Base & Precious Metals News
Mar 24 - Philippines allows suspended miners to ship out nickel ore after clampdown
The Philippines' environment ministry has allowed eight suspended nickel ore miners to ship out stockpiles of mined ore, sources told Reuters, temporarily boosting supply from the world's top exporter of the raw metal after a major crackdown. More than half of all mines in the Philippines have been ordered to permanently shut to protect watersheds in an eight-month campaign led by Environment and Natural Resources Secretary Regina Lopez. Click here to read full stories.
Mar 24 - Escondida workers to end strike as they opt for old contract
The strike at Chile's Escondida, the world's largest copper mine, is ending after workers decided to invoke a rarely used legal provision that allows them to extend their old contract, the union said on Thursday. Hours earlier, talks between the two sides failed, and Escondida, which is operated by BHP Billiton, said it would attempt to restart production. The workers said they would present their decision to the government on Friday and return to work on Saturday. Click here to read full stories.
Mar 24 - Aluminium sector seeks way to tackle China-induced instability: Andy Home
The political heat is rising in the aluminium market, with a trio of industry bodies calling on the G20 to address global market imbalances resulting from China's burgeoning output. "China's state-sponsored support is contributing to an unsustainable structural overcapacity that will impact growth and contribute to heightened instability until it is addressed." Click here to read full stories.
Mar 24 - Fortescue Metals to pay down a further $1 bln in debt
Fortescue Metals Group Ltd, the world's No.4 iron ore miner, will pay down $1 billion in a term loan on March 30, it said on Friday, as it looks to continue its cost-cutting drive. The repayment will save it about $38 million in interest costs and reduce its debt burden to $3.6 billion, with about a quarter of that due in 2019. Click here to read full stories.
Mar 24 - Acacia says Tanzania ore export ban costing over $1 mln in daily revenue
Gold miner Acacia Mining said it was incurring an average daily loss of more than $1 million in revenue at its two mines in Tanzania due to a local government directive banning exports of gold and copper concentrate from the country. Tanzania's energy and minerals ministry announced a ban earlier this month on sending copper concentrate or mineral sand for processing abroad, putting 30 percent of Acacia's revenue at risk. Click here to read full stories.
Mar 24 - Argentina says Enirgi, Orocobre to invest $880 mln in lithium
Miners Enirgi Group Corporation and Orocobre will expand their production of lithium in Argentina with investments of $720 million and $160 million, respectively, Argentina's government said on Thursday. Argentina is the world's No. 3 producer of lithium, a hotly demanded material used in car batteries and mobile phones. Click here to read full stories.
Mar 24 - Freeport-McMoRan sees no material impact on output from Peru strike
Freeport-McMoRan Inc said Thursday that a nearly two-week strike has not materially impacted production levels at its Cerro Verde copper mine in Peru, the country's biggest, though the union said output has been cut in half. The union is preparing to skirt an order by the labor ministry to return to work by formally declaring an end to its current strike on Friday and immediately starting a new one, said Cesar Fernandez, the union's deputy secretary general. Click here to read full stories.
Mar 24 - Board of Brazil's Usiminas removes CEO Souza - sources
The board of Brazilian steelmaker Usinas Siderúrgicas de Minas Gerais SA removed Chief Executive Officer Rômel de Souza on Thursday after several board members accused him of breaching company policy during negotiations with a subsidiary last year, three people with knowledge of the matter said. Seven of Usiminas' 11-member board voted to fire Souza and replace him with Sérgio Leite, a longtime executive who had a brief stint as CEO last year, said the people, who requested anonymity due the sensitivity of the matter. Leite's appointment has immediate effect, two of the people said. Click here to read full stories.
Mar 24 - Australian group lines up China backing for new iron ore rail, port
China State Construction Engineering Corp Ltd has tentatively agreed to build a new port and rail line for a yet-to-be-approved iron ore mine in Western Australia, according to a memorandum of understanding with privately-owned New Zealand firm BBI Group. The MOU, tied to a A$6 billion ($4.6 billion) mine, rail and port project, was signed on Friday in a ceremony attended by Chinese Premier Li Keqiang and Australian Prime Minister Malcolm Turnbull, BBI Group said in statement. Click here to read full stories.
Mar 23 - Union leaders at BHP's Escondida mine to meet with workers
Leaders of the striking union at BHP Billiton's Escondida mine in Chile will meet with the rank-and-file before making any additional decisions about negotiations, a union spokesman said after exiting a meeting with BHP on Wednesday. BHP and leaders of the 2,500-member union at Escondida, the world's largest copper mine, left the meeting in the city of Antofagasta without offering additional comment, or saying when the parties would next sit down. Click here to read full stories.
Mar 23 - Iron ore in much-needed correction, China futures have more to drop: Russell
It's taken a while but the iron ore market is finally getting the reality check it needed, although the Chinese part of the market still looks like it requires a bigger dose. Spot iron ore fell to $84.99 a tonne on Wednesday, down 10.4 percent since its peak this year of $94.86, reached on Feb. 21, although it is still up 7.7 percent so far this year. Click here to read full stories.
Mar 23 - Peru's minerals railway to take 2-3 weeks to resume - govt
A railway used by copper, zinc and silver mines to transport concentrates from Peru's central Andes to port is likely be out of action for at least two to three weeks following deadly floods and mudslides, a minister said on Wednesday. Repairs should take about two weeks, but work in the field was unlikely to start until next week once dangerous river levels had eased, transportation minister Martin Vizcarra told Reuters. Click here to read full stories.
Mar 23 - Brazil's Usiminas board seeks to oust CEO, sources say
Most members of Usinas Siderúrgicas de Minas Gerais SA's board want to oust Chief Executive Officer Rômel de Souza for allegedly taking action to replenish the Brazilian steelmaker's cash balance without the board's permission, three people with knowledge of the matter said on Wednesday. More than half of Usiminas' 11-member board believes Souza acted unilaterally late last year when negotiating a way to tap cash from mining subsidiary Musa Mineração Usiminas SA, said two people, who asked for anonymity due the sensitivity of the issue. His actions might have helped led to the collapse of the transaction, the people said. Click here to read full stories.
Mar 23 - No talks planned to end 5-1/2-week Quebec zinc plant strike - union
No meetings are planned between management and striking workers at Noranda Income Fund's zinc refinery in Quebec, the second biggest in North America, a union official said on Wednesday, as the work stoppage dragged through a sixth week. The two sides last met, along with a mediator, on March 3 but failed to break an impasse over proposed changes to the workers' pension plan in a new contract, said Manon Castonguay, the president of United Steelworkers of America Local 6486. Click here to read full stories.
Mar 23 - Russia's Alrosa expects 6 pct fall in first-quarter diamond sales
Russian diamond miner Alrosa expects its first-quarter sales to be down 6 percent at $1.25 billion compared with a year ago, the state-controlled company said in a presentation for its investor day on Wednesday. Alrosa, the world's largest producer of rough diamonds, plans to increase diamond output to 39.2 million carats in 2017 from 37.4 million carats in 2016, it said in the presentation. Production is expected to reach 40.4 million carats in 2021. Click here to read full stories.
Mar 23 - Votorantim says it has halted zinc smelting in Peru amid floods
Brazilian group Votorantim has halted operations at its zinc smelter Cajamarquilla in Peru after floods and mudslides disrupted transport and restricted the availability of running water in the Andean country. The company said in an email that the halt was a precautionary measure and it was carrying out maintenance work to restart operations as soon as weather conditions allow. Click here to read full stories.
Mar 22 - ICE delays launch of clearing for London gold benchmark - sources
Intercontinental Exchange (ICE) has delayed the launch of clearing for London's benchmark gold price because not all participants in the auction will be ready, two sources involved in the process said on Tuesday. The delay could weaken its bid to become the dominant exchange in London's $5 trillion-a-year bullion market, sources say. Click here to read full stories.
Mar 22 - Big banks talking to Rio Tinto's specialist new Ventures arm
London bankers are vying for contracts after Rio Tinto said it had set up a new unit, Rio Tinto Ventures, to develop more specialised mining prospects as it seeks to reduce its reliance on bulk commodities, three banking sources said. The big miners have traditionally relied on producing high-margin commodities, such as coal and iron, for the largest part of their earnings. Click here to read full stories.
Mar 22 - Worried Canada presses U.S. over Buy America steel plan - sources
Canada's government, under pressure from domestic steel firms, is expressing concern to U.S. officials about a proposed Buy America policy that could cause heavy Canadian job losses, people familiar with the discussions told Reuters. U.S. President Donald Trump, who wants firms to "Buy American and hire American," pledged in January to require new pipelines to use U.S.-made steel. Click here to read full stories.
Mar 22 - China's Hebei Steel gets approval for $6 bln upgrade project
Hebei Steel Group, China's biggest steelmaker by output, has won approval for a 42.4 billion yuan ($6.2 billion) project that will reduce its steel capacity by nearly 2 million tonnes and upgrade old technology, Hebei province's economic planner said. China, the world's biggest producer and consumer of steel, is prioritising supply-side reform in its steel and coal sectors, seeking to tackle pollution and cut an output capacity glut that has weighed on both domestic and global prices. Click here to read full stories.
Mar 22 - Canada's Endeavour Mining ends merger talks with Acacia
Canadian gold miner Endeavour Mining Corp said on Tuesday it had ended discussions with London-based Acacia Mining Plc regarding a potential merger. Endeavour, which operates mines in West Africa, had held talks with Acacia earlier in January. Click here to read full stories.
Mar 22 - Zinc miner Volcan declares force majeure amid flooding in Peru
Peruvian zinc and silver miner Volcan declared force majeure on its mineral deliveries after heavy flooding disrupted transportation from the country's central region to the Pacific coast, it said on late on Monday. The government has said it could take at least 15 days to repair a railway that moves mineral concentrates from mines in central Peru to the nation's Pacific port of Callao after it was damaged by floods and mudslides. Click here to read full stories.
Mar 21 - Striking union at BHP's Escondida says it is open to further conversations
The union for striking workers at BHP Billiton's Escondida in Chile, the world's largest copper mine, said after meeting with the company on Monday that it was open to further conversations that could lead to reopening negotiations. "At this time, both parties are doing their own evaluation. Depending on the status of that evaluation, this could go forward," union spokesman Carlos Allendes told reporters in the city of Antofagasta. Click here to read full stories.
Mar 21 - Gold is marooned between U.S. rates and India demand: Russell
It's not unusual for a financial market to be pulled in different directions simultaneously by competing influences, but what is notable for gold currently is the apparent inability of the contradictory factors to gain momentum. History and logic suggest that when the United States starts a monetary tightening cycle, gold will underperform, since as a non-yielding asset it loses out to instruments that will enjoy higher yields from the rising rates. Click here to read full stories.
Mar 21 - China's first 2017 rare earth output quota unchanged at 52,500 tonnes
China has set its first rare-earth production quota for 2017 at 52,500 tonnes, unchanged from last year, the Ministry of Land and Resources said on Tuesday. The ministry said that the total quota includes 8,950 tonnes of medium- and heavy- rare earth oxides, and 43,550 tonnes of light rare earth oxides. A second quota will be issued in the second quarter. Click here to read full stories.
Mar 21 - Freeport Indonesia resumes copper concentrate production
Freeport McMoRan Inc's Indonesian unit has resumed production of copper concentrate at its giant Grasberg mine, a spokesman told Reuters on Tuesday, ending a more than one-month stoppage. "We have begun to resume operations in stages," Freeport Indonesia spokesman Riza Pratama said, confirming that copper concentrate production had resumed on Tuesday. Click here to read full stories.
Mar 21 - Union at Peru mine Cerro Verde says it to restart strike Friday
A strike at Peru's top copper mine, Cerro Verde, is set to end by government order on Thursday, but workers said the stoppage would start right back up on Friday if no deal over their demands is reached with management. Union Secretary General Zenon Mujica said that 11 days of striking had not resolved the dispute. The workers want better family health benefits and a bigger share of the mine's profits. Click here to read full stories.
Mar 21 - Global nickel market in 1,100 tonne deficit in Jan - INSG
The global market for refined nickel started the year with a 1,100-tonne deficit in the month of January due to robust demand growth from Asia and the Americas, a report from the International Nickel Study Group showed on Tuesday. Refined nickel consumption of 170,100 tonnes outstripped production of 169,000 tonnes over the month, it said. Click here to read full stories.
Mar 21 - Dominion Diamond, Stornoway held merger talks - sources
Dominion Diamond Corp and fellow Canadian diamond miner Stornoway Diamond Corp have held talks about a potential merger in recent months, people familiar with the matter said on Monday. World No. 3 diamond miner Dominion, target of a $1.1 billion bid by U.S. billionaire Dennis Washington, and Stornoway, a small miner with a diamond mine in Quebec, declined to comment. The people declined to be named as the discussions are private. Click here to read full stories.
Mar 21 - Peru mine output stranded after rains disrupt rail shipments
Heavy rains in Peru have disrupted train transport of minerals from the country's central region to the Pacific Coast, and the train line could take at least 15 days to fix,Vice President and Transport Minister Martin Vizcarra said on Monday. The government is coordinating with mining companies to find alternative routes, Vizcarra said. The intense floods have killed more than 70 people and destroyed tens of thousands of homes since the start of the rainy season. Click here to read full stories.
Mar 21 - Japan Feb crude steel output falls on Leap Year effect
Japan's crude steel output in February fell 0.1 percent from a year earlier when an extra day in the Leap Year pushed up production, while the daily output grew 3.5 percent from a year ago on strong local demand for construction and automobiles. Crude steel output edged down last month to 8.34 million tonnes, marking a first drop in three months, the Japan Iron and Steel Federation said on Tuesday. Output, which is not seasonally adjusted, decreased 7.4 percent from January. Click here to read full stories.
Mar 20 - Union at Chile's Escondida slams new offer from management
The labor union at the world's largest copper mine, BHP Billiton's Escondida in Chile, called a fresh offer of talks by management to end a 39-day strike "manipulative." The union told Reuters on Sunday that it will decide whether to attend a meeting with the company after holding two assemblies for its 2,500 members on Sunday and early on Monday. The company has proposed talks for Monday afternoon. Click here to read full stories.
Mar 20 - Nickel markets can shrug off any Philippine mining ban: Russell
Just how worried should nickel markets be about the latest threats by Philippine President Rodrigo Duterte to stop all mining in the world's biggest exporter of the metal ore? Probably not too much. The reason to be relatively sanguine about the prospects for nickel supply isn't that Duterte is unlikely to follow up on his latest threat, although he may not. Click here to read full stories.
Mar 20 - POSCO offers to surrender land for planned India steel project
South Korean steelmaker POSCO has asked the eastern state of Odisha in India to take back the land it was allotted for a $12 billion steel project as it has not been able to start work, two senior state officials said. This could be a sign the world's fourth-biggest steelmaker was scrapping the proposed 12 million-tonnes-a-year steel plant, although POSCO said on Sunday that its move to return the land did not mean it would cancel the long-delayed project. Click here to read full stories.
Mar 20 - China hits back at foreign scrutiny on its excess steel capacity
China should not be singled out in a fight against excess steel capacity that requires stronger global cooperation, Wang Shouwen, a vice commerce minister, said on Saturday. "When we are talking about overcapacity in the steel sector, China should not be singled out. This is a global issue, this is a cyclical issue," Wang told the China Development Forum in Beijing. Click here to read full stories.
Mar 20 - Speculators slash bullish wagers in COMEX gold, silver - CFTC
Hedge funds and money managers slashed their net long position in COMEX gold for the second straight week in the week to March 14, and also cut long positions in silver, U.S. Commodity Futures Trading Commission data showed on Friday. Money managers cut their net long position in bullion by 44,058 lots, bringing to totla all the way down to 49,835 lots, the lowest since early January, the data showed. During that week, prices dropped about 1.5 percent on firm expectations that the Federal Reserve would hike U.S. interest rates in March and as the dollar strenthened. Click here to read full stories.
Mar 20 - ArcelorMittal consortium submits top bid for Italian steel plant
ArcelorMittal, the world's top steelmaker, and Italian processor Marcegaglia have offered 1.6 billion euros ($1.72 billion) to buy Italy's troubled Ilva steel plant, outbidding a rival consortium, three sources said on Friday. The rival group that includes India's JSW Steel bid 1.2 billion euros for the Ilva plant, the three sources with direct knowledge of the bids told Reuters. Click here to read full stories.
Mar 17 - Suspended Philippine nickel miner plans to restart in policy test
A Philippine nickel ore producer plans to reopen two mines suspended for environmental violations while it awaits the outcome of an appeal, in a test of rules around the government's crackdown on the industry. The two mines were among 10 suspended last year during a months-long audit led by Environment Secretary Regina Lopez, who later ordered the closure of more than half of operating mines in the world's top nickel ore exporter. Click here to read full stories.
Mar 17 - Escondida striking union says invited company to talk on main demands
The striking union at Escondida mine in Chile, the world's biggest copper mine, said on Thursday it would return to the negotiating table if the company gave a written guarantee that it would only discuss the uion's three key demands. Escondida did not immediately respond to requests for comment. Click here to read full stories.
Mar 17 - Barrick Gold explores sale, joint venture for Peru mine -sources
Barrick Gold Corp, the world's biggest gold producer, is exploring options for its Lagunas Norte mine in Peru, including the sale of part or all of the asset, three people with knowledge of the matter told Reuters. Barrick, which is working with Toronto Dominion Bank, may prefer to hold 50 percent of Lagunas Norte, but it was unclear if the company wanted to keep control of the open-pit mine as operator, the people added. Click here to read full stories.
Mar 17 - Indian billionaire targets $2.4 bln Anglo stake as mining sector revives
Indian billionaire Anil Agarwal said he wants to buy a 2 billion pound ($2.45 billion) stake in Anglo American, a major vote of confidence in the global miner's recovery. Last year, Anglo American's shares gained nearly 300 percent, making it the best performer on the London FTSE as the mining industry recovered from a slump in commodity prices in 2015 and early 2016. Click here to read full stories.
Mar 17 - ANZ Bank quits trading in base metals, coal and iron ore
Australia and New Zealand Banking Group is scaling back its commodities market exposure by quitting trading activity in base metals, coal and iron ore and electricity, the bank confirmed on Friday, citing higher regulatory and capital costs. In a statement issued after Reuters reported the move, ANZ, Australia's third-largest lender by assets, said 11 staff across Melbourne, Sydney, Singapore, London and Shanghai will be leave the bank as a result of exiting trading in those commodities. Click here to read full stories.
Mar 17 - Vale says Brazil court suspends Samarco damages lawsuit to help deal
Brazilian iron ore miner Vale SA said on Thursday that a federal court in Minas Gerais has suspended a case brought by prosecutors seeking 155 billion reais ($49.7 billion) in damages for the 2015 Samarco mine disaster. Vale said in a securities filing the court suspended other lawsuits to facilitate negotiation of a final deal on damages resulting from the collapse of a tailings dam at the mine - a joint venture between Vale and the world's largest mining company, BHP Billiton Ltd. Click here to read full stories.
Mar 17 - Rusal's fourth-quarter core earnings jump 35 pct, beat forecasts
Russian aluminium giant Rusal said on Friday its fourth-quarter core earnings jumped by more than a third due to a recovery in metal prices, and forecast the market to remain in good shape this year. Quarterly earnings before interest tax and amortisation (EBITDA) rose to $412 million, up 35 percent from a year earlier, beating analyst expectations for a 31 percent rise to $400 million. Click here to read full stories.
Mar 17 - Polish copper miner posts bigger than expected full-year loss
Poland's state-run KGHM, one of the world's biggest copper and silver producers, on Thursday posted a consolidated net loss of 4.37 billion zlotys ($1.09 billion) for 2016, hit by an impairment related to the value of foreign assets. The loss was bigger than analysts' expectations of 3.87 billion zlotys but an improvement on the 5 billion zlotys loss booked in 2015, when writedowns also weighed on results. Click here to read full stories.
Mar 17 - New CEO of Russia's Alrosa committed to diamond miner's strategy
The new chief executive of diamond miner Alrosa said on Thursday he would remain committed to the Russian state-controlled company's strategy, which has focused on mining, selling non-core assets and increasing production organically. Russia appointed Sergey Ivanov Jr, son of the former head of the Kremlin administration, as the new head of the world's largest producer of rough diamonds this month, prompting some analysts to ask whether he would start diversifying into diamond polishing or other commodities. Click here to read full stories.
Mar 16 - London gold rush: ICE to launch clearing before banks are ready
Intercontinental Exchange (ICE) is set to launch clearing for London's benchmark gold price auction before participants are ready as it races to prevent rivals muscling in on the city's $5 trillion-a-year bullion market, market and banking sources said. Clearing - where an exchange acts as an intermediary to guarantee and settle trades - is regarded as a necessary progression for the gold trade as tighter regulatory capital requirements increase the cost of trading off-exchange. ICE, the London Metal Exchange (LME) and CME Group are competing to offer services through futures contracts and grab the biggest slice of the new business. Click here to read full stories.
Mar 16 - Indian billionaire Agarwal to invest up to 2 bln pounds in Anglo American
Indian billionaire Anil Agarwal said on Wednesday he would buy a stake of up to 2 billion pounds ($2.46 billion)in Anglo American, but had no intention of trying to take control of the global miner. Agarwal, who has majority control of Hindustan Zinc Ltd through Vedanta Ltd will make the investment viahis family trust Volcan Holdings, Volcan said in a statement. Click here to read full stories.
Mar 16 - Vale to get $733 mln by month-end from Moatize stake sale to Mitsui
Brazilian mining company Vale SA said on Wednesday it is nearing conclusion of a deal to sell a stake in Mozambique's Moatize coal project to Japan's Mitsui & Co Ltd. Vale said it expects to receive by the end of this month an initial payment of $733 million from Mitsui from the equity sale. The company said it would receive $2.7 billion more after the financing for the project of the mine and the transportation system is concluded. Click here to read full stories.
Mar 16 - Polymetal plans to keep London listing despite Russian flight
Russian gold and silver miner Polymetal plans to keep its London stock exchange listing and hopes to attract some of the U.S. shareholders lost at the height of tensions between Moscow and the West, a senior executive said on Wednesday. Fellow Russian miner Nordgold and Russian homebuilder PIK Group have decided to leave the London market, saying their market capitalisation did not reflect their value. Click here to read full stories.
Mar 16 - Russia's Nornickel 2016 core earnings fall less than expected
Russia's Norilsk Nickel reported a 9 percent drop in 2016 core earnings on Wednesday due to lower metals prices, but was cautiously optimistic about the nickel market for this year, saying a shortfall in supply could increase. Nornickel, the world's second-largest nickel producer after Brazilian miner Vale SA and the world's top palladium producer, has also been affected by a one-off fall in production due to a revamp of its downstream operations. Click here to read full stories.
Mar 16 - Moroccan miner Managem reports 41 pct jump in 2016 net profit
Top Moroccan miner Managem reported a 41 percent rise in annual net profit to 289 million dirhams ($29 million) on Thursday helped by higher output and a rebound in metals prices. Managem said significant discoveries had led to higher production, including a 32 percent rise in silver, 4 percent in cobalt, and 8 percent in zinc. Click here to read full stories.
Mar 15 - Escondida copper mine in Chile says to restart operations
The Escondida copper mine in Chile plans to restart operations after striking workers again rejected an invitation by controlling owner BHP Billiton, to return to negotiations, an executive told reporters late Tuesday. The world's largest copper mine will first resume work in two areas of the mine that are unrelated to the current talks, Escondida Mine President Marcelo Castillo said at a news conference in the city of Antofagasta. Click here to read full stories.
Mar 15 - Glencore tightens grip on zinc through deal with Canada's Trevali
Miner-trader Glencore has increased its control of core commodity zinc through a deal with Canada's Trevali in which it is selling shares in two mines and helping to create the first pure zinc company with wide geographical reach. Glencore's share price has risen around 13 percent this year, adding to gains of more than 200 percent in 2016 when it rebounded from a commodities price crash. Click here to read full stories.
Mar 15 - Cerro Verde strike may end next week if Peru rules against it
A strike at Peru's top copper mine, Cerro Verde, may end next week if the labor ministry declares it illegal, the head of the union said on Tuesday after negotiations with owner Freeport-McMoRan Inc ended without an agreement on labor demands. Workers began the strike on Friday to demand better family health benefits and a bigger share of the mine's profits, but the ministry has issued a preliminary decision against the stoppage that the union is appealing, Cerro Verde Union President Zenon Mujica said on a phone call. Click here to read full stories.
Mar 15 - Philippine lawmakers postpone vote on embattled resources minister
Philippine lawmakers on Tuesday deferred a decision to confirm or reject an ardent environmentalist as the country's resources minister, stoking uncertainty over the outlook for mining in the world's top nickel ore supplier. Regina Lopez last month ordered the closure of more than half the nation's mines to protect watersheds, a bold step backed by President Rodrigo Duterte, who has said the Philippines can survive without mining. Click here to read full stories.
Mar 15 - Antofagasta 2016 profits surge, expects copper prices to rise
Chilean copper miner Antofagasta on Tuesday reported a 79 percent jump in full-year earnings and raised its dividend four-fold, saying it expected commodity prices to rise further this year. The London-listed company, majority-owned by Chile's Luksic family, like other miners has recovered from a 2015 rout in commodity prices, emboldening them to spend more on dividends and projects. Click here to read full stories.
Mar 15 - UK's BullionVault to offer investors physical platinum trade
British firm BullionVault will from Tuesday offer customers a facility to buy, sell and store physical platinum held in bars weighing between 1 kg and 6 kg denominated in sterling, dollars or euros. BullionVault is partnering with the World Platinum Investment Council (WPIC) to offer platinum to private individuals at the same costs as institutional investors, which are charged less. Click here to read full stories.
Mar 14 - Philippines' Duterte wants mining ban, links miners to destabilisation plot
Philippine President Rodrigo Duterte on Monday accused some miners of funding efforts to destabilise his government as he talked about a possible plan to impose a ban on mining given the environmental damage producers have caused. Duterte, who has said the Southeast Asian nation can survive without mining, has backed a crackdown on miners by Environment and Natural Resources Secretary Regina Lopez in the world's top supplier of nickel ore. Click here to read full stories.
Mar 14 - BHP tries again to get Chile's Escondida union back to table
BHP Billiton on Monday invited striking workers at its Escondida copper mine in Chile, the world's largest, to return to the negotiating table, after they rejected a similar approach on Saturday. Escondida's 2,500-member union has been on strike since Feb. 9 after new contract talks fell apart, and the mine has produced no copper since then. Click here to read full stories.
Mar 14 - China Jan-Feb steel output rises 5.8 pct from year ago -stats bureau
China's steel output in the first two months of 2017 rose 5.8 percent from the same period a year ago, data showed on Tuesday, as mills boosted production amid higher prices and firm demand as Beijing moves to cut excess capacity in the sector. China's steel output for January and February combined rose to 128.77 million tonnes, the National Bureau of Statistics (NBS) said. The NBS provided information for January and February together to smooth the impact of the Lunar New Year holiday, and did not give a separate monthly breakdown. Click here to read full stories.
Mar 14 - Dalian commodity exchange cuts near-month iron ore contract fees
The Dalian Commodity Exchange in a trial move will slash transaction fees for near-month iron ore contracts between May and July, it said on Tuesday. It will charge only 10 percent of the transaction fees previously assessed by the exchange for near-month contracts during May 2-July 31, a move expected to boost liquidity of the product. Click here to read full stories.
Mar 14 - Antofagasta 2016 profits surge, expects copper prices to rise
Chilean copper miner Antofagasta on Tuesday reported a surge in full-year earnings on lower costs and better prices, saying it expected commodity prices to improve further this year. Its 2016 earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 78.7 percent to $1.63 billion, the company said in a statement. Click here to read full stories.
Mar 14 - Strike at Peru's top copper mine in 4th day, output at 50 pct - union
A strike at Peru's biggest copper mine, Freeport-McMoRan Inc's Cerro Verde, stretched into its fourth day after a meeting between the union and management failed to resolve a dispute over labor demands, a union official said on Monday. The mine is now producing about half as much copper as it normally does because Freeport has hired contract workers to operate key areas, said union official Jesus Revilla. Click here to read full stories.
Mar 14 - Glencore hires Morgan Stanley banker as it targets investments
Glencore has hired a senior banker from Morgan Stanley, two sources familiar with the matter told Reuters, as the mining giant looks at investments and acquisitions again after two years of belt tightening due to low commodities prices. The Zug, Switzerland-based company has hired Cyrus Behbehani, who helped run Morgan Stanley's investment banking franchise in the Middle East, the sources said. Click here to read full stories.
Mar 14 - Anglo American plans pay cap after shareholder revolt
Major miner Anglo American is set to cap executive bonuses, it said on Monday, following a shareholder revolt last year over high payouts even when the company's share price had crashed. In its annual report, Anglo American said on Monday it would reduce maximum annual bonuses for Chief Executive Mark Cutifani to 300 percent from 350 percent of basic salary, bringing it in line with other executive directors. Click here to read full stories.
Mar 14 - Iran signs $1 billion deal to develop Mehdiabad zinc mine
Iran has signed a $1 billion deal with private investors to develop Mehdiabad, one of the world's largest zinc mines, which it expects to go on stream in the next four years and produce 800,000 tonnes of zinc concentrate per year. The state-owned Iranian Mines and Mining Industries Development and Renovation Organisation (IMIDRO) said in a weekend statement it signed the deal with a consortium of six private companies, led by Iran's Mobin Mining and Construction Company. Click here to read full stories.
Mar 13 - India gold recycling plan fails to tempt households
India's ambitious plan to recycle thousands of tonnes of gold lying idle in temples and households looks to have foundered on concerns over high costs and slight returns, in a blow to government hopes of cutting imports of the metal. After 16 months, temples and households have turned over just seven tonnes of gold out of the 24,000 tonnes believed to be in private hands, two industry sources and a government official said, with almost all the gold coming from temples. Click here to read full stories.
Mar 13 - Copper bulls get a stocks reality check: Andy Home
Copper bulls have just had a reality check. The world's two biggest mines, Escondida in Chile and Grasberg in Indonesia, are losing production daily due to a strike and an export ban respectively. Another major mine, Cerro Verde in Peru, is also facing an imminent walkout with unions planning a five-day strike starting on Friday. Click here to read full stories.
Mar 13 - Union at BHP Billiton's Escondida mine rejects offer to resume talks
The striking union at BHP Billiton's Escondida copper mine in Chile, the world's largest, said on Saturday it will not accept the company's offer to return to the negotiating table, and called on BHP to clarify its negotiating positions. During the strike, which started on Feb. 9, Escondida's 2,500-member Union No. 1 has repeatedly said it has three non-negotiable demands the company must commit to before workers return to the table. Click here to read full stories.
Mar 13 - Strike hits output at top Peru copper mine Cerro Verde - union
Workers at Peru's top copper mine, Freeport-McMoRan's Cerro Verde, started an indefinite strike on Friday that halted 95 percent of production of about 40,000 tonnes per month, the union said. But a dispute over worker demands might be solved at a scheduled meeting between union officials and the mine's management on Monday, said Zenon Mujica, the secretary general of the union. Click here to read full stories.
Mar 13 - Speculators slash net long COMEX gold, silver positions
Hedge funds and money managers slashed their net long position in COMEX gold from the highest in 3 months in the week to March 7, and cut it slightly in silver, U.S. Commodity Futures Trading Commission data showed on Friday. Money managers cut their net long position in bullion by 27,827 to 93,893 lots, the data showed. A week earlier, speculators had boosted their net long position in COMEX gold to the highest in more than three months. Click here to read full stories.
Mar 13 - Peru metals smelter draws zero bids in first auction
No company placed any bids on Peru's nearly 100-year-old polymetallic smelter La Oroya on Friday in the first of three public auctions, in a setback for President Pedro Pablo Kuczynski's plans to ramp up the country's refining capacity. The minimum price for the smelter and a small copper mine will be reduced by 15 percent from about $270 million in the second auction on March 21, and would drop another 15 percent if a third and final auction is needed on March 30, said Pablo Peschierawith consulting firm Dirige that organized the sale. Click here to read full stories.
Mar 13 - Brazil miner Vale hires head hunter to find CEO successor by May
Brazilian mining company Vale SA, the world's largest iron ore producer, has hired head hunter Spencer Stuart to find a successor to Chief Executive Officer Murilo Ferreira, the company said in a Friday statement. Spencer Stuart will present a list of candidates to the company's board to make a final decision by the end of May, Vale said. Click here to read full stories.
Mar 10 - Bets on gold hold ground even as Fed rate hike looms large
While an imminent hike in U.S. interest rates is putting a downdraft on gold prices, bullion's allure as a safe haven is likely to limit the downside, traders and analysts say, owing to uncertainties in the United States and Europe. Gold slumped to a 10-month low in mid-December after rates were increased for the first time in a year, but gold investors don't appear to be as jittery ahead of the next Fed meeting and a near-certain rate rise on March 14-15. Click here to read full stories.
Mar 10 - U.S. aluminium foil producers launch case accusing China of dumping
U.S. aluminium foil producers have filed petitions with their government accusing Chinese manufacturers of dumping the product in the United States, the first such case since the inauguration of U.S. President Donald Trump. The move comes a week before Rex Tillerson makes his maiden trip to China as U.S. Secretary of State, amid festering tensions between the world's top two economies over aluminium and steel trade. Click here to read full stories.
Mar 10 - Ex-Trafigura trader Collins plans platform to match buyers, sellers
Simon Collins, the ex-head of metals and minerals at trader Trafigura, is gearing up to launch an online platform to match buyers and sellers in physical metals markets. Collins, a high-profile industry figure who left Trafigura in 2015, said the Tradecloud system would start operating out of Singapore in August. The platform will help traders to verify new counterparties and reduce risk through steps such as checking members' social media profile and endorsements. Click here to read full stories.
Mar 10 - Embattled Philippine minister may win reappointment if Congress defers decision
Philippine President Rodrigo Duterte could reappoint the environment minister who ordered more than half the country's mines shut down, as Congress appears set to defer a decision on her confirmation. Duterte has backed a mining crackdown by Environment and Natural Resources Secretary Regina Lopez in the world's top supplier of nickel ore, which has angered miners who seek her removal for decisions they have said were baseless. Click here to read full stories.
Mar 10 - Japan asks WTO to set up settlement panel in India steel dispute
Japan on Thursday asked the World Trade Organization (WTO) to set up a dispute settlement panel to examine India's safeguard duties on steel imports which it says may be violating the WTO rules. Japan, the world's second-biggest steel producer, usually tries to deal with trade disputes through bilateral talks, but with global trade friction increasing, Japan's defence of an industry that sells nearly half of its products overseas is getting more vigorous. Click here to read full stories.
Mar 10 - Platinum market deficit to shrink for fourth year in 2017 - WPIC
Platinum's market deficit is expected to persist this year, an industry report showed on Thursday, but the shortfall is seen shrinking for a fourth consecutive year as declining investment and jewellery buying outweighs lower supply. In its latest report, the World Platinum Investment Council, created by the six leading platinum producers in 2014, said the market was expected to post a deficit of 120,000 ounces in 2017, against a shortfall of 270,000 ounces last year. Click here to read full stories.
Mar 10 - China to push restructuring of state enterprises
China will move forward with restructuring central government enterprises this year, and focus on the steel, coal, heavy equipment and coal-fired power sectors, the head of the state asset regulator said on Thursday. China has pledged to make further cuts in excess and inefficient capacity in "smokestack" industries and the mining sector as part of an effort to upgrade its economy and reduce pollution, but the move threatens to throw millions out of work. Click here to read full stories.
Mar 09 - BHP eyes temporary workers to break strike at Chile's Escondida mine
BHP Billiton may try to restart production at the world's No.1 copper mine Escondida in Chile using temporary workers once the strike surpasses 30 days, the company told a local radio station on Wednesday. If their safety could be assured "there is the option of using contractors' help to try to get production going" and it will be evaluated day by day, Escondida's corporate affairs director Patricio Vilaplana told Teletrece in an interview. Click here to read full stories.
Mar 09 - Copper smelter fees in Asia cool to 4-yr lows after mine shutdowns
Spot processing fees in Asia for copper concentrate have slid to their cheapest in four years as shutdowns at the world's top two mines in Chile and Indonesia grind on longer than anticipated, and it is likely they will drop further in the coming month. Treatment and refining charges (TC/RCs) for trader-to-smelter deals for shipments to China in March and April have fallen to around $70 a tonne and 7 cents a pound, according to a smelter and a trading source. Click here to read full stories.
Mar 09 - Philippine environment minister says still has Duterte's support
The Philippines' environment minister said on Thursday that President Rodrigo Duterte has assured her he would reappoint her if a congressional panel delays a decision on her confirmation, giving her more time to press her case on mine closures. Environment and Natural Resources Secretary Regina Lopez is facing a heated hearing to have her position confirmed by lawmakers after ordering the closure of more than half of the country's mines for environmental infringements. Click here to read full stories.
Mar 09 - Bullish China commodity imports narrative showing some cracks: Russell
China's imports of major commodities remained robust in February, underlining the recent positive trend, but also masking a few areas of emerging concern. Imports of crude oil, coal, iron ore and copper were all lower in February than in January, but once adjusted to a daily basis, the picture remained one of strength. Click here to read full stories.
Mar 09 - No end in sight for strike at Noranda Quebec zinc plant
A 3-1/2-week strike at Noranda Income Fund's zinc processing facility in Quebec is showing no signs of ending, union officials said on Wednesday, with no talks set between workers and management. The two sides met with a Quebec government-appointed mediator last Friday but no progress was made in settling a dispute over pension cuts and no further meetings arranged, United Steelworkers of America Local 6486 President Manon Castonguay said. Click here to read full stories.
Mar 09 - China's 'blue skies' dreams mean red flags for industrial metals: Andy Home
"We will make our skies blue again". That was the rallying call issued by Chinese Premier Li Keqiang at the start of the country's annual meeting of parliament. Any lingering doubts that air pollution has moved to the very top of Beijing's political agenda should be dispelled. Click here to read full stories.
Mar 09 - South African miner Exxaro to sell stake in chemical maker Tronox
South African diversified miner Exxaro Resources will sell its 44 percent stake in chemical maker Tronox to focus on its core mining activities and to fund capital commitments, the company said on Wednesday. Exxaro mainly produces coal and invests in iron ore and is considering buying assets from British miner Anglo American. Click here to read full stories.
Mar 09 - Mongolia sees no change in Oyu Tolgoi copper stake
Mongolia said it has no plans to change the size of its stake in the massive Oyu Tolgoi copper mine, although it is seeking to boost exploration as it works to bolster its finances following an IMF-led loan deal. Oyu Tolgoi is jointly owned by the government of Mongolia (34 percent) and Turquoise Hill Resources (66 percent), which in turn is 51 percent-owned by mine operator Rio Tinto. Click here to read full stories.
Mar 08 - Small miners seen driving deal-making, repeating past mistakes
Bankers and stock markets are signaling an upcoming wave of mergers and acquisitions among small and mid-sized miners, but financiers worry that companies have not learned from costly mistakes made in the last commodity boom. In a "recycling of assets," smaller miners bulked up in recent years as the world's biggest operators sold a string of assets to repair debt-loaded balance sheets and ride out anemic prices. Click here to read full stories.
Mar 08 - China's Feb steel exports slump to three-year low, iron ore down
Chinese steel exports tumbled to a three-year low in February, customs data showed on Wednesday, lower than expectations, as steelmakers in the world's top producer shifted to meeting rising demand at home. Shipments for the month were 5.75 million tonnes, the lowest since February 2014, data from the General Administration of Customs showed. It was down 29.1 percent from a year ago and down 22.5 percent from January. Click here to read full stories.
Mar 08 - Philippines' Duterte seeks "happy compromise" between environment and mining
Philippine President Rodrigo Duterte said on Tuesday he hopes there will be a "happy compromise" between the mining industry and protecting the environment, throwing support once more to an embattled minister who shut half of the country's mines. Environment and Natural Resources Secretary Regina Lopez will appear before Congress for her confirmation hearing on Wednesday, and will likely have to defend her decisions on mine closures amid concerns over job and revenue losses. Click here to read full stories.
Mar 08 - Aluminium producers seek Q2 premium of $135/T from Japan buyers-sources
Three global aluminium producers have offered Japanese buyers a premium of $135 per tonne for shipments in the April to June quarter, up 42 percent from the previous quarter, three sources direcly involved in the pricing talks said on Wednesday. Japan is Asia's biggest importer of the metal and the premiums for primary metal shipments it agrees to pay each quarter over the London Metal Exchange (LME) cash price set the benchmark for the region. Click here to read full stories.
Mar 08 - Tata Steel UK closes pension scheme to new accruals from March 31
Tata Steel UK on Tuesday said it would close its final salary pension scheme to accruals from March 31 as a step towards resolving the future of its British operations. The fate of Tata's British businesses, including the nation's largest steelworks at Port Talbot, has been in the air since Tata Steel said a year ago it planned to divest its British assets following heavy losses. Click here to read full stories.
Mar 08 - South Africa's RBPlat to fund production hike with convertible
South African platinum miner Royal Bafokeng Platinum Ltd (RBPlat) said it will issue a 1.2 billion rand ($93 million) convertible bond to fund an increase in production. RBPlat, a mid-tier producer of platinum group metals, said it will set the conversion price at between 30 and 35 percent premium to Wednesday's average trading price, which would also take into account the number shares traded. Click here to read full stories.
Mar 08 - India works on formula to regulate iron ore prices - steel secretary on TV
India is working on a formula that might act like a cap on iron ore prices, the country's steel secretary Aruna Sharma told CNBC TV18 on Wednesday. "There needs to be some sharing of the profits. We are working on the end-formula, and maybe we will come up with the logic very soon," Sharma said. Click here to read full stories.
Mar 07 - Philippine minister asks Duterte to halt second mine review she earlier supported
The Philippine environment minister has asked President Rodrigo Duterte to halt a second review of 28 mines that she ordered closed or suspended, challenging its legality despite initially supporting it. The U-turn by Environment and Natural Resources Secretary Regina Lopez comes as she faces pressure to defend her decision to shut more than half the country's mines, a move that prompted an industry outcry and concerns about lost revenue. Click here to read full stories.
Mar 07 - India mulls local steel requirement for $59 bln infrastructure spend
India may soon mandate the use of local steel in government infrastructure projects worth billions of dollars, sources said, pitching it as a WTO-compliant protectionist measure aimed at further cutting cheap imports, mainly from China. The government expects the move to boost sales of local companies such as JSW Steel and Tata Steel, and eventually attract global steelmakers such as ArcelorMittal and POSCO to invest in the country, five steel ministry sources told Reuters. Click here to read full stories.
Mar 07 - Hebei aims to shut last 'zombie' steel mills in small victory on excess
China's biggest steelmaking province, Hebei, will close its last "zombie" steel mills by the end of next year, the governor said on Tuesday, marking a small victory in the region's years-long battle to clean up its air and cut excess capacity. This year, the province will shut four "zombie" mills, or plants that have stopped production but have not closed down, and another four in 2018, Governor Zhang Qingwei said at a briefing on the sidelines of the country's annual parliament meeting. Click here to read full stories.
Mar 07 - Why has the metals rally left tin behind? Andy Home
Industrial metals are buzzing again. The London Metal Exchange (LME) index of base metals has risen from a trough of 2,049.00 in January 2016 to a current 2,859.20. Fears of a global, particularly Chinese, slowdown have been largely been assuaged over the intervening year. Attention is once more focusing on supply constraints across the industrial metals spectrum. Click here to read full stories.
Mar 07 - Russia's biggest steelmaker NLMK can withstand anti-dumping duties
Russia's largest steelmaker NLMK is well-placed to weather the impact of European Union and U.S. anti-dumping duties and may expand into new markets such as Turkey and Asia to secure greater profits, it said on Monday. The steelmaker, which is Russia's largest by output, predicts prices will stay volatile as oversupply continues for the foreseeable future, but it said the markets where it is present -- the United States and Europe, including Russia -- would outperform. Click here to read full stories.
Mar 07 - Midas touch: China's tech, financial firms eye virtual gold rush
China's virtual gifting market, typically the domain of plugged-in young consumers celebrating special occasions or flirting, is luring major financial institutions keen to boost trade of another auspicious commodity: gold. Tencent's digital gold packets, known as "microgold", are backed by the country's biggest bank, Industrial and Commercial Bank of China (ICBC). They allow users to send funds that track the real-time value of gold to friends over the firm's popular messaging platform WeChat. Click here to read full stories.
Mar 07 - Newmont joins gold 'staking rush' in Canada's once-fabled Yukon
Newmont Mining on Monday became the latest of the world's biggest gold miners to invest in Canada's Yukon territory, the site of a famous gold rush 120 years ago, as miners hunt for rich, new deposits in safe regions. U.S.-based Newmont, the world's No. 2 gold producer, unveiled an agreement with small explorer Goldstrike Resources to spend $39.5 million to explore and develop Goldstrike's Plateau property in the Yukon. Click here to read full stories.
Mar 07 - Heavy rain cuts Port Hedland February iron ore exports to China
Iron ore shipments to China from Australia's Port Hedland terminal, used by BHP Billiton and Fortescue Metals Group, fell 12 percent in February from the month before due to heavy rain, port data showed on Tuesday. Iron ore exports to China, the top destination from the port, dropped to 30.19 million tonnes in February from 34.49 million tonnes in January, Pilbara Ports Authority said on Tuesday. Click here to read full stories.
Mar 07 - Crowded herd of lithium explorers faces culling as supplies rise
The crowded field of explorers fighting for capital to produce lithium faces a painful reckoning as supplies build and prices flatten, leaving those with low costs and powerful partners still standing, industry consultants say. Prices of the critical component in rechargeable batteries used in electric cars and mobile phones spiked last year and demand is projected to soar 60 percent to 300,000 tonnes of lithium carbonate equivalent (LCE) annually by 2020, National Bank Financial said. Click here to read full stories.
Mar 07 - India's Tata Steel says in "constructive discussions" with ThyssenKrupp
Tata Steel Ltd is still in talks with Germany's ThyssenKrupp AG about a potential merger of their European steel assets, the Indian company said on Monday. The statement was in response to reports in the British media on Sunday that India's largest steel company might be in the process of calling off a potential deal with the Germans. Click here to read full stories.
Mar 07 - Struggling to smelt, Venezuela state-run steelmaker grows sunflowers, crops
Workers at Venezuelan steelmaker Sidor are planting sunflowers and vegetables on company premises to ease a national food deficit as steel output has almost ground to a halt nine years after the company was taken over by the government. The company says the crops are meant to boost food supply in Venezuela, which suffers from chronic Soviet-style product shortages as a result of an unraveling socialist economic system that has been exacerbated by low oil prices. Click here to read full stories.
Mar 07 - Mongolia to double land open for exploration - mining
Mineral-rich Mongolia plans to double the amount of land available for exploration in an effort to tap into the mining industry's appetite for new resources and help shore up its finances following an IMF-led bailout. Mongolia will increase the land to 20.9 percent of the country from 9.6 percent currently, and could announce the change later this month, the minister of mining and heavy industry, Dashdorj Tsedev, said in an interview on Monday. Click here to read full stories.
Mar 06 - Rio Tinto cuts output further at Australian aluminium smelter
Rio Tinto and its partners are cutting output and jobs at the Boyne aluminium smelter in Australia, adding to cuts announced in January, it said on Friday, blaming a jump in power prices. Rio said output would be cut by 14 percent and that "a significant number of jobs lost". Click here to read full stories.
Mar 06 - China's steel, coal curbs a double-edged sword for imports: Russell
China's determination to tackle its choking pollution by cutting steel and coal capacity should be a long-term negative for exporters of iron ore and coal to the world's biggest commodity importer, but the reality is likely to be far more nuanced. "We will make our skies blue again," Premier Li Keqiang told the opening of parliament on Sunday. Click here to read full stories.
Mar 06 - Codelco chairman sees copper near $3 per lb by end 2017 - El Mercurio
Global copper prices will rise to close to $3 per pound by the end of 2017 due to limited supply and expected increased demand from China and the United States, said Oscar Landerretche, chairman of Chile's state-run miner Codelco. In an interview published on Sunday by Chile's El Mercurio newspaper, the chairman of the world's largest copper producer said the prospects for copper prices had changed radically due to better economic data from China and the new U.S. administration's plans to boost infrastructure spending. Click here to read full stories.
Mar 06 - CME, Thomson Reuters step down from providing London silver benchmark
CME Group and Thomson Reuters are to step down from providing the LBMA silver price benchmark auction, the London Bullion Market Association said on Friday, less than three years after they successfully bid to provide the process. "In consultation with the LBMA, CME Group and Thomson Reuters have decided to step down from their respective roles in relation to the LBMA Silver Price auction," the LBMA said in a members update seen by Reuters. Click here to read full stories.
Mar 06 - With money in their pockets, prospects improve for small miners
As mineral and metal prices have rebounded from a slump, so have the fortunes of small miners, and some industry experts are predicting even better times, ahead of the industry's biggest conference for explorers and developers. Brighter prospects will be in focus at the Prospectors and Developers Association of Canada's conference in Toronto, Sunday through Wednesday. Click here to read full stories.
Mar 06 - Brazil mining reform bills may go to Congress in weeks - minister
Bills to reform Brazil's mining industry are expected to go before Congress in late March or early April and could be enacted by 110 days after that, the country's mines and energy minister said in an interview on Sunday. A remodeled mining code, aimed at reviving investor interest, was first proposed in 2009 but stalled in Congress in 2013. To ease its passage, the bill has been broken into two sections that revise government royalties and establish a new regulator. Click here to read full stories.
Mar 06 - China lobs a grenade into the aluminium supply chain: Andy Home
China's "Air Pollution Control" regulation was formally approved on Feb. 20 and published on Feb. 28. It came into effect on Wednesday. It may sound pretty innocuous but, make no mistake, it represents a potential redefinition of the global aluminium market. Click here to read full stories.
Mar 06 - Philippines looking at ban on ore exports in reform push, nickel jumps
The Philippines may consider banning exports of raw minerals to encourage domestic processing and boost the value of shipments, an environment official said on Friday, as the government looks to extract more from its mining sector after a crackdown. Nickel prices rose more than 1 percent on the potential for supply disruption from the world's top nickel ore exporter, but miners said following in the foosteps of neighbouring Indonesia wouldn't be viable without big governnment incentives. Click here to read full stories.
Mar 06 - Speculators raise net long COMEX gold to highest in 3 months - CFTC
Hedge funds and money managers boosted their net long position in COMEX gold to the highest in more than three months in the week to Feb. 28, and raised it slightly in silver, U.S. Commodity Futures Trading Commission data showed on Friday. Money managers raised their net long position in bullion by 39,256 to 121,720 lots, the data showed, bringing it to the highest levels since late November. Click here to read full stories.
Mar 06 - U.S. says domestic industry harmed by stainless steel sheet, strip from China
The U.S. International Trade Commission said on Friday it had concluded U.S. producers of stainless steel sheet and strip were being hurt by subsidized and dumped imports from China, clearing the way for the final imposition of duties. The Commerce Department had affirmed in February antidumping duties ranging from 63.86 percent to 76.64 percent on the imports and an anti-subsidy rate of 75.60 for mandatory respondent Shanxi Taigang Stainless Steel Co Ltd, but duties were pending a final decision from the ITC. Click here to read full stories.
Mar 03 - Back from the dead? Chinese iron ore miners plot return as prices surge
Rocketing iron ore prices may prompt Chinese producers to reopen mines shuttered years ago in a sector downturn, potentially tightening the market for marginal foreign suppliers to the world's biggest importing country, industry executives say. A revival could help Chinese steel mills cut raw material import costs, boosting margins amid rising steel prices. If more domestic ore is produced, mills could also use that as leverage to push for better deals on seaborne imports from top suppliers like Vale, Rio Tinto and BHP Billiton, traders say. Click here to read full stories.
Mar 03 - Philippines may consider ban on exports of unprocessed minerals - official
The Philippines may consider banning exports of unprocessed minerals in an effort to promote value addition in the mining sector, a senior environment official said on Friday. The Philippines is the world's top nickel ore supplier, shipping nearly all of its output to China. Previous governments have supported calls to spur domestic processing of raw minerals but earlier efforts in Congress to enact appropriate laws have failed to take off. Click here to read full stories.
Mar 03 - Mining royalties Glencore said were for Congo went to Israeli billionaire
Tens of millions of dollars in royalties and signing bonuses that Glencore told an independent transparency board it had paid to Congo's state mining company actually went to a business controlled by Israeli billionaire Dan Gertler, advocacy group Global Witness said in a report on Friday. Glencore-controlled Kamoto Copper Co (KCC) told the Extractive Industries Transparency Initiative (EITI) in 2013 and 2014, in publicly-available disclosures, the payments were made to Gecamines, the state company. Click here to read full stories.
Mar 03 - Stop-start cars push battery metal lead into investors' focus
Investors are starting to focus on lead due to the large amounts of the metal in batteries used in increasingly popular stop-start cars produced by automakers aiming to comply with stringent new emissions legislation. In stop-start autos the engine automatically cuts off when a car comes to a stop and restarts as the foot comes off the brake, reducing idling time and noxious fumes. But multiple stops and starts mean more wear and tear, so the batteries used in these cars need to be heavier and stronger. Click here to read full stories.
Mar 03 - Thyssenkrupp eyes Plan B for European steel - report
Germany's Thyssenkrupp has looked at the option of splitting its European steel business into a separate company that could be floated if a merger with Tata Steel assets fails, German weekly WirtschftsWoche reported on Friday. The report, which did not cite sources, said a merger was still the preferred option but that investor pressure could force Chief Executive Heinrich Hiesinger to consider another route. Click here to read full stories.
Mar 03 - Chile expects February growth, copper output hit by miners strike
Chile expects economic activity growth to be hit by around one percentage point in February because of a strike at world no.1 copper mine Escondida, as copper output slides 12 percent year-on-year, the government said on Thursday. Escondida's approximately 2,500 unionized workers began a strike on Feb. 9 after contract talks with mine owner BHP Billiton failed, boosting global copper prices on expectations of tighter supply. Click here to read full stories.
Mar 03 - Alcoa merges business units, names new aluminum unit head
Aluminum producer Alcoa Corp named a new head for its aluminum business on Thursday and said it would consolidate its business units into three divisions from six, to increase efficiency and cut costs. The three units will focus on aluminum, alumina and bauxite. The aluminum smelting, cast products and rolled products businesses, along with the majority of its energy business assets, will be combined into the new aluminum unit, Alcoa said. Click here to read full stories.
Mar 03 - Philippines' FinMin: Second mine review to cover mines ordered closed
A separate review of mines in the Philippines will initially cover 23 mines ordered shut by the country's environment minister and another five that were suspended, the finance minister said on Friday. Finance Secretary Carlos Dominguez said the review, announced last month, would continue even if the appointment of the environment minister who ordered the closure of over half of the country's mines is not confirmed by Congress. Click here to read full stories.
Mar 03 - Mitsubishi Materials resumes operations at Indonesia copper smelter - spokesman
Japan's Mitsubishi Material Corp resumed operations at Indonesia's main copper smelter on Thursday after fixing a minor problem, a spokesman said on Friday. The company on Wednesday halted operations at the Gresik smelter, owned by PT Smelting, due to a technical issue. Click here to read full stories.
Mar 03 - Rio Tinto postpones decision on former CEO's bonus over Guinea scandal
The world's second biggest miner Rio Tinto has deferred for at least two years a decision on former chief executive Sam Walsh's performance-related pay, after a scandal over $10.5 million in payments to a consultant in Guinea. The scandal erupted in November after Rio Tinto become aware of emails from 2011 that referred to the payments in connection with the vast Simandou iron ore project. Investigations are ongoing. Click here to read full stories.
Mar 03 - WPIC plans platinum ETF in China - executive
The World Platinum Investment Council (WPIC) plans to launch an exchange-traded fund (ETF) in China, the world's biggest consumer of the precious metal, and a coin-based fund in Europe in 2017, an executive of the council said on Wednesday. "We are working on two deals in China for investment products. (An) ETF and retail platinum bars with a big state-run enterprise," said Marcus Grubb, director of market development at WPIC, which was formed by leading platinum producers to develop investor demand for the metal.Click here to read full stories.
Mar 02 - Escondida strike turns violent as protesters battle police
A three-week-long strike at Chile's Escondida, the world's biggest copper mine, turned ugly on Wednesday when a group of striking workers blocked a highway, provoking confrontations with the police. Escondida's approximately 2,500 unionized workers began a strike on Feb. 9 after contract talks with mine owner BHP Billiton failed, boosting global copper prices on expectations of tighter supply. Click here to read full stories.
Mar 02 - Flush with cash, global miners promise prudence, dividends
For the first time in four years, the world's biggest miners are awash in cash, riding a wave of cost cuts and a recovery in raw material prices from coal to zinc last year. But instead of using their newfound bounty to unveil lavish growth plans, as they did in 2012 just as metals prices started plummeting, the cash is going to more sober uses this time: paying dividends and slashing debt. Click here to read full stories.
Mar 02 - LME stocks raid opens new chapter in zinc bull narrative: Andy Home
The next chapter of zinc's bull market story has just opened with a mass raid on metal sitting in London Metal Exchange (LME) warehouses. More than 100,000 tonnes of exchange stocks have been cancelled in the space of a couple of weeks, meaning the metal is no longer available for trading purposes and can be physically loaded out of warehouses. Click here to read full stories.
Mar 02 - Mitsubishi Materials faces glitch in restart of Indonesia copper smelter
A minor technical glitch forced Japan's Mitsubishi Materials Corp to stop operations at Indonesia's main copper smelter, briefly resumed on Wednesday after a strike had halted all but the refining process since Jan. 19, a spokesman said. "We expect to fix the technical problem and resume operation in a short period," the spokesman said, without giving a specific timeframe. Click here to read full stories.
Mar 02 - Noranda defers 2017 zinc forecasts due to Quebec plant strike
Noranda Income Fund said on Wednesday it was deferring its 2017 zinc production and sales forecasts due to an ongoing strike by workers at its Quebec processing plant, the second-largest in North America. It is uncertain how long the strike, which began Feb. 12, will continue at the zinc processing facility in Salaberry-de-Valleyfield, said Noranda, as it announced fourth-quarter results. Click here to read full stories.
Mar 02 - Russia's Evraz meets forecasts with 7 pct rise in 2016 core earnings
Russia's No.2 steelmaker Evraz said on Wednesday its core earnings rose 7 percent in 2016, benefiting from a rebound in steel prices and an improving domestic economy. The company's earnings before interest, taxation, depreciation and amortisation (EBITDA) totalled $1.54 billion, up from $1.44 billion the previous year, it said in a statement. Click here to read full stories.
Mar 01 - China voices disquiet over new EU anti-dumping move on steel
China expressed concerns on Tuesday over what it said was increasing protectionism after European Union regulators imposed new duties on steel imports from the world's biggest producer. The European Commission is seeking to protect EU steelmakers while avoiding tensions with Beijing, which it sees as a possible ally against protectionism and climate change. Click here to read full stories.
Mar 01 - ICE talking to former LME chief about new metals platform
Intercontinental Exchange (ICE) is looking into setting up a London-based metals trading system, industry sources familiar with the matter said, more than four years after its ailed attempt to buy the London Metal Exchange. The sources said New York-listed ICE is talking to Martin Abbott, a former chief executive of the 140-year-old LME, the world's largest and oldest market for trading metals. Click here to read full stories.
Mar 01 - Codelco's lithium assets lure big sector companies - CEO
International and domestic companies have expressed interest in partnering with Codelco, the world's biggest copper producer, to develop its lithium assets, the Chilean state-owned company's chief executive said on Tuesday. In a wide-ranging interview, CEO Nelson Pizarro said Codelco was sticking to a shrunken capital expenditure program to revive and expand its copper assets unveiled last year amid weak copper prices, despite a rebound in prices by nearly a third since November. Click here to read full stories.
Mar 01 - Coking coal outlook becomes more bullish for cautious miners: Russell
Bullish and cautious aren't usually words found in the same sentence, but it appears that coking coal miners are upbeat about the prospects for the steel-making fuel, though not to the extent of choking off price gains with increased supply. Witness the comment from Don Lindsay, chief executive of Canada's Teck Resources, North America's largest producer of coking coal and the second-biggest seaborne exporter. Click here to read full stories.
Mar 01 - Freeport says no return to 'business as usual' for Indonesia's Grasberg
Freeport-McMoRan Inc said there will be "no returning to business as usual" for its giant Grasberg copper mine in Indonesia, where operations have been disrupted as a result of an export stoppage imposed since mid-January, according to a company document dated Feb. 28 reviewed by Reuters. Under a revised plan for 2017, Grasberg's daily copper ore output will be scaled back to 95,000 tonnes from a previous estimate of 140,000 tonnes, the document said. Click here to read full stories.
Mar 01 - What a booming steel sector says about China's 'old' economy: Andy Home
Chinese steel production rose by 7.4 percent in January compared with a year earlier, according to the World Steel Association (WSA). A few years ago such a growth rate would have been viewed as normal, even perhaps as a bit on the weak side. Click here to read full stories.
Mar 01 - India's Feb gold imports surge on pent-up demand - GFMS
India's February gold imports surged to 50 tonnes, up more than 82 percent from a year ago, on pent-up jeweller demand and as retail consumers ramped up purchases for weddings, provisional data from consultancy GFMS showed on Wednesday. The rise in imports by the world's second-biggest consumer of the precious metal will support global prices that are trading near their highest level in 3-1/2 months, but could widen the South Asian country's trade deficit. Click here to read full stories.
Mar 01 - China orders aluminium, steel cuts during winter - Bloomberg
China has ordered steel and aluminium producers in 28 cities to slash output during the winter months as Beijing intensifies its war on smog, according to a Bloomberg News report on Wednesday. In an order issued in February, the state planner and the Ministry of Environment called on steel producers to halve output in four major cities, including top producer Tangshan in Hebei province, according to a report by Bloomberg that cited unidentified people with knowledge of the matter. Click here to read full stories.
Mar 01 - Russia's Evraz meets forecasts with 7 pct rise in 2016 core earnings
Evraz, one of Russia's largest steelmakers, said on Wednesday its core earnings had risen by 7 percent year-on-year in 2016, benefiting from a rebound in steel prices and an improving domestic economy. The company's earnings before interest, taxation, depreciation and amortisation (EBITDA) totalled $1.54 billion, up from $1.44 billion the previous year, it said in a statement. Click here to read full stories.
Mar 01 - De Beers seeks to bolster defences against impostor diamonds
Diamond specialists De Beers has rolled out a new machine to prove the authenticity of diamonds to ward off the threat of synthetic stones masquerading as real ones. At an event in Hong Kong, the International Institute of Diamond Grading & Research (IIDGR), part of the De Beers diamond group that parent Anglo American has said is central to its operations, launched new equipment that can screen thousands of tiny diamonds, known as melee, and determine whether they are genuine. Click here to read full stories.
Mar 01 - Indonesia's Timah sees 2017 tin prices at $20,000-$22,000 per tonne - director
Indonesia's largest tin miner, PT Timah Tbk, expects global tin prices to be in the range of $20,000 to $22,000 per tonne this year, a director told reporters on Wednesday. "There's a chance of demand improvement if Trump's policies are implemented. If industries in America expand, there will be increasing demand and there may be a little bit of a shift in the market," Purwijayanto, a director at Timah, said. Click here to read full stories.
Feb 28 - Escondida copper mine strike nears 3rd week; union denies new talks
A strike at the Escondida copper mine in Chile, the world's largest, appeared far from ending on Monday as the conflict neared its third week, with the union denying a news report that it had returned to talks with mine owner BHP Billiton. Escondida's approximately 2,500 workers began a strike on Feb. 9 after contract talks with BHP failed, pushing global copper prices higher on expectations of tighter supply. Click here to read full stories.
Feb 28 - No peak yet as China's February iron ore imports stay strong: Russell
If you did nothing more than look at China's imports of iron ore, you would be satisfied that the robust rally in the price of steel-making ingredient is entirely justified. February's imports of iron ore look set to continue the recent strength, with vessel-tracking and port data pointing to imports of around 88.78 million tonnes. Click here to read full stories.
Feb 28 - Philippine Congress postpones embattled minister's confirmation hearing
A Philippine legislative hearing set for Wednesday to confirm the appointment of a controversial environment minister who ordered more than half of the country's mines shut has been postponed following a shakeup in the Senate leadership. While the hearings are typically a formality carried out long after a minister has started work, the confirmation process for Regina Lopez is much anticipated because of the uproar she has caused in the mining sector, with calls from miners for her to be removed. Click here to read full stories.
Feb 28 - Shareholders tell miner Freeport to get tough with Indonesia
Shareholders are pressuring miner Freeport-McMoRan Inc to stand up to the Indonesian government over changes the Southeast Asian country wants to make in the U.S. miner's contract, Freeport's chief executive officer said on Monday. Rio Tinto Plc, which is a partner in Freeport's massive Grasberg copper and gold mine in Indonesia, is also supportive of Freeport's tougher approach toward Jakarta, CEO Richard Adkerson said. Click here to read full stories.
Feb 28 - Russia proposes creating aluminium OPEC - Trade Minister
Russia is proposing the creation of an OPEC-like organisation for the global aluminium industry, TASS news agency quoted Russian Industry and Trade Minister Denis Manturov as saying on Monday. Russia's Rusal was overtaken by China's Hongqiao as the world's biggest aluminium producer several years ago, as Rusal cut back its production capacity due to a fall in prices. Click here to read full stories.
Feb 28 - Newmont keen on rest of Australia gold mine if deal fails
Newmont Mining Corp is keen to buy the 50 percent of the Kalgoorlie gold mine in Western Australia it does not already own should a deal to sell the stake to another buyer fall through, Chief Executive Gary Goldberg said on Monday. "We're interested, yes," Goldberg said in an interview on the sidelines of the BMO Global Metals & Mining Conference in Hollywood, Florida. Click here to read full stories.
Feb 28 - German steelmaker Salzgitter sees growth after cuts
German steelmaker Salzgitter said it would focus on growth and innovation after years of restructuring as market conditions improved to their best since 2012. Salzgitter forecast that pretax profit could as much as triple to between 100 and 150 million euros ($106 and $159 million) this year thanks to rising prices supported by anti-dumping tariffs in Europe as well efficiency measures. Click here to read full stories.
Feb 28 - Miner Fresnillo's FY profit jumps six fold on higher output, prices
Precious metal miner Fresnillo Plc reported a more than six-fold jump in its profit for the year, boosted by higher production and metal prices and a weak Mexican Peso. The company, which produces silver and gold from six mines in Mexico, reported profit of $425.0 million for the year ended Dec. 31, compared with $69.4 million reported a year earlier. Total revenue rose 31.9 percent to $1.91 billion. Click here to read full stories.
Feb 28 - Peru to cut red tape in bid to spur mining exploration
Peru will introduce new rules this week that will aim to turn around the Andean country's three-year slump in mining investment by eliminating permit requirements for exploration projects, the energy and mines minister told Reuters on Monday. Ahead of a visit to Toronto for the annual Prospectors & Developers Association of Canada (PDAC) convention, Gonzalo Tamayo said the recent rally in some metal prices has not spurred enough interest in exploration activity to ensure a robust pipeline of future mines. Click here to read full stories.
Feb 27 - Zinc rally may have further to run as supply shortfall bites
London zinc prices have nearly doubled over the past 13 months and are closing in on nine-year highs, but signs of tightening in the global market for refined zinc means the rally may have further to run. Zinc bulls pushed prices higher after the closure of several giant zinc mines last year led to a steep drop in global ore supply, setting the stage for a shortage of the metal used to rust-proof steel. Click here to read full stories.
Feb 27 - How Freeport's row over its Indonesian mining contract has escalated
U.S. mining giant Freeport-McMoRan Inc warned this week that it could take the Indonesian government to arbitration and seek damages over a contractual dispute that has halted operations at the world's second-biggest copper mine. Marking a sharp escalation in the row, the government also said it would go to arbitration if no resolution was reached. Click here to read full stories.
Feb 27 - Vale intensifies CEO search as Ferreira to quit - sources
Vale SA has stepped up the search for a new chief executive officer as Murilo Ferreira announced his departure, signaling efforts by some top shareholders to shield the world's No. 1 iron producer from political interference, three people with direct knowledge of the situation said on Friday. Earlier in the day, Rio de Janeiro-based Vale said Ferreira will step down as CEO when his term expires on May 26. In a securities filing, Vale did not name a potential replacement for Ferreira or provide details as to how a transition will occur. Click here to read full stories.
Feb 27 - China's nickel imports mirror shifts in supply chain: Home
Is the Philippines' draconian mining clampdown already affecting the flow of nickel ore to China's nickel pig iron (NPI) producers? It certainly looks that way. Exports of ore to China always drop at this time of year due to the rainy season, which affects both mining and shipping. Click here to read full stories.
Feb 27 - Speculators boost net long COMEX gold, silver stance - CFTC
Hedge funds and money managers raised their net long position in COMEX gold to the highest in nearly three months during the week to Feb. 21 and raised it slightly in silver, U.S. Commodity Futures Trading Commission data showed on Friday. Money managers raised their net long position in bullion by 14,482 to 82,464 lots, the data showed. The boost came as prices rose slightly, supported by a strong dollar and some expectations that the Federal Reserve will delay U.S. interest rate hikes. Click here to read full stories.
Feb 27 - Acacia Mining's west Kenya project inferred to have high-grade gold
Acacia Mining has found an "inferred mineral resource" estimated to be 1.31 million ounces of gold at 12.1 grams per tonne at the company's project on the Liranda Corridor in western Kenya, it said on Monday. An inferred mineral resource is when tonnage, grade and mineral content is estimated from geological evidence but not yet fully verified. Click here to read full stories.
Feb 27 - Australia's 2016 gold output highest since 1999 -survey
Australian gold output hit a 17-year high of 298 tonnes in 2016 as higher bullion prices drove mining companies to dig deeper, a sector survey released on Sunday showed. A robust world gold price and favourable foreign exchange rates for most of the year that boosted prices for local producers were the factors behind the increase, according to the survey by Australian mining consultancy Surbiton Associates. Click here to read full stories.
Feb 27 - Vale Doesn't Like Indonesia Policy Inconsistency (Dow Jones)
Inconsistency in the way new mining laws will be applied in Indonesia has deepened uncertainty for VALE's local subsidiary and ratcheted up concerns among shareholders, says PT Vale Indonesia President Director Nico Kanter. New rules issued last month took markets by surprise and relaxed a 3-year ban on exports of raw nickel and bauxite. Kanter calls them "ambiguous" and says it's unclear how the policy will be implemented given Indonesia's patchy enforcement record. In addition, he says the country appears to be punishing companies which complied with earlier rules requiring raw ore producers to build smelters in order to export.
Feb 24 - Glencore ready for deals and dividends after profit boost
Commodities trader and miner Glencore reported an 18 percent rise in full-year profit on Thursday, buoyed by a rebound in raw materials prices, and said it was well-placed financially for small acquisitions or a special dividend payout. Analysts said the results beat expectations, driving the share price nearly 2 percent higher, building on gains of nearly 20 percent this year, while the wider sector fell by nearly 2 percent. Click here to read full stories.
Feb 24 - Brazil's Vale swings to profit on higher iron ore prices
Brazilian miner Vale SA reported on Thursday net profit of $525 million for the fourth quarter, falling short of analyst expectations but reversing a heavy loss in the period a year earlier thanks to record output and higher iron ore prices. A Reuters poll of analysts had forecast net profit of $1.8 billion in the quarter, but the world's largest producer of iron ore fell short on account of impairments totaling $2.9 billion, principally on fertilizer and nickel assets. Click here to read full stories.
Feb 24 - We need to talk about the London Metal Exchange: Home
It's time to talk about the London Metal Exchange (LME). The venerable old institution that sets the global reference price for metals such as aluminium and copper seems to be lurching from crisis to crisis. Volumes are down. They fell 4 percent in 2015 and another 8 percent last year, the first time since the turn of the century activity has contracted over two consecutive years. Click here to read full stories.
Feb 24 - ArcelorMittal, Votorantim to combine long steel ops in Brazil
ArcelorMittal Brasil SA and Votorantim SA said on Thursday they will merge their long steel operations in Brazil, creating a company with a combined production capacity of 5.4 million tonnes of rolled steel per year. Under the deal, Votorantim SA steel unit called Votorantim Siderurgia will become a subsidiary of ArcelorMittal Brasil SA, the local arm of the global steel producer. Click here to read full stories.
Feb 24 - Northam Platinum to buy Glencore's Eland mine for about $14 mln
South Africa's Northam Platinum Ltd said on Friday it would acquire Glencore Plc's Eland platinum mine in North West province for 175 million rand ($14 million). Global miner and commodities trader Glencore had closed the Eland platinum mine in 2015 due to a fall in prices. Click here to read full stories.
Feb 24 - Eramet revives Indonesia nickel project with Tsingshan partnership
France's Eramet announced a preliminary agreement with Chinese steelmaker Tsingshan Group to revive a nickel mining project in Indonesia that Eramet had frozen during a downturn in nickel markets. According to a memorandum of understanding signed by the two groups, Tsingshan would become the controlling partner by acquiring 57 percent of Strand Minerals Pte Ltd., the entity currently wholly owned by Eramet and which in turn owns 90 percent of the Weda Bay project. Click here to read full stories.
Feb 23 - Philippine minister says Duterte agrees with mining ban in watershed areas
The Philippines' environment minister on Thursday said President Rodrigo Duterte had backed her decision to ban mining in watershed areas at a meeting earlier this week, winning his support once more for her crackdown on the sector. Duterte who warned last year that the Southeast Asian nation could survive without a mining sector had supported Lopez's decision this month to shut over half the country's mines. But he later did not rule out reviewing her order amid the potential revenue losses from mining. Click here to read full stories.
Feb 23 - London Metal Exchange cuts deal with banks to propel gold futures
The London Metal Exchange has reached a 50:50 revenue-sharing deal with a company founded by a group of banks to promote trade in its new gold futures contracts, sources said, aiming to overcome market scepticism surrounding their launch in June. Usually, exchanges merely consult potential users about their needs when planning new financial and commodity contracts. But in this case, the LME has opted for a radical departure from normal practice as it tries to grab a piece of London's $5 trillion-a-year gold market. Click here to read full stories.
Feb 23 - Can commodity producers resist the temptations of the up cycle?: Russell
Anytime you hear the mantra "this time it will be different," it's probably best to assume the same old cycle will repeat itself. This is especially true for commodity producers, who often appear to lurch from boom to bust and back to boom with little regard for learning from past mistakes. Perhaps this is because commodity cycles can take decades to play out, meaning institutional memory is lost over time, allowing executives to repeat the mistakes of their predecessors. Click here to read full stories.
Feb 23 - Glencore reports 18 pct 2016 core profit rise on commodity rebound
Miner-trader Glencore reported an 18 percent increase in 2016 profits, buoyed by a rebound in commodities, and said the company had never been so well-positioned financially, meaning it was ready for small acquisitions or big dividends. Earnings before interest, tax, depreciation and amortisation were $10.3 billion, up 18 percent. Click here to read full stories.
Feb 23 - Thyssenkrupp ends costly Americas venture with CSA sale to Ternium
Thyssenkrupp AG has struck a deal to sell money-losing Brazilian steel mill CSA Cia Siderúrgica do Atlántico SA to Ternium SA for 1.26 billion euros ($1.3 billion), ending a foray into the Americas that led to years of massive losses. Including debt, the deal gives CSA, the largest foreign investment project ever in Brazil, an enterprise value of 1.5 billion euros. The sale will lead Thyssenkrupp to book a 900 million-euro writedown, which should push the German company into a net loss this financial year. Click here to read full stories.
Feb 23 - China may open iron ore contract to foreign investors this year
Dalian Commodity Exchange may allow foreign investors to take part in its iron ore futures, one of China's largest commodity derivatives markets, this year, the exchange's chairman, Li Zhengjiang, said on Wednesday. His comments at an industry conference come a month after Beijing outlined measures to further open the world's second-largest economy to foreign investment, including commodity futures. Click here to read full stories.
Feb 23 - BHP in for the long haul on Escondida strike as it eyes 30-day wait
BHP Billiton's decision this week to give up its legal right to replace striking workers at the Escondida copper mine in Chile is a move aimed at sacrificing some output to undermine the union's position, analysts said Wednesday. The strike began on Feb 9, after workers voted overwhelmingly to reject a wage contract offer by BHP Billiton. That led BHP to say it would not be able to meet contractual commitments, driving the copper price up on supply concerns. Click here to read full stories.
Feb 23 - China to speed up steel output cuts to curb winter pollution
China will ratchet up planned steel production cuts and target illegal factories in an effort to reduce pollution during the winter, an official said on Wednesday. Beijing launched a campaign to cut steel overcapacity early last year in an attempt to stem a supply glut and crack down on pollutants from non-compliant producers. Click here to read full stories.
Feb 23 - Guinea raises bauxite target to 60 mln T by 2020
Guinea aims to more than treble bauxite production to 60 million tonnes by 2020, investing heavily to meet strong demand for the raw material from China, its mines minister said on Wednesday. The West African naion has about a third of the world's bauxite reserves, which are refined and smelted to make aluminium, though development had until recently been hampered by years of military rule and civil unrest. Click here to read full stories.
Feb 22 - China's surging steel, iron ore inventories at odds with price gains: Russell
Something is not quite adding up in China's iron and steel markets, with the reasons for the current rally in prices for both commodities jarring uncomfortably with actual data. Iron ore futures on the Dalian Commodity Exchange on Tuesday hit the highest since the contract was launched in 2013, reaching an intraday peak of 741.5 yuan ($108) a tonne, ending 3.2 percent up on the day, taking the gain since the beginning of 2016 to 258 percent. Click here to read full stories.
Feb 22 - China's giant aluminium machine cranks up again: Home
Global aluminium output was running at an annualised pace of 62.0 million tonnes in January, a new all-time record. Once again this was a record forged in China. While primary metal production in the rest of the world fell by 182,500 tonnes on an annualised basis over the course of December and January, it surged in China. Click here to read full stories.
Feb 22 - China says N. Korean coal ban shows its sincerity on U.N. resolutions
China's suspension of imports of North Korean coal shows it is sincere about implementing U.N. Security Council resolutions punishing North Korea over its nuclear weapons and missile programmes, it said on Tuesday.China's Commerce Ministry said on Saturday it would ban coal imports until the end of this year. The ban came about a week after North Korea tested an intermediate-range ballistic missile in its first direct challenge to the international community since U.S. President Donald Trump took office. Click here to read full stories.
Feb 22 - BHP to Trump: protectionism will hurt growth, commodity demand
U.S. President Donald Trump's protectionist stance is likely to erode economic growth over the longer term and therefore demand for raw materials, the chief executive of the world's biggest miner, BHP Billiton, said on Tuesday. Mining stocks rallied on expectations Trump's policies would lead to increased infrastructure spending in the United States and, just before Trump took office, Mackenzie had a meeting with the president-elect, which officials said was productive. Click here to read full stories.
Feb 22 - Freepoint Commodities expands in Asia to feed China demand for oil, metals
U.S.-based Freepoint Commodities said on Tuesday it has expanded its presence in Asia, hiring 25 traders and support staff in the last several months with an eye on opportunities in metals, oil and agricultural markets to meet demand in China. The expansion puts Freepoint in direct competition with major Swiss commodity traders Glencore and Trafigura, who are also expanding their businesses in Asia. Click here to read full stories.
Feb 22 - Fortescue says H1 profit jumps 383 pct, misses market expectations
Australia's Fortescue Metals Group Ltd on Wednesday reported a 383 percent rise in interim net profit to $1.2 billion, surpassing the $319 million in the year-earlier period on the back of a surprise surge in iron ore prices, but still fell short of market expectations. Analysts had forecast profit for the six months to Dec. 31 of about $1.5 billion, according to Thomson Reuters data. Click here to read full stories.
Feb 22 - Anglo may walk away from El Soldado copper mine in Chile
Anglo American said on Tuesday it will walk away from its El Soldado copper mine in Chile if it cannot agree with local regulators on a permit for a redesign of the operation. The company's initial application for the redesign was rejected due to the potential for a collapse where the project crossed former underground operations, according to a regulatory document seen by Reuters on Tuesday. Click here to read full stories.
Feb 22 - Escondida will wait 30 days into strike to replace workers
Chile's Escondida copper mine, the world's largest, said on Tuesday it would not begin replacing striking workers for at least 30 days into the work stoppage to show its commitment to dialogue. The mine can legally hire temporary workers after 15 days of a strike. Tuesday marked 13 days since unionized workers walked off the job at Escondida, which is controlled by BHP Billiton. Click here to read full stories.
Feb 22 - AngloGold lifts force majeure on Obuasi as swings to profit
AngloGold Ashanti lifted force majeure on its Ghanaian Obuasi mine on Tuesday after the removal of thousands of illegal miners but said it was too early to determine the extent of damage to the loss-making, mothballed operation. The move is significant for AngloGold, which has said it could sell or redevelop the mine. It also cheered investors by saying it would resume dividends after returning to profit in 2016 thanks to a higher spot gold price and weaker currencies. Click here to read full stories.
Feb 22 - Ugandan gold refinery to import from conflict-ridden South Sudan, Congo
Uganda's first gold refinery, which opened on Monday, will use raw gold from conflict-ridden South Sudan and Eastern Congo, its owner Africa Gold Refinery said, dismissing activists' concerns that such a move could fuel violence in the region. The refinery, which is in Entebbe, south of the capital Kampala, will process raw gold from the region as Uganda has only small mines and no commercial mine. Click here to read full stories.
Feb 21 - BHP Billiton boosts interim dividend as iron ore prices soar
Mining giant BHP Billiton, rewarded shareholders with a bigger than expected dividend on Tuesday, signalling its growing confidence amid a resurgence in commodity prices. The world's biggest miner reported a near eight-fold rise in underlying first-half net profit to $3.24 billion from $412 million a year earlier, just missing market forecasts for $3.4 billion. It declared a first-half dividend of 40 cents, up from 16 cents a year ago. Click here to read full stories.
Feb 21 - China to crack down on illegal mining, as miners meet on output cuts
China will launch a nationwide safety check on all coal mines as miners convene in Beijing to discuss a curb on supply, the official People's Daily said. The country's work safety watchdog said the inspection will last from March to the end of this year, targeting coal mines that are either involved in illegal mining or are not able to meet safety standards. Click here to read full stories.
Feb 21 - Anglo American reports 25 pct rise in core earnings, to resume dividends
Anglo American on Tuesday reported a 25 percent rise in annual earnings before interest, tax, depreciation and amortisation (EBITDA) and 34 percent fall in net debt and said it would resume dividend payments by the end of 2017. In late 2015 it announced it would suspend dividends after a commodities rout, which was followed by a rebound in raw materials prices in 2016. Click here to read full stories.
Feb 21 - India extends anti-dumping duty on some Chinese steel items by 5 yrs
India has extended anti-dumping duty on some steel products from China by five years, in a bid to retain protectionist barriers and stem the tide of cheap foreign products. The long-term measure, on the import of seamless tubes, pipes and hollow profiles of iron, alloy or non-alloy steel, stands effective as of May 17 last year when the government had imposed a provisional anti-dumping duty, according to the circular. Click here to read full stories.
Feb 21 - Russia's Polyus says 2016 net profit up 42 pct y/y on FX gain
Russia's largest gold producer Polyus Gold said on Tuesday its 2016 net profit rose 42 percent year-on-year to $1.4 billion due to one-off non-cash items, including a foreign exchange gain and a gain on derivatives. Polyus profit, excluding these non-cash items, was largely flat at $952 million due to higher interest expense, the company said in a statement. Click here to read full stories.
Feb 21 - Aluminium producer looks for 30-pct hike in Q2 premium from Japan buyers
A major aluminium producer has made an indicative offer of a premium of $125 per tonne to Japanese buyers for April-June primary metal shipments, up 32 percent from the last quarter, three sources directly involved in pricing talks said on Monday. The offer comes as premiums climb in the United States and Europe, and as some Japanese buyers face lower inventories due to healthy local demand. Click here to read full stories.
Feb 21 - Russia's Alrosa CEO could step down - sources
Andrey Zharkov, head of Russian diamond giant Alrosa , could step down soon, two sources familiar with the situation told Reuters on Monday. 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 to read full stories.
Feb 20 - China steel mills caught on the hop by North Korea coal ban
China's steel mills and traders were scrambling to find alternative supplies of coking coal for steel making on Monday after Beijing slapped a surprise ban on coal imports from its isolated northern neighbour. Chinese prices of steel, coking coal and coke all rallied, as traders and analysts said mills will likely be forced to buy more expensive domestic material or seek alternatives further afield from Russia or Australia, driving up costs.Click here to read full stories.
Feb 20 - Philippines' minister stands by call to shut mines ahead of review
The Philippines' environment minister said on Monday she stands by her decision to shut more than half the country's operating mines and bar mining in watershed zones ahead of an inter-agency meeting later in the day to review the move. The government's Mining Industry Coordinating Council will review her shutdown orders to ensure due process was followed and consider the impact on jobs and taxes after an outcry by the mining industry.Click here to read full stories.
Feb 20 - Freeport warns of arbitration as Indonesia mining dispute escalates
U.S. mining giant Freeport-McMoRan Inc warned on Monday that it could take the Indonesian government to arbitration and seek damages over a contractual dispute that has halted operations at the world's second-biggest copper mine. In an escalation of the dispute, Freeport Chief Executive Richard Adkerson also said its local unit had made its first layoffs since negotiations started in January over a new mining permit, and it may let go of more workers this week.Click here to read full stories.
Feb 20 - For world's top gold miners, growth no longer a dirty word
After five years of painful belt-tightening, the world's biggest gold miners are starting to cautiously loosen their purse strings and spend more money to find new deposits and build mines. Several miners said this week that they have hiked budgets for exploration, construction and expansion projects. The plans, detailed in financial reports and conference calls, come as top producers face a "production cliff", with some analysts forecasting a sharp drop in their output in just four years due to under-investment.Click here to read full stories.
Feb 20 - Speculators cut net long COMEX gold stance for first time in 3 weeks -CFTC
Hedge funds and money managers cut their net long position in COMEX gold for the first time in three weeks in the week to Feb. 14, and boosted it in silver, U.S. Commodity Futures Trading Commission data showed on Friday. In Silver, speculators raise net long position by 6,353 contracts to 70,746 during the period, boosting it to the highest level since early October.Click here to read full stories.
Feb 20 - As zinc market tightens, focus turns to exchange stocks: Home
The recent history of the zinc market has been one of reality trumping great expectations. Everyone loves the zinc narrative of pending supply crunch. It's just that it's been a long, long time coming with plenty of false starts over the last few years. Big mines such as Century in Australia and Lisheen in Ireland have closed. The resulting tightening in the raw materials segment of the supply chain has been accelerated by Glencore's suspension of 500,000 tonnes of annual mine capacity.Click here to read full stories.
Feb 20 - Chile's Escondida puts condition on attending strike talks
Chile's Escondida copper mine, the world's largest, said on Sunday that company representatives would attend government-sponsored talks with striking workers on Monday as long as the union did not interfere with a shift change for non-unionized employees. Unionized workers at the mine controlled by BHP Billiton marked their 11th day on strike on Sunday after talks over a new labor contract broke down last week.Click here to read full stories.
Feb 20 - Anglo to suspend copper mining at El Soldado in Chile
Anglo American PLC will temporarily suspend operations at its El Soldado copper mine in Chile after failing to receive regulatory approval for a redesign that would have helped keep output flowing, the company said on Friday. Chilean mining regulator Sernageomin has rejected the permit request for the redesign, Anglo said, confirming a Reuters story from Thursday. Click here to read full stories.
Feb 20 - Top Vale shareholders plan to end holding company - report
The largest shareholders of Vale SA have decided to dissolve an investment holding company through which they controlled the world's biggest iron ore producer for 20 years, newspaper O Globo reported on Sunday. The decision, amid ongoing efforts to renew a shareholder accord, would allow the individual shareholders to directly control their stakes in Vale and begin to vote on their own.Click here to read full stories.
Feb 20 - Chile's SQM sees lithium demand growing 8-10 pct this year - paper
Chile's SQM expects demand for lithium to grow between 8 percent and 10 percent this year and is working to improve financial performance by 2020, an executive told local paper El Mercurio on Sunday. SQM, one of the world's biggest producers of lithium and iodine, has been trying to consolidate its position with investments abroad.Click here to read full stories.
Feb 20 - Tokyo Steel keeps product prices unchanged for March delivery
Tokyo Steel Manufacturing Co Ltd, Japan's top electric-arc furnace steelmaker, will keep product prices unchanged for March delivery to make sure the steel market can digest the recent price hikes by the company. Tokyo Steel, which makes beams and bars used in the construction industry, last month raised product prices for a third consecutive month amid firmer international prices and healthy local demand.Click here to read full stories.
Feb 17 - Philippine miner ordered shut says to ship nickel ore in March
Philippine miner Marcventures Mining and Development Corp, whose nickel mine was one of 23 ordered to close by the environment ministry, said on Friday it will take legal action to overturn the ruling and plans to ship out ore next month. Marcventures' mine in southern Philippines was among those ordered shut by Environment and Natural Resources Secretary Regina Lopez for environmental violations in a ruling that has led to an outcry from the industry. Another five of the 41 mines in the world's largest nickel ore supplier were suspended. Click here to read full stories.
Feb 17 - BHP Billiton, Escondida workers far apart one week into strike
The positions of BHP Billiton and the striking union at its Escondida copper mine in Chile, the world's largest, remain distant even as the two parties agreed this week to return to the table. Escondida's 2,500-member union officially walked off the job on Feb. 9 after contract talks with the company ended in failure. Copper prices then spiked to 20-month highs on supply concerns. Click here to read full stories.
Feb 17 - Anglo American eyes options for Chile's El Soldado mine amid permit issues - sources
Anglo American is struggling to win approval from regulators for its plan to redesign its El Soldado copper mine in Chile, two sources with knowledge of the situation said on Thursday, which could possibly lead to the suspension of operations at the mine. Anglo American wants to redesign El Soldado, which produced around 36,000 tonnes of copper in 2015, due to engineering issues. It has engaged with Chile's mining regulator Sernageomin to obtain permission for the plans. Click here to read full stories.
Feb 17 - Europe's steel industry adds Iranian imports to list of threats
Iranian steel imports have become the latest threat to European steelmakers, their trade group said on Thursday, after imports from Iran rose by nearly eight times between 2013 and 2016. Steel lobby group Eurofer said on Thursday that Iranian exports to Europe had leapt to just over 1 million tonnes annually, putting the country just behind India at 1.9 million tonnes, while China shipped 5.7 million tonnes in 2016. Click here to read full stories.
Feb 17 - Steelmaker Voestalpine establishes Trump-monitoring taskforce
Austrian steelmaker Voestalpine has set up a "Taskforce USA" to monitor the effects of President Donald Trump's decisions on its business, which includes a new $1 billion sponge-iron plant in Texas. The plant in Corpus Christi, Texas, is the largest investment in the United States by an Austrian company. Voestalpine picked the United States mainly for its access to cheap energy. Click here to read full stories.
Feb 17 - Mongolia votes to nationalise former Russian copper mine stake
Mongolia plans to nationalise a 49 percent stake in a copper mine sold to a domestic private firm last year, bringing one of Asia's biggest copper producers under full control in a move its former Russian owner said could deter foreign investors. The country's parliament voted to nationalise the Erdenet mine last week after a probe by lawmakers concluded the June 2016, $400 million sale by state-owned Russian holding company Rostec to little-known Mongolian Copper Corp (MCC) was unconstitutional as it was agreed without lawmakers' approval. Click here to read full stories.
Feb 17 - Brazil's Vale produced record 349 mln tonnes of iron ore in 2016
Brazilian miner Vale SAsaid on Thursday it produced a record 349 million tonnes of iron ore in 2016, above its own guidance, helped by strong performance at mines in northern Brazil and the successful start of its new S11D mine. The world's largest producer of iron ore had forecast that output would be at the lower end of a range of 340-350 million tonnes. Click here to read full stories.
Feb 17 - Russia's Rusal on track for stable aluminium output in 2017
Russian aluminium giant Rusal said on Thursday its 2016 production rose 1 percent year-on-year to 3.685 million tonnes and was on track to remain stable in 2017. Hong-Kong listed Rusal was overtaken by China's Hongqiao as the world's top aluminium producer several years ago as it reduced its production capacity due to a fall in prices for aluminium, used in transport and packaging. Click here to read full stories.
Feb 17 - Avnel to halt production at Mali gold mine for 18 months in June
Canada's Avnel Gold will suspend production at its loss-making Kalana underground mine in Mali for 18 months from June to expand its operations and build a new processing plant, the West African nation's mines ministry said. Production will restart in January 2019 at a larger, open-pit mine with estimated gold reserves of 1.96 million ounces. Click here to read full stories.
Feb 16 - Freeport Indonesia mine grinds to complete halt -union
All work has stopped at Freeport-McMoRan Inc's giant copper mine in Indonesia, a worker union said on Thursday, just over a month after the country halted exports of copper concentrate to boost domestic industries. Freeport had said the suspension would require the Grasberg copper mine to slash output by 60 percent to approximately 70 million pounds of metal per month if it did not get an export permit by mid-February, due to limited storage. Click here to read full stories.
Feb 16 - Crisis, what crisis? Asia copper buyers shrug off major mine strikes
Even as strikes cripple output at the world's two biggest copper mines, Asia's copper industry is pretty relaxed, sitting atop metal stockpiles that have grown by nearly two-thirds since the end of January. Copper inventories tied to China's Shanghai Futures Exchange have surged 61 percent since the week of Jan. 20 to 277,659 tonnes, the most since May 2016, the latest data shows. Stockpiles held in bonded warehouses in China have edged above 500,000 tonnes, from around 450,000 tonnes in November, according to consultants CRU Group. Click here to read full stories.
Feb 16 - Philippines' Duterte says cancellation of mining contracts based on law
Philippine President Rodrigo Duterte on Wednesday supported his environment minister's decision to cancel nearly a third of contracts for undeveloped mines, saying it was based on law. Duterte has backed Environment and Natural Resources Secretary Regina Lopez's tough stance against miners she says have damaged the environment, warning shortly after taking office in June that the country can survive without a mining sector. Click here to read full stories.
Feb 16 - Nippon Steel expects China steel prices to hold firm this year
Nippon Steel & Sumitomo Metal, Japan's biggest steelmaker, expects steel prices in top consumer China to hold firm at least until its Communist Party congress late this year, amid solid demand that is underpinning coking coal and iron ore markets. Chinese futures contracts for steel reinforcing bars used in construction have already risen 17 percent in 2017, on top of a gain of more than 60 percent last year. Besides sustained demand for construction activity, Beijing is forcing steel producers to cut output as it wages its war on smog, raising worries about supply. Click here to read full stories.
Feb 16 - Tata Steel UK workers accept cuts to pension benefits
Tata Steel's British workers voted on Wednesday to accept pension benefit cuts in return for safeguards on jobs and investment, although the Indian company's plan to spin off its entire UK pension scheme still faces regulatory hurdles. Wednesday's vote allows Britain's largest steelmaker to close its 15 billion pound ($19 billion) British Steel Pension Scheme (BSPS) to future accrual and replace the final salary scheme with a less generous defined contribution scheme. Click here to read full stories.
Feb 16 - African states wary of potential repeal of "conflict minerals" rule
A possible plan by U.S. President Donald Trump to suspend a rule on "conflict minerals" could help fund armed groups and contribute to a surge in unrest in central Africa, regional states said on Wednesday. Sources told Reuters last week that Trump planned to issue a directive targeting a Dodd-Frank rule that requires companies to disclose whether their products contain minerals from war-torn parts of Africa, including Democratic Republic of Congo (DRC). Click here to read full stories.
Feb 16 - Silver lining in weaker peso for Mexican miners
Investors are picking up on the benefits for Mexican silver miners of one of the biggest foreign exchange stories since November's U.S. election, with the slide in the peso pushing costs lower while silver prices are ramping up. The peso hit a record low last month at 22.03 to the dollar, pressured by concern over a potential trade war between the United States and Mexico in the wake of Donald Trump's U.S. election victory. Click here to read full stories.
Feb 16 - Iran aims for annual steel exports of 20-25 million tonnes by 2025
Iran aims to export 20 to 25 million tonnes of steel annually by 2025, it said in an official statement on Wednesday, up from a previous goal of 10 million tonnes. Tehran has sought to boost the steel sector as it targeted economic expansion following the 2015 deal to curb Iran's nuclear programme and has worked to attract foreign investment. Click here to read full stories.
Feb 16 - Agnico Eagle to invest $1.2 bln in Arctic gold mines
Agnico Eagle Mines said on Wednesday it would invest more than $1.2 billion in building a gold mine in Canada's Arctic and expanding another, making it one of the few gold companies to be constructing mines at a time when industry output is shrinking. Toronto-based Agnico said its board had approved mine builds for its Meliadine project as well its Amaruq deposit, which is a satellite deposit of its existing Meadowbank mine. Both Meliadine and Amaruq are in Canada's Nunavut territory. Click here to read full stories.
Feb 16 - First Quantum says restores access to Ravensthorpe nickel mine
Access to the Ravensthorpe nickel mining complex in Australia has been re-established following heavy rains last weekend that flooded local roadways, owner First Quantum Minerals said on Thursday. There were concerns that supplies of nickel from Ravensthorpe would be cut off, exacerbating an already tight global supply pool that has pushed the metal's price to its highest since mid-December. Click here to read full stories.
Feb 16 - Canadian miner Primero's Mexico mine operations halted by strike
Some 1,000 unionized employees at Primero Mining Corp have gone on strike at the Canadian gold miner's San Dimas mine in Mexico, halting mining and milling operations, the company and union said on Wednesday. Depending on its duration, the strike could have a negative impact on the company's 2017 production, Primero said. As a result, it has decided to postpone releasing its 2017 production and cost forecasts. Click here to read full stories.
Feb 15 - New labor laws in Chile embolden striking miners
Workers at the world's largest copper mine in Chile are digging in for a long strike, emboldened by new labor laws that are likely to result in tough wage negotiations in the industry in 2017 in one of Latin America's most free-market economies. The 2,500-member union at BHP Billiton's Escondida mine has been on strike since Thursday. Labor leaders say they are far from reaching an agreement, and BHP has already said it will not be able to fulfill copper delivery contracts. Click here to read full stories.
Feb 15 - Suicide, lost jobs after Philippine mine closures, but some relieved
His brother kept telling him that the mine would reopen and he would be hired again: but when Winston Ordonez didn't get a call from a mining firm, he took a laptop charger cable, tied it around his neck and hanged himself in his kitchen. Ordonez worked at the nickel mine operated by Eramen Minerals Inc near Santa Cruz, a town in the mountains of the northern Philippines, that was suspended for environmental offences in July and later ordered to shut for good. He took his own life in September. Click here to read full stories.
Feb 15 - Top gold ETF gets Islamic finance certification to tap new markets
The world's largest physically-backed gold fund said on Wednesday it has been certified as sharia compliant, the latest effort aimed at spurring demand for bullion from investors across majority-Muslim countries. Gold had traditionally been classified as a currency in Islamic finance, confining its use to spot transactions, but new guidance issued in December is making room for a wider range of investment products. Click here to read full stories.
Feb 15 - Iron ore rally fires up Rio Tinto's commodity merry-go-round: Russell
Mining company super profits appear to be back on the agenda as earnings stand to be turbo-charged by higher-than-expected prices for iron ore and other metals, while volumes are also likely to be strong. It's the stuff of dreams for mining company bosses: high prices and strong production that can be sold into a rally. Click here to read full stories.
Feb 15 - Buenaventura says gold must climb higher to unleash new projects
The new chief executive of Peru's biggest precious metals miner, Buenaventura, said on Tuesday that the price of gold would not likely trigger an industry-wide wave of new mining projects until it reached at least $1,350 per ounce. Victor Gobitz told Reuters in an interview that gold's recent rally, bringing it to about $1,225 an ounce on Tuesday, had helped bolster Buenaventura's finances, which he described as "good" and on track to improve in 2017 after an investment spurt last year. Click here to read full stories.
Feb 15 - Russian tycoon Prokhorov cuts Rusal stake in $240 million sale
Russian tycoon Mikhail Prokhorov has offloaded some of his Rusal stake in the open market after talks to sell his holding in the Russian aluminium giant to fellow businessman Viktor Vekselberg stalled. Prokhorov's Onexim Group, which manages his assets, sold 3.3 percent of Rusal via an accelerated book build for $240 million on Monday, Renaissance Capital told Reuters on Tuesday. Click here to read full stories.
Feb 15 - Electric car boom spurs investor scramble for cobalt
Investors are buying up physical cobalt anticipating that shortages of the metal, a key component of lithium-ion batteries used in electrical cars, will spur prices to their highest levels since the 2008 financial crisis. Prices for cobalt metal have climbed nearly 50 percent since September to five-year peaks around $19 a lb as stricter emissions controls boost demand for electric vehicles, especially in China, struggling with ruinous pollution levels in some cities. Click here to read full stories.
Feb 15 - Peru to start bidding on La Oroya smelter and mine at $270 million
Peru will start the bidding on a nearly 100-year old polymetallic smelter and a copper mine at about $270 million in a March 10 auction, the government said on Tuesday. The market price for the two assets, which Doe Run Peru owned before going bankrupt in 2009, is estimated at about $400 million, said Guillermo Shinno, a government representative of the group of creditors holding the auction. Click here to read full stories.
Feb 15 - Northern Dynasty says report calling it 'worthless' inaccurate
Northern Dynasty Minerals, a small Canadian miner with a large copper and gold deposit in Alaska, hit back on Tuesday at a hedge fund that called the company "worthless" in a report, saying the document was full of inaccuracies. The Vancouver-based company, whose attempts to mine the Alaska deposit has run into environmental opposition, said in a statement it would publish a rebuttal on its website by the end of the week. It promised to expose the "many inaccuracies and outright misstatements" in the report by New York-based Kerrisdale Capital. Click here to read full stories.
Feb 14 - Philippines' minister extends mining crackdown, cancels 75 contracts
The Philippines' environment minister on Tuesday ordered the cancellation of 75 mining contracts, stepping up a campaign to stop extraction of resources in sensitive areas after earlier shutting more than half of the country's operating mines. The contracts are all in watershed zones, with many in the exploration stage. They cover projects not yet in production and the latest action by Environment and Natural Resources Secretary Regina Lopez suggests she will not allow them to be developed further. Click here to read full stories.
Feb 14 - Freeport cuts output at key Indonesia copper mine
Freeport-McMoRan Inc has halted production of concentrate at the world's second-largest copper mine in Indonesia and has begun to send workers home, a spokesman for the company's local unit said on Tuesday. The Southeast Asian nation on Jan. 12 introduced rules restricting copper concentrate exports in a bid to boost its domestic smelting industry. Click here to read full stories.
Feb 14 - Malaysia's shooting-star bauxite industry faces burn up
Already under fire for widespread environmental damage, Malaysia's once lucrative bauxite mining industry is facing a likely death knell from neighbouring Indonesia's move to allow a resumption of exports. This time last year, Malaysia was the world's biggest supplier of the aluminium-making raw material to top buyer China, but its exports tumbled after government action aimed at reining in the little regulated industry. Click here to read full stories.
Feb 14 - Escondida copper strike drags on with little sign of resolution
A strike that has shut down operations at northern Chilean copper mine Escondida, the world's biggest, entered its fifth day on Monday with few signs of an imminent resolution. Workers began a strike at the BHP Billiton-run mine on Thursday to put pressure on the company after contractual wage talks failed to end in agreement. Click here to read full stories.
Feb 14 - Fake receipts at Glencore warehouse unit triggered sector credit freeze, Qingdao shivers
Some global banks briefly froze credit lines for Singapore metal traders last month after a unit of commodities giant Glencore uncovered fake warehousing receipts, people familiar with the matter said, reviving the spectre of a $3 billion scandal that rocked the trading world three years ago. Though the impact has proved limited so far, the "forged" receipts for nickel stocks that Glencore's Access World unit said it found still set alarm bells ringing - even though regulation and scrutiny have been tightened across the business since the 2014 Qingdao port scandal in China. Click here to read full stories.
Feb 14 - Aluminium's parallel universes are colliding: Andy Home
There was a time when the global aluminium market could be seen as two parallel universes, to borrow a phrase coined by Klaus Kleinfeld, chairman and chief executive of Alcoa. There was China. And there was the rest of the world. The great dividing wall was China's 15 percent export tax, effectively preventing the flow of primary metal out of what was already the world's biggest volume producer. Click here to read full stories.
Feb 14 - Glencore agrees $960 million copper and cobalt deal with Fleurette
Glencore has increased its hold on Democratic Republic of Congo's copper and cobalt resources by buying the remaining stake in the Mutanda mine from resource group Fleurette and increasing its share in Katanga for a total of $960 million. Company statements said Glencore now owns 100 percent of the Mutanda mine and about 86 percent of Toronto-listed Katanga Mining Limited. Click here to read full stories.
Feb 14 - Russia's Onexim sells 3.3 pct stake in Rusal for $240 million, source says
Onexim Group, which manages the assets of Russian tycoon Mikhail Prokhorov, has sold a 3.3 percent stake in Russian aluminium producer Rusal via an accelerated book building for $240 million, a banking source said on Monday. The source said it has valued a Rusal share at HK$3.70, compared with a closing level of HK$4.09 in Hong Kong. Click here to read full stories.
Feb 14 - Road to Las Bambas copper mine clear after Peru protest ends
MMG Ltd has been transporting copper concentrates from its Las Bambas mine in Peru since late on Friday, when residents of a nearby town called off protests that had blocked the road used by the company, a representative of the ombudsman's office said. The five-day protest in Challhuahuacho ended after the government suspended civil liberties with an emergency decree and set dates to start building a sewage system and hospital that had been promised to the town, said Artemio Solano of the ombudsman's office in the region of Apurimac. Click here to read full stories.
Feb 14 - Acacia Mining sees 40 percent boost from mine extension
Tanzanian-focused gold producer Acacia Mining said 2017 production would be lifted 40 percent by a mine life extension at Buzwagi and proposed more than doubling its dividend, reflecting a jump in net cash and record gold output in 2016. After a rough 2105, the entire mining sector recovered strongly last year, driven by a rebound in commodity prices. Click here to read full stories.
Feb 13 - China mulls radical output cuts, port coal ban in war on smog - document
China is considering forcing steel and aluminium producers to cut more output, banning coal in one of the country's top ports and shutting some fertiliser and drug plants as Beijing intensifies its war on smog, a draft policy document shows. The Ministry of Environmental Protection (MEP) has proposed the measures in the document seen by Reuters. If implemented, they would be some of the most radical steps so far to tackle air quality in the country's most polluted cities. Click here to read full stories.
Feb 13 - Duterte backs mine closures in southern Philippines
Philippine President Rodrigo Duterte said on Sunday he would not stand in the way of his minister's decision to close several mines in the southern Philippines after he saw the damage they had done to the environment. Duterte flew by helicopter from Butuan to Surigao City on Sunday to inspect areas hit by Friday's powerful earthquake that killed six and damaged public infrastructure. Click here to read full stories.
Feb 13 - LME's Chamberlain favourite to take wheel of metals juggernaut
Acting head Matt Chamberlain is fast emerging as the frontrunner to permanently take the reins at the London Metal Exchange, with industry insiders saying he has the skills, experience and knowledge to resolve a conflict with members and grow volumes. Sources close to the matter say Chamberlain is interested in the job, having stepped in temporarily following the abrupt departure of Garry Jones last month after three years at the helm of the world's largest and oldest metals market. Click here to read full stories.
Feb 13 - Hooded vandals attack Chile's Escondida mine during strike
More than 300 people wearing hoods vandalized property at the world's biggest copper mine, BHP Billiton's Escondida in Chile, and forced contract workers to stop work during an ongoing strike, management said on Sunday. The incident, late on Saturday, forced the company to evacuate one of its camps to protect personnel, the mine's management said. Click here to read full stories.
Feb 13 - China steel capacity rises in 2016, despite closures -Greenpeace
Chinese steel capacity in operation actually rose in 2016 after a high-profile closure programme concentrated on shutting idled plants, environment group Greenpeace said on Monday. China - the world's top producer and consumer of steel - said early last year it would shut as much as 150 million tonnes of annual crude steel capacity over the next five years to tackle a supply glut that had encouraged a surge in cheap exports, exposing the nation to anti-dumping complaints. Click here to read full stories.
Feb 13 - Freeport says no deal with Indonesia, export ban remains
Freeport-McMoRan Inc said on Friday that an export ban remains in place at its copper mine in Indonesia, the world's second-biggest, because it has not yet reached agreement with the government on a new mining permit. Indonesian government officials had earlier told reporters they issued a new mining permit to Freeport and that it could apply for an export permit. Click here to read full stories.
Feb 13 - Tata Steel, Thyssenkrupp merger talks face extensive delays
Investors expecting a deal this year in Tata Steel's talks to merge its European assets with Germany's Thyssenkrupp risk disappointment, given complications associated with the Indian-owned firm's British pension scheme. Tata and Thyssenkrupp shares have firmed on hopes a merger would trigger European steel capacity cuts. Tata Steel UK, Britain's top steelmaker, is seeking regulatory approval to spin off its 15 billion pound scheme into a standalone entity because Thyssenkrupp will not take on its pension liabilities in a tie-up. Click here to read full stories.
Feb 13 - Aurubis Q1 operating profit halves but beats expectations
German copper smelter Aurubis AG confirmed on Monday its fiscal 2016/17 outlook and reported a higher-than-expected operating profit for the first quarter. Operating earnings before taxes halved to 18 million euros ($19.1 million) in the first quarter ended December 2016 compared with the same period the year before, but beat analysts' average estimate of 13 million euros, according to a Reuters poll. Click here to read full stories.
Feb 13 - Trafigura acquires stake in recovering Finnish nickel mine
Commodities trader Trafigura said it will take a 15.5 percent stake in Finland's Terrafame nickel and zinc mine as part of a 250 million euro ($266 million) deal, which will help the mine ramp up production. The mine in northern Finland has been under government control since 2015 following years of losses and production problems but returned to profit in the final quarter of last year, helped by a rebound in metals prices. It has been looking for new investors for some time. Click here to read full stories.
Feb 13 - Speculators boost bullish bets on COMEX gold, silver - CFTC
Hedge funds and money managers raised their bullish wagers in COMEX gold to the highest in two months in the week to Feb. 7, and raised it slightly in silver, U.S. Commodity Futures Trading Commission data showed on Friday. Comex gold speculators raised their net long position by 3,660 contracts to 75,727 during the period to the highest since early December. Click here to read full stories.
Feb 13 - Australia's Ravensthorpe nickel mine cut off by rains -First Quantum
Heavy rains have cut access in and out of the Ravensthorpe nickel-producing operations in Western Australia, owner First Quantum Minerals said on Monday. The processing of nickel ore into metal was continuing at the site, 250 km from the Port of Esperance on the Indian Ocean, the company said in a statement emailed to Reuters. Click here to read full stories.
Feb 10 - Eco-warrior lays waste to Philippines' mining industry
Mining industry chiefs had just assailed her order to shut down more than half of the Philippines' mines, and Regina Lopez was in a combative mood: but, to keep her cool before an interview, she slipped into a side room and meditated for a few minutes. There is a spiritual side to Lopez, the daughter of a media mogul who, at 18, left a life of privilege behind in the Philippines, took a vow of celibacy and became a yoga teacher and missionary in Africa, living in slums among the poor. Click here to read full stories.
Feb 10 - Workers strike at BHP's Escondida copper mine in Chile
Workers at BHP Billiton's Escondida copper mine in Chile, the world's largest, walked off the job on Thursday in a strike that threatens to disrupt the international supply of the widely used metal. It said no miners arrived for morning work aboard buses that normally carry upwards of 1,200 workers per shift to the vast deposit, which accounted for about 6 percent of global production in 2015. Click here to read full stories.
Feb 10 - China's January iron ore imports 2nd highest on record
China's iron ore imports rose 12 percent in January from a year earlier to the second highest on record, official data showed on Friday, as steel mills replenished stocks and seaborne supply continued to displace higher-cost production at home. Arrivals reached 92.0 million tonnes, up from 82.19 million a year ago and 88.95 million tonnes in December, data from the General Administration of Customs showed.Click here to read full stories.
Feb 10 - Rio Tinto looking at exit from giant Indonesia mine
Rio Tinto is considering walking away from its interest in the huge Grasberg copper mine operated by Freeport McMoRan Inc in Indonesia, amid uncertainties over the future operation of the mine. The world's No.2 copper mine is facing a stoppage in its copper concentrate exports and permit issues with the Indonesian government, which Freeport has warned could force it to slash production and its local workforce. Click here to read full stories.
Feb 10 - How vulnerable is copper to supply disruption? Andy Home
The copper market is facing the imminent prospect of the simultaneous closure of the world's two largest copper mines. Strike action is due to start today at the largest, the Escondida mine in Chile. There seems little prospect of a last-minute settlement between unions and the mine's majority owner and operator BHP Billiton. The union didn't even bother attending talks on the fifth day of statutory government mediation and the company has started shutting down operations. Click here to read full stories.
Feb 10 - Mine bosses say transparency will not be clouded by U.S. rule changes
The expected demise of transparency regulations for minerals and oil companies listed in the United States will not cloud the global drive for financial clarity in extractive industries, company executives told Reuters at an Africa mining conference. Efforts to shine a light on payments such companies make to foreign governments are considered key to eliminating graft, conflict and the so-called resource curse - the distressingly common failure of less developed countries to translate mineral wealth into wide prosperity. Click here to read full stories.
Feb 10 - Pimco sees upside in corn markets, cautious on soybeans, aluminium
Pacific Management Investment Co (Pimco), one of the world's largest bond funds, believes corn prices will outperform soybeans and is cautious about aluminium markets. The California-based fund management group, which manages $1.5 trillion of assets, or more than the annual output of the Australian economy, uses commodities to protect against inflation. Click here to read full stories.
Feb 10 - Co-owner of Russia's Rusal considers share sale -sources
Onexim Group, which manages the assets of Russian tycoon Mikhail Prokhorov, is considering selling some of its 17 percent stake in Russian aluminium giant Rusal, two banking sources and two industry sources told Reuters on Thursday. Reports of a possible share sale came on the same day two sources close to Rusal and a banking source told Reuters the Hong Kong-listed company was also looking at listing in London. Click here to read full stories.
Feb 10 - ArcelorMittal upbeat on U.S., Brazil steel, cautious on China
ArcelorMittal, the world's largest steelmaker, said it was bullish on demand in the United States and Brazil but cautious on China after reporting higher-than-expected core profit for the final quarter of the year. ArcelorMittal said it expected apparent steel consumption, which takes into account inventory changes, for the market to rise by up to 4 percent in the United States and in Brazil in 2017, after declines last year, while Chinese demand was seen declining by as much as 1 percent. Click here to read full stories.
Feb 10 - Tata Steel UK agrees to sell speciality steel business to Liberty House
Steel UK has signed a 100 million pound ($126 million) deal to sell its speciality steel business to Liberty House Group, as the firm's Indian owner Tata Steel Ltd presses on with restructuring its European operations. The deal, which is subject to regulatory clearances, secures 1,700 jobs, mostly in South Yorkshire in the north of England, Britain's largest steelmaker said in a statement on Thursday. Click here to read full stories.
Feb 10 - Forged warehouse receipts were all for nickel, Glencore firm says
Forged warehouse certificates circulating in the name of Access World, a metals warehouse company owned by commodity giant Glencore Plc, have all been for nickel in Asia, it said on Thursday. Access World, formerly Pacorini Metals, said on Jan. 21 it had become aware of fake warehouse receipts circulating in its name and urged holders to seek authentication. Click here to read full stories.
Feb 10 - Thyssenkrupp says future Mexico investments in doubt
German industrial group Thyssenkrupp is watching the new administration of U.S. President Donald Trump carefully to decide whether to make further investments in two automotive components plants in Mexico, its chief executive said. Thyssenkrupp produces components for the North American automotive market in Mexico, part of the North American Free Trade Area (NAFTA), but Trump has warned he may impose tariffs on imports from Mexico to encourage companies to produce in the United States instead. Click here to read full stories.
Feb 09 - Philippine minister says mine closures in watershed areas non-negotiable
Philippine environment minister Regina Lopez said on Thursday her order to shut mines operating in watersheds is non-negotiable and has the backing of President Rodrigo Duterte, who has the final say on the fate of the affected mines. Lopez said her decision to shut 23 of the country's 41 mines and suspend five others was above-board, in response to claims made by a mining industry group that she side-stepped the proper processes. Click here to read full stories.
Feb 09 - Disruptions at top two copper mines threaten global supply
Disruptions at the world's two biggest copper mines by strikes and other issues this week are threatening to reduce global supplies of the metal, pushing benchmark prices back towards their highest levels for the year so far. BHP Billiton said it would halt output in Chile at its Escondida mine, the biggest copper producer, during a strike to begin on Thursday. Freeport-McMoRan Inc warned it will scale back output at its Grasberg mine in Indonesia, the second-biggest, amid a smelter strike and issues over renewal of its mining permit. Click here to read full stories.
Feb 09 - Rio Tinto considers exiting interest in giant Indonesia mine
Rio Tinto is considering walking away from its interest in the huge Grasberg copper mine operated by Freeport McMoRan Inc in Indonesia, the mining giant's chief executive told analysts late on Wednesday. The world's No.2 copper mine is facing a stoppage in its copper concentrate exports and permit issues with the Indonesian government, which Freeport has warned could force it to slash production and its local workforce. Click here to read full stories.
Feb 09 - Newcrest CEO says Trump uncertainty buoying gold, but may not last
Uncertainty over U.S. President Donald Trump's policies has driven up gold prices, but the effect may be limited to the short-term only, the head of Australia's biggest gold miner Newcrest Mining Ltd said on Thursday. Gold prices have risen to near three-month highs above $1,240 an ounce amid worries over the impact of Trump's protectionist policies and political risks in Europe ahead of a string of elections. Click here to read full stories.
Feb 09 - Protests in Peru block roads to MMG's Las Bambas copper mine
Protests over public work projects in a remote highland region of Peru have blocked roads used by MMG Ltd to transport copper concentrates from its mine Las Bambas, a representative of the ombudsman's office said on Wednesday. Hundreds of residents of the town of Challhuahuacho marched on Wednesday for a third consecutive day to demand that the government build a hospital and sewage system, said Artemio Solano of the ombudsman's office in the region of Apurimac. Click here to read full stories.
Feb 09 - White House plans directive targeting 'conflict minerals' rule -sources
President Donald Trump is planning to issue a directive targeting a controversial Dodd-Frank rule that requires companies to disclose whether their products contain "conflict minerals" from a war-torn part of Africa, according to sources familiar with the administration's thinking. Reuters could not learn precisely when the directive would be issued or what the final version would say. However, a leaked draft that has been floating around Washington and was seen by Reuters on Wednesday calls for the rule to be temporarily suspended for two years. Click here to read full stories.
Feb 09 - China cancels 10 pct export tax on refined tin - industry group
China has lifted a 10 percent export tax on refined tin, but so far there has not been any major rise in shipments, industry group ITRI said on Wednesday. Tin prices have slid in recent weeks as traders, smelters and investors sought clarification about whether the tax had been scrapped at the start of the year. Click here to read full stories.
Feb 09 - Zambia says First Quantum plans $1 bln investment, company cites conditions
Canada's First Quantum Minerals plans to invest over $1 billion in a new smelter and modernisation of a copper mine in Zambia, a senior Zambian official said on Wednesday, but the company said the investment was "very conditional". Zambia's high commissioner (ambassador) to South Africa Emmanuel Mwamba told Reuters by telephone that First Quantum Minerals Chief Executive Officer Phillip Pascal had announced the investment on Wednesday when he met Zambian officials attending a mining conference in Cape Town. Click here to read full stories.
Feb 08 - Confident Rio Tinto hands back cash as iron ore booms
Global miner Rio Tinto put its focus on returning cash to shareholders on Wednesday after beating profit forecasts on the back of cost-cutting and a strong recovery in iron ore prices. The world's No. 2 iron ore miner said it will pay a bigger-than-expected annual dividend of $1.70 per share and announced a $500 million buyback, taking shareholder returns to about 70 percent of underlying earnings. Click here to read full stories.
Feb 08 - African mining hopes are distant from uncertain reality: Russell
It should be a match made in heaven. Developing Africa's vast mineral resources to meet the needs of the resource-hungry economies of China and the rest of Asia. But if there is one message to take away from this week's Mining Indaba conference in Cape Town, it's that there remains a large gap between hopes and reality, and that in much of sub-Saharan Africa mining investment remains challenging, if not in the too-hard basket. Click here to read full stories.
Feb 08 - Freeport to reduce Indonesian mining activities - smelter official
Freeport-McMoRan Inc has warned it will scale back activities at its Indonesian copper mine, an official at Indonesia's main copper smelter, PT Smelting, said on Wednesday, amid a worker strike and other issues. Freeport's Grasberg mine in Papua, Indonesia, is the world's second-largest copper mine, and recent disruptions there have helped support a jump in copper prices. Click here to read full stories.
Feb 08 - Workers at Chile's Escondida copper mine to strike Thursday -union
Workers are set to strike on Thursday at BHP Billiton Plc's Escondida copper mine after contract talks mediated by the Chilean government failed to reach a deal, the main union at the world's largest copper mine told Reuters. The union has warned that a strike at the Chilean copper mine could be lengthy, potentially affecting global supplies of a metal used in everything from construction to telecommunications. Click here to read full stories.
Feb 08 - Nickel market doubles up on political uncertainty: Andy Home
Last month Indonesia rocked the nickel market. This month it is the turn of the Philippines. Indonesia's decision to allow the partial resumption of exports of nickel ore sent the London Metal Exchange (LME) nickel price spiralling to a six-month low of $9,350 per tonne. What Indonesia giveth, the Philippines apparently taketh away. Click here to read full stories.
Feb 08 - Water scarcity tops list of world miners' worries
The world's top mining companies warned on Tuesday that assets will be stranded and investors will walk away unless they deal with water scarcity in key mining regions such as Africa, Australia and Latin America. After the hottest global year on record in 2016, water has shot up the agenda at mining board meetings. Click here to read full stories.
Feb 08 - AngloGold says illegal miners largely cleared out of Ghana mine
Illegal miners have "largely been cleared" from AngloGold Ashanti's Obuasi mine in Ghana and the company can now explore a number of options for the asset including its possible sale or redevelopment, its chief executive said on Tuesday. The invasion of the loss-making, mothballed operation by thousands of illegal miners made the asset a toxic one that underscored the social and political risks of mining in west Africa. Click here to read full stories.
Feb 08 - Botswana gets offer for struggling BCL mines
Botswana's high court agreed on Tuesday to delay the provisional liquidation of state-owned BCL Mine Ltd after lawyers representing the liquidator KPMG said they had received an offer to buy its mothballed mines, which produce copper and nickel. While the lawyers declined to name the company making the offer, a source close to the process told Reuters a company from the United Arab Emirates had put forward an offer for the three companies under the BCL group. Click here to read full stories.
Feb 07 - Philippine mine body to seek release of audit after closure orders
A Philippine mining industry body said it will file a freedom of information request on Tuesday to press the government to release the results of a mining audit, following an order to close over half of the country's mines. Environment and Natural Resources Secretary Regina Lopez last week ordered 23 mines to shut permanently, even though a team that reviewed an audit of 41 mines had recommended suspensions and fines for environmental violations, rather than closure, sources told Reuters. Click here to read full stories.
Feb 07 - South Africa to publish contested mining charter by March - minister
South Africa will publish its revised Mining Charter by next month, a minister said on Monday, bringing closer legislation meant to redress racial economic inequality but which has concerned companies struggling with lower commodity prices. A separate Mineral and Petroleum Resources Development Act will be finalised by June, proposing to give the state a 20 percent free stake in new energy projects and the ability to buy further shares. Click here to read full stories.
Feb 07 - Talks between Russian tycoons Vekselberg and Prokhorov over Rusal stake stalled - sources
Talks between Russian tycoons Viktor Vekselberg and Mikhail Prokhorov over a stake in Russian aluminium producer Rusal have stalled, two financial market sources and an industry source told Reuters on Monday. Two sources close to Vekselberg told Reuters last year that he planed to buy a 12 percent stake in Rusal from Prokhorov's Onexim Group via SUAL Partners. Click here to read full stories.
Feb 07 - Anglo American sees further 40 pct gain in productivity by 2020
Technological improvements have boosted productivity by 40 percent over the last three years and a further 40 percent can be delivered by 2020, Anglo American Chief Executive Mark Cutifani said on Monday. "Since we started thinking about our business in a very different way, our productivity is up by around 40 percent since 2013," Cutifani told the annual Mining Indaba conference in Cape Town. Click here to read full stories.
Feb 07 - Lacking local support, De Beers shelves Ontario diamond mine expansion
De Beers is shelving immediate plans to study an expansion project at a remote northern Ontario diamond mine after failing to get support from a neighboring aboriginal community, a "disappointing" setback for the world's top diamond producer, the mine's manager said. The isolated Victor mine in the James Bay lowlands produces some 600 carats of diamonds annually and is scheduled to stop production in late 2018 and close in early 2019, De Beers Canada general manager James Kirby told Reuters late last week. Click here to read full stories.
Feb 07 - India keen to buy foreign coking coal assets - Minister
Coal India Ltd, the world's top coal miner, plans to acquire coking coal assets abroad as India lacks technology to economically develop local reserves, Coal Minister Piyush Goyal said. "The recent spurt in global coal prices, particularly for coking coal, is expected to create an encouraging scenario for such acquisition process," Goyal told lawmakers in a written reply. Click here to read full stories.
Feb 07 - Hungary court orders retrial in toxic red sludge case
A Hungarian court ordered a retrial on Monday over the spill of toxic red sludge in 2010 that killed 10 people in one of the country's worst environmental disasters. Prosecutors had appealed against a 2016 ruling that acquitted 15 people in the case. Monday's verdict by a court in the city of Gyor overturned that ruling and ordered a retrial. Click here to read full stories.
Feb 07 - Randgold 4th-qtr profit jumps; raises FY dividend by 52 pct
Gold miner Randgold Resources Ltd reported a 76 percent jump in fourth-quarter profit, boosted by higher grades and a rise in gold prices, and the company said it would raise its annual dividend by 52 percent. Randgold shares rose as much as 5.25 percent in early trading to their highest in nearly 3 months. They were trading at 7,180 pence at 1244 GMT, leading the FTSE 100 gainers' list. Click here to read full stories.
Feb 07 - Sumitomo Metal forecasts 2017 loss on Chile copper mine impairment
Sumitomo Metal Mining 5713.T on Tuesday forecast a loss of 15 billion yen ($134.08 million) for the year ending in March, down from a previous profit forecast, because of an impairment at a copper mine in Chile. Japan's second-biggest copper smelter said it booked a 79.9 billion yen ($714.5 million) impairment loss in the October-December quarter for the Sierra Gorda copper mine, co-owned by Poland's KGHM and trading firm Sumitomo Corp, due to a ramp-up delay. Click here to read full stories.
Feb 07 - South African mine tries faster drilling technique to cut costs
Engineering services company Master Drilling will next month complete a diamond mine pilot project aimed at roughly doubling the drilling rate and cutting costs, as miners turn to technology to maximise output from depleted reserves. Although they have recovered from a deep downturn in 2015, miners face the challenge of rising exploration expenditure after the easiest resources have been extracted. Click here to read full stories.
Feb 07 - Albanian rescuers working to reach trapped Chinese miners
Albanian rescue teams were still working on Monday to reach three Chinese mining engineers trapped since Saturday afternoon in a chrome mine at Bulqize after an explosion. The gas explosion on Saturday has destroyed the ventilation system as well as one side of the well at the chrome mine, run by Albanian Chrome, owned by Albania's Balfin Group. Click here to read full stories.
Feb 06 - Philippines unfit for mining - environment minister
Philippine Environment and Natural Resources Secretary Regina Lopez said on Monday she will not reconsider her decision to shut down 23 of the country's 41 mines, adding the Southeast Asian nation is "unfit for mining." Lopez defended her decision to shut the mines, saying they were in watersheds. Click here to read full stories.
Feb 06 - Beijing warns U.S. over high taxes on Chinese steel products
China is disappointed at continued high U.S. tax rates on Chinese steel products and will take necessary steps to protect the rights of its enterprises, a Ministry of Commerce official said on Saturday. The United States moved closer to slapping duties on imports of stainless steel sheet and strip from China this week, issuing a final determination that the products were being subsidised and dumped in the U.S. market at below fair value. Click here to read full stories.
Feb 06 - Freeport warns of cuts as it awaits Indonesian export permit
Freeport-McMoRan Inc, the world's biggest publicly-listed copper miner, said on Friday it will cut staff, spending and production in Indonesia if it does not get a new export permit by mid-February, amplifying a warning it made last week. The Phoenix-based miner said it continues to work with the Indonesian government to resolve issues after exports of its copper concentrate were halted Jan. 12. The Southeast Asian country banned export shipments of semi-processed ore to boost its local smelter industry. Click here to read full stories.
Feb 06 - Cornish lithium dreams may die in South America's salt lakes: Andy Home
There's lithium in them there Cornish hills! News that a start-up, Cornish Lithium, is going to explore for the "metal of the future" in Britain's historic tin-mining region has been greeted with predictable national euphoria. "Cornwall's mining industry set for 50bn pound revolution," proclaimed a headline in The Sun newspaper. Click here to read full stories.
Feb 06 - Speculators lift bullish COMEX copper stance to another record
Hedge funds and money managers increased their net long position in COMEX copper contracts to a fresh record in the week to Jan. 31, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday. The speculators also added to net long positions in COMEX gold and silver futures and options, the data showed. Click here to read full stories.
Feb 06 - LME plans to launch precious metals contracts on June 5
The London Metal Exchange plans to launch its new LMEPrecious suite of precious metals contracts on June 5, subject to regulatory approval, it said in a statement on Friday. The exchange, which chiefly offers a trading platform for base metals such as copper and zinc, announced its intention to launch spot and futures contracts for gold and silver in August. Click here to read full stories.
Feb 06 - BHP Billiton requests govt mediation with workers at Escondida mine
Workers at BHP Billiton's Escondida copper mine in Chile, the world's biggest, prepared to re-enter dialogue with the company on Friday, after BHP solicited government mediation in a bid to avoid a strike. Unionized workers at the mine this week rejected the last company wage offer and voted for a work stoppage. However, the union said late Thursday night that the company had asked for mediation by Chile's Labor Directorate which effectively extends negotiations and pushes back the start of a possible strike. Click here to read full stories.
Feb 06 - Salzgitter CEO sees further rise in 2017 profit - BZ
German steelmaker Salzgitter sees a further rise in profit this year as steel prices rise and restructuring measures continue to bear fruit, its chief executive told German markets daily Boersen-Zeitung in an interview. Heinz Joerg Fuhrmann added that he was not overly concerned about U.S. President Donald Trump's order that American steel should be used for pipelines built in the United States, and said that Salzgitter may profit from a U.S. infrastructure programme. Click here to read full stories.
Feb 06 - Steelmaker Gerdau exploring partnership or sale of Chile unit - paper
Brazilian steelmaker Gerdau SA is exploring a strategic partnership or a sale of its operations in Chile, local newspaper La Tercera reported on Saturday. The paper, which cited high-ranking industry sources, did not detail any potential buyers, nor did it specify which banks were managing the process. Click here to read full stories.
Feb 03 - Philippine miners say closures to hit 1.2 mln people, vow to fight back
The planned closure of 23 Philippine mines, mostly nickel producers, and the suspension of five others will affect about 1.2 million people, miners said, as some vowed to take legal action to contest the decision. Environment and Natural Resources Secretary Regina Lopez ordered the closures and suspensions on Thursday as she announced the results of a months-long audit on the country's 41 mines aimed at halting mining operations judged to have harmed the environment. Click here to read full stories.
Feb 03 - India 2017 gold demand seen muted as govt clamps down on 'black money'-WGC
Gold demand in India will be muted this year after dropping to multi-year lows in 2016, with trading dented as the government pushes to make markets for the metal more transparent and brings in a new tax, the World Gold Council (WGC) said on Friday. Lower demand from the world's second biggest consumer could rein in global prices that have been trading near their highest in 11 weeks, although it would help the south Asian country reduce its trade deficit. Click here to read full stories.
Feb 03 - U.S. steps closer to slapping duties on stainless steel sheet from China
The U.S. Commerce Department on Thursday stepped closer to placing duties on imports of stainless steel sheet and strip from China, issuing a final determination that the products were being subsidized and dumped in the U.S. market at below fair value. The department said it affirmed antidumping duties ranging from 63.86 percent to 76.64 percent on the imports, and an anti-subsidy rate of 75.60 percent for mandatory respondent Shanxi Taigang Stainless Steel Co Ltd. Click here to read full stories.
Feb 03 - Another year, another lead squeeze, but is this one different? Andy Home
Last year zinc was the star performer among the major base metals traded on the London Metal Exchange (LME). Might it be sister metal lead's turn to shine this year? The unglamorous heavy metal has already had a tumultuous start to 2017. Click here to read full stories.
Feb 03 - China's war on smog not seen as a game-changer for aluminium market
Top aluminium producer China's battle against pollution has raised the prospect of output cuts, causing prices to rise to 20-month highs, but the rally might have gone too far as oversupply remains a problem. The market excitement was sparked by a Chinese government document proposing that about a third of aluminium capacity in the provinces of Shandong, Henan, Hebei and Shanxi should be shut over the winter months. Click here to read full stories.
Feb 03 - Glencore sticks with 2017 production targets
Glencore stuck with its target for broadly higher output in 2017 on Thursday after reporting falls in copper and zinc which led overall production lower last year. The Swiss-based company said fourth-quarter copper production fell 3 percent and for the full year was down 5 percent at 1.4 million tonnes reflecting the closure of some African operations. Click here to read full stories.
Feb 03 - Brazil's Vale more optimistic than market on iron ore prices -exec
Brazilian miner Vale SA is more optimistic than the market consensus in terms of iron ore prices for 2017, Investor Relations Director Andre Figueiredo told reporters on Thursday. Figueiredo also said Vale had likely made a profit in 2016, and should pay dividends equivalent to about 25 percent of net profit.Click here to read full stories.
Feb 02 - Philippines to shut mines, suspend others as clampdown deepens
The Philippines will close down over 20 mines, mostly nickel producers that account for about half of output in the world's biggest nickel ore supplier, as a government campaign to fight environmental degradation deepens. Manila is also suspending operations at six other mines, including the country's top gold miner. Click here to read full stories.
Feb 02 - Ending years of cuts, miners are exploring again - cautiously
After years of cutting budgets and squeezing existing mines, global mining giants are again scouting for new deposits: industry analysts say 2017 will see the first increase in spending on exploration in five years. Exploration spending came under pressure when commodity prices tumbled and investors pushed miners to be less profligate, especially on large new projects and in untested locations. Click here to read full stories.
Feb 02 - Insurgency is logical byproduct of Alcoa spinoff
Insurgency is the logical byproduct of Alcoa's 2016 breakup. The aluminum company coped with an irrational market for the metal by plowing capital into expensive acquisitions. Management hoped a separation would attract investor attention to its Arconic parts business, and provide a cozy escape hatch from its woes. It got what it wanted – but in the form of a proxy fight with activist Elliott Management. Click here to read full stories.
Feb 02 - Japan trading house Mitsubishi hikes profit outlook on strong coal prices
Japanese trading house Mitsubishi Corp on Thursday hiked its net profit forecast for the current financial year by around a third, driven up as coking coal prices remain way above lows hit last year. The revised forecast of 440 billion yen ($3.9 billion) is higher than a consensus estimate of 372 billion yen from 13 analysts polled by Thomson Reuters I/B/E/S. Click here to read full stories.
Feb 02 - US appeals court revives JPMorgan silver futures rigging lawsuits
A U.S. appeals court on Wednesday revived three private antitrust lawsuits accusing JPMorgan Chase & Co of rigging a market for silver futures contracts traded on COMEX. The 2nd U.S. Circuit Court of Appeals in New York said a lower court judge held hedge fund manager Daniel Shak and two other traders to an excessively high legal standard when deciding last June 29 to dismiss their complaints. Click here to read full stories.
Feb 02 - Nippon Steel exec: Worries over U.S. protectionism growing every day
Worries over U.S. President Donald Trump's protectionist policies are "growing every day", a senior executive at Nippon Steel & Sumitomo Metal Corp said, while adding that any impact on its own U.S.-bound steel exports would be limited due to small volumes. Toshiharu Sakae, executive vice president at Japan's top steelmaker, made the comment at a news conference to brief on the company's third-quarter earnings on Thursday. Click here to read full stories.
Feb 02 - U.S. House axes regulations on oil and mining company payments, stream pollution
The Republican-led U.S. House of Representatives on Wednesday killed two Obama-era rules, one intended to root out corruption in the extraction sector and one aimed at reducing stream pollution. Required by the 2010 Dodd-Frank Wall Street reform law, the Securities and Exchange Commission's "extraction rule" was approved this summer to require oil, gas, mining and other companies to publicly state the taxes and other fees they pay to governments. Click here to read full stories.
Feb 02 - Voestalpine says acted legally in communicating Texas plant costs
Austrian specialty steelmaker Voestalpine said on Wednesday it had complied with all legal requirements in the way it communicated cost overruns at its plant in Texas. Austria's financial watchdog FMA is investigating whether Voestalpine met European Union requirements to immediately publish information relevant to its share price in connection with the cost overruns. Click here to read full stories.
Feb 01 - Chilean workers vote to strike at world no.1 copper mine
Workers at BHP Billiton's Escondida mine in Chile, the world's biggest copper mine, have voted to reject a company wage offer and go on strike, the union told Reuters in the early hours of Wednesday. The strike is due to begin in 48 hours but the union said the company will likely request government mediation to attempt a resolution, which would delay any strike action for about another week. Click here to read full stories.
Feb 01 - Gold becomes one of investors' favorite safe havens with Trump uncertainty
Some of Wall Street's largest fund managers have taken a contrarian bet on gold, wagering that U.S. President Donald Trump's governing style and upcoming elections in Europe will combine to create more stock market volatility and boost the prices of a metal long seen as a safe haven. Fund managers from IVA, Ridgeworth and Fidelity are among those who are bullish on gold at a time when the VIX, Wall Street's main measure of volatility, is near two-year lows amid a stock market rally that has pushed the S&P 500 up 6.5 percent since Election Day in November. Click here to read full stories.
Feb 01 - China iron ore imports off to strong start; support rally: Russell
There is fundamental justification for the strong start to 2017 for iron ore prices, with imports by top buyer China remaining robust and showing no signs of easing. A total of 86.6 million tonnes was reported as discharged at Chinese ports in January, according to data compiled by Thomson Reuters Supply Chain and Commodity Forecasts. Click here to read full stories.
Feb 01 - Philippine minister says some mines need to be shut on eve of green audit results
Some Philippine mines need to be shut given the environmental harm they have caused, the minister in charge of sector said on Wednesday, a day before the government announces the results of a months-long review of the country's mineral producers. "We'll be really, really strict," Environment and Natural Resources Secretary Regina Lopez told radio station DZMM. "There's some really that have to be closed," Lopez said, without identifying which mines she meant in the review to be published on Thursday. Click here to read full stories.
Feb 01 - Indonesia to temporarily exempt Freeport from some new mining rules - official
Indonesia will temporarily exempt the local unit of Freeport-McMoRan Inc from some new rules while processing its application for new mining rights, a ministry official said, potentially allowing for the resumption of copper concentrate exports. Freeport has warned that the halt to its shipments since the new mining rules took effect on Jan. 12 could lead to a sharp drop in output at its Grasberg mine. Click here to read full stories.
Feb 01 - South African mineworkers' union vows coalmine strike in "coming weeks"
South Africa's biggest union of mineworkers plans to launch a strike in coal mines in the "coming weeks" over the structure of industry wage talks, its spokesman, Livhuwani Mammburu, said on Wednesday. The National Union of Mineworkers is opposed to the coal companies' intention to negotiate wages on an individual basis, rather than collectively under the Chamber of Mines, an employer industry body. Click here to read full stories.
Feb 01 - Russia's Nornickel sees nickel, palladium output up in 2017
Norilsk Nickel (Nornickel), one of the world's largest nickel and palladium producers, plans to increase output of its main metals from Russian raw material this year, the company said in a statement on Tuesday. Nornickel, which competes with Brazil's Vale SA for the rank of the world's top nickel producer, experienced falls in production of nickel, copper and platinum group metals in 2016. Click here to read full stories.
Feb 01 - Southern Copper reports 183 pct surge in Q4 net profit
Southern Copper Corp on Tuesday reported a 183 percent year-on-year surge in its fourth-quarter net profit to $172 million as better metal prices and increased production from a recent mine expansion bolstered its sales. The result was under the mean market estimate of $298 million, according to Thomson Reuters I/B/E/S. Click here to read full stories.
Feb 01 - Austria's financial watchdog examines Voestalpine's Texas plant costs
Austria's financial watchdog FMA is investigating whether steel company Voestalpine was open enough about cost over-runs at its plant in Texas, a spokesman said on Tuesday. Voestalpine said earlier this month that the cost for the hot briquetted iron plant in Corpus Christi in the United States would rise to about $990 million. It had previously put the cost for the site at 550 million euros ($593.89 million) and later said the basic investment for the project was $740 million. Click here to read full stories.
Jan 31 - Fortescue sees iron ore demand boost as China closes steel mills
A Chinese crackdown on inefficient steelmaking will support demand for iron ore imports, Australia's Fortescue Metals Group said on Wednesday, maintaining its forecast for record shipments this year amid a rebound in prices. Exports to China by the world no. 4 iron ore miner dipped slightly in the quarter to Dec. 31, quarterly production data showed, but are still on track to meet or beat the high end of its 2016/17 guidance for 165 million to 170 million tonnes. Click here to read full stories.
Jan 31 - Indonesia says may soon issue Freeport with temporary permit
Indonesia may issue a temporary mining permit "in one or two days" to the local unit of Freeport McMoRan Inc, the mining minister said, potentially enabling Freeport to resume exports of copper concentrate from its Grasberg mine in Papua. Indonesia halted Freeport's exports of concentrate on Jan. 12, a stoppage Freeport said would reduce Grasberg's copper output by around 70 million pounds per month. Click here to read full stories.
Jan 31 - Investors urge Arconic to oust CEO Klaus Kleinfeld - WSJ
Some of Arconic Inc's biggest shareholders are pressing the company to remove Chief Executive Klaus Kleinfeld, the Wall Street Journal reported on Monday, citing people familiar with the matter. The push comes less than three months after Alcoa Inc split into two entities, Alcoa Corp the legacy raw aluminum maker - and Arconic, its metal parts business. Click here to read full stories.
Jan 31 - India to explore mining potential with massive aerial survey
India will launch its biggest aero geophysical survey of minerals next month to unearth deep-seated resources such as gold and copper, as it seeks to develop its mining industry and reduce its dependence on imports. The survey will cover more than 200,000 square kilometres across seven states from Rajasthan in the west to the southeastern state of Andhra Pradesh, India's Mines Secretary Balvinder Kumar told Reuters on Monday. Click here to read full stories.
Jan 31 - Strike seen probable at Escondida copper mine as vote wraps up
Workers at the Escondida copper mine in Chile, the world's largest, entered the final stretch of voting on Monday on the company's wage offer, with the union saying it was confident a strike would be approved. Talks between mine owner BHP Billiton and the union ended in failure last week, triggering a rise in the global price of copper as a potential stoppage looms at the mine. Click here to read full stories.
Jan 31 - Russia appeals to WTO over EU duties on Russian steel
Russia appealed to the World Trade Organisation on Monday to settle a dispute with the European Union over anti-dumping duties imposed on its steelmakers, one of a number of trade disputes between the two. The EU introduced duties in August of between 18.7 and 36.1 percent on Russian cold rolled steel, a product used in the construction and automotive industries, following allegations Russian steelmakers were exporting at unfairly low prices. Click here to read full stories.
Jan 31 - U.S. lawmakers move to scrap SEC's 'resource extraction' rule
Two senior U.S. lawmakers unveiled legislative plans on Monday to scrap a rule devised under the 2010 Dodd-Frank financial reform law requiring publicly-traded mining, oil and gas companies to disclose payments they make to foreign governments. Michigan Republican Bill Huizenga, who chairs the House of Representatives Financial Services subcommittee on capital markets, and Oklahoma Republican James Inhofe, chairman of the Senate Environment Committee, took aim at the U.S. Securities and Exchange Commission's so-called "resource extraction" rule, saying it makes it harder for U.S. energy companies to compete. Click here to read full stories.
Jan 31 - Canada's MGX Minerals hunts battery lithium in oilfields
Canada's MGX Minerals is close to completing testing of technology that uses brine from oilfields aiming to shorten the production of lithium to just one day, CEO Jared Lazerson told Reuters. Hopes for the trial and plans to expand have helped boost MGX's share price by more than 250 percent this month, with its market capitalisation topping C$100 million ($76 million), Reuters data shows. Click here to read full stories.
Jan 31 - Rain in Peru may affect copper output at Cerro Verde - Freeport
Copper output at Freeport-McMoRan Inc's Cerro Verde mine in southern Peru might be temporarily affected by heavy rains that have blocked roads in the region, the company's local unit said on Monday. However, the rains in the region of Arequipa, which have triggered floods and landslides, would not have any material impact on the company, it added in a statement. Click here to read full stories.
Jan 31 - Gold miner Randgold says talking to Tongon mine employees to end sit-in
Gold miner Randgold Resources Ltd said it was in talks with some of its employees to end their illegal sit-in at its Tongon mine in Ivory Coast over demands to make some additional annual payments. The miner said the sit-in began at the mine late on Thursday with some employees demanding annual ex-gratia payments, which refers to sums of money paid without any legal obligation. Click here to read full stories.
Jan 30 - Glencore warehouse company says aware of forged warehouse receipts
A metals warehouse company owned by commodity giant Glencore Plc said that it has become aware of fake warehouse receipts circulating in its name. Access World in a statement urged holders to seek authentication of the receipts for commodities such as copper and aluminium, which are are typically used as collateral for bank finance. Click here to read full stories.
Jan 30 - EU imposes definitive dumping duties on Chinese steel tube imports
The European Union has imposed definitive anti-dumping duties on Chinese and Taiwanese imports of stainless steel tubes and pipe butt-welding fittings to protect its industry from steel overcapacity. An investigation found Chinese and Taiwanese manufacturers had sold stainless steel tube and pipe butt-welding fittings in Europe at dumped prices, the European Commission said in a notice published in the official journal on Friday. Click here to read full stories.
Jan 30 - India cedes top coal importer spot back to China as growth trend stalls: Russell
India has surrendered its status as the world's top importer of coal back to China, with its overseas purchases in 2016 falling to less than 200 million tonnes. The question now is whether lower Indian coal imports is the new reality, or if last year was just a blip. Click here to read full stories.
Jan 30 - American steel unlikely to get Keystone boost despite Trump order
When U.S. President Donald Trump signed orders to revive two controversial energy pipeline projects this week, he pledged to require new pipelines to use American-made steel, a gesture to workers in the hard-hit industry who helped propel him to power. But U.S. steelmakers will receive negligible benefit from the multi-billion dollar Keystone XL project, one of the two projects Trump ordered to proceed, because they have limited ability to meet the stringent materials requirements for the TransCanada line. Click here to read full stories.
Jan 30 - Speculators lift bullish COMEX copper stance to record
Hedge funds and money managers added to their bullish position in COMEX copper contracts for a third straight week, in the week to Jan. 24, lifting it to a record, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday. They slightly lowered their net long position in gold futures and options, following two straight weeks higher, while they raised it in silver to the highest level since early November, the data showed. Click here to read full stories.
Jan 30 - Prospects brighten for Russian steelmakers as economy improves
Russia's biggest steelmakers are expecting 2017 to be a better year for the industry as the national economy improves, thanks to firmer oil prices, and higher steel prices support profits. The companies have suffered over the last two years as world steel prices hit 11-year lows and the country's economic crisis sapped domestic demand. Click here to read full stories.
Jan 27 - Australia iron ore ports clearing ahead of cyclone - authority
A tropical low in the Indian Ocean off Australia was forecast on Friday to intensify to cyclone strength within 24 hours, disrupting shipping from the world's biggest iron ore export terminals and threatening offshore production of liquefied natural gas (LNG). The Pilbara Ports Authority said in a statement it had already cleared vessels from outer anchorages at Port Hedland, and vessels within the inner harbour would depart by 0500 GMT. Click here to read full stories.
Jan 27 - Thyssenkrupp CEO says steel solution will take time
Thyssenkrupp Chief Executive Heinrich Hiesinger warned shareholders that it would take time to forge a deal for its Steel Europe business with a rival such as Tata Steel. "We too would like a speedy solution, but it has to be a good solution. A solution that secures the future of steel production in Germany and Europe - and that takes time," he said, according to the prepared text of a speech for the industrial group's annual general meeting on Friday. Click here to read full stories.
Jan 27 - Aluminium's dangerous dependency on China's smelter sector: Andy Home
China produced 31.6 million tonnes of aluminium last year. National output in both November and December was running at an annualised 34 million tonnes, a fresh record. The country's share of global output last month was more than 56 percent, according to figures from the International Aluminium Institute (IAI). Ten years ago it was around 30 percent. Click here to read full stories.
Jan 27 - Physical gold demand slides to 7-year low in 2016 - GFMS
Physical gold demand fell 20 percent last year to its lowest since 2009, GFMS analysts at Thomson Reuters said in a report on Thursday, as a rebound in prices after three straight years of losses blunted appetite for the metal. Buying of jewellery, coins and bars, plus official sector and industrial demand, fell to 3,349 tonnes last year from 4,184 tonnes in 2015, the analysts said, the lowest in seven years. Click here to read full stories.
Jan 27 - Tata Steel's UK pensions trustee warns deficit to surge
Tata Steel UK's pension scheme deficit is set to balloon to 1-2 billion pounds ($1.25-$2.5 billion) and Britain's largest steelmaker believes it could face insolvency unless a way can be found to tackle it, the scheme's trustee has told members. Indian parent company Tata Steel has held talks to merge its European assets with Germany's Thyssenkrupp, but the success of those talks hinges on Tata being able to separate itself from its British pension scheme. Click here to read full stories.
Jan 27 - Chile's Codelco suspends Andina copper mining operations after worker dies
Chile's state-owned miner Codelco suspended mining operations at its Andina copper mine after a worker died in an accident, the company said on Thursday. The company said the incident occurred around midday while the worker was performing maintenance tasks in an underground section of the mine. Click here to read full stories.
Jan 27 - Russia sells giant gold deposit to Polyus-led joint venture
A joint venture between Russia's top gold producer Polyus and state conglomerate Rostec has bought the rights to develop Sukhoi Log, one of the world's largest untapped gold deposits, for 9.4 billion roubles ($158 million). Russia competes with Australia for second place among the world's largest gold producers and has one of the world's largest gold reserves. The ore of Sukhoi Log, which translates as "dry gully" in English, contains about one fifth of Russia's gold reserves. Click here to read full stories.
Jan 27 - Anglo American boosts 2016 output overall, copper down in Q4
Anglo American on Thursday reported a sharp production fall at its Los Bronces copper mine in Chile at the end of last year offsetting an overall increase in mineral output across its mines. The dip in output late last year weighed on Anglo American shares, which fell around a percent by 1010 GMT, although analysts said Anglo American's figures were broadly positive. Click here to read full stories.
Jan 27 - Lonmin reports lower output as protesters demand compensation
Lonmin reported weaker than expected output on Thursday, causing analysts to raise doubts over 2017 production targets, and faced demands for compensation following the shooting of 34 miners at Marikana in South Africa's platinum belt. The company reiterated its sales guidance for 2017, but said larger shafts, known as generation 2, had disappointed and production from them was 5.2 percent lower in the final three months of last year than in the previous year. Click here to read full stories.
Jan 26 - Freeport says it will challenge $469m Indonesia water tax case
Mining giant Freeport McMoRan Inc said its Indonesian unit, facing $469 million in water taxes and penalties in Papua province dating back to 2011, will contest a ruling by a local tax court that rejected its lawsuit on the matter. Freeport said in documents accompanying earnings disclosure on Wednesday it "expects to challenge this decision at Indonesia's Supreme Court and is evaluating its options". Click here to read full stories.
Jan 26 - India mulls reviving colonial-era gold mines with $2 bln reserves
India is planning to revive a cluster of colonial-era gold mines - shut for 15 years but with an estimated $2.1 billion worth of deposits left - as the world's second-largest importer of the metal looks for ways to cut its trade deficit, officials said. State-run Mineral Exploration Corp Ltd has started exploring the reserves at Kolar Gold Fields, in the southern state of Karnataka, to get a better estimate of the deposits, according to three government officials and a briefing document prepared by the federal mines ministry that was seen by Reuters. Click here to read full stories.
Jan 26 - Output rise, lower tax estimate drive miner Antofagasta's shares higher
Chilean copper minerAntofagasta reassured investors with a strong production increase in the final quarter of 2016 and by saying it expected to pay less tax, sending its shares sharply higher. A 13.8 percent production rise in the fourth quarter helped the London-listed miner reach annual output of 709,400 tonnes of copper in 2016, just short of the 710,000-740,000 tonne guidance it had given at the start of last year. Click here to read full stories.
Jan 26 - South Africa's Sibanye says may lay off up to 330 platinum workers
South African gold and platinum producer Sibanye Gold said on Thursday it may have to cut up to 330 jobs in platinum operations it acquired from Anglo American Platinum and Aquarius Platinum. Job cuts are a thorny issue in South Africa, where the unemployment rate is around 25 percent, income disparities are glaring and unions are known for their militancy. The platinum belt has been a flashpoint of labour unrest and violence. Click here to read full stories.
Jan 26 - Barrick Gold estimates gold output dropped 9.8 pct in 2016
Canadian miner Barrick Gold Corp on Wednesday estimated its gold production in 2016 fell 9.8 percent to 5.52 million ounces. The world's largest producer of bullion also estimated 2016 all-in sustaining costs was at or slightly below the low end of its forecast of $740-$775 per ounce of gold. Click here to read full stories.
Jan 26 - POSCO Q4 operating profit up 40 pct, but misses estimates
South Korean steelmaker POSCO posted fourth-quarter operating profit that jumped nearly 40 percent but was still well below market forecasts, according to Reuters' calculations, reflecting raw material costs that outpaced steel prices. The world's fourth-biggest steelmaker reported 2016 earnings on Wednesday without disclosing numbers for October-December. Click here to read full stories.
Jan 26 - Russia's MMK crude steel output up 2.5 pct in 2016
MMK, one of Russia's largest steel producers, said on Thursday its 2016 crude steel output was up 2.5 percent year-on-year at 12.5 million tonnes. In the fourth quarter, crude steel output was down 0.7 percent quarter-on-quarter, to 3.16 million tonnes. Click here to read full stories.
Jan 25 - BHP 2nd-qtr iron ore output up 9 pct, year guidance intact
BHP Billiton was on track to meet its iron ore production guidance for fiscal 2017 after reporting a strong second quarter for its most profitable business on Wednesday. The world's biggest miner reported a 9 percent rise in iron ore output in Western Australia to 70 million tonnes for the December quarter from the same period a year earlier. Click here to read full stories.
Jan 25 - Alcoa beats revenue estimates, sees higher aluminum demand
Alcoa Corp reported higher-than-expected revenue in its first quarterly results after the metals company split into two in November, helped partly by a rise in alumina prices. The producer of aluminum, alumina and bauxite also said it expects a 4 percent growth in global aluminum demand in 2017 even as the market remains modestly oversupplied. Click here to read full stories.
Jan 25 - Freeport expects Indonesia copper concentrate exports to resume 'soon'
Freeport-McMoRan Inc expects copper concentrate exports from its Indonesian unit to resume "soon", a company spokesman said in a text message when asked about the matter on Wednesday, after shipments were stopped earlier this month. Freeport's operations at its Grasberg mine and shipments of concentrate to the country's only copper smelter remained normal, Freeport Indonesia spokesman Riza Pratama said. Click here to read full stories.
Jan 25 - China steel mills resist Rio's demand for "ridiculous" iron ore premium
Chinese steel mills have balked at global miner Rio Tinto's plan to charge a premium in long-term contracts for its highest grade of iron ore, rekindling the conflicts that caused the collapse of an annual pricing system seven years ago. The world's second-biggest iron ore miner is seeking a premium of at least 15 cents per tonne above the index price for its flagship Pilbara Blend iron ore product, or PB fines, for all new long-term contracts, according to sources at two Chinese steel mills with knowledge of the talks. Click here to read full stories.
Jan 25 - Copper the constant in China's shifting metals trade: Andy Home
China imported 3.63 million tonnes of refined copper last year, just shy of the previous year's record 3.68 million tonnes. True, what went into the country last year was partly offset by a mini-surge in exports, largely of metal produced under tolling contracts. Exports of 426,000 tonnes were a record high. Click here to read full stories.
Jan 25 - POSCO Q4 operating profit up 40 pct, but misses estimates
South Korean steelmaker POSCO posted fourth-quarter operating profit that jumped nearly 40 percent but was still well below market forecasts, according to Reuters' calculations, reflecting raw material costs that outpaced steel prices. The world's fourth-biggest steelmaker reported 2016 earnings on Wednesday without disclosing numbers for October-December. Click here to read full stories.
Jan 25 - Workers at Chile's Escondida reject wage offer, strike looms
Unionized workers at BHP Billiton-run Escondida, the world's biggest copper mine, said on Tuesday they rejected the company's latest wage offer and asked workers to vote for a strike and prepare for an extended conflict. The Escondida workers' union, which represents about 2,500 laborers at the Chilean mine, has been in collective wage talks with the company since December to replace the current contract which expires at the end of January. Click here to read full stories.
Jan 25 - Coking coal's bubble deflates, China's imports from North Korea remain key: Russell
If you wanted to see what a speculative commodity bubble looks like, then coking coal's huge rally in the second half of last year and subsequent retreat provides a good example. Like most bubbles, coking coal's surge had a solid foundation in supply and demand fundamentals, with top buyer China's appetite for the fuel used to make steel rising sharply in 2016, and suppliers unable to respond rapidly. Click here to read full stories.
Jan 25 - Chilean miner Antofagasta sticks to 2017 copper production target
Chilean mining firm Antofagasta stuck by its 2017 copper production target on Wednesday, after higher output at its Centinela mine and additional copper from two new operations drove up its 2016 production. The London-listed company produced 709,400 tonnes of copper in the year ended Dec. 31, 2016, 12.5 percent higher than a year earlier. Click here to read full stories.
Jan 24 - India demonetisation drive to favour country's big gold jewellery store chains - WGC
India's drive to bring transparency to bullion trading, along with the rise of branded gold jewellery, could help major retailers raise their share of the world's second-biggest gold market to 40 percent by 2020, the World Gold Council (WGC) said. Somasundaram PR, managing director of the WGC's Indian operations, said on Tuesday Prime Minister Narendra Modi's move to scrap 500 and 1,000 rupee banknotes - a 'demonetisation' crackdown on corruption and tax evasion - will boost larger jewellery retailers' market share from 30 percent in 2015. Click here to read full stories.
Jan 24 - Miner Rio Tinto hiring commodity market analysts in Singapore
Global miner Rio Tinto is looking to hire eight Singapore-based experts to improve its supply and demand analysis in commodity markets. One of the world's biggest mining companies, Rio has a market capitalisation of nearly $80 billion and is focused on resources such as iron ore, copper, aluminium and coal. Click here to read full stories.
Jan 24 - London Metal Exchange CEO resigns after a difficult year
Lower trading volumes and a lack of strategy created a crisis that led to the resignation of London Metal Exchange Chief Executive Garry Jones after three years at the helm of the world's largest and oldest metals market, metal industry sources say. Parent company Hong Kong Exchanges and Clearing Ltd (HKEx) said on Monday that Jones was leaving the LME, but did not give a reason. Click here to read full stories.
Jan 24 - China safety agency says 'illegal' output led to fatalities at state coal mine
China's State Administration of Work Safety said on Tuesday that "illegal" ramped-up output and poor maintenance at a state-owned coal mine in Shanxi province led to an accident that killed 10 workers last week. The Danshuigou coal mine, near Shuozhou city and owned by China's second-largest producer China National Coal Group, has a quota from the provincial government to produce 900,000 tonnes of coal a year - or 75,000 tonnes per month. Click here to read full stories.
Jan 24 - Miner Centamin won't bid in Egypt gold tender, terms not viable
Centamin Plc, which runs Egypt's only commercial gold mine, said it would not bid in the country's new gold exploration tender because the terms are not commercially viable. Egypt, which is hoping that gold production can be a future source of growth for its struggling economy, began accepting bids last week for five concessions in its first tender for new gold exploration since 2009. The deadline for bids is April 20. Click here to read full stories.
Jan 24 - South Africa's Anglogold Ashanti to hold back on job cuts - NUM union
South African bullion producer Anglogold Ashanti will hold back on job cuts announced last week and will instead redeploy most of the workers within the firm, the National Union of Mineworkers said on Tuesday. "We have reached an agreement with the company that the majority of the 849 workers will be redeployed in other parts of Anglogold, and the rest will be reskilled," NUM spokesman Livhuwani Mammburu told Reuters. Click here to read full stories.
Jan 24 - Trump meets with leaders of building, sheet metal unions
President Donald Trump met Monday at the White House with leaders of construction, carpenters, plumbers and sheet metal unions, the White House said. According to the White House, participants included North America's Building Trades Unions President Sean McGarvey, Laborers' International Union of North America President Terry O'Sullivan, SMART sheet metal workers' union President Joseph Sellers, United Brotherhood of Carpenters President Doug McCarron and Mark McManus, president of the United Association that represents plumbers, pipefitters, welders and others. Click here to read full stories.
Jan 24 - Struggling UK steel sector needs broad govt support - MPs
Britain's steel industry needs a comprehensive government strategy to boost the sector, which must be a priority in negotiations on Britain's exit from the European Union, a cross-party parliamentary report said on Monday. The "Steel 2020" report urged the government to take 43 actions to revive the sector, including cutting energy costs for the industry, fighting cheap Chinese imports and ensuring British steel is used in public projects. Click here to read full stories.
Jan 24 - Chile sees copper output rising 4.3 pct this year
World top copper exporter Chile is seen producing 5.79 million tonnes in 2017, a 4.3 percent increase versus a year earlier, due to increased output at BHP Billiton's massive Escondida mine, state copper commission Cochilco said on Monday. Copper production in Chile is forecast to grow by an additional 3.4 percent in 2018, reaching nearly 6.0 million tonnes. Click here to read full stories.
Jan 23 - Copper market focus shifts back to unpredictable supply: Andy Home
Last year it was the strength of demand that caught the copper market by surprise. Everyone had braced themselves for an expected hard metallic landing in China, the driver of global copper usage. Click here to read full stories.
Jan 23 - China Moly to help BHR acquire stake in Congo's Tenke copper mine
China Molybdenum Co Ltd (CMOC) said on Sunday it had signed an agreement with Chinese private equity firm BHR to support BHR's acquisition of a 24 percent stake in Democratic Republic of Congo's massive Tenke copper mine. Congo's mining minister Martin Kabwelulu, meanwhile, confirmed CMOC had become the majority owner of Tenke after state miner Gecamines dropped its objections to CMOC's purchase in May of a 56 percent stake from Freeport McMoRan Inc for $2.65 billion. Click here to read full stories.
Jan 23 - China Dec refined copper imports down 15 pct - customs
China's imports of refined copper in December were 359,838 tonnes, down 15 percent from one of the highest levels on record in the same month a year ago, with full-year shipments easing off all-time highs set in 2015, customs data showed on Monday. Imports in 2016 totaled 3.63 million tonnes, down 1.33 percent from 2015's record of 3.68 million tonnes, data from the General Administration of Customs showed. Click here to read full stories.
Jan 23 - Speculators up bullish COMEX gold stance for 2nd week
Hedge funds and money managers raised their net long position in COMEX gold contracts for the second straight week, in the week to Jan. 17, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday. The speculators also added to their net long positions in silver and copper futures and options, the data showed. Click here to read full stories.
Jan 23 - Hochschild to resume operations at Peru's Pallancata mine on Jan. 25
Hochschild Mining Plc said it would restart operations at its Pallancata silver mine in Peru on Jan. 25, after reaching an agreement with members of a local community who blocked a road and demanded renegotiation of agreements. The miner, which operates in Peru, Chile and Argentina, said Pallancata's guidance for 2016 production and associated all-in sustaining cost had not been affected by the stoppage. Click here to read full stories.
Jan 23 - Japan threatens India with WTO on steel as Trump era heralds rising trade tensions
Japan is threatening to take India to the WTO over restrictions that nearly halved its steel exports to the South Asian nation over the past year, a step that could trigger more trade spats as global tensions over steel and other commodities run high. Such action is rare for Japan. The world's second-biggest steel producer typically tries to smooth disputes quietly through bilateral talks, but with global trade friction increasing, Japan's defence of an industry that sells nearly half of its products overseas is getting more vigorous. Click here to read full stories.
Jan 23 - Dead miner pulled from under landslide in Peru, 6 others missing
The body of one of seven miners trapped under a landslide for four days in southern Peru was pulled from a 200-meter (660 feet) deep tunnel on Friday, but hopes of finding the others alive dimmed, authorities said. The miners had been working in an underground copper mine owned by Chinchilico Minero SAC in the region of Arequipa when more than 50 meters of mud and rock piled on top of the entrance during a downpour on Monday. Click here to read full stories.
Jan 20 - Australia's $182 mln aid secures Alcoa plant, jobs in state hit by closures
An Australian smelter run by Alcoa Corp will resume production after being crippled by a major blackout last month, thanks to a A$240 million ($182 million) government-sponsored rescue package securing its future for at least four years. The aid from the federal and state governments is the latest move to save jobs in Victoria state, a region already hit hard by the shutdown of three major carmakers, a power station set to close and a steel plant struggling to stay open. Click here to read full stories.
Jan 20 - Copper prices vulnerable on downside-Marex Spectron
Copper prices are vulnerable since key Chinese speculators have virtually abandoned the market since it hit a 17-month year peak in November and top producer Chile may avoid a strike later this month, broker Marex Spectron said on Thursday. Many investors believe that copper's sizzling rally late last year, initially driven by Chinese buying, signalled the launch of a fresh bull market in the metal, said Guy Wolf, global head of market analytics at Marex. Click here to read full stories.
Jan 20 - Freeport seeks guarantees from Indonesia amid mining shake-up
The Indonesian unit of Freeport-Mcmoran Inc is seeking fiscal and legal guarantees from the government over mining rules issued last week, a spokesman for the copper mining giant said late on Thursday. The Southeast Asian nation has been pushing miners to build smelters to process ore locally, with concentrate shipments stopped since Jan. 12 under laws introduced in 2014. Click here to read full stories.
Jan 20 - New year, new cuts stir debate about China's steel, coal excess
The new year has ushered in a new round of capacity cuts as China tries to combat excess in its bloated steel and coal sectors, but the moves are a drop in the ocean in the nation's long struggle to make its heavy industry more efficient. For years, Beijing has been seeking to cut the share of coal in its energy mix to contain pollution and meet climate change goals while streamlining its unwieldy and over-supplied smoke- stack industries such as steel. Click here to read full stories.
Jan 20 - New Vale pact seeks dispersed share ownership in six years - sources
Leading shareholders of Vale SA are close to endorsing a plan to turn the world's No. 1 iron ore producer into a company with dispersed share ownership within six years, two people familiar with the talks said. Bradespar SA, Mitsui & Co and several Brazilian pension funds are negotiating a new shareholder accord that would give Vale dispersed share ownership - where no major shareholder controls decision making at the company - once the agreement expired in six years time, according to the people, who asked for anonymity since talks are underway. Click here to read full stories.
Jan 20 - Japan steel industry fears protectionism from Trump -industry official
Japan's steel industry is concerned over the risks of a U.S. exit from the Trans-Pacific Partnership deal and reform of the North American Free Trade Agreement by the incoming Trump administration, a Japanese industry official said on Friday. "We are worried about the risks of the Trump administration taking protectionism actions or policies," Kosei Shindo, chairman of the Japan Iron and Steel Federation, told a news conference. Click here to read full stories.
Jan 20 - AngloGold plans more than 800 job cuts in South Africa - document
AngloGold Ashanti is in talks with unions to lay off more than 800 workers at its South African operations, a document obtained by Reuters showed on Thursday,after years of declines in output in the country due to regulatory issues. Africa's biggest gold producer employs about 25,000 people in South Africa, whose vast resources are accompanied by the risk of volatile labour relations, rising costs, regulatory disruptions and dizzying shaft depths. Click here to read full stories.
Jan 20 - South African mining deaths fall to new record low in 2016
The number of miners killed in South Africa's mines fell in 2016 to a new record low of 73 from 77 in 2015 thanks to a government drive to improve practices, Mineral Resources Minister Mosebenzi Zwane said on Thursday. Unions in South Africa, the world's top platinum producer, say the death toll is still too high. It was the ninth consecutive year that fatalities fell in the country, where the government has strived to make the industry improve an appalling safety record. Under apartheid, hundreds died in mining accidents annually. Click here to read full stories.
Jan 19 - Man arrested with more than £250,000 of diamonds in his underpants at Paris train station
A man arrested at a train station in Paris had more than £250,000 worth of diamonds stuffed in his underpants, customs officers have said. The passenger was stopped by police as he prepared to board a train to Brussels at Gare du Nord, a busy terminus in the French capital. Hundreds of rough diamonds of various sizes, weighing nearly a kilogram, were discovered hidden in plastic packets inside the man’s undergarments.
Jan 19 - U.S. affirms finding of China steel plate dumping, subsidies
The U.S. Commerce Department said on Wednesday it had made a final finding of dumping of certain imports of carbon and alloy steel cut-to-length (CTL) plate from China. The department said in a statement that it has set a final dumping margin of 68.27 percent for Jiangyin Xingcheng Special Steel Works Co Ltd, the only respondent in the case, "for the China-wide entity's failure to cooperate." Click here to read full stories.
Jan 19 - Might China come to the rescue of the beleaguered London tin market? Andy Home
The London tin market remains a tight and crowded space. True, stocks of the soldering metal registered with the London Metal Exchange (LME) have rebuilt from November's low of 2,895 tonnes to a current 4,160 tonnes. Click here to read full stories.
Jan 19 - Rio Tinto, Chinalco call it quits on joint exploration venture
Rio Tinto and Aluminium Corporation of China (Chinalco) have terminated an exploration joint venture after six years of searching unsuccessfully for copper in China, Chinalco confirmed on Wednesday. Rio Tinto was not immediately available to comment. Click here to read full stories.
Jan 19 - HKEX plans to launch iron ore contract this year
The Hong Kong stock exchange plans to launch a U.S. dollar-denominated, cash-settled iron ore futures contract in Hong Kong this year, it said on Thursday, as the bourse aims to compete with U.S. and Asian rivals. The iron ore contract would be linked to an index, and the launch is subject to regulatory approval, the Hong Kong Exchanges and Clearing Ltd (HKEX) said in a statement. Click here to read full stories.
Jan 19 - New Vale pact seeks dispersed share ownership in six years - sources
Leading shareholders of Vale SA are close to endorsing a plan to turn the world's No. 1 iron ore producer into a company with dispersed share ownership within six years, two people familiar with the talks said. Bradespar SA, Mitsui & Co and several Brazilian pension funds are negotiating a new shareholder accord that would give Vale dispersed share ownership- where no major shareholder controls decision making at the company - once the agreement expired in six years time, according to the people, who asked for anonymity since talks are underway. Click here to read full stories.
Jan 19 - Japan's Pan Pacific sets some 2017 TC/RCs at $92.5/T, 9.25 cents/lb
Pan Pacific Copper (PPC), Japan's biggest copper smelter, has mostly agreed with producers on treatment and refining charges (TC/RCs) for 2017 that are 5 percent lower than last year, amid tighter supplies, two sources familiar with the matter said. "We have mostly agreed to TC/RCs for this year at $92.50 a tonne and 9.25 cents a pound although some negotiations are still continuing," a source directly involved in the annual pricing talks told Reuters on Wednesday. Click here to read full stories.
Jan 19 - UK financier makes new offer to take over Tata Steel pension scheme
British financier Edi Truell has renewed an offer to take over Tata Steel's giant UK pension scheme in a deal that he says would allow members to keep benefits in full, though pension fund trustees rejected his proposals. Tata Steel, Britain's largest steelmaker, is in talks with stakeholders about spinning off its British Steel Pension Scheme (BSPS) into a standalone entity and cutting benefits for all 130,000 members. Click here to read full stories.
Jan 19 - Peru tries to rescue seven miners trapped by landslide
Rescuers worked frantically on Wednesday to free seven miners trapped for two days in a tunnel covered by a landslide in southern Peru, authorities said on Wednesday. One miner managed to escape early Tuesday but emergency workers were not notified of the incident until late Tuesday night, said Cristopher Lopez of the Nazca firefighting unit leading the rescue efforts. Click here to read full stories.
Jan 18 - Philippines cancels permits of 4 more mining projects in green campaign
The Philippines has cancelled the environmental permits for four more mining projects, including one planned nickel venture, as the world's top nickel ore supplier deepens a months-long crackdown on the resources sector. The Southeast Asian nation has been reviewing hundreds of environmental compliance certificates (ECCs) including those granted to mines. That is separate from an environmental audit of the country's 41 operating mines whose results are set to be released on Jan. 31. Click here to read full stories.
Jan 18 - Gold miner Goldcorp details growth plan, shares rise
Canadian gold miner Goldcorp Inc detailed an ambitious growth plan on Tuesday that includes increasing production as well as yet-to-be-mined reserves by 20 percent over the next five years from existing operations and deposits, lifting its shares. At an investor day event, the Vancouver-based miner focused on the exploration potential at its mine sites and projects in the Americas, a turnaround from recent years when most miners' attention was on reducing costs, not growth. Click here to read full stories.
Jan 18 - Botswana's BCL Mine should be wound down, says liquidator KPMG
The provisional liquidator of BCL Mine Limited, Botswana's largest copper and nickel producer, will next month recommend that the state-owned company be wound down. BCL owes creditors, including suppliers and banks, about $85 million and the government said in October that it could not afford the roughly $720 million needed to keep BCL running. Click here to read full stories.
Jan 18 - China stocks rise as Baosteel, other industrials signal surging profits
China's main stock indexes rose on Wednesday as some industrial heavyweights forecast sharply higher profits for 2016, but small caps wobbled near a 16-month low. The blue-chip CSI300 index rose 0.4 percent to 3,339.37 points, while the Shanghai Composite Index added 0.1 percent to 3,113.01. Click here to read full stories.
Jan 18 - Strike ends at Yamana Gold's El Peñón mine, union says
Striking workers at Yamana Gold Inc's El Peñón mine in Chile have reached a wage agreement with the Canadian miner, allowing for the mine to reopen on Wednesday, a union leader said on Tuesday. "We just ended the strike today after signing a contract for four years and we will start working again tomorrow morning," Eduardo Puelles, president of Union No. 2 told Reuters. Click here to read full stories.
Jan 18 - Vedanta's Zambia mine to pay first instalment of $100 mln fine by month-end
Konkola Copper Mines (KCM), owned by global conglomerate Vedanta Resources PLC, will pay the first tranche of a $100 million fine to the Zambian government by the end of month, the country's investment firm said on Tuesday. The claim relates to outstanding payments under a 2013 copper price participation settlement agreement between KCM and ZambiaConsolidated Copper Mines Investments Holdings. Click here to read full stories.
Jan 18 - Cameco expects to report net loss for 2016, cut jobs at uranium mines
Canadian uranium producer Cameco Corp on Tuesday said it expected its 2016 adjusted profit to be significantly lower than analysts' estimates and also said it would cut 120 jobs at three of its uranium mines in 2017. The Saskatoon, Canada-based company said it expects to report a netloss for 2016 citing asset impairments resulting from fair market assessments at the end of the year. The average estimate among Reuters' analysts was a profit of 86 cents per share for 2016. Click here to read full stories.
Jan 18 - Freeport-McMoran in settlement over uranium mine cleanup on Navajo land
Freeport-McMoRan Inc has entered into an agreement with the U.S. government and the Navajo Nation for the cleanup of 94 abandoned uranium mines on Navajo land, the U.S. Justice Department said on Tuesday. Under the settlement, valued at more than $600 million, Freeport-McMoRan units Cyprus Amax Minerals Co and Western Nuclear Inc will perform the work and the United States will contribute approximately half of the costs, the department said in a statement. Click here to read full stories.
Jan 17 - Rio Tinto payout hopes brighten on solid outlook for 2017
Global miner Rio Tinto could be in a position to reward shareholders with a strong dividend hike or even a share buyback next year as it benefits from a sharp rise in metals prices, fund managers and analysts said on Tuesday. Rio Tinto's decision last year to pursue "value over volume" at its mines to ensure maximum shareholder returns has put the world's second biggest mining company at the forefront of the commodities price revival.Click here to read full stories.
Jan 17 - China steel, iron ore: A new year, a new bubble: Russell
The new year has started with something familiar from the last - a bubble in Chinese iron ore and steel prices. The most-traded iron ore contract on the Dalian Commodity Exchange leapt by as much as 8 percent on Monday, in the process reaching a three-year high of 657.5 yuan ($95.29) a tonne.Click here to read full stories.
Jan 17 - U.S. complaint against China's aluminium sector risks back-firing: Andy Home
The gloves have just come off in the simmering dispute between the United States and China about that country's rising exports of aluminium. The United States last week launched a formal complaint at the World Trade Organization (WTO), taking aim at China's "subsidies to certain producers of primary aluminum". Click here to read full stories.
Jan 17 - Atlas Copco to split group, company veteran Rahmstrom named new CEO
Sweden's Atlas Copco said it would split into two listed companies in 2018, forming an industrial business and a separate mining and civil engineering firm whose equity would be distributed to the same shareholders. Atlas Copco also appointed Mats Rahmstrom, currently head of its Industrial Technique business, as chief executive from April. Rahmstrom replaces Ronnie Leten, who turned 60 last year, and is stepping down after eight years. Click here to read full stories.
Jan 17 - Brazil's Vale loads first ore from new S11D mine
Brazilian miner Vale SA said on Monday it has loaded the first commercial shipment of iron ore from its giant new mine in the Amazon known as S11D. Iron ore from the new mine formed part of the 26,500 tonnes of the steel-making raw material loaded onto three ships at the company's port in Sao Luis in the state of Maranhao on Friday, Vale said in a statement. Click here to read full stories.
Jan 17 - Chinalco expects to be profitable in 2017 by slashing debt, costs - Xinhua
Aluminum Corp of China (Chinalco) expects to be profitable in 2017 as the resources giant slashes debt and costs by shutting down loss-making units and focusing on mining in mineral-rich regions, the official Xinhua News Agency reported on Monday. Companies that are not profitable in the next couple years will be closed down and equal size of production capacity will be transferred to areas with rich resources and energy, Xinhua reported, citing Ge Honglin, president of Chinalco. Click here to read full stories.
Jan 17 - Indonesia may issue new tax rules for mineral exports next week -official
Indonesia may issue new tax rules for mineral exports next week, a Finance Ministry official said on Tuesday, after discussions with the Energy and Mineral Resources Ministry, which recently changed rules on domestic mineral processing. "We want the export duties to push domestic processing. That's the principle," Suahasil Nazara, head of the Fiscal Policy Office at the Finance Ministry, told reporters, adding that the taxes were "not just for increasing state revenues". Click here to read full stories.
Jan 16 - Indonesia rocks the nickel market (again): Andy Home
Almost exactly three years ago Indonesia rocked the global nickel market by banning the export of unprocessed minerals. At the stroke of a presidential pen the flow of nickel ore feeding China's massive stainless steel sector was cut off. Click here to read full stories.
Jan 16 - Australia govt, Alcoa say making progress in aluminium smelter talks
Plans to provide government support to keep open a 30-year-old aluminium smelter in Australia owned by Alcoa have made "progress", parties involved in talks said on Monday without giving details. The government is offering financial support to help supply the Portland smelter in southern Australia with sufficient power in the wake of a blackout late last year that left it running at only one-third of its 300,000-tonnes-per-year capacity. However, details are still being discussed. Click here to read full stories.
Jan 16 - Tokyo Steel raises product prices for 3rd straight month; cites China pickup, Olympics
Tokyo Steel Manufacturing Co Ltd, Japan's top electric-arc furnace steelmaker, will raise product prices for a third straight month, citing firmer international prices and domestic building projects getting under way for the 2020 Olympics. Tokyo Steel, which makes beams and bars used for in the construction industry, said on Monday product prices will climb by about 2-4 percent for February delivery, marking the first time in nearly six years that it has raised prices for three consecutive months. Click here to read full stories.
Jan 16 - Speculators lift bullish COMEX gold stance, 1st time in 9 weeks
Hedge funds and money managers raised their net long position in COMEX gold contracts for the first time in nine weeks, in the week to Jan. 10, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday. The speculators lifted their net long position in silver futures and options to the highest since mid-November, while they raised it in copper for the first time in four weeks, the data showed. Click here to read full stories.
Jan 16 - Brazil's Usiminas unit saw no risk from cash plan, source says
Brazilian steelmaker Usinas Siderúrgicas de Minas Gerais SA's plan to tap excess cash from a mining subsidiary that was rejected this week was found not to pose any potential financial risk for the unit, a person briefed on the matter said. In recent months, Usiminas sought tapping excess cash at the Musa Mineração Usiminas SA through a capital reduction, to comply with terms of a 6 billion-real debt refinancing accord with banks. Click here to read full stories.
Jan 16 - Chinalco expects to be profitable in 2017 by slashing debt, costs - Xinhua
Aluminum Corp of China (Chinalco) expects to be profitable in 2017 as the resources giant slashes debt and costs by shutting down loss-making units and focusing on mining in mineral-rich regions, the official Xinhua News Agency reported on Monday. Companies that are not profitable in the next couple years will be closed down and equal size of production capacity will be transferred to areas with rich resources and energy, Xinhua reported, citing Ge Honglin, president of Chinalco. Click here to read full stories.
Jan 16 - Acacia confirms merger talks with Endeavour Mining
Gold miner Acacia Mining Plc said on Friday it was in early talks about a possible merger with Canadian gold miner Endeavour Mining Corp. Acacia, which operates mines and exploration projects in Tanzania, Kenya, Burkina Faso and Mali, was responding to media reports. Click here to read full stories.
Jan 16 - Chile's SQM to pay $30 mln U.S. penalty over invoices case
Chilean lithium and fertilizer giant SQM said on Friday it had agreed to pay more than $30 million in penalties to the U.S. Department of Justice and Securities and Exchange Commission to resolve a probe over alleged fake invoices. It said the DOJ would defer charges relating to internal accounting failures and scrap them after three years if the company agreed to pay $15.5 million and be monitored for two years. Click here to read full stories.
Jan 16 - Codelco chairman treated for minor injuries after package explodes
The chairman of Codelco, Chile's state-run copper miner, was being treated in the hospital for minor injuries after receiving a package that exploded at his home on Friday. Oscar Landerretche "is in a good state of health after being a victim today of the explosion of an artifact that he received at his home," said Codelco, the world's largest copper miner. Click here to read full stories.
Jan 13 - China steel exports fall from record in relief for global steelmakers
China's steel exports fell in 2016 from a record in the previous year, dragged down by improved demand at home and Beijing's resolve to tackle overcapacity, in a relief for steelmakers elsewhere that have been hit by cheap Chinese shipments.China's exports could slip further this year, analysts and industry officials say, as Beijing strengthens its supply-side reforms and overseas markets fight against being flooded with Chinese products.Click here to read full stories.
Jan 13 - Vale Indonesia shares slide nearly 10 pct after easing of nickel ore export ban
Shares of Indonesian miner PT Vale Indonesia Tbk fell as much as 9.8 percent on Friday, their biggest intra-day percentage drop in nearly 17 months, after Indonesia's government late on Thursday introduced regulations allowing exports of nickel ore and bauxite under certain conditions.Vale shares fell as low as 2,660 rupiah in the first 10 minutes of trading, with around 17 million shares traded, 1.4 times the average full-day volume over the past 30 days.Click here to read full stories.
Jan 13 - India considering minimum import price on aluminium - govt official
India is considering imposing a minimum import price on aluminium, the top bureaucrat in the ministry of mines said on Friday."MIP (Minimum Import Price) on aluminium is under consideration. We will take a week to send our recommendation forward," the mines secretary Balvinder Kumar told Reuters.Click here to read full stories.
Jan 13 - U.S. launches WTO complaint over Chinese aluminum subsidies
The Obama administration on Thursday launched a new complaint against Chinese aluminum subsidies at the World Trade Organization, accusing Beijing of artificially expanding its global market share through cheap state-directed loans and subsidized energy.The complaint, which seeks consultations with Beijing over the matter, likely will add to rising trade tensions between the world's two largest economies as President-elect Donald Trump prepares to take office next week with pledges to reduce U.S. trade deficits with China as a top priority.Click here to read full stories.
Jan 13 - Goldcorp sells Mexico mine in $438 mln deal, focus on core assets
Goldcorp Inc agreed to sell its Los Filos mine in Mexico to Leagold Mining Corp in a deal valued at $438 million on Thursday, as the world's No. 3 gold miner by market value focuses more squarely on core assets.Goldcorp, which put Los Filos on the block last year under a push to prioritize its biggest and best mines, said the transaction will help it grow net asset value per share and is expected to close in the first quarter of 2017.Click here to read full stories.
Jan 13 - China's Dec copper imports jump, 2016 at record - customs
China imported 490,000 tonnes of unwrought copper in December, up almost 30 percent from a month earlier, customs said on Friday, as fabricators and traders boosted purchases due to a weaker yuan and a favourable Shanghai-London arbitrage.The buying from the world's top consumer of industrial metals brought the total for 2016 to a record 4.95 million tonnes, up 2.9 percent from a year earlier, the data from the General Administration of Customs showed. Click here to read full stories.
Jan 13 - In Peru, a smelter's future stirs fears of its toxic past
Peruvian President Pedro Pablo Kuczynski's efforts to revive a nearly 100-year-old smelting complex could overcome a crucial hurdle at a coming auction where five companies have shown interest in placing bids.But celebration is far from universal given the sprawling smelter's toxic legacy and Kuczynski's criticism of environmental rules. Click here to read full stories.
Jan 13 - South Africa's Harmony Gold says strike at Kusasalethu mine resolved
South Africa's Harmony Gold has brought all employees at its Kusasalethu mine to the surface and will restart production after an illegal sit-in of nearly 48 hours, the bullion miner said on Friday.About 1,700 workers at the mine situated 70 km from Johannesburg brought production to a standstill on Wednesday, demanding payment of a special bonus, removal of the general manager and assurances that disciplinary action will not be pursued.Click here to read full stories.
Jan 12 - U.S. expected to launch WTO complaint over Chinese aluminum subsidies
The Obama administration is expected to launch a complaint against Chinese aluminum subsidies with the World Trade Organization on Thursday, a person familiar with the matter said.The complaint will likely add to rising trade tensions between the world's two largest economies as President-elect Donald Trump prepares to take office next week with pledges to reduce U.S. trade deficits with China as a top priority. Click here to read full stories.
Jan 12 - Indonesia says Freeport, other miners halt exports
Freeport-McMoRan and other miners have halted Indonesian shipments of copper concentrates to abide by a government ban on semi-processed metal ore exports that took effect on Thursday, a mining ministry official told Reuters.The stoppage could prove to be brief though as President Joko Widodo's administration hammers out new regulations that could ease the ban and allow the resumption of some exports. Click here to read full stories.
Jan 12 - LME electronic trading resumes after five-hour delay
The London Metal Exchange's electronic trading platform LME Select reopened at 0600 GMT on Thursday after a five hour delay. LME copper traded up 0.3 percent at $5,728 a tonne. Click here to read full stories.
Jan 12 - Funds keep the faith with the base metals turnaround story: Andy Home
This time last year the base metals complex was all doom and gloom.The London Metal Exchange (LME) index of prices touched 2,049 in January 2016, its lowest reading since the dark days of January 2009, when the world seemed to be spiralling into full-blown depression. Click here to read full stories.
Jan 12 - Usiminas to challenge Sumitomo veto of unit's capital reduction
Usinas Siderúrgicas de Minas Gerais SA, the Brazilian steelmaker seeking to honor terms of a refinancing deal with banks, plans to legally challenge a shareholder veto on Tuesday that forbids it from using some of a mining subsidiary's capital to jumpstart operations and repay debt.In a securities filing, Usiminas said Sumitomo Corp, which owns 30 percent of the Mineração Usiminas SA subsidiary, vetoed reducing the unit's capital by 1 billion reais ($313 million). The plan for Musa, as the unit is known, is part of a 4 billion real refinancing accord signed with lenders last year. Click here to read full stories.
Jan 12 - Chinese steel HRC exporters increase prices for Asia--sources
Chinese suppliers are increasing export prices for hot-rolled steel coils to Asian buyers, market sources told Reuters."Only a few suppliers are offering for $500 FOB today," said one international trader. "$510-$515 is the more widespread range." Click here to read full stories.
Jan 12 - Brazil's Funcesp says Vale stake sale not under discussion
Fundação Cesp, Brazil's largest private-sector pension fund, said on Wednesday it is not currently holding discussions over the partial or full sale of a 200 million real ($62 million) stake it owns in Vale SA, the world's largest iron ore producer.The fund issued a statement after newspaper Valor Econômico published an interview in which Funcesp President Martin Glogowsky said a potential sale would be gauged if it proved advantageous for the fund. Click here to read full stories.
Jan 12 - Steel billet from CIS offered at $400 FOB Black Sea--sources
Steel billet from the CIS has been offered for export at about $400 per tonne FOB Black Sea after the Russian New Year holidays, similar to late December levels, market sources told Reuters.Russian and Ukrainian steel billet was offered mainly at $390-$405 per tonne FOB Black Sea early this week, sources said. Click here to read full stories.
Jan 12 - South Africa's Impala Platinum plans to sell chrome business
South African platinum producer Impala Platinum plans to sell its chrome business to focus on its core business, the company said.Implats has a 65 percent interest in Impala Chrome and plans to dispose of it, the company said in a newspaper advertisement this week inviting potential purchasers. Click here to read full stories.
Jan 11 - BHP Billiton says chairman, CEO hold productive talks with Trump
BHP Billiton, the world's biggest miner, said its chairman and chief executive held positive talks with U.S. President-elect Donald Trump on Tuesday, 10 days ahead of him taking office."BHP Billiton Chairman Jac Nasser and Chief Executive Andrew Mackenzie had a productive meeting with President-Elect Trump and Vice President-Elect Pence today in New York City," the company said in an emailed statement. Click here to read full stories.
Jan 11 - Indonesia to issue new mining rules this week -minister
Indonesia will issue new rules for miners this week, the mining minister said late on Tuesday, which will cover contracts and permits, exports, taxes, divestment obligations and domestic processing requirements, among other issues.Indonesia announced in 2014 a ban on ore shipments to push miners to build smelters to process ore locally, but gave some concessions to concentrate producers after protests from the industry. As part of this push, a ban on the export of mineral concentrates from Indonesia is due to kick in on Jan. 12. Click here to read full stories.
Jan 11 - China to crack down on low-grade recycled steel
China will completely eliminate the production of a highly-polluting kind of low-end steel product by the end of June as part of its efforts to tackle smog, state media reported, citing a meeting of China's steel association.According to the official China Securities Journal, China Iron and Steel Association (CISA) chairman Ma Guoqiang said the central government has already decided to launch a tougher crackdown on the product, and will make sure that all production capacity is shut down before the end of June this year. Click here to read full stories.
Jan 11 - Peru copper output will likely rise about 20 pct in 2017 - govt
Peru will likely produce between 2.6 million to 2.7 million tonnes of copper this year, up from an estimated 2.2 million tonnes in all of 2016, the government said on Tuesday.Peru probably surpassed China as the world's second biggest copper producer last year, though final data is still outstanding, said Deputy Mines Minister Guillermo Shinno. Click here to read full stories.
Jan 11 - Operations at Yamana gold mine in Chile suspended late last week
Operations at Canadian miner Yamana Gold Inc's El Peñón mine in Chile have been suspended for five days after one of its two unions representing underground workers went on strike and blockaded access to the mine, a union leader said on Tuesday.Workers affiliated with union No. 2 at the mine in Chile's arid north rejected the company's final offer, downed tools and blocked access to El Peñón, the union president, Eduardo Puelles, told Reuters. Click here to read full stories.
Jan 11 - Usiminas to challenge Sumitomo veto of unit's capital reduction
Usinas Siderúrgicas de Minas Gerais SA, the Brazilian steelmaker seeking to honor terms of a refinancing deal with banks, plans to legally challenge a shareholder veto on Tuesday that forbids it from using some of a mining subsidiary's capital to jumpstart operations and repay debt.In a securities filing, Usiminas said Sumitomo Corp, which owns 30 percent of the Mineração Usiminas SA subsidiary, vetoed reducing the unit's capital by one billion reais ($313 million). The plan for Musa, as the unit is known, is part of a 4 billion real refinancing accord signed with lenders last year. Click here to read full stories.
Jan 10 - China's coal, steel sectors under more pressure to cut output this year -govt
China's steel and coal sectors will face increasing pressure this year to cut capacity, the country's state planner said on Tuesday, as the government ramps up efforts to tackle polluting heavy industries and remove excess capacity.Speaking at a news conference, Xu Shaoshi, director of the National Development and Reform Commission (NDRC), said that the government will ensure stable supplies of both commodities even as cuts take place. Click here to read full stories.
Jan 10 - The creeping revolution in industrial metals trading: Andy Home
The way in which industrial metals are priced is starting to change. Whereas once there was a single forum for trading metals such as aluminium, lead and zinc, there are now three.The London Metal Exchange (LME) has long dominated global pricing, its benchmarks hard-wired into much of the world's physical trade. Click here to read full stories.
Jan 10 - Australia offers financial support for crippled Alcoa aluminium plant
The Australian government has offered "substantial" financial support to help repair Alcoa Corp's aluminium smelter in Victoria that was crippled last month by a state-wide blackout, government ministers said on Monday.The outage, which caused molten aluminium to solidify, disrupted some production at the 300,000-tonnes-per-year Portland smelter and raised questions about the facility's long-term future. Click here to read full stories.
Jan 10 - Goldcorp to buy stake in Auryn Resources for C$35 million
Auryn Resources Inc said on Monday that Goldcorp Inc, the world's third-largest gold producer by market value, would buy a stake in the Canadian exploration company for C$35 million ($26.49 million), sending its shares up nearly 15 percent.Auryn owns the Committee Bay gold project in Nunavut and the Homestake Ridge gold project in British Columbia. It also owns gold properties in Peru. Click here to read full stories.
Jan 10 - Thyssenkrupp labour chief demands better deal than Port Talbot
Workers at German steelmaker Thyssenkrupp will refuse to pick up the tab for concessions being offered to British unions by Tata Steel to further a merger, Thyssenkrupp's labour chief told Reuters on Monday.Thyssenkrupp and Tata have been in talks for about a year to merge their European steel operations to cut costs and overcapacity, but negotiations have been complicated by Tata's huge pension deficit in the UK. Click here to read full stories.
Jan 10 - Brazil's Samarco requests extension for dam disaster guarantee
Brazilian miner Samarco and its shareholders Vale SA and BHP Billiton have requested to extend until Jan. 19 a deadline to pay 1.2 billion reais ($375.39 million) in guarantees related to the collapse of a tailings dam in 2015, Vale said in a statement on Monday.The payment was meant to be made to a court in Minas Gerais state by Monday. Click here to read full stories.
Jan 09 - Australia sees iron ore price heading sharply lower
Australia has forecast a steep decline in the price of iron ore, its most valuable export commodity, calling an end to an unexpected rally fuelled by strong demand from China.The forecast average price in 2017 of around $52 a tonne - down from about $80 a tonne at present - comes as big miners are set to report bumper profits in coming months, while smaller rivals are still getting back on their feet. Click here to read full stories.
Jan 09 - China top coal province sets out consolidation plan
China's Shanxi province, the country's top coal producer, plans to cap output and consolidate the industry around big producers over the next four years in a bid to boost effiency, according to a blueprint by the provincial government.Major producers will be set up with a separate focus on thermal coal, coking coal and anthracite, while smaller producers will be merged into larger ones, the local authority said on its official website. Click here to read full stories.
Jan 09 - Palladium jumps on bets government spending, tax cuts will boost car sales
Palladium has soared away from its peers this week on bets that the autocatalyst metal, sold down at the end of last year, will benefit if tax cuts and higher government spending in the major car markets of China and the United States boost auto sales.The metal, mainly mined in Russia and South Africa and bought by carmakers for use in emission-controlling catalytic converters, has risen nearly 10 percent this week, outstripping gains in gold, copper, and even its sister metal platinum, itself up 7 percent. Click here to read full stories.
Jan 09 - Speculators cut bullish COMEX gold stance to 11-month low
Hedge funds and money managers cut their bullish position in COMEX gold contracts for the eighth straight week in the week to Jan. 3, taking it to the smallest in 11 months, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday.The speculators reduced their net long position in copper futures and options for the third straight week, but raised it in silver, the data showed. Click here to read full stories.
Jan 09 - Eldorado shelves growth plans as gold price slides
Canada's Eldorado Gold Corp said on Friday it has indefinitely shelved expansion plans for its flagship Kisladag mine in Turkey and deferred a development decision on a project in Brazil, citing lower gold prices.Eldorado, which also operates in Greece and Romania, said it now estimates 2017 capital expenditures at $425 million, well below a September forecast of $500 million to $580 million. Click here to read full stories.
Jan 06 - Australia trade surplus breaks long drought as exports boom
Australia boasted its first trade surplus in almost three years in November as surging commodity prices boosted export earnings beyond all expectations, a much-needed windfall that all but rules out the risk of recession for the resource-rich nation.Friday's data from the Australian Bureau of Statistics showed a trade surplus of A$1.24 billion ($908.92 million)in November, far above forecasts of a A$500 million deficit. Click here to read full stories.
Jan 06 - China coking coal on track for first weekly rise since early Dec
Chinese coking coal prices were higher on Friday, heading for their first weekly rise in more than a month, amid renewed concerns about lower supplies even as physical buying remains lacklustre and boosted by renewed gains in thermal coal.The most-active coking coal future on the Dalian Commodity Exchange were up 1.04 percent at 1,160.5 yuan ($167.96) per tonne. They have gained more than 2 percent so far this week, their first rise since early December. Click here to read full stories.
Jan 06 - Nippon Steel's Oita heavy plate plant shut after fire
Japan's biggest steelmaker Nippon Steel & Sumitomo Metal Corp said a plant at its Oita factory in western Japan that makes heavy plates for shipbuilding was shut after a fire outbreak on Thursday that has yet to be fully extinguished.A company spokesman said on Friday that Nippon Steel couldn't yet estimate how much damage might have been caused, nor how it might affect overall production at the plant on the island of Kyushu, since the fire was still alight though it had died down. The cause of the outbreak was unknown, he said. Click here to read full stories.
Jan 06 - Coal India's 2017/18 production seen at 660 mln tonnes - coal secretary
State-owned Coal India Ltd, the world's largest coal miner, is expected to raise its production to 660 million tonnes in 2017/18 fiscal year, the coal secretary said on Friday.The miner is expected to achieve its 2016/17 production target of 575 million tonnes and aims to raise output to 1 billion tonnes by 2020, Susheel Kumar told television news channel CNBC-TV18 in an interview. Click here to read full stories.
Jan 06 - China's miners gamble on spot coal despite Beijing pressure
China's top coal miners have mostly resisted pressure from Beijing to sign long-term fixed-price deals this year, in a bet that there's more money to be made in the spot market before government efforts to ease a supply crunch take effect.Miners including two of the nation's largest, China Coal and Shenhua, have signed deals with utilities, the top consumers of thermal coal, for only about 40 percent of their 2017 output at discounts to the spot market, according to four sources familiar with the contracts. Click here to read full stories.
Jan 05 - Tough labor talks could lead to strike at Escondida copper mine - union
Workers at BHP Billiton-owned Escondida, the world's biggest copper mine, could go on strike in February if collective contract talks with the company are unsuccessful, union spokesman Carlos Allende told Reuters on Wednesday. The warning came after the company rejected all the workers' demands, Allende said. He said the proposal the company presented would cut the benefits workers receive in their current contract. Click here to read full stories.
Jan 05 - ArcelorMittal, CSN, Usiminas raising Brazil flat steel prices - sources
Brazilian flat steel producers have notified distributors they are raising prices of hot- and cold-rolled steel between 8 percent and 10 percent this month, a steel market source and an analyst said on Wednesday. Cia Siderúrgica Nacional SA, Usinas Siderúrgicas de Minas Gerais SA and the Brazilian unit of ArcelorMittal SA will keep zinc-coated steel prices unchanged, the source said. Click here to read full stories.
Jan 05 - Board of Brazil's Vale taps Jorge Buso Gomes as vice-chairman
The board of Brazil's Vale SA tapped Fernando Jorge Buso Gomes as vice-chairman, to replace Sergio Figueiredo Clemente.According to a securities filing on Wednesday, Moacir Nachbar Junior will be Gomes' alternate. The board seat of which Luiz Maurício Leuzinger is the alternate will remain vacant, the filing said. Click here to read full stories.
Jan 05 - Perth Mint's gold sales rise in Dec, silver sales decline
The Perth Mint's sales of gold products rose in December, while silver sales more than halved, the mint said in a blog post on its website on Wednesday. Sales of gold coins and minted bars rose 15.8 percent in December to 63,420 ounces from 54,747 ounces a month earlier, the Mint said on its website. Click here to read full stories.
Jan 04 - China to hike power prices for outdated steel equipment - state planner
China will impose higher power costs for steel mills operating outdated production equipment, the country's economic planner said in a statement on Tuesday.The National Development and Reform Commission (NDRC) ordered utilities to raise power prices by 0.5 yuan ($0.0719) per kilowatt-hour (kWh) on top of current prices for steel mills preserving equipment that ought to be eliminated. Click here to read full stories.
Jan 04 - India's steel ministry seeks lower import taxes on key raw materials
India's steel ministry wants lower import taxes on a number of key steelmaking raw materials, including nickel, to protect the domestic industry from the rising costs of basic resources, a senior government official said on Tuesday.Finance Minister Arun Jaitley could announce some of these measures when he presents his annual budget for the 2017/18 fiscal year on Feb. 1. Click here to read full stories.
Jan 04 - Smog-hit Beijing slapped with top "fog" alert for second day
The Chinese capital issued its highest red fog alert for a second day on Wednesday, keeping highways closed in and around the city which is already under a smog alert after weeks of choking winter pollution.China's weather bureau warned of visibility of less than 50 metres in some areas, leading many airports to cancel flights. Click here to read full stories.
Jan 04 - Zambia Vedanta mine workers strike over delayed pay talks -union
Zambian workers have downed tools at a mine and copper processing plant belonging to Konkola Copper Mines (KCM), a unit of Vedanta Resources, in a dispute over the pace of wage talks, a union official said on Wednesday."The day shift workers have not entered the plant, they are protesting the slow pace of salary negotiations," National Union of Mine and Allied Workers (NUMAW) trustee Jonathan Musukwa told Reuters. Click here to read full stories.
Jan 04 - Ukraine steel output rose 5.5 percent in 2016
Ukraine's steel production rose 5.5 percent in 2016 to 24.2 million tonnes as the industry recovered slightly from a sharp war-related fall in output a year earlier, local specialised news agency Uaprom said on Tuesday.Ukraine's steel production fell by 16 percent to 22.9 million tonnes in 2015, largely due to the conflict in the east of the country where most of its steel plants are based. Click here to read full stories.
Jan 04 - Polish copper firm KGHM should keep its foreign assets - minister
Poland's KGHM, which is one of the world's biggest copper producers, should not sell its foreign assets, Polish minister Henryk Kowalczyk said on Tuesday.The state-run and Poland-focused company invested overseas for the first time in 2011 when it bought Canada's Quadra FNX, for C$2.87 billion ($2.14 billion), the largest ever foreign acquisition by a Polish company. Click here to read full stories.
Jan 03 - As smog returns, Beijing says skies are getting cleaner
The Chinese capital was on the second-highest orange smog alert in the depth of winter on Tuesday as city officials said the air quality was improving overall, citing data for the whole of last year.Over the new year holiday, hundreds of flights were cancelled and highways closed across northern China as average concentrations of small breathable particles known as PM2.5 soared above 500 micrograms per cubic metre in Beijing and surrounding regions. Click here to read full stories.
Jan 03 - New Caledonia approves extra nickel ore exports to China
The government of New Caledonia has approved requests from three mining companies to export as much as 2 million tonnes of low-purity nickel ore annually to China as part of efforts to help the industry to recover from a prolonged slump in prices.The decision, dated Dec. 27 and posted on the government's website, marks the second time this year that the French-controlled Pacific territory has authorised nickel ore shipments to China, having approved 700,000 tonnes in April. Click here to read full stories.
Jan 03 - China warns officials over failure to crack down on steel overcapacity
China warned local officials over failures to curb industrial overcapacity after discovering two firms making steel illegally, according to a post on the country's cabinet website late on Friday.Jiangsu Huada Steel Co Ltd was found to be making steel using outdated equipment and failing to meet quality standards, while Hebei Anfeng Steel Co Ltd had built new steel smelting projects without proper approvals. Click here to read full stories.
Jan 03 - Speculators slash net long COMEX gold, silver positions - CFTC
Hedge funds and money managers slashed their net long positions in COMEX gold to a near 11-month low and trimmed bullish bets in silver contracts in the week to Dec. 27, U.S. Commodity Futures Trading Commission data showed on Friday.The dealers reduced their net longs in bullion by 12,664 contracts, bringing them to 41,247 contracts, the lowest since early February, the data showed. The move came as prices continued their decline from November's highs, languishing near 10-month lows. Click here to read full stories.
Jan 03 - LME warehouse rents rises to slow in 2017-2018
Warehouse firms in the London Metal Exchange's network of more than 600 warehouses in 37 locations have announced significantly lower rent rises for the year starting in April, the exchange said in a release on Friday.The LME said this year it would freeze the maximum rate for five years to curb surging costs, the final reform in a three-year series of changes at the 139-year-old exchange, which have also included tough rules to slash delivery backlogs. Click here to read full stories.
Jan 03 - Australia's EMR Capital on hunt for next mine after $210 mln copper deal - CEO
Fresh from a $210 million deal to buy an Australian copper mine, Melbourne-based private equity group EMR Capital is on the hunt for further acquisitions, possibly in Australia or Asia, of high-demand commodities assets, its chief executive said."A lot of people are chasing copper and our view is positive, short, mid and long term," EMR CEO Jason Chang said in a telephone interview on Friday. "But we also like gold, potash and coking coal." Click here to read full stories.
Dec 29 - Our best wishes for a serene (and decisively less turbulent) New Year 2017 to all friends, tweeps, readers, followers and clients.
Dec 27 - Gold Prices Rise as Investors Bet on Inflation (Dow Jones)
Gold prices rose Tuesday, as some investors bet that a strengthening U.S. economy will bring inflation in the new year. Gold for February delivery was recently up 0.6% at $1,137.70 a troy ounce on the Comex division of the New York Mercantile Exchange.
Prices for the metal marked their seventh straight week of losses Friday, pressured by a stronger dollar and expectations that the Federal Reserve will raise rates at a faster clip next year.
Some investors, however, believe gold will come back to life in the new year, amid signs that consumer prices are starting to rise. Home prices went up sharply in October, data showed Tuesday, the latest sign that the U.S. recovery continues apace.
"We still think you should not count out gold," said George Gero, managing director at RBC Capital Markets, in a note to clients. "Most of the dollar strength has been discounted, and inflation eventually may help gold become a factor in asset allocations again."
A rising dollar tends to weigh on gold, as the precious metal is priced in the U.S. currency and becomes more expensive to foreign buyers when the dollar appreciates. Gold also struggles to compete with yield-bearing assets when rates rise.
At the same time, some investors tend to buy gold on signs of quickening inflation, believing the metal will hold its value better than other assets when consumer prices rise.
March silver was recently up 0.9% at $15.90 a troy ounce. April platinum was up 1.7% at $910 a troy ounce.
Palladium was up 3.2% at $675.10 a troy ounce.
Dec 23 - Poland's KGHM expects copper price rise to lift overseas prospects
Poland's KGHM, one of the world's biggest copper producers, expects the price to rise in the mid and long term and boost the prospects for its overseas assets, the firm's chief executive officer said.Expectations of stronger global economic and demand growth have helped copper rise around 17 percent since mid October. Click here to read full stories.
Dec 23 - Indonesia to allow export of mineral concentrates if conditions are met
Indonesia will allow the export of mineral concentrates beyond January 2017 if miners meet certain conditions, the coordinating minister for economic affairs said on Thursday.Miners who currently have contracts of work must get a special mining licence to continue exporting concentrates, Darmin Nasution told reporters. Click here to read full stories.
Dec 23 - LME appoints Proudlock as clearing house deputy CEO
The London Metal Exchange has appointed James Proudlock as deputy chief executive of its clearing system, the exchange said on Thursday.Proudlock, who has 30 years experience in commodities, will join LME Clear in April next year."Prior to joining LME Clear, James worked at JP Morgan Securities for 10 years where he was a managing director and commodity product lead for Futures and Options and most recently markets execution," the LME said. Click here to read full stories.
Dec 23 - Steel billets from CIS sell at $400/t plus
CIS suppliers have sold square steel billets to several foreign buyers at $10 per tonne higher than in the previous deals, sources on the international market told Reuters.According to several traders, billets from the largest Russian mills were sold at $400 per tonne FOB Black Sea and above. Click here to read full stories.
Dec 23 - China's Nov coal imports from Indonesia surge, Australia slips
Chinese imports of coal from Indonesia surged 160 percent in November from a year earlier, in line with rising shipments to meet a domestic shortfall, but imports from Australia dipped 10 percent.Imports from Indonesia jumped to 5.15 million tonnes, still slightly below the 5.6 million tonnes shipped in from Austrlaia, customs data showed. Click here to read full stories.
Dec 22 - Australia's Fortescue beats competitors to secure exploration leases
Fortescue Metals Group secured 42 mining and exploration leases in the world's biggest iron ore precinct last financial year ahead of competitors being notified the land was even available, parliamentary documents show.Fortescue, the world's No. 4 iron ore miner, secured the exploration ground in the minerals-rich Pilbara by paying Western Australia's Department of Mines and Petroleum for numerous electronic information requests on land parcels. Click here to read full stories.
Dec 22 - China zinc smelters accept record low fees as mine supply dwindles
China's zinc smelters are accepting record low fees to produce metal amid a shortage of ore, while winter mine closures are likely to force plants to cut output early next year, industry sources said on Wednesday.The sharp drop in fees signals a long-heralded zinc market shortage may be closer to reality. Expectations of a shortage in refined zinc, used to galvanise steel, have pushed up London Metal Exchange prices by more than 80 percent this year. Click here to read full stories.
Dec 22 - WTO rules largely in favour of Taiwan in steel row with Canada
A dispute panel of the World Trade Organization (WTO) largely ruled in favour of Taiwan on Wednesday on its complaint over anti-dumping duties imposed by Canada on some of its steel goods.The ruling, related to certain carbon steel welded pipes and certain provisions of Canada's underlying legislation, found that Canada had contravened the WTO's Anti-Dumping Agreement but that Taiwan had failed to establish some points. Click here to read full stories.
Dec 22 - Marubeni predicts Japan aluminium premiums at $80-$140/T in 2017
The premiums that Japanese buyers pay for aluminium are projected to stay between $80 and $140 a tonne next year, with a gradual rise later in the year on the back of healthy global demand, Japanese trading house Marubeni said on Wednesday.Japan is Asia's top aluminium importer and the premiums for primary metal shipments it agrees to pay each quarter over the London Metal Exchange (LME) cash price set the benchmark for the region. Click here to read full stories.
Dec 22 - Trump win ignites hope for stalled Alaska copper, gold mine
A small Canadian miner is confident Donald Trump's U.S. presidential win will let it proceed with an application for a copper and gold mine in Alaska that has been stalled almost three years by environmental regulators aiming to protect the world's biggest sockeye salmon fishery.Ronald Thiessen, chief executive officer and president of Northern Dynasty Minerals Ltd, said he expected the U.S. Environmental Protection Agency to announce in the first quarter of 2017 that it will let the application process proceed for the controversial project. He said the company has held discussions with Trump's transition team, including Myron Ebell, who heads the EPA transition. Click here to read full stories.
Dec 22 - For metals markets it's still all about China: Andy Home
From a year of political upheaval the metals markets can draw one all-important lesson.It's still all about China.Beijing's economic policy U-turn around this time last year may not have resonated across the world in the same way as Britain's vote to leave the European Union or the U.S. electorate's vote for Donald Trump as its next president. Click here to read full stories.
Dec 22 - American Eagle gold coin sales soar to 5-year peak in 2016
American Eagle gold coin sales rose to a five-year high in 2016, the U.S. Mint said on Wednesday, after a volatile year that saw prices soar 30 percent in the first seven months, only to tumble in the wake of U.S. President-elect Donald Trump's election victory.Total sales of American Eagle gold coins in 2016 reached 985,000 ounces, a mint spokesman said, adding that the coins have sold out for the year. Click here to read full stories.
Dec 22 - Indonesian state miner to produce 24,000 T of ferronickel in 2017
Indonesian state mining company Aneka Tambang aims to produce 24,000 tonnes of ferronickel in 2017, up from 20,000 tonnes this year, a company official said on Wednesday. Agus Zamzam, director of operations, added the company expects to produce 2,100 kilograms of gold next year, roughly the same target as this year. Click here to read full stories.
Dec 21 - No respite for shuttered iron ore miners as rally falls short
While this year's spectacular rebound in iron ore prices has been a godsend for the world's biggest miners, it has not gone high enough for smaller, less-efficient producers that still have pits shuttered and equipment idle.The price of the steelmaking material has nearly doubled in 2016 to above $80 a tonne, a boon for miners such as Vale, BHP Billiton and Rio Tinto which extract the material at a cost of less than $20 per tonne. Click here to read full stories.
Dec 21 - Miners sharpen marketing strategies in hunt for marginal gains
The world's big mining groups are sharpening their marketing strategies in a post-crisis scramble for even tiny increases in profit, seeking marginal gains much like cycling teams in the Tour de France or Olympic velodrome.Anglo American, BHP Billiton and Rio Tinto are using varying tactics to boost profitability on commodities such as copper, iron ore and coal, as the traditional model of simply producing more is under strain and the recovery from a deep downturn remains tentative. Click here to read full stories.
Dec 21 - EU sets import duties on steel bars from Belarus
The European Union will set duties on imports of concrete reinforcement rods and bars from Belarus to counter what it considers are excessively cheap prices, the EU's official journal said on Tuesday.The bloc will impose duties of 12.5 percent from Wednesday on rebar from the BMZ Byelorussian Steel Works and any other producers in the country.The European Commission launched an investigation in March following a complaint by the European Steel Association. Click here to read full stories.
Dec 21 - Chinese cities choked by dangerous smog for fifth day; factories, schools closed
Northern China was shrouded in almost record pollution for a fifth day on Wednesday, disrupting flights, traffic and shipping, and closing factories and schools, with some residents complaining emergency anti-smog measures were notoperating.Hundreds of government inspectors patrolled Beijing on Wednesday to enforce temporary bans on barbecues and make sure that cars with even number plates were the only ones on the roads. Many Beijing highrises simply disappeared into the grey haze, as commuters wearing face masks headed to work. Click here to read full stories.
Dec 21 - Alcoa says Australia aluminium smelter running at 30 pct capacity
Australia's 300,000-tonnes-per-year Portland aluminium smelter is operating at below a third of its capacity after power to the plant was temporarily knocked out three weeks ago, operator Alcoa Corp said on Wednesday.The smelter was hit when a power interconnector between the states of Victoria and South Australia went down, cutting power to both of the plant's potlines, and raising questions about its long-term future. Click here to read full stories.
Dec 21 - Vale to allow use of its pit for Samarco tailings
Brazilian iron ore miner Vale said on Tuesday it signed a non-binding agreement with BHP Billiton to allow the use of its Timbopeba pit to deposit tailings from iron miner Samarco when that company restarts operations. The deal, which will become definitive pending commercial negotiations and government approvals, is the latest step for Samarco to resume operations suspended in 2015 after the collapse of a dam holding mining waste, or tailings. The rupture killed 19 people and caused Brazil's worst environmental disaster. Click here to read full stories.
Dec 21 - Brazil's charges worsen chance of ThyssenKurpp selling unit
Rio de Janeiro state prosecutors filed a lawsuit against former state Governor Sérgio Cabral, two of his former secretaries and ThyssenKrupp AG steelmaking unit Companhia Siderúrgica do Atlântico SA for administrative impropriety over the granting of an operations license.The lawsuit worsens the prospects for selling the money-losing Brazilian plant, as Germany's ThyssenKrupp has been trying to do for four years. Click here to read full stories.
Dec 21 - Russia posts large gain in gold reserves for 2nd month in row
Russia's central bank, which is seeking to diversify its reserves, posted a large monthly gain in its gold reserves for the second consecutive month on Tuesday.The central bank, one of the world's largest holders of bullion, has been regularly buying gold for its reserves amid weaker oil prices and Western sanctions over Moscow's role in the Ukraine crisis.Russia's gold reserves rose to 51.9 million ounces at the start of December from 50.9 million ounces as of Nov. 1, the central banksaid. Click here to read full stories.
Dec 21 - Australian companies expected to post first profit increase in 2 years
Australian companies' profits are likely to grow for in the fiscal year ending June 2017, following two straight years of declines and supported by a pick-up in commodity prices as demand from China makes a steady recovery.A Reuters average of analyst estimates and historical earnings of the top 138 companies by market capitalisation shows their profits are expected to grow by 9.8 percent in the fiscal year, the fastest growth in six years and reversing two consecutive years of declines. Analysts have upgraded the Australian companies' earnings over the next 12 months by 4.4 percent over the past month, the highest upgrade of any Asia-Pacific market. Click here to read full stories.
Dec 21 - Unions at Colombia's Fenoco coal railway agree salary, avoid strike
Two unions representing workers at Colombia's principal coal railway Fenoco have reached a new salary deal with the company, Fenoco said late on Tuesday, avoiding a strike which could have stymied coal exports.Sintraime and Sintravifer union members reached a five-year deal for a salary increase as well as transport, education and food benefits, Fenoco said in a statement. Together the two unions represent 459 of 579 workers on the railway. Click here to read full stories.
Dec 20 - Japan's base metal firms tap materials market for growth
Stung by years of falling base metals prices, Japanese mining and smelting firms are investing hundreds of millions of dollars in specialised materials used in electric vehicles, smartphones and a host of everyday electronic devices. Companies such as Sumitomo Metal Mining and JX Nippon Mining & Metals, a unit of JX Holdings, are seeking a steady revenue stream in the face of narrow smelting margins and recent heavy write-offs on base metals mines. Click here to read full stories.
Dec 20 - Indonesia cuts 2016 copper production outlook
Indonesia has cut its outlook for 2016 copper production to 241,553 tonnes from a previous forecast of 310,000 tonnes, the country's coal and minerals director general said on Tuesday. Bambang Gatot also said the Southeast Asian nation was crimping its nickel matte production outlook for this year to 78,827 tonnes from 80,000 tonnes. Click here to read full stories.
Dec 20 - Techint plans to take Usiminas battle to higher court - source
Techint Group may take their boardroom battle at Brazilian steelmaker Usinas Siderurgicas de Minas Gerais SA to higher courts in Brazil next year if recent appeals to regional courts are not accepted, a source close to the matter told Reuters. Techint is preparing to file a lawsuit to the highest appeals court in the country, challenging a state court's October decision in favor of Nippon Steel & Sumitomo Metal Corp, the source said. Click here to read full stories.
Dec 20 - Billionaire Steinmetz under Israel house arrest in Guinea bribery inquiry
Israeli authorities placed billionaire businessman Beny Steinmetz under house arrest on Monday over allegations of bribery and corruption in Africa linked to his mining company, BSG Resources (BSGR). Steinmetz, along with other Israelis living abroad, is alleged to have paid tens of millions of dollars to senior public officials in Guinea to advance their businesses, a police spokesman said in a statement. Click here to read full stories.
Dec 20 - Workers at BHP Billiton's Escondida begin wage negotiations
The largest union at BHP Billiton-owned Escondida, the world's biggest copper mine, said on Monday it had sent the company its proposal for a new collective contract, effectively beginning formal wage negotiations. Labor talks at Escondida - which is controlled by BHP Billiton with a 57.5 percent stake, while Rio Tinto owns 30 percent - are seen as a benchmark for the copper industry at large. The last wage talks four years ago, when copper prices were considerably higher, ended with Escondida offering each worker a bonus worth some $49,000, the highest ever offered in Chile's mining industry. Click here to read full stories.
Dec 20 - British court orders Vedanta's Zambia unit to pay government $100 mln
Konkola Copper Mines (KCM), owned by Vedanta Resources, has been ordered by a London court to pay the Zambian government more than $100 million for a claim related to the copper price, a state-owned company involved in the dispute said. The claim relates to outstanding payments under a 2013 copper price participation settlement agreement between KCM and ZambiaConsolidated Copper Mines Investments Holdings (ZCCM-IH), the latter said late on Monday. Click here to read full stories.
Dec 20 - Sweden's LKAB to mothball Mertainen mine
Swedish state-owned mining firm LKAB said on Monday it will mothball its Mertainen mine as it would not be profitable to put it into production, resulting in a 1.2 billion Swedish crown ($128 million) asset writedown. LKAB said the decision to invest in the mine had been made in 2010 when prices for coarse iron ore fines were high. Click here to read full stories.
Dec 19 - High-flying Freeport CEO steers towards new Indonesia mining deal
Chappy Hakim, a retired air force chief who says he knows next to nothing about mining, now heads Indonesia's biggest copper producer, entrusted to use his connections to guide it through regulatory uncertainty to a renewed contract for its mine.Picking another former military officer to lead the local unit of U.S. mining giant Freeport-McMoRan underlines how pivotal political ties can be in Indonesia, where the firm got its start nearly 50 years ago helped by close relations to late autocratic President Suharto. Click here to read full stories.
Dec 19 - Gold outlook is hostage to uncertain Trump and India: Russell
It was supposed to be a good year for gold, given all the uncertainty and surprises over the U.S. presidential election, the British vote to leave the European Union and general concern about the health of the global economy.But things didn't quite pan out the way gold bulls would have hoped, and now they face a new year where the price of the precious metal is likely to be hostage to developments that are inherently unpredictable. Click here to read full stories.
Dec 19 - Indonesia draft rule could ease export ban on nickel, bauxite -paper
Indonesia's government is drafting a regulation that could ease a looming export ban for not only copper concentrates, but also partly processed or raw nickel and bauxite, the Jakarta Post reported, citing a draft regulation.Under the draft, unprocessed gold, silver, tin and chromium would remain on the export ban list, the paper said. Click here to read full stories.
Dec 19 - Fortescue says chances of a tie-up with rival Vale dimming
Australian iron ore miner Fortescue Metals Group on Monday said a potential tie-up with larger Brazilian rival Vale to customise orders for Chinese steelmakers was unlikely to proceed."Vale, the world's No. 1 iron ore miner, and Fortescue, the world's No. 4, said in March they were in talks to blend up to 100 million tonnes of their ore in China, in a deal that could also have led to Vale taking a stake in Fortescue. Click here to read full stories.
Dec 19 - New lease of life for aluminium plant in Scottish Highlands
Liberty House and SIMEC, owners of Britain’s only aluminium smelter, are to invest 120 million pounds ($149.76 million) in a project at the plant in Lochaber, Scotland to make aluminium wheels for the car industry.Rio Tinto had sold the 47,000 tonne smelter in the foothills of Britain’s highest mountain Ben Nevis, and two hydro-electric power stations to the two groups in November. Click here to read full stories.
Dec 19 - Some China steelmakers to cut output in wake of smog alerts
Steelmakers in China's top province for producing the construction material are being forced to crimp output after the local government said they had to reduce emissions in the wake of a series of pollution alerts.The world's No.1 steelmaking nation has been battling environmental degradation left by decades of breakneck economic growth, adopting a colour-graded warning system in a crackdown on smog. Click here to read full stories.
Dec 19 - Vale opens huge new iron ore mine in Brazil's Amazon rainforest
Brazil's Vale SA on Saturday inaugurated its biggest mining project ever, lowering costs in a cut-throat market and reasserting its place as the world's biggest iron ore producer.The S11D mine in the Amazonian state of Para will add 75 million tonnes of production when it reaches peak output in four years, lifting Vale over Australia's Rio Tint, which had rivaled its output after years of stagnation. Click here to read full stories.
Dec 19 - Wage deal reached at Chile Codelco's Chuquicamata mine
Workers at Chilean state-owned Codelco's massive Chuquicamata copper mine accepted on Friday an early wage deal, putting to rest what some industry insiders had feared could be prolonged, tense talks and even the threat of a strike.The wage talks at Chuquicamata, one of Codelco's largest operations, are seen as a bellwether for the industry and a precursor of contract discussions due at Chile's other copper mines in coming months, including at BHP Billiton's Escondida, the world's largest. Click here to read full stories.
Dec 19 - India's SAIL in talks with Japan's Nippon Steel, Kobe for tie-ups
Steel Authority of India Ltd is in talks with Japan's Nippon Steel & Sumitomo Metal Corp and Kobe Steel Ltd for potential technical agreements to help the firm expand its global footprint, SAIL's chairman told Reuters.SAIL - which has been in the red for six quarters - may also consider buying troubled domestic steel firm assets if offered a "cheaper price", Prakash Kumar Singh said in his first official response to a government proposal that state steel, power and shipping firms take over assets of indebted private companies. Click here to read full stories.
Dec 19 - Speculators cut bullish COMEX gold stance to 10-mth low - CFTC
Hedge funds and money managers cut their net long position in COMEX gold contracts for the fifth straight week, taking it to a 10-month low in the week to Dec. 13, U.S. Commodity Futures Trading Commission data showed on Friday.The speculators raised their net long position in copper futures and options to a record for the sixth straight week, while they raised their net long position in silver for the first time in five weeks, the data showed. Click here to read full stories.
Dec 19 - Antofagasta's Twin Metals unit mining leases not renewed
Chile's Antofagasta said it was considering a legal challenge to a refusal by U.S. authorities to renew mineral leases in Minnesota, a rejection analysts and lawyers said could be overturned after President-elect Donald Trump takes office.Antofagasta said on Friday the renewal of two long-held leases in the Iron Range region of Minnesota, where its unit Twin Metals is developing a proposal for underground copper-nickel mining, had been refused. Click here to read full stories.
Dec 16 - LME says no cuts to main trading fees in 2017 despite criticism
The London Metal Exchange (LME) will not cut its main trading and clearing fees next year, it said on Thursday, despite criticism that high charges were driving business away from the exchange.There have been pleas to reduce trading fees, including during a recent keynote speech at industry gathering LME Week last month by the founding partner of Red Kite Group, Michael Farmer. The exchange, the world's oldest and largest market for industrial metals, however, made some concessions on Thursday in other areas. Click here to read full stories.
Dec 16 - High-flying Freeport CEO steers towards new Indonesia mining deal
Chappy Hakim, a retired air force chief who says he knows next to nothing about mining, now heads Indonesia's biggest copper producer, entrusted to use his connections to guide it through regulatory uncertainty to a renewed contract for its mine.Picking another former military officer to lead the local unit of U.S. mining giant Freeport-McMoRan underlines how pivotal political ties can be in Indonesia, where the firm got its start nearly 50 years ago helped by close relations to late autocratic President Suharto. Click here to read full stories.
Dec 16 - Philippines' No. 2 nickel miner to appeal cancelled permit for undeveloped mine
Global Ferronickel Holdings Inc, the Philippines' second-largest nickel miner, vowed on Friday to appeal an "unlawful" government decision to cancel the environmental permit for its newly acquired Ipilan mining project.The company said its Ipilan Nickel Corp (INC) unit has not violated any law or condition under the permit, and chided the Department of Environment and Natural Resources (DENR) for making a decision "without procedural due process". Click here to read full stories.
Dec 16 - China bars banks from funding coal, steel "zombie firms"
China's banking regulator said on Friday that banks must strictly control credit to coal and steel firms that are violating capacity cuts, the latest in a series of regulations aimed at reducing loans to industries struggling with over-capacity.The China Banking Regulatory Commission (CBRC) told banks to stop providing financial support to "zombie firms" and companies in breach of the government's capacity reduction plans, the CBRC said in an online statement. Click here to read full stories.
Dec 16 - Ecuador sends troops to Chinese copper exploration project after protest
Ecuador sent soldiers and police on Thursday to an isolated jungle area after a policeman was killed and several security officials injured in a violent protest against a Chinese copper exploration project amid conflicts between mining companies and indigenous communities.Ecuador's president, Rafael Correa, declared a 30-day state of emergency in Morona Santiago province, home to the Panantza-San Carlos exploration project operated by the ExplorCobres company. His government said "illegally armed groups" protested against the project on Wednesday. Click here to read full stories.
Dec 16 - Nippon Steel president sees coking coal price holding near $285/T
Coking coal prices are expected to stay at high levels of around $285 per tonne for a while, Nippon Steel & Sumitomo Metal Corp President Kosei Shindo said on Friday.Japan's biggest steelmaker said earlier this week it has agreed with Glencore Plc and Teck Resources Ltd on a coking coal price for the January-March quarter of 2017 at $285 a tonne, up 43 percent from the previous quarter. Click here to read full stories.
Dec 16 - Indonesia mining export rule changes needs law revision
Indonesia needs to revise its mining law to ease a ban on mineral ore exports and is unlikely to meet a deadline of early next year for the change, senior politicians warned on Thursday.The ore shipments ban, which requires miners to build smelters to process ore locally and halt mineral exports from next month, was implemented in January 2014, although last minute amendments were made to ease its impact. Click here to read full stories.
Dec 16 - Some China steelmakers to cut output in wake of smog alerts
Steelmakers in China's top province for producing the construction material are being forced to crimp output after the local government said they had to reduce emissions in the wake of a series of pollution alerts.The world's No.1 steelmaking nation has been battling environmental degradation left by decades of breakneck economic growth, adopting a colour-graded warning system in a crackdown on smog. Click here to read full stories.
Dec 16 - De Beers to flood Canada diamond mine after failing to find buyer
Anglo American Plc's De Beers said on Thursday it failed to find a buyer for its money-losing Snap Lake mine in Canada's Arctic and would start flooding the underground operation in early January.De Beers, which hired Bank of Montreal to market the mine this summer, said there were parties interested in buying the mine, but they could not reach an agreement. Click here to read full stories.
Dec 16 - Japan steel industry forecasts FY17/18 output to rise from 105.5 mln T in 16/17
Japan's crude steel output in the financial year that starts next April is likely to rise from around 105.5 million tonnes in the current year, helped by solid demand in automobile and construction segments, an industry body said on Friday.The projection comes as a bright spot to Japan, where there have been signs of a fragile economic recovery, though the outlook for Prime Minister Shinzo Abe's drive to reinstate the economy remains cloudy. Click here to read full stories.
Dec 16 - Thai court approves $1.94 bln debt restructuring for steel maker SSI
Thailand's Central Bankruptcy Court has approved a business plan for Sahaviriya Steel Industries Pcl (SSI), Thailand's biggest steel maker, to restructure debts worth 69.2 billion baht ($1.94 billion).The court cleared SSI to implement the restructuring plan after some 91.90 percent of its creditors voted in favour in September, SSI said in a statement on Thursday. Click here to read full stories.
Dec 16 - SQM controller abandons stake sale as offers fall short
The sale of an indirect stake in Chile's SQM, one of the world's biggest producers of lithium and iodine, has ended without a successful buyer, after the owner of the stake said offers fell short.The stake, valued at around $1.5 billion, was put up for sale around a year ago by Julio Ponce, SQM's former chairman and one-time son-in-law of ex-dictator Augusto Pinochet. Click here to read full stories.
Dec 15 - Philippines cancels permits of 3 nickel mines in environmental clampdown
The Philippines has cancelled the environmental permits of three nickel mines and warned that three more producers were at risk of losing theirs, as the government intensifies a crackdown to curb damage to natural resources caused by the mining sector. The world's top nickel ore supplier is currently reviewing hundreds of environmental compliance certificates (ECCs), including those granted to mines. This comes on the heels of a separate environmental audit of the country's 41 mines completed in August, full results of which will be released in January. Click here to read full stories.
Dec 15 - Stampede to invest in lithium mines threatens price gains
A rush to invest in new and expanded mines for lithium, a key ingredient in batteries used in electric cars, means material will flood the market just as fresh demand kicks in, potentially curbing price gains. While demand for lithium batteries is due to soar, the market is on course for a global surplus next year or 2018 as miners gear up to expand output - overwhelming demand for the commodity by electric automakers such as Tesla Motors Inc. Click here to read full stories.
Dec 15 - Venezuela ordered to pay steelmaker Tenaris $162 mln for takeover
A World Bank tribunal ordered Venezuela to pay steelmaker Tenaris SA $162 million for expropriating two investments in the country, according to a statement published by the Buenos Aires stock exchange on Wednesday. Luxembourg-based Tenaris, the world's top producer of seamless steel pipes for the energy industry, and its Talta Lda subsidiary had approached the International Center for Settlement of Investment Disputes (ICSID) in 2012 after its investments in Tubos de Acero de Venezuela SA and Complejo Siderurgico de Guayana were expropriated. Click here to read full stories.
Dec 15 - Liberty House aims to boost UK steel output to 5 mln tonnes in 5 years
Liberty House, the commodities and industrials group which has been buying up assets in the British steel sector, plans to ramp up its UK steel output to 5 million tonnes in five years, its executive chairman told Reuters. Helped by rising steel prices and a falling pound making exports more competitive, Britain's steel sector is slowly emerging from a crisis that saw some 5,000 jobs axed since last October and various steel assets put up for sale. Click here to read full stories.
Dec 15 - Turquoise Hill resumes Mongolia mine shipments to China
Turquoise Hill Resources Ltd said on Wednesday it had resumed concentrate shipments from its giant copper-gold Oyu Tolgoi mine in Mongolia following talks with Chinese and Mongolian authorities. Vancouver-based Turquoise Hill said Oyu Tolgoi will follow a new joint coal and concentrate crossing route at the Chinese-Mongolian border. Click here to read full stories.
Dec 15 - Mali's gold miners could rival industrial producers
The amount of gold dug up by people working informally in Mali could soon rival official production thanks to demand from domestic refineries, officials in the West African nation say. The informal sector's sudden growth, defying opposition from major commercial operators, is a major boost to an economy suffering from years of political instability. Mali's government derives about a quarter of its revenues from gold. Click here to read full stories.
Dec 14 - New Caledonian miners seek to ramp up nickel ore exports to China
New Caledonia's nickel ore miners have applied to increase shipments to China after an environmental crackdown on Philippine mine supply this year has caused prices to spike, four sources familiar with the matter said this week. Two miners, Societe Metallurgique Le Nickel (SLN), owned by France's Eramet, and Societe des Mines de la Tontouta (SMT) have applied for permits to export more ore to China in 2017, the sources said. Click here to read full stories.
Dec 14 - Goldman Sachs flips from copper super-bear to super-bull: Home
Wall Street heavyweight Goldman Sachs has been banging the bear drum on the copper price since the middle of last year. Its July 2015 research note was titled "Copper - lower for longer", which pretty much said it all. Copper, which was then trading in London around the $5,500-per tonne level, would fall to $4,500 by the end of 2016 and then stay there for 2017 and 2018 as "the market adjusts to a seven-year bear cycle" running from 2011 to 2018, the bank argued. Click here to read full stories.
Dec 14 - Rights groups welcome order to shut Thailand gold mine
Human rights groups on Wednesday welcomed a decision by Thailand to close the country's only active gold mine by the end of the year as the mine's operator said it had laid off the employees. Thailand's ruling junta on Tuesday said it is suspending all gold mining operations in the country from Jan. 1 "due to its impact on locals and the environment." The junta invoked Article 44 of the interim constitution which makes any action it takes final. Click here to read full stories.
Dec 14 - India govt body not in favour of safeguards on unwrought aluminium
An Indian government body has decided against imposing safeguards on some aluminium products citing lack of evidence over imports hurting profitability of domestic industry. The Directorate General of Safeguards, which comes under the finance ministry, said imports had come down while production and sale of unwrought aluminium that is extracted from primary metal or scrap, had gone up. Click here to read full stories.
Dec 14 - De Beers diamond sales tempered by India's cash crackdown
Anglo American's latest De Beers diamond sale showed that demand had slowed after India's withdrawal of high-value banknotes, though it was higher than during the commodities slump of a year ago, the company said on Tuesday. Prime Minister Narendra Modi's decision to scrap old 500 rupee ($7.40) and 1,000 rupee banknotes as part of a crackdown on tax evasion and counterfeiters has dented consumer spending in a country where most people are paid in cash and buy what they need with cash. Click here to read full stories.
Dec 13 - China's Nov steel output grows at fastest in over 2 years -stats bureau
China's steel mills boosted their monthly output at the fastest pace in more than two years in November, data showed, as robust infrastructure demand spurred producers to expand production for a ninth straight month even as coking coal prices bite. Output rose 5 percent to 66.29 million tonnes year-on-year, the fastest growth since June 2014, according to data from the National Bureau of Statistics on Tuesday. Click here to read full stories.
Dec 13 - India's top gold import bank suspends bullion dealers accounts
Axis Bank Ltd , India's top importer of gold, has suspended the bank accounts of some bullion dealers and jewellers after two of its executives at a branch were arrested over alleged money laundering. The move is likely to curtail imports by the world's second-biggest gold consumer this month and could weigh on global prices already near their lowest level in ten months. Click here to read full stories.
Dec 13 - Rio Tinto to defend itself if BSGR pursues action over Guinea
Rio Tinto said on Monday it would defend itself robustly if rival miner BSG Resources (BSGR) pursues a threat to file a law suit over mining rights in Guinea. Earlier BSGR said it had sent a "pre-action" letter to Rio Tinto, alleging Rio Tinto contributed to the loss of its mining rights in Simandou, the latest twist in two decades of attempts to exploit the world's largest untapped iron ore reserves. Click here to read full stories.
Dec 13 - Nippon Steel agrees with Glencore, Teck on 43 pct rise in Q1 coking coal
Japan's biggest steelmaker Nippon Steel said on Tuesday it has agreed with Glencore Plc and Teck Resources Ltd on a coking coal price for first quarter of 2017 supplies that is 43 percent higher than the previous quarter. The companies agreed on a price of $285 a tonne for supplies of Australia's premium hard coking coal for the January-March quarter next year, a Nippon Steel spokeswoman said, without giving any details. Click here to read full stories.
Dec 13 - Regulator approves expansion of Antofagasta's Centinela mine in Chile
Antofagasta Minerals said on Monday that environmental regulators approved a proposed expansion of its Centinela mine in northern Chile, opening the door for a $4.35 billion investment by the Chilean copper mining company. The expansion project, which is set to be rolled out in two stages, would double Centinela's copper output to over 400,000 tonnes a year. Click here to read full stories.
Dec 13 - Workers at Codelco's Chuquicamata copper mine to vote on wage deal Thurs
Workers at Chilean state-owned Codelco's Chuquicamata copper mine will vote this week on a collective contract proposal the company is slated to present by Wednesday, a union leader told Reuters on Monday. The wage talks at Chuquicamata, one of Codelco's largest operations, are seen as a bellwether for the industry and as a precursor of contract discussions due at the nation's other copper mines in coming months, including at BHP Billiton's Escondida, the world's largest. Click here to read full stories.
Dec 13 - Vale says Brazil judge gives 30 days more for Samarco deposits
Vale SA said on Monday that a Brazilian judge had given the world's No. 1 iron ore producer another 30 days to deposit part of 1.2 billion reais ($355 million) in reparation guarantees related to a dam accident at Samarco Mineração. In a securities filing, Vale reiterated its support for Samarco , in which it and BHP Billiton Plc each own a 50 percent stake. Click here to read full stories.
Dec 13 - Lonmin promises housing plan after S. Africa's Zuma threatens to revoke permit
South Africa-focused platinum miner Lonmin is confident of submitting a plan to build workers' housing that meets government requirements, it said on Monday, after President Jacob Zuma threatened to revoke its mining permit if it failed to do so. Zuma's warning on Sunday piles pressure on the company to spend more on workers' housing at a time when it is cutting costs after being saved from the brink of collapse last year by a deeply discounted $400 million equity cash call. Click here to read full stories.
Dec 12 - Goldman sees "bullish" environment for copper through 1H17
Changes in the outlook for copper's supply-demand balances that drove a recent rally in prices support a more "bullish" environment for the metal at least to mid-2017, Goldman Sachs said in note. "Although it is tempting to blame this on speculative positioning, the materially stronger fundamental developments that contributed to this surge in speculative interest are likely to underpin a more bullish environment for copper," Goldman analysts wrote in a note dated on Sunday. Click here to read full stories.
Dec 12 - South Africa's Sibanye pays $2.2 bln for Stillwater in U.S. move
South Africa's Sibanye Gold took a major step outside its home market on Friday with a $2.2 billion deal to buy Stillwater Mining, the only U.S. miner of platinum and palladium. If it goes through, the cash takeover will increase South Africa's grip over global platinum and palladium supply and underline chief executive Neal Froneman's determination to branch out of gold mining and South Africa. Click here to read full stories.
Dec 12 - Trump packs trade team with veterans of steel wars with China
President-elect Donald Trump is stacking his trade transition team with veterans of the U.S. steel industry's battles with China, signaling a potentially more aggressive approach to U.S. complaints of unfair Chinese subsidies for its exports and barriers to imports. Led by Wilbur Ross, a billionaire steel investor and Trump's nominee for commerce secretary, Dan DiMicco, the former CEO of steelmaker Nucor Corp, and three veteran steel trade lawyers, the team is expected to help shift the U.S. trade focus more heavily toward enforcement actions aimed at bringing down a chronic U.S. trade deficit, Washington trade experts said. Click here to read full stories.
Dec 12 - Crunch time coming for Philippines nickel ore exports: Home
Crunch time is coming for the flow of nickel ore from the Philippines to China. The market is awaiting news of how many more nickel mines might fall foul of a sweeping clamp down on what the Philippine administration terms irresponsible mining. Eight nickel mines have already been suspended. Another 14 have been put on notice. Click here to read full stories.
Dec 12 - Blistering European mining rally hinges on China, Trump and dollar
European miners are in a race for the title of the best sector performer this year, a sharp turnaround from a slump in 2015, although the rally extending into 2017 rests on U.S. president-elect Donald Trump and China. A recovery in commodity prices, better balance sheets and brighter global economic growth prospects have underpinned the rally in so-called 'cyclical' stocks - which tend to follow the fortunes of the wider economy - that were beaten down to low valuations at the end of 2015. Click here to read full stories.
Dec 12 - Speculators buoy bullish COMEX copper stance to fresh record
Hedge funds and money managers increased their bullish stance in COMEX copper contracts to a record for the fifth straight week in the week to Dec. 6, but trimmed their net long positions in gold and silver for the fourth in a row, U.S. Commodity Futures Trading Commission data showed on Friday. The speculators added 1,872 contracts to their net long position in copper futures and options, bringing it to 82,795 contracts, the highest since records became available in 2006, the data showed. Click here to read full stories.
Dec 12 - Solar's scorching demand for silver set to cool
Scorching demand for silver used in solar cells is set to peak this year as technology advances slash the amount of metal required. Solar power accounts for around 8 percent of overall silver consumption and has been a rare bright spot this year as falls in jewellery demand, industrial use and physical investment feed into a 9 percent fall in demand. Click here to read full stories.
Dec 09 - ThyssenKrupp secrets stolen in 'massive' cyber attack
Technical trade secrets were stolen from the steel production and manufacturing plant design divisions of ThyssenKrupp AG in cyber attacks earlier this year, the German company said on Thursday. ThyssenKrupp, one of the world's largest steel makers, said it had been targeted by attackers located in southeast Asia engaged in what it said were "organised, highly professional hacker activities". Click here to read full stories.
Dec 09 - Deutsche Bank's 'smoking gun' evidence to expand U.S. silver rigging case
Lawyers for investors accusing several major banks of conspiring to rig silver prices are seeking to add five new defendants to the case, based what they call "smoking gun" evidence they obtained from Deutsche Bank AG following a settlement. In papers filed in Manhattan federal court on Wednesday, the lawyers sought to revive previously-dismissed claims against UBS AG and add Barclays Plc, BNP Paribas SA, Standard Chartered Plc and Bank of America Corp as defendants. Click here to read full stories.
Dec 09 - Australian summer brings concern of brown outs for miners
The likelihood of more power outages in key Australian mining and manufacturing state South Australia is high as the Southern Hemisphere summer approaches, a business group said on Friday. A blackout in September caused by lightning storms brought some of the world's biggest mining and metals-refining businesses to a standstill, leading to criticism of local power suppliers by mining giant BHP Billiton Click here to read full stories.
Dec 09 - China Nov iron ore imports jump to 3rd highest month on record
China imported 91.98 million tonnes of iron ore in November, up 13.8 percent from the previous month and reaching one of the highest volumes on record, official data from the country's customs authority showed on Thursday. The total was an increase of 12 percent from 80.8 million tonnes in November last year and was the third highest month on record, behind September's total of 93 million tonnes and the all-time high of 96.26 million tonnes set in December 2015. Click here to read full stories.
Dec 09 - China's top coal province to shut 49 mln T a year in capacity by 2020
China's biggest coal-producing province Shanxi pledged to eliminate 49 million tonnes a year in capacity by shutting 39 mines over the next five years, according to documents posted on the website of the province's development and reform commission. The plan aims to replace outdated capacity with more advanced mines without increasing output. Shanxi produced nearly 1 billion tonnes of coal in 2015, accounting for about a quarter of China's total coal capacity. The local government has vowed to cut its annual coal capacity by a total of 110 million tonnes by 2020. Click here to read full stories.
Dec 09 - Russian tycoon Lisin sold 1.5 pct stake in steelmaker NLMK
Russian billionaire Vladimir Lisin has sold a stake of 1.5 percent in the country's largest steelmaker NLMK, which he controls, Goldman Sachs, the bookrunner for the deal said on Friday. GS, the sole bookrunner of the deal, has completed an offering of 90 million ordinary shares in the form of shares and Global Depositary Receipts in NLMK which it has bought from Fletcher Group Holdings connected with Lisin, for resale to investors. Click here to read full stories.
Dec 09 - China banks agree Sinosteel debt restructuring deal -Bank of China
Six Chinese banks, including Bank of China, have signed a debt restructuring deal with Sinosteel, the troubled Chinese steelmaker which became one of the first state-owned firms to encounter bond repayment problems in 2015. Bank of China outlined details of the agreement with Sinosteel in a statement on Friday. The first phrase of restructuring will be for more than 60 billion yuan ($8.70 billion) of debt, it said. Click here to read full stories.
Dec 09 - US Steel clarifies CEO's comments on recalling jobs
United States Steel Corp said on Thursday that Chief Executive Mario Longhi was referring to the whole U.S. steel industry, not US Steel, when he spoke on Wednesday about potentially restoring up to 10,000 jobs in the United States. Longhi, responding to a question on CNBC's "Power Lunch" program, had said: "I'm more than happy to bring back the employees that we were forced to lay off during the depressing period ... (which) could be close to 10,000 jobs." Click here to read full stories.
Dec 08 - Chile copper firms try to rejig contracts to tap renewable energy
Mining companies in Chile, by far the world's largest copper producer, are examining their energy contracts to see if they can renegotiate terms to incorporate now-cheaper renewable power, company sources say. The mines, long reliant on coal and gas to power everything from milling to drilling, are also inviting a broad range of wind and solar producers to major energy tenders for the first time. Click here to read full stories.
Dec 08 - Tata Steel sweetens offer to UK workers, moves closer to merger
Tata Steel UK offered British unions a deal guaranteeing jobs and investment on Wednesday in return for pension cuts, moving the company closer to merging its European assets with Germany's Thyssenkrupp. Britain's largest steelmaker offered to guarantee production at the country's largest steel plant in Port Talbot, Wales, for five years, and to invest across its British business, subject to the business achieving financial targets. Click here to read full stories.
Dec 08 - Lenders flag policy, infrastructure challenges to PNG mines
Planned changes to Papua New Guinea's mining laws are creating uncertainty ahead of an upcoming election, despite strong interest in proposed multibillion dollar mining and energy projects in the Pacific nation, lenders and advisers say. The quality of the copper, gold and gas resources in the country mean there is appetite to lend to projects including Total SA's Papua liquefied natural gas project, Guangdong Rising Assets Management's (GRAM) Frieda River and Newcrest Mining and Harmony Gold's Wafi Golpu copper and gold mines. Click here to read full stories.
Dec 08 - China goes on unexpected commodities splurge
China's imports of commodities surged unexpectedly last month putting the world's second-largest economy on track to set records for shipments of iron ore, coal and soybeans even as concerns linger about slowing economic growth. For some markets, like soybeans, the robust buying was in line with seasonal expectations as livestock farmers scooped up feed for their animals ahead of peak demand for pork and other meat during the nation's week-long Spring festival. Click here to read full stories.
Dec 08 - Stars may align for giant Papua New Guinea copper mine
After nearly 50 years on the drawing board, the latest backers of Papua New Guinea's $3.6 billion Frieda River copper project say the time may finally be right for the giant mine - even if some hurdles remain. Regarded as one of world's largest untapped copper-gold resources, the deposit has sat dormant as successive owners, including some of the world's biggest mining houses, proved unwilling or unable to spend the billions of dollars needed to construct a mine in remote jungle far from the country's coast. Click here to read full stories.
Dec 08 - Peru asks Las Bambas copper mine to resubmit environmental plan
The government of Pedro Pablo Kuczynski has asked MMG Ltd's copper mine Las Bambas to seek fresh approval for its environmental plan to correct any possible shortcomings, the vice president said Wednesday. Martin Vizcarra said Las Bambas, one of the world's biggest copper pits, would be able to operate as usual while it prepares an "integral" environmental impact study - part of the new government's bid to rebuild trust with local communities following deadly protests that suspended exports in October. Click here to read full stories.
Dec 08 - Chile rejects attempt to block modified Barrick Gold mine project
Chile has rejected an attempt by local communities to block modifications needed to keep Barrick Gold Corp's controversial Pascua Lama project alive, a resolution by the ministerial committee involved showed on Wednesday. The Pascua Lama 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.
Dec 08 - U.S. Steel could restore up to 10,000 U.S. jobs - CEO tells CNBC
United States Steel Corp could be looking at restoring up to 10,000 jobs in the United States, Chief Executive Mario Longhi told CNBC, without providing a timeline for the additions. "I'm more than happy to bring back the employees that we were forced to lay off during the depressing period," Longhi said in an interview on CNBC. Click here to read full stories.
Dec 07 - Rio sees copper market deficit by 2020, just in time for Oyu Tolgoi
The copper market will go into deficit by 2020, just when Rio Tinto's, extension to the Oyu Tolgoi mine in Mongolia comes onstream, the company said on Tuesday. Rio Tinto gave approval in June for a $5.3 billion expansion of Oyu Tolgoi, one of the world's largest copper mines and a project central to the major's efforts to become less dependent on iron ore. Click here to read full stories.
Dec 07 - China's commodity trading crackdown has long-term consequences: Russell
Is there a longer-term cost to be paid by China for its ongoing efforts to curb what the authorities in Beijing see as unjustified price spikes in commodity prices on the country's futures exchanges? Certainly it is becoming clear that the authorities are continuing to ramp up their campaign against the so-called hot money pumping up commodity prices, with new measures designed to cool price action in iron ore, steel and coal among others. Click here to read full stories.
Dec 07 - Vale-BHP's Samarco expects preliminary license in first quarter
Brazilian iron ore miner Samarco Mineracao expects to receive a preliminary environmental license in the first quarter, an important step in its effort to resume operations by mid-2017, Chief Executive Officer Roberto Carvalho said in an interview on Tuesday. This would be the first of three environmental licenses needed by the company, which is jointly owned by Vale SA and BHP Billiton. Samarco's operations were suspended in November 2015 after the collapse of a dam holding mining waste, or tailings, killed 19 people and caused Brazil's worst environmental disaster. Click here to read full stories.
Dec 07 - China railway bureaus to sign long-term coal contracts - media
China's state-owned railway departments will sign long-term transport contracts with coal suppliers and buyers to help implment annual coal supply deals, in the latest bid to meet winter demand and tame a months-long price surge, the China Securities Journal reported on Wednesday. For annual supply contracts of more than 200,000 tonnes, railway bureaus will sign transport deals with key miners, the paper cited a senior railway official as saying following a coal trade fair at the largest coal port Qinhuangdao last week. Click here to read full stories.
Dec 07 - Codelco optimistic about Chuquicamata copper mine wage talks
Codelco is optimistic it can strike a deal with union leaders at its century-old Chuquicamata copper mine in northern Chile, it said this week as it embarked on complex contract negotiations. The wage talks at Chuquicamata, one of the Chilean state-owned company's largest operations, are seen as a bellwether for the industry and as a precursor of contract discussions due at the nation's other copper mines in 2017, including at BHP Billiton's Escondida, the world's largest. Click here to read full stories.
Dec 07 - Barrick Gold says Latam key to growth as it adds director
Latin America will play an increasingly important role in Barrick Gold's growth strategy, the world's biggest gold miner said on Tuesday as it named a new director with decades of mining experience in that region. The company said it had appointed Pablo Marcet to its board. Click here to read full stories.
Dec 07 - Environment group takes De Beers Canada to court over mercury
An environmental group said on Tuesday it filed a lawsuit against De Beers Canada, accusing the diamond producer of failing to report toxic levels of mercury and methylmercury at its Victor diamond mine in northern Ontario. The Wildlands League alleged that De Beers Canada failed to report mercury levels from five of nine surface water monitoring stations for the creeks next to its open pit mine between 2009 and 2016. Click here to read full stories.
Dec 06 - Timis companies seek $385 mln from Burkina Faso in mining dispute
Three companies belonging to Romanian-Australian businessman Frank Timis's Pan African Minerals Group are seeking $385 million from Burkina Faso via mediation, accusing it of blocking development of one of the world's biggest manganese mines. According to an arbitration request addressed to the International Chamber of Commerce's International Court of Arbitration and seen by Reuters, the complaint stems from a dispute over the Tambao deposit in the northeastern corner of the West African nation. Click here to read full stories.
Dec 06 - India's Adani Enterprises Australia CEO says coal project "back on track"
India's Adani Enterprises said on Tuesday it aims to start construction around mid-2017 on a controversial $16 billion coal project after clearing all major government approvals for the project. "We want to start construction in the middle of next year," Adani Australia chief executive Jeyakumar Janakaraj told reporters in Townsville, where he announced an agreement with the Queensland state government to hire local workers. Click here to read full stories.
Dec 06 - New Islamic finance guidance on gold emphasises real deal
Islamic finance experts have developed new rules for gold transactions, they said on Monday, potentially opening the way for Islamic institutions to trade gold and silver much more actively. Gold transactions must be fully backed by physical metal and settled on the same day, the developers of the new guidance said, to observe Islam's distinction between real economic activity and speculation. Click here to read full stories.
Dec 05 - Chilean regulator draws up environmental charges against SQM - reports
Chile's government has decided to draw up charges against lithium giant SQM for a series of alleged environmental violations that could result in fines of up to $22.2 million, Chilean media reported on Saturday. Chile's SMA environmental regulator is accusing the company of extracting more brine than legally permitted at its SQM Salar Atacama project in northern Chile for a period of time starting in 2013, Chile's La Tercera and Pulso newspapers said. Click here to read full stories.
Dec 05 - Coking coal surge may extend if China cracks down on North Korea: Russell
The already elevated price of coking coal could be boosted further if China decides to crack down on coal imports from its nuclear-armed neighbour North Korea. The United Nations Security Council last week imposed fresh sanctions on North Korea, limiting its annual coal exports to 7.5 million tonnes, or a value of $400.9 million, after the isolated communist regime conducted a fifth nuclear weapons test. Click here to read full stories.
Dec 05 - Philippines Q3 nickel ore output drops 16 pct as Duterte's green clampdown bites
The Philippines' output of nickel ore fell 16 percent in the third quarter from a year earlier, government data showed on Monday, after the world's top supplier of the metal suspended some mines in a clampdown on environmental violations. The Southeast Asian nation has already stopped work at 10 of its 41 mines in a campaign, backed by President Rodrigo Duterte, against what the government says is irresponsible mining. A group of a further 20 more faces possible suspension. Click here to read full stories.
Dec 05 - Speculators lift bullish COMEX copper stance to another record
Hedge funds and money managers raised their bullish stance in copper contracts to a record for the fourth straight week, U.S. government data for the week to Nov. 29 showed on Friday, after futures prices extended gains to a 1-1/2-year high. They cut their net long positions in COMEX gold and silver futures and options for the third straight week, U.S. Commodity Futures Trading Commission (CFTC) data showed. Click here to read full stories.
Dec 05 - Chinese coking coal producers resistant to hiking output - Vale
Chinese producers of coking coal used in steelmaking are dragging their heels on government calls to boost production because they are benefiting from a rally in prices, according to Vale SA, the world's top iron ore producer. "Producers of metallurgical coal are very pleased and don't have to increase production because today their mines are more profitable than they were in the past," Vale Chief Executive Murilo Ferreira told reporters in London on Thursday. Click here to read full stories.
Dec 05 - India extends steel floor price to Feb. 4 to curb cheap imports
India has yet again extended the floor price of imports of steel products for a further two months 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, and then till Dec. 4. Click here to read full stories.
Dec 05 - Chile's Codelco plans investments of $3.8 billion in 2017 - CEO
Chile's state-owned Codelco, the world's largest copper producer, plans investments of about $3.8 billion in 2017 and more cost cutting, Chief Executive Nelson Pizarro said in an interview published on Sunday. "Of that, $3.143 billion is in projects, and $651 million is in mine development, which compares to almost $3 billion in 2016," Pizarro told Chile's El Mercurio newspaper. Click here to read full stories.
Dec 05 - Alcoa assessing impact of Portland smelter outage, says faces challenges
Aluminium maker Alcoa Corp said on Monday it was assessing the impact of a power outage last week at its Portland smelter in Australia that forced it to halt a potline, adding that it was facing 'substantial challenges'. The smelter was hit when a power interconnector between the states of Victoria and South Australia went down on Thursday, knocking out power to both of the plant's potlines for about five-and-a-half hours. Click here to read full stories.
Dec 02 - Running on empty: Brace for more volatility in China's steel, iron ore
The historic drop in Chinese steel and iron ore prices on Wednesday could be the first of many as rising exchange fees and lingering liquidity fears quash speculators' appetite for risk and big returns. But with volumes on both contracts - two of China's largest commodity derivatives markets - also dwindling rapidly as prices head south, traders are bracing for even more volatility. Click here to read full stories.
Dec 02 - Blackout ramps up pressure on Alcoa Australian aluminium smelter
A blackout that forced Alcoa Corp to shut one of two potlines at its Portland aluminium smelter in Australia will ratchet up costs further and may put the plant's future in jeopardy, analysts said on Friday. The smelter was hit when a power interconnector between the states of Victoria and South Australia went down on Thursday, knocking out power to both of the plant's potlines for about five-and-a-half hours. Click here to read full stories.
Dec 02 - More Philippine mine suspensions ahead under crackdown, says minister
The Philippine government will suspend more mines in a fight against environmental degradation, the minister in charge of mining said on Friday, in a move that could lift nickel prices again if supply from the world's top exporter is disrupted. The Southeast Asian nation has already halted 10 of its 41 mines. Twenty more were facing possible suspension and the agency in charge of the review may issue a ruling next week. Click here to read full stories.
Dec 02 - India's Dec gold imports to halve as cash crunch squeezes demand
India's overseas purchases of gold could halve this month after jumping to the highest level in 11 months in November because retail demand has faltered due to the government's move to scrap high-value currency notes, industry officials told Reuters. Lower imports by the world's second-biggest consumer of gold could weigh on global prices that are already trading near their lowest level in 10 months, although it would likely help the South Asian country trim its trade deficit. Click here to read full stories.
Dec 02 - Chile to capitalize copper producer Codelco with $975 mln
Chile's government will give state-owned copper miner Codelco $975 million in capitalization so the cash-strapped firm can finance its ambitious investment plans, Finance Minister Rodrigo Valdes said on Thursday. World no.1 copper producer Codelco returns all its profits to the state and is funded by a mix of capitalization and debt. Click here to read full stories.
Dec 02 - Russia says to tender Sukhoi Log gold deposit in 2017
Russian Prime Minister Dmitry Medvedev has signed an order to sell rights for the development of the giant Sukhoi Log gold deposit in Siberia in an auction in 2017, the government said in a statement on Friday. Sukhoi Log, one of the world's largest untapped gold deposits, has remained undeveloped for half a century. Russia has been promising to sell the license for more than 20 years. Click here to read full stories.
Dec 02 - Vale says expects judge to approve Samarco settlement soon
Vale SA, the world's top iron ore producer, said a judge was soon to ratify a settlement with the Brazilian government regarding its Samarco iron ore joint venture with BHP Billiton. General Counsel Clovis Torres told investors and analysts at a presentation in London that it "should not take long" for a judge in Brazil to approve the Samarco settlement. Click here to read full stories.
Dec 02 - Vedanta to invest up to $2.9 bln over 3 years in key India plants
Vedanta Resources Plc plans to invest as much as 200 billion rupees ($2.9 billion) over three years to expand its alumina and aluminium producing capacity in eastern India's Odisha state, its chairman Anil Agarwal said. The company plans to expand the capacity of its Lanjigarh alumina refinery to 5 million tonnes from the current 2 million tonnes and double the capacity of its Jharsuguda aluminium smelter to 2 million tonnes. Click here to read full stories.
Dec 02 - Anglo American says protesters end Chilean mine occupation
A five-day illegal occupation of its Los Bronces copper mine in Chile has ended, Anglo American said on Thursday, adding that it was investigating the extent of damage caused by protesting contract workers. Operations at the mine have been suspended since Saturday, when contract workers seized the installations, demanding better terms and benefits similar to those on staff. Click here to read full stories.
Dec 02 - Australia's Red River to restart zinc mine in 2017
Australia's Red River Resources said on Friday it plans to restart a monthballed zinc mine in northern Queensland to take advantage of a rise in commodity prices afer successfully raising A$30 million ($22 million) in a placement. The Thalanga zinc project, which has been on care and maintenance since 2012, will start development work immediately and is expected to return to production by the second half of 2017, Red River said in a statement. Click here to read full stories.
Dec 01 - China completes merger that creates nation's biggest steel company
The merger between the Baoshan Iron and Steel Group (Baosteel)and its smaller rival Wuhan Iron and Steel was formally completed following a ceremony in Shanghai on Thursday, creating China's biggest steelmaker. The new Baowu Steel Group will have an annual production capacity of around 60 million tonnes, also making it the world's second-biggest steelmaker, behind ArcelorMittal. Click here to read full stories.
Dec 01 - Another crack appears in tin's stressed supply chain: Home
Tin has been largely immune from the speculative froth whipping across the rest of the industrial metals complex. Yet the soldering metal remains the second-best performer among the core base metals traded on the London Metal Exchange (LME), its 45 percent year-to-date gain eclipsed only by zinc, which has seen prices rise almost 73 percent. Click here to read full stories.
Dec 01 - Dongbei Special Steel faces $10 bln debt claim at first creditor meeting - Xinhua
State-owned Dongbei Special Steel Group Co held its first creditor meeting on Thursday as part of a bankruptcy restructuring process aimed at recovering a reported $10 billion in debt, official news agency Xinhua said. Dongbei has been at the heart of troubles in China's debt market this year, defaulting on nine separate bonds since March even as Beijing has vowed to crack down on "zombie" firms with perennial losses and too much debt. Click here to read full stories.
Dec 01 - BHP Australia copper mine hit by another power outage
BHP Billiton said on Thursday that its Olympic Dam copper mine was without power for four hours due to a blackout in the state of South Australia. That marks the second time in two months that Australia's second-biggest copper mine has been brought to a standstill over power issues. Click here to read full stories.
Dec 01 - Anglo American's Chilean copper mine still shut by protestors
Anglo American Plc's Los Bronces copper mine in Chile remains closed because of an illegal occupation by protesting contract workers, the company said on Wednesday. The protestors seized the installations on Saturday, the second such occupation at the mine this month, and demanded better contract terms and benefits similar to those of staff workers. Click here to read full stories.
Dec 01 - Shanghai exchange limits zinc, lead positions for non-members
Shanghai Futures Exchange said on Wednesday it will limit intraday position sizes in January and February zinc and lead futures for non-members, as one of China's top commodity markets again moved to curb speculators that have piled into metals. The limit on the zinc contracts, will be 1,500 lots, equivalent to 7,500 tonnes of the metal used to protect steel from rusting. The lead limit, will be 1,000 lots, equal to 5,000 tonnes of metal. Click here to read full stories.
Dec 01 - China slaps new fees on Mongolian exporters amid Dalai Lama row
A major border crossing between China and Mongolia has imposed new fees on commodity shipments between the two countries, amid a diplomatic row sparked by the visit to Ulaanbaatar of the Tibetan spiritual leader the Dalai Lama last week. The crossing at Gashuun Sukhait is used to export copper from the giant Oyu Tolgoi mine run by Rio Tinto, as well as coal from the Tavan Tolgoi mine, which China's state-owned Shenhua Group is currently in the running to develop. Click here to read full stories.
Dec 01 - Anglo American to exit stake in South African miner Exxaro
British miner Anglo American Plc said on Wednesday it would sell its stake in South African diversified miner Exxaro Resources Ltd and use the proceeds to reduce debt. Exxaro's controlling black economic empowerment shareholder Main Street 333 Proprietary Ltd will also sell its interest in the miner, Anglo American said. Click here to read full stories.