Skillings April 2019

2019 APRIL IN REVIEW

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Vol:108.No:04

1912-2

019

MACE TESTING LABORATORY FOR UNDERGROUND MINE SAFETY P 06

MINING PROFESSIONAL ALL LEVELS & SKILLS P 12

INSIDE STATISTICS

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SKILLINGS MINING REVIEW. 350 W. Venice Ave. #1184. Venice, Florida 34284

2 | SKILLINGS MINING REVIEW April 2019

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...From the Editorial Desk APRIL 2019 VOL.108. NO.04

The demand for steam coal

L

egislation is being advanced that will lower coal tax from

5

to

3

percent over three years .

A

coal owners lobby

representative says the cut severance tax would generate

Skillings Mining Review publishes comprehensive information on global mining, iron ore markets and critical industry issues via our monthly magazine, weekly E-newsletter, annual mining directory and real time website.

PUBLISHER CHARLES PITTS chas.pitts@skillings.net MANAGING EDITOR JOHN EDWARD john.edward@cfxnetwork.com SENIOR SALES MANAGER STAN SALMI stan.salmi@skillings.net SALES REPRESENTATIVE, CANADA RON SANDERSON ron.sanderson@cfxnetwork.com CONTRIBUTING EDITORS SARAH HART KATIE SIMS DAVID WILSON CAROLINE DAVIS ART DIRECTOR MO SHINE mo.shine@cfxnetwork.com CIRCULATION & SUBSCRIPTIONS Subscriptions@skillings.net SALES & MARKETING CHRISTINE MARIE advertising@skillings.net

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$435

million in economic activity and

400

new projects.

However, the demand for steam coal just isn't there. West Virginians have found that tax cuts don't cover themselves and do not do much to draw new business. They also know that coal is not going back into pre-2008 manufacturing in West Virginia.

West Virginia steam coal is more expensive than in competitor nations, but what is actually leaving the sector in the dust is natural gas, which can be far less costly. This has been obvious for decades, but state legislators continue to attempt to appease out-of-state coal barons at the cost of all West Virginians.

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April 2019 SKILLINGS MINING REVIEW | 3

IN THIS ISSUE

MACE TESTING LABORATORY FOR UNDERGROUND MINE SAFETY P 06

P 10

MINING PROFESSIONAL ALL P 12 LEVELS & SKILLS

POLYMET AND TWIN METALS IN

CONTINUOUS FIGHT MODE

COMMENTARY

Cleveland-Cliffs Lourenco Goncalves

commentary...............................................................03

Take them out of Nashwauk, enough is enough......17

COVERSTORY

MINING FINANCE

Mace testing laboratory for Underground

Polymet Mining Stock Price, News, and Analysis....18

Mine Safety................................................................06

STEEL

IRON ORE

Nippon Steel aims for output near 11

Mining Professional All levels & skills......................12

million tonnes.............................................................13

China Wont Come to the Rescue in

Essar sues over state's plans to ban company........14

Global Iron Ore Supply Crisis.....................................15

U.S. Steel to Expand Under Tariffs............................16

IRON RANGE REGION

ArcelorMittal USA takes more than

Polymet Mining Corp Decrease in Short Interest.....05

longtime manager Cleveland-Cliffs...........................19

Minnesota Firm plans Mining in Black Hills.............08

SAFETY

PolyMet and Twin Metals in Continuous

Can Brazilian tailings dam disaster

Fight Mode.................................................................10

happen here?..............................................................20

Statistics.............................................................. 22/23

4 | SKILLINGS MINING REVIEW April 2019

Mining People............................................................ 21

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IRON RANGE REGION

Polymet Mining Corp Decrease in Short Interest

L

N ational C orp raised its holdings in Polymet Mining by 37.2 percent in the fourth quarter. Lincoln National Corp now owns 92,619 stocks of Polymet’s basic substances company stock after acquiring an additional 25,088 shares in the quarter valued, worth $75,000 incoln

the Securities and Exchange Commission. as of its most recent filing with

Polymet Mining Corp was the receiver of a decline in short interest from the month of January. At the time of January 31st, there was brief interest that totaled 1,790,422 stocks, a decline

of 4.2% from the January 15th total of 1,869,817 shares. Based on the average daily amount of 316,341 stocks, the short-interest ratio is currently 5.7 days.

Polymet Mining Corp traded $0.03 during trading hours on Thursday, attaining $0.67. 364,700 shares of the company were exchanged, in comparison to its normal amount of 304,288. Polymet Mining includes a twelve month low of $0.66 and also a twelve month high of $1.27. LPL Financial LLC increased its holdings in Polymet Mining by 59.2% throughout the fourth quarter. LPL Financial

LLC owns 186,450 stocks of their basic substances company stock after purchasing an additional 69,345 shares in the quarter, worth $151,000. A fresh stake in Polymet Mining was acquired by Carlson Capital Management through the fourth quarter. Finally, a brand new stake was acquired in Polymet Mining throughout the quarter by Renaissance Technologies LLC, valued at approximately $130,000.Cahill Financial Advisors Inc. currently owns 393,439 shares of Polymet’s basic substances company stock, worth $320,000, after buying an extra 26,598 shares during the period.

Changes have recently been made by a range of hedge funds to their own positions. Cahill Financial Advisors Inc. boosted its stake in Polymet Mining by 7.3% during the fourth quarter.

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COVERSTORY

Mace testing laboratory for Underground Mine Safety Money has been allocated to purchase property for the underground test lab, but building funding is yet to be appropriated, based on Tarr.

T

he

Mace property is situated in

an area known for limestone caverns and sinkholes associ-

ated with karst terrain, and a few such features are known to exist beneath portions of their tract .

facility could be located, according to the draft EIS.

B ut

460-acre

no caves or sinkholes

were located during a survey of the region where the

underground test

6 | SKILLINGS MINING REVIEW April 2019

After the public comment period ending on April 5, a final EIS will be completed, and a decision will be made by the CDC on whether to build the new facility at the website. Additional study is required to pinpoint all caves

and sinkholes in the vicinity of the project site, they said, and the effects of building a large underground tunnel on groundwater resources should be thoroughly analyzed.

When the final EIS turns up, there should be no significant obstacles to proceeding with construction, and if

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the Congress allocates construction without significant delay, it would be possible for work to start on the new facility by the end of next year. Over 30 people attended a public scoping meeting held last summer in Pocahontas County for the proposed development.

Among the various questions raised by those attending, was why no existing inactive coal mines were considered to be used as a test site.

"The width and height of the underground facility would be small in comparison to the overall depth of the limestone," according to the draft EIS. "Given the topography of the website, the depth of nearby colonies and the total thickness of the Green-

brier limestone, the presence of the underground safety research facility isn't expected to markedly alter the flow pattern or volume of groundwater."

With a decision that no existing sites would fit the bill for handling the research schedule NIOSH planned to maintain, NIOSH and the CDC planners chose a new site to create a new underground test center. The General Services Administration, which serves as the Federal Government's property procurement arm, among other functions, was asked to help locate a suitable property.

NIOSH and CDC personnel looked into relocating the Experimental Mine's testing program at sites to the remote

White Sands Test Facility in New Mexico, and testing grounds in Poland and South Africa. Based on the draft EIS, NIOSH and its parent company, the Centers for Disease Control and Prevention, conducted a nationwide search for a new test area in existing underground properties with sufficient buffer acreage to prevent noise and vibration issues with neighbours. The new NIOSH evaluation site is expected to continue Lake Lynn Experimental Mine's program of mine explosion study, underground fire-fighting training, mine seal testing, ventilation research and mine rescue training.

Coal mines aren't really a choice In 2016, the GSA issued two separate requests for expressions of interest in identifying and selling prospective sites for the underground test center.

The first solicitation produced only one response from a site that seemed to meet agency criteria, but that site was soon determined to not be viable.

Another solicitation produced three potentially viable sites -- the Mace property, which exceeded NIOSH's minimum standards, and the sites in Kentucky and Missouri that did not.

The Mace website would replace the Lake Lynn Experimental Mine, located in a subterranean chamber in a limestone quarry near Fairchance, Pennsylvania, about 20 miles north of Morgantown. NIOSH operated that site from 1982 until 2012, when the landowner opted not to market or extend the lease for the property to the federal authorities. It's expected to take about four years to carve out the underground test lab, construct the surface buildings, and build an 8-foot

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April 2019 SKILLINGS MINING REVIEW | 7

fence around the perimeter of the house.

In addition to not being durable enough to contain repeated test explosions, coal mines could be vulnerable to coal seam fires sparked by pyrotechnics used in tests and experiments.

The site is owned by the Consortium for Silver Creek Group.

The Secretary of State's office explains David L. Litsey of Snowshoe as proprietor of the consortium. The northern part of the property boundaries U.S. 219 just north of Mace. The West Virginia Central Railroad's right of way passes through the property.

The line is currently unused, but plans call for it to reopen within the next several years. Concerns over potential groundwater disturbances brought on by building and operating a new underground test centre in the karst terrain known to exist at the Mace area were on the minds of more than 50 people who took part in Wednesday's open house in Slatyfork.

On Wednesday, the NIOSH personnel hosted an open house at Slatyfork to acquaint the public with the results of a recently completed draft environmental impact statement for the proposed test centre. If developed, it might include a 164,000-square-foot underground security test lab and a five-acre surface complex comprising of office, storage and control buildings and totalling at least 17,000 square feet.The 164,000-square-foot underground test lab would be carved out of a 477-foot-thick chunk of Greenbrier limestone that tops out over 320 feet below the surface of the site.

The National Institute for Occupational Safety and Health is eyeing a 460-acre tract straddling the Randolph-Pocahontas County line near Mace as the future site of a research center and testing lab for underground mine safety.

8 | SKILLINGS MINING REVIEW April 2019

Minnesota Firm plans Mining in Black Hills

A

lthough two companies

land ,

have pulled proposals to d r i l l o n f o r e s t

A Minnesota Company

is making arrangements to conduct exploratory drilling for gold around

Silver City

in the middle section of the

Black Hills National Forest.

The proposed drill sites are in areas such as Jenney Gulch R oad and Sunnyside Gulch Road, close to the coast of the Pactola Reservoir. Forest Service officials are currently focusing on an arrangement which would require the company to finance an environmental investigation said Mark Van Every, the forest supervisor, who added that it may be six months or longer before that investigation is complete and a plan of operations is accepted.

Federal mining laws do not permit the Forest Service to reject an exploratory drilling job. The Forest Service, which controls the surface rights, may examine the project and place conditions on it. Meanwhile, Van Every said, a Canadian firm that was previously running exploratory gold farming on privately owned property in the Rochford region has stopped its project and has suspended its strategy to run additional drilling on federal forest land. Van Every noted that the company, Mineral Mountain Resources, is in a fundraising phase after completing its first round of drilling. Since the organization is no longer pursuing approval of a plan of operations for drilling, Van Every said Forest Service officials may cease work on their investigation of the strategy that was suggested.

Van Every also stated that another company indicated interest in running gold drilling at the Wyoming part of the Black Hills National Forest, but later decided not to pursue the project. Mining and gold exploration has been ongoing in the Black Hills since the 1870s. Major Mines have added the former Homestake Mine, elements of which are being utilized for heavy science experiments, along with the Gilt Edge Mine, that is currently undergoing a cleanup after which it was abandoned. The only active, large-scale gold mine in the Black Hills is the Wharf Mine, which is near Terry peak and produced 95,372 ounces of gold in 2017 for its owner, Coeur Mining, headquartered in Chicago.

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PolyMet and Twin Metals in

Continuous Fight Mode This past year, after almost 15 decades of research and intense public discussion, the Department of Natural Resources approved the projected PolyMet copper-nickel mine. If constructed, the mine would become the nation's first-ever copper-nickel exploration operation.

P

oly M et intends to dig out an open pit mine near

Minn.,

Babbitt,

and also process the

ore in a retired taconite plant out

Hoyt Lakes. The

huge underground

copper-nickel mine will lie just outside

Boundary Waters Canoe Area Wilderness.

fearful of the potentially severe effects of copper-nickel mining around the area's waterways, against advocates, who long for its high-paying jobs and the regional financial effect the $1 billion project would deliver.

the

The job's proximity to the Boundary Waters has pitted environmentalists,

10 | SKILLINGS MINING REVIEW April 2019

The question is whether exploiting the abundant economic potential of one of the world's largest known deposits of nickel, copper and precious metals is

well worth the danger of causing possibly grave environmental damage to one of the country's wilderness treasures.

The PolyMet job is not a done deal yet.

Even though the business waits for its closing national licenses, the project faces several court challenges.

PolyMet is not the only company vying for the natural resources in the area. When it receives its new lease, Twin Metals, a subsidiary of the Chilean mining giant Antofagasta, has stated it intends to submit an official mine plan of operations to state and national labs sometime this season, a measure that would run an environmental review of the project.

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If accepted, it would probably become Minnesota's next copper-nickel mining job - after the country declared the PolyMet job, which would also be found in northern Minnesota - and the earliest inside the Boundary Waters landmark.

Environmentalists started the Save the Boundary Waters campaign in 2013 to combat copper-nickel mining in the Superior National Forest south of this wilderness area. It set its own aims about the Twin Metals proposal, and some other projects which may follow.

At the waning days of this Obama government, the national authorities rescinded key mineral rents from the Superior National Forest which are

those activities. The U.S. Bureau of Land Management returned the mineral rents to Twin Metals and began the procedure to give the organization a 10-year expansion.

It also canceled the environmental review that had been launched to study the proposed mining ban, a process mining opponents say was critical to making an informed decision about whether the Boundary Waters watershed is an appropriate place to mine.

crucial to Twin Metals' bid to start its own mine. The U.S. Forest Service in the time also suggested a 20-year moratorium on any new mining jobs inside the Boundary Waters watershed.

While Twin Metals has not yet filed its strategy for its underground mine, it's estimated it would dig 20,000 tons of copper-nickel ore every day for 30 decades, and employ around 650 people.

However, the Trump government has since taken several actions to undo

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April 2019 SKILLINGS MINING REVIEW | 11

are pushing the diversity agenda, they fail to make it a priority at the end. At the higher end of the marketplace and within specialised skill-sets, the talent pool for experienced professionals is finite.

Mining Professional

All levels & skills We've seen new technical leadership roles across mining, such as engineering and projects, and functional leadership roles in finance, HSEC, and CSR. Diversity and inclusion must be vital features of a company’s schedule to ensure a diverse and inclusive work environment.

S

kill-set shortage has been one of the greatest risks for the

mining industry worldwide.

This

hazard is greater than ever before, with all crucial mining locations like

Canada, Australia, South Africa and South America experiencing a demand versus supply issue.

The race to attract skilled labor is on. Productivity is slowing down while moving in a favourable direction, and fresh unemployment applications are reducing. According to a recent study by The Economist, American manufacturing, particularly “smaller agile businesses employing advanced techniques" may be expanding.

In the past calendar year, there has been a recovery in global commod-

12 | SKILLINGS MINING REVIEW April 2019

ity prices, triggering an upturn in the sector. Asset budgets and capital expenditures have improved, and we've seen a number of new projects, both greenfield and brownfield, coming online. The single biggest challenge for recruiters is accessibility of high-quality skills at the perfect time and cost.

Repetitive and non-skilled work in mining is likely to be substituted by engineering. However, in the long run there will be production of new technology-focussed occupations. From a career perspective, employees need to become more conscious of the effects of technologies, and train themselves to up-skill, become tech-savvy and stay relevant. There is a great deal of discussion around diversity and advancement.

As it stands, while large organisations

Throughout the downturn, redundancies across the sector had driven employees into other industries and to jobs with greater work-life balance. One of the key challenges in 2019 would be to lure them back, owing to higher demand. The emerging marketplace and remote areas such as Africa, Asia and the CIS face a larger challenge, even as getting projects off the floor demand seasoned and internationally-mobile expatriate ability to train along with up-skilling nationals.

The main point is, proactively addressing skilled labor shortages by mining present talent, training schools and potential candidates is a short-term investment which could measurably and positively impact long-term business goals while hedging against present and future staffing difficulties.

N ew t e c h n o l o g y i s i m p a c t i n g businesses in a positive way and will continue to help mining businesses become more effective. Even a "digital mine" could soon be a reality with AI and big data empowering knowledge workers.

To leverage the full potential of digitisation, mining companies must prepare today's employees for tomorrow's projects. While this tight labor market might look different from the one prior to the recession, one thing is constant: the most challenging staffing shortage is in labor.

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Nippon Steel aims for output near 11 million tonnes

J

apan's top steelmaker

Nippon Steel & Sumitomo

Metal aims to improve crude steel output to about 11 million tonnes per quarter in the year from April

1, following system troubles cut in manufacturing and its profit outlook this year, a senior executive said.

at a mine owned by Vale, killing an estimated 300 people in the most deadly mining disaster of Brazil. "We assume things will stabilize after other kinds of tailing dams utilized in different mines are recognized to be secure," Miyamoto said, without specifying a timeframe.

Nippon Steel, which buys roughly 30 percent of its iron ore from Brazil, has not seen any effect on its own procurement as regards to volume, he said, although surging prices are a concern. He expects the prices to gradually regain stability.

"Vale is able to increase output as it has other mines in northern Brazil, and other miners can also bolster production," he explained.

The average of estimated quarterly output for its fiscal year ending on March 31 comes in at 10.3 million tonnes.

"We aim to increase our crude steel production next year from this year, which is going to be an integral factor to grow our gains," Miyamoto said.Earlier this month, the planet's third-biggest steelmaker by steel output, cautioned that its gain for the year would be 6 percent less than previously forecast, citing lower crude steel output. Technical troubles at its mills, including Oita and Wakayama in western Japan, were due to mixed facets, he said, mentioning the lower quality of raw materials, aging facilities, and heavier strain on its systems in processing harder and more advanced products like high tensile steels.

To fix the issues, Nippon Steel has conducted routine maintenance on many occasions before they began operating a blast furnace in Wakayama this month, replacing a 31-year-old blast furnace, which had been the world's earliest blast furnace in operation. "The Oita is back in full operation, while the Wakayama's new furnace is ready for ramp up," Miyamoto said. Japanese steelmakers are enjoying strong domestic demand from the construction sector and the automakers. But natural disasters and glitches have prevented them from producing as much steel as they'd planned. Also, steelmakers worldwide are facing higher prices of iron ore after a tailings dam burst

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April 2019 SKILLINGS MINING REVIEW | 13

STEEL

to debar us," Austin said. "To guard the project, we have asked the Court to intervene." Essar’s Nashwauk site was the state's first all-new taconite mine and processing center in years, and was to employ 350 people by 2014 as it generated some 7 million tons of taconite iron ore pellets.

Essar sues over state's plans to ban company The company that left the Nashwauk mine website half built and in bankruptcy, Essar Global, is currently suing two Minnesota state agencies that are trying to prevent Essar from conducting business in the state.

I

R amsey County on Feb. 20, Essar claims the M innesota D epartment of Natural Resources and Department of Administration are violating state n a complaint filed in

law by looking for the debarment of

Essar,

a move which would prohibit

the company from doing business in

Minnesota.

14 | SKILLINGS MINING REVIEW April 2019

The business also claimed and the actions of the state put the future of the Nashwauk job at risk. Essar fully intends to return to Nashwauk and finish the job it started earlier this decade, according to Essar spokesperson Jon Austin. “We are puzzled by the job of the DNR, and we don't think it has the power or a legitimate reason

However, in 2015, Essar walked off the job after spending $1.8 billion, leaving the center less than half-finished. The company left $1 billion in debt, leading to years of insolvency and post-bankruptcy troubles that continue now. After Essar said it would pay $260 million of the debt that it left in Minnesota, and buy its way back into the Nashwauk job, DNR Commissioner Sarah Strommen delivered a letter to the CEO of Mesabi Metallics, the business that is now hoping to revive the mine, warning the company of the agency's aim to obstruct Essar from having any participation in the job.

In Strommen’s January letter, she made it clear Essar is wanted out

by Minnesota, noting years of failed attempts, missed deadlines, and fiscal mismanagement as the company tried to push through the Nashwauk project, "Essar established itself within a period of years to be an unreliable partner with builders, local governments and the nation."

Essar complained, calling Strommen's letter a "hazard."

"By petitioning to debar Essar Global and its affiliates, the DNR is jeopardizing conclusion of the Facility and the general public benefits that could flow from conclusion of the Facility," Essar attorneys wrote in the complaint.

Mesabi Metallics additionally earned

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key mineral rents back from the state in July 2018, but an ownership dispute just weeks later forced Chippewa proprietor Tom Clarke from the provider.

The project was purchased by Chippewa Capital Partners, the parent firm of Mesabi Metallics, which vowed in a statement on their website in December 2017 to finish the mine and processing center, while constructing an iron plant at the site, and pull it from bankruptcy.

Until last September, it appeared Essar was not involved in the job whatsoever until Mercuria, a Swiss energy and commodity company, said it planned to have a majority stake in the project, while a draft version of its news release, meant to stay unpublished, said Essar would eventually become a minority shareholder in Mesabi Metallics.In an emailed statement to the News Tribune Thursday afternoon, Mesabi Metallics spokesperson Darin Broton said Chippewa Capital Partners continues to be the only owner of Mesabi Metallics and that the project's construction timeline includes a "Spring 2019 acceleration."

Mesabi Metallics missed a key year-end deadline when it failed to start building on its value-added center

by Dec. 31, 2018. This triggered its own rent and royalty payments to the state to double before the facility is finished, according to the DNR. In a statement, DOA spokesperson Curt Yoakum said, "The Department of Administration is now reviewing the DNR's recommendation for debarment of Essar Global. In regards to this legal action, the section doesn't comment on pending litigation."

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China Wont Come to the Rescue in Global Iron Ore Supply Crisis

T

he global iron ore market is in the grip of a supply shock following

Brazil putting almost 70 million tons of yearly distribution at risk. As a wave of analysts boosted price forecasts, Goldman Sachs Group Inc. suggested greater a lethal dam explosion last month in

prices could

spur extra output from Chinese mines.

"China is going to be more strict and powerful with respect to environmental measures and will not loosen on any of these regulations," Pan said. Hanking itself has closed two of the three mines in its recorded unit,'' he explained. The group is now interested in nickel and gold mining, as well as electronics, retail and manufacturing. China includes a substantial ore-mining industry, but the production has been cut in recent years since the content is lower-grade and costs higher than international supplies, and the manufacturers have suffered amidst a strict environmental clampdown.

Domestic output has been dwarfed by overseas cargos making the country the world's biggest importer by bringing in more than 1 billion tons a year.

Operations in areas such as northeast Liaoning are gradually depleting, with many small ones in the steel hub of Hebei closing down due to anti-pollution curbs, and several low-grade mines ordered shut by the authorities to prevent environmental and landscape damage. In the aftermath of the disaster and Vale's force majeure, benchmark spot prices touched the highest since 2017, with the Citigroup Inc. and the Commonwealth Bank of Australia flagging the prospects for a near-term spike to $100. Despite this possible incentive, Helen Lau, analyst at Argonaut Securities Ltd., judges that Chinese miners are likely to be careful about dispensing manufacturing, given the need for fresh capital spending to encourage any expansions.

The market overreacted to the source interruptions resulting from the dam burst and mine suspensions, based on China's leading steel industry group, which stated that the reduction of cargos from Brazil can be offset by flows from elsewhere and it'll be hard for prices to sustain profits.

China's strict environmental regime means national iron ore mines won't improve output to meet any supply shortfall following Vale SA's dam disaster, according to the head of a significant Chinese mining team. “There is a surplus of raw material in China at present, with high holdings at ports amidst low seasonal steel demand�, the China Iron and Steel Association said in an analysis on its site.

April 2019 SKILLINGS MINING REVIEW | 15

STEEL

U.S. Steel to Expand Under Tariffs

U

nited States Steel

Corp. said it intends to include 1.6 million tons of steelmaking capacity

next season by resuming the building of a modern furnace in

Alabama

as

tariffs on foreign steel increase gains on national steel.

The furnace at U.S. Steel's mill near Birmingham is the company’s second major expansion since U.S. tariffs on imported steel last March increased steel costs and reduced the flow of foreign steel to the U.S. The Pittsburgh-based firm began a set of blast furnaces this past year at its mill near St. Louis which have a joint capacity to make 2.8 million tons of steel each year. Nucor Corp., Steel Dynamics Inc. along with other domestic steelmakers have also rolled out plans to construct or restart mills that would add over 10 million tons of steel producing capacity in the U.S. over the next three years.

16 | SKILLINGS MINING REVIEW April 2019

The companies are relying upon the tariffs to discourage steel customers from purchasing the cheap imports that drove down domestic steel costs and discouraged U.S. mills from expanding for years after the downturn. For U.S. Steel, the decision to go with the Fairfield mill furnace indicates the organization's renewed interest in providing tube and pipe for petroleum and natural gas fracking wells.

Losses from U.S. Steel's tubular company narrowed in 2018, as steel imports rose 13 percent from 2017 and the average cost per ton of steel sold by the unit climbed 18 percent to $1,483. The electric furnace at Fairfield will be U.S. Steel's first after 117 years of manufacturing steel. Steel is made by electric furnaces. The furnaces can function with fewer employees and are easier to stop and restart compared to blast furnaces that have to work contin-

uously to prevent damage. Meanwhile, as collapsing oil price hurt demand and prices for well-site pipe, the company had to cease work on the furnace.

More than 1,000 Fairfield employees were laid off. After the burst valve shut, the furnace has remained unassembled, in pieces, at Fairfield. The business has performed better lately as demand for domestic pipe has increased in response to lower import volumes. U.S. Steel stated that the electrical furnace and relevant casting gear at Fairfield will cost approximately $215 million.

Production of round billets to make pipe is expected to begin in the second half of next year. Approximately 150 employees will be added at Fairfield to staff the new furnace and caster, a 20% increase from the 750 employed at the mill. U.S. Steel's North American workforce is about 16,500 people.

www.skillings.net

Cleveland-Cliffs Lourenco Goncalves

Take them out of Nashwauk, enough is enough

P

resident,

Chairman and CEO Lourenco Goncalves remains in talks with the M innesota DNR within the Essar Steel site and

he feels good about the direction they're taking.

"The dilemma is: take them out of Nashwauk, enough is enough."

However, he adds that things won't be solved until they turn the rents for the property over to Cleveland-Cliffs.

Goncalves detailed the organization's plans to create cleaner steel making including a $90 million investment in Northshore Mining. He remains optimistic that Tim Walz can help him regain control from Essar and Mesabi Metallics.

Goncalves spent the start of his presentation detailing Cleveland-Cliffs' expansion plans since he took over in August 2014, sparking hope in a number of attendees. "We are empowering Northshore to produce 3.5 million tons of DR tier pellets," he explained.

But soon the topic on most minds came up: Cleveland Cliffs's battle for the prior Essar Steel site. "I don't feel like I have the support I need from the regional politicians, and Cleveland--

Cliffs deserves it," Goncalves said to the crowd following his presentation. "Well it's great to see that things are moving ahead and we are working in conjunction with the country and other agencies," said Jason Metsa, Deputy Commissioner with the Iron Range Resources and Rehabilitation Board, or IRRRB. He then went into the environmental effects of iron ore mining, clean steel-making procedures, and his struggle to build a plant in Nashwauk. According to him, that's crucial in transitioning from Blast Furnace mining into Electric Arc Furnace mining, which he states is cleaner, utilizing HBI. Only then, he believes, can a plant be built and jobs be brought into the area.

Chisholm business leaders, city and state officials, and workers discovered a state of the business upgrade from the iron ore mining firm, Cleveland-Cliffs. “If the governor can do it, then so can I. I will build an HBI [plant] too at Nashwauk, as simple as that. And it is fantastic to see everything kicking off in the start of the year with programs in place.�

We thrive on challenges golder.com

www.skillings.net

April 2019 SKILLINGS MINING REVIEW | 17

Resources (GXY), Champion Iron (CIA), Osisko Mining (OSK), McEwen Mining (MUX), Aurelia Metals (AMI), China Gold International Resources (CGG), Champion Iron (CIA), Jupiter Mines (JMS), Uranium Participation (U), Lucara Diamond (LUC), Western Areas (WSA), Leagold Mining (LMC), Kidman Resources (KDR), Altius Minerals (ALS) and Brockman Mining (BCK).

Polymet Mining Stock Price, News, and Analysis Polymet Mining Corp released its quarterly earnings results on Tuesday, November, 13th. The basic materials company reported ($0.01) earnings per share (EPS) for the quarter, reaching the Thomson Reuters' consensus estimate of ($0.01).

M

edia stories about

PLM stock

have trended favorably

recently, InfoTrie

reports , on

Monday. The

Sentiment

recent media coverage is marginally likely to have an influence on the company's share price in the near term.

research

company evaluates the sentiment of press coverage by assessing more than six thousand blog and news resources.

The firm rates policy of trading firms on a scale of -5 to 5, with scores close to five being the most favorable.

Polymet Mining earned a news review score of 3.5 on InfoTrie's scale. They also assigned media coverage regarding the basic materials company a news release of 6.0 out of 10, meaning that

18 | SKILLINGS MINING REVIEW April 2019

Polymet Mining saw an increase in interest in the month of February. As of February 15th, there was a short interest rate totaling 1,831,848 shares, an increase of 2.3% from the January 31st total of 1,790,422 shares. According to an average daily volume of 270,823 stocks, the days-to-cover ratio is now 6.8 days.

Some firms which are associated with Polymet Mining includes Galaxy

According to aggregate data from My MarketBeat watchlists, some businesses that other Polymet Mining investors own include Polymet Mining (POM), Magnegas Applied Technology Solutions (MNGA), Seabridge Gold (SA), Turquoise Hill Resources (TRQ), McEwen Mining (MUX), Plug Power (PLUG), Cleveland-Cliffs (CLF), Harmony Gold Mining (HMY), Energy Focus (EFOI) and Canadian National Railway (CNR).

Polymet Mining's stock is owned by different institutional and retail investors. Leading institutional shareholders include Cahill Financial Advisors Inc. (0.12%), LPL Financial LLC (0.06%), Lincoln National Corp (0.03%) and Carlson Capital Management (0.01%).

Shares of PLM can be purchased through an online brokerage account.

One share of Polymet Mining's stock can now be obtained for approximately $0.6752.

Polymet Mining Corporation explores and develops natural resource properties. To contact Polymet Mining, Their Mining's mailing address is at First Canadian Place 100 King Street West, Suite 5700, Toronto, ON M5X 1C7, Canada. The materials company can also be reached via phone at +1-4169154149.

www.skillings.net

ArcelorMittal USA takes more than longtime manager Cleveland-Cliffs

C

hange is inevitable, especially

Minnesota's iron ore mining Bankruptcies, ownership changes, plant closures, technological advances, labor force adjustments, and efficiencies that reduce costs , in

sector.

have changed since the very first

Minnesota Soudan.

shipment of ore left the

Iron Company

mine in

However, one of the biggest changes lately is on the horizon. On August 12, 2019, ArcelorMittal USA will take over management of Hibbing Taconite.For decades, Cleveland-Cliffs has managed the 8.0 million ton-per-year iron ore pellet facility just north of Hibbing, and they will retain 23% possession and United States Steel 14.7%.

For several weeks, it was uncertain who would take over management beyond August 12, 2019 but in December, ArcelorMittal USA announced it would replace Cleveland-Cliffs. It is a change that amazed steelworkers working in industry observers and the facility. But, assuming management is organic for ArcelorMittal, stated Gary Norgren, ArcelorMittal USA manager of raw materials and transition group leader in Hibbing Taconite.

These regions comprise everything from mine planning and information technology to operations and procurement. Over the subsequent six-anda-half months, the partners will work to ensure there's an orderly transition with the goal of maintaining stability for the work force of Hibbing. ArcelorMittal is dedicated to communicating more info as it becomes available to both our team and the community."ArcelorMittal (62.3percent) is now majority owner of Hibbing Taconite. According to ArcelorMittal USA, no changes in production volumes or operating plans will occur.

But as the transition date approaches, a combined ArcelorMittal/Cleveland Cliffs transition group has begun meeting to plan the transition, said Norgren. Transition meetings started in mid-January.

operations to our crucial operations in the USA."No significant modifications in Hibbing Taconite direction are anticipated, according to Norgren. Hibbing Taconite owners and ArcelorMittal, as supervisor, will continue to honor the terms of the labor contract reached between United Steelworkers (USW) and Cleveland-Cliffs.

Norgren explained that, "Throughout the kick-off assembly, many ArcelorMittal/Cliffs teams were made to work on transitioning all functional areas.

NORTH AMERICAN MARKET (LTU) Company

IRON ORE PRICE REPORT

Ore Type

Pellets, FOB Michigan Mines Pellets, FOB Cleveland-Cliffs Inc. Minnesota Upper Lakes Port Source: CLEVELAND-CLIFFS INC. Cleveland-Cliffs Inc.

Per Iron Unit

Per Gross Ton at 64%

Per Ton at 64% Reporting Date

$1.28

$81.92

12/31/17

$1.42

$90.88

12/31/17

Norgren said that, "Assuming the role of managing partner of Hibbing Taconite was the right thing to do for our company, the Hibbing group, along with the Iron Range. Serving as the managing partner also ensures the long-term supply of superior iron ore

www.skillings.net

April 2019 SKILLINGS MINING REVIEW | 19

and mercury that could be poisonous if discharged into the surroundings.

Can Brazilian tailings dam disaster happen here?

The recent collapse of a mine tailings dam in southeastern Brazil has already led to 134 deaths, leaving an estimated 300 people still missing, according to rescue workers. Houses nearby were flooded, cars and buses were submerged under a river of sludge that was reddish-brown. This ecological tragedy should raise red flags for Michigan Regulators and the communities downstream from Aquila Resources' proposed sulfide mine and tailings dam beside the Menominee River on the border.

O

of river valleys with toxic sludge.

It was considered one of the worst disasters in Brazil's history.

sible for a dam collapse three years

Dams are some of the largest structures in the world. Tailings, on the other hand, are the waste material left over from the crushing, grinding and chemical (like cyanide) processing of mineral ores. Tailings usually contain residual minerals — including lead, arsenic,

J an . 25, a 40- year - old , 280-foot large tailings dam failed in Brumadinho, Brazil, releasing almost 12 million cubic meters of mine waste. The dam, owned by the giant Brazilian mining company Vale S.A., the same company responn

Mariana that buried three towns, leaving hundreds homeless and contaminating hundreds of miles earlier in

20 | SKILLINGS MINING REVIEW April 2019

The Brazilian tailings dam that failed was built in 1976 using the "upstream" dam building process, which is considered the riskiest method of dam construction. Upstream dam construction has a history of causing dam collapses around the world, including the devastating Mount Polley tailings dam collapse in Canada in August 2014, the biggest environmental disaster in Canada’s mining history. This failed upstream dam building procedure is now being proposed for Aquila's tailings dam in the Back Forty project.

Despite Aquila's claim that mining regulation and technology have made modern mining safer, recent findings by the Center for Science in Public Participation discovered that almost half of serious tailings dam failures occurred in contemporary times, between 1990 and 2010.

“These failures,” according to the report, “are a direct result of the rising incidence of tailings storage facilities higher than a 5 million cubic meter total capacity necessitated by lower grades of ore along with the greater volumes of ore production required to achieve or expand a specified tonnage of finished product”. The documentation is about the Minnesota DNR site.

In Aquila's original mine license application; they proposed to store 5.1 million cubic yards of tailings. In their revised program, they bid to store 4.9 million cubic yards of tailings. Whether it is 5.1 or 4.9 million cubic meters, the large volume of tailings causes a serious risk for a tailings dam failure which is not addressed at the 900 pages of Aquila's revised permit.

www.skillings.net

MINING INDUSTRY PEOPLE GoldMining Inc. announced the appointment of Dr. Ken Wang to its advisory board.

Dr. Wang is a former Managing Director and the Head of Natural Resources for both Royal Bank of Canada's Asia Investment Banking and Bank of China's Global Investment Banking operations based out of Hong Kong and Beijing. Over the past 20 years, he has been at the forefront of the global mining industry, intimately involved in the successful completion of more than $100 billion of investment banking transactions in mining and other sectors.

ADVERTISING INDEX

Azcon .........................................19 Barr Engineering...........................9 CR Meyer....................................11 Global Minerals Engineering.....19 Golder Associates........................9

Titan Mining Corporation announced the closing of a senior secured credit facility with the Bank of Nova Scotia, and the appointment of Naomi Johnson as Vice President, Community Relations. Naomi Johnson joined Titan in April 2018 and is a global community relations executive, international development specialist and lawyer with 15 years of management experience in leadership positions across the private, public and not-for-profit sectors. Ms. Johnson brings a broad perspective to the development of sustainable and leading-edge approaches to stakeholder impact and risk management at Titan.

African Gold Group Inc. appointed Malcolm Campbell as President and Chief Operating Officer and Andrew Cheatle as Vice President. Mr. Campbell is a Professional Certified Mining Engineer with over 30 years of extensive exploration and mining project experience across Africa. Mr. Cheatle is a mining industry executive and professional geoscientist with over 25 years of domestic and international experience encompassing both the senior and junior mining sectors. ď Ž

www.skillings.net

Hallett Dock................................05 Lake Superior Chapter ISEE.......19 Malton Electric Company..........21 walcot water...............................22 ME Elecmetal.............................09 Mielke Electric Works.................13 Naylor Pipe.................................24 Neo Solutions.............................21 Northern Engine & Supply.........21

April 2019 SKILLINGS MINING REVIEW | 21

STATISTICS

March 2018 Crude Steel Production

By John Edward, Associate Publisher

W

steel, up by 1.0% on March 2017. France produced 1.4 Mt of crude steel, up by 1.5% compared to March 2017. Spain

orld crude steel produc-

quarter of 2017. North America’s crude

produced 1.3 Mt of crude steel, down by

64 countries reporting to the World Steel Association (worldsteel) was 148.3 million tonnes (Mt) in March 2018, a 4.0% increase compared to M arch 2017. W orld crude steel production was 426.6 Mt in the first three months of 2018, up by 4.1%

steel production in the first three months

4.1% on March 2017. Turkey’s crude steel

of 2018 was 29.5 Mt, an increase of 1.9%

production for March 2018 was 3.4 Mt, up

compared to the first quarter of 2017.

by 7.6% on March 2017. The US produced

to the same period in 2017.

tion for the

compared

7.3 Mt of crude steel in March 2018, an China’s crude steel production for

increase of 5.3% compared to March 2017.

March 2018 was 74.0 Mt, an increase

Brazil’s crude steel production for March

of 4.5% compared to March 2017. India

2018 was 3.1 Mt, up by 7.6% on March

produced 9.2 Mt of crude steel in March

2017. The crude steel capacity utilisation

2018, up 5.3% on March 2017. Japan

ratio of the 64 countries in March 2018 was

produced 9.1 Mt of crude steel in March

74.5%. This is 2.2 percentage points higher

Asia produced 294.1 Mt of c rude

2018, an increase of 2.2% compared to

steel, an increase of 4.6% over the first

March 2017. South Korea’s crude steel

than March 2017. Compared to February 2018, it is 0.9 percentage points higher.

quarter of 2017. The EU produced 43.1

production was 6.1 Mt in March 2018,

Mt of crude steel in the first quarter of

an increase of 4.7% on March 2017. In

2018, up by 0.9% compared to the same

the EU, Italy produced 2.3 Mt of crude

Statistics based on World Steel Association Report released on April 25, 2018. 

Preliminary USGS Iron Ore Statistics for November 2017

By John Edward, Associate Publisher

A

U.S. G eological S urvey (USGS) report by Mineral Commodity Specialist Christopher A. Tuck, U.S. mine production and shipments of iron ore in November 2017 were 4.47 million metric tons (Mt) and 4.33 Mt respectively.

Average daily production of iron ore was 149,000 metric tons (t), 7% greater than that of October and ccording to the

27 % greater than that of November 2016.

Average daily shipments of iron ore were 144,000 t, slightly less than those in October and 3% greater than those in November 2016. Mine stocks at the end of November 2017 were slightly greater than those held at the end of October 2017 and slightly less than those held at the end of November 2016. U.S. exports of iron ore totaled 943,000 t in November 2017, 9% less than those in October 2017 and 27% less than those in November 2016. U.S. imports of iron ore totaled 320,000 t in November 2017, 45% greater than those in October and 11% greater than those in November 2016. 

22 | SKILLINGS MINING REVIEW April 2019

www.skillings.net

CRUDE STEEL PRODUCTION, MARCH 2018. Source – World Steel Association MARCH 2017

% CHANGE MARCH – 18/17

1,030 e

1,175

4.7

20 e

15 e

16

25.0

El Salvador

10 e

5e

8

Guatemala

25e

25 e

1,750 e

MARCH 2018

FEB 2018

1,230 e

Cuba

MARCH 2018

% CHANGE MARCH – 18/17

13,354

15,038

0.5

Total - Other Europe

3,645

3,290

3,425

6.4

33.3

Total - C.I.S. (6)

8,101

7,675

8,621

-6.0

22

12.6

Total (64 countries)

148,330 131,791 142,681

4.0

1,535 e

1,701

2.9

-

-

-

-

7,261

6,446

6,894

5.3

e – estimate | r – revised Monthly Crude Steel Production in the 67 Countries included in the report, in thousands of metric tons. The 67 countries included in this table accounted for approximately 99% of total world crude steel production in 2017.

10,296

9,056

9,816

4.9

U.S. RAW STEEL PRODUCTION

474

417

392

20.8

Brazil

3,065

2,714

2,848

7.6

Chile

110 e

85 e

109

0.7

Colombia

125 e

90 e

117

7.0

Capability Utilization Rate

Production

MARCH 2017

15,111

Ecuador

55 e

45 e

46

19.6

April 28, 2017

1,754

-1.9

74.8

29,723

1.6

75.5

Paraguay

1e

2e

1

66.7

Previous Year

1,721

1.9

73.8

29,252

-

74.4

115 e

100 e

104

10.4

April 21, 2017

1,788

0.2

76.3

27,969

5e

5e

4

25.0

1.6

75.6

40 e

25 e

49

-17.9

Previous Year

1,721

3.9

73.8

27,531

-

74.4

Total - South America

3,990

3,483

3,669

8.7

April 14, 2017

1,784

- 1.2

76.1

26,181

1.4

75.5

Egypt

650 e

583

528

23.1

Previous Year

1,721

3.7

73.8

25,810

-

74.4

Libya

30

48

49

-39.3

April 7, 2017

1,805

1.6

77.0

24,397

1.3

75.5

-

-

-

-

Previous Year

1,721

4.9

73.8

24,089

-

74.4

South Africa

527 e

491 e

545

-3.1

Total - Africa

1,207

1,122

1,122

7.6

2,350 e

2,120 e

1,635

43.7

239

152

240

-0.4

Saudi Arabia (HADEED only)

425 e

385

376

13.0

Total - Middle East

3,262

2,859

2,534

28.7

73,980 64,930 e

70,800

4.5

Mexico Trinidad and Tobago United States Total - North America Argentina

Peru Uruguay Venezuela

Morocco

Iran Qatar

China

207

214

213

218

4.7

Great Lakes

657

667

685

683

2,000

0.0

Midwest

163

165

159

166

90,475

97,979

4.3

Southern

652

666

653

660

482

90,475

429

12.3

Western

75

76

74

78

47

52

47

0.5

1,754

1,788

1,784

1,805

529

477

476

11.1

Japan

9,082

8,296

8,888

2.2

South Korea

6,095

5,415

5,823

2,000 e

1,810 e

102,190

www.skillings.net

WEEK ENDING

North East

5.3

Total - Oceania

DISTRICT

4/7

8,764

New Zealand

WEEKLY U.S. RAW STEEL PRODUCTION BY DISTRICT 4/14

8,434

Australia

In thousands of Net Tons – Source - American Iron and Steel Institute * Percent Change is a comparison between a given week and the previous week.

The % change figure in the previous year row refers to the change from a given week compared with the corresponding week of the previous year.

AISI’s estimates are based on reports from companies representing about 50% of the Industry’s Raw Steel Capability and include revisions for previous months.

4/21

9,227

Total - Asia

WEEK ENDING

Year-to-Date Production

4/28

India

Taiwan, China

Weekly Production

Percent Change*

Canada

Total - European Union (28)

FEB 2018

Percent Change*

COUNTRY

Production

COUNTRY

Total

In thousands of Net Tons – Source – American Iron & Steel Institute.

April 2019 SKILLINGS MINING REVIEW | 23