platinum: 670koz, up 4%. Palladium: 2.8mnoz, up 6.2%. 2018
production guidance against 2017 output - Platinum: 600-650koz, down
6.7% on average. Palladium: 2.6-2.7mnoz, down 3.7% on average.
SOUTH AFRICA - NORTHAM PLATINUM considering reopening
ELAND mine - said to be rich in rhodium - following R175mn acquisition
from GLENCORE. Decision expected in Jun ’18 - CEO.
SOUTH AFRICA - SYLVANIA DUMP OPERATIONS - 4th quarter ’17:
4E PGM production 17.3koz, up 4.3% on take-over of PHOENIX
PLATINUM operations (renamed LESEDI) since Nov ’17. EBITDA
margin 37.2%, down from 41.7%.
ZIMBABWE - Platinum production guidance 2018 (Chamber of Mines):
498koz, up 9.2% from 2017 output.
ZIMBABWE - ZIMPLATS 4E PGM production - 4th quarter ’17: 136koz,
down 2.2% from prev Q. 2017: 570koz up 3.1% from 2016 output.
Gold
Today: $1 330/oz
1.3%  from week ago
22 Jan 29 Jan 5 Feb

WORLD - CHEVRON upstream oil & gas - 4th quarter ’17 against prev Q:
Production 2.7mnboepd, up 0.8%. Earnings $5.2bn, up 10-fold on higher
oil & gas prices, lower US taxes. 2017 vs 2016: Production 2.7mnboepd,
up 5.2% on greater Australian and Nigerian output. Earnings $8.2bn
swung from $2.5bn loss on higher oil & gas prices, lower US taxes.
NETHERLANDS - Energy Minister halted production at GRONINGEN
gas field’s Loppersum site over seismic risks. Govt plans to limit field
output to 32.9mncmpd “as quickly as possible”, down 44.4% from
current cap (which is being reconsidered after court rejection).
RUSSIA - Crude oil production: Jan ’18 10.9mnbpd, unchanged from Dec
’17. The 3mnths to Jan ’17 unchanged from prev 3mnths. The 12mnths
to Jan ’18 unchanged from prev 12mnths. Crude oil exports: Jan ’18
5.1mnbpd, up 3.4% from Dec ’17. The 3mnths to Jan ’17 down 1.4% from
prev 3mnths. The 12mnths to Jan ’18 up 0.9% from prev 12mnths.
US scrapped requirement to get input from environmentalists and
tourists industry before issuing federal oil & gas drilling leases.
RB Thermal Coal
Friday: $94.9/t
2.8%  from week ago
19 Jan 26 Jan 2 Feb
Uranium Dropped on Friday as dollar recovered and greater expectations of more
Friday: $22.2/lb interest hikes this yr. Edged down today on stronger dollar.
1.6%  from week ago
19 Jan 26 Jan 2 Feb
WORLD - NEWCREST 4th quarter ’17 against prev Q: Production
Price continued down last Mon on news Kazatomprom’s 2018 613koz, up 17.2% on higher CADIA and TELFER output (both in
production cut will not be as much as previously thought, recovered on Australia). AISC $829/oz, down 7.7%. 2017 production: 2.3mncts,
bargain buying. down 7.3% from 2016 on CADIA closure after Apr ’17 seismic event.
WORLD - ANGLOGOLD ASHANTI production - 4th quarter ’17: 1mnoz,
AUSTRALIA - ENERGY RESOURCES OF AUSTRALIA RANGER
up 1.3% from prev Q. 2017: 3.8mnoz, up 3.5% from 2016.
mine uranium 2017 against 2016 - Production: 5.1mnlb, up 14.4%.
WORLD - GLENCORE gold production - 4th quarter ’17: 262koz, up
Sales: 4.6mnlb, down 2.3% EBITDA margin: negative 25.1%, worsening
6.1% from prev Q as output recovered at Australian mines. 2017:
from negative 4.1%. Net loss: $33.4mn, improved from $201mn loss
1mnoz, up 0.6% from 2016.
in 2016 due to impairments. 2018 production guidance: 3.5-4.4mnlb,
AUSTRALIA/MALI - RESOLUTE MINING - 4th quarter ’17 against
down 21.5% on average from 2017 production as stockpiles becoming
prev Q: Production 66.6koz, down 12.6% on depletion of oxide ores
depleted.
at SYAMA mine (Mali). AISC $1 069/oz, down 4%. 2017 production:
CANADA - WHEELER RIVER uranium project indicated resources:
302koz, down 9.2% from 2016.
132mnlb, up 88% from prev estimate - said DENISON MINES (63.3%
CHINA - Gold statistics by China Gold Association - 2017 against 2016:
owner).
Production 13.7mnoz, down 6% - first slump since 2000, on pollution-
CHINA - SANMEN nuclear reactor unit 2 (1.3GW, to use about 634klbpa
related closures. Demand: 35mnoz, up 9.4% on growing jewellery sales
uranium) expected to start up later in 2018 after successful hot testing.
in less affluent cities.
NAMIBIA - PALADIN LANGER HEINRICH uranium - 4th quarter ’17

RB price (graph) down on less congestion at RB port, greater Indian
production. Aus down on expectations Chinese supply tightness will
ease.
Coking Coal
Today: $227.2/t
7.6%  from week ago
22 Jan 29 Jan 5 Feb
Up on disrupted Chinese supply, where thermal coal transport is given
priority, and concerns that poor Aus weather may curb seaborne supply.
Chinese futures up today.
AUSTRALIA - GLENCORE coking coal production - 4th quarter ’17:
1.6mnt, down 11.1% from prev Q. 2017: 6.1mnt, up 15.1% from 2016 on
INTEGRA mine restart.
AUSTRALIA/COLOMBIA - GLENCORE thermal coal production - 4th
quarter ’17: 20.1mnt, up 5.8% from prev Q. 2017: 81.6mnt, down 5%
from 2016 on Australian strikes and mine closures, Colombian weather
and ground problems.
AUSTRALIA - Govt refused $713mn funding for 400km railway to
connect ADANI’s 60mntpa CARMICHAEL coal project to port.
CHINA - Govt asked coal miners to reduce downtime over Chinese
New Year and also relaxed import restrictions to boost winter thermal
coal supply. Follows request from country’s largest power utilities
after blizzards hampered road and rail logistics, raising concern over
electricity shortages.
GHANA - PERSEUS MINING’s EDIKAN gold mine 4th quarter ’17
against prev Q: Production 873klb, up 3.9%. Sales 1.2mnlb, up 176%
against prev Q: Production 56.7koz, up 10.5% on higher mill throughput.
on major delivery to CHINA NATIONAL NUCLEAR (CNNC, 25% mine
AISC $1 093/oz, down 2.1%. 2017 against 2016: Production 208koz, up
owner). Revenue $27.8mn, up 205%. Cash cost $22.7/lb, down 3.8%.
35.9%. AISC $1 109/oz.
1st quarter ’18 guidances against prev Q: Production 800-900klb, down
GHANA - GOLDEN STAR achieved commercial production at PRESTEA
2.6%. Sales 500-600klb, down 55.7% to build inventory for next CNNC
underground operations, targeting 90kozpa over 5.5yr mine life.
sale. Cash cost $24-27/lb, up 12.5%. 2017 against 2016: Production
SENEGAL - TORO GOLD poured first gold at MAKO mine on 26 Jan.
3.4mnlb, down 31.7% as mine produced from stockpiles only. Sales
To ramp up to commercial production over 1st half ’18 - to produce
3.6mnlb, down 20.7%.
140kozpa over initial 5yrs.
RUSSIA connected ROSTOV nuclear reactor unit 4 (1.1GW, uses about
SOUTH AFRICA - PAN AFRICAN RESOURCES gold production
543klbpa uranium) to electrical grid.
- 2nd half ’17: 85.3koz, up 4.8% from prev half. 2017: 167koz, down
SOUTH AFRICA - ESKOM can’t afford proposed R1tn, 9.6GW nuclear
14.4% from 2016 on processing challenges and community strike at
project (could use 4.9mnlbpa uranium), said CFO, echoing Deputy
BARBERTON mine. Yr-ending Jun ’18 guidance: 177-181koz, down
President Ramaphosa.
5.8% from prev guidance, up 3.5% from yr-ended Jun ’17 output.
US - OYSTER CREEK nuclear reactor (652MW, uses about 331klbpa
SOUTH AFRICA - DRD GOLD yr-ending Jun ’18 production guidance:
uranium) to shut down in Oct ’18, ahead of end-2019 date agreed with
147-153koz, up 6% from prev guidance, up 9.4% from yr-ending Jun ’17
state govt, to curb fuel and maintenance cost.
output.
PRECIOUS COMMODITIES SOUTH AFRICA - HARMONY GOLD’s shareholders approved
purchase of MOAB mine (280koz in 2016) purchase from ANGLOGOLD
Platinum ASHANTI.
Today: $989/oz
TANZANIA - ACACIA MINING to lock in option to sell 120koz of its gold
2.2%  from week ago
22 Jan 29 Jan 5 Feb
production over 1st half ’18 at minimum price of $1 300/oz to ensure
revenue and offset impact of concentrate export ban.
Ended down as dollar recovered and on raised expectations of more ZIMBABWE - Gold production target 2018 by Chamber of Mines:
interest rate hikes. Edged down today on stronger dollar.
965koz, up 21% from 2017 output.

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 EUROPE - OUTOKUMPU 4th quarter ’17 against prev Q - Ferrochrome (e.g. road base, concrete, refractory bricks).
Silver
Today: $16.7/oz production: 121kt, up 16.3%. Revenue: €152mn, up 38.2%. EBITDA GUINEA - LA GUINEENNE DE MINES shipped first bauxite from its
4.2%  from week ago margin: 36.8% up from 14.5%. 2017 against 2016 - Production: 415kt, Western Boke region mine. Targets 2-4mnt exports in 2018.
22 Jan 29 Jan 5 Feb down 11.5%. Revenue: €610mn, up 64.4%. EBITDA margin: 35.6% up INDIA - VEDANTA - 4th quarter ‘17 against prev Q: Revenue $1bn,
Ended down with gold on dollar recovery. Up today on lower supply from from 21.6%. up 24.2%. EBITDA margin 9.2%, up from 8.5%. Production - Alumina
major producers. INDIAN METALS & FERRO ALLOYS ferrochrome production - 4th 287kt, up 6.7%. Aluminium 445kt, up 11%. Obtained rights to 2 bauxite
quarter ’17: 63.2kt, up 8.2% from prev Q, down 2.2% y-on-y. 2017: mines with combined 15mntpa capacity from Odisha state - to fulfil 75%
WORLD - GLENCORE silver production - 4th quarter ’17: 8.9mnoz, 233kt, up 12.5% from 2016. of feedstock needs.
down 3.9% from prev Q. 2017 38mnoz, down 2.94% from 2016. SOUTH AFRICA - GLENCORE-MERAFE JV ferrochrome production - INDONESIA - ANTAM bauxite production 2017: 703kt (wet), up 192%
4th quarter ’17: 532kt, up 55.7% from prev Q on furnace refurbishments, from 2016 after exports resumed Jan 2017.
Diamonds up 1.9% y-on-y. 2017: 1.9mnt, up 0.5% from 2016. MERAFE expects ISRAEL - Feasibility study almost complete for DELEK GROUP’s
Polished Index Friday: 117.5 2017 earnings per share to rise 60%-82% on higher chrome ore and proposed 1mntpa $1.2bn smelter with captive gas-fired power station.
 from week ago ferrochrome prices. NIGERIAN govt and RUSAL agreed that latter take majority stake in
19 Jan 26 Jan 2 Feb
SOUTH AFRICA - THARISA upgrade to crusher at GENESIS plant to 193ktpa ALSCON smelter, settling 10-yr ownership dispute.
Up on surge in DE BEERS first sale of the year, but ended down on raise throughput by 15% with commissioning by Jul ’18 - part of plan
strong dollar. to reach 2mntpa (700kt higher than 2017FY) in 2020. New 380ktpa Zinc
VULCAN chrome recovery plant to also start by Oct ’19 and 180ktpa Today: $3 537/t
WORLD - DE BEERS 1st sale in 2018: $665mn, up 46.2% on seasonal APOLLO chrome plant by Mar ’20. 1.6%  from week ago
restocking after holiday sales. The last 3 sales up 8.7% from preceding SOUTH AFRICA - CHROMTECH commissioned its 420ktpa chrome 22 Jan 29 Jan 5 Feb

3mnths. The last 12 sales down 9.1% from preceding 12 sales. recovery plant at LONMIN, expects to reach full capacity by Mar ’18. Pushed even higher by supply worries last Mon, fell Fri and today on
BOTSWANA - Diamond exports - 2017: $4bn, down 17% from 2016 on SOUTH AFRICA - JUBILEE PLATINUM’s DILOKONG 4th quarter ’17 stronger dollar.
weaker demand in 2nd half. chrome ore production: 11.8kt, down 22.1% from prev Q on significant
CANADA - MOUNTAIN PROVINCE DIAMONDS to acquire KENNADY plant upgrades. WORLD - GLENCORE zinc production - 4th quarter ’17: 262kt, up 2.4%
DIAMONDS, owner of KENNADY (13.6mncts indicated resource) and ZIMBABWE - ZIMASCO stuck with 200kt chrome ore stockpile at its from prev Q. 2017: 1090.2kt, unchanged from 2016.
FARADAY (5mncts inferred resource) exploration projects. mines due to shortage of wagons; may affect ferrochrome production as AUSTRALIA - NEW CENTURY RESOURCES on track to restart
INDIA - Govt increased import duty on cut and polished diamonds and ore is earmarked for domestic consumption. 264ktpa CENTURY tailings project in 3rd quarter ’18 - to be among
gems to 5% from 2.5% to promote local manufacturing. world’s top 10 zinc mines.
LESOTHO - GEM DIAMONDS’s LETŠENG mine production - 4th quarter
’17: 30.6kcts, down 0.7% from prev Q. 2017: 112kcts, up 3.3% from
BASE METALS INDIA - VEDANTA zinc production - 4th quarter ’17: 247kt, up 5.3% from
prev Q. Revenue $1.1bn, up 10.8%. EBITDA margin 54.2%, down from
2016. Nickel 56%.
SIERRA LEONE - NEWFIELD RESOURCES to acquire STELLAR Today: $13 286/t
DIAMONDS on condition it raises $24mn to fund development of 4.9%  from week ago
TONGO-TONGUMA project - targets 4Q ’18 start with 200kctspa over 22 Jan 29 Jan 5 Feb Lead
Today: $2 692/t
21yr mine life . Ended down on stronger dollar, despite uptick in demand and lower
2.8%  from week ago
SOUTH AFRICA/TANZANIA - PETRA DIAMONDS production: 4th 4Q’17 output from major producers. Down today on stronger dollar. 22 Jan 29 Jan 5 Feb

quarter ’17 1.2mncts, up 9.5% from prev Q. 2017: 4.2mncts, up 2.9%

from 2016. Yr-ending June ’18 guidance: 4.6-4.7mncts, down 5.1% WORLD - NORNICKEL nickel production - 4th quarter ’17: 60kt, up 10.8% Surged to 6.5yr high last Thurs on strong demand, tight supply, then
from prev guidance on lower grades at CULLINAN (South Africa), up from prev Q on increased matte shipped from POLAR to KOLA refining weiged by stronger dollar.
15.9% from yr-ending June ’17 on underground operations ramp up at (both in Russia). 2017: 217kt, down 7.9% from 2016 on downstream
configuration at HARJAVALTA (Finland) plant. 2018 production guidance WORLD - GLENCORE lead production - 4th quarter ’17: 61.8kt, down
CULLINAN and FINSCH (also South Africa).
maintained at 210-215kt, down 9.9% from 2017. 13.6% from prev Q, mainly on lower KAZZINC (Kazakhstan) volumes.
SOUTH AFRICA - DMR approved DE BEERS’s 16 exploration
WORLD - GLENCORE nickel production - 4th quarter ’17: 28.4kt, down 2017: 273kt, down 7.4%.
licenses after 2yr delay, 38 licence applications still outstanding. DE
3.7% from prev Q. 2017: 109kt, down 5.2% from 2016 on usage of more INDIA - VEDANTA lead production - 4th quarter ’17: 46kt, up 21.1% from
BEERS recommitted to spending R30-40mn per annum on greenfield
3rd party feed. 2018 production guidance: 132kt, up 21% from 2017 prev Q 2017 on better ore and smelter availability.
exploration.
output.
IRON ORE AUSTRALIA - INDEPENDENCE GROUP 4th quarter ’17 against prev MINOR METALS & NEW ENERGY VEHICLES
Q - Nickel production: 5.8kt, down 4%. Revenue: $71.5mn, up 52.4%
Iron Ore due to higher by-product copper and cobalt sales at new NOVA mine. Cobalt
Today: $72.9/t EBITDA margin: 35.5%, down from 58.3%. Today: $80 382/t
2%  from week ago MADAGASCAR - Nickel-cobalt operations of AMBATOVY (SUMITOMO, 1%  from week ago
KOREA RESOURCE & SHERRITT) restarted at end-Jan after halt due
22 Jan 29 Jan 5 Feb 19 Jan 26 Jan 2 Feb

Fell on subdued China steel demand as restocking comes to end, but to cyclone damage in early Jan. Up as major producer Glencore reported lower 2017 output and on
futures edged up today on improving steel outlook. uptick in Chinese demand.

WORLD - ARCELORMITTAL iron ore production - 4th quarter ’17: Copper WORLD - GLENCORE cobalt production (by-product copper & nickel
14.4mnt, up 1.4% from prev Q. 2017: 57.4mnt, up 4% from 2016. Today: $6 994/t operations): 4th quarter ’17 7.6kt, up 7% from prev Q. 2017: 27.4kt down
2% from week ago
AUSTRALIA - FORTESCUE - 4th quarter ’17 against prev Q: Production 22 Jan 29 Jan 5 Feb
3.2% from 2016. 2018 guidance: 39kt, up 42.3% from 2017 output on
40.8mnt (wet), down 2.2%. Cash cost $12.1/t, down 0.6% to lowest ever. ramp up of KATANGA (DRC).
2017 against 2016: Production 169mnt (wet), down 1.3%. Cash cost Hovered at high levels, then fell on Fri and today on stronger dollar. WORLD - VALE reportedly looking to sell 3kt (about 2% of global output)
$12.4/t, down 10.4%. future cobalt supply via streaming deal - would allow buyer to make
BRAZIL - Iron ore exports Jan ’18: 30.4mnt, down 7.1% from Dec. The WORLD - GLENCORE copper production - 4th quarter ’17: 363kt, upfront payment in exchange for discount on future production delivered
3mnths to Jan ’18 down 3.9% from preceding 3mnths. The 12mnths to up 19.6% from prev Q blighted by various disruptions. 2017: 1.3mnt, from 2020.
Jan ‘18 up 1.9% from preceding 12mnths. down 8.7% from 2016 mainly on ERNEST HENRY (Australia) sale, PAPUA NEW GUINEA - HIGHLANDS PACIFIC’s RAMU mine cobalt
BRAZIL - VALE (world’s largest in iron ore) wants to reduce iron ore’s ALUMBRERA (Argentina) depletion. output - 4th quarter’17: 877t, up 8.5% from prev Q. 2017: 3.3kt, up 51%
share of its earnings from 90% to 70% in 2 yrs as part of diversification AFRICA - GLENCORE copper production - 4th quarter ’17: 71.4kt, up on record high cobalt prices.
strategy, even as China’s war on pollution should boost demand for 28% from prev Q on KATANGA (DRC) restart and MOPANI (Zambia)
company’s high-grade ore. acid supply interruption in 3rd Q. 2017: 239kt, down 6.2%.
CHINA - Dalian Exchange preparing to open its iron ore futures to BOTSWANA - METAL TIGER and MOD RESOURCES’s pre-feasibility Lithium
foreign investors - to extend pricing power of Chinese traders and help for T3 project shows 23-28ktpa copper, 690-903kozpa silver production Friday: $2 292./t
over 10-12 yrs. Cash cost $2 690-2 867/t.  from week ago
create “fair and transparent” global benchmark.
CHILE - Workers’ attempts to set up new union at BHP’s ESCONDIDA
19 Jan 26 Jan 2 Feb

INDIA - VEDANTA - 4th quarter ’17 against prev Q: Production 0.9mnt,

mine (4% of global copper mine), escalating tensions with majority union Sideways as markets await further clues on Chinese capacity additions.
down 25% on extended monsoon. Revenue $130mn, up 54.8% on
higher sales. EBITDA margin 24.6%, down from 34.5% ahead of June wage talks.
INDIA - VEDANTA’s TUTICORIN smelter production - 4th quarter ’17 ARGENTINA - MILLENNIAL LITHIUM’s preliminary assessment of
against prev Q: 101kt, down 4.7%. Revenue $911mn, down 6.1%. PASTOS GRANDES project shows 25ktpa lithium carbonate production
MANGANESE EBITDA margin 5%, down from 6%. at $3 218/t operating cost over 25yr mine life. Pilot project construction
Manganese Ore (37%) MEXICO/PERU - SOUTHERN COPPER - 4th quarter ’17 against prev Q: to start in 2018.
PE Friday: $6.2/dmtu Production 226kt, up 2%. Revenue $1.9bn, up 11.2%. EBITDA margin AUSTRALIA - LITHIUM AUSTRALIA to construct 2.5ktpa lithium
1.8%  from week ago 53.6%, up from 51.5%. Net loss $288mn, swung from $402mn profit on carbonate pilot plant targeting potential early 2021 production start using
19 Jan 26 Jan 2 Feb
one-off adjustment for new US tax law. 2017 against 2016: Production its own patented SiLeach technology to recover lithium from hard rock
Ore price up on continued restocking demand from Chinese alloy 877kt, down 2.6%. Revenue $6.7bn, up 23.7%. EBITDA margin 49.5%, lepidolite mica mineral.
producers. up from 41.1%. Net profit $728mn, up 27% on higher sales volumes and AUSTRALIA - MINERAL RESOURCES’s MT MARION lithium oxide
lower costs (mostly electricity and tyres). production - 4th quarter ’17: 5.6kt, down 2.3% from prev Q.
SOUTH AFRICA - Manganese ore exports: Dec ’17 1.3mnt, up 4.1% CHILE - Govt development agency, CORFO, open to allowing SQM
ZAMBIA - VEDANTA’s KCM - 4th quarter ’17 against prev Q: Mined
from Nov. 4th quarter ‘17 down 7.8%% from prev Q. 2017 up 26.2% from (2nd largest globally) additional lithium capacity increases as TESLA
copper production 24kt, down 4%. Refined (mined and bought in): 54kt,
2016. reportedly interested in buying lithium hydroxide from SQM.
unchanged from prev Q. Revenue $352mn, up 1.7%. EBITDA margin
5.1%, down from 6.1%. ZIMBABWE - PROSPECT RESOURCES raised $8mn through share
CHROME ORE & FERROCHROME placement to fund ARCADIA lithium project, targets 26ktpa lithium
Chrome Ore (UG2) carbonate production start in 1st half ’18 with 20yr mine life.
Friday: $232/t Aluminium
3.1%  from week ago Today: $2 197/t
19 Jan 26 Jan 2 Feb 2.6%  from week ago NEW ENERGY VEHICLES
22 Jan 29 Jan 5 Feb
Up as a continued strong rand reinforces supply concerns from South EUROPE - BP invested $5mn in FREEWIRE, manufacturer of mobile
Africa. Down on profit-taking last Tues and stronger dollar since Fri. electric EV rapid charging systems, and plans to install charging
systems at selected sites in the UK and Europe during 2018.
WORLD - RUSAL (2nd largest aluminium smelter) production - 4th UK - Hackney and Islington councils in London reportedly consulting on
Ferrochrome (China) quarter ‘17 against prev Q: Aluminium 944kt, up 1.4%. Alumina 2mnt, up a scheme to ban petrol, diesel and even older hybrid vehicles from some
Friday: $2 227/t 1.3%. Bauxite 2.9mnt, up 7.4%. 2017 against 2016: Aluminium 3.7mnt, roads during peak commuting times.
3.1%  from week ago up 0.6%. Alumina 7.8mnt, up 3.3%. Bauxite 11.6mnt, down 4.4%.
19 Jan 26 Jan 2 Feb US - Nikola Motor Company plans a $1bn manufacturing hub for
BELGIAN researchers and UAE’s EGA to investigate using “red mud”, hydrogen-fuel cell semi-trucks, as company seeks to expand in
Up on lower Chinese production and higher input costs. a bauxite waste product from alumina refining, as construction material alternative-fuel freight truck market. Roll out of trucks expected in 2021.

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