Industrials (/lb): aluminum $0.98(+1.5%), copper $3.16(-0.3%), lead $1.12(-2.1%), molybdenum $7.14(+0.0%); nickel $5.33(+0.8%); zinc $1.41(-0.2%);    Precious (/oz): gold $1,290(+0.7%), silver $17.26(+1.5%); Steel (/mt): ChinaHRC $625(-1.5%), SHFE Rebar $556(-1.3%), MB Scrap Index $298(+0.5%);    Bulks: iron ore (/dmt) $61(-2.9%), coking coal (/mt) $178(-2.0%), freight (BCI)3,186(+1.7%); Energy: Brent (/bbl) $57.23(-1.6%), WTI (/bbl) $51.29(-1.4%),natural gas (/mmBtu) $2.87(+0.7%), thermal coal (/t) $97(+3.6%).China’s coal production rose in September to 298.1mt (+7.6% YoY and +2.5%MoM) on Chinese government ensuring sufficient supplies for the 19th partycongress. The output rise came despite a slowdown from two key producers,Shenhua Energy (cut ~9% YoY) due to its major operations disruptions, andChina Coal Energy (~3% YoY cut). Government aims to support “reasonable”coal prices via higher production. (Argus Metals)    Barrick and the Tanzanian government agreed on a proposed framework forAcacia Mining operations (~64% owned by ABX, ~7% 2017E gold production).A new Tanzanian operating company would be created to manage Acacia’sthree mines, Bulyanhulu, Buzwagi and North Mara. The economic benefitsfrom those mines would be shared on a 50/50basis between the newcompany and the government, which will receive royalties and a 16% freecarry interest in the operations. Acacia is said to make a $300m payment to theauthorities to help resolve the outstanding tax evasion claims and a workinggroup will be created to settle the issue. Next step would be to have theconcentrate export ban lifted, and negotiations are still ongoing. (Company)    Nucor, US Steel, NLMK USA and CSI lift sheet prices by ~$40/st. This followsArcelorMittal’s announcement to set minimum base price of $625/st for Hot-Rolled Coil and $825/st for Cold-Rolled Coil. (AMM)    Merger of Equals transaction between Potash Corporation and Agrium Inc.was approved by India under the conditions that PotashCorp will divest someof its minority holdings in Arab Potash Company, Israel Chemicals, and SQMwithin 18months. PotashCorp owns ~32% of SQM shares. (Company)    Jiangxi Special Electric Motor Co plans to take a ~11.5% stake in TawanaResources for approx. $15.7m. Tawana has a 50% interest in the Bald Hilllithium and tantalum mine (Western Australia), and the first lithium shipment isexpected in late 1Q18. Integration in the lithium supply chain seems to bestarting.(Reuters, DB)    AngloGold Ashanti entered into a sale and purchase agreement for variousassets in the Vaal River region (South Africa) to Harmony Gold Mining for$300m cash. This transaction is part of AngloGold’s strategy to focus on globalportfolio improvement, and extend mine lives and increase margins. RemainingSouth Africa operations will represent less than 15% of AngloGold’s expectedannual production. (Company)

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