Base & Precious Metals News
Oct 21 - After Samarco delay, BHP's 'Jac the knife' to step down
BHP Billiton Chairman Jac Nasser, one of the most powerful figures in the mining industry, will retire at next year's shareholder meeting, telling investors on Thursday that after a decade on the board, it was time to step down. The former Ford Motor Co chief, nicknamed Jac the knife after extensive cost-cutting efforts there, said he had intended to leave BHP last year, but agreed to stay on to provide stability as the world's biggest miner responded to the deadly Samarco dam disaster in Brazil. Click here to read full stories.
Oct 21 - Average global aluminium output hits record on China gains
Daily average primary aluminium output hit a record high in September, driven by buoyant output in top producer China, data from the International Aluminium Institute (IAI) showed on Thursday. The global daily average rose to 164,600 tonnes from 159,800 in August while total Chinese output for the month increased to 2.75 million, the highest in 15 months. Click here to read full stories.
Oct 21 - Brazil prosecutors charge 21 with homicide for Samarco dam spill
Brazilian prosecutors charged 21 people with qualified homicide on Thursday for their roles in the collapse of a tailings dam at the Samarco Mineração SA iron ore mine last November that killed 19 people.The charges follow what is now considered to be the largest environmental disaster in Brazil's history. The dam collapse released millions of tonnes of muddy mine waste, wiping out several small communities. Click here to read full stories.
Oct 21 - China Sept copper exports soar again with growing output -customs
China's exports of unwrought copper, including copper alloy products, soared 121 percent in September from a year earlier to 27,848 tonnes, data showed on Friday. Shipments were down from 57,000 tonnes in August, but the big increase from a year ago will be seen as a sign of China's growing output of copper, rather than a reflection of a major slowdown in demand in the world's second-largest economy. Click here to read full stories.
Oct 21 - Fortescue eyes iron ore profit lift from rising coal price
Skyrocketing prices for coal used in steelmaking could deliver higher profits to Australian iron ore miner Fortescue Metals Group, its chief executive officer said on Thursday. Prices for coking coal have more than doubled this year to above $230 a tonne, while iron ore, the other essential raw material required by steel producers, has risen by less than 40 percent to around $58 a tonne. The unexpected surge in coking and thermal coal prices is largely the result of curbs at Chinese collieries. Click here to read full stories.
Oct 21 - China's aluminium producer Chalco returns to profit in Jan-Sept
China's state-owned Aluminum Corporation of China Ltd (Chalco) swung back to profitability in the first nine months, buoyed by higher metal prices and continued cost-cutting efforts, the company said on Thursday. Chalco posted a net profit of 107.9 million yuan ($16.02 million) in the January-September period, compared with a net loss of 974.6 million yuan a year earlier, it said in a filing to the Hong Kong stock exchange. Click here to read full stories.
Oct 21 - Acacia Mining sees full-year gold production ahead of forecast
Gold miner Acacia Mining Plc said it expected full-year production to be around 5 percent higher than the top end of its earlier forecast, helped by a strong performance in the first nine months of the year. Acacia, which operates three mines in Tanzania, earlier expected to produce 750,000-780,000 ounces of gold this year. Click here to read full stories.
Oct 21 - Spanish court reopens case over Grupo Mexico mine tender
A Spanish court said on Thursday it has reopened a case examining alleged irregularities in the tender process for a mine contract won by Grupo Mexico in the Andalusia region. A lesser regional court cleared the Mexican company last November of any wrongdoing over its winning bid to reopen the Aznalcollar copper, zinc and lead mine in southern Spain, but an appeal by a rival bidder has now been accepted. Click here to read full stories.
Oct 20 - Rio cuts 2016 iron ore guidance; Fortescue shipments up
Global miner Rio Tinto on Thursday cut its 2016 guidance for iron ore shipments by as much as 5 million tonnes after releasing lower third-quarter production data, citing shipping interruptions. The downward revision - equivalent to as much as $290 million at current ore prices - comes as the steelmaking commodity stages a recovery on the back of a surprise lift in demand from China. Click here to read full stories.
Oct 20 - BHP spends $2 mln a month on nickel unit as recovery looms
BHP Billiton's nickel business, which faced closure after failing to attract a buyer, is spending $2 million a month on improvements and making headway to extend operations through the next decade, a senior executive said on Thursday. Nickel prices have climbed 17 percent this year after a crippling supply glut drove the market into near-free fall 2-1/2 years ago. Global demand rose 6.1 percent over the eight months to end-August, led by an 8 percent rise in China and strong gains in India and China, industry data showed. Click here to read full stories.
Oct 20 - China meets over 80 pct of capacity reduction target in coal, steel
China has completed more than 80 percent of this year's capacity reduction goals in its coal and steel sectors as of end-September, said Huang Libin, an official from the Ministry of Industry and Information Technology (MIIT), on Thursday. Huang, deputy director of the MIIT's Bureau of Performance Inspection & Coordination unit, was speaking at a press conference in Beijing. Click here to read full stories.
Oct 20 - South32 more than doubles cash position on cost cuts, commodities rally
Australian miner South32 Ltd, the world's biggest producer of manganese, said on Thursday it more than doubled its cash on hand in the September quarter due to a cost cutting drive and as commodities prices recovered. "Stronger commodity prices and cost saving initiatives delivered a further $239 million increase in our net cash position to $551 million," chief executive Graeme Kerr said. Click here to read full stories.
Oct 20 - Brazil to offer thousands of mineral rights areas in H1 2017
Brazil's government plans to sell rights to as many as 22,000 mineral exploration areas in the first half of 2017, the president of the country's geological service (CPRM) Leonardo Ledsham said on Wednesday. Brazil also plans to sell nine large, strategic mining projects, he said, including: the Miriti phosphate deposit in Pernambuco and Paraiba states; the Palmeirópolis copper, lead and zinc project in Tocantins; the Bom Jardim copper project in Goias and the Candiota coal project in Rio Grande do Sul. Click here to read full stories.
Oct 20 - Towns protesting copper mine in Peru turns away negotiating team
Protesters blocking a road to MMG Ltd's copper mine in Peru turned away a delegation of high-ranking government officials who hoped to restart talks on Wednesday after a local man was shot dead in clashes with police last week. Residents from Andean towns demanded a meeting with President Pedro Pablo Kuczynski as they mourned the 42-year-old farmer whose coffin lay on a road leading to MMG's Las Bambas mine, said Artemio Solano with the ombudsman's office. Click here to read full stories.
Oct 20 - Brazil September steel output rises 3.1 pct, exports fall 13.1 pct
Brazil's steel output rose in September, the first year-on-year gain in 15 months, a possible sign that the worst part of a downturn affecting the industry may be over, the Brazil's steelmakers' association, Instituto Aço Brasil, said on Wednesday. Production rose 3.1 percent in September to 2.58 million tonnes compared with the same month a year earlier. Production, though was down 6.8 percent compared to August, the association said in a statement. Click here to read full stories.
Oct 19 - BHP says sees early signs of commodity recovery
BHP Billiton, the world's biggest diversified miner, said on Wednesday it was finally detecting indications of a commodity market turnaround, giving its most upbeat assessment in about five years. A recovery would be a particular boon for the global miner which has kept production humming through a multi-year collapse in commodities markets, although it cautioned that raw material supply was still outpacing demand despite stronger steel consumption in China. Click here to read full stories.
Oct 19 - China sees shift in metals demand to niche markets in 5-yr plan
China's demand for minor metals used in renewable fuels and electric vehicles will continue to rise over the next four years, as consumption of base metals slows, the government said in the latest update of its five-year industry plan. Demand for zinc, used in construction and infrastructure to protect steel from rusting, could even hit a peak by end-2020, the Ministry of Industry and Information Technology (MIIT) said in a statement released late Tuesday.Click here to read full stories.
Oct 19 - India gold trades at premium for first time in 9 months - dealers
Gold prices in India swung to a premium for the first time in nine months on Wednesday as jewellers and dealers in the world's No.2 consumer of the metal ramped up purchases ahead of major festivals. Dealers were charging up to $2 an ounce over official domestic prices, the first time premiums have been seen since mid-January, said Bachhraj Bamalwa, director at the All India Gems and Jewellery Trade Federation. Click here to read full stories.
Oct 19 - China Sept steel output rose 3.9 pct from a year ago -stats bureau
China's crude steel output rose 3.9 percent in September from a year ago, government data showed on Wednesday, as steel mills in the world's top producer raised production amid a demand pick-up. Total output for the month was 68.17 million tonnes, the National Bureau of Statistics (NBS) said. For the first three quarters of 2016, total production edged up 0.4 percent from the same period a year ago to 603.78 million tonnes. Click here to read full stories.
Oct 19 - Congo miner challenges Freeport sale of Tenke mine in international court
Democratic Republic of Congo state miner Gecamines has challenged Freeport McMoRan Inc's sale of its majority stake in the country's Tenke copper mine at the International Court of Arbitration in Paris, Gecamines said on Wednesday. Gecamines Secretary-general Deogratias Ngele told Reuters that Gecamines had asserted a right of first offer following Freeport's agreement in May to sell its 56 percent stake in Tenke, one of the world's largest copper mines, to China Molybdenum Co Ltd (CMOC) for $2.65 billion. Click here to read full stories.
Oct 19 - Mining resumes at Freeport Indonesia copper mine
Operations at Freeport-McMoRan Inc's Grasberg open pit copper mine in Indonesia have resumed after a one-day stoppage following a fatal incident at the mine late on Monday. "Today operations returned to normal," Freeport Indonesia spokesman Riza Pratama said. "While investigations are running we will continue production while waiting for further directions." He was unable to comment on output levels at the mine. Click here to read full stories.
Oct 19 - Production slowing fast at Myanmar mine that rattled tin market
Output from a mysterious Myanmar tin mine that has disrupted the global market in the metal is falling sharply and deposits could be depleted in "two to three years", senior mine officials told Reuters. A surprise discovery of large quantities of tin has propelled the formerly isolated Southeast Asian country into the position of third largest producer of the industrial metal, and contributed to a sharp fall in prices in the last three years. Click here to read full stories.
Oct 19 - Glencore expands bond buyback as manages debt
Miner Glencore has increased the size of a bond buyback tender to $1.49 billion from $1.25 billion, it said on Tuesday, seeking to seize on favourable conditions to reduce its debt burden. Miners, which racked up high levels of debt last year after commodity prices crashed, are in a much stronger position, helped by a commodity rally and some asset sales. Click here to read full stories.
Oct 19 - Higher demand, prices point to strong Q3 for Russia's steelmakers
Russia's steelmakers are expected to post higher earnings when they report third-quarter results in coming weeks due to a recovery in prices and stronger demand. The companies, including Russia's largest NLMK and second-biggest Evraz, suffered in 2015 as world steel prices plumbed 10-year lows and as the country's economic downturn sapped domestic demand. NLMK and Evraz full-year core earnings fell 18 and 39 percent respectively. Click here to read full stories.
Oct 19 - Codelco unions say mulling company-wide strike at Chile's copper mines
Unionized workers at Chile's state-owned copper miner Codelco are mulling going on a company-wide strike, possibly by mid-November, if the government does not make progress on a number of demands, union leaders told Reuters on Tuesday. Codelco, the world No. 1 copper producer, returns all its profits to the state and is funded by a mixture of capitalization and debt. The recent sharp downturn in the copper price has hit it hard when it needs to invest in new projects to keep output flowing, forcing it to scale back ambitious expansion plans. Click here to read full stories.
Oct 19 - Brazil's new mining code must be re-worked to attract investment - official
A new code to govern Brazil's mining industry, which was first proposed in 2009 but has never made it past Congress, would create further uncertainty in the struggling sector and must be re-worked, the interim Mines and Energy minister said on Tuesday. Paulo Pedrosa, filling in for his boss Fernando Coelho Filho who is away on an international trip, said the ministry plans to establish a new timeframe to re-model the mining code when Coelho Filho returns to Brazil this week. Click here to read full stories.
Oct 19 - Samarco could resume operations by mid-2017, Vale director says
It is "feasible" that iron ore miner Samarco could resume operations by the middle of next year, a senior executive at Brazilian miner Vale SA said on Tuesday. "It does not make sense that every time there is an accident, as a penalty, the company should cease to exist," Clovis Torres, director of human resources, health and security, sustainability and energy at Vale, said at an event. Click here to read full stories.
Oct 18 - Gold may regain ground in 2017 but 'bumpy road' ahead
Gold is likely to recover to above $1,300 an ounce next year as a pickup in physical demand counters more potential U.S. rate increases, a Reuters poll at an industry event showed. The precious metal had lost nearly 9 percent from July's two-year highs to trade around $1,255 an ounce on Tuesday, hit by expectations the U.S. Federal Reserve would raise interest rates in December for the second time in a year. Click here to read full stories.
Oct 18 - India's clampdown on "black money" curbs gold appetite - Kotak
India's crackdown on undisclosed foreign assets and income is curbing demand for gold in the world's second-biggest consumer, while rising real interest rates and better returns from other financial markets are also hurting purchases, a banker said. Although consumption should pick up from now until the end of the financial year, when India buys more for gifting during festivals and weddings, weak demand so far has dragged on the global gold price that has shed nearly 9 percent from a two-year high in July to $1,258 an ounce on Tuesday. Click here to read full stories.
Oct 18 - Nickel market balanced in August, but 2016 in deficit
The global nickel market returned to balance in August, industry data showed on Tuesday, although a deficit for the first eight months could widen further amid strong Chinese demand and a crackdown on Philippine mine supply. The deficit so far this year stood at 47,300 tonnes at end-August as production of 1.2876 million tonnes fell short of usage at 1.3348 million tonnes, according to the International Nickel Study Group (INSG), helping to push up prices. Click here to read full stories.
Oct 18 - Deutsche Bank to pay $38 mln in U.S. silver price-fixing case
Deutsche Bank AG has agreed to pay $38 million to settle U.S. litigation over allegations it illegally conspired with other banks to fix silver prices at the expense of investors, according to court papers filed on Monday. The settlement, disclosed in papers filed in Manhattan federal court, came in one of many recent lawsuits in which investors have accused banks of conspiring to rig rates and prices in financial and commodities markets. Click here to read full stories.
Oct 18 - Philippines' Marcventures looks to China for nickel processing venture
Marcventures Holdings Inc , one of the Philippines' nickel miners facing a possible suspension following a government audit, said on Tuesday it was in talks with potential Chinese partners for local processing of the metal. "I talked to about two or three major Chinese companies and they are going to be potentially our partners in nickel processing plants in the Philippines," Marcventures President Isidro Alcantara said in an interview with ABS-CBN News Channel. Click here to read full stories.
Oct 18 - China gold demand to stay firm at 900-1,000 T in 2017 - WGC
Demand for gold from top consumer China will remain strong at around 900-1,000 tonnes next year, near 2015 levels, although a weaker appetite for jewellery and slowing economy could curb purchases, an official of the World Gold Council said. Continued firm demand from China should help underpin global benchmark gold prices that have come off two-year highs as expectations of a U.S. interest rate hike by year-end strengthened the dollar. But the precious metal remains up 18 percent for 2016, following a three-year decline. Click here to read full stories.
Oct 18 - Yamana Gold to spin off Brio subsidiary as standalone company
Canadian miner Yamana Gold said on Monday it plans to spin off its Brio Gold subsidiary, which owns non-core gold mining properties in Brazil, as a standalone public company to its shareholders. Yamana, a mid-sized gold producer, last November tried to reduce its 100 percent stake in Brio through a private share placement but later suspended that plan, citing poor market conditions. Click here to read full stories.
Oct 17 - Singapore makes another bid for Asia to help set gold price
Singapore will study the possibility of bringing the gold benchmark pricing in London to users in Asia, in a move that would also allow market participants in the world's top consuming region to help set the price of bullion. Home to the world's biggest buyers China and India, Asia's importance has been on the rise as the key source of demand for gold, but bullion traders in the region are often exposed to intraday price volatility and overnight foreign exchange risks with benchmark prices currently being set out of London. Click here to read full stories.
Oct 17 - ICE to launch gold futures in Feb, heats up race for prized London market
Intercontinental Exchange on Monday said it would launch a London gold daily futures contract in February 2017, heating up the race to gain a bigger chunk and increase transparency of a market that is seen as a key global bullion trading centre. Earlier this year, the London Metal Exchange (LME) said it was planning to launch spot and futures contracts for gold and silver in the first half of 2017. Click here to read full stories.
Oct 17 - China aluminium makers to target auto, aerospace in global push
China's giant aluminium makers are pushing into the global automotive and aerospace markets, with industry sources expecting their presence to heat up competition and possibly spark a buying spree for Western metals companies. China's top aluminium companies are venturing into the more lucrative parts of the global value chain, on course to seize market share from the likes of Alcoa and Constellium, as they look to buy into foreign firms to boost their technical know-how and expand their reach. Click here to read full stories.
Oct 17 - China's Hebei imposes 'special emission' limits on steel mills
China's Hebei province, the country's biggest steelmaking region, has imposed what it calls "special emission restrictions" on local mills as part of its war on smog, according to a policy document. Local steel enterprises will have until Sept. 1, 2017, to ensure their facilities comply with tough new standards for sulphur dioxide and other major sources of air pollution, the local environmental protection bureau said in a notice. Click here to read full stories.
Oct 17 - China Construction Bank kicks off $1.5 bln debt-to-equity swap with Yunnan Tin
China Construction Bank Corp (CCB), the country's second-biggest lender, has signed a debt-to-equity swap with Yunnan Tin Group Co, in a landmark deal in the government's push to cut mounting corporate debt. CCB on Sunday agreed to make a 5 billion yuan ($750 million) initial investment in Yunnan Tin, as part of a 10 billion yuan deal aimed at lowering the leverage of the world's biggest tin producer and exporter by 15 percentage points. Click here to read full stories.
Oct 17 - Illegal miners in Ghana ignore deadline to quit AngloGold mine
Illegal miners operating at AngloGold Ashanti's Obuasi mine in Ghana have ignored a government deadline to leave, delaying company plans to restart production. Up to 5,000 miners were still working at Obuasi in the Ashanti region on Friday, four days after a deadline for them to leave, said Benjamin Annan, spokesman for the Association of Small Scale Miners. He said relocation plans that would enable them to move were yet to be finalised. Click here to read full stories.
Oct 17 - Speculators cut bullish COMEX gold stance to 7-month low
Hedge funds and money managers reduced their net long position in COMEX gold contracts for the second straight week, in the week to Oct. 11, taking it to the smallest since March, U.S. Commodity Futures Trading Commission data showed on Friday. The speculators also cut their net long position in silver futures and options for the second consecutive week, taking it to the smallest since early April, while they raised their net long position in copper futures and options, the data showed. Click here to read full stories.
Oct 17 - Shanghai Gold Exchange to allow foreign bourses to use yuan gold price for derivatives
Shanghai Gold Exchange Chairman Jiao Jinpu said on Monday that the bourse will collaborate with foreign exchanges and allow them to use its yuan-denominated gold price in developing derivatives products. "We would collaborate with various exchanges and authorise these external exchanges to start business outside China to use it as basis for development of derivatives products," Jiao told an industry conference through an interpreter. Click here to read full stories.
Oct 17 - OceanaGold loses compensation claim against El Salvador
OceanaGold Corp has lost a claim seeking some $284 million in compensation from El Salvador for failing to issue permits allowing it to dig a gold mine in the Central American country, according to an arbitration decision announced on Friday. The World Bank's International Centre for Settlement of Investment Disputes (ICSID) found in favour of El Salvador, OceanaGold said in a press release, and the government was awarded $8 million to cover legal costs for the claim, first brought by Vancouver-based Pacific Rim Mining in 2009. Click here to read full stories.
Oct 17 - Antofagasta says will defend against regulator's charges
Chile's Antofagasta Minerals said on Friday it would present a defense after Chilean regulators accused the company late Thursday of mismanaging water resources and nearby plant life at its Los Pelambres copper mine. The company said there were some errors in the information that led Chilean regulators to draw up the charges but it did not elaborate on the source or specifics of what information it believes to be erroneous. Click here to read full stories.
Oct 17 - Ambrian to close metals trading business
UK-based commodities trading and logistics services company Ambrian Plc is planning to wind down its metals trading activities over the next few months due to an uncertain business environment in commodities, the company said on Friday. "Ambrian will focus on the development of its industrial asset base and on building a portfolio of businesses with a balanced risk profile and defensive income drivers," it said. Click here to read full stories.
Oct 14 - CCB/Metdist to build Chinese metals trading team in London - sources
China Construction Bank (CCB) is looking to build a Chinese metals trading desk in London as part of the expansion started after it bought a majority stake in British firm Metdist Trading, two sources said.CCB completed its purchase of a 75 percent stake in Metdist Trading Ltd last June, becoming the second Chinese company to gain access to the London Metal Exchange (LME) trading floor after GF Financial Markets. Click here to read full stories.
Oct 14 - Zinc price slides, but is it a rewrite or a rewind of the bull story? Andy Home
It's been a brutal couple of days for the zinc price.London Metal Exchange (LME) three-month metal slumped by $100 per tonne to $2,250 on Tuesday and the sell-off has extended to $2,210 today.The five-year high of $2,418 achieved at the start of this month is starting to look a long way off, the slide coinciding with news of producers planning to increase output of mined metal. Click here to read full stories.
Oct 14 - Chile regulator draws up charges against Antofagasta's Los Pelambres mine
Chile's environmental regulator on Thursday drew up various charges against the Los Pelambres copper mine for mismanaging water resources and nearby flora, charges which could lead to stiff fines or even closure."In all, nine charges have been brought for detected non-compliance relating to its RCA (environmental permit)," the regulatory body SMA said in a statement. Click here to read full stories.
Oct 14 - South Africa's Kumba Iron Ore gets control of mine as dispute ends
South Africa's Kumba Iron Ore has won full control of its largest mine, the firm said on Thursday, after a seven-year dispute was resolved.The mines department last year awarded Kumba, a unit of Anglo American, the 21.4 percent of the mining rights it did not already hold in the Sishen mine, but attached conditions, which the firm had appealed against. Click here to read full stories.
Oct 14 - Philippines minister says wants to ban new mines as clampdown deepens
The Philippines' environment minister on Friday said she wanted to ban new mines, ramping up a campaign to clamp down on damage from the minerals industry in the Southeast Asian nation.The Philippines is the world's top nickel ore supplier and an environmental crackdown that has halted a quarter of its 41 mines, and the risk that 20 more maybe shuttered has spurred a rally in global nickel prices. Click here to read full stories.
Oct 14 - SolGold approves funding deal with Newcrest to mine in Ecuador
SolGold Plc on Thursday approved a financing proposal by Australia's Newcrest Mining to help it develop a giant copper mine in Ecuador, after the board rejected an alternative package offered by BHP Billiton.SoldGold said a shareholders meeting in Australia voted in favour of the board's preferred deal with Newcrest and also with private investment firm Maxit over BHP's offer, which would have diluted SolGold's ownership in the Cascabel project near the border with Colombia. Click here to read full stories.
Oct 14 - Anglo Asian's Azerbaijan gold output down 8 pct in Jan-Sept
Azerbaijan's top gold producer Anglo Asian Mining said on Thursday its January-September output was 7.8 percent lower than in the same period last year at 49,874 ounces and it was cutting its 2016 production target.The company reduced its 2016 output target to 69,000-71,000 ounces from a previous 73,000-77,000 ounces. Click here to read full stories.
Oct 14 - Ukraine steel producers say may cut Nov output
Ukraine is likely to reduce steel output to 1.9 million tonnes in November from an expected 2.0 million tonnes in October, producers' union Metallurgprom said on Thursday.Ukraine is in the top 10 global steel makers but reduced output by 16 percent to 22.9 million tonnes last year due to the conflict in its eastern regions where most of its metallurgical plants are. Click here to read full stories.
Oct 14 - Silver miner Hochschild raises full-year production forecast
Precious metals miner Hochschild Mining Plc raised its full-year production forecast for a second time this year on Thursday, citing better-than-expected performance at its Inmaculada and Arcata mines in Peru.The company, which has mining operations in Peru, Chile and Argentina, said it expected full-year production to be 35 million silver equivalent ounces. Click here to read full stories.
Oct 13 - China goes on unexpected commodities binge even as concerns linger
China went on an unexpectedly big buying spree for crude oil, coal and iron ore last month, customs data showed on Thursday, even as Beijing cools its overheated property market and concerns linger about the health of the world's No. 2 economy. Daily crude imports hit an all-time high as the nation again overtook the United States as the world's top oil consumer, while iron ore imports were the second highest on record, propelling Shanghai rebar steel futures to five-week highs. Click here to read full stories.
Oct 13 - BHP to restore output at Australia's Olympic Dam copper mine after blackout
BHP Billiton is preparing to return to full production at its Olympic Dam copper mine after regaining full electric power, the last of the big industrial sites in southern Australia to restart after a massive blackout two weeks ago. "The focus now is to safely transition our surface operations from a period of care and maintenance back into full production," Jacqui McGill, president of the Olympic Dam division, said in a statement emailed to Reuters on Thursday. Click here to read full stories.
Oct 13 - Indonesia unlikely to relax ban on nickel ore and bauxite exports-minister
Indonesia will "almost definitely" keep in place a ban on nickel ore and bauxite exports, the country's mining minister said on Wednesday, just days after it had considered lifting the restriction to raise extra cash in an overhaul of mining rules. Indonesia banned metal ore exports in early 2014 to encourage miners to build smelters to create jobs and shift exports from raw materials to higher-value finished metals. Click here to read full stories.
Oct 13 - Stronger stainless steel output seen sustaining nickel prices
Nickel's rally is expected to be sustained by robust demand from China's stainless steel mills, a significant factor behind recent price gains which many think are mainly due to worries about supplies from the Philippines. Stainless steel contains nickel and chromium which slows the rate of corrosion significantly. Normal, or carbon, steel without nickel or chromium rusts easily. Click here to read full stories.
Oct 13 - HKEX names former Zhengzhou exchange boss to head new commodity platform
The Hong Kong bourse has appointed the former general manager of the Zhengzhou Commodity Exchange as the head of its new commodities platform in mainland China, it said on Wednesday. Guo Xiaoli, who has 28 years of experience in the commodities sector, was appointed chief executive of the spot commodities platform being developed in southern China by Hong Kong Exchanges and Clearing Ltd, a statement said. Click here to read full stories.
Oct 13 - Nigeria mining ministry in talks over $500 mln fund and corporate bonds - Reuters News
Nigeria's government is in advanced talks with its sovereign wealth fund and stock exchange to create a $500 million exploration fund and corporate mining bonds to attract investment, its mining minister said. Kayode Fayemi also told Reuters Nigeria had made a "promising" nickel discovery and was looking for investors for a moribund steel plant, part of efforts to reduce reliance on oil exports. Click here to read full stories.
Oct 13 - South32 project to boost Colombia ferronickel output beginning in 2017
Australian miner South32 Ltd late next year will begin extraction of ferronickel at a site close to its Cerro Matoso mine in northern Colombia to boost annual production by 5,000 tons by 2020, the company said on Wednesday. The 1,000 hectare project, known as El Esmeralda, requires investment of about $15 million, Ricardo Gaviria, Cerro Matoso's president in Colombia, said in a statement. Click here to read full stories.
Oct 13 - South Africa hasn't protected residents from gold mine pollution: Harvard report
South Africa has failed to protect residents affected by pollution from contaminated water and mine dumps over more than 130 years of gold mining near Johannesburg, an independent investigation by the Harvard Law School said. Its International Human Rights Clinic (IHRC) said successive governments including the current administration had not complied with international law, reacting too slowly and doing too little to reduce the harm from abandoned and active mines near the "City of Gold". Click here to read full stories.
Oct 12 - Global steel sector crisis fading, demand set to grow - Worldsteel
The global steel sector crisis that prompted high profile plant closures and job losses last year is easing, with demand set to grow this year and next, the World Steel Association (Worldsteel) told its conference in Dubai on Tuesday.In 2017, it expects global steel demand to grow 0.5 percent year on year to 1.510 billion tonnes while this year, Worldsteel sees demand up 0.2 percent to 1.501 billion tonnes. Click here to read full stories.
Oct 12 - Alcoa stock tumbles as profit, revenue miss expectations
Metals company Alcoa Inc, weeks away from splitting into two, on Tuesday reported a quarterly profit that missed estimates and lowered its revenue forecast for the unit serving the auto and aerospace sectors, sending shares down 10 percent.Quarterly revenue fell in the business making products for the automotive and aerospace industries, due partly to delays with new jet aircraft engines and pricing pressure, Alcoa said. Click here to read full stories.
Oct 12 - Chinese lenders target Singapore metals merchants as trade push grows
Chinese banks are stepping up lending to midsize metals traders in Singapore, pushing into a gap in the market as U.S. regulations and fading appetite for risk drive Western rivals to focus on larger commodity merchants, metals industry sources said.The move adds to a broader push by Chinese banks overseas and comes as markets for metals such as zinc and aluminium show signs of revival after half-a-decade in the doldrums. Click here to read full stories.
Oct 12 - Legal threats, not war, top commodity producers' concerns in Colombia
Gold mining companies have invested hundreds of millions of dollars but not extracted a gram. Palm farmers are told their land belongs to someone else. Some communities are voting to ban mining in areas already awarded for exploration.Whether or not President Juan Manuel Santos can salvage a peace deal with Marxist rebels that was rejected by voters on Oct. 2, legal roadblocks and high taxes are a major deterrent for companies looking to invest in Colombia. Click here to read full stories.
Oct 12 - Minnow Solgold rejects BHP offer; sets sights on big copper find
Not many small exploration companies would knock back a multi-million-dollar financing offer by BHP Billiton, the world's biggest mining company, but Nick Mather of Ecuador-focused SolGold Plc said he has better offers.Interest in Solgold's Cascabel copper and gold project has already led to a $33 million deal with investment bank Maxit and Australian gold miner Newcrest. Click here to read full stories.
Oct 12 - Peabody, Nippon agree 116 pct rise in Q4 metallurgical coal price
Peabody Energy Corp and Nippon Steel have set the fourth quarter metallurgical coal contract benchmark at $200 a tonne, more than twice the price in the previous quarter, two sources confirmed on Wednesday.The jump of 116 percent underscores a resurgence in Asia's appetite for coal that has also been reflected in a recent mark-up in spot cargoes for grades used in making steel. Click here to read full stories.
Oct 12 - Stainless steel surge impacts nickel and ferro-chrome: Andy Home
Global steel demand will rise by a meagre 0.2 percent this year, according to the World Steel Association (WSA).Next year won't be much better with a forecast of just 0.5 percent growth. But it could have been worse. The WSA has upped its forecasts from April, when it was expecting demand to fall by 0.8 percent this year. Click here to read full stories.
Oct 11 - Miner SolGold says BHP Billiton offer not in its best interest
Gold miner SolGold Plc said on Monday that an offer from global miner BHP Billiton Plc to buy a stake in the company was not in its best interest. BHP Billiton on Saturday offered $30 million, or 22 cents per share, for a 10 percent stake in SolGold, which had a market capitalisation of 203 million pounds ($252.4 million) as of Friday's close. Click here to read full stories.
Oct 11 - Global steel demand set to grow by 0.5 pct in 2017 - WorldSteel
Global steel demand is expected to grow by 0.5 percent year on year to reach 1.51 billion tonnes in 2017, the World Steel Association told its conference in Dubai on Tuesday. This year global steel demand will grow by 0.2 percent to 1.501 billion tonnes, it added. In its April forecast, the organisation said global steel use would fall by 0.8 percent in 2016 to 1.488 billion tonnes. Click here to read full stories.
Oct 11 - Rio Tinto says Guinea iron ore partner IFC to sell stake
Mining giant Rio Tinto said on Monday that the International Finance Corporation (IFC), a partner in its $20 billion Simandou iron ore project in Guinea, is selling its 4.6 percent stake.
The exit of IFC, an arm of the World Bank, is the latest setback for the project to develop the world's biggest untapped iron ore reserves. In July, Rio Tinto's new Chief Executive Jean-Sebastien Jacques indicated the project had been shelved temporarily due to a sustained slump in prices. Click here to read full stories.
Oct 11 - Mali demands Randgold pay half of $80 mln tax claim before talks
Mali's government ordered Randgold Resources on Monday to pay half the 46.89 billion CFA francs ($80 million) it says the London-listed miner owes it before opening talks about the remaining sum. The government last week closed the offices of companies controlled by Randgold, leaving three of its mines there operational. Click here to read full stories.
Oct 11 - Northam Platinum acquires mining right from Amplats for $72 mln
South Africa's Northam Platinum has acquired a mining right from Anglo American Platinum (Amplats) for 1 billion rand ($72 million), the companies said on Tuesday. "The proceeds will be used to further reduce net debt and strengthen Anglo American Platinum's balance sheet," Amplats Chief Executive Chris Griffith said. The right comprises around 16.7 million ounces and is on the northwestern boundary of Northam’s Zondereinde mine. Click here to read full stories.
Oct 10 - China says 173 steel firms violate environmental rules
As many as 173 Chinese steel enterprises were found to have violated the country's environmental rules during recent nationwide investigations into the industry, the environment ministry said on Monday. The Ministry of Environmental Protection said in July that it had set up dedicated inspection teams to determine whether the country's giant steel sector was meeting state technology and emission standards. Click here to read full stories.
Oct 10 - China says EU duties on Chinese steel are unfair
China's Commerce Ministry has expressed concern and regret after the European Union set provisional import duties on two types of Chinese steel coming into the bloc, calling its investigation methods "unfair". The duties announced on Friday are the latest in a line of trade defences set up against Chinese steel imports over the past two years to counter what EU steel producers say is a flood of steel sold at a loss due to Chinese overcapacity. Click here to read full stories.
Oct 10 - The aluminium queue saga draws to a close: Andy Home
It was almost exactly six years ago that Deutsche Bank cancelled 100,000 tonnes of aluminium sitting in London Metal Exchange (LME) warehouses in Detroit. It was the largest cancellation of metal in the LME's history and bloated the load-out queue at sheds operated by Metro from a benign 20 days to a monster 120 days. Click here to read full stories.
Oct 10 - Philippines to cancel environmental permit of nickel miner as crackdown continues
The Philippines will cancel the environmental permit of a nickel miner that began operations this year, a minister said, as the government intensifies a campaign to punish mineral producers harming natural resources. The Southeast Asian country is the world's top nickel ore supplier and an environmental crackdown that has halted a quarter of its 41 mines, and the risk that 20 more maybe shuttered has spurred a rally in global nickel prices. Click here to read full stories.
Oct 10 - Australia's Fortescue pays a dollar to buy out iron ore partner
Fortescue Metals Group on Monday said it has bought out rival BC Iron's 75 percent interest in a mothballed iron ore mine in Australia for just one dollar, ending a seven-year partnership forged during the now-defunct mining boom. The sale of BC Iron's stake in the Nullagine mine potentially boosts Fortescue's annual capacity by around 6 million tonnes, although the company gave no time line for resuming operations at the mine. Click here to read full stories.
Oct 10 - Indonesia eyes 15 mln T nickel ore exports in 2017
Indonesia could export up to 15 million tonnes of nickel ore in 2017 if it amends a ban on unprocessed ore exports, a mining ministry official said on Friday. Indonesia banned metal ore exports in early 2014 to encourage miners to build smelters to create jobs and shift exports from raw materials to higher-value finished metals. Indonesia's nickel ore exports had increased sharply before the ban was implemented, hitting about 60 million tonnes in 2013. Click here to read full stories.
Oct 10 - Freeport reaches deal with workers to end Indonesia copper mine stoppage
Mining operations at Freeport-McMoRan Inc.'s giant Grasberg open pit site in the Indonesian province of Papua "have returned to normal" after resolution of a labour dispute, the company said on Monday. "PT Freeport Indonesia and representatives of the PT Freeport Indonesia Chemical, Energy and Mining Workers Union have reached an agreement to end the work stoppage at the Grasberg open pit mine," Freeport Indonesia spokesman Riza Pratama told Reuters via text message. Click here to read full stories.
Oct 10 - Speculators cut bullish COMEX gold, silver stances to 4-month lows
Hedge funds and money managers reduced their net long positions in COMEX gold and silver contracts to four-month lows in the week to Oct. 4, as prices tumbled, U.S. government data showed on Friday. The speculators raised their net long position in copper futures and options, U.S. Commodity Futures Trading Commission (CFTC) data showed. Click here to read full stories.
Oct 10 - Goldcorp says protesters end blockade at Penasquito mine in Mexico
Canadian miner Goldcorp reached an agreement with protesters to lift a blockade that interrupted operations at its Penasquito gold mine in the northern Mexican state of Zacatecas, the company said late Friday. In a statement, Goldcorp said it hopes activity will resume at the mine at the weekend, five days after it announced the temporary suspension of operations due to a blockade by truck drivers protesting a loss of contracts at the country's biggest gold deposit. Click here to read full stories.
Oct 10 - Randgold says Mali mines stay open despite tax dispute
Randgold Resources said on Sunday that it is seeking to resolve a tax dispute with the Malian government, adding that the disagreement has not affected operations at its three mines in the West African country. "We trust that the parties will return to the negotiating table in the spirit of constructive partnership that had previously characterised our dealings in order to find a mutually acceptable solution," said Randgold Resources chief executive Mark Bristow. Click here to read full stories.
Oct 10 - Botswana puts state-owned BCL Mine under liquidation on losses
Botswana's government will put its largest copper and nickel producer, BCL Mine Limited under provisional liquidation due to non-profitability, Mineral Resources Minister Sadique Kebonang said on Saturday. Kebonang said the government could not afford the cost of about 7.6 billion pula ($713 million) needed to keep the state-owned firm running. Click here to read full stories.
Oct 07 - Australia boosts iron ore, coal price forecasts on China demand
Australia on Friday raised its 2016 average price forecasts for its two highest-grossing exports, iron ore and coal, citing a surprise upturn in demand from steelmakers in China. In its latest quarterly outlook, Australia's Department of Industry, Innovation and Science boosted its forecast for iron ore by 10 percent to an average $48.50 a tonne this year, while metallurgical coal was increased 16 percent to $99.40 a tonne. Click here to read full stories.
Oct 07 - Return of power to BHP's Olympic Dam mine delayed due to high winds
Power is unlikely to be restored to the area near BHP Billiton's Olympic Dam copper mine in South Australia before Monday, nearly two weeks after a massive outage forced it to shut down, power supplier ElectraNet said on Friday. BHP said the time taken to restore power was "regrettable," and that most operations remained on care and maintenance. Click here to read full stories.
Oct 07 - The great aluminium premium unwind continues: Andy Home
Japanese aluminium buyers will pay a premium of $75 per tonne over the London Metal Exchange (LME) cash price for their shipments in the fourth quarter of this year. The settlement with producers, which will serve as the benchmark for Asian physical aluminium markets, marks a near 20-percent decline from the previous quarterly premium of $90-93 per tonne and is the lowest level since the third quarter of 2009. Click here to read full stories.
Oct 07 - Gold targets $1,200 level after breaking 2016 uptrend
Gold prices could pull back to as low as $1,200 an ounce after breaking out of their 2016 uptrend this week, according to analysts who study past price patterns to determine future direction. Gold crashed more than 3 percent on Tuesday after breaking support at $1,300 an ounce, the lower end of the range it had been trading in since late June. The $1,300 level was also the May high and the September low. Click here to read full stories.
Oct 07 - EU sets anti-dumping duties on two grades of Chinese steel
The European Union will impose duties on two grades of steel imported into the bloc from China to counter what it says are unfairly low prices. The duties are set at between 13.2 and 22.6 percent for hot-rolled flat iron and steel products and at between 65.1 and 73.7 percent for heavy-plate steel , according to a filing in the European Union's official journal. Click here to read full stories.
Oct 07 - Waste containment at Samarco mine to be complete by year-end - BHP
BHP Billiton expects to complete work by year-end to contain the remaining waste that spewed from the Samarco iron ore project after a dam collapsed last November in Brazil's worst environmental disaster on record. When the Fundao dam burst at the mine, owned 50-50 by BHP and Vale SA, enough mud to fill 12,000 Olympic swimming pools flattened an entire village, killed 19 people and left hundreds homeless. Click here to read full stories.
Oct 07 - Indonesia could export 15 mln tonnes nickel ore in 2017 -govt
Indonesia could export up to 15 million tonnes of nickel ore in 2017 if it amends a ban on unprocessed ore exports that was introduced in 2014, a mining ministry official said on Friday, referring to ongoing discussions of the policy. "Nickel and bauxite mine permit holders that have committed to building smelters would be allowed to export minerals and concentrate," Energy and Mineral Resources Ministry Secretary General Teguh Pamudji said. Exports of unprocessed rare earth metals were also being considered, he said. "This is definitely in the national interest." Click here to read full stories.
Oct 07 - Rio Tinto awaits word on Mongolia's railway, power project investment
Rio Tinto is waiting for word on the Mongolian government's efforts to attract investment for railway and power infrastructure projects that will boost the global miner's Oyu Tolgoi copper-gold mine, Chief Executive Jean-Sebastien Jacques said. The land-locked country sits on vast, untapped mineral wealth but inadequate transportation infrastructure has held back development, with several proposed railway projects to ship copper, coal and gold to China long out of reach because of prohibitive costs and arguments over security. Click here to read full stories.
Oct 07 - In South Africa's deep mines, drones may soon go where humans should not
South Africa is developing drones for the mining industry for inspections in potentially unsafe areas underground, removing the need to put humans in harm's way, an industry conference heard on Thursday. Fred Cawood, the director of the Mining Institute at Johannesburg's University of the Witwatersrand, told the conference drones were being developed to send to danger zones beneath the surface. Click here to read full stories.
Oct 06 - UK consumers snap up physical gold after price slides under 1,000 pounds/oz
Physical gold demand in London jumped after this week's price drop, dealers said on Wednesday, as consumers were tempted back to the market by the metal's technically-driven slide through 1,000 pounds an ounce. Online gold trading platform BullionVault.com saw its heaviest trading day on Tuesday since its all-time record on June 24, the day of the UK referendum result on European Union membership, head of research Adrian Ash said. Click here to read full stories.
Oct 06 - Chile's Codelco delays billions in investment as copper price bites
The world's biggest copper miner, Codelco, said it would delay some $2.25 billion worth of planned investment, as its profits have dried up due to weak prices globally for copper. The state-run company is part-way through an ambitious investment plan, with five major projects underway to expand its old mines and keep its output flowing.Click here to read full stories.
Oct 06 - Evolution boss sees global uncertainty underpinning gold price
Evolution Mining, Australia's no.2 gold miner, expects gold prices to remain strong due to geopolitical and fiscal uncertainty, despite a recent drop on prospects of a U.S. rate hike in December. "Until global economies can address the underlying systemic reality that we are all spending more than we can afford, it may be good for gold but not much else," Evolution's executive chairman, Jake Klein, said at an industry event.Click here to read full stories.
Oct 06 - Chile's Collahuasi launches large power tender, eyes renewables
Chile's Collahuasi mine, one of the largest copper deposits in the world, told Reuters on Wednesday it had launched a large power tender and a source said it had a particular interest in non-conventional renewable energy. "Collahuasi is carrying out a private request for bids for 1,200 GWh (gigawatt hours) of annual energy and approximately 150 megawatts of power, to be delivered starting in the year 2020," a spokesman wrote in an email to Reuters after two sector sources said it was holding the auction.Click here to read full stories.
Oct 06 - Talks to resolve Goldcorp Mexico mine blockade under way - official
Negotiations are under way to resolve a week-long blockade at Goldcorp Inc's suspended Peñasquito gold mine in Mexico, a government mediator said on Wednesday. Goldcorp, the world's No. 3 gold miner by market value, said on Monday that it shut mine operations on safety concerns from the blockade by a trucking contractor concerned about losing business due to mine efficiencies. Click here to read full stories.
Oct 06 - Amplats, Sibanye still confident of Rustenburg deal this year
Anglo American Platinum remains confident the disposal of its labour-intensive Rustenburg mines in South Africa to Sibanye Gold will clear its last regulatory hurdle this year, its chief executive said on Wednesday. Chris Griffith also told Reuters wage talks with unions including the Association of Mineworkers and Construction Union (AMCU), the majority union at Rustenburg, were "fairly close" to a deal but did not need to be sealed to complete the disposal.Click here to read full stories.
Oct 06 - U.S. plans to stockpile more lithium compounds used in batteries
The U.S. Defense Logistics Agency (DLA) said it has a mandate to buy 600 kg of lithium cobalt oxide (LCO) and 2,160 kg of lithium nickel cobalt aluminium oxide (NCA) in the fiscal year starting Oct. 1. The amounts were detailed by the DLA in its Annual Materials Plan for financial year 2016-2017, which runs from October to September, published on its website this week. Click here to read full stories.
Oct 06 - German Thyssenkrupp Steel workers get assurances on jobs, wages
Around 8,000 Germany-based employees at Thyssenkrupp Steel have been given assurances that current collective wage agreements and job guarantees would be upheld during its restructuring, the head of the works council, Guenter Back, said on Wednesday. "This has now been assured," Back said in a statement. Click here to read full stories.
Oct 06 - UBS is dismissed in U.S. silver lawsuit, other claims narrowed
A U.S. judge has dismissed UBS Group AG as a defendant in a lawsuit accusing big banks of conspiring to fix silver prices and exploit price distortions at investors' expense. In a decision made public on Tuesday, U.S. District Judge Valerie Caproni in Manhattan also said investors may pursue some but not all antitrust and manipulation claims against Bank of Nova Scotia ("ScotiaBank") and HSBC Holdings Plc. Click here to read full stories.
Oct 06 - Kosovo makes renewed bid for control of mining behemoth
Kosovo's government plans to make a renewed bid to take control of a huge mining complex and save it from bankruptcy despite strong objections from Serbia which claims it owns the business. The Trepca lead, zinc and silver mines once employed 20,000 people and accounted for most of former Yugoslavia's mineral wealth. Now far smaller and with estimated debts of 1.4 billion euros ($1.6 billion) it is still Kosovo's largest company. Click here to read full stories.
Oct 05 - Indonesia expects mining rule overhaul within weeks
Indonesia is finalising an overhaul of its mining rules that could give companies up to five more years to build smelters, and reopen exports of nickel ore banned since 2014, the country's mining minister said on Tuesday. The proposed changes provide a way around a 2017 deadline for full domestic processing of mineral ores, potentially pushing completion of that aim to 2022, but also possibly undermining investor confidence. Click here to read full stories.
Oct 05 - Repairs underway to restore power to Olympic Dam mine - power company
Repairs to transmission lines damaged in a freak storm last week that would restore power to BHP Billiton's Olympic Dam copper mine could be completed by early next week, power supplier Electranet said on Wednesday. Olympic Dam remains on care and maintenance, said a BHP spokesman, who could not say when production might resume. The storm blacked out all of South Australia state on Sept. 28. Click here to read full stories.
Oct 05 - India extends steel floor prices to Dec. 4 to curb cheap imports
India extended a floor price for imports of steel products for a further two months late on Tuesday as the government tries to protect the domestic industry from cheap overseas shipments, especially from China. The floor price, or the minimum import price, was introduced for six months in February, the first time the government had taken such a step in more than 15 years. It was extended from its initial expiry in August to Oct. 4. Click here to read full stories.
Oct 05 - Barrick Gold's Argentina mine resumes operations after spill
Barrick Gold Corp said on Tuesday normal operations had resumed at its Veladero mine in Argentina following approval from local authorities after processing solution containing cyanide spilled last month. Operations were suspended at the mine on Sept. 15 after falling ice damaged a pipe, spilling some crushed ore saturated with process solution containing cyanide. This is the second cyanide spill in just over a year at Veladero. Click here to read full stories.
Oct 05 - India expects ArcelorMittal JV to start production in two years
India expects a joint venture between state-owned Steel Authority of India Limited (SAIL) and ArcelorMittal to start producing automotive-grade steel in two years, a government official said on Tuesday. Officials from the two companies are due to meet on Thursday to take forward talks about a proposed 60 billion rupee ($902 million) plant that will produce 1.2 million tonnes of steel per year to begin with, Steel Secretary Aruna Sharma told Reuters. Click here to read full stories.
Oct 05 - South Africa's Sibanye Gold shuts mine after union violence
Work at South African miner Sibanye Gold's Cooke mine has been suspended after two members of the National Union of Mineworkers were left in a critical condition after being attacked, a spokesman for the company said on Tuesday. In total four Sibanye employees suffered injuries in the attacks, which were related to an illegal strike that started on Monday following a dispute about union membership verification, the firm said in a statement. Click here to read full stories.
Oct 04 - Goldcorp shuts biggest gold mine after week-long blockade
Goldcorp Inc said on Monday it was temporarily shutting down its Peñasquito gold mine in Mexico as it was unable to safely continue operations due to a week-long blockade by a trucking contractor, sending its shares down nearly 5 percent. The world's No. 3 gold miner by market value said it was unable to bring in food, water and fuel for the 750 people on the site, which has been blockaded by a contractor concerned about losing business due to efficiency improvements at the mine. Click here to read full stories.
Oct 04 - Lead seen vulnerable, lifted by big position, not real shortages
Rallying lead prices are unlikely to be sustained, with the run higher fuelled by a temporary smelter outage and one player keeping a tight grip on inventories rather than long-term shortages of physical metal, sources say. One player had amassed up to half of on-warrant LME lead inventories - those not earmarked for delivery and available to investors - exchange data showed. Click here to read full stories.
Oct 04 - Small Tasmanian nickel mine symbol of hope in uncertain market: Russell
It's not often that jobs get exported from the developing world back to a developed country, but this is likely to be the case with nickel, the Philippines and Australia. The new Philippine government of President Rodrigo Duterte has roiled global nickel markets by suspending 10 nickel mines and threatening the closure of at least 12 more, citing environmental violations. Click here to read full stories.
Oct 04 - BHP, Rio rebuff proposed iron ore tax change in Australian state
Mining giants Rio Tinto and BHP Billiton on Tuesday rebuffed proposals to replace one of the taxes they must pay on their iron ore businesses in the state of Western Australia with annual upfront payments. Both companies mine most of their iron ore in the state, which is forecast to post a A$3.9 billion ($3 billion) budget deficit this year. Click here to read full stories.
Oct 04 - Lead's not dead it's just been sleeping: Andy Home
Oh...hello! The lead market's just woken up. After months of dull sideways trading London lead burst into life last week, jumping almost $200 per tonne to hit a 16-month high of $2,157.Investment money is flowing into both the Shanghai and London markets and the latter is experiencing tightening time-spreads thanks to a dominant long position. Click here to read full stories.
Oct 04 - Indonesia 'still discussing' overturning nickel ore export ban
Indonesia is still considering whether to resume nickel ore exports amid broader talks on the mining rules in Southeast Asia's biggest economy, the mining minister said on Tuesday, and expects to make a decision within weeks. Indonesia banned exports of unprocessed nickel ore in 2014. Smelter companies have said they fear a reversal of the ban would undermine prices of the metal and put at risk up to $12 billion in investments. Click here to read full stories.
Oct 04 - Cuban nickel industry shuttered as Hurricane Matthew looms
Cuba’s two nickel processing plants were temporarily shut down on Monday, state-run media said, as powerful Hurricane Matthew threatened the eastern part of the Caribbean island, where the country's top export earning industry is located. State-run television on Monday, reporting on a meeting of Cubaniquel, the state-run nickel monopoly, said, "The principal objective is to avoid serious damage and later carry out a smooth reopening of the industry.” Click here to read full stories.
Oct 04 - India's gold imports drop for ninth straight month in Sept - GFMS
India's gold imports fell for a ninth straight month in September as weak retail demand and higher discounts prompted banks and refineries to cut overseas purchases of the bullion, provisional data from consultancy GFMS showed on Monday. Lower demand from the world's No. 2 gold consumer could weigh on global spot prices that have risen by 24 percent so far in 2016, but help the south Asian country to reduce its trade deficit. Gold is one of India's biggest expenses on its import bill. Click here to read full stories.
Oct 04 - Freeport Indonesia copper mine operations halt amid labour dispute
Mining operations at Freeport-McMoRan Inc.'s giant Grasberg open pit site in the Indonesian province of Papua have stopped as a result of a labour dispute, company and union officials said on Monday. Any disruption to supplies from one of the world's biggest copper and gold mines could support benchmark metal prices. Click here to read full stories.
Oct 04 - Slovenia halts privatisation of metal products maker MLM
Slovenia has temporarily halted the privatisation of metal products maker MLM due to "insufficient interest" from potential investors, state-owned Slovenian Sovereign Holding, which is coordinating the privatisation, said on Monday. "The process of the sale is expected to continue in the first half of 2017 when the results of (the) debt restructuring of MLM will be seen and when audited business results for 2016 will be available," SDH said in a statement. Click here to read full stories.
Oct 03 - Investors shy away from platinum as concern over inventories persists
Investors bruised by platinum's dismal failure to capitalise on a five-month strike in 2014 are not convinced that stocks of the metal have shrunk enough to justify a return to the market, despite positive supply-side news this year. The extent of stocks became apparent during the strike in number one producer South Africa two years ago, when a production loss of more than a million ounces resulted in no supply shortage, and little response in prices. Click here to read full stories.
Oct 03 - Australian storm disrupts supply of raw materials to Asia
The world's fourth biggest copper deposit Australia's Olympic Dam remained indefinitely idle on Friday and production at some of the country's major steelworks halted, after a massive power outage, disrupting supply lines of raw materials to Asia. The power outage across South Australia state on Wednesday, caused by severe storms, has paralysed some of the world's largest sources of copper, uranium, lead and precious metals. Click here to read full stories.
Oct 03 - LME warehousing reform; mission accomplished? Andy Home
The London Metal Exchange (LME) has this week confirmed it will cap both rents and load-out charges across its physical delivery network effective next year. The move was widely expected. The exchange has learnt the hard way to tick all the boxes when it consults users on changes to its warehousing system. Click here to read full stories.
Oct 03 - Codelco submits plan to keep Salvador mine going
Chile's state-owned Codelco submitted to environmental regulators on Friday a $55 million project to give operational continuity through 2021 to its Salvador copper mine, the company's smallest and costliest deposit. World No.1 copper producer Codelco is battling to keep a lid on costs at Salvador, which produced 49,000 tonnes of copper in 2015, to ensure production is viable at a time when copper prices are low. Click here to read full stories.
Oct 03 - China's iron ore party rolls on in September, underpinning prices: Russell
China's appetite for imported iron ore continued unabated in September, with vessel-tracking data showing seaborne arrivals should at least match the strength shown in recent months. Shipping data compiled by Thomson Reuters Supply Chain and Commodity Forecasts shows that 85.24 million tonnes of the steel-making ingredient arrived at Chinese ports in September. Click here to read full stories.
Oct 03 - Protesters blockading Goldcorp's Mexico mine say plan to stay
Protesters blocking access to Goldcorp Inc's Penasquito goldmine in northern Mexico said on Friday they will not leave until there is an agreement with the company on its demands for jobs and compensation for water use and environmental damage. Vancouver-based Goldcorp was not immediately available for comment. It said on Thursday that the illegal blockade was not affecting operations and it expected to quickly resolve the issue. Click here to read full stories.
Oct 03 - Speculators boost bullish COMEX gold bets - CFTC
Hedge funds and money managers raised their net long position in COMEX gold for the first time in three weeks in the week to Sept. 27, U.S. Commodity Futures Trading Commission data showed on Friday. Money managers raised their net long position in bullion by 42,758 to 261,892 lots, the data showed, the highest since Sept. 13. Click here to read full stories.
Oct 03 - Philippines says may not freeze all 20 mines facing suspension
The Philippines said on Friday it may not halt operations at all 20 mines facing suspension for environmental violations and will give themtime to addressproblems a softening of a tough stance that has seen 10 mines shut and a spike in nickel prices. Asked if it was possible that not all 20 mines would be suspended, Environment and Natural Resources Secretary Regina Lopez told Reuters: "Yes, if they are able to fix whatever" needs to be fixed. Click here to read full stories.
Oct 03 - Argentina judge rules Barrick mine to remain suspended
A judge in Argentina ruled that Barrick Gold Corp's operations at its Veladero mine would remain suspended, saying repairs were insufficient to reopen it after a leak of processing solution containing cyanide earlier this month. Judge Pablo Oritja's decision was based on a report from mining police in San Juan province that found Barrick had not installed security cameras and sensors as required, state news agency Telam said on Friday. Click here to read full stories.
Oct 03 - Desperate uranium miners switch to survival mode despite nuclear rebound
The nuclear industry is gradually recovering from its post-Fukushima slump, but excess capacity keeps uranium prices at record lows, forcing mining companies to mothball mines, slice costs and cut debt as they struggle to survive. In the wake of the March 2011 Fukushima disaster, Japan closed its nuclear reactors, which accounted for some ten percent of the more than 400 reactors operating globally. Click here to read full stories.
Sep 30 - Alcoa board approves split, expected effective Nov. 1
Aluminum producer Alcoa Inc said on Thursday its split into two publicly traded companies is expected to be effective Nov. 1, after the company's board approved the separation. Alcoa said last year it would break itself in two, separating a faster growing plane and car parts business from the traditional aluminum smelting and refining operations, as shareholders sought higher returns amid a commodity slump. Click here to read full stories.
Sep 30 - Blockade underway at Goldcorp's Penasquito mine in Mexico
Protesters in northern Mexico blocked access to the Penasquito mining complex operated by Goldcorp Inc on Thursday, but the company said operations were unaffected and the issue would be resolved quickly. Vancouver-based Goldcorp said the blockade was illegal and caused by a trucking contractor concerned about losing business due to efficiency improvements at the mine. Click here to read full stories.
Sep 30 - Japan Q4 aluminium premium set at $75/T, down 17-19 pct from Q3 - sources
Japanese aluminium buyers have agreed to a premium of $75 a tonne for metal to be shipped over October-December, down 17-19 percent from the prior quarter, on softer spot premiums amid a supply glut, five sources directly involved in the talks said. Japan is Asia's biggest importer of aluminium and the surcharges, or premiums, which consumers pay to producers on top of the London Metal Exchange cash price for primary metal shipments, set the benchmark for the region. Click here to read full stories.
Sep 30 - Philippine mining minister: Not all 20 mines facing suspension may be halted
The Philippine government may not freeze all 20 mines facing suspension for environmental infractions and they will be given time to address any lapses, the minister in charge of mining said on Friday."Yes if they are able to fix whatever" needs to be fixed, Environment and Natural Resources Secretary Regina Lopez told Reuters when asked if it is possible that not all 20 mines will be suspended. Click here to read full stories.
Sep 30 - British Steel back in profit after spin-off from Tata
British Steel has returned to profit in its first 100 days of trading after being spun off as a loss-making division in April by India's Tata Steel after it decided to exit the troubled British steel sector. Investment firm Greybull Capital LLP bought the steelworks, based in Scunthorpe, northern England for 1 pound, reviving the historic British Steel brand, saving some 4,000 UK steel jobs and up to four times that amount in sectors dependent on steel making. Click here to read full stories.
Sep 30 - China aluminum officials at U.S. trade hearing urge dialogue in face of criticism
A Chinese industry group making a rare appearance at a U.S. government hearing sought on Thursday to counter arguments that excess aluminum capacity in China threatened American and global producers and processors of the metal. Appearing at the end of a day of submissions at the U.S. International Trade Commission, the officials argued that China's aluminum industry had been a major contributor to the global economy. Click here to read full stories.
Sep 30 - Kirkland Lake to acquire Newmarket Gold in growth push
Canada's Kirkland Lake Gold will acquire Australian miner Newmarket Gold for about C$1 billion ($764 million) in stock, creating a mid-tier producer poised to grow, the companies said on Thursday. The transaction is somewhat of an outlier, as gold mining executives say the rising price of bullion has made acquisitions costlier for a sector focused on financial discipline. Click here to read full stories.
Sep 30 - Brazil grants formal operating license to Thyssenkrupp CSA steel mill
Rio de Janeiro's state environmental authority has granted a definitive operating license to Thyssenkrupp's CSA steel mill, a note published in the state's official gazette said on Thursday. The mill had been running on provisional licenses for the past six years, during which time it regularly attracted criticism from environmentalists and prosecutors. Click here to read full stories.
Sep 30 - Tata Steel says making progress on extra land for Indian plant
Tata Steel Ltd is making good progress on acquiring the land it needs to double the capacity of its newest steel plant in eastern India to meet growing demand in the country, a company executive said. Tata Steel, which has the capacity to make 27 million tonnes of steel in Asia and Europe, wants to add more in its home base in India where demand for the alloy is expected to grow faster than elsewhere in the world. Click here to read full stories.
Sep 29 - Aluminium rally expected to fade as oversupply comes into focus
Semi-finished aluminium goods in China are being turned back into metal, sources say, highlighting a supply overhang that casts doubt on the sustainability of a price rally this year.Aluminium prices have rallied this year due to the appearance of a tighter market. Assumptions that supply from top producer China would ease had been reinforced by falling stocks of aluminium in warehouses monitored by the Shanghai Futures Exchange (ShFE), which have fallen nearly 70 percent since March to near 100,000 tonnes. Click here to read full stories.
Sep 29 - Canadian miner's affiliate holds off Philippine IPO plan as mine faces suspension
A Philippine nickel miner, partly owned by Canada's TVI Pacific Inc said it has put on hold a plan to list on the local stock exchange after the government said its mine may be suspended for environmental violations. TVI Resource Development (Philippines) Inc (TVIRD) holds a 60 percent stake in Agata Mining Ventures Inc. Agata's nickel laterite mine on the southern Philippine island of Mindanao is among 20 more mines that the government's environment agency said may be halted. Manila has already suspended 10 mines in an audit over the past two months. Click here to read full stories.
Sep 29 - London Metal Exchange tin stocks; going, going...? Andy Home
Stocks of tin held in London Metal Exchange (LME) warehouses fell by another 80 tonnes yesterday. Headline inventory of 3,460 tonnes is the lowest it's been since 2008 and equivalent to less than four days of global usage. Even that figure, however, flatters to deceive. Click here to read full stories.
Sep 29 - Brazil voices concern at US steel barriers, Chile shipping treaty
Brazil is consulting with the World Trade Organization about U.S. barriers to Brazilian steel exports, Foreign Minister Jose Serra told journalists on Wednesday. Serra also said he was awaiting feedback from the Transportation Ministry about lodging a formal complaint against a maritime treaty with Chile that appears to be pushing up shipping costs compared to its more distant neighbors. Click here to read full stories.
Sep 29 - Scottish investment hopes rise as mothballed steel plant reopens
Scotland's last major steelworks reopened under the ownership of industrialist Sanjeev Gupta on Wednesday, heralded by Nicola Sturgeon's government as proof that the country can draw investment and protect industry in difficult times. Liberty Steel bought the 144-year-old Dalzell plant in Motherwell and its sister works at Clydebridge in Glasgow in April from Tata Steel for a symbolic sum, with the Scottish government underpinning the process. Click here to read full stories.
Sep 29 - China punishes coal, steel companies for violating pollution, safety rules
China's state planner has punished hundreds of coal and steel companies by forcing them to close or cut output for violating environmental and safety regulations, the latest effort to crack down on the country's heavily polluting industries. The National Development and Reform Commission (NDRC) forced two steel companies to shut completely, 29 firms to halt production and another 23 to curb output, it said in a statement on Thursday. The closures and curbs followed a nationwide inspection of more than 1,000 steel makers in the world's top producer. Click here to read full stories.
Sep 29 - Liberty bid for two Tata Steel UK units worth nearly 100 mln pounds - source
Industrial and commodity group Liberty House's bid for Tata Steel UK's speciality steel and pipe businesses is worth nearly 100 million pounds ($130 million), an industry source told Reuters on Wednesday. Britain's largest steelmaker paused the sale of its major UK assets in July to explore a joint venture with Germany's Thyssenkrupp, but proceeded with separate talks to sell its speciality and pipe businesses. Click here to read full stories.
Sep 29 - Protesters block access to Mexican mine owned by Goldcorp
Protesters in northern Mexico said they have blocked access to the Penasquito mining complex operated by Goldcorp, threatening to interrupt production at the country's biggest gold deposit. The protesters, which include landowners and truck drivers, began their blockade on Monday and are demanding payment for environmental damages, jobs, and water for their communities, Felipe Pinedo, one of the protest leaders, said on Wednesday. Click here to read full stories.
Sep 29 - BHP Olympic Dam copper mine output shut after power outage
BHP Billiton said a massive blackout in South Australia has forced it to suspend production at its Olympic Dam copper, gold and uranium mine to divert back-up power to maintain essential operations at the remote site. A BHP spokesman did not say when operations would resume at the mine, which produced 203,000 tonnes of copper in fiscal 2016, or about 13 percent of company-wide output. Click here to read full stories.
Sep 29 - Brazil's CSN says no definitive deal to sell stake in Congonhas
Brazilian steelmaker Cia Siderúrgica Nacional SA said on Wednesday it had no definitive deal to sell part of its stake in Congonhas Minerios SA, the country's No. 2iron ore producer,following a report that it was considering a such sale. CSN, as the company is known, was responding in a filing to securities regulator CVM, whichquestioned the steelmaker after Reuters reported on Monday that it might sell part of its 88 percent stake in Congonhas to China Brazil Xinnenghuan International Investment Co. Click here to read full stories.
Sep 29 - Anglo American eyes job cuts at Australian coal mine
Global miner Anglo American on Thursday said it had opened talks with workers and unions on a proposal to cut 90 jobs at its Capcoal coking coal mine in Australia, where industrial work stoppages have been underway since August. Anglo American, in the process of selling off its coal mining business in Australia to pay debt, said consultation was needed to "address a challenging commercial environment and unplanned delays to production", despite increases in coal prices. Click here to read full stories.
Sep 28 - Zinc: Is the rally fading?
Zinc has been investors' favourite base metal this year -- with gains of 43 percent to date -- following the closure and suspension of several key mines. However, zinc prices may be due for a pull back, on falling demand for steel in China and investor pressure on Glencore, the world's largest zinc processor, to raise output. To read more, click here.
Sep 28 - China's Dongbei Special Steel makes revival plan after defaults -newspaper
Dongbei Special Steel Group, the struggling Chinese steelmaker, has ironed out a business revival plan, aiming to return to profit and slash leverage ratio in three years' time, the Economic Observer reported on Wednesday, citing unidentified sources. According to the plan, made at an internal meeting on Sept. 20, Dongbei Special Steel aims to make a profit of 300 million yuan ($44.98 million) in 2018 on total revenue of 35 billion yuan, while reducing debt-to-assets ratio to below 60 percent, the newspaper said, without giving comparative figures. Click here to read full stories.
Sep 28 - Distinctive Dalzell reopens in effort to salvage steel jobs
Britain's largest steel plate mill reopens under owner Liberty Steel on Wednesday, a deal brokered by a Scottish government keen to stem the decline of its industrial heartland. Liberty bought the Dalzell plant in Motherwell and its sister works at Clydebridge in Glasgow from Tata Steel for a symbolic sum in April this year, with the Scottish government underpinning the process and no value disclosed. Click here to read full stories.
Sep 28 - Japan steel industry sees China merger promoting structural reform
"We welcome the move as the higher concentration will help advance structural reform in the Chinese steel industry," Kosei Shindo, the chairman of the Japan Iron and Steel Federation, told a news conference. China's Baosteel Group fleshed out its plans to buy rival Wuhan to create the world's second-largest steelmaker behind ArcelorMittal last week, part of Beijing's effort to consolidate its fragmented steel industry. Click here to read full stories.
Sep 28 - High coking coal prices could stay -Teck Resources executive
Steelmaking coal prices, which have more than doubled this year, could stay high for several quarters as supply from mines that have restarted take time to reach the market, an executive at Teck Resources Ltd the world's second-largest exporter, said on Tuesday. Current spot prices of above $200 a tonne are unsustainable, and the Canadian miner expects prices to settle between $100 and $200 a tonne, Greg Waller, Teck's vice president for investor relations and strategic analysis, told Deutsche Bank's 24th annual leveraged finance conference in Scottsdale, Arizona. Click here to read full stories.
Sep 28 - Chile regulator approves $19 mln environment plan at KGHM copper mine
Chile's environmental regulator said on Tuesday it has approved a $19.1 million mitigation plan presented by KGHM's Sierra Gorda copper mine, after it found nine infractions at the operation. In March, the SMA environmental regulator pressed charges against Sierra Gorda, saying the copper mine could be fined up to $29 million and have its license revoked, for committing seven "serious" and two "mild" environmental infractions. Click here to read full stories.
Sep 28 - Philippines to suspend 20 more mines, boosting nickel price
The Philippines has ordered the suspension of 20 more mines for environmental violations, as the world's top supplier of nickel ore vowed to pursue stricter standards than in global mining centres such as Canada and Australia. Most of the mines were nickel producers and the news sent global prices up more than 1 percent on Tuesday, helping the metal recover from earlier losses amid worries over disruption of supply to the important Chinese market. Click here to read full stories.
Sep 28 - China's MMG in deal to sell long-idle Australian nickel mine
China's MMG Ltd on Wednesday said it will sell its long-idle Avebury nickel mine in Australia to a private exploration company for A$25 million ($19.19 million). The sale, which MMG expects to finalise by the year-end, requires Australia-based Dundas Mining to pay a deposit of A$1.5 million. According to MMG, the sale agreement will be completed only when the full payment is done. Click here to read full stories.
Sep 28 - Ghana's gold output up 38.6 pct at 1.99 mln ounces in first half
Ghana's gold output rose 38.6 percent in the first half of 2016 to 1,993,850 ounces from 1,438,656 ounces a year ago, boosted mainly by new mining operations, the Ghana Chamber of Mines said on Tuesday. Africa's second-largest gold miner after South Africa earned $2.43 billion from gold in the first six months compared with $1.75 billion in the same period last year, the Chamber said. Click here to read full stories.
Sep 28 - Vale board to debate asset sales on Thursday - Valor
The board of directors of Brazil's Vale SA, the world's largest iron ore exporter, plans to vote on the sale of two important assets at a meeting on Thursday, the Valor Economico daily newspaper said on Tuesday. The board is expected to approve the sale of part of its giant Moatize coal mine, railway and port project in Mozambique to Japan's Mitsui & Co, the paper said, without citing sources. Click here to read full stories.
Sep 28 - China net gold imports via Hong Kong hit six-month low
Top consumer China's net gold imports via main conduit Hong Kong slid about 45 percent in August to the lowest in six months, dragged down by a decline in retail demand for physical gold, data showed on Tuesday. Net gold imports fell to 50.484 tonnes in August from 91.136 tonnes in July, according to data emailed to Reuters by the Hong Kong Census and Statistics Department. Click here to read full stories.
Sep 27 - Philippine halts 20 more mines, 55.5 pct of nickel output - undersecretary
The Philippines has suspended 20 more mines for environmental violations, most of them nickel, a government official said on Tuesday, bringing to 30 the number of mines shuttered. The suspended mines account for 55.5 percent of nickel ore output in the Philippines based on last year's production, Environment and Natural Resources Undersecretary Leo Jasareno told a news briefing. Click here to read full stories.
Sep 27 - Nickel caught between shifting Indonesian and Philippine supply trends: Andy Home
Indonesia shocked the nickel market at the start of 2014 when it made good on a commitment to ban all exports of unprocessed minerals.With the stroke of a presidential pen the flow of nickel ore to China's nickel pig iron (NPI) producers was halted. Click here to read full stories.
Sep 27 - Brazil's CSN, CBSteel discussing ore deal, sources say
Cia Siderúrgica Nacional SA is considering selling part of its stake in Congonhas Minérios SA, Brazil's No. 2 iron ore producer, to China Brazil Xinnenghuan International Investment Co, two people familiar with the deal said on Monday. According to the people, the Chinese mill known as CBSteel is interested in buying about 25 percent of Congonhas directly from CSN. They said CSN, as Brazil's No. 2 listed flat steelmaker is known, would remain in control of the unit, adding that talks are advancing slowly and may not necessarily result in a deal. Click here to read full stories.
Sep 27 - Brazil's Samarco misses bond payment, has 30-day remedy period
Samarco Mineração SA, the Brazilian iron ore mining joint venture that suspended operations in November following a dam disaster, missed an interest payment on a $500 million bond that was due on Monday, trustee Bank of New York Mellon Corp said. As a result, Samarco will have 30 days to make the payment, or else investors holding at least 25 percent of the $500 million bond could declare the principal due immediately, according to contractual terms of the 5.375 percent security due in Sept. 2024. Click here to read full stories.
Sep 27 - China's Tianqi Lithium to buy stake in Chile's SQM
China's Tianqi Lithium said on Monday it has agreed to buy just over 2 percent in SQM, at a time of increasing takeover interest in the Chilean nitrates and lithium company. Tianqi and SQM are two of the world's biggest producers of lithium, a key ingredient in rechargeable batteries. Interest in the mineral has surged in recent months on hopes of an electric vehicle boom. Click here to read full stories.
Sep 26 - The unintended consequences of China's coal cuts: pain for steel mills
The unintended consequences of China's efforts to shrink its coal industry emerged this week as Beijing called another last-minute industry meeting after government-enforced mine closures choked off coking coal supplies to troubled steel mills. Shortages and soaring prices were top of the agenda at a hastily-called gathering on Friday, the second in as many weeks that the government state planner has scheduled with executives from the nation's major coal producing regions. Click here to read full stories.
Sep 26 - Policy flip-flop? Indonesia nickel smelter investors fret over possible rule changes
Indonesian nickel smelter investors fear the government of President Joko Widodo will change rules that have supported prices of the metal, and put up to $12 billion in its budding smelting and mineral processing industry at risk. Indonesia banned metal ore shipments in 2014 to push firms to build smelters and shift exports from raw materials to higher-value semi-finished and finished metals. Click here to read full stories.
Sep 26 - U.S. moves toward finalizing duties on certain Indian steel pipe
The U.S. Commerce Department on Friday said India was dumping welded stainless pressure pipe in the United States at below market value and unfairly subsidizing the products. The final determination is a further step toward locking in U.S. duties on the imports, which the department said would range up to 13.3 percent. The pipes are used to transport fluids at high temperatures and pressures, and are used in the petrochemical, oil and gas and other industries. Click here to read full stories.
Sep 26 - China's largest lead and zinc mine discovered in Xinjiang - Xinhua
China's largest lead and zinc mine has been discovered in the country's far-western region of Xinjiang, the official Xinhua news agency reported on Sunday. The mine is located in Hotan county and has almost 19 million tonnes of lead and zinc reserves, Xinhua said, citing a statement from the Xinjiang Bureau of Geology and Mineral Resources. Click here to read full stories.
Sep 26 - China buys record North Korean coal as sanctions ignored: Russell
It appears that China is interpreting the "people's well-being" as meaning North Korea should be able to export record amounts of coal in defiance of sanctions against the rogue nuclear-armed state.China imported 2.465 million tonnes of coal from North Korea in August, the highest on record, and 61 percent above what was bought in April, the month sanctions were supposed to take effect. Click here to read full stories.
Sep 26 - Speculators cut bullish COMEX gold stance for second week
Hedge funds and money managers cut their net long position in COMEX gold for the second straight week in the week to Sept. 20, ahead of the U.S. Federal Reserve policy meeting, U.S. Commodity Futures Trading Commission data showed on Friday. Speculators added slightly to their net long position in silver, and cut their net short position in copper futures and options, the data showed. Click here to read full stories.
Sep 26 - Russia's Severstal majority owner sees core earnings down this year
Alexei Mordashov, controlling shareholder of Russian steel producer Severstal said on Friday the company's core earnings would worse this year than in 2015. "On one hand we feel confident enough, on the other, it is clear that this year's results will be worse than last year," Mordashov said. Click here to read full stories.
Sep 23 - U.S. steel producers to file charges against Chinese competitors
Four U.S. steel producers will file petitions with the U.S. Commerce Department charging Chinese producers with diverting shipments through Vietnam to avoid American import tariffs, a law firm representing one of the domestic producers said on Thursday. ArcelorMittal USA Nucor Corp AK Steel Holdings Corp and United States Steel Corp are filing the petition, said Kelley Drye & Warren LLP, the law firm representing ArcelorMittal. Click here to read full stories.
Sep 23 - China's Baosteel details Wuhan deal to forge ArcelorMittal rival
China's Baosteel Group fleshed out its plans to buy rival Wuhan to create the world's second-largest steelmaker behind ArcelorMittal on Thursday, part of Beijing’s effort to consolidate its fragmented steel industry. Earlier, the government gave the long-awaited deal its approval and in a detailed statement, Baosteel said it will buy Wuhan Steel at 2.56 yuan ($0.3839) per share by issuing new shares at 4.6 yuan per share, valuing Wuhan at 3 billion yuan. Click here to read full stories.
Sep 23 - Hinkley Point a boost to UK steel, but not a game changer
UK steelmakers are likely to win lucrative deals to supply the 18 billion pound ($23.5 bln) nuclear power plant at Hinkley Point, not enough though to secure the future of Britain's troubled steel sector, industry experts say. UK steel firms are slowly emerging from a crisis that has seen around 5,000 jobs, or a fifth of the workforce, axed since last October, thanks primarily to rising steel prices and a falling pound making exports more competitive. Click here to read full stories.
Sep 23 - Iran plans to ban export of raw iron ore from March, to ship pellets
Iran is planning to halt the export of raw iron ore from March 2017 and instead sell processed form of the steelmaking ingredient to maximise returns under an era of low prices, an industry official said on Friday. Tehran, which currently exports iron ore fines and lumps, is the sixth biggest supplier of the commodity to top market China, although its shipments are a fraction of those exported by Australia and Brazil that together accounted for 83 percent of China's January-August imports. Click here to read full stories.
Sep 23 - Goldman lifts coal price view after frenzied rally on China's reform push
Goldman Sachs has sharply raised its price forecasts for coking coal for the next two years, after this year's frenzied rally fuelled by a shortage in China that should revive idled mines from Mozambique to the United States. China's push to tackle a coal glut by imposing a 276-day cap on domestic coal mines earlier this year created a significant deficit, lifting the country's coking coal imports by 18 percent over January to August. Click here to read full stories.
Sep 23 - vMetallurgical coal set for first drop since August after big rise
Metallurgical coal prices were headed for the first decline in almost two months as demand from Asian steel mills outside of China has declined though Chinese demand - the foundation for the commodity's rise - remains intact, sources said on Friday. Two cargoes of high-quality met coal sold for $190-195 per tonne FOB Australia on Thursday against spot prices of around $206 a tonne, according to two sources with knowledge of the transactions who did not want to be named, marking the first daily and weekly drop since early August. Click here to read full stories.
Sep 23 - Bad loans in Indonesia's mining sector nearly double to 6.8 pct in July
Bad loans in Indonesia's mining sector nearly doubled in July from a year earlier, the latest data from the financial regulator showed, despite the efforts of banks to step up provisions and scale back lending. Gross non-performing loans (NPL) in Indonesia's mining and quarrying industry rose for the fourth month in a row to 6.77 percent of total loans in the sector in July, according to Indonesia's Financial Services Authority. That compares with 3.82 percent a year earlier. Click here to read full stories.
Sep 23 - Are China's booming copper exports the new normal? Andy Home
China continued to pump refined copper out into the international market last month to the tune of 57,000 tonnes. Cumulative exports so far this year now total 335,000 tonnes, already exceeding any previous calendar year. Click here to read full stories.
Sep 23 - Order blocking permit for ThyssenKrupp Brazil mill lifted
A Brazilian judge on Thursday lifted an injunction blocking Rio de Janeiro from granting an operating license for ThyssenKrupp AG's Cia Siderurgica do Atlantico steel mill, saying there were no irregularities in the 11-year permit process. The ruling by Judge Natascha Maculan Adum Dazzi of the Rio de Janeiro-state Justice Tribunal reversed the injunction she granted Tuesday, according to a copy of the ruling provided by ThyssenKrupp. Click here to read full stories.
Sep 23 - Strike halts production of iron ore at Chinese mine in Peru
An indefinite workers' strike has halted production and shipments of iron ore at Shougang Hierro Peru SD. a unit of China's Beijing Shougang Co the company said on Thursday. The mine declared force majeure, which allows the company to miss deliveries because of circumstances beyond its control, at the start of the strike 11 days ago, added General Manager Raul Vera. Click here to read full stories.
Sep 22 - Big gold miners see muted M&A as bullion's rise limits bargains
The world's biggest gold miners will stay shy of big acquisitions, top executives said this week, noting that a jump in the price of bullion has made potential purchases pricey, and memories of failed deals linger.The need for financial discipline was the dominant theme at the Denver Gold Forum this week, an annual conference for top miners, as the sector emerges from a deep, four-year slump. Click here to read full stories.
Sep 22 - Chile mining investment plans fall, state copper commission says
Planned investments in Chile's mining sector are seen totaling $49.2 billion for the 2016-2025 period, down from last year's forecast of $77.3 billion for 2015-2024, according to state copper commission Cochilco.The vast majority of the investment plans are slated for copper projects, with a smaller portion going towards iron and gold deposits, a Cochilco spokeswomantold Reuters on Wednesday, confirming a report in the daily paper El Mercurio. Click here to read full stories.
Sep 22 - Reality check for Australia's "mining to dining" hopes: Russell
One of the themes in Australia as the resource boom comes to an end is that the country will be able to compensate by boosting its agricultural sector, the so-called "mining to dining" manoeuvre.An Internet search of the terms Australia and "mining to dining" reveals almost 4,000 items, many focused on the view that China, the top buyer of Australia's resources, will not only continue to suck up the country's iron ore and coal, but also all the farm goods it can produce. Click here to read full stories.
Sep 22 - BHP readies for tax fight as Australia cracks down on offshore hubs
BHP Billiton has threatened court action against the Australian government over demands it pay $767 million in back taxes and penalties stemming from its use of a foreign tax haven amid a national crackdown on corporate tax loopholes.Australia is chasing the mining giant and other multi-national firms for taxes it claims they owe on profits; in BHP's case channelled through the more tax-friendly Singapore. Click here to read full stories.
Sep 22 - China's steel demand seen shrinking for a third straight year - CISA
China's steel demand is likely to drop for a third year in a row, an industry official said on Thursday, as mills in the world's top producer focus on reducing capacity.China's crude steel consumption slipped 1.9 percent over January to July and there may be a slight drop for the year, said Wang Liqun, vice chairman of the China Iron and Steel Association (CISA). Click here to read full stories.
Sep 22 - Under global scrutiny, China has to cut steel exports - industry body
China's international commitment to cut its massive steel capacity has to result in a reduction in exports, an official from the World Steel Association said, as countries around the world scrutinise Beijing's progress tackling a chronic glut.While the world's biggest steel producer appears to be throwing more weight behind efforts to cut capacity, China's 2016 exports remain on track to beat last year's record 112 million tonnes and domestic production rose for a sixth straight month in August. Click here to read full stories.
Sep 22 - Brazil court blocks license for ThyssenKrupp Rio CSA steelmill
A judge in Brazil prohibited the state of Rio de Janeiro from renewing an operating license for ThyssenKrupp AG's Cia Siderurgica do Atlantico steelmill, prosecutors said in a statement on Wednesday.Tuesday's injunction, by judge Natascha Maculan Adum Dazzi of the state's Justice Tribunal, aimed to give courts time to evaluate other injunction requests seeking to require a new study of the mill's environmental and health impacts. Click here to read full stories.
Sep 22 - No discount, no buyer: Low-grade iron ore more unloved as coal surges
Surging coal prices are prompting many Chinese steel mills to opt for higher grade iron ore to boost efficiency and use less coal, forcing suppliers of low-grade ore from India and Iran to offer deep discounts to attract buyers.At an annual iron and steel conference in China's port city of Dalian, low-grade iron ore suppliers scoured for steel mills in a packed hotel lobby, hoping to find new business. Click here to read full stories.
Sep 22 - Philippines to suspend 12 more mines in environmental crackdown
A dozen more Philippine mines, mostly nickel projects, are in danger of being suspended in an ongoing environmental crackdown on the sector, an environment undersecretary said on Wednesday.The Southeast Asian nation, the world's top supplier of nickel ore, has already halted the operations of 10 mines, eight of them nickel producers, for environmental lapses since it launched an audit in July, stoking increases in global prices. Click here to read full stories.
Sep 22 - ICBC Standard Bank shrinks base metals trading business
ICBC Standard Bank has reduced its base metals business to cut costs, sources close to the bank said on Wednesday, joining other financial institutions in decreasing exposure to the out-of-favour commodities sector. Six employees have left ICBC in recent weeks, including Mark Thompson, head of base metals trading, and analyst Leon West gate, three sources said. The bank was not immediately available to comment. Click here to read full stories.
Sep 21 - BHP vows to fight Australia tax office over payments for Singapore hub
BHP Billiton said it disagreed with Australian tax collectors' assessment that the miner needed to pay $766 million in back taxes and charges for its Singapore commodities marketing hub, and that it could resort to court action to fight the claim.BHP is under investigation by the Australian Tax Office (ATO) for allegedly shifting billions of dollars in iron ore profits through marketing hubs in Singapore, where it operates under an effective tax rate of zero as part of a concessional tax deal. Click here to read full stories.
Sep 21 - Cost-conscious major miners look to agility of junior explorers
Tight budgets and nervous investors have convinced major miners that a cheap, timely way to ensure a strong pipeline of quality assets is to team up with junior, more nimble exploration firms.Miners have slashed costs by delaying projects, sold assets and cut exploration budgets to free up cash to pay down debt, much of it acquired during and after the commodity price supercycle, which started in 2002. Click here to read full stories.
Sep 21 - China Baosteel's takeover of Wuhan to create world's No. 2 steelmaker
China's Baoshan Iron and Steel (Baosteel) will acquire its smaller debt-laden rival, Wuhan Iron and Steel in a deal that will create the world's second-largest steel producer as part of Beijing's push to overhaul the stricken industry.In a statement on Tuesday offering the first details of the long-anticipated deal, Wuhan said Baosteel will issue new shares to its shareholders to absorb the company. The proposal, which had previously been touted as a merger, is still subject to government approval. Click here to read full stories.
Sep 21 - Silver Wheaton eyes more early stage mine financings
With big mine financing deals off their blistering pace of last year, financier Silver Wheaton is eager to do more transactions with small mining exploration companies, its chief executive said on Tuesday.Silver Wheaton pioneered the concept of "streaming" in the mining industry in 2004, a type of finance where miners receive cash upfront to build mines or reduce debt in exchange for future production at a discounted, fixed price. Click here to read full stories.
Sep 21 - The lithium supply battle starts to heat up: Andy Home
The lithium rush is on. Not a day goes by without an exploration company telling us about an exciting development on their property, which is now a lithium prospect irrespective of what minerals were originally being hunted.Today it is the turn of Premier African Minerals, providing "a positive update on its 2,500-meter drilling programme at the company's Zulu Lithium Project near Fort Rixon in Zimbabwe". Click here to read full stories.
Sep 21 - China will testify at U.S. hearing against aluminium product imports
China's metals industry association and aluminium fabricators will testify at the U.S. International Trade Commission's hearing in Washington on Sept 29, according to an industry official.The China Nonferrous Metals Industry Association (CNIA) and some aluminium fabricators will testify for the industry which has been blamed to have damaged U.S. producers and threatened jobs by massive aluminium product exports, the official said, declining to be named as he's not authorised to speak to media. Click here to read full stories.
Sep 21 - New Gold chairman confident higher mine build cost will stand
New Gold Inc which has unnerved shareholders this month by revising upward to over $1 billion the estimated cost of a mine it is building, is confident that this will be the last projected increase, its Executive Chairman Randall Oliphant said on Tuesday.New Gold, a mid-sized Canadian gold miner, said on Sept. 7 that its capital cost for the Rainy River project in northwestern Ontario had risen by another 11 percent to $1.045 billion due to a redesign of the mine's facility to treat tailings, or mine waste, to make it safer. Click here to read full stories.
Sep 21 - Wage talks between South Africa's Amplats, union hit deadlock
A South African union declared a wage dispute with the world's top platinum producer and a unit of Anglo American on Tuesday after negotiations deadlocked, setting the stage for a potential strike.The National Union of Mineworkers (NUM) said in a statement it had rejected the latest offer of a 6.75 percent hike by Anglo American Platinum (Amplats) less than half of the 14.5 percent it is seeking. Click here to read full stories.
Sep 20 - China freezes Trafigura's investment in copper smelter as part of oil probe
The Chinese authorities have frozen part of commodity trader Trafigura's investment in a Chinese copper smelter as part of a years-long probe into the Swiss firm’s oil trading, according to documents from the police and banks reviewed by Reuters.In October last year, police in the northern Chinese city of Cangzhou, froze $32.9 million Trafigura Pte Ltd had injected into the metals project, a joint venture with Chinese metals producer Jinchuan Group Co Ltd in the southwestern city of Fangchenggang, documents dated Oct. 28, 2015 show. Click here to read full stories.
Sep 20 - China Sinosteel debt to equity swap plan approved – Caixin
China's troubled state-owned steelmaker Sinosteel will be permitted to swap 27 billion yuan of debt into equity convertible bonds, the online financial magazine Caixin reported on Tuesday citing anonymous sources.The Sinosteel debt-to-equity swap plan, previously reported by Caixin, would mark the first such swap this year under a wider debt-to-equity swap plan mooted by policymakers as one solution to China's corporate debt overhang. Click here to read full stories.
Sep 20 - Newmont's Indonesia mine sale closure may slip into Q4 -CEO
Newmont Mining Corp's sale of its stake in the Batu Hijau mine in Indonesia may not close until the fourth quarter of the year, Chief Executive Gary Goldberg said on Monday, adding that the approvals process was complex.Newmont agreed on June 30 to sell its 48.5 percent economic interest in its Indonesia operations to a local investor group for up to $1.3 billion. The Denver-based miner said at the time it expected the deal to close in the third quarter. Click here to read full stories.
Sep 20 - Aluminium premiums stabilise in Europe, U.S., Japan vulnerable
Surcharges for physical aluminium have stabilised in Europe and the United States as more attractive financing deals and firmer demand tighten the market, but those in Japan are vulnerable to sliding further due to a glut of supply.In all three regions, the surcharges, or premiums, which consumers pay on top of the London Metal Exchange cash price for immediate delivery, have steadily declined for most of the year, falling by around a third. Click here to read full stories.
Sep 20 - Vale says rail delay limits new iron mine output to 75 mln tns
Brazil's Vale SA said on Monday output from its new S11D iron ore mine in the Amazon region will be limited to 83 percent of full capacity as efforts to preserve cash and limit transport disruptions crimp a needed railway expansion.The $14.3 billion project, Vale's biggest-ever investment, was widely expected to produce up to 90 million metric tonnes a year of iron ore - the key ingredient in steelmaking - after a two-year ramp-up scheduled to begin by year-end. Click here to read full stories.
Sep 20 - Barrick says Argentina mine may resume within two weeks
Barrick Gold's Veladero gold mine in Argentina, one of its five core mines, could resume operations in the next two weeks, Barrick President Kelvin Dushnisky said in an interview on Monday. "I am hopeful that it could be up and going in that kind of two-week window depending on how the reparation work goes," Dushnisky said. Click here to read full stories.
Sep 20 - Tokyo Steel cuts October prices by up to 13 pct amid soft demand
Tokyo Steel Manufacturing Co Ltd Japan's top electric arc furnace steelmaker, said it would slash prices of its products for October delivery by up to 13 percent to reflect soft local demand and weakening overseas prices.The company will cut prices by between 3,000 yen to 7,000 yen ($29 to $69) per tonne, it said in a press briefing on Tuesday. That is between 4 percent and 13 percent, Reuters calculations show. Click here to read full stories.
Sep 20 - China aims to announce Anshan Steel-Benxi Steel merger by end-year
China aims to push through the merger of Anshan Steel and Benxi Steel by the end of 2016, after years of delay, as the country aims to consolidate and improve the concentration level of the industry, an industry group official said.Chi Jingdong, vice chairman of the China Iron & Steel Association that represents the country's steelmakers, told official media China.com.cn on Monday that the merger would be the government's top priority after the restructuring between Baosteel and Wuhan Steel Group. Click here to read full stories.
Sep 20 - Antimony prices surge as Chinese producers tighten supply
Antimony prices have hit their highest in more than 13 months due to shortages created by falling exports from top producer China, European traders said.Prices of antimony on the spot market in Europe are up nearly 39 percent so far this year and at $7,550 a tonne they are at their highest since July 2015. Click here to read full stories.
Sep 19 - Philippines may suspend at least 10 more mines under crackdown
The Philippines could suspend at least 10 more mines under an environmental crackdown on the sector, the minister in charge of mining said, in a move that threatens to halt the operations of half the mines in the world's top supplier of nickel ore.President Rodrigo Duterte has taken a tough line on the industry and warned the nation could survive without mining, while mineral producers have labelled a review of the sector a "demolition campaign". Click here to read full stories.
Sep 19 - China draws up restructuring plans for Bohai Steel - Caixin
Financial authorities in the city of Tianjin plan to convert a portion of debt-stricken Bohai Steel Group's liabilities into bonds, according to rescue plans drawn up recently, the online financial magazine Caixin reported on Monday.Officials met on Sept. 11 to discuss a comprehensive restructuring plan for the firm, which has liabilities of 192 billion yuan ($28.78 billion) from 105 creditors. Click here to read full stories.
Sep 19 - World's gold miners stick close to home in hunt for more metal
The world's biggest gold miners are taking a cautious approach in their hunt for bullion, spending more money to explore around existing mines rather than new territory in a strategy that may have short-term gains but risks future production growth.Top producers are relying more than ever on small companies to do the heavy lifting of searching for new deposits and increasingly taking 10 to 20 percent equity stakes in the junior miners. Click here to read full stories.
Sep 19 - London tin market a small and shrinking space: Andy Home
The London tin market is becoming increasingly prone to spread tightness.At one stage last week the London Metal Exchange (LME) cash price flared out to a $250-per tonne premium over the three-month price. It was the third time in a year the front part of the LME curve has contracted sharply and there may be more to come. Click here to read full stories.
Sep 19 - Asian gold demand remains muted; discounts in India narrow
Demand for gold in India remained lacklustre this week as higher prices hampered consumer purchases, but discounts narrowed due to a correction in overseas rates.The safe-haven bullion has fallen over 1 percent this week despite a mixed bag of U.S. economic data ahead of next week's U.S. Federal Reserve policy meeting. Click here to read full stories.
Sep 19 - Wage pact ends strike at Anglo American copper mine in Chile
Anglo American said on Friday it had reached a wage agreement with two unions at its flagship Los Bronces copper mine in central Chile, ending a strike that began a week ago.The process of "normalizing" operations at Los Bronces began earlier on Friday and the impact on overall production will be reported in the company's quarterly results, Anglo American said. Click here to read full stories.
Sep 19 - Speculators cut bullish COMEX gold, silver stances - CFTC
Hedge funds and money managers lowered their net long positions in COMEX gold and silver contracts in the week to Sept. 13, amid uncertainty about whether the Federal Reserve will raise interest rates next week, U.S. Commodity Futures Trading Commission data showed on Friday.The speculators reduced their net short position in copper futures and options, the data showed, while in gold, they cut their net long position by 30,136 contracts to 248,858 contracts. Click here to read full stories.
Sep 19 - Rusal sees stable aluminium prices for first time in 5 years
Russian aluminium giant Rusal expects aluminium prices to stabilise within a $1,600-1,700 per tonne range next year if China does not increase production, global stocks keep falling and demand grows.Aluminium, used in transport and packaging, has been under pressure for some time due to oversupply. This year it is forecast to average about $1,565 a tonne, near current level according to a Reuters survey. Click here to read full stories.
Sep 19 - Brazil grants Vale license for Amazon iron ore mine rail branch
Brazil granted Vale SA a 10-year license to operate a 101-kilometer (63-mile) branch line connecting its $14.3 billion S11D iron ore mine project in the Amazon jungle to the Carajas Railway, the company said in a statement on Friday.The Carajas Railway branch will allow Vale, the world's largest iron ore exporter, to haul S11D's output to the Port of Ponta da Madeira in Sao Luis, Brasil to ships that will load the product for export. Click here to read full stories.
Sep 16 - Russia's "blood river" spill shouldn't happen again, plant operator says
A spill of waste originating from a metallurgical plant in Russia that turned a river blood-red posed no threat to people or wildlife, an executive at the plant's operator said. Pictures of the crimson water in the Daldykan river, in the Arctic Circle, quickly went viral over social media, and green campaigners said the incident highlighted how industrial development posed a risk to the environment. Click here to read full stories.
Sep 16 - Barrick's Argentina mine suspended after cyanide spill
Barrick Gold Corp said on Thursday that operations at its Veladero mine in Argentina were temporarily suspended by the government after a "small quantity" of processing solution that contains cyanide leaked outside a processing area.The solution flowed over a berm surrounding the leach pad where gold is processed after a pipe was damaged on Sept. 8 by a large block of ice that rolled down a valley slope, Barrick said. Click here to read full stories.
Sep 16 - Brazil's Coelho says Samarco may resume operations subject to conditions
Brazil's Samarco Mineração SA will be able to resume iron ore mining operations should co-owners Vale SA and BHP Billiton Plc come through with promised investments, Mining and Energy Minister Fernando Coelho said on Thursday.Samarco had operations halted last November, when a tailings dam at the mine burst and unleashed a mud flow that killed 19 people, left hundreds homeless and polluted a major river. Click here to read full stories.
Sep 16 - Glencore to delay coking coal shipments after Australia train accident
Glencore will have some "short-term" delays in its coking coal shipments after a train derailment on freight operators Aurizon Holdings train system in Queensland, Australia, on Sunday, the miner and trader said on Thursday.The Pacific National coal service derailment has disrupted coking coal shipments from Queensland's Bowen basin, which could add further heat to prices that have nearly doubled since the start of August. Click here to read full stories.
Sep 16 - Lundin gets second bid extension on Freeport Congo mine stake
Canadian base metals miner Lundin Mining Cor has won a two week extension until Sept. 29 to bid on Freeport-McMoRan Inc's stake in the Tenke Fungurume copper and cobalt mine, Lundin said in a statement on Thursday.Lundin, previously granted an extension to Sept. 15, said it continues to review, with legal and financial advisors, its ownership in the Democratic Republic of Congo mine, one of the world's largest copper deposits. Click here to read full stories.
Sep 16 - Buenaventura says new mine to kick off production in November
Peruvian precious metals miner Buenaventura expects its Tambomayo mine to produce its first bar of gold in November and reach full output at the end of this year or the start of next, the company said late on Wednesday.Renzo Macher, Tambomayo's project manager, told reporters on the sidelines of a mining conference that the underground mine should produce at least 120,000 ounces of gold next year. Click here to read full stories.
Sep 15 - China denies aluminium exports evading U.S. duties
A Chinese industry group has denied that the country's aluminium producers could be involved in exporting extrusion products via Mexico to circumvent U.S. duties, in the latest sign of bubbling trade tensions between the two nations.A report by the Wall Street Journal last week cited U.S aluminium executives contending that some $2 billion worth of Chinese metal products had been stockpiled in Mexico as part of a scheme to re-export to the United States, which imposes heavy duties on Chinese products. Click here to read full stories.
Sep 15 - The curious case of the missing LME lead stocks explained: Andy Home
Maybe it's because it's the lead market.If a warehouse company had submitted incorrect copper stocks figures to the London Metal Exchange (LME) for three weeks, it might have expected a bigger fine than 30,000 pounds ($40,000).Which is what Worldwide Warehouse Solutions (WWS), the LME logistics arm of Noble Group, has been hit with for supplying wrong lead stocks figures for metal stored at the Dutch port of Vlissingen. Click here to read full stories.
Sep 15 - Gerdau bets on new Brazil line, exports, data to ease steel slump
Brazil's Gerdau SA , the No. 1 long-steel producer in the Americas, is counting on non-traditional flat-steel exports and a data venture with General Electric Co to help weather a world-steel slump and sharp domestic downturn.Gerdau said half of the output from its Ouro Branco steel complex is now exported. Growing production from the higher-value hot-rolled coil and steel plate lines at the plant are winning orders from new British and German clients, said Rodrigo Soares, Gerdau's head of Brazilian industrial steel, during a media visit to the plant on Wednesday. Click here to read full stories.
Sep 15 - China's steel failure, coal success show prices trump bureaucracy: Russell
China's steel and coal sectors provide contrasting stories so far this year, with one failing miserably to curb output and the other cutting so successfully it's led to the unintended consequence of higher prices and imports.China's steel sector, which accounts for about half of global production, continued its recent strength in August, with output rising for a sixth month to 68.57 million tonnes, the National Bureau of Statistics said on Tuesday. Click here to read full stories.
Sep 15 - De Beers sees tough outlook as critical holiday sales approach
Anglo American owned De Beers, one of the world's largest diamond producers, expects some growth in the consumer market next year but its chief executive warned the overall sales environment is likely to remain tough. Bruce Cleaver, who was appointed to head De Beers in May, said prices had stablised for rough diamonds, while the polished diamond market looked set to be flat. Click here to read full stories.
Sep 15 - Global nickel deficit narrows to 5,200 T in July - INSG
The global market deficit in nickel narrowed to 5,200 tonnes in July from a revised deficit of 12,100 tonnes the month before, taking the shortfall so far this year to 42,500 tonnes, data from the International Nickel Study Group showed. The deficit for the first seven months of 2016 compared with a surplus of 53,600 tonnes in the same period last year, INSG said in a release on Wednesday. Click here to read full stories.
Sep 15 - Lithium Americas says to keep looking for Argentine deposits
Lithium Americas, the Canadian company developing a lithium production site in Argentina, will continue looking for deposits in the South American country after its site in Jujuy province comes online, Chief Executive Tom Hodgson said in an interview. In Buenos Aires for an investors' conference hosted by President Mauricio Macri, who won office last year and has implemented a number of free-market reforms, Hodgson said construction of the Cauchari-Olaroz drilling site in Jujuy will start in the first half of next year. Click here to read full stories.
Sep 14 - U.S. trade panel affirms hot-rolled steel duties on seven countries
The U.S. International Trade Commission handed another victory to American steelmakers on Monday, affirming most of the recent anti-dumping and anti-subsidy duties on hot-rolled flat steel imports from Australia, Brazil, Britain, Japan, the Netherlands, South Korea and Turkey. The commission rejected anti-subsidy duties of about 6 percent against hot-rolled steel from Turkey, but affirmed anti-dumping duties of about 6 to 7 percent against Turkish-made hot-rolled steel. Click here to read full stories.
Sep 14 - Disruption to open outcry trading hits LME volumes
The temporary relocation of open outcry trading at the London Metal Exchange (LME) to a disaster recovery site due to problems at its new offices hit volumes hard during the already quiet summer months, broking sources said. For all contracts traded on the LME, volumes fell more than nine percent year-on-year in August to 12.18 million lots, after a drop of nearly 18 percent in July. Volumes for aluminium and copper fell nearly 22 percent and seven percent respectively in August from the same period a year ago. Click here to read full stories.
Sep 14 - China's steel failure, coal success show prices trump bureaucracy: Russell
China's steel and coal sectors provide contrasting stories so far this year, with one failing miserably to curb output and the other cutting so successfully it's led to the unintended consequence of higher prices and imports. China's steel sector, which accounts for about half of global production, continued its recent strength in August, with output rising for a sixth month to 68.57 million tonnes, the National Bureau of Statistics said on Tuesday. Click here to read full stories.
Sep 14 - London court freezes $8 mln of assets of Mongolian miner EMC for debt
A London court has issued an order allowing the UK assets of Mongolian copper miner Erdenet Mining Corporation (EMC) to be frozen, following a long-running dispute with Swiss firm MRI Trading AG, sources familiar with the situation said on Tuesday. The order to freeze the assets, worth up to $7.115 million plus 637,818 pounds ($841,664), was granted last Thursday and has been served on 12 trading houses and banks so far, the sources told Reuters, speaking on condition of anonymity. Click here to read full stories.
Sep 14 - Norilsk's 1942 nickel plant gone but far from forgotten: Andy Home
Norilsk Nickel , or Nornik as it has just rebranded itself, has just completed the decommissioning of the nickel refining plant in its far-flung Polar operations in the Arctic north of Siberia.It was known as the 1942 Plant because that's when it was first commissioned and it has been operating ever since. The closure is part of a radical overhaul of the company's nickel operations, with refining operations being refocused on the metallurgical complex on the Kola Peninsula in the west of Russia and the Harjavalta refining complex in Finland. Click here to read full stories.
Sep 14 - Desperation and death beneath South Africa's City of Gold
When he lost his job as a Johannesburg gardener a month ago, 25-year-old Sibangani Tsikwe did what millions of men have done before him: seek their fortune deep underground in the gold mines that help to define South Africa.The decision has probably cost him his life. Click here to read full stories.
Sep 14 - Ahead of more suspensions, Philippine miners question review process
Philippine miners facing more mine suspensions under an environmental review backed by President Rodrigo Duterte have stepped up their criticism of the process, questioning the inclusion of anti-mining activists in the review teams. The world's top nickel ore supplier has halted operations of 10 mines, eight of them nickel, for environmental infractions, and the government has said more suspensions will be announced this week. Click here to read full stories.
Sep 14 - EU's free carbon permits to steel sector not flawed-court
Europe's highest court on Tuesday confirmed the European Commission's calculation for handing out free carbon permits to the steel sector, ruling out the prospect of higher costs for its big energy users."The Court found, in particular, that the Commission had not committed any manifest error when taking into account the efficient energy recovery from waste gases and emissions related to their use in the value of the hot metal benchmark, the most important benchmark in the steel sector," it said. Click here to read full stories.
Sep 13 - U.S. trade panel affirms hot-rolled steel duties on seven countries
The U.S. International Trade Commission handed another victory to American steelmakers on Monday, affirming most of the recent anti-dumping and anti-subsidy duties on hot-rolled flat steel imports from Australia, Brazil, Britain, Japan, the Netherlands, South Korea and Turkey.The commission rejected anti-subsidy duties of about 6 percent against hot-rolled steel from Turkey, but affirmed anti-dumping duties of about 6 to 7 percent against Turkish-made hot-rolled steel. Click here to read full stories.
Sep 13 - China copper demand picks up after summer lull
Emerging Chinese copper demand after a summer factory lull and buying by traders buoyed by cheap premiums and weak global prices looks set to fuel a recovery in China's copper imports this month after a plunge to 12-month lows in August.The buying interest could help stem a surge in Chinese copper exports, but may not be enough to offset the impact of an expected flood of new supply this year, traders and analysts said, putting further pressure on prices into 2017. Click here to read full stories.
Sep 13 - Coking coal bubble to deflate, unlikely to burst: Russell
When the price of a commodity rises by 117 percent in a mere 15 weeks, it's generally a sign that something is amiss in the market, and coking coal's recent stellar run is no exception to this rule.The spot price of Australian premium hard coking coal has surged from $83.40 a tonne on May 31 to $180.90 on Sept.9. So far this year, the price of the fuel used mainly to make steel has leapt by 131 percent, making it the best performer among significant commodities. Click here to read full stories.
Sep 13 - Shefa Yamim prepares for London IPO, commercial mine in Israel
Shefa Yamim, the only Israeli miner for precious stones, has signed with a brokerage firm in London to pursue an initial public offering to raise up to $10 million as it plans a possible expansion of its operations in northern Israel.Shefa Yamim, already listed in Tel Aviv, said on Monday the London flotation of a 75-percent owned subsidiary is scheduled to happen by the end of the year. It did not name the brokerage or specify which London market it was eyeing. Click here to read full stories.
Sep 13 - Baosteel raises main steel product prices for Oct delivery
China's biggest listed steelmaker, Baoshan Iron & Steel (Baosteel), has raised its main steel product prices for October delivery, the company said in a statement on Tuesday.Prices for hot-rolled coil and cold-rolled coil were raised by 100 yuan ($14.97) per tonne and 150 yuan ($22.46) per tonne respectively, it said. Click here to read full stories.
Sep 13 - Barrick Gold partners with Cisco in bid to boost productivity
Barrick Gold Corp, the world's biggest gold producer, said on Monday it would partner with Cisco Systems to incorporate digital technology in all aspects of its mining business, aiming to improve productivity and reduce costs.Toronto-based Barrick said it planned to spend around $100 million between now and the end of 2017 working with Cisco to embed technology in various parts of its operations to deliver better, faster and safer mining. Click here to read full stories.
Sep 13 - Poland may ease KGHM's mining tax in 2017 -minister
Poland may provide the country's sole copper producer KGHM relief next year on a 2012 tax that eats into the miner's profits, Treasury Minister Dawid Jackiewicz told Wprost weekly in an interview published on Monday.The ruling Law and Justice (PiS) party moved to power in last year's elections, on among other things a promise of scrapping the levy on mining income. But the budgets for this year and next are still counting on revenue from that tax. Click here to read full stories.
Sep 12 - British steel workers face prospect of pension quick fix - sources
A steel industry plan to change its pension scheme and allow the sale of Tata's British operations is likely to be scrapped in favour of a fix that avoids a political row, government and industry sources told Reuters.Tata in March put its British steel operations up for sale, saying it could no longer sustain heavy losses. Click here to read full stories
Sep 12 - Main border crossing for Congo copper exports closed as riots kill three
Three people were killed in riots on Friday near a border crossing between Democratic Republic of Congo and Zambia that serves as the main export route for Congolese copper, Congo's government said.Authorities in both countries closed the border in response, Christabel Mulala, the mayor of the Zambian border town of Chililabombwe, told Reuters. Click here to read full stories
Sep 12 - Lundin CEO sees right conditions for Portuguese zinc mine expansion
Lundin Mining could double zinc production at its Neves-Corvo mine in Portugal as a big rally in prices and looming deficit of the metal used to rust-proof steel have created the right conditions for an expansion, its chief executive said."We hope to go ahead with a positive decision by year-end," CEO Paul Conibear said in an interview, adding that Toronto-based Lundin has also seen progress on mine plant efficiency and modernization efforts. Click here to read full stories
Sep 12 - Chile's Codelco says strike at Salvador copper mine ends
Chile's state-owned copper miner Codelco said late on Friday that unionized workers at its small Salvador copper mine have accepted a wage offer and ended a strike, which had been ongoing since Monday.Salvador is in the process of restarting its smelter, refining, mining and plant operations, while workers are returning to their posts, Codelco said in a statement. Click here to read full stories
Sep 12 - Speculators raise net long COMEX gold, silver positions - CFTC
Hedge funds and money managers hiked their net long position in COMEX gold contracts to a nine-week high in the week to Sept. 6, as they also raised a bullish stance in silver, U.S. Commodity Futures Trading Commission data showed on Friday.The speculators boosted their net short position in copper futures and options to the largest since mid-June, the data showed. Click here to read full stories
Sep 12 - LME fines warehouse firm 30,000 pounds for reporting errors
The London Metal Exchange (LME) has fined Worldwide Warehouse Solutions UK Ltd (WWS) 30,000 pounds ($40,000) for errors in recording movements of lead inventories, the exchange said on Friday.The exchange, the world's oldest and largest market for industrial metals, said in a statement the errors resulted in mistaken data being released in February about 31,700 tonnes of lead inventories at the WWS warehouse in the Dutch port of Vlissingen. Click here to read full stories
Sep 12 - Bids received for SQM stake worth up to $2.5 bln – reports
The sale of a stake in Chile's SQM, one of the world's biggest lithium and iodine suppliers, has attracted widely differing offers, with the highest worth up to $2.5 billion, local media reported Friday.An indirect stake in SQM has been for sale since December, when holding company Oro Blanco invited buyers to make an offer for its entire 88 percent interest in Pampa Calichera Pampa Calichera in turn owns about 23 percent of SQM, a major producer of lithium, potash and fertilizer chemicals. Click here to read full stories
Sep 09 - Uncertainty over Brazil Samarco mine hinders restructuring, firm at risk
Almost a year after a deadly dam spill at the Samarco mine, owned by BHP Billiton and Vale, there is still no date for restarting operations, complicating attempts to restructure Samarco's debt and increasing the possibility the miner may be allowed to run out of money.Vale and BHP have assured authorities they will cover the cost of Brazil's worst ever environmental disaster, sources familiar with their thinking say, stopping short of saying they will keep Samarco, for whom the closed mine is the only real revenue stream, afloat. Click here to read full stories.
Sep 09 - Appearance and elusive reality in China's zinc mining sector: Andy Home
What could bring the zinc bull party to an untimely end? Well, obviously, there is the potential for Glencore to reactivate the 500,000 tonnes of mine capacity it has idled since late last year.Given zinc's stellar outperformance so far this year is predicated on a tightening raw materials market and the promise that this will feed through to metals shortage, the timing of any restarts will be a critical part of the equation. Click here to read full stories.
Sep 09 - Goldcorp hires Scotiabank to run Los Filos mine sale: sources
Goldcorp Inc has hired Bank of Nova Scotia to lead the sale process for Los Filos, its gold and silver mine in Mexico, according to two sources familiar with the situation, after putting the asset on the block earlier in the summer.David Garofalo, chief executive of the Vancouver-based gold miner, said in late July that Goldcorp was looking at offloading the mine, as well as weighing options for its Alumbrera mine in Argentina and the Marlin mine in Guatemala. Click here to read full stories.
Sep 09 - Some Japanese aluminium buyers agree to Q4 premium of $75/T -sources
Some Japanese aluminium buyers have agreed to pay producers a premium of $75 per tonne for shipments in the October-December quarter, reflecting softer spot premiums, two sources directly involved in the quarterly pricing talks said on Thursday.The deal, which marks a 17 to 19 percent fall from the $90 to $93 per tonne premiums in the previous quarter, is the second straight quarterly drop and the lowest in more than seven years.Japan is Asia's biggest importer of aluminium and the premiums for primary metal shipments it agrees to pay each quarter over the London Metal Exchange cash price set the benchmark for the region. Click here to read full stories.
Sep 09 - Indonesia evaluating mining rules as 2017 deadline on metal exports nears
Indonesia's mining ministry is scrambling to find a way around a deadline on mineral processing that could prevent some miners, including U.S. copper mining giant Freeport-McMoRan Inc from exporting minerals from the country from 2017.Under a government regulation introduced in 2014, miners of copper, zinc, lead, manganese and iron are restricted to exporting partially processed minerals until January 2017, after which only shipments of refined metals will be allowed. Click here to read full stories.
Sep 09 - Gold explorer WRE plans $40 mln dual listing
South African gold explorer White Rivers Exploration (WRE) aims to raise up to 30 million pounds ($40 million) with a dual stock market listing in London and Johannesburg next year to help it to develop one of the world's largest bullion deposits.WRE Executive Chairman Neil Warbuton told Reuters that the 11.5 million ounce reserve offers "huge upside potential" as one of the largest unmined high-grade gold resources in the world and that a dual listing will facilitate commercialisation of the project. Click here to read full stories.
Sep 08 - Volatile gold demand tarnishes U.S. commodity fund sales
Turning fortunes for gold pushed withdrawals from U.S.-based commodity funds to their highest levels since April, Investment Company Institute data for the latest week showed on Wednesday.Investors pulled $601 million from those mutual funds and exchange-traded funds during the week through Aug. 31, the trade group said, though many gold funds have seen a rebound in recent days. The fickle buying and selling of funds, such as SPDR Gold Shares, comes after some U.S. monetary policymakers suggested they favored raising interest rates sooner rather than later, though weak economic data have damped their case. Click here to read full stories.
Sep 08 - Scramble for tin as one player holds up to half LME stocks
The premium of nearby tin futures over benchmark ones on the London Metal Exchange (LME) has spiked to the highest in almost a year after one investor amassed up to half of the remaining LME inventories. Falling shipments from top tin exporter Indonesia has sent LME inventories of the metal used to make solder for the electronics industry sliding to the lowest in over a decade."The nearby tightness is biting," said Dee Perera, at broker Marex Spectron. Click here to read full stories.
Sep 08 - Platinum market to tighten this year, but catalyst demand to fall - WPIC
The platinum market will tighten more than previously forecast this year, an industry report said on Thursday, as shrinking supply of mined and recycled metal outweighs downward revisions for jewellery and autocatalyst demand.In its latest Platinum Quarterly report, the World Platinum Investment Council forecast a 520,000-ounce deficit in the platinum market this year, up from a 455,000-ounce shortfall predicted three months previously. Click here to read full stories.
Sep 08 - Peru proposes state-owned bank buys gold from artisanal miners
The government of Peru wants a state-owned bank to buy gold from artisanal miners in order to replace a lucrative but shady informal market, Finance Minister Alfredo Thorne said on Wednesday.Thorne said the miners would receive a better price for their gold and would not have to pay the value added tax rate, giving them incentives to register with the government and comply with environment and labor laws. Click here to read full stories.
Sep 08 - S.African mines minister says talks with industry over mining charter going well
South Africa's mining minister Mosebenzi Zwane said on Wednesday that talks with industry to reach an out-of-court settlement over a mining charter were "progressing well", but gave no details in a response to parliament. The government wants to enforce a requirement that 26 percent of all mining companies be in black hands under the proposed new law. Companies however say they should be considered to have met the regulation even when black owners have sold their shares in the firms. Click here to read full stories.
Sep 08 - China steel exports fall to 6-month low, in brief respite for world
China's steel exports fell to the lowest in six months in August amid stronger domestic prices, offering relief to rivals overseas angered by a flood of cheap Chinese products.But the global reprieve could be temporary as Chinese steel producers could easily boost exports to ship surplus output amid gradual efforts to address its chronic overcapacity. Click here to read full stories.
Sep 07 - Rio versus BHP boils down to investors' choice of commodity
The backgrounds of the leaders of the world's top mining companies illustrate the choice facing investors, with BHP Billiton's chief executive having worked in the oil industry and Rio Tinto's new boss more focused on copper.After aggressive cost-cutting and asset sales to drive down debt, the two mining giants are positioning themselves to capture growth as commodity markets begin to recover from a crash that dented company balance sheets. Click here to read full stories.
Sep 07 - G20 kicks steel overcapacity can down the road again
When G20 leaders met in the Chinese city of Hangzhou this week, they did so under, if not quite blue skies,at least smog-free skies.That's because the Chinese authorities had ordered hundreds of industrial plants in and around the city to close. Click here to read full stories.
Sep 07 - 'Flash Boys' protagonists aiming new exchange at gold
IEX Group, which rose to prominence with its bid to shake up stock trading in the United States, now aims to do the same in the more than $5 trillion-a-year gold market with a new exchange being created by its spinoff TradeWind Markets, a board member of the new venture said on Tuesday.The protagonists of Michael Lewis's book, "Flash Boys: A Wall Street Revolt," are planning a gold exchange that would use elements of blockchain technology to improve transparency and the clearing and settling of trades, said Matt Harris, a managing director at Bain Capital Ventures. Bain has an investment in IEX. Click here to read full stories.
Sep 07 - Chile's Codelco expects Salvador mine strike resolution soon – CEO
Chile's state-owned Codelco, the world's biggest copper miner, expects to resolve a strike by workers at its smallest mine, Salvador, in the coming days, Chief Executive Nelson Pizarro said on Tuesday.After Codelco failed to reach agreement with one of its unions in contract talks, workers at the Salvador copper deposit began protests on Monday, blocking access and affecting production. Click here to read full stories.
Sep 07 - China's Tianqi Lithium to build $300 mln plant in Australia
China's Tianqi Lithium Industries is set to build a A$400 million ($306 million) plant in Australia which it aims to open in late 2018, expanding its output of the material mainly for lithium batteries used in electric cars and high-end energy storage.The plant will take ore from the Greenbushes mine, a spodumene hard rock mine in southwestern Australia, and would be able to produce 24,000 tonnes a year of lithium hydroxide, boosting Tianqi's processing capacity by more than 50 percent, the company said in a statement. Click here to read full stories.
Sep 07 - Key rail bridge for Ivory Coast-Burkina Faso trade collapses
A bridge on the railway linking Ivory Coast and Burkina Faso collapsed on Tuesday and it will be several months before the trade route between the two countries is fully restored, said Sitarail, a unit of the Bollore group.Nobody was injured when a bridge over the River Nzi close to Dimbokro in central Ivory Coast collapsed and officials are inspecting the damage before starting repairs, Sitarail said in a statement.The railway was built by French colonizers to link the port city of Abidjan with Niamey, Niger, via the Burkina Faso capital, Ouagadougou. Click here to read full stories.
Sep 06 - G20 pledges to tackle global steel glut, quell China tensions
G20 leaders have pledged to work together to address excess steel capacity that has punished the global industry with low metal prices for years while raising tensions between China and other major producers.A statement from the White House said that leaders at the G20 summit in Hangzhou, eastern China, on Monday accepted that overcapacity in steel and other industries is a global issue that requires a collective response. Click here to read full stories.
Sep 06 -Japan aluminium buyers to turn to spot markets, could crimp annual contracts
Japanese aluminium buyers are looking to crimp the amount of the metal they purchase via annual contracts, instead turning to spot markets where premiums have in recent months dropped to their lowest in over seven years amid a persistent supply glut.Most aluminium buying by Asia's biggest importer of the metal is carried out through annual contracts, with premiums for delivered metal set each quarter via negotiations that act as a benchmark for the region. Click here to read full stories.
Sep 06 - As Nyrstar hedges forward, should zinc bulls be worried? Andy Home
Zinc continues to glow red hot amid the general gloom pervading the industrial metals sector. On the London Metal Exchange (LME) three-month metal closed last week valued at $2,364 per tonne, up 50 percent on the start of the year and the highest it's been since May last year.Everyone, it seems, is still buying into the galvanising metal's enticing narrative of supply shortfall, something of a stand-out in a sector that is more worried about the weak state of demand. Click here to read full stories.
Sep 06 - Australian firm taps coking coal rebound for new mine in 2017
A private equity-backed firm expects to dig a new coal mine in Australia's prized Bowen Basin in 2017, tapping into a recovery in prices for coal used to make steel at a time when the world's biggest suppliers have stopped building mines.Pembroke Resources, led by the ex-boss of Gloucester Coal Barry Tudor, expects the Olive Downs project to start up within 12 months with a 1-million-tonnes-a-year mine and add two more mines by 2019. Click here to read full stories.
Sep 06 - Copper output at Codelco's Salvador mine hit by strike
Striking workers at Codelco's small Salvador copper deposit in Chile have blocked access to the mine and are affecting production, the company and union said on Monday.The union last week said it would go on strike this week after failing to reach agreement in contract talks. Codelco told Reuters that protests began on Sunday night and that currently "the mine has been occupied and operations are paralyzed." Click here to read full stories.
Sep 06 - Miners call for World Heritage Sites to be left untouched by all
The world's biggest mining companies called on Monday for action to stop any firms, including the oil and gas industry, extracting resources from natural sites protected by the United Nations.In 2003, the International Council on Mining and Metals (ICMM), which groups 23 firms including BHP Billiton, Rio, Anglo American and Glencore, agreed to halt mining in World Heritage Sites as part of a remit to make mining more sustainable. Click here to read full stories.
Sep 05 - Miners' hedging on gold highest for six years in Q2
Gold mining companies expanded the global hedge book by a further 21 tonnes in the second quarter to the highest level in six years, an industry report showed on Friday.Hedging, usually by selling future gold production forward, allows miners to lock in prices and guarantee returns for their output.Gold prices rose around seven percent in the second quarter from the first three months of the year. Click here to read full stories.
Sep 05 - Surging China stainless steel output may reverse recent nickel slump
A surprise jump in stainless steel production this year in China, the world's biggest nickel user, may reignite a rally in nickel prices as investors shift focus to demand from worries over Philippine supply.China's output of nickel-bearing stainless steel, which uses more nickel than overall stainless steel, during January to July surged to 11.201 million tonnes, up 10 percent from the same period in 2015, according to UBS. Overall stainless steel output for the first seven months of 2016 was 8 percent higher than a year ago at 13.639 million tonnes, UBS said. Click here to read full stories.
Sep 05 - China's Henan to close 62.5 mln T of coal capacity by 2018 -Xinhua
Central China's Henan province will cut annual coal capacity by 62.54 million tonnes and crude steel by 2.4 million tonnes over the 2016-2018 period as part of efforts to tackle nationwide supply gluts in the sectors, Xinhua news agency reported.China has vowed to bring total coal capacity down by as much as 500 million tonnes in the coming three to five years, and also plans to close 100-150 million tonnes of steel production by the end of 2020 in a bid to prop up prices and curb widespread losses in the two industries. Click here to read full stories.
Sep 05 - Speculators cut bullish COMEX gold position to 3-mth low
Hedge funds and money managers reduced their bullish stance in COMEX gold contracts in the week to Aug. 30 to the lowest in nearly three months, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday.The speculators also cut their net long position in silver futures and options to the lowest since mid-June while they sharply increased their net short position in copper, the data showed. Click here to read full stories.
Sep 05 - Philippines to suspend more mines as environmental review ends
The Philippines will this week announce the suspension of more of the country's mines for violating environmental regulations, the mining minister said on Monday, as the government wrapped up a seven-week review.The Southeast Asian nation, the world's top nickel ore supplier, launched a review of the country's 40 metallic mines on July 8 and has so far suspended 10, eight of them producing nickel ore. The closures and the risk of more mines being shuttered lifted nickel prices to a one-year high last month. Click here to read full stories.
Sep 05 - Zinc producer's shareholders fall short in bankruptcy fight
Horsehead Holding Corp was cleared to exit bankruptcy on Friday although a U.S. judge acknowledged that allegations by the zinc producer's shareholders that their investment was being unfairly wiped out came very close to derailing the company's plan.Horsehead can now proceed with its plan that will eliminate most of its $427 million in pre-bankruptcy debt, cancel its stock and allow the company to emerge from Chapter 11 under the control of its noteholders, led by Greywolf Capital Management. Click here to read full stories.
Sep 05 - U.S. affirms duties on steel from Brazil, India, UK, South Korea
The U.S. International Trade Commission voted on Friday to lock in duties on imports of cold-rolled steel flat products from Brazil, India, South Korea and Britain but said imports from Russia were not injuring the U.S. industry.The U.S. Commerce Department had previously found the products from Brazil, India, South Korea and Russia were being unfairly subsidizedand sold in the United States at below fair value, and that the products from Britain were also being dumped. Click here to read full stories.
Sep 02 - Alcoa, Alumina settle dispute, clearing hurdle to Alcoa split
Alcoa Inc and Alumina Ltd have settled a dispute and agreed to reshape their joint venture, removing an obstacle to Alcoa's plan to split into two companies and making its Australian partner a more attractive takeover target.The two companies agreed to enda court fight that had threatened to delay Alcoa's plan to spin off its plane and car parts business, which is now set to go ahead by the end of this year. Click here to read full stories.
Sep 02 - LME to resume ring trading at usual venue on Monday
The London Metal Exchange (LME) will resume open outcry trading at its offices in London's financial district on Monday after repair works were completed, it said on Thursday.The exchange, the world's oldest and largest market for industrial metals, moved ring trading to an emergency venue in July after structural problems forced the shutdown of its offices at Finsbury Square. Click here to read full stories.
Sep 02 - Workers at small Codelco copper mine to strike next week
Workers at Codelco's small Salvador deposit will go on strike next week after failing to reach agreement in contract talks with the Chilean state-owned company, the union told Reuters on Thursday.The strike is set to start on Monday after workers rejected Codelco's latest offer and the company said it had opted not to request a five-day mediation process. Click here to read full stories.
Sep 02 - Barrick to focus on scaled-back Pascua-Lama project in Argentina
Barrick Gold Corp, the world's largest gold miner, said Thursday it has brought back a former executive to advance a scaled-back development plan for its suspended Pascua-Lama project that will first focus on Argentina.The gold and silver project, which straddles the border of Argentina and Chile in the Andes Mountains, was put on hold in 2013 due to environmental issues, political opposition, labor unrest and development costs that ballooned to $8.5 billion. Click here to read full stories.
Sep 02 - Thyssenkrupp seeks to ease dispute with steel workers
Thyssenkrupp agreed to intensify talks with its European steel workers in an effort to resolve a dispute over plans to merge the division with Tata Steel and possibly close plants.Several thousand workers marched in protest at management's plans on Wednesday and labour representatives refused to approve a new management structure, part of a five-year programme to improve the performance of Thyssenkrupp's steel business amid worsening markets. Click here to read full stories.
Sep 02 - Bolivia announces mining crackdown after murder of gov't official
Bolivia responded to last week's murder of a government official by announcing a crackdown on mining cooperatives on Thursday, saying it would return contracts signed between them and private companies to state control.The beaten body of Deputy Interior Minister Rodolfo Illanes was found by the side of the road last week, hours after he had approached mining protesters to talk over their concerns. Click here to read full stories.
Sep 02 - Argentina seeks to unify regulations to spur mining investments
The Argentine government wants to unify mining regulations under a proposed federal law that would permit open-pit mines to operate throughout the country as part of an effort to jump-start investment in the sector, a government official said.Argentina has fallen behind its mineral-rich neighbors Chile and Peru in mining investment, despite containing rich deposits of copper, gold, silver and zinc. Local regulations are tough, and seven of the country's 23 provinces prohibit open-pit mining altogether due to environmental concerns. Click here to read full stories.
Sep 02 - South Africa's Impala Platinum narrows year loss to $4.7 million
Impala Platinum Holdings Ltd (Implats), the world's No.2 producer of the white metal, narrowed annual losses to 70 million rand ($4.77 million) thanks largely to cost cuts.Implats, along with rivals Lonmin and Anglo American Platinum, is still recovering from a 2014 strike that cost the industry billions of dollars in lost output and damaged the viability of some mines, leading to job cuts. Click here to read full stories.
Sep 02 - Liberian parliament speaker steps down after Sable Mining indictment
Liberia's parliament speaker said on Thursday that he is stepping down to face bribery charges in a case involving London AIM-listed Sable Mining's attempted acquisition of an iron ore concession in the north of the country."If my recusal is the ultimate sacrifice that will move our country forward and end this current quagmire, I am herewith recusing myself from presiding over the plenary of the House of Representatives,” Alex Tyler said in a statement. Click here to read full stories.
Sep 01 - China's robust August iron ore, coal imports mirrored in prices: Russell
China's imports of iron ore and coal remained robust in August, providing a fundamental justification for the ongoing resilience in the price of the two major bulk commodities.Although there are several more factors driving prices than China demand, it's also worth noting that crude oil imports likely slipped back somewhat in August, coinciding with a retreat in the price of global benchmark Brent crude. Click here to read full stories.
Sep 01 - South African mine deaths rise after years of improving safety
Pakiso Matsemela recalls the day he lost the use of his legs, joining the long casualty list of a South African mining industry whose accident rate is again climbing after years of improvement."I heard a bang and suddenly I was hit in the back by a rock. It felt like a rush of heat," the 63-year-old told Reuters, recounting the accident that shattered his spine at the Northam Platinum mine. Click here to read full stories.
Sep 01 - Baosteel sees China's 2016 steel consumption down nearly 3 pct y/y
Baoshan Iron & Steel, China's top listed steelmaker, expects the country's apparent consumption of crude steel to drop to 680 million tonnes this year from 698 million in 2015, Dai Zhihao, its general manager, told an online briefing.The forecast from Baoshan Iron & Steel, or Baosteel, comes at a time when China, the world's top producer of the alloy, is stepping up efforts to slash a huge overcapacity that has boosted cheap exports amid slowing demand at home. Click here to read full stories.
Sep 01 - Chile copper mines resume partial operations after fatal accidents
Partial operations were resumed on Wednesday at Chilean state-owned copper miner Codelco'sChuquicamata mine and Freeport-McMoran Inc's El Abra mine, the day after separate fatal accidents forced complete suspension of activities.Codelco, the world's No. 1 copper producer, said it was still investigating the cause of the accident at Chuquicamata that left two workers dead when the vehicle they were driving collided with a giant mining truck. Click here to read full stories.
Sep 01 - American Eagle coin August sales fall yr/yr as prices ease
U.S. Mint sales of American Eagle gold coins in August fell 42 percent from a year ago while silver coin sales dropped to the lowest since late-2013, as bullion prices came off the highest in more than two years, government data showed on Wednesday.The U.S. Mint sold 58,500 ounces of American Eagle gold coins in August, up 52 percent from July but down sharply from the 101,500 ounces sold in August 2015, U.S. Mint data showed. Click here to read full stories.
Sep 01 - Thyssenkrupp steel workers protest merger plans
Several thousand steel workers at Thyssenkrupp on Wednesday protested management's plans for a merger of its European steel business with that of Tata Steel as well as possible site closures.Carrying banners saying "Stop steel exit" and "Steel is the future" in a rally organised by powerful labour union IG Metall, they marched to the headquarters of Thyssenkrupp Steel Europe in the industrial city of Duisburg, where the steel business's supervisory board is due to meet on Wednesday. Click here to read full stories.
Aug 31 - China's steel mills hunt for high-grade iron ore to boost output
Cashed-up Chinese steel mills are chasing top quality iron ore to help increase output and meet Beijing's tougher environmental standards, driving the premium for high-grade ore to its biggest in two years.In the latest sign of renewed optimism among China's steel producers as capacity cuts boost steel prices, producers are turning away from cheaper ore with a lower iron content, contributing to growing stockpiles at domestic ports. Click here to read full stories.
Aug 31 - Mothballed Ghana gold mine reveals risk of reliance on minerals
Two years after AngloGold Ashanti suspended production at its giant but loss-making gold mine in Obuasi, central Ghana, the boom of underground explosions has resumed.Lacking any alternative in an area devastated by the mine's closure and the loss of thousands of jobs, hundreds of people broke into the site, dug shafts by hand and grew so bold in their quest for gold they started using explosives. Click here to read full stories.
Aug 31 - For how long will Glencore hold its zinc capacity cuts?: Andy Home
It's been nearly a year since Glencore announced it was mothballing half a million tonnes of mined zinc capacity.At the time there was a good degree of scepticism in the zinc market that the company would make good on its promise. Click here to read full stories.
Aug 31 - Prosecutors to decide in September on Samarco dam spill charges
Federal prosecutors investigating the deadly dam spill in November at the Samarco iron ore mine, owned by Vale SA and BHP Billiton, will decide in coming weeks whether to charge the company and executives, a prosecutor in the case said on Tuesday.A police investigation accused Samarco in June of willful misconduct, saying the company ignored clear signs the dam was at risk of collapsing. The investigation is now with prosecutors, who are deciding whether to file charges. Click here to read full stories.
Aug 31 - Aluminium producer seeks Q4 premium of $82/T from Japan buyers-sources
A major aluminium producer has offered Japanese buyers a premium of $82 per tonne for October-December primary metal shipments, down 9-12 percent from the previous quarter, three sources directly involved in pricing talks said on Tuesday.The level represents the lowest in more than seven years and reflects high level of inventory and weakening spot aluminium premiums in Asia, the sources said. Click here to read full stories.
Aug 31 - Chile orders two copper mines suspended after fatal accidents
Chile's mining regulator on Tuesday ordered a halt to all operations at two major copper mines, state-owned Codelco's Chuquicamata and Freeport-McMoran Inc's El Abra, to investigate separate fatal accidents."We are concerned that today August 30 we had two accidents with three lost lives," said Rodrigo Alvarez, the head of the Sernageomin regulator, in a tweeted video comment. Click here to read full stories.
Aug 31 - India may auction diamond mine abandoned by Rio Tinto
India will auction a diamond project that global miner Rio Tinto is abandoning, or allocate it to a state firm, the mines secretary said on Tuesday, adding that the government would move fast to tap the resource.The Bunder deposit, about 500 km (300 miles) southeast of New Delhi and discovered by Rio Tinto in 2004, is estimated to contain about 27.4 million carats of diamonds potentially worth billions of dollars. Click here to read full stories.
Aug 31 - Baosteel's H1 profit climbs 9.3 pct as cost cuts take effect
China's top listed steelmaker Baoshan Iron & Steel posted a 9.3 percent rise in profits for the six months to June, aided by cost-cutting measures, but warned it was heading into a traditionally weak second half of the year.The revived fortunes of Baoshan Iron & Steel, or Baosteel, after a rough 2015 come at a time when China, the world's top producer of the alloy, is stepping up efforts to slash a huge domestic overcapacity that has boosted cheap exports and caused some producers elsewhere to shut. Click here to read full stories.
Aug 31 - Workers at Chile Codelco's Salvador copper mine vote on strike
Workers at Chilean state-owned miner Codelco's smallest copper mine began voting on Tuesday whether to accept a wage offer or go on strike, a potential headache for the company as it finds itself in a delicate financial position.Union leaders at the Salvador mine in Chile's arid north say they are opposed to the wage offer and complain that much-needed investments are being crimped because Codelco is legally required to funnel part of its revenues to the armed forces. Click here to read full stories.
Aug 31 - Mongolia asks Rio Tinto to speed up work on giant copper mine
Mongolia's prime minister has asked Anglo-Australian miner Rio Tinto to step up the pace of construction at the giant Oyu Tolgoi copper-gold mine, part of efforts to revive the country's debt-ridden economy.Jargaltulga Erdenebat assured Rio Tinto's copper chief Arnaud Soirat that Mongolia would honour its past agreements with Rio Tinto, and called on the company to do the same. Click here to read full stories.
Aug 30 - Chinese-owned Zhongwang USA enters U.S. aluminum market with Aleris buy
Zhongwang USA LLC, backed by Chinese aluminum magnate Liu Zhongtian, said on Monday it would buy U.S. aluminum company Aleris Corp in a bet by the billionaire that the nascent U.S. automotive aluminum sector will be the industry's next big growth market. The $2.33 billion deal comes as Liu and Zhongwang International Group Ltd, the parent of Zhongwang USA, are embroiled in a dispute over U.S. import duties amid broader trade tensions between the U.S. aluminum industry and China. Click here to read full stories.
Aug 30 - Samarco dam failed due to poor drainage and design - investigation
The deadly collapse of a tailings dam last November at the Samarco mine, owned by Vale SA and BHP Billiton, was caused by drainage and design flaws, a report into Brazil's worst-ever environmental disaster showed on Monday. The 76-page report commissioned by the companies responsible for the spill, which killed 19 people, attributed the dam burst to a chain of events dating back to 2009, but did not assign blame or highlight specific errors in corporate or regulatory practice. Click here to read full stories.
Aug 30 - As Beijing aims for blue skies over G20, China's steel mills get unexpected boost
When Beijing ordered hundreds of industrial plants to close ahead of China's first-ever G20 summit next week, the government wanted to spruce up the host city of Hangzhou and ensure world leaders would gather under clear blue skies. In doing so, China's leaders may have given the nation's stricken steel mills an inadvertent leg-up, helping to restore profitability after a years-long downturn caused by weak prices as a global glut swelled and demand slowed. Click here to read full stories.
Aug 30 - Russian diamond miner Alrosa's second-quarter sales tumble 21 pct q/q
Russia's Alrosa, the world's largest producer of rough diamonds, said its second-quarter sales fell 21 percent from the previous three months to 9.6 million carats after a recovery in demand seen early this year faded. The company, which with Anglo American's unit De Beers produces about half the world's rough diamonds, reported a second quarter net profit of 40.5 billion roubles ($625 million). That was 61 percent higher than a year ago, helped by the rouble's weakness against the dollar, but was down 19 percent from a record high profit in the first quarter. Click here to read full stories.
Aug 30 - Canada's Ivanhoe Mines gets unsolicited interest, to hire bankers
Canadian copper miner Ivanhoe Mines Ltd said on Monday that companies from Asia, Europe, Africa and elsewhere had expressed interest in the company and its projects in recent months. The Vancouver-based company's shares rose as much as 15.6 percent to C$1.93 in morning trading, the rise was the stock's biggest intraday percentage gain in nearly a year. Click here to read full stories.
Aug 30 - Russia's Norilsk says H1 core earnings down 34 pct, beats f'cast
Russia's Norilsk Nickel reported a 34 percent fall in its first-half core earnings on Monday on the back of lower prices for its metals and one-off decrease in metal production due to the reconfiguration of its Arctic assets. Norilsk, the world's second-largest nickel producer, has been hit by lower metals prices, partly offset by the rouble's fall against the dollar and by the recovery in its sales volumes thanks to an inventory drawdown this year. Click here to read full stories.
Aug 30 - Russia's Mechel says H1 core earnings up 9 pct y/y
Russian coal and steel producer Mechel said on Monday its first-half core earnings, or EBITDA, rose 9 percent year on year to 25.7 billion roubles ($395 million) thanks to price increases on its products. Mechel said it is seeing weaker activity in the metals market but that is being offset by rises in spot prices for hard coking coal, which would enable it to remain profitable as a whole, although it did not say over what period. Click here to read full stories.
Aug 29 - Chile's Codelco in 'fragile' situation as it makes loss
World no. 1 copper miner Codelco produced more copper in the first half of 2016 than a year ago, but made a financial loss, and the chief executive said on Friday that the company position was "extremely fragile." The Chilean state-owned firm produced 843,000 tonnes of copper in the first half, up 1.4 percent, and made a pretax loss of $97 million, it reported Friday. Click here to read full stories.
Aug 29 - What do surging LME copper stocks say about China? Andy Home
A wave of copper is currently washing up in London Metal Exchange (LME) warehouses. Arrivals of metal have totalled 73,325 tonnes this week, lifting headline exchange inventory to 271,575 tonnes, the highest level since October last year. There's no big mystery as to where this metal is coming from. Surging arrivals at LME sheds in Singapore and South Korea have broadly corresponded to export flows out of China. Click here to read full stories.
Aug 29 - U.S. SEC paid $3.75 mln to BHP Billiton whistleblower - report
The U.S. Securities and Exchange Commission paid a BHP Billiton insider $3.75 million for detailed information in an investigation into alleged bribery of Asian and African officials, the Australian Financial Review reported on Monday. Citing legal sources, the newspaper report said it was the first time an employee of an Australian company had received a U.S. whistleblower bounty. Click here to read full stories.
Aug 29 - Speculators raise COMEX gold net long position - CFTC
Hedge funds and money managers increased their net long position in COMEX gold contracts in the week to Aug. 23, while they cut it in silver, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday. The speculators switched back to a net short position in copper futures and options, the data showed. Click here to read full stories.
Aug 29 - Hapag-Lloyd CEO says planned UASC merger benefits to show in 2017
German container shipping line Hapag-Lloyd expects to reap a third of targeted annual synergies of $400 million from its planned merger with Arab rival UASC next year, and realise them fully from 2019, its CEO said on Friday. The company, which swung into the red in the first half of this year as tumbling freight rates hurt its business, signed a binding agreement with United Arab Shipping Company (UASC) in July to form the world's fifth largest shipping company by the end of 2016. Click here to read full stories.
Aug 29 - Mexico environmental agency defends oversight of Goldcorp mine
Mexico's environmental prosecutor said it had kept regular oversight of the country's largest gold mine, days after a Reuters report on a prolonged leak of contaminated water there prompted activists to accuse the agency of failing its mandate. Environmental prosecutor Profepa said that since 2013 it had completed five "administrative proceedings" on the Penasquito mine in Zacatecas state, which is owned by Canada's Goldcorp Inc. Click here to read full stories.
Aug 29 - Bolivia accuses mining leader and two others of minister's murder
Bolivia on Saturday formally accused three miners of the murder of Deputy Interior Minister Rodolfo Illanes this week, including the president of the federation that had organized protests and a roadblock. The killing of Illanes, who was found beaten to death after being kidnapped on Thursday by miners demanding changes in the law, has shocked Bolivia and presented leftist President Evo Morales with one of his greatest challenges since taking power in 2006. Click here to read full stories.
Aug 29 - Venezuela says signs $5.5 bln mining deals, companies include Barrick
President Nicolas Maduro said on Friday that Venezuela had signed over $5.5 billion in mining deals with companies including Canada's Barrick Gold Corp and China's Shandong Gold. The deals are part of plan to ease the OPEC nation's grave economic crisis that has caused food shortages and supermarket riots. Click here to read full stories.
Aug 26 - China's Ningbo Shanshan in bid to buy SQM stake – sources
Ningbo Shanshan Co Ltd, a Chinese manufacturer of lithium battery materials, is in advanced talks to buy a stake in Chile's Sociedad Quimica Y Minera (SQM), one of the world's biggest lithium producers, according to two sources with direct knowledge of the matter.The deal talks highlight growing interest in the renewable battery ingredient, the price of which is rocketing on hopes of an electric vehicle boom. They are also the latest sign of a Chinese acquisition binge in Latin America that in some cases has been fueled by hunger for the region's raw materials. Click here to read full stories.
Aug 26 - Brazil's Vale expects Samarco to restart mid-2017
Brazilian miner Vale SA expects Samarco, an iron ore joint venture it owns with BHP Billiton, to restart operations in the middle of 2017, a company executive said on Thursday.Samarco's mine has been shut since November when a tailings dam on the site burst, killing 19 people and causing Brazil's worst ever environmental disaster. Click here to read full stories.
Aug 26 - Bolivia says deputy interior minister killed after kidnap by miners
Bolivian Deputy Interior Minister Rodolfo Illanes was beaten to death after he was kidnapped by striking mineworkers on Thursday, the government said, and up to 100 people have been arrested as authorities vowed to punish those responsible."At this present time, all the indications are that our deputy minister Rodolfo Illanes has been brutally and cowardly murdered," Minister of Government Carlos Romero said in broadcast comments. Click here to read full stories.
Aug 26 - Nickel merry-go-round: Indonesia ferronickel replacing Philippine ore
Is nickel's current rally sustainable or is the metal merely having a strong run because market participants are more focused on the environmental crackdown in top ore miner the Philippines, rather than on the surge in Indonesian ferronickel exports?No doubt nickel is one of the strongest commodity performers this year, with benchmark London futures rising 13.3 percent from the end of last year to the close on Wednesday. Click here to read full stories.
Aug 26 - China's Inner Mongolia cuts coal output by 10 pct in Jan-July
Inner Mongolia, a big Chinese coal producing region, has cut coal production by just over 10 percent in the first seven months of the year as part of the regional government's efforts to close 3.3 million tonnes of capacity this year.By the end of August, the region had shut seven coal mines, energy lobbying group the China Petroleum and Chemical Industry Federation reported on its website, citing the head of the region's commission of economy and information technology, Wang Bingjun. No other details on the amount of coal affected were given. Click here to read full stories.
Aug 26 - Kinross suspends operations at Chile mine, lays off 300 workers
Canadian miner Kinross Gold Corp said it has suspended operations at its Maricunga gold mine in Chile, and will lay off 300 employees after a judicial decision upheld a regulator's move to shut down the water system linked to the mine.The environmental authority began a legal process that sought to close Maricunga's water pumping wells in March. Click here to read full stories.
Aug 25 - Mounting losses, delisting drive Chongqing Steel out of steel sector
China's debt-ridden Chongqing Iron and Steel is drawing up radical restructuring plans that will see the firm exit the steel industry and shift its focus to more lucrative sectors like finance, it said on Thursday.In a notice filed to the Shanghai stock exchange, Chongqing Steel blamed the downturn in the economy, severe industrial overcapacity, soaring labour costs and persistently low steel prices for its predicament. Click here to read full stories.
Aug 25 - Think zinc: miners bet big on revival in key base metal market
Resource companies are racing to dig zinc mines, betting that markets for the metal used to rust-proof steel and protect noses from sunburn have finally turned after a decade in the doldrums.A supply glut is evaporating as big zinc mines run dry, commodity analysts say, helping drive up prices by nearly half this year and triggering investments in new and long-dormant projects from Greenland to Africa. Click here to read full stories.
Aug 25 - Nickel merry-go-round: Indonesia ferronickel replacing Philippine ore: Russell
Is nickel's current rally sustainable or is the metal merely having a strong run because market participants are more focused on the environmental crackdown in top ore miner the Philippines, rather than on the surge in Indonesian ferronickel exports?No doubt nickel is one of the strongest commodity performers this year, with benchmark London futures rising 13.3 percent from the end of last year to the close on Wednesday. Click here to read full stories.
Aug 25 - South32 profit plunges amid weak commodity prices
Australia's South32 Ltd, the world's biggest producer of manganese, reported a 76 percent drop in annual underlying profit on Thursday, hit by weak metals prices.Underlying earnings fell to $138 million in the year to June from $575 million a year ago, but beat analysts' expectations of around $75 million for the company's first full year since it was spun out of BHP Billiton. Click here to read full stories.
Aug 25 - Global aluminium production is falling, but for how long? Andy Home
Global aluminium production fell by 1.2 percent to 33.12 million tonnes in the first seven months of this year, according to the International Aluminium Institute (IAI).It doesn't sound like much and in volume terms the decline amounts to just 390,000 tonnes, no more than a drop in the global aluminium ocean. Click here to read full stories.
Aug 25 - Philippines could suspend more mines in environmental crackdown
The Philippines could suspend more mines in a crackdown on environmental abuses that has halted operations of 10 miners, a minister said on Wednesday, dismissing a claim by mineral producers the review was a "demolition campaign" against them."Yes," Environment and Natural Resources Secretary Regina Lopez told Reuters, when asked if there was a risk of more mines being suspended. Click here to read full stories.
Aug 25 - Goldcorp struggles with leak at Mexican mine
Mexican regulators said they are examining whether mining company Goldcorp Inc broke any regulationsin its handling of a long-running leak of contaminated water at Mexico's biggest gold mine.The move follows questions from Reuters about the leak, which until now has not been disclosed to the public. Click here to read full stories.
Aug 25 - Samarco to sound out bondholders for debt plan, sources say
Samarco Mineração SA, the Brazilian iron ore joint venture that halted operations after a dam burst last year, plans to seek bondholder consent to change terms on $2.2 billion of securities or pursue an exchange offer, two people with knowledge of the situation said on Wednesday. Samarco is looking for a so-called solicitation agent to help contact and sound out bondholders on potential alternatives, one person with knowledge of the situation said. The people said the agent may be New York-based consultancy firm DF King & Co Inc. Click here to read full stories.
Aug 25 - Aluminium giant Rusal expects tough second half of year
Russian aluminium giant Rusal on Thursday reported a nearly 40-percent drop in second-quarter core earnings due to weak aluminium prices, slightly better than analysts feared, and warned the second half of the year would remain tough.The company said it was focused on cutting debt to help weather tough markets and would continue to step up sales of value-added products, which it said made up nearly half its sales in the first half of 2016. Click here to read full stories.
Aug 25 - Poland seeks investigation into KGMH's Quadra FNX purchase
Poland's Internal Security Agency (ABW) has asked prosecutors to investigate copper miner KGHM over the purchase of a Canadian firm with metal deposits in Chile, the secret services minister said on Wednesday.Minister Mariusz Kaminski said people who managed state-run KGHM from December 2010 until March 2012 may have inflicted a large loss upon the company, a crime punishable in Poland by up to 10 years in prison. Click here to read full stories.
Aug 25 - China's most polluted province lags behind on plan to cut steel capacity
China's northern Hebei, which accounts for a quarter of China's steel output, is lagging far behind in its plan to reduce steel and iron producing capacity, data released by the provincial state planner showed on Wednesday.Seven major iron and steel producers have cut their capacity by 3.18 million tonnes in the first seven months of the year by turning off six plants, but this accounts for only 10 percent of the target for capacity cuts set by the government. Click here to read full stories.
Aug 24 - Tin stocks hit 7-year low on shipments slide, mining uncertainty
Falling shipments from top tin exporter Indonesia and predictions a surge in mining in Myanmar is tapering off has led to a scramble for the metal, sending inventories to the lowest level in over 7-1/2 years.This gives potential for further price gains for the metal mainly used to make solder for the electronics industry, already the second-best performer among industrial metals this year. Click here to read full stories.
Aug 24 - Glencore speeds up debt reduction with Australian copper mine deal
Glencore Plc has agreed to sell all the gold and a 30 percent stake in its Ernest Henry copper mine in Australia to Evolution Mining for A$880 million ($670 million), advancing the Swiss giant's effort to pay down debt.The deal will take Glencore nearer to its target of cutting debt to between $17 billion and $18 billion by the end of this year, while Evolution, Australia's second-largest gold miner, said the stake would boost its gold output and cut its costs. Click here to read full stories.
Aug 24 - Make or break: Philippine lawmaker says ban ore exports or shut shop
A Philippine lawmaker has revived a proposal to ban exports of unprocessed minerals to spur domestic processing, in a move that may tighten global nickel supply and make it an even tougher business environment for miners in the world's top producer.The Philippines has vast but largely untapped mineral resources, limiting the contribution of mining to its economy to less than 1 percent. The sector is now facing a tough regime under the government of firebrand President Rodrigo Duterte who has suspended some miners causing environmental destruction. Click here to read full stories.
Aug 24 - Rio Tinto's ERA builds cash for Ranger mine clean-up
Energy Resources of Australia, controlled by Rio Tinto, said on Wednesday it ended the first half of 2016 with A$453 million ($345 million) in cash, crucial for the clean-up of its Ranger uranium mine, likely to close by 2021.ERA is producing uranium only from stockpiled ore at the mine, raising cash to fund its closure as Aboriginal land owners have refused to back a renewal of its mining authority beyond 2021 and Rio Tinto declined to invest in studies to dig an underground mine due to tough conditions in the uranium market. Click here to read full stories.
Aug 24 - Philippine miners slam 'demolition campaign', seek meeting with Duterte
Philippine miners claim the government's environmental crackdown is a "demolition campaign" against mineral producers and are seeking to meet with President Rodrigo Duterte amid a spate of shutdowns stemming from the probe, an industry official said.Duterte's seven-week old government has so far suspended 10 mines, eight of them nickel, for environmental infractions, sowing fear among large-scale miners in the world's top nickel producer that more shutdowns may follow. Click here to read full stories.
Aug 24 - Jiangxi Copper targets investors with $300 mln global mining fund
Jiangxi Copper Co Ltd said on Wednesday it has set up a Cayman Islands-based fund that will buy mining projects as the Chinese state-owned copper producer sets its eyes on potential bargains as the commodities cycle bottoms.As China's largest copper producer reported a 37.9 percent drop in profits due to weak metals prices, it said it had allocated $100 million through its subsidiaries to establish Valuestone Global Resources Fund I in the Cayman Islands with CCB International Asset Management Ltd, part of China Construction Bank Corp. Click here to read full stories.
Aug 24 - Polish miner JSW may need at least $131 mln of new capital-deputy minister
Loss-making Polish miner JSW, the European Union's biggest coking coal producer, may need to raise more than 500 million zlotys ($131 million) in new capital through a share issue or other means, a government official said.State-run JSW debuted on the Warsaw bourse in 2011 when the treasury ministry sold 39.5 million shares or 33 percent of the company for 136 zlotys per share. Click here to read full stories.
Aug 24 - Rusoro says awarded $1.2 bln over Venezuelan seizure of gold assets
Canada's Rusoro Mining Ltd said on Tuesday it has been awarded more than $1.2 billion by a World Bank tribunal that ruled Venezuela had unlawfully seized the company's gold assets four years ago.Shares in the Vancouver-based mining firm, which is backed by Russia's Agapov family, more than doubled on Tuesday, trading for as much as 32 cents - their highest level since Venezuela's asset seizure. Click here to read full stories.
Aug 24 - South Africa and ArcelorMittal forge steel pricing agreement
ArcelorMittal's South African business and the country's government have agreed a new pricing model aimed at bolstering the domestic steel sector and reviving the economy.The company was fined a record 1.5 billion rand ($111 million) on Monday for setting prices at the level consumers would have to pay for imported steel, but Trade and Industry Minister Rob Davies told parliament on Tuesday that it had agreed on a mechanism that would provide transparent pricing based on domestic prices in a number of other countries. Click here to read full stories.
Aug 23 - LME cuts ring dealing fees in half for August
The London Metal Exchange (LME) has cut fees in half for open outcry trades during August as a goodwill gesture after it had to vacate its premises because of structural problems, it said on Monday.Ring trading moved to its disaster recovery site in Chelmsford, east of London, in July after a potential safety issue was discovered in the building that houses its offices in London's financial district. Click here to read full stories.
Aug 23 - Tin mining - Cornish dreams and Myanmar reality: Andy Home
Hope springs eternal in Cornwall when it comes to reviving tin mining in this southwestern corner of the United Kingdom.Canada's Strongbow Exploration is the latest to try to rekindle the dying embers of what once was one of the world's largest tin-mining hubs. Click here to read full stories.
Aug 23 - CME Group urgently suspends trader for spoofing
CME Group Inc urgently suspended a futures trader from its markets for spoofing on Monday, the exchange operator said, the latest regulatory action over the manipulative trading practice.The company, which owns Comex, the Chicago Mercantile Exchange and other markets, barred Andrey Sakharov from trading for 60 days and could extend his ban, according to a disciplinary notice. Click here to read full stories.
Aug 23 - ArcelorMittal South Africa to pay record $110 mln to settle anti-trust charges
ArcelorMittal's South African unit has agreed to pay a record 1.5 billion rand ($110 million) fine for colluding to fix steel prices, the competition watchdog said on Monday.The Competition Commission launched an investigation in 2008 after concerns were raised that steel mills had been charging import parity prices, or prices that consumers would pay if they imported the commodity, since 2002. Click here to read full stories.
Aug 23 - Report urges govt inquiry into Glencore Australia zinc mine clean-up
Plans to expand Glencore Plc's McArthur River zinc mine in Australia should be put on hold, subject to a government inquiry to ensure it can be run soundly and its waste rock stored safely, a report released on Monday said.The call comes following problems at the mine over the past few years, including smoke rising from the waste rock dumps, an acid leak from the tailings storage facility, and lead found in small fish in the McArthur River. Click here to read full stories.
Aug 23 - Global zinc market deficit narrows in June - ILZSG
The global zinc market deficit narrowed to 18,000 tonnes in June from an upwardly revised 105,000 tonnes in May, data from the International Lead and Zinc Study Group (ILZSG) showed on Monday.The market saw a deficit of 138,000 tonnes in the first half of 2016 versus a 194,000 tonne surplus in the first half of 2015. Click here to read full stories.
Aug 23 - Japan crude steel output rises for 4th month on firmer exports
Japan's crude steel output in July rose for a fourth month in a row as steelmakers increased production to meet export demand, gaining again over a period last year when high inventories and slow domestic demand had forced Japanese mills to trim output.July crude steel output climbed 0.5 percent from a year ago to 8.89 million tonnes, the Japan Iron and Steel Federation said on Tuesday. Output, which is not seasonally-adjusted, increased 1.3 percent from June. Click here to read full stories.
Aug 22 - Fortescue, Bluescope success shows why iron, steel prices will stay low: Russell
A year ago it's likely you would have got better odds that Fortescue Metals Group and Bluescope Steel would go under rather than double profits, given the dire outlook for both iron ore and steel products at that time.But both Fortescue and Bluescope reported earnings on Monday that would have seemed fanciful 12 months ago, underscoring that companies can adapt to survive extended periods of low prices for the commodities they produce. Click here to read full stories.
Aug 22 - China's Bohai Steel $28.9 billion debt plan to get local support - Caixin
Bohai Steel Group, the indebted state-owned conglomerate, may receive help from a local government bailout fund to restructure its debts, the online financial magazine Caixin said at the weekend.Bohai Steel, which was created in 2010 through the combination of four manufacturers, holds liabilities of 192 billion yuan ($28.9 billion) from 105 creditors, alongside assets of nearly 290 billion yuan, Caixin reported. Click here to read full stories.
Aug 22 - Chile's copper mining, salmon regions in recession, data shows
Chile's copper mining and salmon regions are technically in recession after their economies shrank for two successive quarters, statistics published by the government showed Friday.This week, the central bank said Chile's overall economy grew 1.5 percent in the April to June quarter compared to a year ago, and it is expected to register a similar level of growth for the year. Click here to read full stories.
Aug 22 - Tokyo Steel keeps prices unchanged for third month
Tokyo Steel Manufacturing, Japan's top electric arc furnace steelmaker, said on Monday it would keep product prices unchanged for the third month in September, reflecting a slow recovery in its local market.Tokyo Steel's pricing strategy is closely watched by Asian rivals such as Posco, Hyundai Steel Co and Baosteel, which all export to Japan. Click here to read full stories.
Aug 22 - Speculators reduce bullish COMEX gold and silver stances
Hedge funds and money managers again decreasedtheir bullish positions in COMEX gold and silver contracts in the week to Aug. 16, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday.The speculators switched back to a net long position in copper futures and options, after shifting to a small net short position one week prior, the data showed. Click here to read full stories.
Aug 22 - Vedanta CEO says response from Cairn India shareholders to sweetened bid positive
Vedanta Ltd's chief executive said the diversified Indian miner received "constructive feedback" from minority shareholders in Cairn India Ltd to a sweetened buyout offer, and was hopeful it can clinch the long-delayed deal."We have reached out to all shareholders and we have held constructive discussions across the board ... We look forward to the vote in the coming weeks," said Vedanta Chief Executive Tom Albanese, speaking in an interview with Reuters on Friday. Click here to read full stories.
Aug 22 - Russian steel pipe maker TMK considers asset, share sale to cut debt
TMK, Russia's largest maker of steel pipes for the oil and gas industry, is considering a secondary share issue and asset sale to cut debt, it said on Friday.TMK, hit by weak pipe sales in the United States, borrowed heavily to expand abroad about eight years ago and now has assets in Russia, U.S., Canada, Romania, Oman and Kazakhstan. Click here to read full stories.
Aug 19 - Kinross to retreat from Chile, puts unit on the block - sources
Canada's Kinross Gold Corp is looking to retreat from Chile and has put its main assets in that country up for sale, according to people familiar with the process.The move comes at a time Toronto-based Kinross has suspended operations at Maricunga, its major mine in Chile, because of environmental concerns raised by the Chilean regulator. Click here to read full stories.
Aug 19 - China smelters face lowest fees in 4 yrs as zinc market tightens
China's huge zinc smelting industry has slashed its fees for turning ore concentrates into refined metal by 20 percent as competition for dwindling global mine output heats up, industry sources said this week.The move could signal an impending squeeze in refined zinc supplies and a further run-up in prices that have already gained 40 percent this year, because smelters typically lower their treatment charges (TCs) to attract raw material when ore supplies decline. Click here to read full stories.
Aug 19 - Copper - a tale of two South American producers: Andy Home
Copper is underperforming every other major base metal so far this year.
The London Metal Exchange (LME) three-month price is this morning trading around $4,840 per tonne, translating to a year-to-date gain of just under five percent.And there are plenty of analysts expecting even lower copper prices over the coming months. Click here to read full stories.
Aug 19 - Salzgitter denies reported merger talks with Thyssenkrupp
Germany's Salzgitter denied a report on Thursday that it was in government-led talks to merge with industrial group Thyssenkrupp's steel business."That is entirely without basis," a spokesman for Salzgitter said, adding that nothing had changed since Chief Executive Joerg Fuhrmann said in June that he did not see a benefit in any possible merger with a peer. Click here to read full stories.
Aug 19 - Indonesia's Medco to invest $500 mln to build copper smelter after Newmont deal
Indonesian oil and gas producer PT Medco Energi Internasional Tbk plans to invest $500 million to build a copper smelter following its deal to buy control of Newmont Nusa Tenggara (NNT), its president commissioner told Reuters.The smelter, which will have an annual capacity of 500,000 tonnes, is expected to start operations in 2021, Muhammad Lutfi said in an interview. Part of the funds to build the smelter will come from bank loans, Lutfi said. Click here to read full stories.
Aug 19 - Russia could announce auction for Sukhoi Log deposit in early Sept - TASS
Russia could announce an auction for the Sukhoi Log gold deposit at the beginning of September, TASS news agency quoted Natural Resources Minister Sergei Donskoi as saying on Thursday.Sukhoi Log, one of the world's largest untapped gold deposits, has remained untapped for half a century and Russia has been considering selling rights to the deposit for almost 20 years. Click here to read full stories.
Aug 19 - Mali state mining revenues fell 11 pct last year
Mali collected 245 billion CFA francs ($422 million) in state revenues from mining companies last year, a near 11 percent fall on the previous year, owing to stagnant production and lower gold prices, the statistics office said on Thursday.The figure came in lower than the 275 billion CFA francs in 2014, despite Mali exporting a record 70.2 tonnes of gold last year. Click here to read full stories.
Aug 18 - Top steel firms' debt level totals record $150 billion - EY
Debt in the world's top 30 steel companies totals a record $150 billion, international accountancy firm EY said on Thursday, adding governments' action to support the sector would work only if matched with more radical industry restructuring.Overcapacity and weak steel prices have piled pressure on firms such as Tata Steel, which is in merger talks with German conglomerate Thyssenkrupp. Click here to read full stories.
Aug 18 - China's top nickel smelter says supply shortage to last, worth long bet
China's nickel prices rally has just started and has a long-term investment value thanks to the sustainable shortage of supply over next few years and booming demand from new areas, the country's top nickel smelter said."Nickel prices are still at historical lows, therefore there is big investment potential," said Yang Zhiqiang, chairman of Jinchuan Group, on Wednesday on the company's website. Click here to read full stories.
Aug 18 - Premium of zinc over lead retreats after hitting 9-year peak
The premium of the zinc price over sister metal lead is due to extend its decline in coming weeks after touching a high of close to $500 last week, the strongest since 2007.Zinc is expected to struggle to hit fresh peaks as investors worry about possible restarts of closed mines at the same time lead moves into its strongest seasonal period for demand. Click here to read full stories.
Aug 18 - Rio prosecutors investigate tax breaks for ThyssenKrupp plant
Rio de Janeiro prosecutors opened a criminal investigation to evaluate the legality of tax breaks given to German steel group ThyssenKrupp AG by Rio's city and state governments, the prosecutor's office said on Wednesday.The investigation aims to find out whether or not Rio authorities broke laws regarding the concession of fiscal incentives to ThyssenKrupp large steel slab plant built in Rio, the Companhia Siderurgica do Atlantico (CSA). Click here to read full stories.
Aug 18 - Australia's Whitehaven beats profit forecast amid coal resurgence
Australia's Whitehaven Coal Ltd on Thursday reported a bigger-than-expected annual profit on the back of higher coal sales in Asia.Net profit by the producer of coal used in power generation and to make steel, whose customers are predominantly in Japan and India, reached A$20.5 million ($15.7 million) in fiscal 2016 against forecasts by analysts of around A$14.6 million, according to Thomson Reuters data. The company recorded a A$10.7 million loss in fiscal 2015. Click here to read full stories.
Aug 18 - Poland's KGHM H1 net below forecasts on foreign asset losses
Poland's KGHM on Wednesday reported a bigger than expected fall in net profit in the first half of 2016 on the back of losses on its foreign assets driven by rising costs and falling copper prices.The state-run miner, which is Europe's No.2 copper producer, reported a 75 percent fall in its consolidated net profit to 296 million zlotys ($77.57 million), while analysts had expected the result to come in at 406 million zlotys. Click here to read full stories.
Aug 17 - Zinc deficit looms, prices up, but output restarts unlikely
Zinc's sharp rally and looming market deficit has fed speculation that major producers such as Glencore may reverse output cuts, but analysts caution that is unlikely to happen soon. Only when stocks of concentrate and metal sink to levels where higher prices can be sustained will large producers look at restarting capacity, they say. Click here to read full stories.
Aug 17 - China is highly concerned with increasing steel trade protectionism from Europe
China is highly concerned with increasing steel trade protectionism from Europe and will seek to protect the rights of Chinese steel export companies using legal measures, commerce ministry spokesman Shen Danyang said on Wednesday. Click here to read full stories.
Aug 17 - Congo copper output falls 14 pct in H1 on lower prices
Copper output in Democratic Republic of Congo, Africa's top producer, fell 14 percent in the first half of 2016 to 466,250 tonnes as a global price slump led some mines to suspend production, the central bank said on Tuesday. The decline is hammering the economy of the country, which derives about 95 percent of its export earnings from extractive industries. Click here to read full stories.
Aug 17 - BHP falling back in love with spurned nickel business
Too costly to shut down and too inefficient to include in last year's spin off of unwanted assets, BHP Billiton's much-maligned Nickel West division is making a comeback. "In many ways, this is the business that has led the charge on making things more efficient, despite a very difficult market," BHP Chief Executive Andrew Mackenzie said after the world's biggest diversified miner reported a record $6.4 billion loss. Click here to read full stories.
Aug 17 - Maduro says Venezuela signs $4.5 bln in deals that include Canadian and U.S. miners
President Nicolas Maduro said on Tuesday that Venezuela had struck $4.5 billion in mining deals with foreign and domestic companies, part of plan to lift the OPEC nation's economy out of a deep recession causing food shortages and social unrest. Maduro said the deals were with Canadian, South African, U.S. and Venezuelan companies, but did not specify whether contracts had been signed or just initial agreements. Click here to read full stories.
Aug 17 - Indonesia seeking "way out" of 2017 mining export rule
Indonesia's chief economic minister said on Tuesday his team would seek a way out of mining rules that threaten to prevent some firms from exporting semi-processed minerals from January. Under a rule introduced in 2014, miners of metals including copper are only allowed to ship partially processed minerals until January 2017, when exports of only refined metals will be allowed. Click here to read full stories.
Aug 17 - Brazil's CSN nears sale of can maker to Polish firm, source says
Cia Siderúrgica Nacional SA will announce the sale of a tinplate can producing unit, a person briefed on the situation said on Tuesday, as part of a broader effort to build up funds and cut debt at Brazil's No. 2 listed flat steelmaker. According to the person, who requested anonymity to discuss the transaction, the sale of Fortaleza, Brazil-based Metalic Nordeste SA is expected to fetch around 100 million reais ($32 million) for the steelmaker known as CSN. The buyer is a Poland-based can producer, the person added, declining to unveil the name of the company. Click here to read full stories.
Aug 17 - U.S. charges Gabonese man for bribe scheme involving hedge fund
A Gabonese man who consulted for a joint venture involving a U.S. hedge fund was arrested on Tuesday on charges that he participated in a scheme to bribe officials in Africa to obtain mining rights. Samuel Mebiame, who authorities say worked as a "fixer" for the joint venture and one of its mining companies, was charged in a criminal complaint filed in federal court in Brooklyn for conspiring to violate the U.S. Foreign Corrupt Practices Act. Click here to read full stories.
Aug 16 - Australia's Fortescue mines data for exploration permit advantage
There's a reason Fortescue Metals Group has beaten rivals on at least 30 occasions in the last year in securing valuable mining exploration rights in Australia’s iron ore-rich Pilbara region. It's because the company is able to snap up newly available leases before information on them is released to the public, a Reuters examination of state mining department data has found. Click here to read full stories.
Aug 16 - Global miner BHP Billiton books record loss, sees good growth in 2017
BHP Billiton reported a record $6.4 billion annual loss on Tuesday, hammered by a bad bet on shale, a dam disaster in Brazil and a commodities slump, but said it expects its cash flow to more than double this year. The world's biggest mining company said with cost cuts and a reduction in net debt it expects to generate more than $7 billion in free cash flow in the year to June 2017, at current prices for iron ore, copper, coal, oil and gas. Click here to read full stories.
Aug 16 - Antofagasta flags lower spending, reports rise in H1 profit
Chilean copper miner Antofagasta lowered its full-year spending budget while reporting a 2.3 percent rise in first-half core profit helped by cost cuts on Tuesday. The miner said earnings before interest, tax, depreciation and amortisation (EBITDA) rose to $571.6 million. Click here to read full stories.
Aug 16 - China vows to quicken capacity cuts to overcome local resistance
China should quicken capacity cuts in its bloated steel and coal sectors, the country's top economic planning agency said on Tuesday, putting pressure on local officials to meet annual targets despite some worries the steps could hurt economic growth. China has promised to slash steel capacity by 45 million tonnes and coal capacity by 250 million tonnes this year, as it tries to rejuvenate two industries suffering from slowing demand and a massive supply glut. Click here to read full stories.
Aug 16 - EU to boost steel trade defences as imports surge
The European Commission is expected to further strengthen its steel trade defences, possibly as early as October, industry leaders say, as a global trade war in the alloy intensifies and imports keep flooding into the bloc. The Commision has ramped up trade defences over the past year, slapping anti-dumping duties on products like reinforced bar, cold-rolled carbon steel and cold-rolled stainless steel, ranging between 18.4 and 25.3 percent for imports from China. Click here to read full stories.
Aug 16 - Jana exits gold in second quarter as price rises to 2-year high
Jana Partners dissolved its share stake in the world's biggest gold exchange-traded fund (ETF) in the second quarter of 2016 as bullion prices rose to two-year highs, U.S. Securities and Exchange Commission filings showed on Monday. The move came after Jana Partners, led by activist investor Barry Rosenstein, returned to gold in the first quarter along with other investors as spot gold prices saw their best quarterly performance in nearly three decades. Click here to read full stories.
Aug 16 - Philippines' Global Ferronickel may resume China high-grade ore shipments
Global Ferronickel Holdings Inc, the Philippines' second-largest nickel producer, said on Monday it may resume shipments of higher grade ores to China in the second half of 2016 when prices are anticipated to improve further. The company expects a "better performance" in the second half, after booking losses in the first half on lower volumes and prices, and pass an audit by the government, which has launched a crackdown on miners violating environmental rules. Click here to read full stories.
Aug 15 - Mining stocks rally postpones industry revamp
Investors in mining stocks could face years of weak returns as a rally in share and industrial metals prices eases pressure on companies to restructure and curb oversupply. The mining sector is known for over-investment in boom times and crashes when demand weakens as economies slow, but many companies say they have learnt lessons and are making efforts to reduce debt and control spending. Click here to read full stories.
Aug 15 - China to use tougher environmental standards to tackle capacity glut
China will use the stricter enforcement of environmental, safety and energy efficiency standards as well as tougher credit controls to help fight against overcapacity in key industrial sectors, the government said. The world's second-largest economy has identified overcapacity as one of its key challenges and it has already pledged mass closures in the steel and coal sectors, but it has so far fallen behind on its targets. Click here to read full stories.
Aug 15 - Thyssenkrupp eyes steel plant closures, says labour official
German conglomerate Thyssenkrupp wants to come up with a new, aggressive cost-cutting plan for its steelmaking division by May, probably including the closure of some plants that would violate a labour agreement, a senior labour official said. Thyssenkrupp Steel Europe's Chief Executive Andreas Goss informed about 250 steel labour representatives of the plan at a conference on Friday, Steel Europe works council chief Guenter Back told journalists. Click here to read full stories.
Aug 15 - Philippines' DMCI nickel mines lay off workers, put expansion on hold
The Philippines' DMCI Holdings Inc said on Monday its nickel mining units are laying off hundreds of workers and putting plans to ramp up production on hold, as a government crackdown has begun to take its toll on the beleaguered sector. DMCI's Berong Nickel Corp will lay off over 300 seasonal workers in the coming weeks while its Zambales Diversified Metals Corp has already let go of more than 100 personnel, the conglomerate told the Philippine Stock Exchange. Click here to read full stories.
Aug 15 - Speculators switch to net short position in COMEX copper
Hedge funds and money managers switched to a small net short position in copper contracts in the week to Aug. 9, U.S. government data showed on Friday, as prices fell to four-week lows amid weak demand in top metals consumer China. The speculators cut their net long positions in COMEX gold and silver futures and options, the Commodity Futures Trading Commission (CFTC) data showed. Click here to read full stories.
Aug 15 - Glencore begins arbitration against Bolivia over mine nationalization
Swiss-based mining and trading firm Glencore said it would begin arbitration proceedings against Bolivia over the nationalization of some of its assets by the Evo Morales government. "Glencore's objective has always been to settle the dispute with the government of Bolivia amicably," the company said in an emailed statement on Friday. Click here to read full stories.
Aug 15 - Mali lowers gold forecast on continued mine closure
Mali expects to produce 47.37 tonnes of gold this year, lower than an earlier forecast of 52.85 tonnes, owing to a failure to restart its Kodieran mine, the Mines Ministry said on Saturday. Output was slightly up on last year's production of 46.5 tonnes, however, said Karim Berthe, head of the mines division. President Ibrahim Boubacar Keita put last year's figure at around 50 tonnes in his New Year's speech. Click here to read full stories.
Aug 12 - China daily steel output drops, offers some respite to glut woes
China's average daily crude steel output fell in July from a record, government data showed on Friday, providing some respite to overseas rivals angered by a torrent of cheap steel from Chinese mills in the past year. The output decline reflected China's efforts to address a chronic glut, and analysts predict production may shrink further in the months ahead as more mills shutter. Click here to read full stories.
Aug 12 - Glencore shelves plan to sell Chilean copper mine - sources
Glencore has shelved plans to sell a copper mine in Chile that was expected to fetch about $500 million, after failing to achieve a high enough price, according to people familiar with the situation. Along with other big mining companies, Glencore has been seeking to offload a range of assets to reduce debt following a commodities price crash, but a rally on raw materials markets and in the value of share prices of mining companies this year has taken away the need for urgent sales at any price. Click here to read full stories.
Aug 12 - Nippon Steel says stronger yen could hit Japan steel demand recovery
A soaring yen in the wake of Britain's decision to leave the European Union may stymie a possible recovery in Japanese demand for steel, said an official at the country's top maker of the material. Nippon Steel & Sumitomo Metal Corp Executive Vice President Toshiharu Sakae said that a higher yen could force Japanese manufacturers that use steel, such as automakers, to cut local output. Click here to read full stories.
Aug 12 - Glencore raises 2016 copper output guidance, lowers it on coal, oil
Glencore on Thursday raised its full-year production guidance for copper and lowered it for coal and oil, while confirming first-half output cuts that have helped tighten an oversupplied market. In a production report, Glencore said it was delivering on "proactive supply reductions" in copper, zinc, lead, coal and oil. Click here to read full stories.
Aug 12 - Philippines suspends two more mines in environmental clampdown
The Philippine government has suspended operations at two more mines due to environmental violations in an ongoing audit of the country's mining sector, officials said on Thursday. The move raises the number of suspended mines to 10 - eight of them nickel ore producers - since the Southeast Asian nation launched a review of all mines on July 8. Click here to read full stories.
Aug 11 - Gold investment hits record first-half levels in 2016 - WGC
Investment demand for gold reached record first-half levels this year, a World Gold Council report showed on Thursday, with a surge in interest in exchange-traded funds in the second quarter helping lift total gold demand by 15 percent. Strength in investment offset a drop in jewellery purchases, especially among leading consumers China and India, to take overall first-half gold demand to the second highest on record, at 2,335 tonnes. Click here to read full stories.
Aug 11 - New iron ore tax on Rio, BHP unlikely, but issue is back: Russell
Here we go again! Another political attempt rooted more in populism than economics to grab more tax revenue from Australia's top iron ore miners, Rio Tinto and BHP Billiton. There are two likely outcomes from the moves by a minor, but potentially king-making, party in Western Australia state to about double the amount the world's second- and third-ranked iron ore miners pay in royalties. The first is that the tax hike is extremely unlikely to succeed in the form proposed by Brendon Grylls, the newly-installed leader of the National Party in Western Australia (WA). The second is that raising taxes on Rio and BHP is now firmly back on the agenda, and this boosts the likelihood that some form of tax increase will be legislated. Click here to read full stories.
Aug 11 - Copper outlook dims as 'wall of supply' hits slowing demand
Recent confidence in copper's outlook is fading fast as the impact of Chinese monetary stimulus wanes and markets focus once more on oversupply, potentially putting prices on track for multi-year lows. Benchmark copper on the London Metal Exchange has risen from a six-and-a-half year low of $4,318 a tonne in January to between $4,500 and $5,000, mostly due to robust consumption in China in the first half of the year that was fuelled by monetary easing. Click here to read full stories.
Aug 11 - Indian gold demand to revive in H2 on surplus monsoon rains - WGC
India's gold demand may rise in the second half of 2016 after falling to the lowest in seven years in the first half as beneficial monsoon rains will spur rural demand during the peak festive season, the World Gold Council said. Two-thirds of demand in India, the world's second-biggest gold consumer, comes from villages, where jewellery is a traditional investment. Consumption of the yellow metal should rise as farmers reap the benefit of this year's monsoon and that should further support the global bullion price that is trading near the highest since March 2014. Click here to read full stories.
Aug 11 - Will LME consolidate or fragment London's bullion market? Andy Home
The London Metal Exchange (LME) has announced the launch next year of a suite of precious metals contracts, starting with gold and silver and eventually encompassing platinum and palladium. It's not the first time the LME has ventured into the opaque world of London's bullion trade. Click here to read full stories.
Aug 11 - Philippines suspends two more mines in environmental crackdown
The Philippine government has suspended the operations of two more mines, one of them producing nickel, due to environmental violations, amid an ongoing audit of mining businesses across the Southeast Asian country, officials said on Thursday. The latest action raises the number of suspended mines to 10, eight of them nickel ore producers, since the state launched a review of all mines on July 8. Click here to read full stories.
Aug 11 - Philippines' $5.9-bln copper-gold mine project hits further snag
Philippines Environment and Natural Resources Secretary Regina Lopez on Thursday said the $5.9 billion Tampakan gold-copper project in the country's south should not have been given an environmental clearance that would allow it to proceed. "From my point of view that project should never have been given an ECC (environmental compliance certificate)," Lopez told reporters. Click here to read full stories.
Aug 11 - Sharp drop in oil sector demand hits Thyssenkrupp sales
German industrial group Thyssenkrupp reported an unexpectedly sharp drop in demand from customers hit by weak oil and raw-materials prices, sending its revenues down 12 percent in the quarter to end-June. The steel-to-elevators group pulled forward cost savings to bolster earnings but was unable to compensate for a 22 percent fall in sales and a decline of three-fifths in orders at its plant-engineering division, Industrial Solutions. Click here to read full stories.
Aug 11 - U.S. Steel Canada rejects offer from Essar consortium
U.S. Steel Canada on Wednesday rejected a buyout offer from Ontario Steel Investments, a group that includes shareholders of Essar Global, saying it was not considering further proposals by Essar, which had been eliminated from the sale process. The offer, made on Tuesday, includes the assumption of C$954 million ($734 million) in liabilities under U.S. Steel Canada's pension plan and a commitment to provide C$25 million toward post-employment benefits for U.S. Steel Canada's staff. Click here to read full stories.
Aug 10 - HKEX core earnings from commodities down on lower trade, higher costs
Core first-half earnings of the Hong Kong bourse's commodity division slumped by 19 percent as trade in metals declined while hiring linked to a new spot commodities trading platform in China drove up costs, the exchange said on Wednesday. Hong Kong Exchanges & Clearing Ltd's (HKEX) second-quarter net profit slumped 38 percent as falling trading volumes pushed down fees for buying and selling shares and commodities contracts.Click here to read full stories.
Aug 10 - Rio, BHP attack Australian iron ore levy plan as damaging, unfair
Mining giants Rio Tinto and BHP Billiton on Tuesday issued statements attacking proposals for a new Australian mining tax as damaging and unfair. Brendon Grylls, leader of the National Party in Western Australia, has proposed an iron ore levy of A$5 a tonne that would specifically target BHP and Rio.Click here to read full stories.
Aug 10 - Aluminum price-fixing claims rejected by U.S. appeals court
A U.S. appeals court on Tuesday upheld the dismissal of nationwide antitrust litigation accusing banks and commodity companies of conspiring to drive up aluminum prices by reducing supply, forcing them to overpay. By a 3-0 vote, the 2nd U.S. Circuit Court of Appeals in Manhattan said so-called commercial end users and consumer end users lacked standing to sue because their alleged antitrust injuries were too far removed from the alleged misconduct.Click here to read full stories.
Aug 10 - Aurubis Q3 earnings fall on smelter repairs; co still optimistic
Aurubis AG, Europe's biggest copper smelter, said on Wednesday quarterly earnings fell around 57 percent from a year earlier because of a scheduled maintenance shutdown of a smelter but reiterated its positive earnings outlook for the full financial year. Operating pretax profit (EBT) fell to 35 million euros ($39 million) in the third quarter of its 2015/16 financial year from 81 million euros in the same quarter a year earlier.Click here to read full stories.
Aug 10 - Salzgitter posts 80 pct drop in H1 pretax profit
German steelmaker Salzgitter said its first-half pretax profit dropped 80 percent to 16.1 million euros ($18 million) as low steel prices weighed on its earnings. Sales to external customers declined 12 percent to 3.97 billion euros, it said in a statement on Wednesday.Click here to read full stories.
Aug 10 - Ontario Steel in bid for US Steel Canada, including C$1 bln liabilities
Ontario Steel Investment Ltd, a group that includes shareholders of Essar Global, said on Tuesday it has submitted an offer to purchase U.S. Steel Canada, which has been in creditor protection since 2014. The offer includes the assumption of C$954 million ($725 million) in liabilities under U.S. Steel Canada's pension plan and a commitment to provide C$25 million toward post-employment benefits for U.S. Steel Canada's past and present staff.Click here to read full stories.
Aug 10 - Philippines' Nickel Asia profit plunges, sees H2 rebound
Nickel Asia Corp, the Philippines' top nickel ore producer, said on Wednesday it expects earnings to improve in the second half as prices of the metal have rebounded from 13-year lows, after it posted a sharp drop in first-half profit. Net income in the six months to June plummeted to 24.4 million pesos ($522,428) from 1.49 billion pesos a year earlier, due to depressed nickel prices early this year and lower sales volume.Click here to read full stories.
Aug 10 - Indonesian ministry recommends renewing Freeport export permit
Indonesia's mining ministry recommended on Tuesday that Freeport-McMoran Inc's Indonesian unit be granted a new permit to export copper concentrates until Jan. 11, 2017, an official said. The recommended extension was slightly shorter than the six months the U.S. mining giant had requested.Click here to read full stories.
Aug 10 - Hindustan Zinc to double silver output to catch solar wave
Hindustan Zinc Ltd, a subsidiary of billionaire Anil Agarwal's mining conglomerate Vedanta Ltd, aims to double silver output in five years due to rising prices and increased demand from solar panel makers. The group plans to produce 500 tonnes of silver this fiscal year and double that to 1,000 tonnes by fiscal 2022, Chief Executive Sunil Duggal told Reuters on Tuesday.Click here to read full stories.
Aug 10 - Voestalpine sees no negative impact from Brexit so far -CEO
Austria's Voestalpine has not seen any major negative impact from Brexit on its business so far and does not expect any long-term negative effects as the company was prepared to transfer some of its business from Britain to other European markets, the group's chief executive said. Wolfgang Eder, who is also chairman of the World Steel Association, said he does not expect the British decision to leave the European Union to broadly affect the European steel industry in the longer term, either.Click here to read full stories.
Aug 09 - London Metal Exchange to launch gold spot, futures contracts
The London Metal Exchange (LME) said on Tuesday it is planning to launch spot and futures contracts for gold and silver in the first half of 2017, adding to its list of products which includes copper and aluminium. The 139-year old exchange is working in collaboration with the World Gold Council, an industry body backed by gold mining companies such as Barrick Gold and Goldcorp, and is supported by five banks and proprietary trader OSTC, which have committed to provide liquidity. Click here to read full stories.
Aug 09 - Pollution crackdown on China tin producers could spur imports, lift prices
China could ramp up imports of refined tin as a string of environmental inspections at smelters in the world's top producer of the metal curbs local output. Officials in eight provinces last month began inspecting metals producers including tin smelters, forcing some to shutter production while they look to comply with environmental standards, according to industry officials and analysts. Click here to read full stories.
Aug 09 - Iron ore's rally is starting to look overcooked: Russell
At what point is the 43 percent rally in iron ore prices this year overcooked, given it remains a well-supplied market facing mounting economic uncertainty across the globe. The answer lies clearly in the volume of Chinese imports of the steel-making ingredient, which have been robust so far this year and defied expectations that growth would be moderate at best. Click here to read full stories.
Aug 09 - Freeport hopes will soon get Indonesia copper export extension
Freeport-McMoRan Inc has not yet received an extension to its Indonesian copper export permit, which expired on Monday, but hopes the government will issue one soon, a company spokesman said on Tuesday. Freeport, which usually produces about 220,000 tonnes of copper ore a day, could face a halt in shipments from its giant Grasberg copper mine if the government does not quickly approve an extension. Click here to read full stories.
Aug 09 - China drafts new rules to curb mining pollution
China plans to raise environmental standards in its highly-polluting mining sector, according to a policy draft circulated by the Ministry of Environmental Protection. Amid rising concerns about the state of its environment, China has declared war on polluters and has drawn up new laws, standards and punishments aimed at forcing firms and local governments to toe the line. Click here to read full stories.
Aug 09 - London Metal Exchange has no plans for further fee cuts
The London Metal Exchange (LME) plans no further fee cuts after announcing lower charges for short-dated trades last week, which industry sources saw as an attempt to halt a slide in trading volumes. The exchange, the world's oldest and largest market for industrial metals, said on Friday it was cutting fees by 44 percent for member transactions that occur between tomorrow and 15 calendar days ahead. Click here to read full stories.
Aug 09 - Voestalpine expects earnings recovery after drop in Q1
Austrian specialty steel maker Voestalpine on Tuesday said it expects earnings to increase towards the end of its business year, helped by higher prices in its longer-term steel contracts and increasing orders from the oil and gas sector. Despite the group's focus on premium metal products, the Linz-based company like its rivals has to cope with the effects of sharp price falls, strong international competition and overcapacity in the sector. Click here to read full stories.
Aug 09 - Chinese production drives global stainless steel output rise
Global production of stainless steel was 0.4 percent higher in the first quarter than in the same period of 2015 as Chinese mills ramped up their output, despite pledges to reduce over-capacity, industry data showed on Monday. The International Stainless Steel Forum (ISSF) said global stainless production rose to 10.3 million tonnes in the first quarter, with China's output up 3.8 percent to 5.2 million tonnes. Click here to read full stories.
Aug 09 - London Metal Exchange cuts fees, but is it too little too late? Andy Home
The London Metal Exchange (LME) has just unveiled a package of measures designed to "strengthen its role as the global liquidity centre for metals trading". There are several components, including reducing charges for position transfers and lowering initial margin rates. The real headline grabber, though, is a cut in the fees charged for what the exchange terms "short-dated carries", which means anything between the next business day and 15 calendar days forward. Click here to read full stories.
Aug 08 - Trading places: clutch of new metal hires signals bet on recovery
A flurry of new metal trading desks that has sprung up this year reflects an industry realignment as bigger players downsize, but in a market still strapped for capital only the thriftiest will survive, industry sources said. At least six companies have won a mandate to expand their metals businesses in the past six months, backed by Chinese and private capital, often set up by traders who have left large merchants. Click here to read full stories.
Aug 08 - China July iron ore imports hit 2016 high, steel exports ease-customs
Chinese iron ore imports rose 8.3 percent in July from the previous month to hit its second-highest on record, customs data showed on Monday, as underlying demand for the raw material in the world's top buyer remained strong. Shipment climbed to 88.4 million tonnes in July, the highest since December and up 2.7 percent from a year ago, data from the General Administration of Customs showed. Click here to read full stories.
Aug 08 - China's July copper imports tumble 14 pct on month-customs
China's copper imports slumped 14 percent to 360,000 tonnes in July from the previous month, customs data showed on Monday, as softer demand in the world's top consumer slowed down buying. Shipments were still 3 percent higher than a year ago, data from the General Administration of Customs showed, while total imports for the first seven months of the year were up 19.5 percent on a year earlier at 3.09 million tonnes. Click here to read full stories.
Aug 08 - U.S. locks in hot-rolled steel dumping duties on seven countries
The U.S. Commerce Department on Friday set final anti-dumping duties on hot-rolled flat steel from Japan, South Korea, Turkey, Britain, Brazil, the Netherlands and Australia on Friday, locking in import taxes of 3.7 percent to about 34.3 percent for five years. The ruling, which could still be overturned by the U.S. International Trade Commission, is the latest in a series of U.S. actions aimed at fighting a glut of steel imports as China's economy slows and demand remains weak elsewhere. Click here to read full stories.
Aug 08 - China Shanxi province-owned large coal miners can extend debt maturities - Xinhua
Seven large Shanxi province-owned coal miners will be permitted to extend the maturities of some existing debt, the official Xinhua news agency reported Sunday, citing a document released by the Shanxi branch of China's banking regulator. The document directs Shanxi banking sector institutions to help the firms convert short term liquidity loans into medium and long-term loans, Xinhua reported. Click here to read full stories.
Aug 08 - Lone Philippine iron ore miner suspended in govt crackdown
The Philippines has suspended the operations of the country's only iron ore miner due to environmental infractions, officials said on Monday, bringing to eight the number of mineral producers halted in a government crackdown. The Southeast Asian nation, the world's top nickel ore supplier, began an audit of all its metallic mines on July 8, shaking global nickel markets as seven nickel miners were suspended for causing environmental harm. Click here to read full stories.
Aug 08 - Vedanta Resources aims to close merger with Cairn India in early 2017
Mining and energy group Vedanta Resources expects to complete its merger with Cairn India early next year, a move that would boost the firm's financial strength, Vedanta's CEO said on Friday. Vedanta is among the resource firms hit by a collapse in commodity prices and it is also facing legal action and activist protests over its operations in Zambia. Click here to read full stories.
Aug 08 - Peru smelter may process copper with high arsenic content - Kuczynski
Peru's centrist President Pedro Pablo Kuczynski said in comments broadcast on Friday that the country's shuttered polymetallic smelter La Oroya could process copper concentrates with high levels of arsenic if reopened. Smelting so-called dirty copper concentrates at La Oroya might reduce costs for the nearby Chinese-owned Toromocho deposit, which produces concentrates with arsenic content that exceed limits for Chinese smelters. Click here to read full stories.
Aug 05 - China capacity cutting efforts still lagging by end-July - media
China's efforts to cut large amounts of steel and coal capacity were still lagging by the end of July, the official People's Daily reported on Friday, citing figures from a government meeting. China has promised to slash steel capacity by 45 million tonnes and coal capacity by 250 million tonnes this year, as it tries to rejuvenate two industries suffering from slowing demand and a massive supply glut. Click here
Aug 05 - London Metal Exchange expected to wave white flag on fees - sources
The London Metal Exchange is expected to cut some trading fees, in a bid to arrest sliding volumes, but lower costs are unlikely to convince those already using cheaper alternatives to return, metals industry sources say. Volumes on the 139-year-old exchange have been falling since trading fees were hiked an average 31 percent in January 2015. The drop has accelerated this year; in the six months to end-June volumes are down nearly 9 percent from the same period in 2015.Click here
Aug 05 - China says it "regrets" EU duties on Chinese cold-rolled steel
China's Commerce Ministry said on Thursday it "regrets" the European Commission's decision to put anti-dumping duties on Chinese cold-rolled steel plates, the latest spat between the trade partners battling a global steel glut. China's steel industry, a major employer, has struggled to meet targets to reduce its overcapacity, and rising prices for steel have encouraged firms to ramp up production for export.Click here
Aug 05 - With retroactive action against Metro, LME puts down a future marker: Andy Home
There will be few tears shed for Metro International Trade Services. The warehousing company has just been hit with a $10 million fine by the London Metal Exchange (LME) for its role in abetting the original load-out queue for aluminium in Detroit. The subsequent splintering of the aluminium price between LME basis price and physical market premium caused collective outrage among manufacturers struggling to find ways to hedge the latter's unprecedented volatility. Click here
Aug 05 - Glencore halts Zambia copper mine output after deaths
Glencore's Zambian Mopani Copper Mines (MCM) has halted production at all its operations after four miners were killed in separate accidents, a company official said on Friday. MCM on Thursday suspended production at its Mufulira underground mine after three miners were electrocuted, the official, who declined to be named, told Reuters.Click here
Aug 05 - Philippine "shock and awe" mine crackdown rattles nickel markets
As the Philippines' tough-talking new president ratchets up a campaign against irresponsible mining, the suspension of a quarter of the country's nickel mines and the risk of more action to come is spooking global nickel markets. The Southeast Asian nation is China's biggest supplier of nickel ore - used to make stainless steel - and with few alternative suppliers available, the crackdown pushed nickel prices up 13 percent last month.Click here
Aug 05 - Indonesia's July refined tin exports down 48 pct y/y - trade ministry
Indonesia exported 3,313.05 tonnes of refined tin in July, trade ministry data showed on Friday, down 57 percent from a month ago and down 48 percent from the same month last year. The world's top tin exporter shipped 7,651.84 tonnes of the metal in June and 6,329.92 tonnes in July 2015.Click here
Aug 05 - India extends steel floor prices for two months to curb cheap imports
India late on Thursday extended a floor price for imports of steel products for a further two months, as the government tries to protect the domestic steel industry from cheap overseas shipments, especially from China. The floor price, known as the minimum import price, was introduced in February - the first time the government had taken such a step in over 15 years - for a six-month period that was due to expire on Aug. 5. Click here
Aug 05 - Japan's JX cuts FY16/17 copper output at Caserones mine by 27 pct
Japan's JX Holdings Inc lowered its copper output target at its Caserones mine in Chile by 27 percent to 100,000 tonnes for the year through March 2017 due to heavy snow in June and a lack of skilled workers, it said on Thursday. The mine's ramp-up has been repeatedly delayed, weighing on profits of the mine's owners, including JX and Japanese trading house Mitsui & Co. But the delay is expected to have little impact on global prices in a market awash with supply. Click here
Aug 05 - Strong gold price could hike Randgold dividend by year-end
Randgold Resources Ltd could hike its dividend payout by the end of the year, it said on Thursday, as strong gold prices improve its cash position, although second-quarter profit was flat after its gold output fell short of forecasts. Investor uncertainties including Britain's vote to leave the European Union spurred spot gold to a two-year high early in July. Click here
Aug 04 - Small Australian miners are the canaries of commodity prices: Russell
Are the strong gains this year in small Australian resource companies a harbinger of sustainable rallies for both bigger miners and commodity prices in general? Past evidence suggests yes. The Australian Stock Exchange (ASX) Small Resources Index has jumped 66 percent so far this year, comfortably ahead of both large mining stocks like Rio Tinto, which has gained 10.5 percent, and a broad commodity price indicator, such as the Bloomberg Commodity Index, up 8.6 percent. Click here
Aug 04 - Vale seeks up to $10 bln with iron ore streaming deal, sources say
Brazil's Vale SA is considering raising as much as $10 billion from the sale of up to 3 percent of future iron ore output to undisclosed Chinese companies, two sources with direct knowledge of the matter said. Under terms of the deal, Vale, the world's biggest iron ore producer, would receive streaming financing from the companies, said the sources, who asked to remain unidentified because the discussions are still private. Click here
Aug 04 - Anglo American kicks off major new diamond mine in Canada
De Beers' Gahcho Kue diamond mine in Canada's Northwest Territories is expected to reach full commercial production early next year, Anglo American said on Wednesday. Output at the roughly $1 billion project, which Anglo describes as the world's largest new diamond mine, will be an average of 4.5 million carats per year over its anticipated 13-year life. Click here
Aug 04 - Philippines suspends seventh nickel miner in environmental crackdown
The Philippine government has suspended the operations of a seventh nickel miner, Claver Mineral Development Corp, a minister said on Thursday, deepening an environmental crackdown that has caused jitters in global nickel markets. The Philippines is the biggest supplier of nickel ore to top market China and the suspension of some mines and the risk of more closures sent global nickel prices to an 11-month high of $10,900 a tonne on July 21. Click here
Aug 04 - Metals, minerals trader Transamine builds out Australia office - sources
Commodity trader Transamine is building out an Australian headquarters in Melbourne, by hiring a general manager and relocating an existing staff member, three industry sources said on Thursday. Russell Griffin started at Geneva-headquartered Transamine this month, having relocated from Vietnam after a five-year stint working at Masan Resources' tungsten mine as a sales and marketing director. Click here
Aug 04 - Australia watchdog to review Aurizon bid for Glencore's GRail
Australia's competition watchdog said on Thursday that Aurizon Holdings has proposed to buy Glencore Plc's coal rail business in the Hunter Valley in New South Wales and will rule on the bid by September 29. Glencore put the business up for sale earlier this year, hoping to fetch as much as A$1.5 billion ($1.1 billion) and has attracted interest from a number of rail transporters, including Aurizon and Genesee & Wyoming Inc, industry sources have said. Click here
Aug 04 - Randgold Resources posts flat Q2 mining profit
Randgold Resources Ltd said its second-quarter profit from mining was flat, as higher gold prices were offset by lower production and higher costs. Spot gold rose 7.3 percent in the second quarter as geopolitical uncertainty and Britain's vote to leave the European Union prompted investors to buy the metal. Click here
Aug 04 - Indonesia's Timah sees tin output climbing in 2017 after dip this year
Indonesian state tin miner PT Timah expects its production and sales to increase to more than 30,000 tonnes in 2017, the company's corporate secretary, Agung Nugroho, said on Thursday, from a forecast 24,000 to 27,000 tonnes this year. "Right now we are struggling with production," Nugroho said. Click here
Aug 03 - Rio Tinto earnings slump to 12-year low, cautious on second-half
Global miner Rio Tinto reported a 47 percent slump in first-half profit to its weakest in 12 years on Wednesday, and surprised the market with a higher than expected dividend. New Chief Executive Jean-Sébastien Jacques said he was focused on shoring up the company by cutting costs to withstand "uncertain and volatile markets" through the rest of this year. Click here
Aug 03 - Newmont seen in strong position in Barrick Australian mine sale
Barrick Gold Corp's sale of its stake in Australia's Kalgoorlie mine should attract a string of suitors, but its partner Newmont Mining may have an advantage over other bidders in the sale process, industry sources say. Toronto-based Barrick said last week the time was right to sell its half of the so-called "Super Pit" gold mine, a stake analysts estimate is worth around $1 billion. Click here
Aug 03 - Australia's tiny miners rise from the ashes of the bust
From gold to graphite to zinc to lithium, Australia's army of "penny dreadful" stocks is rising from the ashes of the mining bust and growing at rates that majors like BHP Billiton and Rio Tinto can only wish for. Micro miners are posting double or even triple-digit gains, buoyed by a belief that metals prices have bottomed, while companies that managed to come through the downturn are being aided by cheaper labour and operating costs. Click here
Aug 03 - Mitsui says Caserones copper mine running at 80 pct utilisation
Japan's Mitsui & Co Ltd said the Caserones copper mine in Chile was currently running at around 80 percent utilisation and that it aimed to further improve its competitiveness under a business plan which was mapped out by a consultant, a company executive said on Wednesday. The trading house expects iron ore prices, which have recovered more than it had expected in recent months, will likely remain under pressure as oversupply will continue through 2019, Chief Financial Officer Keigo Matsubara said at an earnings news conference. Click here
Aug 03 - India govt body recommends 10 pct import tax on hot-rolled steel products
An Indian government body has recommended a safeguard tax on imports of flat sheets and plates of hot-rolled steel, an official statement said on Wednesday, to protect local mills hit by cheaper supplies from overseas. The Directorate General of Safeguards has suggested an import tax of 10 percent in the first year, which will be reduced to 8 percent in the second, and 6 percent for six months of the third year.Click here
Aug 03 - Brazil's Vale signs $800 mln streaming deal with Silver Wheaton
Brazil's Vale said on Tuesday it will receive $800 million in a gold streaming deal with Silver Wheaton Corp, as the world's largest producer of iron ore attempts to raise cash to pay down debt. Vale said the deal is an add-on to a contract first signed in 2013, with Silver Wheaton now entitled to 75 percent of the gold produced as a by-product from Vale's Salobo copper mine over its lifetime. Click here
Aug 02 - Australian miners leave clean-up bill after taking the cash
A move by Australia's biggest mining state to support the industry by handing back funds earmarked for mine rehabilitation has backfired, critics say, with more than 70 projects suspending operations, raising fears taxpayers will be left to pay the clean-up bill. Western Australia had hoped the $1 billion injection would buffer miners from slumping commodity prices, but the closures underline the risk that a prolonged downturn could lead to hundreds of millions of dollars in unfunded or underfunded liabilities from shuttered mines.
Aug 02 - Gold rally's Achilles heel may be soft China, India demand: Russell
There is little doubt that gold has had a stellar year so far, surging almost 28 percent, but there may be some areas of concern emerging that could act as a brake on further gains. The rally in spot gold to Monday's close of $1,352.85 an ounce has largely been driven by what may generally be termed the fear trade, as investors sought the safety of the precious metal amid mounting economic worries, predominantly in the Western world.
Aug 02 - India's gold imports drop for sixth straight month in July - GFMS
India's gold imports fell for a sixth straight month in July as sluggish demand and record high discounts prompted banks and refineries to reduce overseas purchases of bullion, provisional data from consultancy GFMS showed on Monday. Lower demand from the world's No.2 gold consumer could hurt global spot prices that are trading near a two-year high, but help the south Asian country to reduce trade deficit. Gold is one of India's biggest expenses on its import bill.
Aug 02 - China to prosecute 20 involved in troubled metal exchange
Police in the Chinese city of Kunming said on Monday they would prosecute 20 people involved with the Fanya Metals Exchange, which authorities and investors say was a multi-billion-dollar Ponzi scheme. After months of protests, dozens of investigators took over the Kunming-based Fanya exchange building late in 2015, and this year police arrested the head of the exchange, Shan Jiuliang.
Aug 02 - Philippines' Duterte says nation can survive without mining companies
Philippine President Rodrigo Duterte on Monday warned mining companies to strictly follow tighter environmental rules or shut down, saying the Southeast Asian nation could survive without a mining industry. "We will survive as a nation without you," Duterte told a media briefing, referring to the country's miners. "Either you follow strictly government standards or you close down."
Aug 02 - Brazil rejects U.S. anti-dumping ruling on steel, may go to WTO
Brazil will wait for the U.S. International Trade Commission to rule on a Department of Commerce anti-dumping determination on its cold-rolled steel before appealing to the World Trade Organization, a senior Brazilian official said on Monday. The Commerce Department said last week that Brazilian cold-rolled steel was being subsidized by seven export promotion programs in Brazil and passed its anti-dumping determination to the ITC to rule whether there is injury to U.S. producers.
Aug 02 - Monthly Iron Ore Report – GFMS Team Analysis
On 19th July, the iron ore benchmark for immediate delivery to China’s Tianjin port fell by 2% to $55.10/tonne, the lowest since 1st July. The move followed a significant drop in the most traded benchmark for construction material rebar on the Shanghai Futures Exchange. To read the entire report in Thomson Reuters Eikon, click here
Aug 01 - Japan's top steelmakers boost output, but firm yen to erode annual profits
Japanese steelmakers boosted output over April to June, with top producer Nippon Steel & Sumitomo Metal posting its first such rise since 2014 on improved prices, but their annual profits are expected to be eroded as a firm yen hurts key customers. Higher Japanese output, at a time when the world's biggest producer China is also churning out record volumes, could dent a recovery in Shanghai steel futures that have risen 40 percent in 2016 after plunging 70 percent over the past six years on a global supply glut.
Aug 01 - Sumitomo cuts 2016 Ambatovy nickel mine forecast to 42,000-45,000 T
Japanese trading house Sumitomo Corp cut its nickel production estimate at the Ambatovy mine in Madagascar to 42,000 to 45,000 tonnes, from an earlier estimate of 48,000 to 50,000 tonnes, due to some glitches, executives said on Monday. "We've begun a maintenance at Ambatovy in June, earlier than our previous plan of between summer and autumn, as there had been some glitches in the April-June period," Koichi Takahara, Chief Financial Officer(CFO), told an earnings press conference.
Aug 01 - Speculators raise bullish COMEX silver stance for 7th week
Hedge funds and money managers increased their net long position in COMEX silver contracts for the seventh straight week, bringing it to another record in the week to July 26, U.S. Commodity Futures Trading Commission data showed on Friday. The speculators cut their net long position in gold futures and options for the third straight week, and increased their net long position in copper to a 14-month high, the data showed.
Aug 01 - Mexico imposes anti-dumping duties on Taiwan, China steel
Mexico has imposed provisional duties on flat-coated steel imports from China and Taiwan as part of an anti-dumping investigation, the government said on Friday, in its latest move to protect the Latin American nation's steel industry. In a statement published in the government's official gazette, the economy ministry said the duties on the steel from Taiwan would be for $0.563 per kg.
Aug 01 - EU raises duties on steel rebar imports from China
The European Union will impose duties on imports from China of steel bars used to reinforce concrete at rates higher than initially proposed, the EU's official journal said on Friday. The bloc has set definitive anti-dumping duties on high performance reinforcement bars (HFP rebars) at between 18.4 and 22.5 percent and will be in place for five years.
Aug 01 - LME says disciplinary action bought against Metro has been settled
The London Metal Exchange said on Friday a disciplinary action it had bought against Metro International Trade Services with regard to certain alleged breaches relating to warehousing has been settled. "The LME and Metro agreed a settlement in which Metro agreed to pay $10 million (approximately 7.64 million pounds) inclusive of the LME’s costs without admitting or denying any of the alleged breaches or the matters that formed part of the investigation or the disciplinary proceedings," the LME said in a release.
Jul 29 - Gold miners keep chipping at costs, debt even as profits
Gold bullion prices have increased 26 percent this year, but the world's biggest gold miners are paring costs and selling assets to lower debt despite the windfall rather than boosting spending. Some investors had expected mining companies to lift spending on exploration, expansion or dividends during a largely upbeat financial reporting season, rather than keep shaving costs. Click here
Jul 29 - Shanghai aluminium heats up for want of cold metal: Andy Home
Stocks down, prices up. That's the hallmark of a bull commodity market, right? Well, not necessarily. Stocks of aluminium registered with the London Metal Exchange (LME), for example, have fallen by 577,275 tonnes, or almost 20 percent, so far this year.Click here
Jul 29 - Brazil's Vale second-quarter profit falls 34 pct; shares drop
Brazilian mining company Vale SA said on Thursday that second-quarter net income fell 34 percent as provisions for potential losses from the burst dam at its Samarco subsidiary and higher taxes undermined productivity gains. Vale, the world's largest iron ore producer, reported net income of $1.11 billion in the quarter, beating analysts' estimates but down from $1.68 billion a year earlier. Click here
Jul 29 - Goldcorp puts Los Filos mine in Mexico on block, eyes other sales
Goldcorp Inc has put its Los Filos gold and silver mine in Mexico on the block and is also looking at selling two other non-core mines, chief executive David Garofalo said on Thursday. Vancouver-based Goldcorp has started a formal sales process for the Los Filos mine, Garofalo said in an interview, and it is looking at options for its Alumbrera mine in Argentina and its Marlin operation in Guatemala, both of which are getting close to being mined out. Click here
Jul 29 - ArcelorMittal keeps 2016 outlook after beating Q2 forecasts
ArcelorMittal , the world's largest producer of steel, on Friday reported a better-than-expected core profit for the second quarter but kept its outlook for the full year. Core profit almost doubled in the second quarter compared to the same period last year to $1.77 billion, well above the $1.574 billion expected in Reuters poll of eight analysts. Click here
Jul 29 - South Africa's Sibanye Gold says no intention to bid for Acacia assets
South Africa's Sibanye Gold does not intend to make make an offer for the assets of Barrick Gold's African unit Acacia Mining, it said on Thursday. Hours after its chief executive told Reuters that Sibanye might have been interested, the company said in a brief statement: "Sibanye confirms that it was considering a possible offer for Acacia, but confirms it is no longer actively considering an offer." Click here
Jul 29 - Cameco posts surprise loss on weak uranium prices, shares dive
Cameco Corp, the world's No.2 uranium producer, reported a surprise quarterly loss due to weak uranium demand and prices, sending its shares down 7 percent to touching a nearly 12-year low of C$12.87. The Canadian company said uranium sales volumes fell 37 percent to 4.6 million pounds in the second quarter, while its average realized price per pound fell about 8 percent. Click here
Jul 29 - Canadian miner Teck posts surprise profit as costs fall
Canadian miner Teck Resources Ltd reported a surprise quarterly profit as its costs declined.Teck, the largest producer of steelmaking coal in North America, said on Thursday its operating costs fell 15 percent to C$691 million ($525 million) in the second quarter. Click here
Jul 28 - Palladium eyes best month in 8-1/2 years, but history advises
Palladium has soared 17 percent so far in July, its best monthly performance in almost 8-1/2 years, as it catches up on gains made by other precious metals in the wake of the Brexit vote and benefits from greater demand for cyclical assets. Its surge, however, is closely tied to an equity market rally that many see as fragile, and its failure to capitalise on a tightening market in recent years may mean investors pause before trying to push it substantially higher. click here .
Jul 28 - Anglo American cuts net debt to $11.7 bln, on track for less than $10 bln
Miner Anglo American cut its net debt to $11.7 billion by the end of June from $12.9 billion at the end of December, it said on Thursday. The miner has previously said it is seeking to sell $3 billion to $4 billion of assets in 2016, including its iron ore, coal and nickel units. So far it has agreed asset sales worth $1.5 billion. click here.
Jul 28 - Vale 2nd-qtr profit seen sliding 38 pct on prices, output
Brazil's Vale SA, the world's largest iron ore miner, is expected to report a 38-percent drop in second-quarter profit compared with a year ago as iron ore production and prices fell while freight costs and the value of Brazil's real rose. Net profit is forecast at $1.03 billion in the period compared with $1.68 billion in the second quarter of 2015, according to the average of 10 analysts surveyed by Reuters. click here .
Jul 28 - BHP Billiton adds to red ink for 2016 with $1 bln-plus Brazil charge
BHP Billiton will book a charge of up to $1.3 billion to cover the costs of a dam disaster last November at the Samarco iron ore mine in Brazil, putting it on course to report its worst ever annual loss. BHP said on Thursday the provision of between $1.1 billion and $1.3 billion partly reflected uncertainty on when Samarco, its iron ore joint venture with Brazil's Vale, would resume operations. click here.
Jul 28 - Excalibur says still keen to buy Tata's UK steel business
Management buyout group Excalibur, one of the bidders for Tata's British steelmaking business, intends to pursue plans to buy the assets, it said on Wednesday, despite Tata pausing the sale process to explore joint ventures. "The Excalibur Board has concluded it will continue the development of a series of opportunities that help meet its ambitions and plans to acquire the Tata Steel UK business," it said in an emailed statement. click here .
Jul 28 - Russia's Rusal H1 aluminium sales volumes rise 5 pct
Russian aluminium giant Rusal on Thursday reported a 5 percent rise in half-year aluminium sales volumes from a year ago, mainly due to the start-up of its Boguchansky smelter, but the average sale price slid 24 percent. The world no.2 aluminium producer's sales rose to 1.915 million tonnes in the half year to June, compared with 1.823 million tonnes a year earlier, with the Boguchansky smelter in Russia's Krasnoyarsk region operating in test mode. click here .
Jul 28 - Miner Goldcorp reports loss as output falls by a third
Goldcorp Inc on Wednesday posted a far bigger second-quarter net loss than expected as production fell by almost one-third and costs rose partly due to a maintenance shutdown and slow restart of its biggest mine. Goldcorp, the world's third-biggest gold producer by market value, also said it would go ahead with plans to expand its Penasquito mine in Mexico and Musselwhite mine in Canada. click here .
Jul 28 - Royalties in Congo mining heartland down 35 pct in H1
Royalties paid by mining companies in Democratic Republic of Congo's copper-rich southeast dropped by 35 percent in the first half of this year compared to the same period in 2015, a report by the local division of mines said. The government of Africa's largest copper producer cut its 2016 budget by 22 percent last month in response to low metal prices and cutbacks by leading copper and cobalt producers. click here .
Jul 27 - China iron ore miners' call for import protection is ironic, distracting: Russell
There is something of a delicious irony in China's iron ore miners complaining of dumping by foreign producers, but what it really underscores is the multitude of challenges facing the world's biggest steel industry.The domestic miners want an anti-dumping investigation into iron ore imported from the world's top suppliers, complaining that low-cost majors - Brazil's Vale and the Anglo-Australian pair of Rio Tinto and BHP Billiton - are flooding the market. click here.
Jul 27 - Barrick Gold weighs sale of $1.9 bln Acacia stake - sources
Barrick Gold Corp, the world's largest gold producer, is weighing a sale of its majority stake in African unit Acacia Mining Plc and has approached several South African miners, according to sources familiar with the situation.Barrick owns 64 percent of Acacia, a London-listed miner with three producing gold mines in Tanzania: Bulyanhulu, Buzwagi and North Mara. Acacia also has exploration projects in the East African country and other parts of Africa. click here.
Jul 27 - Nickel, zinc seen retreating by year-end after strong rallies - Poll
Prices of nickel and zinc, top performers among industrial metals in recent months, are overcooked and likely to retreat by the end of the year even though shortages are becoming more severe, a Reuters poll showed. While global deficits in both metals are forecast to be deeper than in the previous poll three months ago, analysts are wary of current rallies fuelled by speculators, partly due to heavy inventories. click here .
Jul 27 - Freeport-McMoRan takes foot off gas on asset sales, to issue shares
Freeport-McMoRan Inc, the world's biggest publicly listed copper miner, put its high-profile asset sales plan on the rear burner on Tuesday, and instead unveiled a $1.5 billion share issue to help it cut debt.Freeport's chief executive said he was confident the company could reduce its $18.8 billion of net debt to between $13.2 billion and $10.5 billion by the end of 2017 on the back of already executed asset sales and excess cash it expects to earn from higher mined volumes and metals prices. click here .
Jul 27 - Antofagasta sees full-year copper production at lower end of forecasts
Chilean copper miner Antofagasta said full-year copper production would be at the lower end of the 710,000 to 740,000 tonnes it predicted in January as a global market surplus shows little sign of easing.In common with other mining companies, Antofagasta has this year staged a recovery from the hammering inflicted by an extreme boom-bust cycle after a weaker Chinese economy cut into demand. click here .
Jul 27 - China gold consumption to reach 1,200 tonnes by 2020 - state media
China's annual gold consumption is expected to be 1,200 tonnes by 2020, state-owned Shanghai Securities News reported on Wednesday, citing an estimate from a Ministry of Industry and Information Technology (MIIT) official. Zhou Changyi, head of MIIT's raw materials for industry department, also said that while demand is expected to increase in the future, current domestic production levels will remain unable to meet forecast homegrown demand. click here .
Jul 27 - Fortescue cuts iron ore production cost target
Australia's Fortescue Metals Group on Wednesday lowered its production cost target for fiscal 2017 to $12-$13 per wet tonne, down from its fiscal 2016 average of $15.43 a tonne and taking it closer to bigger rivals.The world no.4 iron ore miner also set shipment guidance for fiscal 2017 at 165 million to 170 million tonnes, little changed from the 169.4 million tonnes shipped in fiscal 2016. click here .
Jul 27 - Lithium Power CEO eyes quick growth in Chile
Lithium Power, the latest company keen to capitalise on Chile's vast reserves of key battery ingredient lithium, is planning to start drilling by September and ramp up to commercial sales by 2020, the chief executive told Reuters.The Australian-listed smallcap, which already has projects in Australia and Argentina, announced last week that it was forming a joint venture with local partners to develop the Maricunga project in northern Chile. Lithium Power is going to fund the development costs starting with a $2 million loan. click here .
Jul 27 - Aluminium Bahrain may increase $750 mln loan for expansion project- CEO
Aluminium Bahrain (Alba) has received strong support from banks for a loan to part-finance its Line 6 expansion project and may increase the amount it borrows from an original $750 million target, its chief executive said on Tuesday.Alba will become the world's largest single aluminium smelter complex, boosting its annual output by 540,000 tonnes to 1.5 million tonnes per year by adding a sixth "potline", used in producing the metal from raw materials such as bauxite. click here .
Jul 26 - Looming price falls may force big miners to speed up asset sales
Three of the world's top five miners will need to step up asset sales in the second half of this year to meet a $14 billion full-year target as they race to cut debt, with a recent rally in commodities prices seen as short-lived.The world's biggest miners predicted doom and gloom for 2016 six months ago when they booked their worst earnings in more than a decade, slashed dividends and put an array of copper, coal, iron ore and other assets on the block. click here.
Jul 26 - The three bull standouts in China's first-half metals trade: Andy Home
China's imports of base metals were once the bullish drumbeat to which the global market marched. Those days are no longer.Not just because of the broader Chinese economic slowdown story, but because the country's own refined metal production capacity has evolved to the point of self-sufficiency in some industrial commodities. click here.
Jul 26 - An arranged marriage in China's steel industry troubled from the start
It may be the Chinese government's idea of creative destruction.Beijing appears to be on the brink of forcing the most modern and competitive Chinese steelmaker, which is itself struggling amid a global steel glut, to rescue a loss making and heavily indebted rival in what some securities and credit analysts see as potentially a marriage made in hell.Listed units of Baosteel Group, the second-largest Chinese steelmaker, and Wuhan Iron and Steel Group, the sixth largest, said in separate stock exchange announcements on June 26 that they are planning on restructuring together. click here .
Jul 26 - China cuts 13 mln T of steel capacity in H1, less than third of FY goal
China cut 13 million tonnes of excess crude steel capacity in the first half of the year, less than a third of its annual target, but will step up efforts in the second half, the vice industry minister said on Monday.Feng Fei, regarded as the architect of China's plans to curb profit-sapping capacity gluts in both steel and coal, said during a press briefing in Beijing that he remained confident China would reach its target of 45 million tonnes for 2016. click here .
Jul 26 - German firm to start metal trading platform for spot deliveries
Newly-established German company Metalprodex GmbH said on Monday it planned to start a trading platform for the buying and selling of base metals for immediate physical delivery. The aim is to start offering an electronic trading platform in September which can provide delivery of physical metal within two days, Metalprodex managing director Janko Linhart said. No exact start date has yet been set. click here .
Jul 26 - China H1 gold output up 0.16 pct y/y to 229.102 T - state media
China produced 229.102 tonnes of gold in the first half of this year, up 0.16 percent from the same period a year earlier, state-owned Shanghai Securities News said on Tuesday citing the country's gold association.In the first six months of 2016, China consumed a total of 528.52 tonnes of gold, down 7.68 percent from a year earlier, it added. click here .
Jul 25 - New faces in LME warehousing but old hands still dominate: Andy Home
The number of London Metal Exchange (LME) physical storage units continues to decline in tandem with falling registered stocks. As of July 8 there were 608 registered warehouses for the storage of base metals, down from 621 a year ago and from almost 700 in 2012 and 2013. click here.
Jul 25 - G20 officials vow to tackle steel, industrial overcapacity
The world's top economies will work to tackle excess production capacity in steel and some other industries, including government subsidies that have distorted markets, G20 finance officials said on Saturday. In a draft statement obtained by Reuters, the G20 finance ministers and central bank governors meeting in China's southwestern city of Chengdu said that excess capacity problems, "exacerbated by a weak global economic recovery and depressed market demand, have caused a negative impact on trade and workers." click here.
Jul 25 - De Beers puts Canadian Snap Lake diamond mine up for sale
Anglo American Plc's De Beers has put its Snap Lake diamond mine in Canada up for sale after suspending operations at the unprofitable mine last December, a spokesman said on Friday. De Beers has hired Bank of Montreal to market the underground mine in Northwest Territories, said spokesman Tom Ormsby, but he did not provide financial details. click here.
Jul 25 - LME to continue ring trading at emergency venue until early August
The London Metal Exchange (LME) will maintain open outcry trading at its disaster recovery site in Chelmsford, east of London, until early August after continuing structural problems that mean its offices will remain shut, the exchange said on Friday. This marks the second time the LME has extended ring trading its emergency venue after a potential safety issue was discovered last weekend in the building that houses its offices on Finsbury Square in London's financial district. click here.
Jul 25 - Japan steel industry says China's anti-dumping duties unjust
China's decision to levy anti-dumping duties on electric steel products from Japan was unjust and regrettable, the chairman of the Japan Iron and Steel Federation said on Monday. "Japan has been explaining that exports of the electric steel products from Japan had caused no injury to local industry, but China has rejected our claims," Kosei Shindo, the chairman of the Japan Iron and Steel Federation, told a news conference. click here.
Jul 25 - Speculators pile on bullish silver bets to new record - CFTC
Hedge funds and money managers continued to pile on bullish silver bets in the week to July 19 as spot prices hovered near two-year highs and increased their copper net long to their highest since the end of March in the week to July 19, data showed on Friday. As gold's safe-haven appeal continued to wane and prices slipped to three-week lows, speculators cut their record bullish bets on COMEX futures and options for a second straight week, taking the total to its lowest in a month, U.S. Commodity Futures Trading Commission (CFTC) data showed. click here.
Jul 25 - Randgold lowers Ivory Coast output forecast on power cuts
Randgold Resources' Tongon mine in Ivory Coast will have a slightly lower gold output this year than previously expected mainly owing to an erratic power supply, Chief Executive Mark Bristow told reporters late on Saturday. The mine, one of five operated by the London-listed company in three African countries, is on track to produce 260,000 ounces of gold this year, up from 242,948 ounces in 2015, Bristow said. click here.
Jul 22 - Brazil's Vale expects 2017 iron ore output to be below forecast
Vale SA expects full-year iron ore output to come in at the lower end of forecasts this year, and below expectations in 2017, a sign the world's No. 1 producer of the raw material is effectively reining in production at low-margin facilities. Iron ore output was 86.823 million tonnes in the second quarter, down 2.8 percent from a year earlier, Rio de Janeiro-based Vale said in a report on Thursday. click here .
Jul 22 - Miner Newmont hints at dividend increase as bullion prices soar
Newmont Mining Corp, the world's second biggest gold miner by market value, hinted on Thursday that it will boost its quarterly dividend later this year, reflecting a 25 percent jump in bullion prices so far this year. Newmont, which posted market-beating quarterly profits on Wednesday reflecting price, production and cost gains, will review its gold price-linked dividend at an October board meeting. click here .
Jul 22 - Stronger China leads Norsk Hydro to up aluminium demand forecast
Strengthening Chinese demand led Norsk Hydro, one of the world's largest aluminium producers, to raise its forecast for global aluminium demand growth this year to 4-5 percent as it reported forecast-beating earnings on Thursday. The company's global aluminium demand forecast, revised up from 3-4 percent, is now closer to peer Alcoa's forecast of 5 percent. click here.
Jul 22 - LME trading resumes after four hour delay on technical outage
Trading on the London Metal Exchange's electronic platforms restarted just before 0400 GMT after technical issues delayed the start of trading for almost four hours on Friday. The delayed was due to technical issues relating to members' ability to connect to the market, a spokesman at LME-owner Hong Kong Exchanges and Clearing said. click here .
Jul 22 - Nucor profit up, sees better performance in third quarter
Steelmaker Nucor Corp on Thursday reported a higher quarterly net profit as lower costs offset a decline in revenue and the company said it expected a strong improvement for earnings in the third quarter thanks to higher efficiency and a better outlook for non-residential construction markets. Steelmakers like the Charlotte, North Carolina-based company have struggled with low prices, complaining that China has flooded the market with cut-price product. click here .
Jul 22 - Lithium rivals SQM and Albemarle sign environment deal
SQM and Albemarle's Rockwood, two of the world's biggest lithium producers, have agreed to work together on "environmental administration" of the giant Chilean salt flats where they operate, SQM said on Thursday. As part of the agreement, Santiago-based SQM said it was dropping a complaint it had been pursuing against rival Rockwood's environmental approval for increased extraction. click here .
Jul 21 - HKEX to put LME clearing link plans on hold due to Brexit - CEO
Britain's vote to leave the EU has prompted the Hong Kong stock exchange (HKEX) to put on hold a commodities clearing link with its London Metal Exchange (LME), dealing a blow to its bid to make the LME more profitable. Hong Kong Exchanges & Clearing Chief Executive Charlies Li said the planned link-up would now have to wait due to the uncertainty created by the British vote last month. click here.
Jul 21 - Gold is not all that glisters - diamonds act as hedge for the rich
In a packed Christie’s auction room in Geneva, one could hear a pin drop as two anonymous bidders slugged it out in their quest to own the world’s most exquisite blue diamond. The room in the Four Seasons Hotel des Bergues was filled with multi-millionaire collectors and diamond dealers, listening intently as the bidders, each speaking by phone to a Christie’s representative, took turns adding a few hundred thousand dollars in a tense struggle dragging on for more than half an hour. click here .
Jul 21 - Zinc starts to bubble as investors pile in (again): Andy Home
Zinc is this year's investment pick of the base metals traded on the London Metal Exchange (LME). The price of LME zinc for three-months delivery has risen by 42 percent since the start of January to a current $2,235 per tonne. click here.
Jul 21 - Global steel output unchanged in June but China ramps up
Global crude steel production was unchanged in June from the same month last year, as higher output in top producer China was offset by falls elsewhere, figures from the World Steel Association (Worldsteel) showed on Wednesday. China, which produces about half the world's steel, has been ramping up output since March as rising prices and improved demand spurred mills to churn out more alloy. click here .
Jul 21 - Casualty of Australia's iron ore war seeks second chance in lithium
Ken Brinsden rode Australia's iron ore boom up and then down as head of Atlas Iron. Now he is chasing a new treasure, one fuelled by a metal powerful enough to propel electric cars to speeds of 250 km (150 miles) per hour: lithium. His company, Pilbara Minerals, plans to be mining the silvery-white metal by 2018, putting it ahead of dozens of other Australian prospectors. click here .
Jul 21 - Japan's Komatsu to buy U.S. mining equipment maker Joy Global for $2.9 bln
Japan's Komatsu Ltd has agreed to buy U.S. mining equipment manufacturer Joy Global Inc for about $2.9 billion, its biggest-ever acquisition, in a bid to strengthen its core mining equipment business. The Japanese maker of construction and mining equipment said on Thursday that it would buy 100 percent of the Milwaukee, Wisconsin-based company for $28.30 per share, about a 20 premium to Wednesday's closing price. click here .
Jul 21 - BHP, Anglo see only slight setbacks for iron ore production
BHP Billiton and Anglo American have reported setbacks in their iron ore production, but analysts said the contraction was nowhere near enough to dent the massive global supply glut that has driven prices to record lows. Overnight on Tuesday, BHP Billiton narrowly missed its iron ore output target in the financial year just ended following the Samarco disaster in Brazil, while Anglo American on Wednesday reduced its full-year production forecast in Brazil. click here .
Jul 21 - Gold miner Newmont cuts cost forecast, beats market
Newmont Mining's adjusted net income in the second quarter blew past market expectations on Wednesday and the world's second biggest gold miner by value also cut its gold cost forecast, sending its shares higher after hours. Greenwood Village, Colorado-based Newmont kicked off the reporting season for large North American gold miners, which are expected to have benefited from a rise in bullion prices this year. click here.
Jul 21 - Brazil state could ban dam design used at Samarco mine
A Brazilian state law to ban upstream tailings dams, the design used at a dam that collapsed at the Samarco iron ore mine in November, could be approved this year, an environmental official for the state of Minas Gerais told Reuters on Wednesday. Anderson Silva de Aguilar, the subsecretary for environmental regulation, also said Samarco, which is co-owned by Vale SA and BHP Billiton, would not be resuming operations this year and may not in 2017 either. click here .
Jul 21 - Global extraction of primary materials to triple by 2050 - UNEP
The amount of primary materials extracted from the earth will almost triple by the middle of this century if action is not taken, as emerging economies develop and consume more, a U.N.-backed report said on Wednesday. The use of fossil fuels, metal ores and non-metallic minerals has accelerated rapidly since 2000 as emerging economies such as China transform their industries and cities, requiring unprecedented amounts of iron, steel, cement, energy and construction materials. click here .
Jul 20 - EU launches WTO challenge to Chinese raw material duties
The European Union launched a third legal challenge to restrictions on Chinese exports of 11 key metals and minerals, joining the United States in suing Beijing for unfairly favouring Chinese industry. The bloc is seeking formal consultations with China, the first step in World Trade Organization dispute settlement procedures, over restrictions on graphite, cobalt, copper, lead, chromium, magnesia, talcum, tantalum, tin, antimony and indium.click here
Jul 20 - China steelmaker defaults on another bond amid investor complaints
Dongbei Special Steel Group Co Ltd, an unlisted Chinese steelmaker whose first debt default helped spark a bond market sell-off in April, said on Tuesday it was unable to make payment on another bond. It announced the default on a 870 million yuan ($130 million) two-year private placement note, which matured Monday, on the website of China's interbank market operator on Tuesday. click here .
Jul 20 - BHP to boost iron ore, copper output, but oil to fall
BHP Billiton said it aims to boost its iron ore output by up to seven percent this year as it works its existing mines harder, after narrowly missing its target for fiscal 2016 due to the Samarco disaster in Brazil. Output at BHP's Western Australian mines rose by 5 percent quarter-on-quarter to 64.6 million tonnes, pushing the annual total to 257 million tonnes against guidance of 260 million. BHP's share of quarterly output was 55.6 million tonnes. click here .
Jul 20 - Anglo American trims full-year guidance on Brazilian iron ore
Anglo American lowered its full-year guidance on Brazilian iron ore to 15-17 million tonnes from 15-18 million tonnes, while reporting a mixed picture for second-quarter production for diamonds, platinum and copper. Chief Executive Mark Cutifani said second-quarter copper output was in line with the same period last year and Anglo was showing discipline in diamonds and platinum. click here .
Jul 20 - LME extends ring trading at emergency venue until Friday
The London Metal Exchange (LME) has extended open outcry trading to its disaster recovery site in Chelmsford, east of London, until Friday after structural problems forced the shutdown of its offices, the exchange said on Tuesday. The LME said on Sunday it was moving ring trading to its emergency venue for Monday and Tuesday after a potential safety issue was discovered in the building that houses its offices on Finsbury Square in London's financial district. click here .
Jul 20 - China's H1 copper output up 7.6 pct on year - industry ministry
China's copper output rose 7.6 percent to 4.03 million tonnes in the first half of 2016 from a year ago, data from the Ministry of Industry and Information Technology showed on Wednesday. Aluminium output fell 1.9 percent to 15.32 million tonnes in the first six months, data showed. click here .
Jul 20 - South Africa's Implats revises debt facilities up $278 mln
South Africa's Impala Platinum (Implats) has extended the tenure and amount of its existing debt facilities from certain local banking institutions in order to further strengthen its balance sheet, it said on Tuesday. Implats amended 3.25 billion rand ($225 million) of its existing debt facilities, which was previously available until December 2017, to a revised 4 billion rand available until 2021. click here .
Jul 19 - After Brexit, ordinary Britons warm to gold as safe haven
When Britain voted to leave the European Union, the thoughts of Yorkshire teacher Grace Hall immediately turned to her family's bottom line. Three days later, as UK stocks and sterling plummeted, she put those thoughts into action and deposited part of her life savings -- 25,000 pounds -- into gold. click here.
Jul 19 - A structural problem the London Metal Exchange can fix: Andy Home
Some problems you can't fix yourself. The London Metal Exchange (LME) today finds itself operating in "business continuity" mode with open-outcry ring trading migrating east of London to the disaster recovery site in Chelmsford. That's because of "a structural issue" within the Exchange's new home in Finsbury Square. The building remains out of bounds until at least Wednesday, July 20 as "the landlord, building manager, structural engineer and other relevant parties (work) to establish the extent of the issue, its implications and resolution." click here .
Jul 19 - European aluminium premiums creep lower amid weak finance deals
Surcharges for physical aluminium in Europe are expected gradually to extend their recent decline due to sluggish demand and as metal is released from warehouses when finance deals become less lucrative. The surcharges, or premiums, which consumers pay on top of the LME cash price for immediate delivery, were quoted at $115-$120 a tonne for duty-paid metal in Rotterdam, down some $10-$15 in recent months and from $140-$150 in early February. click here .
Jul 19 - Banks see more gains for gold, silver after Brexit vote - Poll
Britain's shock vote to leave the European Union has led analysts to raise their gold price forecasts again this year, after the decision shook up financial markets and sparked a rally in the precious metal to two-year highs. A poll of 25 analysts and traders over the last two weeks returned an average price forecast for this year of $1,280 an ounce, up from $1,209 in a similar survey in April, and nearly 15 percent higher than a poll at the start of the year. click here .
Jul 19 - Rio Tinto keeps iron ore mines running at full steam
Rio Tinto said on Tuesday it was on track to meet its full-year iron ore shipment guidance from its Australian mines of roughly 330 million tonnes, underscoring the strength of sales to China, despite concerns of oversupply. China's iron ore imports grew strongly in the first half of 2016 as cheaper imported ore replaced domestic output, while its steel production has also risen, fueled by expectations of higher domestic construction spending and rising steel exports. click here .
Jul 19 - Chinese steel futures tumble on economy worries
Chinese steel futures fell more than 5 percent on Tuesday, extending a decline in the previous session as slower home sales spurred investors to take profits amid concerns about the world's second-biggest economy. China's home price rises slowed in June for a second straight month, adding to fears that a construction-led economic rebound in the economy may be unsustainable, despite a big spike in new yuan loans in June. click here .
Jul 19 - Congo's small miners fill hole left by downsizing multinationals
His toes bursting out of sneakers several sizes too small, a miner hacks with a pick at the copper and cobalt-laced stone in southeastern Congo, slowly filling a sack that could earn him anywhere from a handful to a few hundred dollars. The 42-year-old father of five, who only gave his first name, Stany, has done this nearly every day for a decade, after he quit his maize fields for the comparatively lucrative mines of Africa's top copper producer. click here .
Jul 19 - Peru says World Bank panel rejects lawsuit over smelter
A World Bank panel has rejected an $800 million lawsuit filed against Peru for allegedly failing to clean up and take legal responsibility for pollution tied to a smelter in the South American nation, the Peruvian government said on Monday. New-York-based Renco Group Inc sued Peru in 2011, accusing it of failing to clean the soil around the La Oroya smelter as promised when it was sold to the company in 1997. It also said Peru did not take responsibility for legal claims regarding past pollution tied to the smelter. click here .
Jul 19 - Saudi miner Ma'aden beats estimates despite Q2 profit halving
Saudi Arabian Mining Co (Ma'aden), the Gulf's largest miner, beat analysts' forecasts despite posting a 51 percent fall in second-quarter net profit on Monday, as sales revenues declined on low commodity prices. The firm made a net profit of 132.5 million riyals ($35.3 million) in the three months to June 30, it said in a bourse statement. That compared with a profit of 270 million riyals in the corresponding period of 2015. click here .
Jul 18 - Iron ore volatility masks positive shift in fundamentals: Russell
Iron ore's wild price gyrations this year may be masking a small, but significant, shift in the underlying fundamentals for the steel-making ingredient. While seaborne iron ore remains a well-supplied market, it appears the level of over-supply has been diminishing faster than many expected, leading to an improvement in the supply-demand balance. click here .
Jul 18 - U.S. takes aim at (some of) China's metal export duties: Andy Home
The U.S. government has upped the ante in what appears to be an undeclared but escalating trade war with China. Steel remains the core battleground between the two nations, with the United States and others accusing China of flooding already distressed markets with unprecedented amounts of exports. click here .
Jul 18 - Red-hot rally in gold and silver cools streaming deal bonanza
Soaring gold and silver prices have clipped a deal-making spree for metals streaming companies - the mining financiers that provided a lifeline to the cash-strapped industry in recent years. With bullion up 25 percent since January, precious metals miners are once again able to raise money in the equity markets, reducing the need to obtain funds in exchange for a portion of future mine output at discounted prices. click here .
Jul 18 - China steel-linked commodities futures tumble, on expectation gains outpacing physical demand
Chinese steel-related commodities futures dived on Monday, erasing last week's rally as investors felt the previous gains outpaced physical demand for steel in China, the world's top producer. The October benchmark rebar contract on the Shanghai Futures Exchange and September iron ore contract on the Dalian Commodity Exchange deepened losses in the afternoon trading, hitting downside limit of 6 percent by close. click here .
Jul 18 - Speculators set fresh record for bullish COMEX silver bets
Hedge funds and money managers again raisedtheir net long positions in COMEX silver futures and options to fresh record highs in the week to July 12, as spot prices hovered near two-year highs, data showed on Friday. As gold's safe-haven appeal waned, speculators cut their record bullish bets for the first time in five weeks and raised their net longs in copper, U.S. Commodity Futures Trading Commission (CFTC) data showed. click here .
Jul 18 - South Africa's mines minister calls for quick platinum wage deal
Platinum mining firms and South African trade unions should conclude wage talks quickly to avoid the protracted disputes that led to a five-month strike two years ago, mines minister Mosebenzi Zwane said on Friday. "I wish that everybody can negotiate with cool heads and avoid a strike and speedily resolve these negotiations," he told reporters at a Sibanye Gold mine. click here .
Jul 18 - LME says ring trading moves to emergency venue after offices shut
The London Metal Exchange (LME) will move open outcry trading to its disaster recovery site in Chelmsford, east of London, on Monday and Tuesday because its offices have been closed due to a structural issue, the exchange said in a statement on Sunday. The exchange, the world's oldest and largest market for industrial metals, said a potential safety issue in the building that houses its offices on Finsbury Square in London's financial district was discovered on Saturday. click here .
Jul 18 - Vietnam says investigating dry waste by Formosa steel unit
Vietnamese environmental authorities said they were working with local officials in the Ha Tinh province to investigate dry waste, belonging to a unit of Taiwanese conglomerate Formosa Plastics Group, that was found dumped on a residential farm. The probe puts Formosa Ha Tinh Steel under the spotlight yet again - this time for waste dumped inland in the province where earlier this year the firm released toxic waste into the sea and caused massive fish deaths in one of the biggest environmental disasters to ever hit Vietnam. click here .
Jul 15 - China, EU to set up mechanism to fight steel overcapacity - Chinese foreign minister
China and the European Union agreed to establish a bilateral mechanism to deal with overcapacity in steel, Chinese Foreign Minister Wang Yi said on Thursday.China is by far the world's biggest steel producer and its annual output is almost double that of the 28-nation EU. click here .
Jul 15 - Rare earth metals pay the price of previous excess: Andy Home
For every action there is a reaction and never more so than when it comes to industrial commodity supply chains.Japanese automotive giant Honda and its technology partner Daido Steel have just announced a materials breakthrough in the electric motors used in hybrid vehicles. click here .
Jul 15 - China's provinces enlist banks to defy overcapacity cuts
China's provinces are pushing back against Beijing's efforts to restrict credit to loss-making enterprises with excess capacity, and are enlisting the support of local bankers to keep financing the targeted sectors, such as steel and coal.As part of China's economic efficiency goals, the State Council earlier this year set capacity reduction targets for regional and central government enterprises in such sectors, and China's banks have been ordered to slash lending to loss-making and delinquent corporate borrowers. click here .
Jul 15 - Global nickel market deficit widens to 11,200 T in May - INSG
The global nickel market deficit widened to 11,200 tonnes in May, as low prices weighed on refined output from top producer China while demand slowly improved, data from the International Nickel Study Group showed on Friday.But strong yearly production from mines in Indonesia and a revival in output from the Philippines in May suggests global refined nickel production posted a strong recovery in June. click here .
Jul 15 - LME says to freeze warehouse rental rates for 5 years
The London Metal Exchange (LME) took action on Thursday against surging costs at its approved network of warehouses, announcing plans to freeze maximum rental rates for five years.The move was the latest in a series of reforms at the 139-year-old exchange's global network of more than 600 warehouses at 37 locations, which have included tough rules to slash delivery backlogs. click here .
Jul 15 - Japan's aluminium association head sees metal price at $1,500-$1,700/T
Aluminium prices are likely to hover between $1,500 and $1,700 per tonne for the later half of this year as oversupply will cap further gains, Akio Hamaji, the new chairman of the Japan Aluminium Association said on Thursday."With uncertainty over the European economy after Brexit, it is unlikely to see a strong pickup in global economy," Hamaji told a small group of reporters. click here .
Jul 15 - Stormy seas hit Chile copper exports, could buoy prices
Choppy seas off the coast of Chile caused widespread delays to copper shipments from the world's top producer in the second half of June, potentially supporting prices in a market grappling with oversupply.Cargoes were stranded at ports as stormy weather prevented ships from loading, said miners in Chile, including world No.1 Codelco. click here .
Jul 15 - KPS Capital Partners backs out of Essar Steel Algoma bid
Essar Steel Algoma Inc said private equity firm KPS Capital Partners LP had backed out of a consortium that made an offer for the steel maker, but that certain term lenders were still pursuing a bid.ESA, which was bought nearly a decade ago by Indian energy and resources conglomerate Essar Global, had put itself up for sale while operating under creditor protection. click here .
Jul 15 - Samarco seeks huge job cuts as mine stays shut after dam spill - BHP
BHP Billiton said the Samarco iron ore operation in Brazil expects to cut its workforce by 40 percent through voluntary redundancies as it remains shut this year, after halting production in November due to a deadly dam collapse.In what has been billed the worst environmental disaster in Brazil's history, the burst tailings dam at the Samarco mine on Nov. 5 unleashed a mud flow that killed 19 people, left hundreds homeless and polluted a major river. click here .
Jul 14 - Silver jumps 50 percent, but beware the devil's metal
Silver prices have leapt nearly 50 percent so far this year, reversing three years of losses, but history shows investors hoping to hop aboard the bandwagon should be wary.A surge in gold and upbeat prices of industrial metals, along with prospects for yet more monetary stimulus from leading central banks, have prompted some heart-stopping moves. click here.
Jul 14 - U.S. challenges China raw material export duties in trade enforcement push
The United States challenged China's export duties on nine key metals and minerals on Wednesday, arguing they violate Beijing's commitments to the World Trade Organization (WTO) and give an unfair advantage to Chinese manufacturers.China said it respected WTO rules and that the duties had been imposed as part of efforts at environmental protection. click here .
Jul 14 - China can meet 2016 coal and steel capacity reduction goal - economic planner
China can meet its 2016 target for reducing capacity in its coal and steel sectors, the country's top economic planner said on Thursday.The comments were made by National Development & Reform Commission (NDRC) spokesman Zhao Chenxin at a briefing in Beijing. click here.
Jul 14 - Scant short term impact seen on nickel from Philippine mine crackdown
An environmental crackdown on Philippine mines, which helped drive nickel prices to eight-month highs, is likely to have only a muted impact on exports to China in the short term because the biggest mines have met guidelines, experts said.The Philippines is the biggest exporter to top metals consumer China of nickel ore, used to make stainless steel. click here .
Jul 14 - BHP says unlikely to restart Samarco operations in Brazil this year
BHP Billiton said the Samarco iron ore operation in Brazil was unlikely to restart this year, with discussions taking place to reduce the workforce by 40 percent through voluntary redundancies."Samarco has confirmed it is unlikely to have in place the necessary approvals to restart its operations in this calendar year," BHP, a 50-50 owner of Samarco with Vale, said in a statement. click here .
Jul 14 - India relaxes gold jewellery excise duty rules
India on Wednesday relaxed the rules for its tax on gold jewellery sales that was introduced earlier this year in an attempt to address concerns raised by the industry, the government said in a statement.Jewellers in the world's second biggest gold consumer went on strike for six weeks after the government imposed 1 percent excise duty on gold jewellery from March onwards. click here .
Jul 14 - Brazil's Usiminas asks banks to extend standstill, sources say
Usinas Siderúrgicas de Minas Gerais SA, Brazil's No. 1 listed flat steelmaker, is asking banks to extend a 120-day standstill agreement covering 4 billion reais ($1.22 billion) in loans that expires next week in a bid to conserve cash, four sources said on Wednesday.Usiminas has contacted Itaú Unibanco Holding SA, Banco Bradesco SA and state-controlled lenders Banco do Brasil SA and BNDES to stretch out the standstill deadline by between 30 days and 60 days, said the sources, who asked for anonymity to speak about the matter. click here .
Jul 14 - Brazil prosecutors open criminal probe into Samarco CEO
Brazilian federal prosecutors said on Wednesday they opened an investigation into alleged environmental crimes by Roberto Carvalho, chief executive of iron-ore mining company Samarco Mineração SA, over a deadly damburst last year.According to a statement released by prosecutors, Samarco, a 50-50 joint venture between Brazil's Vale SA and Australia's BHP Billiton Ltd, has failed to fully implement emergency precautionary measures ordered by Brazil's environmental protection agency Ibama in the wake of the October 2015 tailings dam burst. click here .
Jul 14 - London gold trade body appoints Bank of England's Fisher as chairman
The London Bullion Market Association has appointed Bank of England executive Paul Fisher as its first non-executive chairman, effective from September 5.Fisher most recently served as deputy head of the Prudential Regulation Authority, and was a member of the Bank of England's monetary policy committee from 2009 to 2014. He is due to retire from the bank in July. click here.
Jul 13 - Goldman raises base metals price forecasts on supply inequalities
Goldman Sachs on Monday raised its outlook for zinc, aluminum and nickel prices anticipating supply inequalities to continue across the metals sphere throughout the second half of the year"In our view, the impact of the prior stimulus is still set to result in sufficient demand growth such that we will continue to see supply differentiation across the metals space during the second half of 2016," the bank said in a note. click here .
Jul 13 - China says U.S. deliberately misread WTO rules in steel subsidy spat
China's Commerce Ministry said on Wednesday the United States had deliberately misinterpreted World Trade Organization (WTO) rules after the U.S. Commerce Department found in favour of subsidy rates for Chinese steel.The U.S. Commerce Department found in favour of anti-dumping measuresfor imports of stainless steel sheet and strip from China and said it had set a preliminary subsidy rate of 57.30 percent for a Chinese steel manufacturer, according to a preliminary finding released on Tuesday. click here .
Jul 13 - Peru's Kuczynski to name economic consultant as mines minister
Peru's President-elect Pedro Pablo Kuczynski will appoint Gonzalo Tamayo, a leading economist for local consulting firm Macroconsult, as his energy and mines ministry in his first cabinet, a source said on Tuesday.Tamayo will be tasked with overseeing major policy decisions on mining as investments in the country's key sector have tumbled on weak commodity prices and local protests derailed two major projects in recent years. click here .
Jul 13 - Japan's Tanaka to buy Swiss precious metals refiner Metalor
Japan's Tanaka Holdings said it would buy Metalor Technologies International SA, a privately held Swiss precious metals refiner, to boost its business as local growth stagnates due to a falling population.The purchase of Metalor will allow Tanaka to expand into precious metals recovery and refining in Europe, North America and Asia, the Tokyo-based company said in a statement on Tuesday. click here .
Jul 13 - Essar Global investors, others express intent to buy Essar Algoma
A group that includes shareholders of Essar Global said it signed a letter of intent with a local unit of the United Steelworkers Union to negotiate a deal to buy Essar Steel Algoma Inc for about $900 million.Essar Global said in a statement last month that it did not support a deal to sell Essar Steel Algoma's assets to a consortium formed by private equity firm KPS Capital Partners. click here .
Jul 13 - Eramet's nickel business SLN agrees to 200 mln euro state loan
Mining group Eramet said that the board of its nickel subsidiary SLN in New Caledonia has approved a 200 million euro ($222.28 million) loan from the French government, aimed at helping the loss-making business survive a severe market downturn.The loan was proposed by Prime Minister Manuel Valls during a visit to the French Pacific territory in late April, but initial terms were blocked by representatives of New Caledonia's northern province. click here .
Jul 12 - Gold miners expand hedge book by another 50 T in Q1 - report
Gold miners expanded the global hedge book by another 50 tonnes in the first quarter after hedging on a net basis for a second straight year in 2015, an industry report showed on Monday.Miners use hedging, usually by selling future production forward, to guarantee returns for their output. click here.
Jul 12 - Australia's Port Hedland June iron ore exports to China rise to record
Record iron ore shipments to China moved through Australia's Port Hedland terminal in June, as major producers BHP Billiton and Fortescue Metals operated close to full capacity and inventories at Chinese ports swelled.Most of the ore both companies mine is sent to China, where higher-grade imports are displacing lower quality domestic ore in Chinese steel mills. click here.
Jul 12 - Goldman raises base metals price forecasts on supply inequalities
Goldman Sachs on Monday raised its outlook for zinc, aluminum and nickel prices anticipating supply inequalities to continue across the metals sphere throughout the second half of the year. "In our view, the impact of the prior stimulus is still set to result in sufficient demand growth such that we will continue to see supply differentiation across the metals space during the second half of 2016," the bank said in a note. click here.
Jul 12 - UK says still offers to take a stake in Port Talbot after Tata pauses sale
Britain said on Monday it could still take a stake in Tata Steel's largest assets, including the Port Talbot plant, or offer loans in order to find a buyer after the Indian steelmaker said it was pausing the sale."The government’s offer of support via an equity stake and/or loans on commercial terms to a future owner of the strip products business, which includes the operations at Port Talbot, remains," Business Secretary Sajid Javid said in a statement posted on parliament's website. click here.
Jul 12 - Low aluminum prices hurt Alcoa second-quarter profit
Alcoa Inc on Monday reported a lower quarterly net profit, with falling aluminum and alumina prices pressuring revenue while plant operations have been scaled back ahead of a spinoff of its traditional smelting business later this year.Alcoa reiterated its forecast for global automotive production growth in 2016 of 1 percent to 4 percent, but said continued weakness in the North American market would offset anticipated growth in heavy-duty truck, trailer and bus production in China. click here.
Jul 12 - Mexico extends tariff on steel tubing imports from the U.S.
Mexico extended a tariff on imports of steel carbon pipes from the United States on Monday and announced a separate tax on ferromanganese from South Korea, in moves to protect local production.A resolution, published in the official gazette by the Economy Ministry, extended a tax of 6.77 percent on pipe imports manufactured by Berg Europipe Holding Corporation and a tax of 4.04 percent for imports made by Berg Steel Pipe Corporation. click here.
Jul 12 - Russia to press on with privatisations after Alrosa sale nets $813 mln
Russia will press on with major privatisations this year, senior government officials said on Monday, after the sale of a further 10.9 percent stake in diamond company Alrosa raised 52.2 billion roubles ($813 million).The deal, the largest state ownership sale for almost four years, is being heralded as a success by the government - especially as it comes after a period during which investor sentiment towards Russia has been soured by low oil prices and Western sanctions over Russia's actions in Ukraine. click here.
Jul 12 - South Africa's Sibanye Gold to cut jobs at loss-making mine
South Africa's Sibanye Gold has started talks with unions about cutting jobs at its loss-making Cooke 4 mine though the largest union in the gold sector has vowed to fight any reductions.With unemployment running at nearly 27 percent, job cuts are often opposed by unions in Africa's most industrialised economy, which is a major concern for mining companies grappling with soaring costs and low metal prices. click here.
Jul 11 - Thyssenkrupp says in talks with Tata about European steel plants
Thyssenkrupp, Germany's biggest steelmaker, confirmed on Sunday that it is in talks with India's Tata Steel about a consolidation of beleaguered European steel mills that are hit by overcapacity, weak demand and cheap imports.Tata Steel said on Friday it had suspended the process of selling its troubled UK arm while it held talks with potential partners, including Thyssenkrupp, about alternative and more sustainable solutions for its entire European business. In addition to its UK operations Tata Steel Europe also owns the former Hoogovens steel plant in the Netherlands. click here.
Jul 11 - Nippon Steel may ask Brazil court to name new Usiminas CEO -source
Nippon Steel & Sumitomo Metal could ask a Brazilian court to choose a new chief executive forits jointly owned steelmaker,Usinas Siderúrgicas de Minas Gerais SA, if a shareholder meeting fails to produce a bettersolution, a source with direct knowledge of the situation said on Friday.Nippon Steel has sued fellow controlling shareholder Ternium over the management of Usiminas, as the Brazilian steelmaker is known. click here .
Jul 11 - Essar Steel Minnesota files for chapter 11 bankruptcy
Essar Steel Minnesota LLC, a U.S. affiliate of India's shipping, natural resources and power conglomerate Essar Global Group, filed for chapter 11 bankruptcy protection on Friday.The company's assets and liabilities are estimated to be worth between $1 billion and $10 billion, according to a court filing in the District of Delaware. click here.
Jul 11 - Speculators take record bullish COMEX gold, silver stances
Hedge funds and money managers again raisedtheir net long positions in COMEX gold and silver contracts to record highs in the week to July 5, as safe-haven assets gained appeal after the June 23 vote by Britain to leave the European Union, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday.The speculators switched to a net long position in copper futures and options, the data showed. click here .
Jul 11 - Russia's RDIF, co-investors bought half of Alrosa share offer - source
The Russian Direct Investment Fund (RDIF) and its co-investors, including sovereign funds in the Middle East and Asia, have bought about half of the shares in state-controlled diamond miner Alrosa offered in a placing, a source familiar with the process said.However, the stake bought by the state-backed RDIF is significantly smaller than those taken by the international funds, the source said, adding that there were Western investors among them. click here .
Jul 11 - Hobbled by 2014 strike, South Africa platinum producers brace for wage talks
The world's top platinum miners face tough wage talks next week with South Africa's hardline unions, having seen their balance sheets battered and the capacity for big pay hikes limited by low prices and the effects of a five-month strike in 2014.The Association of Mineworkers and Construction Union (AMCU) plans to demand rises of more than 50 percent, while a smaller union demanded 20 percent. click here .
Jul 11 - Strike begins at Anglo American's El Soldado mine in Chile
Workers at Anglo American's small El Soldado copper mine in Chile began a strike on Friday after failing to reach agreement in contract talks, a union official told Reuters.The union said operations ceased at 8 a.m. local time (1200 GMT), withworkers continuing only essential shifts at the mine, which produced around 36,000 tonnes of copper last year, less than 1 percent of Chile's overall 5.76 million tonnes. click here .
Jul 11 - Congo agrees to mining companies' demands to resume VAT repayments
Democratic Republic of Congo will resume value-added tax reimbursements owed to mining companies and suspend VAT on their imports, the finance minister said on Friday, aiming to help the sector weather the commodities slump.The government of Africa's largest copper producer suspended the reimbursements in April, seeking to shore up the Congolese franc amid the slowdown in the mining and oil sectors. click here
Jul 08 - Philippines suspends 2 nickel mines, halts permits in environmental crackdown
The Philippines has ordered the suspension of operations at two nickel ore mines for environmental violations and halted the issuance of exploration permits as a nationwide crackdown led by a new mining minister begins.The move could curb nickel ore shipments from the Southeast Asian country, the top supplier to No. 1 market China, and push up global prices further. click here .
Jul 08 - Liberty to bid for Tata Steel units, Port Talbot sale on ice - source
Liberty House Group plans to bid for two units of Tata Steel's British business - specialty steels and pipeline tubes - which operate independently of its Port Talbot plant and related assets that were put up for sale earlier this year, an industry source told Reuters."Liberty will be bidding but that's not the solution to the lack of competitiveness of the UK steel industry. If Tata don't want to continue here but are forced to hold on (to Port Talbot), there's a great danger the business will decline," said an industry source close to Liberty. click here .
Jul 08 - Australia cuts 2016, 2017 iron ore forecasts on supply glut
Australia on Friday signalled it sees the current rally in iron ore prices coming to an end, cutting its price forecasts over the next 18 months to reflect an industry grappling with oversupply and weak demand.The Department of Industry, Innovation and Science cut its 2016 forecast for the country's biggest export earner by nearly 2 percent to an average of $44.20 a tonne and by 20 percent to $44 in 2017. click here .
Jul 08 - China govt-run steel, coal firms to cut 10 pct of capacity in 2 yrs - regulator
China's central-government run steel and coal firms will cut capacity by around 10 percent in the coming two years, and by 15 percent by 2020, as part of their efforts to tackle gluts in the sectors, the state asset regulator said on Friday.The State-Owned Assets Supervision and Administration Commission (SASAC) held a meeting with the 25 coal and steel firms under its jurisdiction at the end of June, it said. click here .
Jul 08 - Chile 2016 copper output seen down 0.5 pct, up 3.1 pct next year
World No.1 copper exporter Chile is expected to produce 5.74 million tonnes of the metal in 2016, a 0.5 percent decrease from a year earlier, state copper commission Cochilco said on Thursday.Next year, copper output is expected to increase 3.1 percent to 5.92 million tonnes. click here .
Jul 08 - Kyrgyzstan votes against Centerra's Thompson Creek takeover
Kyrgyzstan's state gold company Kyrgyzaltyn has voted against a planned $1.1 billion takeover of Thompson Creek Metals by Canadian miner Centerra Gold.Kyrgyzaltyn, which has a 33 percent stake in Centerra, said on Thursday it had not been informed about the planned deal in advance and opposed it because the move would dilute Kyrgyzaltyn's holdings. click here .
Jul 08 - U.S.-based gold funds attract most money since February - Lipper
Investors poured the most money into U.S.-based funds invested in precious metals since February, adding $2 billion to these funds in the latest week, data from Thomson Reuters' Lipper service showed on Thursday.Fund investors bid up gold and other precious metals prices during the seven-day period ended July 6 as markets took cover following Britain's June 23 vote to exit the European Union, a process often referred to as Brexit. click here .
Jul 08 - South Africa's AMCU union to start wage talks with platinum firms next week
The largest union in South Africa's platinum industry said on Thursday it would be demanding higher wages for its members when it begins wage talks next week with Anglo American Platinum, Impala and Lonmin.The union will seek a net salary of 12,500 rand ($853) as minimum wage for its lowest paid members who now take home around 8,000 rand or a 56 percent increase, and a 15 percent hike for higher paid employees when the talks start on July 12. click here .
Jul 08 - U.S. agrees to clean-up deal with bankrupt miner, hopes for payment
The U.S. government agreed to a mine clean-up deal that allows coal producer Alpha Natural Resources to exit bankruptcy, despite concerns that Alpha will be unable to fund $400 million in commitments, a government lawyer told a court on Thursday. The agreement stems from an industry subsidy that allows coal companies to self-insure the environmental costs of mining, called self-bonding, rather than set aside cash or other collateral. click here .
Jul 08 - Eramet seeks new partners for Indonesia's Weda Bay nickel project -CEO
French mining and metals group Eramet said on Thursday it was seeking new partners for its Weda Bay nickel project in Indonesia after two Japanese partners left."We are seeking partners. We've contacted some other groups including Japanese companies," Eramet chairman and chief executive Patrick Buffet told a news conference in Tokyo. click here .
Jul 07 - UK renews pre-Brexit financial aid pledge for Tata Steel
The British government's offer of financial aid to Tata Steel UK and to potential buyers of its assets here is still on the table, business minister Anna Soubry said on Wednesday, despite Britain's shock vote last month to leave the European Union. Seeking to avoid thousands of job losses, the government had offered millions of pounds in support for the company and its potential buyers. It also pledged to take a 25 percent equity stake in Tata Steel UK and reform the British Steel Pension Scheme (BSPS). click here .
Jul 07 - Russia starts sale of stake in diamond producer Alrosa
Russia on Wednesday launched the sale of a stake in diamond producer Alrosa as part of a privatisation programme to help to bolster government finances which have been hit by weak oil prices. Alrosa is the world's largest producer of rough diamonds in carat terms. Together with Anglo American's unit De Beers, they produce about half the world's rough diamonds. click here.
Jul 07 - Tata Steel to further delay decision over UK Port Talbot plant - BBC
Tata Steel TISC.NS will announce the sale of some of its speciality businesses in Britain but further delay a decision on the future of its Port Talbot plant, which it put up for sale earlier this year, the BBC reported. Britain's Business Secretary Sajid Javid is due in Mumbai on Thursday to meet Tata Chairman Cyrus Mistry and the BBC said that the Brexit vote had partly caused the delay in selling the Port Talbot facility in southern Wales. click here.
Jul 07 - DoubleLine's Gundlach: Gold remains best investment in 'shaky' world
Jeffrey Gundlach, the chief executive of DoubleLine Capital, said on Wednesday that gold remains the best investment amid fears of instability in the European Union and prolonged global stagnation, as well as concerns over the effectiveness of central bank policies. "Things are shaky and feeling dangerous,” Gundlach said in a telephone interview. “I am not selling gold.” click here.
Jul 07 - Dominion Diamond sees encouraging acquisition prospects in Canada
Dominion Diamond Corp, Canada's biggest publicly traded diamond miner, is keeping an eye out for acquisitions in Canada where some prospects are "very encouraging," its chief executive said on Wednesday. Dominion, which owns stakes in two of Canada's biggest diamond mines, Ekati and Diavik, is looking for a new chief financial officer who has been involved in a lot of mining mergers and acquisitions, CEO Brendan Bell said. click here.
Jul 07 - Myanmar annual jade and gem emporium sale nets $592 mln
Proceeds from Myanmar's annual sale of jade, gems and pearls totalled 533.49 million euros ($592.12 million), down nearly 10 percent from 2015, government data showed. More than 2,000 gem merchants, many from neighboring China, attended the sale in the capital Naypyitaw from June 24 to July 6, the official Myanmar Alin Daily reported. click here.
Jul 06 - Large inventories a major hurdle for nickel price rally
Nickel bulls have been invigorated by the prospect of demand exceeding supply for the first time in years, but large stocks mean the recent price rally could soon fizzle out.Benchmark nickel on the London Metal Exchange hit an eight-month high of $10,410 a tonne on Monday, a gain of 37 percent since a 13-year low of $7,555 in February. click here .
Jul 06 - Nippon Steel says Usiminas split possible but negotiations not started
A split-up of Brazilian steelmaker Usiminas between controlling shareholders remains an option for resolving a two-year boardroom dispute, but negotiations have not yet started, the top executive in Brazil for one of the parties said on Tuesday.Yoichi Furuta, chief executive for Nippon Steel & Sumitomo Metal in Brazil, told reporters the Japanese company remains committed to Brazil and Usiminas. click here .
Jul 06 - Japan aluminium buyers work out up to 23 pct drop in Q3 premiums
Japanese aluminium buyers have sorted out lower premiums for the metal in the July to September quarter, as much as 23 percent less than the previous quarter, on weaker spot premiums, six sources directly involved in the quarterly pricing talks said.The buyers have agreed to pay producers a premium of $90 to $93 per tonne for metal to be shipped this quarter, down between 19 percent and 23 percent from last quarter, the sources said. click here .
Jul 06 - Germany's BDI warns on rare metals supply
More needs to be done to address trade barriers that are endangering the supply in Germany of some commodities, especially rare metals and rare earths, the head of industry association BDI said on Tuesday."The theme of security of commodity supply (must go) higher on the political agenda," BDI President Ulrich Grillo said. click here.
Jul 06 - Centerra Gold to buy Thompson Creek Metals for $1.1 bln including debt
Canadian mining company Centerra Gold agreed on Tuesday to buy U.S. –based miner Thompson Creek Metals for around $1.1 billion in shares and cash, including paying off nearly $900 million of debt, to expand its operations in North America.Centerra, whose main asset is the Kumtor gold mine in Kyrgyzstan, has wanted to reduce its exposure to the impoverished Asian nation, which has in recent months escalated its rhetoric against the miner as it guns for a bigger slice of its profits. click here.
Jul 05 - Rio Tinto chief shelves giant Guinea iron ore project - newspaper
Rio Tinto has shelved its $20 billion Simandou iron ore project in Guinea because of a sustained slump in prices, the company's new Chief Executive Jean-Sebastien Jacques said in an interview with The Times newspaper.Rio Tinto declined to comment on the article. click here .
Jul 05 - Low scrap metal prices hurting even U.S. garbage scavengers
Erica spends four hours daily walking miles of Milwaukee streets and alleys, digging through garbage and stuffing her red plastic grocery cart with aluminum cans and other small metal items to sell to support her three children.The 34-year-old scavengerhas had to work longer and harder over the past year, underlining how a drastic decline in scrap metal and commodity prices has hurt even the poor who collect discarded metal to sell to scrap yards. click here .
Jul 05 - Chile's Escondida copper mine to spend $180 mln on concentrator
Chile's Escondida, the world's biggest copper mine, said on Monday that it will invest $180 million to revamp an older concentrator plant with processing capacity of some 100,000 tonnes per day.Escondida has three concentrators, and once all of them are up and running, the mine expects to produce around 1.2 million tonnes of copper annually for the next decade. The mine, nestled high in Chile's arid Atacama desert, produced 1.15 million tonnes in 2015. click here .
Jul 05 - India may alter minimum import price list for steel sector
India may alter the list of steel items that attract a minimum import price if the country decides to continue with the protectionist measure beyond August, steel secretary Aruna Sundararajan said.India imposed the minimum import price (MIP) on 173 steel products in February, helping cut inbound shipments last month to their lowest level in at least 14 months. The MIP expires in August. click here .
Jul 05 - Thyssenkrupp plans further shakeup of Industrial Solutions
German industrial group Thyssenkrupp announced a further shakeup of its Industrial Solutions unit, which it is restructuring in the face of weak demand for plant engineering and challenges in its naval business.The unit is Thyssenkrupp's main heavy manufacturing business whose activities range from shipbuilding to mining technology to automotive engineering systems. But it has been hit as customers have been reluctant to invest in large projects because of weak oil and raw material prices, and its naval business lost out on a $40 billion Australian defense contract to French rival DCNS in April. click here .
Jul 05 - As lithium market booms, explorer Neo Lithium eyes Toronto listing
Neo Lithium Corp, a small lithium exploration company with a recent discovery in Argentina, is planning to list on Canada's TSX Venture Exchange around July 15, its chief executive, Waldo Perez, said on Monday.The company, which owns the 3Q brine-reservoir lithium project in northwest Argentina, is fully funded for now after three recent rounds of financing brought in C$18 million ($14.01 million), Perez said in an interview. click here .
Jul 04 - Silver targets $20/oz threshold after push to near 2-year highs
Silver's price charts are signalling further gains after it rallied to near two-year highs on Friday on a combination of rebounding appetite for industrial assets, and rising demand for bullion after last week's shock Brexit vote.Silver, which acts as both as an investment vehicle like gold, and an industrial metal like copper, hit a peak of $19.40 an ounce as the prospect of further interest rate cuts lifted cyclical assets, while concerns over Britain's imminent exit from the European Union boosted gold as a haven from risk. click here .
Jul 04 - BHP, Vale to fight reinstated $6 bln claim for Samarco disaster
BHP Billiton and Vale SA said on Friday they would appeal a Brazilian court's decision to reinstate a $6 billion public civil claim from Brazilian authorities over last year's Samarco iron ore mine disaster.Samarco, along with BHP and 50-50 joint-venture partner Vale, had agreed in March to settle that claim with staggered payments over a 15-year period, with the total amount dictated by the clean-up and repairs. click here .
Jul 04 - Speculators lift bullish gold stance to record amid Brexit vote
Hedge funds and money managers raised their bullish positions in COMEX gold and silver contracts to record highs in the week to June 28, which included the surprise "Brexit" vote by Britain to leave the European Union, U.S. government data showed on Friday.The speculators lowered their net short position in copper futures and options, the U.S. Commodity Futures Trading Commission data showed. click here .
Jul 04 - Adani plans $1.5 bln copper smelter to boost solar ambitions - source
Indian billionaire Gautam Adani-controlled conglomerate Adani Enterprises plans to build a copper smelter with an eye to furthering its ambitions in the solar sector, said a source familiar with the plan.The company recently sought environmental approval to set up a 1-million-tonne-per-year copper smelter in the western state of Gujarat, according to an application submitted by the company which was reviewed early this month by the Environment Ministry. click here .
Jul 04 - Philippines to review all mines as environmentalist takes the helm
The Philippines will review all mines operating in the country, the new mining minister said on Friday, as the committed environmentalist vowed to determine whether the industry is hurting the Southeast Asian nation.Regina Lopez's appointment to head the Department of Environment and Natural Resources has sent shockwaves through the mining sector, which fears a nationwide crackdown. click here .
Jul 04 - Vale says sold three Valemax iron ore ships to ICBC for $296 mln
Brazil's Vale SA said it has sold three of its giant "Valemax" iron ore ships to a group led by Industrial and Commercial Bank of China, continuing efforts to unload assets to cut debt and focus investment on its main mining activities.Vale will receive $269 million for the ships when they are delivered to the Chinese-led group, likely in August, Vale said in a statement late on Thursday. click here .
Jul 01 - Rio Tinto's young guns herald new era of growth for miners
After a rapid rise at Rio Tinto, Jean-Sebastien Jacques, 44, is the youngest boss at a major mining company: the first in a generation that will need to shift from an era of cuts to one of cautious growth.The mining industry, worth nearly $2.5 trillion at its peak in 2011, has reeled from the excesses of the boom years, when companies turned to frenzied dealmaking and building to keep up with China's insatiable appetite for raw materials. click here .
Jul 01 - BHP says will fight $6 bln claim over Samarco disaster
BHP Billiton on Friday said it would appeal against the decision by a Brazilian court to reinstate a $6 billion public civil claim over last year's Samarco iron ore mine disaster.BHP and 50-50 joint-venture partner Vale had agreed on a $2.3 billion settlement in March, but Brazil's Superior Court has responded to an appeal from the Federal Prosecutor's Office by issuing an interim order suspending its ratification. click here .
Jul 01 - Philippine mining set for bumpy ride under Duterte administration
After the Philippines became the top supplier of nickel ore to China in the last two years, its struggling mining industry may have felt like it was turning a corner.But hope in the industry of getting an easier ride exploiting minerals in a country with a strong anti-mining lobby now looks misplaced with the new administration of President Rodrigo Duterte sending tough messages on mining. click here .
Jul 01 - Indonesian group to buy 82.2 pct of copper-gold miner for $2.6 bln
An Indonesian investor group consisting of oil and gas tycoon Arifin Panigoro and banker Agus Projosasmito will spend $2.6 billion to buy 82.2 percent of Newmont Nusa Tenggara (NNT), which operates Indonesia's second-biggest copper and gold mine.The deal, announced on Thursday, highlights how a slump in commodity prices due to oversupply and slowing demand in China has made asset valuations more attractive, spurring merger and acquisition activities. click here .
Jul 01 - Macquarie, Orion quit metals warehousing after 3 years - source
Australia's Macquarie Group Ltd and Orion Mine Finance have sold their stakes in the small British metal warehousing company, Scale Distribution, a source said on Thursday, the latest firms to quit the business as regulation crimps profits.The sale ends a three-year foray into the lucrative storage business, highlighting how tougher regulatory oversight and sweeping rule changes by the London Metal Exchange have made it harder for warehouses to capture the fat profits that lured merchants and banks like Glencore, Goldman Sachs Group Inc into storage in 2010. click here .
Jul 01 - London gold trade agrees reforms to boost transparency
The London Bullion Market Association (LBMA) has taken steps to help to preserve London's role as a major global gold trading centre by making its management more open and independent, documents seen by Reuters showed.London currently dominates the global over-the-counter gold trade but is facing increasing competition from China. There are also more regulatory demands after scandals over attemps to rig interest rate and currency benchmarks.Several banks have run into trouble with regulators over misdemeanors in their precious metals trading business. click here .
Jul 01 - SocGen raises 2016, 2017 gold price forecasts on post-Brexit worries
Societe Generale on Thursday raised its gold price forecasts on fears over the ongoing political, financial and economic fallout of Britain's vote last week to leave the European Union.The French bank raised its 2016 gold price forecast to $1,280 per ounce from $1,200 per ounce previously, and its 2017 forecast to $1,300 per ounce from $1,050. click here .
Jul 01 - ArcelorMittal, Italy's CDP lead rival bids to buy Ilva steel plant
ArcelorMittal and Italy's Marcegaglia have offered to acquire Italian steel plant Ilva, pitting themselves against a rival joint bid by Italy's state lender CDP, businessman Leonardo Del Vecchio's holding company and steelmaker Arvedi.The loss-making Ilva group, which Italy's government took over last year to save jobs and clean up polluted factories, said in a statement it had received the two offers. click here .
Jul 01 - Saudi's Ma'aden says unit begins commercial production at copper mine
An affiliate of Saudi Arabian Mining Co (Ma'aden), the Gulf's largest miner, has started commercial production at the Jabal Sayid copper mine, Ma'aden said on Thursday.The mine is operated by Maaden Barrick Copper Co, which is jointly owned by Ma'aden and Canada's Barrick Gold Corp, according to a statement to Riyadh's bourse. click here .