Base & Precious Metals News
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.
Nov 30 - China liquidity fears trigger exodus from steel to rubber
An exodus of cash from steel to rubber to zinc threatened a blistering months-long rally across global commodity markets on Wednesday, triggered by fresh concerns about liquidity in China, the world's second largest economy. Retail and institutional investors scrambled to exit bullish bets and shore up cash amid government efforts to steady the sliding yuan currency and curb capital outflows. Click here to read full stories.
Nov 30 - Rio seeks iron ore premium from China mills in likely pricing war revival - sources
Australian miner Rio Tinto, is asking Chinese steel mills to pay a premium for its highest grade iron ore product for the first time since an annual pricing system collapsed in 2010, two sources familiar with the situation said. The demand by the world's No. 2 iron ore miner comes as Chinese steel producers recover from years of losses, buoying demand for the steelmaking raw material, but could revive tensions between miners and mills over pricing that they seemed to have ditched six years ago. Click here to read full stories.
Nov 30 - Ore rally, cost cuts giving Vale breathe to rethink asset sales
Vale SA, the world's No. 1 iron ore producer, is taking advantage of recent gains in mineral and metal prices and successful cost-cutting steps to rethink the pace of an asset sale plan to bring down debt, executives said on Tuesday. Higher ore recovery and price realization may help Vale generate $2.2 billion next year in free cash flow - the money left for bond and shareholders after all expenses are paid - accelerating debt reduction plans, Chief Executive Officer Murilo Ferreira told the company's investors in New York. Click here to read full stories.
Nov 30 - High ferrochrome prices could speed sector consolidation - sources
Rocketing ferrochrome prices are expected to accelerate consolidation among producers in South Africa, increasing the global stainless steel industry's reliance on mining group Glencore and chrome ore company Samancor. Nearly 60 percent of the world's production of global chrome ore -- used to make stainless steel raw material ferrochrome -- comes from South Africa, where Glencore and Samancor are casting an acquisitive eye over smaller rival Hernic Ferrochrome. Click here to read full stories.
Nov 30 - Saudi king showcases mining hub in push to move beyond oil
Saudi Arabia's King Salman underlined the kingdom's intention to invest heavily in speeding up is diversification away from oil exports with the inauguration on Tuesday of a $35 billion mining and minerals processing complex. Riyadh has tried to reduce the economy's reliance on oil for decades, but the challenge has become particularly urgent in the past couple of years as low prices have pushed state finances deep into deficit and growth has slowed sharply. Click here to read full stories.
Nov 30 - UK's Royal Mint, CME Group launch blockchain-based gold trading platform
Britain's Royal Mint and leading U.S.-based derivatives exchange CME Group have teamed up to create a blockchain-based digital platform for dealing in gold in a drive to cut the costs involved in trading the precious metal. The platform, due to launch in 2017, will see the Royal Mint - the Treasury-owned body that is permitted to strike British coins - issue "Royal Mint Gold", or RMG. This will be traded via a platform created and run by the CME Group. Click here to read full stories.
Nov 30 - CITIC aims to cut costs at Sino Iron project, ramp up output
CITIC Pacific Mining's Sino Iron project in Western Australia is ramping up production and expects to export more than 10 million tonnes this year, its chairman said on Tuesday, adding the goal was to become the world's lowest cost producer. Chairman Zhang Jijing of CITIC Pacific Mining, a wholly-owned subsidiary of Hong Kong-listed CITIC, said production needed to be increased as quickly as possible to achieve economies of scale. Click here to read full stories.
Nov 30 - Sherritt cuts production forecast for Moa nickel JV after bridge collapse
Sherritt International Corp cut its full-year production forecast for its joint nickel venture in Cuba following the collapse of a municipal bridge there last week that killed four workers. The Canadian miner lowered its finished nickel production forecast for the Moa operation to 32,500-33,000 tonnes, from 33,500-34,500 tonnes. Click here to read full stories.
Nov 30 - Two miners dead, 6 missing after earthquake hits Polish mine
At least six miners are missing and two died after an earthquake occurred at the Rudna mine in Polkowice in southwestern Poland, state news agency PAP reported on Tuesday. An earthquake of magnitude 4.4 struck at 9:09 p.m. (2009 GMT), according to the U.S. Geological Survey. It said the quake was very shallow, only 10 km (6.2 miles) deep, which would have magnified its effect at the mine belonging to state-run copper producer KGHM. Click here to read full stories.
Nov 29 - For Apple and others, tin supply chain has ties to rebel-held Myanmar mine
From a remote corner of northeastern Myanmar, an insurgent army sells tin ore to suppliers of some of the world's largest consumer companies. More than 500 companies, including leading brands such as smartphone maker Apple, coffee giant Starbucks and luxury jeweller Tiffany & Co, list among their suppliers Chinese-controlled firms that indirectly buy ore from the Man Maw mine near Myanmar's border with China, a Reuters examination of the supply chain found. Click here to read full stories.
Nov 29 - Bubbling lead market signals the return of irrational exuberance: Home
What on earth is going on in the lead market? This most unglamorous of industrial metals has just burst into bullish flames. On the London market the price of lead for three-month delivery jumped by $150 per tonne, or seven percent, between the Thursday and Friday close. Click here to read full stories.
Nov 29 - Speculators lift bullish COMEX copper position to record
Hedge funds and money managers raised their net long position in COMEX copper contracts to a record for the third straight week, while they again cut their bullish stances in gold and silver, in the week to Nov. 22, U.S. government data showed on Monday. The data was delayed due to the U.S. Thanksgiving Day holiday. Click here to read full stories.
Nov 29 - India's JSW Steel joins bid to buy Italy's Ilva plant - source
India's JSW Steel Ltd has joined one of two investor groups vying to take over Italy's loss-making Ilva steel plant, a source with knowledge of the matter said on Monday. The steel firm owned by billionaire Sajjan Jindal has signed an agreement with Italian state lender CDP, businessman Leonardo del Vecchio's holding company and steelmaker Arvedi to make the bid, the source said. Click here to read full stories.
Nov 29 - S.Africa mine sector on a "knife edge" due to political strife - Sibanye CEO
South Africa's key mining industry is at risk of collapse due to political unrest and labour instability which have negatively impacted investment into the country, the chief executive of the nation's biggest gold company said on Monday. Political ructions in Africa's most industrialised country including scandals surrounding President Jacob Zuma for his alleged connections to the wealthy Gupta family have caused concern among investors, putting credit ratings at risk. Click here to read full stories.
Nov 29 - Indonesian miner Antam's nickel smelter plans hinge on easing of ore export ban - CEO
Indonesian state-controlled miner PT Aneka Tambang Tbk (Antam) may not have the cash flow for downstream investments worth at least $500 million if a ban on nickel ore exports is not eased, its chief executive told Reuters on Monday. Indonesia banned metal ore exports in 2014 to encourage miners to build domestic smelters to shift exports from raw materials to higher-value finished metals and create jobs. Click here to read full stories.
Nov 29 - Mongolia Mining Corp could see debt deal before year-end - minister
Mongolian Mining Corporation's debt restructuring talks with its creditors are progressing well and a deal could be reached before the end of the year, the country's Vice Minister Badamsuren Khookhor said on Monday. Hong Kong-listed Mongolian Mining Corp has been in default after missing a coupon payment in March on its $600 million 2017 issue. Click here to read full stories.
Nov 29 - Tata Steel UK to enter talks with Liberty House on sale of speciality operations
Tata Steel UK, the British arm of India's Tata Steel, will hold exclusive talks with trading firm Liberty House to sell its speciality steel business as its parent seeks to offload loss-making assets and restructure European operations. The company has put an enterprise value of 100 million pounds ($124.3 million) on the speciality operations, which employ about 1,700 people and include sites in Britain and China, it said in Monday's statement announcing the agreement to hold exclusive talks. Click here to read full stories.
Nov 29 - Japan steel industry body sees coking coal prices near $300/T for while
Coking coal prices are expected to stay near current levels around $300 per tonne for a while due to Chinese curbs on mining, the chairman of the Japan Iron and Steel Federation said on Tuesday. "We don't think China will change its restriction on coking coal output so easily as the country is seriously trying to tackle an overcapacity issue," Kosei Shindo, the chairman of the Japan Iron and Steel Federation, told a news conference. Click here to read full stories.
Nov 28 - Red-hot steel rally swells on China bets, powers zinc to 9-year high
Chinese steel futures jumped over 6 percent to the highest in 31 months on Monday, as investors raised bets that strong property and infrastructure investment will sustain demand in the world's top consumer, spurring a similar rally in iron ore and zinc. The red-hot rally in steel is bound to push iron ore above $80 a tonne for the first time since October 2014, having lifted zinc to a nine-year high. Click here to read full stories.
Nov 28 - Indian cash crunch hits gold demand during peak wedding season
Mumbai resident Shashikant Zhalte's wedding this weekend will be less sparkling than his family had hoped, thanks to a cash shortage following Indian Prime Minister Narendra Modi's shock withdrawal of high-value notes to fight "black money". Zhalte bought gold jewellery for his wife-to-be months ago, but had delayed purchases for his mother and sisters. Click here to read full stories.
Nov 28 - Rio Tinto disposes of iron ore elephant, signals flexibility: Russell
Almost unnoticed, Rio Tinto Chief Executive Jean Sebastien Jacques has ushered the China iron ore elephant out of the room. News that Rio has quietly abandoned its long-held view that China's steel output will rise to 1 billion tonnes a year by 2030 wasn't exactly hidden by Jacques, but neither was it highlighted when the new boss of the world's second-largest mining company held an investor briefing last week. Click here to read full stories.
Nov 28 - Australia's gold miners dig deeper as local currency falls
Gold miners in Australia, motivated by a weak currency, are overcoming inclement weather to dig deeper for more bullion, quarterly production figures released on Sunday show. Third quarter output in Australia, which mines more gold than any other country besides China, climbed 3 percent, or 2 tonnes (64,301 troy ounces) to 75 tonnes from the same period a year ago, despite heavy rainfall that flooded some pits and slowed operations, Melbourne-based Surbiton Associates said in its latest output tally. Click here to read full stories.
Nov 28 - Aluminium producers seek Q1 premium of $95-$110/T from Japanese buyers - sources
Some big aluminium producers seek a premium of $95-$110 per tonne from Japanese buyers for primary metal shipments in the January to March period, up 27-47 percent from the previous quarter, five sources involved in pricing talks said on Friday. 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.
Nov 28 - China's iron ore imports on track to top 1 bln T; India shipments surge
China's iron ore imports from India surged in October and purchases from Australia grew slightly, data showed on Friday, with total shipments to the world's top buyer of the steelmaking commodity on course to top 1 billion tonnes this year. Shipments from Australia, which account for nearly two-thirds of China's imports, rose 3 percent to 49.89 million tonnes last month, according to China's official customs data. Shipments from No. 2 supplier Brazil increased 17 percent to 17.88 million tonnes. Click here to read full stories.
Nov 28 - Germany's Merkel says G20 must tackle global steel glut
The G20 group of leading economies must find a solution to excess capacity in the global steel industry, German Chancellor Angela Merkel said on Saturday, adding that overproduction in some countries was causing job losses elsewhere. Merkel said Germany, which takes over the G20 presidency next month, would push for a collective solution for the worldwide glut that has dampened steel prices for years and raised tensions between China and other major producers. Click here to read full stories.
Nov 28 - India's Tata Steel removes Cyrus Mistry as chairman
India's Tata Steel said it removed Cyrus Mistry as chairman at a special board meeting on Friday, the third Tata group company to depose him since his ouster as head of the conglomerate's holding company. Mistry was ousted as chairman of holding company Tata Sons in a boardroom coup in October after the company criticised his performance. Click here to read full stories.
Nov 28 - Hooded protesters shut down Los Bronces copper mine in Chile again
Global miner Anglo American Plc halted all activity at its Los Bronces mine in Chile after hooded protesters seized installations early on Saturday in the second illegal occupation of the copper deposit this month, the company told Reuters. Anglo said it was not certain who the protesters were. The latest seizure immediately followed what Anglo called an agreement between companies it uses to provide services at the mine and the Federation of Contract Workers union. Click here to read full stories.
Nov 28 - Brazilian miner MMX Mineracao files for bankruptcy
MMX Mineracao e Metalicos SA, the mining company founded by former billionaire Eike Batista, has filed for protection from its creditors in a Brazilian court, citing slumping iron prices and economic adversity. In a securities filing late on Friday, MMX said: "The fall in iron ore prices and the context of political and economic instability made it impossible for the company to achieve its revenue targets." Click here to read full stories.
Nov 25 - Rio Tinto sees potential demand boost, less red tape in Trump presidency
Rio Tinto, Chief Executive Jean-Sébastien Jacques said on Friday the election of Donald Trump as President of the United States could help boost commodities demand and cut red tape, boosting the mining industry. The world's second-biggest mining company has long planned to dig a copper mine in Arizona with BHP Billiton, called Resolution, but the project has yet to win government approvals, with applications on hold due to Congressional opposition over environmental concerns. Click here to read full stories.
Nov 25 - Zambia copper concentrate duty to disrupt global copper supplies-sources
A plan by Zambia to put a duty on copper concentrates imports could put a kink in the global supply chain for the metal, industry sources said, by forcing neighbouring Democratic Republic of Congo (DRC) to send surplus mine output elsewhere. The 7.5 percent duty announced earlier this month and due to come into force at the start of 2017, is likely to disrupt supply of refined metal in the early part of the year, just as the global market moves away from surplus, helping to support prices. Click here to read full stories.
Nov 25 - Traders on edge as volatility surges in China's iron ore futures
Surging volatility in China's iron ore futures is sending global prices on a roller-coaster ride, spelling risks for traders and steel mills, some of whom are losing faith in a market swayed by speculative Chinese money. Amid wild swings in futures, spot iron ore prices surged by a record 23 percent in the second week of November, only to fall nearly 10 percent the following week. Click here to read full stories.
Nov 25 - India may impose curbs on domestic gold holdings - NewsRise
The Indian government may impose curbs on domestic holdings of gold as Prime Minister Narendra Modi intensifies a fight against "black money", news agency NewsRise reported, citing an unnamed finance ministry official. NewsRise did not provide further details. A finance ministry spokesman declined to comment on the report. Click here to read full stories.
Nov 25 - BHP Vale to fund, extend credit over Samarco disaster
BHP Billiton and Vale Sa have each approved $181 million to fund remediation and compensation programs at the Samarco iron ore joint venture in Brazil following a deadly mine disaster in November 2015. Likewise, BHP and Vale will each extend credit lines of $115 million each to Samarco, the companies said. Click here to read full stories.
Nov 25 - China to probe illegal expansion in coal, steel sectors
China will send inspection teams to investigate and severely punish illegal expansion by coal and steel firms as part of its efforts to slim down the two industries, the country's cabinet said on Thursday. With most of the country's steel and coal enterprises making losses in 2015, China promised in February to slash 500 million tonnes of coal production capacity and 100 million to 150 million tonnes of crude steel capacity over the next three to five years in a bid to reduce price-sapping supply gluts. Click here to read full stories.
Nov 25 - Kirkland Lake shareholders vote for Newmarket takeover -sources
More than 80 percent of Kirkland Lake Gold shareholders have voted in favor of the mid-tier miner's takeover of Newmarket Gold , according to two sources familiar with the situation, marking the end of a contentious process. Over 90 percent of the Newmarket shareholders who voted on the acquisition also backed Kirkland's all-stock offer, valued at about C$1 billion ($741.34 million) when announced on Sept. 29, the sources said on Thursday on condition of anonymity as the matter is confidential. Click here to read full stories.
Nov 25 - Thyssenkrupp profit drop highlights steel merger need
German industrial company Thyssenkrupp reported a 12 percent fall in annual operating profit and gave a cautious outlook that underlined the urgency of finding a lasting solution for its struggling steel business. Backed by activist investor Cevian, which has increased its stake this year to almost 20 percent, Thyssenkrupp is striving to merge its European steel operations with those of India's Tata Steel to combat overcapacity in the industry. Click here to read full stories.
Nov 25 - Dubai-based firm forms $1.6 bln steel plant JV in Algeria
Dubai-based conglomerate Emarat Dzayer Group said it had signed a joint venture agreement to develop a $1.6 billion steel factory in Algeria, boosting the North African country's drive to diversify its economy and attract foreign investment. Emarat Dzayer Steel Company will be a joint venture between Algeria's state-linked Groupe Imetal, which will hold a 51 percent stake in the business through two subsidiaries, and 49 percent held by Emarat Dzayer Group, according to a statement Click here to read full stories.
Nov 24 - Rio Tinto says Simandou payments scandal "very challenging"
Rio Tinto Chief Executive Jean-Sébastien Jacques said on Thursday that issues raised by the disclosure of payments in Guinea in 2011 were "very challenging", in his first public appearance since the scandal erupted.Jacques, who sacked two top executives last week over $10.5 million in payments to an adviser who helped Rio win rights to the giant Simandou iron ore project, said he could not say more as the matter "is now with the relevant authorities". Click here to read full stories.
Nov 24 - U.S. steelmakers push Trump team for more trade defenses
The top U.S. steelmakers' association said it has been in contact with President-elect Donald Trump's transition team since his election on Nov. 8, as the industry seeks tougher trade defenses under his incoming administration.Trade restrictions are tantalizing for an American steel industry struggling with foreign competition, but analysts say new measures could trigger a backlash from U.S. carmakers and other consumers who want unfettered access to overseas markets. Click here to read full stories.
Nov 24 - Freeport Indonesia hopes to sell 10.64 pct stake through IPO -new CEO
The Indonesian subsidiary of Freeport McMoRan Inc hopes to sell a 10.64 percent stake through an initial public offering, its new chief executive said on Wednesday.The government requires Freeport Indonesia, the country's top copper miner, to divest the stake and "the two sides see that going to the stock exchange is the best option," incoming CEO Chappy Hakim told reporters in his first meeting with media since his appointment. Click here to read full stories.
Nov 24 - India imposes safeguard duties on some steel imports
India has imposed anti-dumping duties on hot rolled flat sheets and plates of alloy or non-alloy steel to curb cheaper imports into the country, a government notification said on Thursday.The government will gradually lower the duty from 10 percent this year to 6 percent by 2019, the notification said.The effective duty rate would be arrived at after deducting the value of the goods and the anti-dumping duty payable when the import price is below $504 per tonne, it said. Click here to read full stories.
Nov 24 - Kirkland Lake's largest shareholder says supports Newmarket deal
Kirkland Lake Gold Inc's largest shareholder, Van Eck Associates, on Wednesday reaffirmed its support for the Canadian miner's proposed takeover of Newmarket Gold Inc as a deadline passed for shareholder proxy votes to be cast.Toronto-based Kirkland Lake has offered to buy Newmarket, which operates mines and projects in Australia, in an all-stock transaction valued at about C$1 billion ($742 million). Click here to read full stories.
Nov 24 - Four workers dead in Cuba bridge collapse - Canada miner Sherritt
Four workers at a Sherritt International Corp joint venture in Cuba died on Tuesday, when a municipal bridge they were repairing collapsed, the Canadian miner said on Wednesday.Sherritt, which owns 50 percent of the Moa nickel operation with General Nickel Company SA of Cuba, said the bridge had been damaged by Hurricane Matthew in October and workers have been repairing the structure since late last month. The bridge provides access to the Moa mine and plant, which are operating at reduced rates, the company said. Click here to read full stories.
Nov 24 - Chinese, Iranian companies interested in leasing Pakistan Steel Mills
Chinese and Iranian state-owned companies are interested in taking over loss-making Pakistan Steel Mills (PSM) as part of a long-term lease deal, Privatisation Commission Chairman Mohammad Zubair said on Wednesday.Built by the Soviet Union in 1970s, state-owned PSM has become a huge drain on government resources and shuttered steel production in 2015. PSM has accumulated losses worth 163 billion rupees ($1.56 billion) and other outstanding debts. Click here to read full stories.
Nov 24 - Zimbabwe mining industry expects government to scrap platinum tax
Zimbabwe's mining chamber said on Wednesday it expected the government to further defer or scrap altogether a 15 percent tax on raw platinum ore exports because mining companies had made enough progress towards building smelters.The southern African nation introduced the export levy in January but suspended it in July after mining companies, including Anglo American Platinum (Amplats), Impala Platinum and Aquarius, agreed to take part in local metal processing. Click here to read full stories.
Nov 24 - China reaches preliminary agreement with Peru to expand Toromocho copper mine
China's leading mining company Aluminium Corporation of China has reached a preliminary agreement with Peru's government to expand the Toromocho copper mine, China's biggest overseas copper project.China's state industry supervisor SASAC, which announced the agreement in a statement on Wednesday, did not give details of the expansion plan for the Chinese-owned mine. Click here to read full stories.
Nov 23 - Top China steel city orders more plant closures in pollution fight
China's top steelmaking city has ordered many of its industrial factories to curb production or even close for as long as four months through to Marchin a bid to clear the skies of smog. Tangshan, a city in northern Hebei province, will seek to reduce steel production by requiring producers to cut emissions by as much as 50 percent from Nov. 15 to Dec. 31, according to a document published in the official Tangshan government newspaper late on Monday. Click here to read full stories.
Nov 23 - Scrap gold supply to halve in India as cash crunch bites
Scrap gold supplies in India, the world's second-biggest consumer of bullion, are likely to halve this quarter as the cash crunch and falling prices make it difficult for consumers to liquidate their holdings. Lower scrap supplies could force the south Asian country to raise imports, which will support global prices that are near their lowest level in 5-1/2 months. Click here to read full stories.
Nov 23 - Gold sales heat up in Europe after Trump win but not in U.S.
Donald Trump's U.S. presidential victory has spurred safe-haven buying of physical gold in Europe, but traditional bullion holders in the United States are standing pat. After all, many of them are optimistic after voting for Trump. The contrast in reactions to Trump's surprise victory shows a wide difference in how investors in the two markets evaluate risk. For many outside the United States, Trump's pledge to rewrite the play book on trade and international relations prompted defensive gold buying. U.S. investors were more likely to be dumping gold in favor of stocks and bonds. Click here to read full stories.
Nov 23 - Brazil says China, Russia dumping steel; holds fire on tariffs
Brazil's International Trade Secretariat characterized exports of hot rolled steel from China and Russia as "dumping" in an announcement in the Official Gazette on Tuesday but requested more information before raising tariffs. "A preliminary judgment has determined in the affirmative in regards to dumping," the entry read, adding the secretariat's decision was to hold off on taking any immediate action. Click here to read full stories.
Nov 23 - Steel shares surge again, keep post-election strength
Investors put fresh bets on steel company shares on Tuesday as comments about domestic production from U.S. president-elect Donald Trump helped bolster the positive investor sentiment in the industry that has been fueled by the Nov. 8 election. U.S. Steel shares jumped 11.9 percent on Tuesday, closing near a two-year high. AK Steel shares climbed 10.7 percent and Olympic Steel surged 16 percent. Click here to read full stories.
Nov 23 - Saudi Arabia aims to triple mining revenue by 2030 - minister
Saudi Arabia plans to more than triple the contribution of its mining industry to national wealth as measured by GDP by 2030, the energy minister said on Tuesday. The kingdom is finalising a mining strategy aimed at raising annual mining revenues from 64 billion riyals ($17 billion) to 240 billion riyals by 2030, Khalid al-Falih told reporters at a conference in Jeddah. Click here to read full stories.
Nov 23 - Mideast aluminium producers dismiss Trump talk, target U.S. exports
Middle Eastern aluminium producers are actively targeting the United States for exports, executives said on Tuesday, dismissing the possibility that President-elect Donald Trump's protectionist election rhetoric will translate into policy. In his campaign, Trump argued that international trade agreements had hurt U.S. workers and the country's competitiveness and promised to pull out of or renegotiate a number of multilateral accords which facilitate free trade. Click here to read full stories.
Nov 23 - EU agrees law to curb flow of conflict minerals
The European Union agreed a deal on Tuesday to stem the flow of gold and other metals used to fund armed conflicts or produced in conditions that breach human rights. EU importers of tin, tungsten, tantalum, gold and their ores will from 2021 have to carry out checks on their suppliers in legislation that will also apply to smelters and refiners. Click here to read full stories.
Nov 23 - Indonesia to cut royalty for processed nickel to 2 pct - official
Indonesia will cut the royalty charged on sales of processed and refined nickel to 2 percent, a mining ministry official said on Tuesday, part of a revision of government rules on non-tax revenue from the coal and minerals sector. The revision is needed to encourage more miners to develop smelters, said Coal and Minerals Director General Bambang Gatot, referring to a government drive to develop downstream industries and increase returns from Indonesia's mineral resources. Click here to read full stories.
Nov 23 - China probes Shandong Iron & Steel executive for 'discipline breach'
The deputy general manager of state-owned Shandong Iron and Steel Group is being investigated by the ruling Communist Party, the party's anti-graft watchdog said on Wednesday. Cai Zhangping is suspected of "serious discipline breaches", the Central Commission for Discipline Inspection said in a brief statement, without providing further details. Previous discipline breach investigations have led to sentences for corruption. Click here to read full stories.
Nov 22 - Is the copper mine supply wave peaking?: Home
Copper's recent turbo-charged rally has upended the market's narrative of supply surplus. Too much supply was supposedly the reason why copper, until this month, was the worst performer among the base metals traded on the London Metal Exchange (LME). But right now the market is struggling to work out where all that extra copper actually is. LME stocks are low and falling. Stocks registered with the Shanghai Futures Exchange (ShFE) are rising but still low. Click here to read full stories.
Nov 22 - Platinum market deficit set to shrink in 2017 - WPIC
The platinum market deficit will shrink to its narrowest since 2011 next year, the World Platinum Investment Council said on Tuesday, as a drop in investment and diesel's waning share of the European car market pressure demand. The WPIC also cut its expected platinum market shortfall for this year to 170,000 ounces from the 520,000 ounces predicted in September, citing a larger than expected drop in Chinese platinum jewellery demand, and higher recycling. Click here to read full stories.
Nov 22 - Chile's mining companies have room to cut costs further
Chile's copper mining companies have more room to cut costs even as a steep dive in global metals prices has already driven them to tighten their belts significantly, state copper commission Cochilco said on Monday. Producers in the top copper exporting nation managed to reduce cash costs to $1.27 per pound of copper during the first half of 2016, from $1.514 in the same period last year, according to a Cochilco study that looks at nearly 90 percent of the country's copper output. Click here to read full stories.
Nov 22 - UAE may take U.S. to WTO over steel pipes dumping charges - official
The United Arab Emirates could refer the United States to the World Trade Organisation over anti-dumping charges levied on steel pipes, a senior official said on Monday. The U.S. International Trade Commission announced on Friday it was taking measures against UAE, Oman and Pakistan in relation to circular welded carbon-quality steel pipes, after a Department of Commerce investigation found them to be sold in the United States for less than fair value. Click here to read full stories.
Nov 22 - China's Hebei province completes 2016 steel capacity cuts
China's biggest steelmaking province Hebei had eliminated 14.62 million tonnes of steel capacity by the end of October, achieving this year's target of 14.22 million tonnes ahead of schedule, Xinhua news reported on Monday. Hebei, a northern province near the country's capital, is responsible for nearly a quarter of China's total steel output and has pledged to cut steel capacity by 31.17 million tonnes by 2017 and by 49.13 million tonnes by 2020. Click here to read full stories.
Nov 22 - Landslide kills 13 as diggers invade Freeport mine in Congo -governor
A landslide killed at least 13 people last week in southeastern Democratic Republic of Congo after thousands of artisanal miners began invading a copper mine controlled by Freeport-McMoRan Inc, the provincial governor said on Monday. Between 5,000 and 10,000 illegal miners have descended on the Tenke copper mine, one of the world's largest, since last week, Richard Muyej, governor of Lualaba province, told U.N.-sponsored Radio Okapi. Click here to read full stories.
Nov 22 - LME chief operating officer goes on indefinite leave - sources
The London Metal Exchange's Chief Operating Officer Stuart Sloan went on indefinite leave this month, three sources familiar with the matter said. Sloan, who is also head of strategy, joined the LME in January 2014. He was previously chief of staff and head of strategic development at NYSE Euronext, according to his LinkedIn profile. Click here to read full stories.
Nov 21 - China investors up bets on copper as fundamental picture brightens
Chinese investors whose rush into copper hauled it to 16-month highs this month say infrastructure spending and government reforms will keep the metal well supported this year and into 2017. Copper surged more than 11 percent in a week in early November - its biggest weekly jump in six years - fuelled partly by new investment from small investors, according to brokers and traders at last week's Cesco copper conference in Shanghai. Click here to read full stories.
Nov 21 - Rio Tinto to cut iron ore jobs as it braces for tough market
Miner Rio Tinto is preparing to cut hundreds of jobs at its Australian iron ore business following a restructuring of the global giant's most profitable sector, the company confirmed on Monday. A Rio Tinto spokesman declined to say how many jobs would go, although local media reported up to 500 management and support positions were on the line. Click here to read full stories.
Nov 21 - Japan Oct crude steel output rises to highest in a year
Japan's crude steel output rose 0.6 percent in October from a year earlier, recovering from the previous month's decline, to hit over 9 million tonnes for the first time in a year, helped by firmer local demand in automobile and construction sectors. Crude steel output in October climbed to 9.06 million tonnes, marking the highest monthly level since October last year, the Japan Iron and Steel Federation said. It slid in September for the first time in six months. Click here to read full stories.
Nov 21 - Speculators lift bullish COMEX copper position to record
Hedge funds and money managers again raised their bullish stance in COMEX copper contracts to a record in the week to Nov. 15, while they reduced their net long positions in precious metals, U.S. Commodity Futures Trading Commission data showed on Friday. They added 11,283 contracts to their net long position in copper futures and options, taking it to 70,546 contracts, the biggest since records became publicly available in 2006, the data showed. Click here to read full stories.
Nov 21 - Brazil judge to hear criminal charges for Samarco dam disaster
A federal judge in Brazil has agreed to hear a criminal case against four companies and 22 employees for a burst tailings dam at the Samarco mine that killed 19 people last November, according to a court document seen by Reuters on Friday. Prosecutors last month accused Samarco, its joint-venture owners Vale SA and BHP Billiton, and consultant VogBR of environmental crimes, while employees were accused of homicide in the disaster, which also polluted a major river. Click here to read full stories.
Nov 21 - Tokyo Steel to raise all Dec product prices by 5,000 yen/T
Tokyo Steel Manufacturing Co Ltd said on Monday it would raise the prices of all of its products by 5,000 yen ($45.12) per tonne for December delivery, reflecting a rally in raw material prices and higher product prices abroad. Tokyo Steel's pricing strategy is closely watched by Asian rivals such as South Korea's Posco and Hyundai Steel Co and China's Baoshan Iron & Steel Co (Baosteel) that export to Japan. Click here to read full stories.
Nov 21 - Chilean miner Antofagasta on track to cut unit costs to 4 pct below target
Chilean copper miner Antofagasta Plc is on track to cut 2016 production costs about 4 percent below target and may make more savings next year, its chief executive said, irrespective of a surge in Chinese demand lifting prices. "Our estimate is that we will finish 2016 with a unit cash cost of around $1.25 per pound, so we are going to be slightly better than the $1.30 we set ourselves on at the start of the year," Ivan Arriagada told Reuters in an interview on the sidelines of an industry gathering in Shanghai. Click here to read full stories.
Nov 21 - Gold Fields, Silver Standard withdraw offer for Kirkland Lake
Gold Fields Ltd and Silver Standard Resources Inc withdrew their offer to buy Kirkland Lake Gold Inc after the Canadian miner asked its shareholders to vote in favor of its takeover bid for Australia's Newmarket Gold Inc. Kirkland had confirmed a Reuters report last week that South Africa's Gold Fields and Canada's Silver Standard had made three joint bids for the company and recently sweetened their offer to about C$1.4 billion ($1.04 billion). Click here to read full stories.
Nov 21 - Freeport Indonesia appoints former air force official as new chief
Indonesia's biggest copper miner PT Freeport Indonesia has appointed former Indonesian air force chief of staff Chappy Hakim as its new chief executive, company spokesman said on Sunday. The decision by the unit of US miner Freeport-McMoRan Inc comes amid efforts to extend its contract to operate the giant Grasberg copper mine in the Indonesian province of Papua. Click here to read full stories.
Nov 18 - Gold miners dividend increases may be premature
A surge in gold has inspired some of the world's largest bullion producers to increase dividends to attract yield-starved investors though some warn higher payouts may be too hasty in light of past mistakes. The industry has faced criticism that it squandered the spoils from gold prices above $1,900 an ounce in 2011 on dividends and acquisitions, rather than cutting costs and investing in existing mines. Click here to read full stories.
Nov 18 - After copper it's zinc's turn to feel the speculative Chinese heat: Home
Last week it was copper. This week it has been zinc to feel the speculative heat emanating from China. On the London Metal Exchange (LME) benchmark three-month metal has whipsawed through a $200 per tonne range, hitting a near six-year high of $2,684.50 on Tuesday before falling back to the $2,500 level this morning. Click here to read full stories.
Nov 18 - Guinea asks Rio Tinto to spell out any "wrongdoing" tied to Simandou project
The government of Guinea has called on Rio Tinto to spell out what exactly it has discovered in an internal investigation into payments made to an adviser in Guinea who helped it secure ownership of one of the world's most valuable iron ore lodes. The row over the Simandou project, which has led Rio Tinto to fire two top executives, involves a $10.5 million payment to a French investment banker, Francois de Combret, that was approved by two former Rio Tinto chief executives. There is no suggestion the Rio executives or the banker acted illegally. Click here to read full stories.
Nov 18 - Suriname Newmont gold mine opened, seen boosting struggling economy
Suriname President Desi Bouterse and Newmont Mining Corp Chief Executive Gary Goldberg inaugurated the open-pit Merian gold mine on Thursday, which is expected to give a boost to the small, economically struggling South American country. The mine has gold reserves of about 5.1 million ounces and its annual production is expected to average between 400,000 and 500,000 ounces during the first five full years of operation. Click here to read full stories.
Nov 18 - Poland's KGHM unlikely to drop its Chilean copper project - minister
Poland's state-run copper producer KGHM is unlikely to withdraw from its Chilean copper project Sierra Gorda, the head of the prime minister's chancellery Henryk Kowalczyk said on Thursday. KGHM bought the Sierra Gorda mine in 2011, hoping it would help it become an international player and increase output. But the plunge in copper prices drove KGHM to a record loss last year, much of it due to an impairment loss on Sierra Gorda. Click here to read full stories.
Nov 18 - Sherritt sees Cuban nickel venture returning to profit in 2017
Sherritt International Corp's joint nickel venture in Cuba will return to profit next year if prices for the metal sustain themselves at the current level, the Canadian mining company's head said in an interview. Speaking at Sherritt's office in Havana on Wednesday, Chief Executive David Pathe said the price, which has risen around 20 percent this year from multi-year lows, could even improve given global nickel supplies were expected to swing into a deficit. Click here to read full stories.
Nov 18 - South Africa's mining chamber says concerned about revised industry charter
South Africa's Chamber of Mines said on Thursday it was concerned about a revised draft for a new mining charter, which seeks to establish a new regulatory agency and impose social development targets on the industry based on revenues. Originally launched in 2002 to redress racial imbalances that still define the economy two decades after apartheid's demise, the charter was revised in 2010 and the government has signaled its intention to redraw the targets again. Click here to read full stories.
Nov 18 - Rescue teams try to free 13 workers trapped in southeast Turkey copper mine
Rescue teams sought to free 13 workers trapped in a copper mine in southeast Turkey on Friday after it was hit by a landslide which killed at least three people, the local governor's office said. It said the landslide occurred in the Sirvan district of Siirt province during work at the privately-owned mine. The dead body of one worker had been retrieved and two more bodies have been located, it added. Click here to read full stories.
Nov 17 - Rio Tinto fires two top executives over Guinea payments
Rio Tinto has axed two of its top 10 executives sparking a feud with one of them, amid a probe over $10.5 million in payments to a consultant who helped it win rights to develop the world's largest untapped iron ore lode in Guinea. There is no suggestion that the officials or consultant acted illegally. But emails detailing payments, which involve two former Rio Tinto chief executives, are a blow to a group that has campaigned for transparency even in complex countries and in projects as tough as Guinea's $20 billion Simandou mine. Click here to read full stories.
Nov 17 - Silver demand seen hitting 4-year low, deficit cut by 60 pct-GFMS
Physical silver demand hit a four-year low this year as higher prices and weaker consumer sentiment put people off buying jewellery, coins and bars, GFMS analysts at Thomson Reuters predicted on Thursday. A drop in mine output is expected to have helped keep the market in a physical deficit, GFMS said, but the shortfall is forecast to shrink by nearly 60 percent. Click here to read full stories.
Nov 17 - Trump infrastructure plan adds little to global copper backdrop
Investors who sent copper to a 17-month peak on hopes for a splurge of U.S. infrastructure spending by Donald Trump may end up underwhelmed given that the plans, even if successful, would add only modestly to world demand. China dominates the global copper market, accounting for half of all demand, and an uptick in consumption there following further stimulus is much more relevant to the market. Click here to read full stories.
Nov 17 - Freeport, Jiangxi Copper agree $92.50/T, 9.25 cents/lb TCRCS for 2017 -sources
Diversified miner Freeport-Mcmoran Inc has secured a 5 percent drop in charges it will pay China's biggest copper smelter Jiangxi Copper to process its concentrate for 2017, people familiar with the matter said, in a deal that will set the benchmark for the region. Freeport will pay $92.50 per tonne and 9.25 cents per pound for treatment and refining charges, the two people told Reuters on Thursday, speaking on condition of anonymity because they were not authorised to discuss the matter publicly. Click here to read full stories.
Nov 17 - Freeport closes Congo mine sale; Trump appointees keenly awaited
Freeport-McMoRan Inc said on Wednesday it had wrapped up the $2.65 billion sale of its stake in the Democratic Republic of Congo's Tenke mine, and the company's chief executive said he hopes negotiations will ease objections of Congo's state miner to the deal. The CEO, Richard Adkerson, told Reuters in an interview that the surprise victory of Donald Trump in the U.S. presidential election had triggered "fund buying" of copper, bringing the metal's price closer to fundamentals in a market that he said was now "essentially balanced." Click here to read full stories.
Nov 17 - Anglo American suspending operations at Los Bronces copper mine in Chile
Global miner Anglo American said on Wednesday it was suspending all operations at its Los Bronces copper mine in central Chile after protesters seized installations at the mine earlier in the day. The company said in a statement that it was implementing an evacuation plan for the 1,500 workers at Los Bronces. Click here to read full stories.
Nov 17 - Some Kirkland Lake shareholders urge miner to engage with bidders
Some Kirkland Lake Gold Inc shareholders want the Canadian miner to open talks with Gold Fields Ltd and Silver Standard Resources Inc, arguing that Kirkland was too hasty in rejecting their joint takeover offers. Kirkland Lake on Friday confirmed a Reuters report that the two firms had made three joint bids for the mid-sized gold miner and recently sweetened their offer to about C$1.4 billion ($1.03 billion). The bidders' names and deal value were not previously disclosed. Click here to read full stories.
Nov 17 - Sumitomo Metal Mining president says company seeking to raise stakes in gold mines
Japan's Sumitomo Metal Mining Co Ltd is seeking an opportunity to boost its holdings in gold mines, with options including taking a stake in projects or the development of mines on its own or through a joint venture, its president said. "We are aggressively seeking stakes in gold mines," President Yoshiaki Nakazato told an analyst meeting on Thursday. Click here to read full stories.
Nov 17 - Tanzania's mining companies won't build extra smelters - trade body
The Tanzanian president's recent calls to build more smelters to process gold show a lack of understanding of how the industry works, the head of the industry's trade body said on Wednesday. Frustrations are building between the administration of President John Magufuli, who has been on an anti-corruption drive since his election last year, and big mining companies, which feel they are being unfairly targeted. Click here to read full stories.
Nov 16 - Antofagasta CEO sees copper surplus next year, shortage after 2017
Chilean miner Antofagasta Plc's Chief Executive Officer Ivan Arriagada said on Wednesday he expects the global copper market to be in a "slight" surplus in 2017 before demand starts to outpace supply. "In 2017, the market will have a slight surplus, but that will start switching faster than anticipated into a shortage after 2017," Arriagada said in a speech at the Metal Bulletin Cesco copper conference in Shanghai. Click here to read full stories.
Nov 16 - Rio gives Christmas gift to itself and the iron ore market: Russell
There are two ways of looking at Rio Tinto's decision to close one of its major iron ore mines over the Christmas period: to take the company's explanation of operational reasons at face value or to see the move as part of a wider strategy. Rio told its employees at the Hope Downs 4 mine in Western Australia that it would close the operation for two weeks at the end of the year. Click here to read full stories.
Nov 16 - Chinese steel sector cuts capacity, lifts output: Home
China has already met its target of cutting 45 million tonnes of steel production capacity this year, according to the country's top economic planning body, the National Development and Reform Commission. It may even eliminate a bit more over the last couple of months of 2016. The country is ahead of schedule in terms of its originally stated goal of reducing its bloated steel sector by 100-150 million tonnes over a five-year period. Click here to read full stories.
Nov 16 - China's Zijin Mining exec sees M&A opportunities in Australian copper, gold sector
China's Zijin Mining sees more acquisition opportunities in gold and copper in Australia as the country's mining sector restructures after years in the doldrums, director Qixue George Fang said on Wednesday. "M&A is still going on, but how much...depends on the opportunity, it depends on the price and how much (companies) are willing to pay," the executive said, speaking on the sidelines of Metal Bulletin's Cesco copper conference in Shanghai. Click here to read full stories.
Nov 16 - Lundin Mining hopeful of Congo blessing for mine stake sale
Canada's Lundin Mining Corp is hopeful that the sale of its stake in the Tenke Fungurume copper-cobalt mine in the Democratic Republic of Congo will not be challenged by the country's state-owned miner, Lundin's chief executive said on Tuesday. Lundin announced earlier it had agreed to sell its 24 percent interest in Tenke, one of the world's largest copper mines, to Chinese private equity firm BHR Partners for about $1.14 billion in cash. Click here to read full stories.
Nov 16 - Japan's Pan Pacific Copper sees China 2017 copper premium near $72/T - president
Pan Pacific Copper (PPC), Japan's biggest copper smelter, expects its 2017 term premiums to China to be near $72 per tonne, down from $105 per tonne this year, its president told Reuters on Tuesday. Earlier on Tuesday an executive of global No.1 copper miner Codelco said at the 'Copper 16' conference in Kobe that the Chilean company has cut its 2017 term premiums to China by more than a quarter to $72 per tonne, the lowest level for sales into the world's top consumer of the metal since 2009. Click here to read full stories.
Nov 16 - Congo state miner handed royalties to Israeli billionaire-NGO
Congo state miner Gecamines signed over its royalty rights at one of the country's largest copper mines in January last year to an offshore company owned by Israeli billionaire Dan Gertler, according to a copy of the contract obtained by Global Witness and reviewed by Reuters. The London-based advocacy group said in a statement on Tuesday that the lost royalties from the Kamoto Copper Co (KCC) project could cost heavily indebted Gecamines up to $880 million by 2030, about a fifth of Congo's annual budget. Click here to read full stories.
Nov 15 - Platinum market may see first surplus in six years in 2017 - JM
The platinum market could return to surplus for the first time in six years in 2017 as lower autocatalyst loadings and weakness in Chinese jewellery buying pull demand lower, refiner Johnson Matthey said in a report on Monday. Mine supply is expected to be flat next year, but supply of recycled metal from autocatalysts has the potential to rebound, it said. Click here to read full stories.
Nov 15 - China needs a bigger hammer to beat down commodity prices: Russell
China may need a bigger mallet to hammer the nation's commodity investors and take the wind out of what Beijing believes is a speculative bubble in prices for natural resources. A raft of new measures were announced last week aimed at increasing costs for investors using the domestic commodity exchanges, the latest salvo from the authorities in their ongoing attempts to control commodity markets. Click here to read full stories.
Nov 15 - Codelco slashes China 2017 copper premium to lowest since 2009
Global No.1 copper miner Codelco has cut its 2017 term premiums to China by more than a quarter, an executive at the Chilean company said on Tuesday, the lowest level for sales into the world's top consumer of the metal since 2009. Senior commercial vice president Rodrigo Toroat said on the sidelines of a conference that Codelco had agreed next year's premium for the physical delivery of metal in China at $72 per tonne over the London Metal Exchange benchmark. Click here to read full stories.
Nov 15 - China's Tangshan to build new $5.5 bln steel project, cut capacity - Xinhua
China's Tangshan, a major steel-producing city in northern Hebei province, will create a new steel conglomerate and relocate 8 million tonnes of annual production capacity to a site on the coast, the official Xinhua news agency reported on Tuesday. The city, one of China's most polluted, will consolidate 10 local steel firms and invest 38 billion yuan ($5.54 billion) to build the new Tangshan Bohai Steel Project, Xinhua reported. The project will be sited 40 kilometres from the city's old steel district of Fengnan. Click here to read full stories.
Nov 15 - Gold miner Kirkland Lake rises on bid talk; Yamana declines
Kirkland Lake Gold shares rose sharply on Monday on speculation there might be another bid for the Canadian gold miner which has rejected three offers, but at least one potential buyer said it would not jump into the fray. Kirkland's stock climbed as much as 9 percent, partly boosted as well by the possibility that its planned takeover of Newmarket Gold Inc , which had put its stock under pressure, will be voted down. Click here to read full stories.
Nov 15 - Nippon Steel to pass higher coking coal cost burden on to customers
Nippon Steel & Sumitomo Metal Corp, Japan's biggest steelmaker, expects coking coal prices to stay at $250-$300 a tonne for the next three months after nearly quadrupling this year - and a senior executive said it plans to pass most of the burden on to its customers. The price of the key steelmaking material has surged as China, the world's biggest coking coal producer, has cut supply to curb overcapacity and pollution. With automakers and construction firms as key customers, the firm could be forced to lower profit targets if it failed to implement price hikes. Click here to read full stories.
Nov 15 - Rio Tinto 'cautiously optimistic' about copper market in short term
Rio Tinto, is "cautiously optimistic" about the current copper market that has spiked in recent weeks, a senior executive at the world's second-largest miner said on Monday. However, Rio holds a stronger outlook for the mid- and long-term copper market, he said. Click here to read full stories.
Nov 15 - Speculators boost bullish bets on copper to highest on record
Hedge funds and money managers raised their net long positions in COMEX copper to the highest on record and increased it in gold for the third straight week, U.S. Commodity Futures Trading Commission data showed on Monday. Speculators upped their bullish positions in copper by 35,922 lots to 59,263, the highest since records became public in 2006 and as prices climbed to a one-year high buoyed by improved demand prospects in China. Click here to read full stories.
Nov 15 - Rio Tinto debates Guinea payments at London board meeting
Rio Tinto called a board meeting on Monday to discuss payments of $10.5 million made to a consultant on its project to develop the world's largest untapped iron ore reserves in Guinea, industry sources said. Rio said last week it had alerted Australian, UK and U.S. authorities after becoming aware on Aug. 29 of emails from 2011 that referred to payments to a consultant providing advisory services on its Simandou project in Guinea. Click here to read full stories.
Nov 14 - China's crude steel output up 4 pct in October -stats bureau
China's steel output rose 4 percent to 68.51 million tonnes in October from a year ago, government data showed, as steel mills in the world's top producer further expanded production. Total output for the first 10 months of 2016 edged up 0.7 percent to 672.96 million tonnes, data from the National Bureau of Statistics also showed on Monday. Click here to read full stories.
Nov 14 - China trumps Trump over outlook for industrial commodities: Russell
The election of Donald Trump as U.S. president has added froth to prices for metals and bulk commodities, but the real driver is, and will remain, the outlook for China. While price volatility associated with the somewhat surprising election of the brash real estate mogul was always likely, hopes for a Trump-led revival of industrial commodities and coal look way too optimistic. Click here to read full stories.
Nov 14 - Broken rules at $11 bln Formosa mill triggered Vietnam spill, report says
More than 50 violations at a steel mill run by Taiwan's Formosa Plastics Group, including the unauthorised use of a dirtier production process, led to Vietnam's worst environmental disaster, according to an internal government report. The July report, reviewed by Reuters, is the first official document to emerge publicly since the April accident, when a toxic leak sullied over 200 km (125 miles) of coastline, killed more than 100 tonnes of fish and left thousands jobless. Click here to read full stories.
Nov 14 - Man or machine? Explaining copper's extraordinary rally: Home
It will probably go down in the history books as the Trump Rally. Copper is on course to record its biggest weekly rally in 35 years. It's a stand-out even amid the turbulence that has rocked the broader financial universe. The London Metal Exchange (LME) has seen over 205,000 lots trade on its benchmark three-month contract since Monday, already an all-time weekly record and the week isn't over yet. Click here to read full stories.
Nov 14 - Kirkland rejects C$1.44 bln Gold Fields, Silver Standard offer
Canada's Kirkland Lake Gold Inc said on Friday it rejected a previously unreported takeover offer from South Africa's Gold Fields Ltd and Silver Standard Resources valuing the business at C$1.44 billion ($1 billion). Reuters reported earlier on Friday that Gold Fields and Silver Standard had made three joint, unsolicited bids for Kirkland and recently sweetened their offer to about C$1.4 billion. The names of the bidders had not been previously disclosed. Click here to read full stories.
Nov 14 - Codelco's Chuquicamata copper mines in Chile aim to tamp down costs
Chilean state-owned copper miner Codelco is aiming to tamp down capital expenditures and costs at its century-old Chuquicamata mine as it transforms the globe's largest open-pit copper deposit into an underground mine. World No.1 copper producer Codelco is pushing through an ambitious investment plan to expand old mines and keep output flowing, but a sharp fall in the price of copper has forced it to scale back those plans. Click here to read full stories.
Nov 14 - Swiss metals refiner Argor-Heraeus up for sale - sources
Swiss precious metals refiner Argor-Heraeus has been put up for sale, sources close to the matter told Reuters, with the potential for bids to push as high as $490 million. Investment bank HSBC has been appointed to find a buyer for the company, which refines gold, silver, platinum and palladium, two sources said on Friday, adding that possible suitors have been asked to submit final bids this month. Click here to read full stories.
Nov 14 - Finland backs off from quick closure of loss-making nickel mine
Finland's centre-right government will propose about 100 million euros ($109 million) of new funding for a loss-making nickel mine in the north of the country until new investors are found, it said on Friday. The decision marks a U-turn for the austerity-minded government, which said in May that it would start closing the Terrafame mine if a private investor is not found by the end of the year. Click here to read full stories.
Nov 14 - Lonmin buys Amplats stake in Pandora platinum mine
Platinum mining company Lonmin Plc said on Friday it would buy Anglo American Platinum's (Amplats) stake in their joint venture Pandora mine for between 400 million rand ($28 million) and 1 billion rand. The acquisition of Amplat's 42.5 percent stake, which is subject to regulatory approval, will give London-based Lonmin a 92.5 percent stake in the mine, leaving Northam Platinum Ltd with 7.5 percent. Click here to read full stories.
Nov 11 - Copper eyes biggest weekly rally in 35 years as demand view shifts
London copper was on track for its biggest weekly rally in over 35 years on Friday as hopes of U.S. infrastructure spending on Donald Trump's election win and firming demand from China drag metals out of a years-long bear market. Copper was trading up 3 percent in late Asian trade, rising for a seventh straight session and up more than 15 percent for the week, on track for its biggest weekly rise since 1980, according to Reuters data. Click here to read full stories.
Nov 11 - China meets 2016 target for steel capacity cuts - state planner
China has come in ahead of schedule in its target of cutting 45 million tonnes of steel capacity in 2016, reaching the goal before the end of October, the country's state economic planner said on Friday. China also hoped to achieve its 2016 goal of cutting 250 million tonnes of coal capacity before the year-end, Li Pumin, general secretary of the National Development and Reform Commission (NDRC), told a news briefing. Click here to read full stories.
Nov 11 - BHP 'confident' of 2017 Samarco restart despite tough talks
BHP Billiton's president of mining in the Americas on Thursday said "complex" negotiations continue with partner Vale SA and other stakeholders to restart operations next year at Samarco, the iron ore mine in Brazil where a 2015 dam burst killed 19 people and caused massive environmental damage. BHP remains "confident" of a 2017 restart, said BHP executive Daniel Malchuk during an interview in Rio de Janeiro. He added that Vale, Samarco employees, regulators and financial stakeholders must all agree on the terms of renewed operations at the mine in the mineral-rich state of Minas Gerais. Click here to read full stories.
Nov 11 - ArcelorMittal says new EU plans for CO2 permits pose business threat
ArcelorMittal sees EU plans to scrap some free carbon permits for energy-intensive industries as a threat to its European business, a senior executive at the world's biggest steelmaker told Reuters on Thursday. In April, Europe's highest court ruled that such industries had received too many carbon permits under the European Union's Emissions Trading System (ETS), which charges power plants and factories for every tonne of carbon dioxide (CO2) they emit. Click here to read full stories.
Nov 11 - Aluminium giant Rusal's earnings growth beats expectations
Russian aluminium giant Rusal on Friday posted a better-than-expected 22 percent rise in third quarter core earnings and lifted its forecast for global aluminium consumption. Rusal's third-quarter earnings before interest, taxation, depreciation and amortisation (EBITDA) increased to $421 million from $344 million in the second quarter and $420 million a year ago. Analysts at five banks had forecast third quarter EBITDA of $390 million. Click here to read full stories.
Nov 11 - Japan's Nippon Steel fears Trump threat to NAFTA
Japan's biggest steelmaker Nippon Steel & Sumitomo Metal Corp is concerned about U.S. President-elect Donald Trump's threat to renegotiate or scrap a North American trade pact because of possible adverse effects on its business in Mexico. Trump has vowed if elected to force Canada and Mexico to renegotiate the North American Free Trade Agreement (NAFTA) with the United States, as part of an effort to protect and restore American jobs. Click here to read full stories.
Nov 11 - Insolvent Czech miner OKD sues investors for $987 mln
Czech coal miner OKD, which is under insolvency proceedings, has filed a lawsuit against its owner New World Resources (NWR) and former NWR co-owner Zdenek Bakala demanding payment of 24.5 billion crowns ($987 million). An OKD spokesman said the lawsuit was filed with the regional court in the Czech Republic city of Ostrava and that the company's creditors had been notified. He gave no further details. Click here to read full stories.
Nov 10 - Leaked emails drag top Rio bosses into Guinea mine woes
Top Rio Tinto, executives discussed payments to a consultant working to smooth relations with Guinea, weeks after it announced a settlement allowing it access to one of the world's largest iron ore deposits, according to internal emails. Rio reported the April 2011 email correspondence on Wednesday after an internal probe. It said it had notified authorities and suspended the senior executive in charge of the project at the time, head of energy and minerals Alan Davies. Click here to read full stories.
Nov 10 - Copper bursts higher but what about that surplus? Andy Home
Copper has just burst into life after a year of choppy sideways trading. On the London Metal Exchange (LME) benchmark three-month copper has exploded to the upside, hitting a 15-month high of $5,443 per tonne on Wednesday. As is the way with markets, the move is feeding on itself as shorts buy back positions and momentum-chasing funds join the action. Click here to read full stories.
Nov 10 - Miners set to cash in on Trump's White House
Mining companies led gains on London's FTSE bluechip index on Wednesday as Republican Donald Trump's victory in the U.S. presidential election spurred hopes for higher metal demand and drove investors to buy gold as a shelter against economic uncertainty. The FTSE mining index rose around 5 percent to its highest level since May 2015 led by gold and silver miner Fresnillo. Click here to read full stories.
Nov 10 - Copper rally could signal break of downtrend but short-term dips loom
Copper could be poised eventually to shatter a five-year downtrend after a scorching rally, but the weight of speculators piling into the market makes the red metal vulnerable to a short-term reversal, technical analysts and traders say. Copper, regarded by some investors as a bellwether of the global economy due to its wide range of industrial uses, hit a 15-month high on Wednesday of $5,443 a tonne, after powering ahead by 10 percent over the past week. Click here to read full stories.
Nov 10 - China says U.S. has not told it about steel tariff-dodging probe
The United States has not told China about an investigation into whether Chinese companies shipped steel through other countries to avoid anti-dumping duties, China's commerce ministry spokesman said on Thursday. The U.S. Commerce Department on Monday formally opened an investigation into allegations that Chinese steel producers are diverting shipments through Vietnam to avoid American import tariffs. Click here to read full stories.
Nov 10 - China's Shandong province says completed 2016 steel capacity cuts
China's eastern Shandong province said it has achieved this year's target to cut its crude steel production capacity by 2.7 million tonnes, supporting expectations that the top steel-producing nation would hit or surpass its annual goal. China has accelerated efforts to reduce excess capacity in its bloated steel sector amid anger from steelmakers overseas - particularly in the United States and Europe - over a flood of cheap steel products from Chinese producers that have undercut global rivals. Click here to read full stories.
Nov 10 - Tata Steel may close UK pension scheme - union source
Tata Steel UK is looking at closing its defined benefit pension scheme to future accruals and move members onto a defined contribution pension instead, a union source said on Wednesday. Britain's largest steelmaker is seeking a way to lessen the British Steel Pensions Scheme's deficit, which is one of the main stumbling blocks in talks to merge Tata Steel's European and UK assets with Germany's Thyssenkrupp. Click here to read full stories.
Nov 10 - Japan commodity exchange halts as heavy trading after Trump victory overwhelms system
The Tokyo Commodity Exchange (TOCOM) has twice halted trading since early Thursday morning, with at least one of the interruptions caused by heavy trading of contracts following Donald Trump's surprise U.S. presidential election victory. The exchange, which trades rubber and gold among other commodities, halted night trading at 3:15 a.m. Japan time (1815 GMT Wednesday), more than two hours earlier than usual after orders surged and computers almost reached maximum processing capacity, it said. Click here to read full stories.
Nov 09 - Rio Tinto suspends senior executive after uncovering Guinea payments
Global miner Rio Tinto said on Wednesday it has suspended a top executive over $10.5 million in payments to a consultant on its Simandou iron ore project in Guinea, and has alerted U.S. and UK authorities. A second senior executive has stepped down. Rio Tinto took the steps at a time when mining companies have come under scrutiny in corruption probes, with the world's biggest miner BHP Billiton last year paying $25 million to settle charges that it violated a U.S. anti-bribery law in failing to properly monitor its program sponsoring foreign government officials at the 2008 Olympics in Beijing. Click here to read full stories.
Nov 09 - EU investigates tariff avoidance by Chinese steel firms
The European Union's anti-fraud office (OLAF) is investigating whether Chinese companies shipped steel through other countries to avoid anti-dumping duties, as trade disputes with the world's largest steel producer heat up. OLAF is looking into several cases where Chinese steel firms shipped the metal to another country, disguised its origin, and then shipped it on to Europe in a process known as "transshipment". Click here to read full stories.
Nov 09 - China's commodity exchanges hike fees to tame wild price rallies
China's main commodity exchanges launched a series of fee hikes and margin increases for some of their most volatile, niche contracts from coke to glass as authorities cracked down on speculation that is fuelling a surge in prices. Releasing statements in quick succession on Tuesday afternoon, the three exchanges appeared to coordinate the measures, which will make it more expensive to trade everything from coking coal to rubber to ferro-silicon, experts said. Click here to read full stories.
Nov 09 - Nippon Steel says high coking coal prices likely to stay awhile
Nippon Steel & Sumitomo Metal Corp, the world's third-biggest steelmaker, does not expect coking coal prices to fall any time soon as China's steelmakers maintain high output while the country's coal producers trim supply, an executive said. And with Japan's biggest steelmaker bracing itself for a long period of high prices, more producers could be prompted to boost coking coal output. Glencore last week said it would restart a mothballed mine in southeastern Australia, with a surge in prices breathing life into the sector. Click here to read full stories.
Nov 09 - Private equity says 'crisis of confidence' in mining investment - IMARC
Private equity (PE) investors that were burned by the commodity downturn are unlikely to come back to the metals and mining sector during the next decade, though U.S.-based capital may have more appetite to invest, executives said on Tuesday. Additionally, the pipeline for new low-risk deals is low, they said at the International Mining and Resources (IMARC) conference in Melbourne. Click here to read full stories.
Nov 09 - China Zhongwang: US says company flouted aluminum dumping rules
China Zhongwang Holdings Ltd said the U.S. Commerce Department found in a preliminary determination that some aluminum exports by the company to the United States flouted anti-dumping restrictions imposed in 2010. The Commerce Department initiated the investigation into China Zhongwang after the U.S. Aluminum Extruders Council alleged that the company evaded U.S. import tariffs on aluminum extrusions. Click here to read full stories.
Nov 09 - Russian tycoon brings Metalloinvest home in line with Putin's call
Russian tycoon Alisher Usmanov and his partners will transfer the remaining holdings in iron ore producer Metalloinvest back to Russian entities from overseas after President Vladimir Putin urged businessmen to bring their assets home. Usmanov, Russia's third-richest man who is also a major shareholder in Arsenal soccer club in Britain, initially responded to Putin's efforts to encourage businessmen to "de-offshore" their assets in late 2014, when he transferred the controlling stake in Metalloinvest to Russia from Cyprus. Click here to read full stories.
Nov 09 - Hudbay temporarily halts Peru mine due to 'trespassers'
HudbayMinerals Inc has suspended operations at its Constancia copper mine in Peru after "trespassers" from a nearby highland town occupied the open pit area, the Canadian mining company said on Tuesday. The decision was necessary to ensure the safety of employees and the people in the mine site, Hudbay said in a statement. Police are at the mine, and the company is working with national and local governments to resolve the situation. Click here to read full stories.
Nov 09 - Gunmen kill 30 gold miners in northern Nigeria-police
Gunmen have killed more than 30 gold miners in a remote area of northern Nigeria, police said on Tuesday. The attackers raided a camp of artisan miners late on Monday in the Maru area in the northwestern state of Zamfara, police spokesman Muhammed Shehu said. Click here to read full stories.
Nov 08 - Gold demand drops 10 pct as jewellery buyers, central bankers shy away - WGC
Falling consumer demand and a halving of central bank purchases resulted in a 10 percent drop in gold buying in the third quarter, data from the World Gold Council showed on Tuesday, despite a rise in investment. Added to a 4 percent rise in supply, that pushed the overall quarterly gold market surplus to 166.3 tonnes, its highest level since the beginning of 2009, the WGC said in its latest demand trends report. Click here to read full stories.
Nov 08 - China's commodities imports slow to lowest in months
China's imports of commodities slowed to the lowest in months in October, as a week-long holiday closed factories, a weakening currency made foreign raw material more expensive and higher prices for products like crude oil hurt demand, analysts said. Imports of copper by the world's top producer and consumer fell to their lowest since February 2015, extending a six-month decline as domestic prices remained at a discount to the international market amid plentiful supplies. Click here to read full stories.
Nov 08 - Base metals come out of LME week with a bullish roar: Home
Cautiously optimistic. That was the consensus takeaway of the mood at LME Week, the annual shindig of the industrial metals markets. Looking at the screens this morning, you could well drop the word "cautiously". The LME metals are on a tear. Zinc and tin have both recorded year-to-date highs, nickel is close to doing so and even out-of-favour copper has hit its highest level since March. Click here to read full stories.
Nov 08 - Zinc, nickel to spin wheels next year after sizzling rallies
The average prices of zinc, tin and nickel, the three top-performing base metals this year after speculators piled into the market, are expected to hover around current levels in 2017, a Reuters poll showed. All three metals are due to have persistent market deficits next year, but much of the impact of the shortages has been priced into the market, according analysts' forecasts. Click here to read full stories.
Nov 08 - U.S. probe finds dumping of steel plate from nine exporters
The U.S. Commerce Department said on Monday it had made a preliminary finding of dumping of certain imports of carbon and alloy steel cut-to-length (CTL) plate from Austria, Belgium, China, France, Germany, Italy, Japan, South Korea and Taiwan. The department said in a statement it established preliminary antidumping duties of up to 130.63 percent, on an Italian company. The finding followed an investigation prompted by a petition from Nucor Corp and U.S. subsidiaries of ArcelorMittal SA and SSAB AB, it said. Click here to read full stories.
Nov 08 - India's 2016 gold demand seen at 650 T 750 T Vs 858.1 T year ago - WGC
India's gold demand could fall as much as 24 percent in 2016 to the lowest level in seven years due to higher prices and increased smuggling as the government seeks to bring transparency to bullion purchases, the World Gold Council (WGC) said. Lower demand from the world's No.2 gold consumer could hurt global spot prices that have risen a fifth so far in 2016, but help the South Asian country to reduce its trade deficit. Gold is one of India's biggest expenses on its import bill. Click here to read full stories.
Nov 08 - ArcelorMittal sees weak last quarter as coal spike hits margins
ArcelorMittal , the world's largest producer of steel reported third-quarter core profit below expectations on Tuesday and added that its final quarter would be weaker than the third as higher coal prices and lower U.S. steel prices hit margins. While the group said steel prices would eventually align with more the sharply increased cost of coal, it added margins would be hit in the fourth quarter, when U.S. steel prices would also be lower. Click here to read full stories.
Nov 08 - German steel federation says rolled steel demand to rise in 2017
Germany's steel federation expects demand for rolled steel, one of the industry's main products, to rise by 1-2 percent next year, compared with an expected 1 percent increase this year, it said on Monday. In the January-August period, orders for rolled steel had risen an average 5 percent, boosted by demand from the construction and automotive industries, the federation said, but added that the sector remained under pressure. Click here to read full stories.
Nov 08 - Troubled Finnish nickel mine says could still avoid closure
Finland's biggest nickel mine, which was bailed out by the government last year, could secure new investors by the end of December to avoid being closed down and is on track to become profitable by 2018, its state owner said. The government took over the mine last year following production problems, environmental damage and a drop in nickel prices, which had pushed former owner Talvivaara Mining Company into debt restructuring. Click here to read full stories.
Nov 08 - BHP loses 3 weeks copper output due to blackout - executive
BHP Billiton said on Tuesday it lost about three weeks worth of production from its Olympic Dam copper mine in Australia due to a power outage in late September. As a result, the mine's original output guidance of 200,000 tonnes for fiscal year 2017 was under review, the mine's chief, Jacqui McGill said. Click here to read full stories.
Nov 08 - Islamic finance nears final standard for gold-based products
Islamic scholars are finalizing work on a sharia standard for gold-based products set to become effective before the end of the year and possibly help kick start a new wave of product development in Islamic finance. Gold has been treated mostly as a currency in Islamic finance, limiting its use to spot transactions, while consumer demand for gold in the Middle East region has actually fallen in recent years. Click here to read full stories.
Nov 07 - London Metal Exchange tensions surface during gala week: Home
There was no booing and no slow handclapping when Garry Jones, chief executive of the London Metal Exchange (LME), rose to address the exchange's annual black-tie dinner at the Grosvenor House Hotel in London. There had been considerable speculation as to what sort of reception he would get after a year of falling exchange volumes and a protracted dispute with brokers over trading fees. Click here to read full stories.
Nov 07 - Tech firm to challenge LME's new electronic warehousing system
Financial technology firm essDOCS has launched an electronic system for tracking material stored in warehouses similar to one being tested by the London Metal Exchange, aiming to build take up by users of its other products, its chief executive said. The LME, owned by Hong Kong Exchanges and Clearing Ltd , announced this week it will launch a one-year pilot scheme using its electronic system, LMEshield, to track material stored in China outside its warehouse network. Click here to read full stories.
Nov 07 - Total Port Hedland Oct iron ore shipments slip slightly to 41.6 mln t
Overall iron ore shipments from Australia's Port Hedland export terminal slipped slightly to 41.6 million tonnes in October from 41.8 September, the Pilbara Ports Authority said on Monday. The port is the largest export terminal for iron ore and used by BHP Billiton BLT.L>, Fortescue Metals Goup, and other Australian producers. The vast majority of the ore is shipped to China. The port did not break out data showing destinations for the ore in October. Click here to read full stories.
Nov 07 - Giant Vale mine to spur 2017 GDP growth in Brazil's North - study
A $14.4 billion mining project in the Amazon will probably make Brazil's northern region grow more than twice as fast as the rest of the country next year, a private study said on Friday. Vale SA's SD11 iron ore project at the massive Carajas complex, set to start operating by the end of 2016, could drive 2017 economic growth in the northern region by up to 3.9 percent, compared with estimates for a national GDP growth of 1.5 percent, Tendencias Consultorias said. Click here to read full stories.
Nov 07 - Speculators raise 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 Nov. 1, and increased it in silver for the first time in five, U.S. government data showed on Friday. The speculators switched to a net long position in copper futures and options, the Commodity Futures Trading Commission (CFTC) data showed. Click here to read full stories.
Nov 07 - Brazil's new geology chief aims to simplify rules to spur mining investment
Brazil is looking to revive investor interest in its mining industry by simplifying the system for acquiring areas for exploration and improving access to geological information, the new head of the mineral geological survey said in an interview on Friday. Eduardo Ledsham, previously executive director of exploration and new projects at iron ore major Vale SA, said his goal was to bring a degree of security and transparency to a sector that has suffered from falling commodity prices and a sense of high political risk. Click here to read full stories.
Nov 07 - U.S. in tariff probe of Chinese steel sent through Vietnam – WSJ
The U.S. Commerce Department is expected to launch a formal investigation on Monday into whether Chinese companies shipped steel through Vietnam to avoid import tariffs, the Wall Street Journal reported on Sunday, citing a person familiar with the matter. The development comes after lawyers for four U.S. steel producers said in September that they would file petitions with the department alleging that Chinese competitors diverted shipments to Vietnam immediately after the U.S. government set preliminary anti-dumping duties on their stainless steel. Click here to read full stories.
Nov 07 - Brazil environmental agency to fine Samarco daily over dam spill response
Brazil's federal environmental agency IBAMA said on Friday it is fining Samarco Mineracao SA 500,000 reais ($154,693) per day for not complying with directives related to a 2015 tailings dam spill. Samarco, an iron ore joint venture between Vale SA and BHP Billiton Plc , must increase the height of a dike that was built to contain the continuing runoff from the dam spill and effectively treat the mining waste, known as tailings, IBAMA said. Click here to read full stories.
Nov 07 - Illegal mining, weak government help Taliban expand in Afghan north
Afghan Taliban militants have strengthened their grip on lucrative illegal mining operations in the north of the country, as security forces focus most of their efforts on battling the insurgency in the volatile south, officials said. Abuses by local commanders with private militias and beyond the purview of central government have also driven people into the hands of Islamist fighters, the officials added, making it easier for them to profit from small-scale mines in the region.Click here to read full stories.
Nov 07 - Brazil's president delays pushing for new Vale CEO until next year – report
Brazilian President Michel Temer will not push to replace the head of the nation's largest mining company, Vale SA , until the current executive's mandate expires in May, a local newspaper reported. Temer has been seeking a replacement for Chief Executive Murilo Ferreira, who was the preferred choice of impeached former President Dilma Rousseff and is considered by Temer's camp to be too close to the previous administration. Click here to read full stories.
Nov 04 - Copper market seen 'broadly balanced' in 2016, 2017 - IWCC
Global demand for copper is expected to broadly meet supply in 2016 and 2017, while there is a chance of stronger-than-expected consumption in top user China, an industry body said on Friday. The International Wrought Copper Council (IWCC) sees a modest 120,000-tonne deficit this year, narrowing to 60,000 tonnes in 2017. Click here to read full stories.
Nov 04 - Rio Tinto bets Simandou's iron ore will take time to come: Russell
Rio Tinto's decision to quit the world's largest undeveloped iron ore deposit in Guinea is essentially a bet on how quickly and cheaply the new Chinese owners can develop the mine. Investors have generally welcomed the sale of the Simandou project by Rio to Chinese metals producer Chinalco for between $1.1 billion and $1.3 billion, believing it rids the world's No.2 iron ore miner of an expensive and risky project in a developing country. Click here to read full stories.
Nov 04 - China's Baosteel increases steel capacity cuts
China's Baosteel Group said it would cut steel production capacity by 11 million tonnes from 2016 to 2017, according to an announcement posted on its website on Friday, ahead of an earlier target. The company had previously set a goal of cutting 9.2 million tonnes of excess capacity between 2016 and 2018. Click here to read full stories.
Nov 04 - Australia's Arrium sells Moly-Cop for $1.2 billion to American Industrial Partners
Australian industrial group Arrium has sold its Moly-Cop unit for $1.2 billion to private equity firm American Industrial Partners, a spokesman for KordaMentha told Reuters. The deal is expected to be settled in January. Moly-Cop, which makes steel balls to grind ore, operates mostly in the United States and Latin America. Click here to read full stories.
Nov 04 - Russia's VTB aims to double its gold trade in three years
VTB Capital, the investment banking arm of Russia's second-biggest bank, plans to double its gold-trading volumes over the next three years from around 110-150 tonnes a year currently, Atanas Djumaliev, head of global commodities at the firm, told Reuters. VTB is one of the biggest players in the Russian gold market alongside Sberbank, Russia's biggest lender. Click here to read full stories.
Nov 04 - U.S. ITC to continue probe into rebar exports from Japan, Taiwan, Turkey
The U.S. International Trade Commission said on Thursday it had voted to continue investigations into exports of steel concrete reinforcing bar (rebar) from Japan, Taiwan and Turkey. The ITC said in a statement it "has made affirmative determinations in its preliminary phase antidumping and countervailing duty investigations" into the imports. Click here to read full stories.
Nov 04 - German steelmaker Salzgitter says 9-month profit below consensus
German steelmaker Salzgitter said on Thursday its nine-month pretax profit was at the bottom end of analysts' forecast range, with the summer quarter hampered by maintenance and repair work and a seasonal decline in demand. The brief statement came after the market close and at a tough time for the European and North American steel industry, which is being squeezed by lukewarm demand and cheap imports, particularly from China, which are depressing prices. Click here to read full stories.
Nov 04 - Burkina mine halted as Avocet awaits verdict on gold seizure
One of Burkina Faso's largest gold mines, already halted after bailiffs acting on behalf of ex-workers seized some of its gold early last month, will be shut for at least four more days, its London-based owner said. Operations at Avocet Mining LPC's Inata Mine have been halted since Oct. 27 after the bailiffs seized 1,400 ounces of gold at Ouagadougou airport, the company said. Click here to read full stories.
Nov 04 - NOCI to invest up to $365 mln in Ivory Coast nickel project
Ivory Coast nickel company Nickel de l’Ouest Côte d’Ivoire (NOCI) will invest up to 220 billion CFA francs ($365 million) in concessions in the country's west, a government spokesman said. The government granted the company a mining permit on Thursday. Click here to read full stories.
Nov 03 - Fosun in exclusive talks to buy stake in Russian gold miner Polyus - sources
Fosun International Ltd , is in exclusive talks to buy a large minority stake in Russia's biggest gold miner Polyus, three sources with knowledge of the matter told Reuters, in what would be the Chinese group's maiden Russian deal. Fosun, an aggressive buyer known internationally for its purchase of French resort operator Club Med, is keen to invest in Russia and other emerging markets such as India, as it moves away from Europe and developed markets. Reuters reported in August that Fosun is also in talks to buy a minority stake in Russian investment bank Renaissance Capital. Click here to read full stories.
Nov 03 - Vale CEO aims to cut debt to $15-$17 bln by end 2017
Vale Chief Executive Officer Murilo Ferreira said on Wednesday the firm was seeking to cut its debt to between $15 billion and $17 billion by the end of 2017, a slight revision of previous guidance. Along with the rest of the mining industry, Vale was hard hit by a collapse in commodity prices last year, but for Vale the impact was made worse by the collapse of a dam in Brazil, part of the Samarco venture it jointly operates with BHP Billiton. Click here to read full stories.
Nov 03 - CME Group launches spot gold, silver futures contracts
CME Group is launching spot futures contracts for gold and silver in London from January 9, the company said in a statement, becoming the latest exchange to seek a slice of the global bullion market. Both the London Metal Exchange and Intercontinental Exchange said last month that they would launch daily gold futures contracts in the UK capital early next year. Click here to read full stories.
Nov 03 - POSCO says not a bidder for Australia's Arrium steelworks
South Korea's POSCO said on Thursday it has not bid to acquire Australia's Arrium Ltd steelworks, but is trying to sell the group technology, differing from comments by a senior Australian minister that said POSCO is in the running. "POSCO has not participated in bidding to buy Arrium. We are interested in selling our FINEXT technology to Arrium," a POSCO spokesman told Reuters. Click here to read full stories.
Nov 03 - Twelve U.S. senators urge security rejection of China aluminum M&A deal
Twelve U.S. senators urged onWednesday that a national security review panel reject Chinese aluminum giant Zhongwang International Group Ltd's proposed $2.3 billion purchase of U.S. aluminum products maker Aleris Corp. The senators asked Treasury Secretary Jack Lew in a letter to launch a review of the deal by the Committee on Foreign Investments in the United States and "ultimately reject it" on grounds that it would damage the U.S. defense industrial base. Click here to read full stories.
Nov 03 - India imposes provisional anti-dumping duty on some steel
India imposed a provisional anti-dumping duty on imports of hot-rolled steel products from China, a government statement said on Thursday, to reduce overseas purchases of the alloy and shield local mills. The anti-dumping duty has been levied for six months, the notification said. Click here to read full stories.
Nov 03 - Chile holds line on lithium exploration limits despite price rise
Chile is sticking to its policy of limiting the exploitation of its vast lithium reserves, the country's mining minister told Reuters on Wednesday, despite a surge in prices for the battery and electronics ingredient. Battery-grade lithium prices tripled to more than $20,000 a tonne in top consumer China over the summer as demand surged, but Chile continues to consider the mineral as "strategic" and limits its production. Click here to read full stories.
Nov 03 - South32 to pay $200 mln for Peabody Australia coal mine
Australia's South32 said on Thursday it will pay $200 million to acquire Peabody Energy's Metropolitan coal mine in Australia amid a resurgence in demand for coal to make steel. Peabody, the biggest U.S. coal miner, filed for bankruptcy protection in April after a sharp drop in coal prices left it unable to service its $10.1 billion debt, much of it incurred for expansion in Australia. Click here to read full stories.
Nov 03 - Steel distributor Kloeckner's core profit more than doubles
European steel distributor Kloeckner & Co's third-quarter core profit more than doubled as it finished a restructuring round and digital pricing tools lifted profitability, it said on Thursday. Earnings before interest, tax, depreciation and amortisation (EBITDA) jumped to 71 million euros ($79 million) and net profit swung to 31 million euros from a loss of 9 million a year earlier, beating analysts' estimates. Click here to read full stories.
Nov 02 - Red Kite head warns LME fees, high-speed trading hit volumes
The London Metal Exchange should further cut fees and review rules that may give high-speed traders an unfair advantage, the founding partner of Red Kite Group, Michael Farmer, said on Tuesday. Farmer, who has earned the nickname Mr. Copper for his long experience in industrial metals trading, warned that rising fees and high-frequency trading will further cut liquidity on the LME, which has suffered sliding volumes this year. Click here to read full stories.
Nov 02 - Severstal says exports Chinese cold rolled steel to EU on low duties
Severstal, one of Russia's largest steelmakers, said it was exporting Chinese cold rolled steel to the European Union, instead of Russian steel, because EU anti-dumping duties on the Chinese product are much lower. That is likely to rile European steelmakers who have long argued duties on Chinese steel are not high enough to prevent the products from coming into the EU and undercutting them. Click here to read full stories.
Nov 02 - After Myanmar's supply spike, tin looks for brighter future: Russell
Tin prices appear to have well and truly recovered after being mugged by an unexpected supply surge from Myanmar, but there are still questions as to whether they are now ready for an extended rally. London benchmark tin has surged 56.4 percent since hitting a near seven-year low in January, ending Tuesday's session $20,850 a tonne. Click here to read full stories.
Nov 02 - CME Group launches precious metals spot spread
CME Group Inc. said on Tuesday it is launching a new precious metals spot spread to manage price risk between the highly liquid New York gold futures market and London's $5-trillion-a-year spot market. The London Spot Gold Futures and the London Spot Silver Futures contracts will provide real-time information on the relationship between Comex futures and London spot markets, CME said. Click here to read full stories.
Nov 02 - China's coal imports surge again, but how long can the party last?: Russell
China's imports of coal from the seaborne market surged again in October, thereby justifying the jump in prices but also raising questions as to how much more of the fuel the world's top buyer can suck in. Seaborne coal imports were 20.03 million tonnes for October, according to vessel-tracking and port data compiled by Thomson Reuters Supply Chain and Commodity Forecasts. Click here to read full stories.
Nov 02 - Copper smelter Aurubis sees higher treatment/refining charges in 2017
Aurubis , Europe's biggest copper smelter, expects treatment and refining charges for concentrates (TC/RCs) to rise to between $105 and $110 a tonne in 2017 from around $97 this year, executive board Chairman Juergen Schachler said. Copper ore TC/RCs are fees paid by miners to smelters to refine concentrate into metal and are a key part of the global copper industry's earnings. Click here to read full stories.
Nov 02 - Congo PM urges swift sale of Freeport's Tenke mine stake
The prime minister of Democratic Republic of Congo said on Tuesday that Freeport McMoRan's sale of its majority stake in the Tenke copper project to China Molybdenum should be swiftly concluded despite objections from state miner Gecamines. "I strongly hope this involvement (by China Moly) will be rapidly put in place and see no obstacle preventing it," Matata Ponyo Mapon said in a statement. Click here to read full stories.
Nov 02 - Outage at New Caledonia nickel producer SLN hits production
New Caledonia nickel producer Societe Le Nickel, a subsidiary of French conglomerate Eramet , on Wednesday said a series of explosions at a smelter had temporarily disrupted output earlier this week. SLN spokesman Olivier Beligon said one of the Doniambo nickel smelter's three furnaces was shut for 24 hours after the explosions caused a leak and staff were evacuated. Click here to read full stories.
Nov 02 - In surprise move, Japan's Nippon Steel retains annual profit outlook
Nippon Steel & Sumitomo Metal Corp posted a plunge in profits for the six months to September, but the top steelmaker of Japan defied estimates by retaining its annual outlook at a time when higher raw material costs have led to a cut by others. Japan's second- and third-biggest steelmakers, JFE Holdings Inc and Kobe Steel Ltd, halved their forecasts for the year to March 2017, citing a three-fold rally in prices of coking coal - a key steelmaking ingredient. Click here to read full stories.
Nov 02 - South African mining bill amended, but doubts remain
South Africa's parliament passed amendments to a long-delayed mineral resources law on Tuesday, though doubts remain over whether it will provide the regulatory certainty needed to boost a declining mining sector. Battered by a global commodities downturn that hit key platinum, iron ore and coal exports, Africa's most industrialised country hopes the bill will boost a flagging mining sector forced into shaft closures and massive job losses. Click here to read full stories.
Nov 01 - LME warehouse reforms distort aluminium's fundamental picture
Reforms to the London Metal Exchange's global warehouse network have, as planned, cut the amount of metal trapped in storage, but the unintended consequence is a distorted fundamental picture and more pressure on already tumbling volumes. Since 2013, the LME has implemented measures aimed at reducing queues for aluminium as it leaves warehouses after banks and traders that own them profited from letting long queues build up while charging rent. Click here to read full stories.
Nov 01 - New European metal trade platform for spot delivery launched - LME
A new trading platform for buying and selling of base metals for immediate physical delivery was launched in October by German company Metalprodex GmbH, with the most initial trading liquidity in aluminium and lead, the company's head said. Newly established Metalprodex is offering an electronic trading platform enabling delivery of physical metal within two days. Click here to read full stories.
Nov 01 - Glencore to restart Australia coal mine as prices surge
Glencore said on Tuesday it would restart a coking coal mine in southeastern Australia that was shuttered more than two years ago, with a resurgence in prices for the commodity breathing new life into the sector. Less than a year after the coal industry was declared to be in terminal decline, markets for coal used to generate power and make steel have surged - boosted by moves in China to mine less of its own coal and import more. Click here to read full stories.
Nov 01 - London Metal Exchange studies potential lithium contract - LME
The London Metal Exchange is looking at lithium, ferrochrome and some minor metals as potential contracts, but the process of assessment is still in its early stages, Chief Executive Garry Jones told Reuters. "Lithium is one we are looking at, at the request of the market and some minor metals after the disaster with Fanya Exchange," Jones said, ahead of a gathering of the global metal industry for LME Week. Click here to read full stories.
Nov 01 - Anglo boosts platinum margins after relaunching customer ties - LME
Anglo American has boosted its platinum margins by as much as 5 percent after relaunching its customer relationships and ending an exclusive marketing contract with Johnson Matthey, CEO Mark Cutifani said on Monday. Big miners are looking for ways to add shareholder value and extend a recovery that has made them the top gainers on London's blue chip FTSE share index this year. Anglo American's shares have rebounded more than 270 percent since January. Click here to read full stories.
Nov 01 - Solar could have role in new Australia copper mine
Australia's Oz Minerals Ltd could turn to solar power to help run a giant copper mine it is building after a major blackout disrupted industry across South Australia state last month and raised concerns over energy security. Mining companies have largely steered clear of deploying on-site renewable energy, preferring to rely on coal and gas-fired power and diesel fuel, which are seen as more reliable. Click here to read full stories.
Nov 01 - Japan's Sumitomo cuts 2016 nickel output estimate at Ambatovy to 40,000-42,000 T - executive
Japan's Sumitomo Corp cut its estimate for nickel output in 2016 at its Ambatovy mine to 40,000-42,000 tonnes from 42,000-45,000 tonnes, Chief Financial Officer Koichi Takahara told an earnings press conference on Tuesday. The cut follows a reduction in output expectations at the Madagascar mine in August, when Sumitomo lowered its output estimate from an initial forecast of 48,000 to 50,000 tonnes for the year due to glitches at the mine. Click here to read full stories.
Nov 01 - Canadian miners complain of hefty taxes, weak rule of law in Mexico
Canadian miners are seeking a meeting with Mexico's president to air grievances about issues ranging from the rule of law to aggressive tax collection, according to an unusually strident letter by an industry group published on Monday. President Enrique Pena Nieto should intervene for Mexico to "recover its position in relation to other investment destinations in the hemisphere," the Canadian Chamber of Commerce in Mexico (CanCham) wrote on behalf of the miners, in a letter printed in Mexico's Reforma newspaper. Click here to read full stories.
Nov 01 - ILZSG says lead to remain in surplus in 2016, 2017
The global lead market is forecast to have a surplus of 42,000 tonnes this year, and of 23,000 tonnes in 2017, the International Lead and Zinc Study Group (ILZSG) said on Monday. The global zinc market is forecast to have a surplus of 349,000 tonnes in 2016, while a deficit of 248,000 tonnes is expected next year, it said. Click here to read full stories.
Nov 01 - Lonmin to seek cost-saving measures after wage deal
South African platinum miner Lonmin said on Monday it would seek new ways to reduce costs after signing a three-year wage deal with staff which will raise its labour costs by an average of 380 million rand ($28 million) annually over the period. Lonmin, along with platinum producers Anglo American Platinum (Amplats) and Impala Platinum (Implats), agreed to a three-year wage deal with the Association of Mineworkers and Construction Union (AMCU) - the industry's main union - to raise miners' basic salaries by 7 percent a year. Click here to read full stories.
Oct 31 - Rio Tinto set to quit Guinea iron ore project with sale to Chinalco
Rio Tinto has signed a preliminary deal to sell its stake in Guinea's Simandou project to Chinalco, it said on Friday, injecting impetus into the long-stalled scheme to develop the world's largest untapped iron ore reserves. For all the project's potential, mining company Rio has voiced frustration over the difficulty of drumming up financing and industry sources said the agreement could open the door to Chinese funding. Click here to read full stories.
Oct 31 - LMEWEEK-Bargain-hunting funds grab high stakes in metal trade start-ups
Funds are taking large stakes in new, smaller, metal trading houses because they see potential for lucrative earnings in the sector, which investors had ignored due to poor returns. The attraction of small trading outfits is their ability to move quickly when a profit-making opportunity appears and to trade typically in both physical and paper markets. Click here to read full stories.
Oct 31 - China copper imports set to pick up into year-end - industry
China is expected to step up copper imports in coming months as a weaker yuan opens up arbitrage opportunities and demand picks up, partly fuelled by a boom in China's property market, analysts and traders said. An improvement in demand from the world's top copper consumer could stem an outflow of its excess production into global markets, pushing prices to a stronger finish to the year after trading basically flat across 2016. Click here to read full stories.
Oct 31 - Volumes down, discontent up on the London Metal Exchange: Andy Home
Volumes are falling. Discontent is rising. Even the London Metal Exchange's (LME) new building in Finsbury Square was a let-down. Quite literally. The LME ring, one of the last surviving relics of open outcry trading, was temporarily banished to Chelmsford, east of London, due to a "structural issue" in its new home. Click here to read full stories.
Oct 31 - Gold heading for best year in four in 2017 - poll
Gold is expected to post its highest average annual price in four years in 2017, a Reuters poll showed on Friday, after bottoming out this year following three straight years of decline. The poll of 35 analysts and traders conducted over the last two weeks returned an average gold price forecast for 2017 of $1,331 an ounce. That would be the highest average since 2013, when the metal plunged 28 percent year on year. Click here to read full stories.
Oct 31 - Speculators boost net long COMEX gold, trim silver positions - CFTC
Hedge funds and money managers raised their net long position in COMEX gold for the first time in four weeks in the week to Oct. 25, and cut it slightly in silver, U.S. Commodity Futures Trading Commission data showed on Friday. The speculators added to their net short position in copper futures and options, the data showed. Click here to read full stories.
Oct 31 - South Africa's AMCU union to sign wage deals with platinum trio
South Africa's AMCU union said on Sunday it is ready to sign three-year wage deals with the country's big three platinum producers. The Association of Mineworkers and Construction Union (AMCU) said on Thursday it had agreed a pay rise deal with Anglo American Platinum, but had yet to say whether it would agree to deals with Impala Platinum and Lonmin. Click here to read full stories.
Oct 31 - Serbian PM promises to "beg" Chinese to buy troubled copper mine
Serbia's prime minister told reporters he would do everything in his power to find a buyer for heavily indebted state copper mine RTB Bor, even going so far as to "beg the Chinese" to buy it. Serbia is under pressure from the International Monetary Fund to streamline, sell or shutter its many loss-making state enterprises, an outcome the government, facing presidential elections next year, wants to avoid. Click here to read full stories.
Oct 31 - Renewable energy, electric cars to boost copper demand
Sweeping changes towards producing more renewable energy and electric vehicles coupled with a growing world population will boost the demand for copper in the coming years, a conference heard on Friday. "Decarbonisation generally favours copper," said Ashley Brinson, executive director of the Warren Center thinktank in Sydney. Click here to read full stories.
Oct 31 - Peru copper miner MMG bypassing protesters at Las Bambas to ship ore
Chinese-owned miner MMG Ltd is using an alternate route to move copper from its Las Bambas mine to port as a key road in Peru remained blocked by protests on Friday, the company said. Four communities in the remote Andean region of Apurimac oppose a deal that the government recently struck with other towns to lift protests that had shut down ground transportation from the mine, said Las Bambas spokesman Domingo Drago. Click here to read full stories.
Oct 28 - Tata Steel's plans to seek partner on European steel assets unchanged - source
Tata Steel Ltd's plans for its European steel business are unchanged and the debt-laden firm is still seeking a partner for a joint venture to run the assets, according to a source present at a closed-door analyst briefing on Thursday.In March, Tata Steel decided to put its British steel operations on sale following heavy losses linked to a flood of cheap Chinese imports and low demand in the region. Click here to read full stories.
Oct 28 - Goodbye Shanghai, hello Qianhai: HKEx's quest for a metals connector: Andy Home
When Hong Kong Exchanges and Clearing (HKEx) bought the venerable London Metal Exchange (LME) in 2012, the narrative was all about China.HKEx was, it claimed, uniquely positioned to bridge the gap between the world's oldest marketplace for trading base metals and the world's largest market for those metals. Click here to read full stories.
Oct 28 - Chinese miners eyeing Barrick mine face regulatory morass
Chinese state-owned miners considering buying into Barrick Gold Corp's operations in Argentina would take on assets that are under regulatory scrutiny and entangled in lawsuits and investigations.China's Zijin Mining Group Co and Shandong Gold Mining Co have held separate talks to buy a 50-percent stake in the Veladero gold mine, one of Barrick's core mines, four sources with knowledge of the process told Reuters this week. Click here to read full stories.
Oct 28 - Recovering Anglo American sticks to asset sales but with less haste
Shares in Anglo American are up more than 200 percent this year, like prices of the coking coal it mines, and yet the group is sticking to an overhaul accelerated when commodity markets were rock bottom and it was in deep trouble.Now that Anglo American is the best performing blue chip on the London Stock Exchange and some minerals have rebounded, shareholders want the firm to achieve top prices as it sells swathes of its bulk commodities business under a strategy of concentrating on high value minerals. Click here to read full stories.
Oct 28 - Gold demand slumps in Q3; U.S. election looms - GFMS
Physical gold demand slumped by nearly a third in the three months to September, GFMS analysts at Thomson Reuters said on Thursday, as a rally in prices curbed jewellery buying in the key Chinese and Indian markets.The net surplus in the gold market was at its highest since 2005, it said, as demand for gold-backed exchange-traded funds also weakened. Click here to read full stories.
Oct 28 - Brazil's Vale says Samarco future reliant on its infrastructure
Samarco, the troubled joint venture between Vale SA and BHP Billiton, will need to use infrastructure from Vale's neighboring mines if it wants to secure a long-term future, Vale's chief executive said on Thursday.BHP Billiton and Vale did not currently see eye-to-eye about how to restart Samarco's mine, which was shut last year after a deadly dam burst, Murilo Ferreira said on a conference call to discuss third-quarter results. Earlier on Thursday, Vale posted third quarter net profit of $575 million. Click here to read full stories.
Oct 28 - Anglo American cuts 140 copper mining jobs in Chile
Global miner Anglo American said Thursday that it would make a fresh round of 140 job cuts in its Chilean copper operations, as a weak copper price continues to drag on the industry.London-listed Anglo is in the midst of a cost-cutting overhaul, selling assets and reducing its workforce, as it seeks to confront the global commodities slump; Click here to read full stories.
Oct 28 - Congo gov't supports Freeport sale of Tenke copper mine - minister
Democratic Republic of Congo's mines minister said on Thursday that the government "salutes and supports" China Molybdenum Co's bid to buy Freeport McMoRan's majority stake in the giant Tenke copper project despite objections from state miner Gecamines.The statement by Martin Kabwelulu appeared to be an effort to smooth passage of the transaction after Gecamines said last week that it had challenged the deal at the International Court of Arbitration in Paris to assert a right of first offer. Click here to read full stories.
Oct 28 - South Africa's AMCU union agrees wage deal with Amplats
South Africa's AMCU union and Anglo American Platinum have agreed a new pay deal, days before Sibanye Gold is due to take over Amplats' Rustenburg operations which employ thousands of AMCU members."The agreement reached will now be binding to Sibanye for the next three years," the Association of Mineworkers and Construction Union (AMCU) said in a statement. Click here to read full stories.
Oct 27 - Suspended Philippine nickel miner mounts first legal challenge to govt crackdown
A suspended Philippine nickel miner said on Wednesday it has sued government environment agencies for a nearly four-month stoppage of its operations, in the first legal challenge to the state's environmental crackdown on the mining sector.The Philippines is the world's top nickel ore supplier and an environmental audit that has halted a quarter of its 41 mines plus the risk that 20 more may be shuttered has fuelled a rally in global nickel prices. Click here to read full stories.
Oct 27 - China to exceed 2016 target for steel capacity cuts -industry group
China is set to hit its 2016 target for crude steel capacity cuts by late October, with additional reductions expected in the last two months of the year, an industry association said on Thursday.The China Iron & Steel Association (CISA) also said on its website that the country had by the end of last month completed more than 80 percent of this year's capacity reduction target of 45 million tonnes. Click here to read full stories.
Oct 27 - Global nickel market seen in 66,000 T deficit in 2017- INSG
The global nickel market is seen in a 66,000 tonne deficit next year, in line with this year, on growing demand from the stainless steel sector, the International Nickel Study Group (INSG) said.Global demand for nickel is expected to increase to 2.11 million tonnes in 2017, up from 2.00 million tonnes in 2016, the Lisbon-based group said. Click here to read full stories.
Oct 27 - Russia's Mechel to complete debt restructuring by early 2017 -CFO
Russian metals and mining giant Mechel plans to sign a final debt-restructuring deal in early 2017, its chief financial officer told Reuters, concluding more than two years of negotiations on a burden that has threatened its survival.Mechel borrowed heavily before Russia's economic crisis and struggled to keep up repayments as demand for its products weakened alongside tumbling coal and steel prices. Click here to read full stories.
Oct 27 - Auctus Minerals readies for zinc mine output in 2H 2017
Privately backed Auctus Minerals is gearing up to start zinc production at two mines in Australia's northeast by around August next year, just as a deficit in the global zinc market is set to bite.The miner, backed by U.S private equity firm Denham Capital, is looking to enter into commercial supply agreements in the first quarter of next year. Click here to read full stories.
Oct 27 - BHP Billiton's Samarco disaster head to leave company in March
BHP Billiton said on Thursday its chief commercial officer, Dean Dalla Valle, who has led the company's response to the deadly Samarco dam disaster in Brazil, will leave the company in March 2017. Dalla Valle, who has been with the company for about 40 years, has agreed to leave as part of a move to centralise all of BHP Billiton's non-operated joint ventures under its Minerals America chief, Daniel Malchuk, the company said. Click here to read full stories.
Oct 27 - Barrick earnings climb but miner keeps lid on costs
Barrick Gold Corp, the world's largest producer of bullion, reported a bigger quarterly profit on Wednesday, reflecting higher gold prices and lower costs, while cutting its 2016 production costs and lifting its output.Toronto-based Barrick, which has been selling off non-core assets and using cash flow to pay down debt, said profits were lifted by lower fuel and energy costs, smaller exploration and project spending, foreign exchange gains and the sale of higher-cost mines. Click here to read full stories.
Oct 27 - India's Tata Steel says financial statements present true and fair value
Tata Steel Ltd on Thursday said its financial statements present a true and fair value of the company, in response to a request for clarification from India's stock exchanges.The exchanges made the procedural request after the former chairman of parent Tata Sons Ltd, Cyrus Mistry, on Wednesday said the group could face an $18 billion writedown, partly related to the acquisition of its European steel business. Click here to read full stories.
Oct 26 - Plentiful supplies limit scope for higher copper price
Copper prices have rallied from their January lows, but investors looking for further hefty gains may be disappointed as ample supplies are likely to more than offset stronger demand in top consumer China.Expectations of higher prices can be seen in data from the London Metal Exchange showing more funds still betting on higher than on lower prices. Click here to read full stories.
Oct 26 - Chinese miners in talks for stake in Barrick's Veladero mine - sources
China's Zijin Mining Group Co Ltd and Shandong Gold Mining Co Ltd have held separate talks with Barrick Gold Corp to buy a 50 percent stake in its Veladero gold mine in Argentina, according to four sources with knowledge of the process.Veladero is one of Barrick's five core mines; all are in the Americas. It is expected to produce between 580,000 and 640,000 ounces of gold this year. Click here to read full stories.
Oct 26 - China copper imports set to pick up into year-end – industry
China is expected to step up copper imports in coming months as a weaker yuan opens up arbitrage opportunities and demand picks up, partly fuelled by a boom in China's property market, analysts and traders said.An improvement in demand from the world's top copper consumer could stem an outflow of its excess production into global markets, pushing prices to a stronger finish to the year after trading basically flat across 2016. Click here to read full stories.
Oct 26 - Surging coking coal prices to hit Japan steelmaker earnings
Surging prices for coking coal will likely drive Japan's top two steel producers to miss their earnings forecasts for this financial year, but will help suppliers of the steelmaking ingredient such as Mitsubishi Corp, analysts said.Lower-than-expected profits at Nippon Steel & Sumitomo Metal and JFE Holdings, already grappling with a stronger yen, could ramp up pressure to raise prices for steel products. Click here to read full stories.
Oct 26 - China's aluminium output booms as Shanghai disconnect looms: Andy Home
The Chinese aluminium-making machine is once again cranking up.The country produced 2.75 million tonnes of the stuff in September, the second-highest monthly tally ever, exceeded only in June 2015.Annualised run rates have accelerated by 2.16 million tonnes to 33.48 million over the last two months and China accounted for 55.7 percent of global output in September. Click here to read full stories.
Oct 26 - Aeon in talks on Century assets, but liabilities a deal-breaker
Australian base metals miner Aeon Metals said on Wednesday it was interested in parts of MMG Ltd's giant Century zinc mine, but would be unable to shoulder all of the liabilities of the mine that was wound down last year."Aeon is unable to pursue a transaction based on MMG's preferred structure which involves taking on all the assets and liabilities associated with the Century mine and infrastructure," it said in a notice to regulators. Click here to read full stories.
Oct 26 - Miner Freeport-McMoRan cuts sales forecast for 2016
Diversified U.S. miner Freeport-McMoRan Inc reported a weaker-than-expected quarterly profit and said it expects to sell less gold, copper and molybdenum this year.The miner now expects to sell about 4.8 billion pounds of copper and 1.26 million ounces of gold, down from its earlier estimate of 5 billion pounds of copper and 1.7 million ounces of gold. Click here to read full stories.
Oct 26 - Anglo American rallies again, output guidance broadly unchanged
Anglo American on Tuesday left output guidance broadly unchanged for most of its commodities, adding market conditions had improved for its diamond business, while it trimmed full-year production expectations for coking coal exports.Chief Executive Mark Cutifani said in a statement operational improvements were continuing across the portfolio. Click here to read full stories.
Oct 26 - POSCO Q3 profit jumps 59 pct y/y, beats estimates as China steel prices rise
POSCO, South Korea's top steelmaker, posted a 59 percent jump in operating profit for the July-September period, beating forecasts as a sustained recovery in Chinese steel prices helped boost margins.POSCO, the world's fourth-biggest steelmaker in 2015, said on Wednesday that its consolidated operating profit rose to 1.03 trillion won ($908.79 million) in the third quarter, versus 652 billion won a year earlier and a consensus forecast of 904 billion won from a Reuters' poll of 15 analysts. Click here to read full stories.
Oct 26 - China's state planner urges coal mines to speed up output hikes -sources
China's state planner urged coal miners to speed up the pace of output increases to tame the historic spike in prices at a meeting on Tuesday, two sources said, the latest sign Beijing is worried about dwindling supplies ahead of the winter.At a hastily called meeting with 16 coal miners, the National Development and Reform Commission (NDRC) told producers they should increase supplies to the market as soon as possible, a source who was at the meeting and a source who was familiar with the contents of the meeting said. Click here to read full stories.
Oct 26 - Lenders rescue rare earths producer Lynas from collapse
Japanese lenders and a hedge fund have struck a deal to save Australia's Lynas Corp, the only rare earths producer outside China, from collapse, cutting its interest costs and giving it nearly four years breathing room to pay off its debt.State-owned Japan Oil, Gas and Metals National Corp (JOGMEC) and Sojitz Corp are eager to ensure a supply of rare earths from outside China, the world's biggest producer of the elements crucial for smart phones, computers and cars. Click here to read full stories.
Oct 26 - Windfall at Tata's Port Talbot unlikely to change long-term outlook
Port Talbot's loss-making steelworks is enjoying a windfall from a weaker pound, higher steel prices and stringent cost-cutting, but the benefit could be short-lived and not enough to persuade its Indian owners Tata Steel they want to keep it.The fate of the century-old steelworks, Britain's largest, has been up in the air since Tata Steel said in March it planned to divest all of its British assets following last year's losses of up to 1 million pounds ($1.23 million) a day. Click here to read full stories.
Oct 26 - China buys antimony in move to sustain price strength -traders
China's stockpiling agency has bought minor metal antimony from domestic producers to sustain recent price strength in the metal used in fire-retardants, plastics and batteries, traders said.Prices of antimony on the spot market in Europe are trading at about $7,700 a tonne, their highest since June last year, and up nearly 50 percent since the start of 2016. Click here to read full stories.
Oct 26 - Ternium may buy ThyssenKrupp's Brazil mill - sources
Ternium SA has resumed negotiations to buy ThyssenKrupp AG's money-losing Brazilian steel mill CSA Cia Siderúrgica do Atlántico SA, months after talks broke down because of legal and environmental concerns, three people familiar with the matter said on Tuesday.Talks between Ternium and ThyssenKrupp are in an advanced stage, according to one of the people. While no formal offer for CSA has been extended yet, Ternium is interested in the possibility of using CSA to produce more slabs, which are in shortage in Brazil, two of the people said. Click here to read full stories.
Oct 26 - U.S. locks in duties on certain Indian steel pipes
The U.S. International Trade Commission on Tuesday voted to lock in duties on imports of welded stainless pressure pipe from India as it affirmed the goods were harming the U.S. industry.The action finalizes provisional duties of up to 13.3 percent set by the Commerce Department after it found India was dumping the pipe in the United States at below market value and unfairly subsidizing the products. The pipe is used to transport fluids at high temperatures and pressures in the petrochemical, oil and gas and other industries. Click here to read full stories.
Oct 25 - Indonesia mulls Newmont copper exports permit request -official
Indonesia is reviewing a request by the local unit of Newmont Mining Corp to renew its permit to export copper and gold concentrate, a mining ministry official said on Tuesday.The ministry is considering Newmont's request for the permit, which would run through to Jan. 11, 2017, Coal and Minerals Director General Bambang Gatot told reporters. Click here to read full stories.
Oct 25 - Top Chinese steel maker Baosteel's 9-month profit more than doubles
Baoshan Iron & Steel Co Ltd (Baosteel), China's biggest listed maker, reported its nine-month net profit more than doubled as an oversupply in the sector showed signs of improving due to capacity cuts.Net profit at Baosteel, a bellwether of China's steel firms rose 148.3 percent to 5.6 billion yuan ($827.06 million) in January to September from a year earlier, it said on Monday. Click here to read full stories.
Oct 25 - Aluminium maker Hydro says China surprise to boost 2016 demand
Norwegian aluminium maker Norsk Hydro, one of the world's biggest, slightly lifted its outlook for global demand as it reported forecast-beating quarterly earnings on Tuesday.The firm reiterated a forecast for global aluminium demand to grow by 4-5 percent in 2016 but added it expected growth "to land in the higher range of this estimate for the full year". Click here to read full stories.
Oct 25 - Copper exports from Las Bambas in Peru to resume as protest ends -MMG
Copper shipments from MMG Ltd's Las Bambas mine in Peru should resume in late October or early November after the government revived talks with Andean towns blocking transportation on local roads, the company said Monday.Peruvian Vice President Martin Vizcarra traveled to the remote highland region of Apurimac during the weekend to meet with local leaders as their protests threatened to halt one of the world's biggest copper mines. "The process of restoring calm in local communities and the re-opening of essential infrastructure is now underway," MMG said in a statement. "Concentrate trucking is expected to resume progressively in the coming days." Click here to read full stories.
Oct 25 - Brazil's Samarco misses second bond interest payment in a month
Samarco Mineração SA, the Brazilian iron ore mining joint venture that suspended operations in November following a dam disaster, on Monday said it had missed a $20 million interest payment related to a senior unsecured bond due in 2023.The payment on the $700 million bond was due on Monday and the company has 30 days to remedy the situation, according to a statement on the company's website. Click here to read full stories.
Oct 25 - Guinea inks $770 mln contract with Chinese firm to develop main port
China Harbour Engineering Company (CHEC) signed a $770 million contract with Guinea's government on Monday to upgrade the port in the capital, Conakry, expanding Chinese economic influence in the West African iron and bauxite producer.Under the contact, CHEC, a subsidiary of China Communications Construction Co Ltd, will construct three docks, roads and other infrastructure in the eastern zone of the port, providing parking for up to 600 trucks. Click here to read full stories.
Oct 25 - Patriarch steps in at India's Tata Sons after board ousts chairman
Ratan Tata, patriarch of one of India's most influential families, will take over as interim chairman ofTata Sons after the salt-to-software conglomerate's board ousted Cyrus Mistry, who had sought to shake up the firm's management.Tata, who had stepped down as chairman and was replaced by Mistry in late 2012, will head the group for four months while the company seeks a replacement. Click here to read full stories.
Oct 25 - British Steel pension shortfall shrinks to around $60 million
The British Steel Pension Scheme's deficit has shrunk to around 50 million pounds ($61 million) from around 700 million pounds earlier this year, it said on Monday, adding it had been well-position to take advantage of currency movements.The pension scheme is seen as a major obstacle to a possible joint venture deal between Tata Steel, its principal sponsoring employer, and Germany's Thyssenkrupp to manage Tata's remaining UK operations. Click here to read full stories.
Oct 24 - Cleaner, but not leaner: China steel mills defy capacity cutbacks
Chinese steel mills are becoming cleaner every month as Beijing pushes to curb its smoke-stack industries. But they're not getting any leaner. Despite efforts to step up environmental checks and trim out excess capacity, steel output by the world's top producer has risen year-on-year for the past seven months. Click here to read full stories.
Oct 24 - British investors hold nerve on gold despite price fall
Savers who turned to gold to preserve capital after Britain's vote to leave the European Union look to be keeping faith, even as prices retreated, with some considering further purchases. Gold priced in sterling has fallen around 4 percent from 3-1/2 year highs touched in July, but prices are still around 100 pounds ($120) above pre-Brexit levels. Benchmark dollar-priced gold is some 8 percent down from a 2-year high of $1,374.91 an ounce hit on July 6. Click here to read full stories.
Oct 24 - Peru protests risk halting one of world's biggest copper mines - MMG
Supplies needed to keep operating one of the world's biggest copper mines, Las Bambas, are running out as access roads remain blocked by protesters in Peru, Chinese-owned miner MMG Ltd said on Friday. Protests against the company's use of local roads in the highland province of Challhuahuacho have expanded since a protester was shot dead in clashes with police a week ago. Click here to read full stories.
Oct 24 - China's Baosteel, Wuhan Steel complete 2016 capacity cuts – Xinhua
China steel producing giants Baosteel Group and Wuhan Steel Group have completed their targeted capacity cuts for this year, state media agency Xinhua reported on Saturday, citing a state assets supervisor official. Wuhan Steel may exceed its capacity cut, and it is possible that the country's centrally run steel firms could reach their combined 7.19 million tonne reduction target for 2016 as early as this month, Li Bing, director of the State-owned Assets Supervision and Administration Commission's (SASAC) Enterprise Restructuring Bureau was also quoted as saying. Click here to read full stories.
Oct 24 - South Africa's AMCU union reaches tentative wage deals with platinum trio
South Africa's AMCU union has reached wage deals in principle with platinum producers Anglo American Platinum, Impala Platinum and Lonmin, subject to final approval from its members, the union's president said on Friday. This means a strike has almost certainly been averted in South Africa's platinum sector, which is still recovering from a crippling five-month stoppage led by the Association of Mineworkers and Construction Union (AMCU) in 2014. Click here to read full stories.
Oct 24 - Vale sees iron ore prices stable for rest of 2016 and in 2017
Iron ore prices should stay stable for the remaining of this year and also into 2017, Brazil's mining company Vale Chief Executive Officer Murilo Ferreira said on Friday. Ferreira said a recent trip he made to Asia confirmed his earlier outlook of improving business confidence in the region. Click here to read full stories.
Oct 24 - Codelco copper premiums $80-$85 Europe, $70 China - sources
The world's biggest copper miner, Codelco, has slashed its 2017 physical copper premium to European buyers to the $80 to $85 per tonne range and is offering Chinese buyers a premium of around $70, three traders told Reuters this week. That would represent a deep cut from last year, underlining continued oversupply and demand weakness in the global copper market. Two of the sources said that Codelco would offer a premium of $82 to buyers in Europe. Click here to read full stories.
Oct 24 - Nippon Steel seeks 10,000 yen/T price hike as coking coal values surge
Japan's biggest steelmaker Nippon Steel & Sumitomo Metal Corp is seeking an increase in product prices of about 10,000 yen ($96) per tonne from customers amid surging coking coal prices and weak margins, its president said. "We've sought a price hike since the first half of this financial year to improve our margin," Nippon Steel President Kosei Shindo told a news conference. "Given the surge in coking coal prices, we are now seeking an increase in (steel product) prices by 10,000 yen (a tonne) in total." Click here to read full stories.
Oct 24 - Speculators cut net bullish COMEX gold position to 7-month low
Hedge funds and money managers cut their net long positions in COMEX gold for the third straight week in the week to Oct. 18, sending it to a fresh seven-month low, U.S. Commodity Futures Trading Commission data showed on Friday. Money managers cut their net long position in bullion by 16,516 contracts to 137,260, the data showed. The boost came as prices remained pressured by a strong dollar, which surged on expectations that the Federal Reserve will likely increase U.S. interest rates later this year. Click here to read full stories.
Oct 24 - Gold Fields to spend $1.4 bln on Ghana's Damang mine
South Africa's Gold Fields will invest $1.4 billion to extend the life of its Damang mine in Ghana, it said on Monday, as it reported a quarterly output update. The investment will extend the life of the mine by eight years to 2024, in which the firm expects to produce 1.56 million ounces of gold there. Click here to read full stories.
Oct 21 - After Samarco delay, BHP's 'Jac the knife' to step down
BHP Billiton Chairman Jac Nasser, one of the most powerful figures in the mining industry, will retire at next year's shareholder meeting, telling investors on Thursday that after a decade on the board, it was time to step down. The former Ford Motor Co chief, nicknamed Jac the knife after extensive cost-cutting efforts there, said he had intended to leave BHP last year, but agreed to stay on to provide stability as the world's biggest miner responded to the deadly Samarco dam disaster in Brazil. Click here to read full stories.
Oct 21 - Average global aluminium output hits record on China gains
Daily average primary aluminium output hit a record high in September, driven by buoyant output in top producer China, data from the International Aluminium Institute (IAI) showed on Thursday. The global daily average rose to 164,600 tonnes from 159,800 in August while total Chinese output for the month increased to 2.75 million, the highest in 15 months. Click here to read full stories.
Oct 21 - Brazil prosecutors charge 21 with homicide for Samarco dam spill
Brazilian prosecutors charged 21 people with qualified homicide on Thursday for their roles in the collapse of a tailings dam at the Samarco Mineração SA iron ore mine last November that killed 19 people.The charges follow what is now considered to be the largest environmental disaster in Brazil's history. The dam collapse released millions of tonnes of muddy mine waste, wiping out several small communities. Click here to read full stories.
Oct 21 - China Sept copper exports soar again with growing output -customs
China's exports of unwrought copper, including copper alloy products, soared 121 percent in September from a year earlier to 27,848 tonnes, data showed on Friday. Shipments were down from 57,000 tonnes in August, but the big increase from a year ago will be seen as a sign of China's growing output of copper, rather than a reflection of a major slowdown in demand in the world's second-largest economy. Click here to read full stories.
Oct 21 - Fortescue eyes iron ore profit lift from rising coal price
Skyrocketing prices for coal used in steelmaking could deliver higher profits to Australian iron ore miner Fortescue Metals Group, its chief executive officer said on Thursday. Prices for coking coal have more than doubled this year to above $230 a tonne, while iron ore, the other essential raw material required by steel producers, has risen by less than 40 percent to around $58 a tonne. The unexpected surge in coking and thermal coal prices is largely the result of curbs at Chinese collieries. Click here to read full stories.
Oct 21 - China's aluminium producer Chalco returns to profit in Jan-Sept
China's state-owned Aluminum Corporation of China Ltd (Chalco) swung back to profitability in the first nine months, buoyed by higher metal prices and continued cost-cutting efforts, the company said on Thursday. Chalco posted a net profit of 107.9 million yuan ($16.02 million) in the January-September period, compared with a net loss of 974.6 million yuan a year earlier, it said in a filing to the Hong Kong stock exchange. Click here to read full stories.
Oct 21 - Acacia Mining sees full-year gold production ahead of forecast
Gold miner Acacia Mining Plc said it expected full-year production to be around 5 percent higher than the top end of its earlier forecast, helped by a strong performance in the first nine months of the year. Acacia, which operates three mines in Tanzania, earlier expected to produce 750,000-780,000 ounces of gold this year. Click here to read full stories.
Oct 21 - Spanish court reopens case over Grupo Mexico mine tender
A Spanish court said on Thursday it has reopened a case examining alleged irregularities in the tender process for a mine contract won by Grupo Mexico in the Andalusia region. A lesser regional court cleared the Mexican company last November of any wrongdoing over its winning bid to reopen the Aznalcollar copper, zinc and lead mine in southern Spain, but an appeal by a rival bidder has now been accepted. Click here to read full stories.
Oct 20 - Rio cuts 2016 iron ore guidance; Fortescue shipments up
Global miner Rio Tinto on Thursday cut its 2016 guidance for iron ore shipments by as much as 5 million tonnes after releasing lower third-quarter production data, citing shipping interruptions. The downward revision - equivalent to as much as $290 million at current ore prices - comes as the steelmaking commodity stages a recovery on the back of a surprise lift in demand from China. Click here to read full stories.
Oct 20 - BHP spends $2 mln a month on nickel unit as recovery looms
BHP Billiton's nickel business, which faced closure after failing to attract a buyer, is spending $2 million a month on improvements and making headway to extend operations through the next decade, a senior executive said on Thursday. Nickel prices have climbed 17 percent this year after a crippling supply glut drove the market into near-free fall 2-1/2 years ago. Global demand rose 6.1 percent over the eight months to end-August, led by an 8 percent rise in China and strong gains in India and China, industry data showed. Click here to read full stories.
Oct 20 - China meets over 80 pct of capacity reduction target in coal, steel
China has completed more than 80 percent of this year's capacity reduction goals in its coal and steel sectors as of end-September, said Huang Libin, an official from the Ministry of Industry and Information Technology (MIIT), on Thursday. Huang, deputy director of the MIIT's Bureau of Performance Inspection & Coordination unit, was speaking at a press conference in Beijing. Click here to read full stories.
Oct 20 - South32 more than doubles cash position on cost cuts, commodities rally
Australian miner South32 Ltd, the world's biggest producer of manganese, said on Thursday it more than doubled its cash on hand in the September quarter due to a cost cutting drive and as commodities prices recovered. "Stronger commodity prices and cost saving initiatives delivered a further $239 million increase in our net cash position to $551 million," chief executive Graeme Kerr said. Click here to read full stories.
Oct 20 - Brazil to offer thousands of mineral rights areas in H1 2017
Brazil's government plans to sell rights to as many as 22,000 mineral exploration areas in the first half of 2017, the president of the country's geological service (CPRM) Leonardo Ledsham said on Wednesday. Brazil also plans to sell nine large, strategic mining projects, he said, including: the Miriti phosphate deposit in Pernambuco and Paraiba states; the Palmeirópolis copper, lead and zinc project in Tocantins; the Bom Jardim copper project in Goias and the Candiota coal project in Rio Grande do Sul. Click here to read full stories.
Oct 20 - Towns protesting copper mine in Peru turns away negotiating team
Protesters blocking a road to MMG Ltd's copper mine in Peru turned away a delegation of high-ranking government officials who hoped to restart talks on Wednesday after a local man was shot dead in clashes with police last week. Residents from Andean towns demanded a meeting with President Pedro Pablo Kuczynski as they mourned the 42-year-old farmer whose coffin lay on a road leading to MMG's Las Bambas mine, said Artemio Solano with the ombudsman's office. Click here to read full stories.
Oct 20 - Brazil September steel output rises 3.1 pct, exports fall 13.1 pct
Brazil's steel output rose in September, the first year-on-year gain in 15 months, a possible sign that the worst part of a downturn affecting the industry may be over, the Brazil's steelmakers' association, Instituto Aço Brasil, said on Wednesday. Production rose 3.1 percent in September to 2.58 million tonnes compared with the same month a year earlier. Production, though was down 6.8 percent compared to August, the association said in a statement. Click here to read full stories.
Oct 19 - BHP says sees early signs of commodity recovery
BHP Billiton, the world's biggest diversified miner, said on Wednesday it was finally detecting indications of a commodity market turnaround, giving its most upbeat assessment in about five years. A recovery would be a particular boon for the global miner which has kept production humming through a multi-year collapse in commodities markets, although it cautioned that raw material supply was still outpacing demand despite stronger steel consumption in China. Click here to read full stories.
Oct 19 - China sees shift in metals demand to niche markets in 5-yr plan
China's demand for minor metals used in renewable fuels and electric vehicles will continue to rise over the next four years, as consumption of base metals slows, the government said in the latest update of its five-year industry plan. Demand for zinc, used in construction and infrastructure to protect steel from rusting, could even hit a peak by end-2020, the Ministry of Industry and Information Technology (MIIT) said in a statement released late Tuesday.Click here to read full stories.
Oct 19 - India gold trades at premium for first time in 9 months - dealers
Gold prices in India swung to a premium for the first time in nine months on Wednesday as jewellers and dealers in the world's No.2 consumer of the metal ramped up purchases ahead of major festivals. Dealers were charging up to $2 an ounce over official domestic prices, the first time premiums have been seen since mid-January, said Bachhraj Bamalwa, director at the All India Gems and Jewellery Trade Federation. Click here to read full stories.
Oct 19 - China Sept steel output rose 3.9 pct from a year ago -stats bureau
China's crude steel output rose 3.9 percent in September from a year ago, government data showed on Wednesday, as steel mills in the world's top producer raised production amid a demand pick-up. Total output for the month was 68.17 million tonnes, the National Bureau of Statistics (NBS) said. For the first three quarters of 2016, total production edged up 0.4 percent from the same period a year ago to 603.78 million tonnes. Click here to read full stories.
Oct 19 - Congo miner challenges Freeport sale of Tenke mine in international court
Democratic Republic of Congo state miner Gecamines has challenged Freeport McMoRan Inc's sale of its majority stake in the country's Tenke copper mine at the International Court of Arbitration in Paris, Gecamines said on Wednesday. Gecamines Secretary-general Deogratias Ngele told Reuters that Gecamines had asserted a right of first offer following Freeport's agreement in May to sell its 56 percent stake in Tenke, one of the world's largest copper mines, to China Molybdenum Co Ltd (CMOC) for $2.65 billion. Click here to read full stories.
Oct 19 - Mining resumes at Freeport Indonesia copper mine
Operations at Freeport-McMoRan Inc's Grasberg open pit copper mine in Indonesia have resumed after a one-day stoppage following a fatal incident at the mine late on Monday. "Today operations returned to normal," Freeport Indonesia spokesman Riza Pratama said. "While investigations are running we will continue production while waiting for further directions." He was unable to comment on output levels at the mine. Click here to read full stories.
Oct 19 - Production slowing fast at Myanmar mine that rattled tin market
Output from a mysterious Myanmar tin mine that has disrupted the global market in the metal is falling sharply and deposits could be depleted in "two to three years", senior mine officials told Reuters. A surprise discovery of large quantities of tin has propelled the formerly isolated Southeast Asian country into the position of third largest producer of the industrial metal, and contributed to a sharp fall in prices in the last three years. Click here to read full stories.
Oct 19 - Glencore expands bond buyback as manages debt
Miner Glencore has increased the size of a bond buyback tender to $1.49 billion from $1.25 billion, it said on Tuesday, seeking to seize on favourable conditions to reduce its debt burden. Miners, which racked up high levels of debt last year after commodity prices crashed, are in a much stronger position, helped by a commodity rally and some asset sales. Click here to read full stories.
Oct 19 - Higher demand, prices point to strong Q3 for Russia's steelmakers
Russia's steelmakers are expected to post higher earnings when they report third-quarter results in coming weeks due to a recovery in prices and stronger demand. The companies, including Russia's largest NLMK and second-biggest Evraz, suffered in 2015 as world steel prices plumbed 10-year lows and as the country's economic downturn sapped domestic demand. NLMK and Evraz full-year core earnings fell 18 and 39 percent respectively. Click here to read full stories.
Oct 19 - Codelco unions say mulling company-wide strike at Chile's copper mines
Unionized workers at Chile's state-owned copper miner Codelco are mulling going on a company-wide strike, possibly by mid-November, if the government does not make progress on a number of demands, union leaders told Reuters on Tuesday. Codelco, the world No. 1 copper producer, returns all its profits to the state and is funded by a mixture of capitalization and debt. The recent sharp downturn in the copper price has hit it hard when it needs to invest in new projects to keep output flowing, forcing it to scale back ambitious expansion plans. Click here to read full stories.
Oct 19 - Brazil's new mining code must be re-worked to attract investment - official
A new code to govern Brazil's mining industry, which was first proposed in 2009 but has never made it past Congress, would create further uncertainty in the struggling sector and must be re-worked, the interim Mines and Energy minister said on Tuesday. Paulo Pedrosa, filling in for his boss Fernando Coelho Filho who is away on an international trip, said the ministry plans to establish a new timeframe to re-model the mining code when Coelho Filho returns to Brazil this week. Click here to read full stories.
Oct 19 - Samarco could resume operations by mid-2017, Vale director says
It is "feasible" that iron ore miner Samarco could resume operations by the middle of next year, a senior executive at Brazilian miner Vale SA said on Tuesday. "It does not make sense that every time there is an accident, as a penalty, the company should cease to exist," Clovis Torres, director of human resources, health and security, sustainability and energy at Vale, said at an event. Click here to read full stories.
Oct 18 - Gold may regain ground in 2017 but 'bumpy road' ahead
Gold is likely to recover to above $1,300 an ounce next year as a pickup in physical demand counters more potential U.S. rate increases, a Reuters poll at an industry event showed. The precious metal had lost nearly 9 percent from July's two-year highs to trade around $1,255 an ounce on Tuesday, hit by expectations the U.S. Federal Reserve would raise interest rates in December for the second time in a year. Click here to read full stories.
Oct 18 - India's clampdown on "black money" curbs gold appetite - Kotak
India's crackdown on undisclosed foreign assets and income is curbing demand for gold in the world's second-biggest consumer, while rising real interest rates and better returns from other financial markets are also hurting purchases, a banker said. Although consumption should pick up from now until the end of the financial year, when India buys more for gifting during festivals and weddings, weak demand so far has dragged on the global gold price that has shed nearly 9 percent from a two-year high in July to $1,258 an ounce on Tuesday. Click here to read full stories.
Oct 18 - Nickel market balanced in August, but 2016 in deficit
The global nickel market returned to balance in August, industry data showed on Tuesday, although a deficit for the first eight months could widen further amid strong Chinese demand and a crackdown on Philippine mine supply. The deficit so far this year stood at 47,300 tonnes at end-August as production of 1.2876 million tonnes fell short of usage at 1.3348 million tonnes, according to the International Nickel Study Group (INSG), helping to push up prices. Click here to read full stories.
Oct 18 - Deutsche Bank to pay $38 mln in U.S. silver price-fixing case
Deutsche Bank AG has agreed to pay $38 million to settle U.S. litigation over allegations it illegally conspired with other banks to fix silver prices at the expense of investors, according to court papers filed on Monday. The settlement, disclosed in papers filed in Manhattan federal court, came in one of many recent lawsuits in which investors have accused banks of conspiring to rig rates and prices in financial and commodities markets. Click here to read full stories.
Oct 18 - Philippines' Marcventures looks to China for nickel processing venture
Marcventures Holdings Inc , one of the Philippines' nickel miners facing a possible suspension following a government audit, said on Tuesday it was in talks with potential Chinese partners for local processing of the metal. "I talked to about two or three major Chinese companies and they are going to be potentially our partners in nickel processing plants in the Philippines," Marcventures President Isidro Alcantara said in an interview with ABS-CBN News Channel. Click here to read full stories.
Oct 18 - China gold demand to stay firm at 900-1,000 T in 2017 - WGC
Demand for gold from top consumer China will remain strong at around 900-1,000 tonnes next year, near 2015 levels, although a weaker appetite for jewellery and slowing economy could curb purchases, an official of the World Gold Council said. Continued firm demand from China should help underpin global benchmark gold prices that have come off two-year highs as expectations of a U.S. interest rate hike by year-end strengthened the dollar. But the precious metal remains up 18 percent for 2016, following a three-year decline. Click here to read full stories.
Oct 18 - Yamana Gold to spin off Brio subsidiary as standalone company
Canadian miner Yamana Gold said on Monday it plans to spin off its Brio Gold subsidiary, which owns non-core gold mining properties in Brazil, as a standalone public company to its shareholders. Yamana, a mid-sized gold producer, last November tried to reduce its 100 percent stake in Brio through a private share placement but later suspended that plan, citing poor market conditions. Click here to read full stories.
Oct 17 - Singapore makes another bid for Asia to help set gold price
Singapore will study the possibility of bringing the gold benchmark pricing in London to users in Asia, in a move that would also allow market participants in the world's top consuming region to help set the price of bullion. Home to the world's biggest buyers China and India, Asia's importance has been on the rise as the key source of demand for gold, but bullion traders in the region are often exposed to intraday price volatility and overnight foreign exchange risks with benchmark prices currently being set out of London. Click here to read full stories.
Oct 17 - ICE to launch gold futures in Feb, heats up race for prized London market
Intercontinental Exchange on Monday said it would launch a London gold daily futures contract in February 2017, heating up the race to gain a bigger chunk and increase transparency of a market that is seen as a key global bullion trading centre. Earlier this year, the London Metal Exchange (LME) said it was planning to launch spot and futures contracts for gold and silver in the first half of 2017. Click here to read full stories.
Oct 17 - China aluminium makers to target auto, aerospace in global push
China's giant aluminium makers are pushing into the global automotive and aerospace markets, with industry sources expecting their presence to heat up competition and possibly spark a buying spree for Western metals companies. China's top aluminium companies are venturing into the more lucrative parts of the global value chain, on course to seize market share from the likes of Alcoa and Constellium, as they look to buy into foreign firms to boost their technical know-how and expand their reach. Click here to read full stories.
Oct 17 - China's Hebei imposes 'special emission' limits on steel mills
China's Hebei province, the country's biggest steelmaking region, has imposed what it calls "special emission restrictions" on local mills as part of its war on smog, according to a policy document. Local steel enterprises will have until Sept. 1, 2017, to ensure their facilities comply with tough new standards for sulphur dioxide and other major sources of air pollution, the local environmental protection bureau said in a notice. Click here to read full stories.
Oct 17 - China Construction Bank kicks off $1.5 bln debt-to-equity swap with Yunnan Tin
China Construction Bank Corp (CCB), the country's second-biggest lender, has signed a debt-to-equity swap with Yunnan Tin Group Co, in a landmark deal in the government's push to cut mounting corporate debt. CCB on Sunday agreed to make a 5 billion yuan ($750 million) initial investment in Yunnan Tin, as part of a 10 billion yuan deal aimed at lowering the leverage of the world's biggest tin producer and exporter by 15 percentage points. Click here to read full stories.
Oct 17 - Illegal miners in Ghana ignore deadline to quit AngloGold mine
Illegal miners operating at AngloGold Ashanti's Obuasi mine in Ghana have ignored a government deadline to leave, delaying company plans to restart production. Up to 5,000 miners were still working at Obuasi in the Ashanti region on Friday, four days after a deadline for them to leave, said Benjamin Annan, spokesman for the Association of Small Scale Miners. He said relocation plans that would enable them to move were yet to be finalised. Click here to read full stories.
Oct 17 - Speculators cut bullish COMEX gold stance to 7-month low
Hedge funds and money managers reduced their net long position in COMEX gold contracts for the second straight week, in the week to Oct. 11, taking it to the smallest since March, U.S. Commodity Futures Trading Commission data showed on Friday. The speculators also cut their net long position in silver futures and options for the second consecutive week, taking it to the smallest since early April, while they raised their net long position in copper futures and options, the data showed. Click here to read full stories.
Oct 17 - Shanghai Gold Exchange to allow foreign bourses to use yuan gold price for derivatives
Shanghai Gold Exchange Chairman Jiao Jinpu said on Monday that the bourse will collaborate with foreign exchanges and allow them to use its yuan-denominated gold price in developing derivatives products. "We would collaborate with various exchanges and authorise these external exchanges to start business outside China to use it as basis for development of derivatives products," Jiao told an industry conference through an interpreter. Click here to read full stories.
Oct 17 - OceanaGold loses compensation claim against El Salvador
OceanaGold Corp has lost a claim seeking some $284 million in compensation from El Salvador for failing to issue permits allowing it to dig a gold mine in the Central American country, according to an arbitration decision announced on Friday. The World Bank's International Centre for Settlement of Investment Disputes (ICSID) found in favour of El Salvador, OceanaGold said in a press release, and the government was awarded $8 million to cover legal costs for the claim, first brought by Vancouver-based Pacific Rim Mining in 2009. Click here to read full stories.
Oct 17 - Antofagasta says will defend against regulator's charges
Chile's Antofagasta Minerals said on Friday it would present a defense after Chilean regulators accused the company late Thursday of mismanaging water resources and nearby plant life at its Los Pelambres copper mine. The company said there were some errors in the information that led Chilean regulators to draw up the charges but it did not elaborate on the source or specifics of what information it believes to be erroneous. Click here to read full stories.
Oct 17 - Ambrian to close metals trading business
UK-based commodities trading and logistics services company Ambrian Plc is planning to wind down its metals trading activities over the next few months due to an uncertain business environment in commodities, the company said on Friday. "Ambrian will focus on the development of its industrial asset base and on building a portfolio of businesses with a balanced risk profile and defensive income drivers," it said. Click here to read full stories.
Oct 14 - CCB/Metdist to build Chinese metals trading team in London - sources
China Construction Bank (CCB) is looking to build a Chinese metals trading desk in London as part of the expansion started after it bought a majority stake in British firm Metdist Trading, two sources said.CCB completed its purchase of a 75 percent stake in Metdist Trading Ltd last June, becoming the second Chinese company to gain access to the London Metal Exchange (LME) trading floor after GF Financial Markets. Click here to read full stories.
Oct 14 - Zinc price slides, but is it a rewrite or a rewind of the bull story? Andy Home
It's been a brutal couple of days for the zinc price.London Metal Exchange (LME) three-month metal slumped by $100 per tonne to $2,250 on Tuesday and the sell-off has extended to $2,210 today.The five-year high of $2,418 achieved at the start of this month is starting to look a long way off, the slide coinciding with news of producers planning to increase output of mined metal. Click here to read full stories.
Oct 14 - Chile regulator draws up charges against Antofagasta's Los Pelambres mine
Chile's environmental regulator on Thursday drew up various charges against the Los Pelambres copper mine for mismanaging water resources and nearby flora, charges which could lead to stiff fines or even closure."In all, nine charges have been brought for detected non-compliance relating to its RCA (environmental permit)," the regulatory body SMA said in a statement. Click here to read full stories.
Oct 14 - South Africa's Kumba Iron Ore gets control of mine as dispute ends
South Africa's Kumba Iron Ore has won full control of its largest mine, the firm said on Thursday, after a seven-year dispute was resolved.The mines department last year awarded Kumba, a unit of Anglo American, the 21.4 percent of the mining rights it did not already hold in the Sishen mine, but attached conditions, which the firm had appealed against. Click here to read full stories.
Oct 14 - Philippines minister says wants to ban new mines as clampdown deepens
The Philippines' environment minister on Friday said she wanted to ban new mines, ramping up a campaign to clamp down on damage from the minerals industry in the Southeast Asian nation.The Philippines is the world's top nickel ore supplier and an environmental crackdown that has halted a quarter of its 41 mines, and the risk that 20 more maybe shuttered has spurred a rally in global nickel prices. Click here to read full stories.
Oct 14 - SolGold approves funding deal with Newcrest to mine in Ecuador
SolGold Plc on Thursday approved a financing proposal by Australia's Newcrest Mining to help it develop a giant copper mine in Ecuador, after the board rejected an alternative package offered by BHP Billiton.SoldGold said a shareholders meeting in Australia voted in favour of the board's preferred deal with Newcrest and also with private investment firm Maxit over BHP's offer, which would have diluted SolGold's ownership in the Cascabel project near the border with Colombia. Click here to read full stories.
Oct 14 - Anglo Asian's Azerbaijan gold output down 8 pct in Jan-Sept
Azerbaijan's top gold producer Anglo Asian Mining said on Thursday its January-September output was 7.8 percent lower than in the same period last year at 49,874 ounces and it was cutting its 2016 production target.The company reduced its 2016 output target to 69,000-71,000 ounces from a previous 73,000-77,000 ounces. Click here to read full stories.
Oct 14 - Ukraine steel producers say may cut Nov output
Ukraine is likely to reduce steel output to 1.9 million tonnes in November from an expected 2.0 million tonnes in October, producers' union Metallurgprom said on Thursday.Ukraine is in the top 10 global steel makers but reduced output by 16 percent to 22.9 million tonnes last year due to the conflict in its eastern regions where most of its metallurgical plants are. Click here to read full stories.
Oct 14 - Silver miner Hochschild raises full-year production forecast
Precious metals miner Hochschild Mining Plc raised its full-year production forecast for a second time this year on Thursday, citing better-than-expected performance at its Inmaculada and Arcata mines in Peru.The company, which has mining operations in Peru, Chile and Argentina, said it expected full-year production to be 35 million silver equivalent ounces. Click here to read full stories.
Oct 13 - China goes on unexpected commodities binge even as concerns linger
China went on an unexpectedly big buying spree for crude oil, coal and iron ore last month, customs data showed on Thursday, even as Beijing cools its overheated property market and concerns linger about the health of the world's No. 2 economy. Daily crude imports hit an all-time high as the nation again overtook the United States as the world's top oil consumer, while iron ore imports were the second highest on record, propelling Shanghai rebar steel futures to five-week highs. Click here to read full stories.
Oct 13 - BHP to restore output at Australia's Olympic Dam copper mine after blackout
BHP Billiton is preparing to return to full production at its Olympic Dam copper mine after regaining full electric power, the last of the big industrial sites in southern Australia to restart after a massive blackout two weeks ago. "The focus now is to safely transition our surface operations from a period of care and maintenance back into full production," Jacqui McGill, president of the Olympic Dam division, said in a statement emailed to Reuters on Thursday. Click here to read full stories.
Oct 13 - Indonesia unlikely to relax ban on nickel ore and bauxite exports-minister
Indonesia will "almost definitely" keep in place a ban on nickel ore and bauxite exports, the country's mining minister said on Wednesday, just days after it had considered lifting the restriction to raise extra cash in an overhaul of mining rules. Indonesia banned metal ore exports in early 2014 to encourage miners to build smelters to create jobs and shift exports from raw materials to higher-value finished metals. Click here to read full stories.
Oct 13 - Stronger stainless steel output seen sustaining nickel prices
Nickel's rally is expected to be sustained by robust demand from China's stainless steel mills, a significant factor behind recent price gains which many think are mainly due to worries about supplies from the Philippines. Stainless steel contains nickel and chromium which slows the rate of corrosion significantly. Normal, or carbon, steel without nickel or chromium rusts easily. Click here to read full stories.
Oct 13 - HKEX names former Zhengzhou exchange boss to head new commodity platform
The Hong Kong bourse has appointed the former general manager of the Zhengzhou Commodity Exchange as the head of its new commodities platform in mainland China, it said on Wednesday. Guo Xiaoli, who has 28 years of experience in the commodities sector, was appointed chief executive of the spot commodities platform being developed in southern China by Hong Kong Exchanges and Clearing Ltd, a statement said. Click here to read full stories.
Oct 13 - Nigeria mining ministry in talks over $500 mln fund and corporate bonds - Reuters News
Nigeria's government is in advanced talks with its sovereign wealth fund and stock exchange to create a $500 million exploration fund and corporate mining bonds to attract investment, its mining minister said. Kayode Fayemi also told Reuters Nigeria had made a "promising" nickel discovery and was looking for investors for a moribund steel plant, part of efforts to reduce reliance on oil exports. Click here to read full stories.
Oct 13 - South32 project to boost Colombia ferronickel output beginning in 2017
Australian miner South32 Ltd late next year will begin extraction of ferronickel at a site close to its Cerro Matoso mine in northern Colombia to boost annual production by 5,000 tons by 2020, the company said on Wednesday. The 1,000 hectare project, known as El Esmeralda, requires investment of about $15 million, Ricardo Gaviria, Cerro Matoso's president in Colombia, said in a statement. Click here to read full stories.
Oct 13 - South Africa hasn't protected residents from gold mine pollution: Harvard report
South Africa has failed to protect residents affected by pollution from contaminated water and mine dumps over more than 130 years of gold mining near Johannesburg, an independent investigation by the Harvard Law School said. Its International Human Rights Clinic (IHRC) said successive governments including the current administration had not complied with international law, reacting too slowly and doing too little to reduce the harm from abandoned and active mines near the "City of Gold". Click here to read full stories.
Oct 12 - Global steel sector crisis fading, demand set to grow - Worldsteel
The global steel sector crisis that prompted high profile plant closures and job losses last year is easing, with demand set to grow this year and next, the World Steel Association (Worldsteel) told its conference in Dubai on Tuesday.In 2017, it expects global steel demand to grow 0.5 percent year on year to 1.510 billion tonnes while this year, Worldsteel sees demand up 0.2 percent to 1.501 billion tonnes. Click here to read full stories.
Oct 12 - Alcoa stock tumbles as profit, revenue miss expectations
Metals company Alcoa Inc, weeks away from splitting into two, on Tuesday reported a quarterly profit that missed estimates and lowered its revenue forecast for the unit serving the auto and aerospace sectors, sending shares down 10 percent.Quarterly revenue fell in the business making products for the automotive and aerospace industries, due partly to delays with new jet aircraft engines and pricing pressure, Alcoa said. Click here to read full stories.
Oct 12 - Chinese lenders target Singapore metals merchants as trade push grows
Chinese banks are stepping up lending to midsize metals traders in Singapore, pushing into a gap in the market as U.S. regulations and fading appetite for risk drive Western rivals to focus on larger commodity merchants, metals industry sources said.The move adds to a broader push by Chinese banks overseas and comes as markets for metals such as zinc and aluminium show signs of revival after half-a-decade in the doldrums. Click here to read full stories.
Oct 12 - Legal threats, not war, top commodity producers' concerns in Colombia
Gold mining companies have invested hundreds of millions of dollars but not extracted a gram. Palm farmers are told their land belongs to someone else. Some communities are voting to ban mining in areas already awarded for exploration.Whether or not President Juan Manuel Santos can salvage a peace deal with Marxist rebels that was rejected by voters on Oct. 2, legal roadblocks and high taxes are a major deterrent for companies looking to invest in Colombia. Click here to read full stories.
Oct 12 - Minnow Solgold rejects BHP offer; sets sights on big copper find
Not many small exploration companies would knock back a multi-million-dollar financing offer by BHP Billiton, the world's biggest mining company, but Nick Mather of Ecuador-focused SolGold Plc said he has better offers.Interest in Solgold's Cascabel copper and gold project has already led to a $33 million deal with investment bank Maxit and Australian gold miner Newcrest. Click here to read full stories.
Oct 12 - Peabody, Nippon agree 116 pct rise in Q4 metallurgical coal price
Peabody Energy Corp and Nippon Steel have set the fourth quarter metallurgical coal contract benchmark at $200 a tonne, more than twice the price in the previous quarter, two sources confirmed on Wednesday.The jump of 116 percent underscores a resurgence in Asia's appetite for coal that has also been reflected in a recent mark-up in spot cargoes for grades used in making steel. Click here to read full stories.
Oct 12 - Stainless steel surge impacts nickel and ferro-chrome: Andy Home
Global steel demand will rise by a meagre 0.2 percent this year, according to the World Steel Association (WSA).Next year won't be much better with a forecast of just 0.5 percent growth. But it could have been worse. The WSA has upped its forecasts from April, when it was expecting demand to fall by 0.8 percent this year. Click here to read full stories.
Oct 11 - Miner SolGold says BHP Billiton offer not in its best interest
Gold miner SolGold Plc said on Monday that an offer from global miner BHP Billiton Plc to buy a stake in the company was not in its best interest. BHP Billiton on Saturday offered $30 million, or 22 cents per share, for a 10 percent stake in SolGold, which had a market capitalisation of 203 million pounds ($252.4 million) as of Friday's close. Click here to read full stories.
Oct 11 - Global steel demand set to grow by 0.5 pct in 2017 - WorldSteel
Global steel demand is expected to grow by 0.5 percent year on year to reach 1.51 billion tonnes in 2017, the World Steel Association told its conference in Dubai on Tuesday. This year global steel demand will grow by 0.2 percent to 1.501 billion tonnes, it added. In its April forecast, the organisation said global steel use would fall by 0.8 percent in 2016 to 1.488 billion tonnes. Click here to read full stories.
Oct 11 - Rio Tinto says Guinea iron ore partner IFC to sell stake
Mining giant Rio Tinto said on Monday that the International Finance Corporation (IFC), a partner in its $20 billion Simandou iron ore project in Guinea, is selling its 4.6 percent stake.
The exit of IFC, an arm of the World Bank, is the latest setback for the project to develop the world's biggest untapped iron ore reserves. In July, Rio Tinto's new Chief Executive Jean-Sebastien Jacques indicated the project had been shelved temporarily due to a sustained slump in prices. Click here to read full stories.
Oct 11 - Mali demands Randgold pay half of $80 mln tax claim before talks
Mali's government ordered Randgold Resources on Monday to pay half the 46.89 billion CFA francs ($80 million) it says the London-listed miner owes it before opening talks about the remaining sum. The government last week closed the offices of companies controlled by Randgold, leaving three of its mines there operational. Click here to read full stories.
Oct 11 - Northam Platinum acquires mining right from Amplats for $72 mln
South Africa's Northam Platinum has acquired a mining right from Anglo American Platinum (Amplats) for 1 billion rand ($72 million), the companies said on Tuesday. "The proceeds will be used to further reduce net debt and strengthen Anglo American Platinum's balance sheet," Amplats Chief Executive Chris Griffith said. The right comprises around 16.7 million ounces and is on the northwestern boundary of Northam’s Zondereinde mine. Click here to read full stories.
Oct 10 - China says 173 steel firms violate environmental rules
As many as 173 Chinese steel enterprises were found to have violated the country's environmental rules during recent nationwide investigations into the industry, the environment ministry said on Monday. The Ministry of Environmental Protection said in July that it had set up dedicated inspection teams to determine whether the country's giant steel sector was meeting state technology and emission standards. Click here to read full stories.
Oct 10 - China says EU duties on Chinese steel are unfair
China's Commerce Ministry has expressed concern and regret after the European Union set provisional import duties on two types of Chinese steel coming into the bloc, calling its investigation methods "unfair". The duties announced on Friday are the latest in a line of trade defences set up against Chinese steel imports over the past two years to counter what EU steel producers say is a flood of steel sold at a loss due to Chinese overcapacity. Click here to read full stories.
Oct 10 - The aluminium queue saga draws to a close: Andy Home
It was almost exactly six years ago that Deutsche Bank cancelled 100,000 tonnes of aluminium sitting in London Metal Exchange (LME) warehouses in Detroit. It was the largest cancellation of metal in the LME's history and bloated the load-out queue at sheds operated by Metro from a benign 20 days to a monster 120 days. Click here to read full stories.
Oct 10 - Philippines to cancel environmental permit of nickel miner as crackdown continues
The Philippines will cancel the environmental permit of a nickel miner that began operations this year, a minister said, as the government intensifies a campaign to punish mineral producers harming natural resources. The Southeast Asian country is the world's top nickel ore supplier and an environmental crackdown that has halted a quarter of its 41 mines, and the risk that 20 more maybe shuttered has spurred a rally in global nickel prices. Click here to read full stories.
Oct 10 - Australia's Fortescue pays a dollar to buy out iron ore partner
Fortescue Metals Group on Monday said it has bought out rival BC Iron's 75 percent interest in a mothballed iron ore mine in Australia for just one dollar, ending a seven-year partnership forged during the now-defunct mining boom. The sale of BC Iron's stake in the Nullagine mine potentially boosts Fortescue's annual capacity by around 6 million tonnes, although the company gave no time line for resuming operations at the mine. Click here to read full stories.
Oct 10 - Indonesia eyes 15 mln T nickel ore exports in 2017
Indonesia could export up to 15 million tonnes of nickel ore in 2017 if it amends a ban on unprocessed ore exports, a mining ministry official said on Friday. Indonesia banned metal ore exports in early 2014 to encourage miners to build smelters to create jobs and shift exports from raw materials to higher-value finished metals. Indonesia's nickel ore exports had increased sharply before the ban was implemented, hitting about 60 million tonnes in 2013. Click here to read full stories.
Oct 10 - Freeport reaches deal with workers to end Indonesia copper mine stoppage
Mining operations at Freeport-McMoRan Inc.'s giant Grasberg open pit site in the Indonesian province of Papua "have returned to normal" after resolution of a labour dispute, the company said on Monday. "PT Freeport Indonesia and representatives of the PT Freeport Indonesia Chemical, Energy and Mining Workers Union have reached an agreement to end the work stoppage at the Grasberg open pit mine," Freeport Indonesia spokesman Riza Pratama told Reuters via text message. Click here to read full stories.
Oct 10 - Speculators cut bullish COMEX gold, silver stances to 4-month lows
Hedge funds and money managers reduced their net long positions in COMEX gold and silver contracts to four-month lows in the week to Oct. 4, as prices tumbled, U.S. government data showed on Friday. The speculators raised their net long position in copper futures and options, U.S. Commodity Futures Trading Commission (CFTC) data showed. Click here to read full stories.
Oct 10 - Goldcorp says protesters end blockade at Penasquito mine in Mexico
Canadian miner Goldcorp reached an agreement with protesters to lift a blockade that interrupted operations at its Penasquito gold mine in the northern Mexican state of Zacatecas, the company said late Friday. In a statement, Goldcorp said it hopes activity will resume at the mine at the weekend, five days after it announced the temporary suspension of operations due to a blockade by truck drivers protesting a loss of contracts at the country's biggest gold deposit. Click here to read full stories.
Oct 10 - Randgold says Mali mines stay open despite tax dispute
Randgold Resources said on Sunday that it is seeking to resolve a tax dispute with the Malian government, adding that the disagreement has not affected operations at its three mines in the West African country. "We trust that the parties will return to the negotiating table in the spirit of constructive partnership that had previously characterised our dealings in order to find a mutually acceptable solution," said Randgold Resources chief executive Mark Bristow. Click here to read full stories.
Oct 10 - Botswana puts state-owned BCL Mine under liquidation on losses
Botswana's government will put its largest copper and nickel producer, BCL Mine Limited under provisional liquidation due to non-profitability, Mineral Resources Minister Sadique Kebonang said on Saturday. Kebonang said the government could not afford the cost of about 7.6 billion pula ($713 million) needed to keep the state-owned firm running. Click here to read full stories.
Oct 07 - Australia boosts iron ore, coal price forecasts on China demand
Australia on Friday raised its 2016 average price forecasts for its two highest-grossing exports, iron ore and coal, citing a surprise upturn in demand from steelmakers in China. In its latest quarterly outlook, Australia's Department of Industry, Innovation and Science boosted its forecast for iron ore by 10 percent to an average $48.50 a tonne this year, while metallurgical coal was increased 16 percent to $99.40 a tonne. Click here to read full stories.
Oct 07 - Return of power to BHP's Olympic Dam mine delayed due to high winds
Power is unlikely to be restored to the area near BHP Billiton's Olympic Dam copper mine in South Australia before Monday, nearly two weeks after a massive outage forced it to shut down, power supplier ElectraNet said on Friday. BHP said the time taken to restore power was "regrettable," and that most operations remained on care and maintenance. Click here to read full stories.
Oct 07 - The great aluminium premium unwind continues: Andy Home
Japanese aluminium buyers will pay a premium of $75 per tonne over the London Metal Exchange (LME) cash price for their shipments in the fourth quarter of this year. The settlement with producers, which will serve as the benchmark for Asian physical aluminium markets, marks a near 20-percent decline from the previous quarterly premium of $90-93 per tonne and is the lowest level since the third quarter of 2009. Click here to read full stories.
Oct 07 - Gold targets $1,200 level after breaking 2016 uptrend
Gold prices could pull back to as low as $1,200 an ounce after breaking out of their 2016 uptrend this week, according to analysts who study past price patterns to determine future direction. Gold crashed more than 3 percent on Tuesday after breaking support at $1,300 an ounce, the lower end of the range it had been trading in since late June. The $1,300 level was also the May high and the September low. Click here to read full stories.
Oct 07 - EU sets anti-dumping duties on two grades of Chinese steel
The European Union will impose duties on two grades of steel imported into the bloc from China to counter what it says are unfairly low prices. The duties are set at between 13.2 and 22.6 percent for hot-rolled flat iron and steel products and at between 65.1 and 73.7 percent for heavy-plate steel , according to a filing in the European Union's official journal. Click here to read full stories.
Oct 07 - Waste containment at Samarco mine to be complete by year-end - BHP
BHP Billiton expects to complete work by year-end to contain the remaining waste that spewed from the Samarco iron ore project after a dam collapsed last November in Brazil's worst environmental disaster on record. When the Fundao dam burst at the mine, owned 50-50 by BHP and Vale SA, enough mud to fill 12,000 Olympic swimming pools flattened an entire village, killed 19 people and left hundreds homeless. Click here to read full stories.
Oct 07 - Indonesia could export 15 mln tonnes nickel ore in 2017 -govt
Indonesia could export up to 15 million tonnes of nickel ore in 2017 if it amends a ban on unprocessed ore exports that was introduced in 2014, a mining ministry official said on Friday, referring to ongoing discussions of the policy. "Nickel and bauxite mine permit holders that have committed to building smelters would be allowed to export minerals and concentrate," Energy and Mineral Resources Ministry Secretary General Teguh Pamudji said. Exports of unprocessed rare earth metals were also being considered, he said. "This is definitely in the national interest." Click here to read full stories.
Oct 07 - Rio Tinto awaits word on Mongolia's railway, power project investment
Rio Tinto is waiting for word on the Mongolian government's efforts to attract investment for railway and power infrastructure projects that will boost the global miner's Oyu Tolgoi copper-gold mine, Chief Executive Jean-Sebastien Jacques said. The land-locked country sits on vast, untapped mineral wealth but inadequate transportation infrastructure has held back development, with several proposed railway projects to ship copper, coal and gold to China long out of reach because of prohibitive costs and arguments over security. Click here to read full stories.
Oct 07 - In South Africa's deep mines, drones may soon go where humans should not
South Africa is developing drones for the mining industry for inspections in potentially unsafe areas underground, removing the need to put humans in harm's way, an industry conference heard on Thursday. Fred Cawood, the director of the Mining Institute at Johannesburg's University of the Witwatersrand, told the conference drones were being developed to send to danger zones beneath the surface. Click here to read full stories.
Oct 06 - UK consumers snap up physical gold after price slides under 1,000 pounds/oz
Physical gold demand in London jumped after this week's price drop, dealers said on Wednesday, as consumers were tempted back to the market by the metal's technically-driven slide through 1,000 pounds an ounce. Online gold trading platform BullionVault.com saw its heaviest trading day on Tuesday since its all-time record on June 24, the day of the UK referendum result on European Union membership, head of research Adrian Ash said. Click here to read full stories.
Oct 06 - Chile's Codelco delays billions in investment as copper price bites
The world's biggest copper miner, Codelco, said it would delay some $2.25 billion worth of planned investment, as its profits have dried up due to weak prices globally for copper. The state-run company is part-way through an ambitious investment plan, with five major projects underway to expand its old mines and keep its output flowing.Click here to read full stories.
Oct 06 - Evolution boss sees global uncertainty underpinning gold price
Evolution Mining, Australia's no.2 gold miner, expects gold prices to remain strong due to geopolitical and fiscal uncertainty, despite a recent drop on prospects of a U.S. rate hike in December. "Until global economies can address the underlying systemic reality that we are all spending more than we can afford, it may be good for gold but not much else," Evolution's executive chairman, Jake Klein, said at an industry event.Click here to read full stories.
Oct 06 - Chile's Collahuasi launches large power tender, eyes renewables
Chile's Collahuasi mine, one of the largest copper deposits in the world, told Reuters on Wednesday it had launched a large power tender and a source said it had a particular interest in non-conventional renewable energy. "Collahuasi is carrying out a private request for bids for 1,200 GWh (gigawatt hours) of annual energy and approximately 150 megawatts of power, to be delivered starting in the year 2020," a spokesman wrote in an email to Reuters after two sector sources said it was holding the auction.Click here to read full stories.
Oct 06 - Talks to resolve Goldcorp Mexico mine blockade under way - official
Negotiations are under way to resolve a week-long blockade at Goldcorp Inc's suspended Peñasquito gold mine in Mexico, a government mediator said on Wednesday. Goldcorp, the world's No. 3 gold miner by market value, said on Monday that it shut mine operations on safety concerns from the blockade by a trucking contractor concerned about losing business due to mine efficiencies. Click here to read full stories.
Oct 06 - Amplats, Sibanye still confident of Rustenburg deal this year
Anglo American Platinum remains confident the disposal of its labour-intensive Rustenburg mines in South Africa to Sibanye Gold will clear its last regulatory hurdle this year, its chief executive said on Wednesday. Chris Griffith also told Reuters wage talks with unions including the Association of Mineworkers and Construction Union (AMCU), the majority union at Rustenburg, were "fairly close" to a deal but did not need to be sealed to complete the disposal.Click here to read full stories.
Oct 06 - U.S. plans to stockpile more lithium compounds used in batteries
The U.S. Defense Logistics Agency (DLA) said it has a mandate to buy 600 kg of lithium cobalt oxide (LCO) and 2,160 kg of lithium nickel cobalt aluminium oxide (NCA) in the fiscal year starting Oct. 1. The amounts were detailed by the DLA in its Annual Materials Plan for financial year 2016-2017, which runs from October to September, published on its website this week. Click here to read full stories.
Oct 06 - German Thyssenkrupp Steel workers get assurances on jobs, wages
Around 8,000 Germany-based employees at Thyssenkrupp Steel have been given assurances that current collective wage agreements and job guarantees would be upheld during its restructuring, the head of the works council, Guenter Back, said on Wednesday. "This has now been assured," Back said in a statement. Click here to read full stories.
Oct 06 - UBS is dismissed in U.S. silver lawsuit, other claims narrowed
A U.S. judge has dismissed UBS Group AG as a defendant in a lawsuit accusing big banks of conspiring to fix silver prices and exploit price distortions at investors' expense. In a decision made public on Tuesday, U.S. District Judge Valerie Caproni in Manhattan also said investors may pursue some but not all antitrust and manipulation claims against Bank of Nova Scotia ("ScotiaBank") and HSBC Holdings Plc. Click here to read full stories.
Oct 06 - Kosovo makes renewed bid for control of mining behemoth
Kosovo's government plans to make a renewed bid to take control of a huge mining complex and save it from bankruptcy despite strong objections from Serbia which claims it owns the business. The Trepca lead, zinc and silver mines once employed 20,000 people and accounted for most of former Yugoslavia's mineral wealth. Now far smaller and with estimated debts of 1.4 billion euros ($1.6 billion) it is still Kosovo's largest company. Click here to read full stories.
Oct 05 - Indonesia expects mining rule overhaul within weeks
Indonesia is finalising an overhaul of its mining rules that could give companies up to five more years to build smelters, and reopen exports of nickel ore banned since 2014, the country's mining minister said on Tuesday. The proposed changes provide a way around a 2017 deadline for full domestic processing of mineral ores, potentially pushing completion of that aim to 2022, but also possibly undermining investor confidence. Click here to read full stories.
Oct 05 - Repairs underway to restore power to Olympic Dam mine - power company
Repairs to transmission lines damaged in a freak storm last week that would restore power to BHP Billiton's Olympic Dam copper mine could be completed by early next week, power supplier Electranet said on Wednesday. Olympic Dam remains on care and maintenance, said a BHP spokesman, who could not say when production might resume. The storm blacked out all of South Australia state on Sept. 28. Click here to read full stories.
Oct 05 - India extends steel floor prices to Dec. 4 to curb cheap imports
India extended a floor price for imports of steel products for a further two months late on Tuesday as the government tries to protect the domestic industry from cheap overseas shipments, especially from China. The floor price, or the minimum import price, was introduced for six months in February, the first time the government had taken such a step in more than 15 years. It was extended from its initial expiry in August to Oct. 4. Click here to read full stories.
Oct 05 - Barrick Gold's Argentina mine resumes operations after spill
Barrick Gold Corp said on Tuesday normal operations had resumed at its Veladero mine in Argentina following approval from local authorities after processing solution containing cyanide spilled last month. Operations were suspended at the mine on Sept. 15 after falling ice damaged a pipe, spilling some crushed ore saturated with process solution containing cyanide. This is the second cyanide spill in just over a year at Veladero. Click here to read full stories.
Oct 05 - India expects ArcelorMittal JV to start production in two years
India expects a joint venture between state-owned Steel Authority of India Limited (SAIL) and ArcelorMittal to start producing automotive-grade steel in two years, a government official said on Tuesday. Officials from the two companies are due to meet on Thursday to take forward talks about a proposed 60 billion rupee ($902 million) plant that will produce 1.2 million tonnes of steel per year to begin with, Steel Secretary Aruna Sharma told Reuters. Click here to read full stories.
Oct 05 - South Africa's Sibanye Gold shuts mine after union violence
Work at South African miner Sibanye Gold's Cooke mine has been suspended after two members of the National Union of Mineworkers were left in a critical condition after being attacked, a spokesman for the company said on Tuesday. In total four Sibanye employees suffered injuries in the attacks, which were related to an illegal strike that started on Monday following a dispute about union membership verification, the firm said in a statement. Click here to read full stories.
Oct 04 - Goldcorp shuts biggest gold mine after week-long blockade
Goldcorp Inc said on Monday it was temporarily shutting down its Peñasquito gold mine in Mexico as it was unable to safely continue operations due to a week-long blockade by a trucking contractor, sending its shares down nearly 5 percent. The world's No. 3 gold miner by market value said it was unable to bring in food, water and fuel for the 750 people on the site, which has been blockaded by a contractor concerned about losing business due to efficiency improvements at the mine. Click here to read full stories.
Oct 04 - Lead seen vulnerable, lifted by big position, not real shortages
Rallying lead prices are unlikely to be sustained, with the run higher fuelled by a temporary smelter outage and one player keeping a tight grip on inventories rather than long-term shortages of physical metal, sources say. One player had amassed up to half of on-warrant LME lead inventories - those not earmarked for delivery and available to investors - exchange data showed. Click here to read full stories.
Oct 04 - Small Tasmanian nickel mine symbol of hope in uncertain market: Russell
It's not often that jobs get exported from the developing world back to a developed country, but this is likely to be the case with nickel, the Philippines and Australia. The new Philippine government of President Rodrigo Duterte has roiled global nickel markets by suspending 10 nickel mines and threatening the closure of at least 12 more, citing environmental violations. Click here to read full stories.
Oct 04 - BHP, Rio rebuff proposed iron ore tax change in Australian state
Mining giants Rio Tinto and BHP Billiton on Tuesday rebuffed proposals to replace one of the taxes they must pay on their iron ore businesses in the state of Western Australia with annual upfront payments. Both companies mine most of their iron ore in the state, which is forecast to post a A$3.9 billion ($3 billion) budget deficit this year. Click here to read full stories.
Oct 04 - Lead's not dead it's just been sleeping: Andy Home
Oh...hello! The lead market's just woken up. After months of dull sideways trading London lead burst into life last week, jumping almost $200 per tonne to hit a 16-month high of $2,157.Investment money is flowing into both the Shanghai and London markets and the latter is experiencing tightening time-spreads thanks to a dominant long position. Click here to read full stories.
Oct 04 - Indonesia 'still discussing' overturning nickel ore export ban
Indonesia is still considering whether to resume nickel ore exports amid broader talks on the mining rules in Southeast Asia's biggest economy, the mining minister said on Tuesday, and expects to make a decision within weeks. Indonesia banned exports of unprocessed nickel ore in 2014. Smelter companies have said they fear a reversal of the ban would undermine prices of the metal and put at risk up to $12 billion in investments. Click here to read full stories.
Oct 04 - Cuban nickel industry shuttered as Hurricane Matthew looms
Cuba’s two nickel processing plants were temporarily shut down on Monday, state-run media said, as powerful Hurricane Matthew threatened the eastern part of the Caribbean island, where the country's top export earning industry is located. State-run television on Monday, reporting on a meeting of Cubaniquel, the state-run nickel monopoly, said, "The principal objective is to avoid serious damage and later carry out a smooth reopening of the industry.” Click here to read full stories.
Oct 04 - India's gold imports drop for ninth straight month in Sept - GFMS
India's gold imports fell for a ninth straight month in September as weak retail demand and higher discounts prompted banks and refineries to cut overseas purchases of the bullion, provisional data from consultancy GFMS showed on Monday. Lower demand from the world's No. 2 gold consumer could weigh on global spot prices that have risen by 24 percent so far in 2016, but help the south Asian country to reduce its trade deficit. Gold is one of India's biggest expenses on its import bill. Click here to read full stories.
Oct 04 - Freeport Indonesia copper mine operations halt amid labour dispute
Mining operations at Freeport-McMoRan Inc.'s giant Grasberg open pit site in the Indonesian province of Papua have stopped as a result of a labour dispute, company and union officials said on Monday. Any disruption to supplies from one of the world's biggest copper and gold mines could support benchmark metal prices. Click here to read full stories.
Oct 04 - Slovenia halts privatisation of metal products maker MLM
Slovenia has temporarily halted the privatisation of metal products maker MLM due to "insufficient interest" from potential investors, state-owned Slovenian Sovereign Holding, which is coordinating the privatisation, said on Monday. "The process of the sale is expected to continue in the first half of 2017 when the results of (the) debt restructuring of MLM will be seen and when audited business results for 2016 will be available," SDH said in a statement. Click here to read full stories.
Oct 03 - Investors shy away from platinum as concern over inventories persists
Investors bruised by platinum's dismal failure to capitalise on a five-month strike in 2014 are not convinced that stocks of the metal have shrunk enough to justify a return to the market, despite positive supply-side news this year. The extent of stocks became apparent during the strike in number one producer South Africa two years ago, when a production loss of more than a million ounces resulted in no supply shortage, and little response in prices. Click here to read full stories.
Oct 03 - Australian storm disrupts supply of raw materials to Asia
The world's fourth biggest copper deposit Australia's Olympic Dam remained indefinitely idle on Friday and production at some of the country's major steelworks halted, after a massive power outage, disrupting supply lines of raw materials to Asia. The power outage across South Australia state on Wednesday, caused by severe storms, has paralysed some of the world's largest sources of copper, uranium, lead and precious metals. Click here to read full stories.
Oct 03 - LME warehousing reform; mission accomplished? Andy Home
The London Metal Exchange (LME) has this week confirmed it will cap both rents and load-out charges across its physical delivery network effective next year. The move was widely expected. The exchange has learnt the hard way to tick all the boxes when it consults users on changes to its warehousing system. Click here to read full stories.
Oct 03 - Codelco submits plan to keep Salvador mine going
Chile's state-owned Codelco submitted to environmental regulators on Friday a $55 million project to give operational continuity through 2021 to its Salvador copper mine, the company's smallest and costliest deposit. World No.1 copper producer Codelco is battling to keep a lid on costs at Salvador, which produced 49,000 tonnes of copper in 2015, to ensure production is viable at a time when copper prices are low. Click here to read full stories.
Oct 03 - China's iron ore party rolls on in September, underpinning prices: Russell
China's appetite for imported iron ore continued unabated in September, with vessel-tracking data showing seaborne arrivals should at least match the strength shown in recent months. Shipping data compiled by Thomson Reuters Supply Chain and Commodity Forecasts shows that 85.24 million tonnes of the steel-making ingredient arrived at Chinese ports in September. Click here to read full stories.
Oct 03 - Protesters blockading Goldcorp's Mexico mine say plan to stay
Protesters blocking access to Goldcorp Inc's Penasquito goldmine in northern Mexico said on Friday they will not leave until there is an agreement with the company on its demands for jobs and compensation for water use and environmental damage. Vancouver-based Goldcorp was not immediately available for comment. It said on Thursday that the illegal blockade was not affecting operations and it expected to quickly resolve the issue. Click here to read full stories.
Oct 03 - Speculators boost bullish COMEX gold bets - CFTC
Hedge funds and money managers raised their net long position in COMEX gold for the first time in three weeks in the week to Sept. 27, U.S. Commodity Futures Trading Commission data showed on Friday. Money managers raised their net long position in bullion by 42,758 to 261,892 lots, the data showed, the highest since Sept. 13. Click here to read full stories.
Oct 03 - Philippines says may not freeze all 20 mines facing suspension
The Philippines said on Friday it may not halt operations at all 20 mines facing suspension for environmental violations and will give themtime to addressproblems a softening of a tough stance that has seen 10 mines shut and a spike in nickel prices. Asked if it was possible that not all 20 mines would be suspended, Environment and Natural Resources Secretary Regina Lopez told Reuters: "Yes, if they are able to fix whatever" needs to be fixed. Click here to read full stories.
Oct 03 - Argentina judge rules Barrick mine to remain suspended
A judge in Argentina ruled that Barrick Gold Corp's operations at its Veladero mine would remain suspended, saying repairs were insufficient to reopen it after a leak of processing solution containing cyanide earlier this month. Judge Pablo Oritja's decision was based on a report from mining police in San Juan province that found Barrick had not installed security cameras and sensors as required, state news agency Telam said on Friday. Click here to read full stories.
Oct 03 - Desperate uranium miners switch to survival mode despite nuclear rebound
The nuclear industry is gradually recovering from its post-Fukushima slump, but excess capacity keeps uranium prices at record lows, forcing mining companies to mothball mines, slice costs and cut debt as they struggle to survive. In the wake of the March 2011 Fukushima disaster, Japan closed its nuclear reactors, which accounted for some ten percent of the more than 400 reactors operating globally. Click here to read full stories.
Sep 30 - Alcoa board approves split, expected effective Nov. 1
Aluminum producer Alcoa Inc said on Thursday its split into two publicly traded companies is expected to be effective Nov. 1, after the company's board approved the separation. Alcoa said last year it would break itself in two, separating a faster growing plane and car parts business from the traditional aluminum smelting and refining operations, as shareholders sought higher returns amid a commodity slump. Click here to read full stories.
Sep 30 - Blockade underway at Goldcorp's Penasquito mine in Mexico
Protesters in northern Mexico blocked access to the Penasquito mining complex operated by Goldcorp Inc on Thursday, but the company said operations were unaffected and the issue would be resolved quickly. Vancouver-based Goldcorp said the blockade was illegal and caused by a trucking contractor concerned about losing business due to efficiency improvements at the mine. Click here to read full stories.
Sep 30 - Japan Q4 aluminium premium set at $75/T, down 17-19 pct from Q3 - sources
Japanese aluminium buyers have agreed to a premium of $75 a tonne for metal to be shipped over October-December, down 17-19 percent from the prior quarter, on softer spot premiums amid a supply glut, five sources directly involved in the talks said. Japan is Asia's biggest importer of aluminium and the surcharges, or premiums, which consumers pay to producers on top of the London Metal Exchange cash price for primary metal shipments, set the benchmark for the region. Click here to read full stories.
Sep 30 - Philippine mining minister: Not all 20 mines facing suspension may be halted
The Philippine government may not freeze all 20 mines facing suspension for environmental infractions and they will be given time to address any lapses, the minister in charge of mining said on Friday."Yes if they are able to fix whatever" needs to be fixed, Environment and Natural Resources Secretary Regina Lopez told Reuters when asked if it is possible that not all 20 mines will be suspended. Click here to read full stories.
Sep 30 - British Steel back in profit after spin-off from Tata
British Steel has returned to profit in its first 100 days of trading after being spun off as a loss-making division in April by India's Tata Steel after it decided to exit the troubled British steel sector. Investment firm Greybull Capital LLP bought the steelworks, based in Scunthorpe, northern England for 1 pound, reviving the historic British Steel brand, saving some 4,000 UK steel jobs and up to four times that amount in sectors dependent on steel making. Click here to read full stories.
Sep 30 - China aluminum officials at U.S. trade hearing urge dialogue in face of criticism
A Chinese industry group making a rare appearance at a U.S. government hearing sought on Thursday to counter arguments that excess aluminum capacity in China threatened American and global producers and processors of the metal. Appearing at the end of a day of submissions at the U.S. International Trade Commission, the officials argued that China's aluminum industry had been a major contributor to the global economy. Click here to read full stories.
Sep 30 - Kirkland Lake to acquire Newmarket Gold in growth push
Canada's Kirkland Lake Gold will acquire Australian miner Newmarket Gold for about C$1 billion ($764 million) in stock, creating a mid-tier producer poised to grow, the companies said on Thursday. The transaction is somewhat of an outlier, as gold mining executives say the rising price of bullion has made acquisitions costlier for a sector focused on financial discipline. Click here to read full stories.
Sep 30 - Brazil grants formal operating license to Thyssenkrupp CSA steel mill
Rio de Janeiro's state environmental authority has granted a definitive operating license to Thyssenkrupp's CSA steel mill, a note published in the state's official gazette said on Thursday. The mill had been running on provisional licenses for the past six years, during which time it regularly attracted criticism from environmentalists and prosecutors. Click here to read full stories.
Sep 30 - Tata Steel says making progress on extra land for Indian plant
Tata Steel Ltd is making good progress on acquiring the land it needs to double the capacity of its newest steel plant in eastern India to meet growing demand in the country, a company executive said. Tata Steel, which has the capacity to make 27 million tonnes of steel in Asia and Europe, wants to add more in its home base in India where demand for the alloy is expected to grow faster than elsewhere in the world. Click here to read full stories.
Sep 29 - Aluminium rally expected to fade as oversupply comes into focus
Semi-finished aluminium goods in China are being turned back into metal, sources say, highlighting a supply overhang that casts doubt on the sustainability of a price rally this year.Aluminium prices have rallied this year due to the appearance of a tighter market. Assumptions that supply from top producer China would ease had been reinforced by falling stocks of aluminium in warehouses monitored by the Shanghai Futures Exchange (ShFE), which have fallen nearly 70 percent since March to near 100,000 tonnes. Click here to read full stories.
Sep 29 - Canadian miner's affiliate holds off Philippine IPO plan as mine faces suspension
A Philippine nickel miner, partly owned by Canada's TVI Pacific Inc said it has put on hold a plan to list on the local stock exchange after the government said its mine may be suspended for environmental violations. TVI Resource Development (Philippines) Inc (TVIRD) holds a 60 percent stake in Agata Mining Ventures Inc. Agata's nickel laterite mine on the southern Philippine island of Mindanao is among 20 more mines that the government's environment agency said may be halted. Manila has already suspended 10 mines in an audit over the past two months. Click here to read full stories.
Sep 29 - London Metal Exchange tin stocks; going, going...? Andy Home
Stocks of tin held in London Metal Exchange (LME) warehouses fell by another 80 tonnes yesterday. Headline inventory of 3,460 tonnes is the lowest it's been since 2008 and equivalent to less than four days of global usage. Even that figure, however, flatters to deceive. Click here to read full stories.
Sep 29 - Brazil voices concern at US steel barriers, Chile shipping treaty
Brazil is consulting with the World Trade Organization about U.S. barriers to Brazilian steel exports, Foreign Minister Jose Serra told journalists on Wednesday. Serra also said he was awaiting feedback from the Transportation Ministry about lodging a formal complaint against a maritime treaty with Chile that appears to be pushing up shipping costs compared to its more distant neighbors. Click here to read full stories.
Sep 29 - Scottish investment hopes rise as mothballed steel plant reopens
Scotland's last major steelworks reopened under the ownership of industrialist Sanjeev Gupta on Wednesday, heralded by Nicola Sturgeon's government as proof that the country can draw investment and protect industry in difficult times. Liberty Steel bought the 144-year-old Dalzell plant in Motherwell and its sister works at Clydebridge in Glasgow in April from Tata Steel for a symbolic sum, with the Scottish government underpinning the process. Click here to read full stories.
Sep 29 - China punishes coal, steel companies for violating pollution, safety rules
China's state planner has punished hundreds of coal and steel companies by forcing them to close or cut output for violating environmental and safety regulations, the latest effort to crack down on the country's heavily polluting industries. The National Development and Reform Commission (NDRC) forced two steel companies to shut completely, 29 firms to halt production and another 23 to curb output, it said in a statement on Thursday. The closures and curbs followed a nationwide inspection of more than 1,000 steel makers in the world's top producer. Click here to read full stories.
Sep 29 - Liberty bid for two Tata Steel UK units worth nearly 100 mln pounds - source
Industrial and commodity group Liberty House's bid for Tata Steel UK's speciality steel and pipe businesses is worth nearly 100 million pounds ($130 million), an industry source told Reuters on Wednesday. Britain's largest steelmaker paused the sale of its major UK assets in July to explore a joint venture with Germany's Thyssenkrupp, but proceeded with separate talks to sell its speciality and pipe businesses. Click here to read full stories.
Sep 29 - Protesters block access to Mexican mine owned by Goldcorp
Protesters in northern Mexico said they have blocked access to the Penasquito mining complex operated by Goldcorp, threatening to interrupt production at the country's biggest gold deposit. The protesters, which include landowners and truck drivers, began their blockade on Monday and are demanding payment for environmental damages, jobs, and water for their communities, Felipe Pinedo, one of the protest leaders, said on Wednesday. Click here to read full stories.
Sep 29 - BHP Olympic Dam copper mine output shut after power outage
BHP Billiton said a massive blackout in South Australia has forced it to suspend production at its Olympic Dam copper, gold and uranium mine to divert back-up power to maintain essential operations at the remote site. A BHP spokesman did not say when operations would resume at the mine, which produced 203,000 tonnes of copper in fiscal 2016, or about 13 percent of company-wide output. Click here to read full stories.
Sep 29 - Brazil's CSN says no definitive deal to sell stake in Congonhas
Brazilian steelmaker Cia Siderúrgica Nacional SA said on Wednesday it had no definitive deal to sell part of its stake in Congonhas Minerios SA, the country's No. 2iron ore producer,following a report that it was considering a such sale. CSN, as the company is known, was responding in a filing to securities regulator CVM, whichquestioned the steelmaker after Reuters reported on Monday that it might sell part of its 88 percent stake in Congonhas to China Brazil Xinnenghuan International Investment Co. Click here to read full stories.
Sep 29 - Anglo American eyes job cuts at Australian coal mine
Global miner Anglo American on Thursday said it had opened talks with workers and unions on a proposal to cut 90 jobs at its Capcoal coking coal mine in Australia, where industrial work stoppages have been underway since August. Anglo American, in the process of selling off its coal mining business in Australia to pay debt, said consultation was needed to "address a challenging commercial environment and unplanned delays to production", despite increases in coal prices. Click here to read full stories.
Sep 28 - Zinc: Is the rally fading?
Zinc has been investors' favourite base metal this year -- with gains of 43 percent to date -- following the closure and suspension of several key mines. However, zinc prices may be due for a pull back, on falling demand for steel in China and investor pressure on Glencore, the world's largest zinc processor, to raise output. To read more, click here.
Sep 28 - China's Dongbei Special Steel makes revival plan after defaults -newspaper
Dongbei Special Steel Group, the struggling Chinese steelmaker, has ironed out a business revival plan, aiming to return to profit and slash leverage ratio in three years' time, the Economic Observer reported on Wednesday, citing unidentified sources. According to the plan, made at an internal meeting on Sept. 20, Dongbei Special Steel aims to make a profit of 300 million yuan ($44.98 million) in 2018 on total revenue of 35 billion yuan, while reducing debt-to-assets ratio to below 60 percent, the newspaper said, without giving comparative figures. Click here to read full stories.
Sep 28 - Distinctive Dalzell reopens in effort to salvage steel jobs
Britain's largest steel plate mill reopens under owner Liberty Steel on Wednesday, a deal brokered by a Scottish government keen to stem the decline of its industrial heartland. Liberty bought the Dalzell plant in Motherwell and its sister works at Clydebridge in Glasgow from Tata Steel for a symbolic sum in April this year, with the Scottish government underpinning the process and no value disclosed. Click here to read full stories.
Sep 28 - Japan steel industry sees China merger promoting structural reform
"We welcome the move as the higher concentration will help advance structural reform in the Chinese steel industry," Kosei Shindo, the chairman of the Japan Iron and Steel Federation, told a news conference. China's Baosteel Group fleshed out its plans to buy rival Wuhan to create the world's second-largest steelmaker behind ArcelorMittal last week, part of Beijing's effort to consolidate its fragmented steel industry. Click here to read full stories.
Sep 28 - High coking coal prices could stay -Teck Resources executive
Steelmaking coal prices, which have more than doubled this year, could stay high for several quarters as supply from mines that have restarted take time to reach the market, an executive at Teck Resources Ltd the world's second-largest exporter, said on Tuesday. Current spot prices of above $200 a tonne are unsustainable, and the Canadian miner expects prices to settle between $100 and $200 a tonne, Greg Waller, Teck's vice president for investor relations and strategic analysis, told Deutsche Bank's 24th annual leveraged finance conference in Scottsdale, Arizona. Click here to read full stories.
Sep 28 - Chile regulator approves $19 mln environment plan at KGHM copper mine
Chile's environmental regulator said on Tuesday it has approved a $19.1 million mitigation plan presented by KGHM's Sierra Gorda copper mine, after it found nine infractions at the operation. In March, the SMA environmental regulator pressed charges against Sierra Gorda, saying the copper mine could be fined up to $29 million and have its license revoked, for committing seven "serious" and two "mild" environmental infractions. Click here to read full stories.
Sep 28 - Philippines to suspend 20 more mines, boosting nickel price
The Philippines has ordered the suspension of 20 more mines for environmental violations, as the world's top supplier of nickel ore vowed to pursue stricter standards than in global mining centres such as Canada and Australia. Most of the mines were nickel producers and the news sent global prices up more than 1 percent on Tuesday, helping the metal recover from earlier losses amid worries over disruption of supply to the important Chinese market. Click here to read full stories.
Sep 28 - China's MMG in deal to sell long-idle Australian nickel mine
China's MMG Ltd on Wednesday said it will sell its long-idle Avebury nickel mine in Australia to a private exploration company for A$25 million ($19.19 million). The sale, which MMG expects to finalise by the year-end, requires Australia-based Dundas Mining to pay a deposit of A$1.5 million. According to MMG, the sale agreement will be completed only when the full payment is done. Click here to read full stories.
Sep 28 - Ghana's gold output up 38.6 pct at 1.99 mln ounces in first half
Ghana's gold output rose 38.6 percent in the first half of 2016 to 1,993,850 ounces from 1,438,656 ounces a year ago, boosted mainly by new mining operations, the Ghana Chamber of Mines said on Tuesday. Africa's second-largest gold miner after South Africa earned $2.43 billion from gold in the first six months compared with $1.75 billion in the same period last year, the Chamber said. Click here to read full stories.
Sep 28 - Vale board to debate asset sales on Thursday - Valor
The board of directors of Brazil's Vale SA, the world's largest iron ore exporter, plans to vote on the sale of two important assets at a meeting on Thursday, the Valor Economico daily newspaper said on Tuesday. The board is expected to approve the sale of part of its giant Moatize coal mine, railway and port project in Mozambique to Japan's Mitsui & Co, the paper said, without citing sources. Click here to read full stories.
Sep 28 - China net gold imports via Hong Kong hit six-month low
Top consumer China's net gold imports via main conduit Hong Kong slid about 45 percent in August to the lowest in six months, dragged down by a decline in retail demand for physical gold, data showed on Tuesday. Net gold imports fell to 50.484 tonnes in August from 91.136 tonnes in July, according to data emailed to Reuters by the Hong Kong Census and Statistics Department. Click here to read full stories.
Sep 27 - Philippine halts 20 more mines, 55.5 pct of nickel output - undersecretary
The Philippines has suspended 20 more mines for environmental violations, most of them nickel, a government official said on Tuesday, bringing to 30 the number of mines shuttered. The suspended mines account for 55.5 percent of nickel ore output in the Philippines based on last year's production, Environment and Natural Resources Undersecretary Leo Jasareno told a news briefing. Click here to read full stories.
Sep 27 - Nickel caught between shifting Indonesian and Philippine supply trends: Andy Home
Indonesia shocked the nickel market at the start of 2014 when it made good on a commitment to ban all exports of unprocessed minerals.With the stroke of a presidential pen the flow of nickel ore to China's nickel pig iron (NPI) producers was halted. Click here to read full stories.
Sep 27 - Brazil's CSN, CBSteel discussing ore deal, sources say
Cia Siderúrgica Nacional SA is considering selling part of its stake in Congonhas Minérios SA, Brazil's No. 2 iron ore producer, to China Brazil Xinnenghuan International Investment Co, two people familiar with the deal said on Monday. According to the people, the Chinese mill known as CBSteel is interested in buying about 25 percent of Congonhas directly from CSN. They said CSN, as Brazil's No. 2 listed flat steelmaker is known, would remain in control of the unit, adding that talks are advancing slowly and may not necessarily result in a deal. Click here to read full stories.
Sep 27 - Brazil's Samarco misses bond payment, has 30-day remedy period
Samarco Mineração SA, the Brazilian iron ore mining joint venture that suspended operations in November following a dam disaster, missed an interest payment on a $500 million bond that was due on Monday, trustee Bank of New York Mellon Corp said. As a result, Samarco will have 30 days to make the payment, or else investors holding at least 25 percent of the $500 million bond could declare the principal due immediately, according to contractual terms of the 5.375 percent security due in Sept. 2024. Click here to read full stories.
Sep 27 - China's Tianqi Lithium to buy stake in Chile's SQM
China's Tianqi Lithium said on Monday it has agreed to buy just over 2 percent in SQM, at a time of increasing takeover interest in the Chilean nitrates and lithium company. Tianqi and SQM are two of the world's biggest producers of lithium, a key ingredient in rechargeable batteries. Interest in the mineral has surged in recent months on hopes of an electric vehicle boom. Click here to read full stories.
Sep 26 - The unintended consequences of China's coal cuts: pain for steel mills
The unintended consequences of China's efforts to shrink its coal industry emerged this week as Beijing called another last-minute industry meeting after government-enforced mine closures choked off coking coal supplies to troubled steel mills. Shortages and soaring prices were top of the agenda at a hastily-called gathering on Friday, the second in as many weeks that the government state planner has scheduled with executives from the nation's major coal producing regions. Click here to read full stories.
Sep 26 - Policy flip-flop? Indonesia nickel smelter investors fret over possible rule changes
Indonesian nickel smelter investors fear the government of President Joko Widodo will change rules that have supported prices of the metal, and put up to $12 billion in its budding smelting and mineral processing industry at risk. Indonesia banned metal ore shipments in 2014 to push firms to build smelters and shift exports from raw materials to higher-value semi-finished and finished metals. Click here to read full stories.
Sep 26 - U.S. moves toward finalizing duties on certain Indian steel pipe
The U.S. Commerce Department on Friday said India was dumping welded stainless pressure pipe in the United States at below market value and unfairly subsidizing the products. The final determination is a further step toward locking in U.S. duties on the imports, which the department said would range up to 13.3 percent. The pipes are used to transport fluids at high temperatures and pressures, and are used in the petrochemical, oil and gas and other industries. Click here to read full stories.
Sep 26 - China's largest lead and zinc mine discovered in Xinjiang - Xinhua
China's largest lead and zinc mine has been discovered in the country's far-western region of Xinjiang, the official Xinhua news agency reported on Sunday. The mine is located in Hotan county and has almost 19 million tonnes of lead and zinc reserves, Xinhua said, citing a statement from the Xinjiang Bureau of Geology and Mineral Resources. Click here to read full stories.
Sep 26 - China buys record North Korean coal as sanctions ignored: Russell
It appears that China is interpreting the "people's well-being" as meaning North Korea should be able to export record amounts of coal in defiance of sanctions against the rogue nuclear-armed state.China imported 2.465 million tonnes of coal from North Korea in August, the highest on record, and 61 percent above what was bought in April, the month sanctions were supposed to take effect. Click here to read full stories.
Sep 26 - Speculators cut bullish COMEX gold stance for second week
Hedge funds and money managers cut their net long position in COMEX gold for the second straight week in the week to Sept. 20, ahead of the U.S. Federal Reserve policy meeting, U.S. Commodity Futures Trading Commission data showed on Friday. Speculators added slightly to their net long position in silver, and cut their net short position in copper futures and options, the data showed. Click here to read full stories.
Sep 26 - Russia's Severstal majority owner sees core earnings down this year
Alexei Mordashov, controlling shareholder of Russian steel producer Severstal said on Friday the company's core earnings would worse this year than in 2015. "On one hand we feel confident enough, on the other, it is clear that this year's results will be worse than last year," Mordashov said. Click here to read full stories.
Sep 23 - U.S. steel producers to file charges against Chinese competitors
Four U.S. steel producers will file petitions with the U.S. Commerce Department charging Chinese producers with diverting shipments through Vietnam to avoid American import tariffs, a law firm representing one of the domestic producers said on Thursday. ArcelorMittal USA Nucor Corp AK Steel Holdings Corp and United States Steel Corp are filing the petition, said Kelley Drye & Warren LLP, the law firm representing ArcelorMittal. Click here to read full stories.
Sep 23 - China's Baosteel details Wuhan deal to forge ArcelorMittal rival
China's Baosteel Group fleshed out its plans to buy rival Wuhan to create the world's second-largest steelmaker behind ArcelorMittal on Thursday, part of Beijing’s effort to consolidate its fragmented steel industry. Earlier, the government gave the long-awaited deal its approval and in a detailed statement, Baosteel said it will buy Wuhan Steel at 2.56 yuan ($0.3839) per share by issuing new shares at 4.6 yuan per share, valuing Wuhan at 3 billion yuan. Click here to read full stories.
Sep 23 - Hinkley Point a boost to UK steel, but not a game changer
UK steelmakers are likely to win lucrative deals to supply the 18 billion pound ($23.5 bln) nuclear power plant at Hinkley Point, not enough though to secure the future of Britain's troubled steel sector, industry experts say. UK steel firms are slowly emerging from a crisis that has seen around 5,000 jobs, or a fifth of the workforce, axed since last October, thanks primarily to rising steel prices and a falling pound making exports more competitive. Click here to read full stories.
Sep 23 - Iran plans to ban export of raw iron ore from March, to ship pellets
Iran is planning to halt the export of raw iron ore from March 2017 and instead sell processed form of the steelmaking ingredient to maximise returns under an era of low prices, an industry official said on Friday. Tehran, which currently exports iron ore fines and lumps, is the sixth biggest supplier of the commodity to top market China, although its shipments are a fraction of those exported by Australia and Brazil that together accounted for 83 percent of China's January-August imports. Click here to read full stories.
Sep 23 - Goldman lifts coal price view after frenzied rally on China's reform push
Goldman Sachs has sharply raised its price forecasts for coking coal for the next two years, after this year's frenzied rally fuelled by a shortage in China that should revive idled mines from Mozambique to the United States. China's push to tackle a coal glut by imposing a 276-day cap on domestic coal mines earlier this year created a significant deficit, lifting the country's coking coal imports by 18 percent over January to August. Click here to read full stories.
Sep 23 - vMetallurgical coal set for first drop since August after big rise
Metallurgical coal prices were headed for the first decline in almost two months as demand from Asian steel mills outside of China has declined though Chinese demand - the foundation for the commodity's rise - remains intact, sources said on Friday. Two cargoes of high-quality met coal sold for $190-195 per tonne FOB Australia on Thursday against spot prices of around $206 a tonne, according to two sources with knowledge of the transactions who did not want to be named, marking the first daily and weekly drop since early August. Click here to read full stories.
Sep 23 - Bad loans in Indonesia's mining sector nearly double to 6.8 pct in July
Bad loans in Indonesia's mining sector nearly doubled in July from a year earlier, the latest data from the financial regulator showed, despite the efforts of banks to step up provisions and scale back lending. Gross non-performing loans (NPL) in Indonesia's mining and quarrying industry rose for the fourth month in a row to 6.77 percent of total loans in the sector in July, according to Indonesia's Financial Services Authority. That compares with 3.82 percent a year earlier. Click here to read full stories.
Sep 23 - Are China's booming copper exports the new normal? Andy Home
China continued to pump refined copper out into the international market last month to the tune of 57,000 tonnes. Cumulative exports so far this year now total 335,000 tonnes, already exceeding any previous calendar year. Click here to read full stories.
Sep 23 - Order blocking permit for ThyssenKrupp Brazil mill lifted
A Brazilian judge on Thursday lifted an injunction blocking Rio de Janeiro from granting an operating license for ThyssenKrupp AG's Cia Siderurgica do Atlantico steel mill, saying there were no irregularities in the 11-year permit process. The ruling by Judge Natascha Maculan Adum Dazzi of the Rio de Janeiro-state Justice Tribunal reversed the injunction she granted Tuesday, according to a copy of the ruling provided by ThyssenKrupp. Click here to read full stories.
Sep 23 - Strike halts production of iron ore at Chinese mine in Peru
An indefinite workers' strike has halted production and shipments of iron ore at Shougang Hierro Peru SD. a unit of China's Beijing Shougang Co the company said on Thursday. The mine declared force majeure, which allows the company to miss deliveries because of circumstances beyond its control, at the start of the strike 11 days ago, added General Manager Raul Vera. Click here to read full stories.
Sep 22 - Big gold miners see muted M&A as bullion's rise limits bargains
The world's biggest gold miners will stay shy of big acquisitions, top executives said this week, noting that a jump in the price of bullion has made potential purchases pricey, and memories of failed deals linger.The need for financial discipline was the dominant theme at the Denver Gold Forum this week, an annual conference for top miners, as the sector emerges from a deep, four-year slump. Click here to read full stories.
Sep 22 - Chile mining investment plans fall, state copper commission says
Planned investments in Chile's mining sector are seen totaling $49.2 billion for the 2016-2025 period, down from last year's forecast of $77.3 billion for 2015-2024, according to state copper commission Cochilco.The vast majority of the investment plans are slated for copper projects, with a smaller portion going towards iron and gold deposits, a Cochilco spokeswomantold Reuters on Wednesday, confirming a report in the daily paper El Mercurio. Click here to read full stories.
Sep 22 - Reality check for Australia's "mining to dining" hopes: Russell
One of the themes in Australia as the resource boom comes to an end is that the country will be able to compensate by boosting its agricultural sector, the so-called "mining to dining" manoeuvre.An Internet search of the terms Australia and "mining to dining" reveals almost 4,000 items, many focused on the view that China, the top buyer of Australia's resources, will not only continue to suck up the country's iron ore and coal, but also all the farm goods it can produce. Click here to read full stories.
Sep 22 - BHP readies for tax fight as Australia cracks down on offshore hubs
BHP Billiton has threatened court action against the Australian government over demands it pay $767 million in back taxes and penalties stemming from its use of a foreign tax haven amid a national crackdown on corporate tax loopholes.Australia is chasing the mining giant and other multi-national firms for taxes it claims they owe on profits; in BHP's case channelled through the more tax-friendly Singapore. Click here to read full stories.
Sep 22 - China's steel demand seen shrinking for a third straight year - CISA
China's steel demand is likely to drop for a third year in a row, an industry official said on Thursday, as mills in the world's top producer focus on reducing capacity.China's crude steel consumption slipped 1.9 percent over January to July and there may be a slight drop for the year, said Wang Liqun, vice chairman of the China Iron and Steel Association (CISA). Click here to read full stories.
Sep 22 - Under global scrutiny, China has to cut steel exports - industry body
China's international commitment to cut its massive steel capacity has to result in a reduction in exports, an official from the World Steel Association said, as countries around the world scrutinise Beijing's progress tackling a chronic glut.While the world's biggest steel producer appears to be throwing more weight behind efforts to cut capacity, China's 2016 exports remain on track to beat last year's record 112 million tonnes and domestic production rose for a sixth straight month in August. Click here to read full stories.
Sep 22 - Brazil court blocks license for ThyssenKrupp Rio CSA steelmill
A judge in Brazil prohibited the state of Rio de Janeiro from renewing an operating license for ThyssenKrupp AG's Cia Siderurgica do Atlantico steelmill, prosecutors said in a statement on Wednesday.Tuesday's injunction, by judge Natascha Maculan Adum Dazzi of the state's Justice Tribunal, aimed to give courts time to evaluate other injunction requests seeking to require a new study of the mill's environmental and health impacts. Click here to read full stories.
Sep 22 - No discount, no buyer: Low-grade iron ore more unloved as coal surges
Surging coal prices are prompting many Chinese steel mills to opt for higher grade iron ore to boost efficiency and use less coal, forcing suppliers of low-grade ore from India and Iran to offer deep discounts to attract buyers.At an annual iron and steel conference in China's port city of Dalian, low-grade iron ore suppliers scoured for steel mills in a packed hotel lobby, hoping to find new business. Click here to read full stories.
Sep 22 - Philippines to suspend 12 more mines in environmental crackdown
A dozen more Philippine mines, mostly nickel projects, are in danger of being suspended in an ongoing environmental crackdown on the sector, an environment undersecretary said on Wednesday.The Southeast Asian nation, the world's top supplier of nickel ore, has already halted the operations of 10 mines, eight of them nickel producers, for environmental lapses since it launched an audit in July, stoking increases in global prices. Click here to read full stories.
Sep 22 - ICBC Standard Bank shrinks base metals trading business
ICBC Standard Bank has reduced its base metals business to cut costs, sources close to the bank said on Wednesday, joining other financial institutions in decreasing exposure to the out-of-favour commodities sector. Six employees have left ICBC in recent weeks, including Mark Thompson, head of base metals trading, and analyst Leon West gate, three sources said. The bank was not immediately available to comment. Click here to read full stories.
Sep 21 - BHP vows to fight Australia tax office over payments for Singapore hub
BHP Billiton said it disagreed with Australian tax collectors' assessment that the miner needed to pay $766 million in back taxes and charges for its Singapore commodities marketing hub, and that it could resort to court action to fight the claim.BHP is under investigation by the Australian Tax Office (ATO) for allegedly shifting billions of dollars in iron ore profits through marketing hubs in Singapore, where it operates under an effective tax rate of zero as part of a concessional tax deal. Click here to read full stories.
Sep 21 - Cost-conscious major miners look to agility of junior explorers
Tight budgets and nervous investors have convinced major miners that a cheap, timely way to ensure a strong pipeline of quality assets is to team up with junior, more nimble exploration firms.Miners have slashed costs by delaying projects, sold assets and cut exploration budgets to free up cash to pay down debt, much of it acquired during and after the commodity price supercycle, which started in 2002. Click here to read full stories.
Sep 21 - China Baosteel's takeover of Wuhan to create world's No. 2 steelmaker
China's Baoshan Iron and Steel (Baosteel) will acquire its smaller debt-laden rival, Wuhan Iron and Steel in a deal that will create the world's second-largest steel producer as part of Beijing's push to overhaul the stricken industry.In a statement on Tuesday offering the first details of the long-anticipated deal, Wuhan said Baosteel will issue new shares to its shareholders to absorb the company. The proposal, which had previously been touted as a merger, is still subject to government approval. Click here to read full stories.
Sep 21 - Silver Wheaton eyes more early stage mine financings
With big mine financing deals off their blistering pace of last year, financier Silver Wheaton is eager to do more transactions with small mining exploration companies, its chief executive said on Tuesday.Silver Wheaton pioneered the concept of "streaming" in the mining industry in 2004, a type of finance where miners receive cash upfront to build mines or reduce debt in exchange for future production at a discounted, fixed price. Click here to read full stories.
Sep 21 - The lithium supply battle starts to heat up: Andy Home
The lithium rush is on. Not a day goes by without an exploration company telling us about an exciting development on their property, which is now a lithium prospect irrespective of what minerals were originally being hunted.Today it is the turn of Premier African Minerals, providing "a positive update on its 2,500-meter drilling programme at the company's Zulu Lithium Project near Fort Rixon in Zimbabwe". Click here to read full stories.
Sep 21 - China will testify at U.S. hearing against aluminium product imports
China's metals industry association and aluminium fabricators will testify at the U.S. International Trade Commission's hearing in Washington on Sept 29, according to an industry official.The China Nonferrous Metals Industry Association (CNIA) and some aluminium fabricators will testify for the industry which has been blamed to have damaged U.S. producers and threatened jobs by massive aluminium product exports, the official said, declining to be named as he's not authorised to speak to media. Click here to read full stories.
Sep 21 - New Gold chairman confident higher mine build cost will stand
New Gold Inc which has unnerved shareholders this month by revising upward to over $1 billion the estimated cost of a mine it is building, is confident that this will be the last projected increase, its Executive Chairman Randall Oliphant said on Tuesday.New Gold, a mid-sized Canadian gold miner, said on Sept. 7 that its capital cost for the Rainy River project in northwestern Ontario had risen by another 11 percent to $1.045 billion due to a redesign of the mine's facility to treat tailings, or mine waste, to make it safer. Click here to read full stories.
Sep 21 - Wage talks between South Africa's Amplats, union hit deadlock
A South African union declared a wage dispute with the world's top platinum producer and a unit of Anglo American on Tuesday after negotiations deadlocked, setting the stage for a potential strike.The National Union of Mineworkers (NUM) said in a statement it had rejected the latest offer of a 6.75 percent hike by Anglo American Platinum (Amplats) less than half of the 14.5 percent it is seeking. Click here to read full stories.
Sep 20 - China freezes Trafigura's investment in copper smelter as part of oil probe
The Chinese authorities have frozen part of commodity trader Trafigura's investment in a Chinese copper smelter as part of a years-long probe into the Swiss firm’s oil trading, according to documents from the police and banks reviewed by Reuters.In October last year, police in the northern Chinese city of Cangzhou, froze $32.9 million Trafigura Pte Ltd had injected into the metals project, a joint venture with Chinese metals producer Jinchuan Group Co Ltd in the southwestern city of Fangchenggang, documents dated Oct. 28, 2015 show. Click here to read full stories.
Sep 20 - China Sinosteel debt to equity swap plan approved – Caixin
China's troubled state-owned steelmaker Sinosteel will be permitted to swap 27 billion yuan of debt into equity convertible bonds, the online financial magazine Caixin reported on Tuesday citing anonymous sources.The Sinosteel debt-to-equity swap plan, previously reported by Caixin, would mark the first such swap this year under a wider debt-to-equity swap plan mooted by policymakers as one solution to China's corporate debt overhang. Click here to read full stories.
Sep 20 - Newmont's Indonesia mine sale closure may slip into Q4 -CEO
Newmont Mining Corp's sale of its stake in the Batu Hijau mine in Indonesia may not close until the fourth quarter of the year, Chief Executive Gary Goldberg said on Monday, adding that the approvals process was complex.Newmont agreed on June 30 to sell its 48.5 percent economic interest in its Indonesia operations to a local investor group for up to $1.3 billion. The Denver-based miner said at the time it expected the deal to close in the third quarter. Click here to read full stories.
Sep 20 - Aluminium premiums stabilise in Europe, U.S., Japan vulnerable
Surcharges for physical aluminium have stabilised in Europe and the United States as more attractive financing deals and firmer demand tighten the market, but those in Japan are vulnerable to sliding further due to a glut of supply.In all three regions, the surcharges, or premiums, which consumers pay on top of the London Metal Exchange cash price for immediate delivery, have steadily declined for most of the year, falling by around a third. Click here to read full stories.
Sep 20 - Vale says rail delay limits new iron mine output to 75 mln tns
Brazil's Vale SA said on Monday output from its new S11D iron ore mine in the Amazon region will be limited to 83 percent of full capacity as efforts to preserve cash and limit transport disruptions crimp a needed railway expansion.The $14.3 billion project, Vale's biggest-ever investment, was widely expected to produce up to 90 million metric tonnes a year of iron ore - the key ingredient in steelmaking - after a two-year ramp-up scheduled to begin by year-end. Click here to read full stories.
Sep 20 - Barrick says Argentina mine may resume within two weeks
Barrick Gold's Veladero gold mine in Argentina, one of its five core mines, could resume operations in the next two weeks, Barrick President Kelvin Dushnisky said in an interview on Monday. "I am hopeful that it could be up and going in that kind of two-week window depending on how the reparation work goes," Dushnisky said. Click here to read full stories.
Sep 20 - Tokyo Steel cuts October prices by up to 13 pct amid soft demand
Tokyo Steel Manufacturing Co Ltd Japan's top electric arc furnace steelmaker, said it would slash prices of its products for October delivery by up to 13 percent to reflect soft local demand and weakening overseas prices.The company will cut prices by between 3,000 yen to 7,000 yen ($29 to $69) per tonne, it said in a press briefing on Tuesday. That is between 4 percent and 13 percent, Reuters calculations show. Click here to read full stories.
Sep 20 - China aims to announce Anshan Steel-Benxi Steel merger by end-year
China aims to push through the merger of Anshan Steel and Benxi Steel by the end of 2016, after years of delay, as the country aims to consolidate and improve the concentration level of the industry, an industry group official said.Chi Jingdong, vice chairman of the China Iron & Steel Association that represents the country's steelmakers, told official media China.com.cn on Monday that the merger would be the government's top priority after the restructuring between Baosteel and Wuhan Steel Group. Click here to read full stories.
Sep 20 - Antimony prices surge as Chinese producers tighten supply
Antimony prices have hit their highest in more than 13 months due to shortages created by falling exports from top producer China, European traders said.Prices of antimony on the spot market in Europe are up nearly 39 percent so far this year and at $7,550 a tonne they are at their highest since July 2015. Click here to read full stories.
Sep 19 - Philippines may suspend at least 10 more mines under crackdown
The Philippines could suspend at least 10 more mines under an environmental crackdown on the sector, the minister in charge of mining said, in a move that threatens to halt the operations of half the mines in the world's top supplier of nickel ore.President Rodrigo Duterte has taken a tough line on the industry and warned the nation could survive without mining, while mineral producers have labelled a review of the sector a "demolition campaign". Click here to read full stories.
Sep 19 - China draws up restructuring plans for Bohai Steel - Caixin
Financial authorities in the city of Tianjin plan to convert a portion of debt-stricken Bohai Steel Group's liabilities into bonds, according to rescue plans drawn up recently, the online financial magazine Caixin reported on Monday.Officials met on Sept. 11 to discuss a comprehensive restructuring plan for the firm, which has liabilities of 192 billion yuan ($28.78 billion) from 105 creditors. Click here to read full stories.
Sep 19 - World's gold miners stick close to home in hunt for more metal
The world's biggest gold miners are taking a cautious approach in their hunt for bullion, spending more money to explore around existing mines rather than new territory in a strategy that may have short-term gains but risks future production growth.Top producers are relying more than ever on small companies to do the heavy lifting of searching for new deposits and increasingly taking 10 to 20 percent equity stakes in the junior miners. Click here to read full stories.
Sep 19 - London tin market a small and shrinking space: Andy Home
The London tin market is becoming increasingly prone to spread tightness.At one stage last week the London Metal Exchange (LME) cash price flared out to a $250-per tonne premium over the three-month price. It was the third time in a year the front part of the LME curve has contracted sharply and there may be more to come. Click here to read full stories.
Sep 19 - Asian gold demand remains muted; discounts in India narrow
Demand for gold in India remained lacklustre this week as higher prices hampered consumer purchases, but discounts narrowed due to a correction in overseas rates.The safe-haven bullion has fallen over 1 percent this week despite a mixed bag of U.S. economic data ahead of next week's U.S. Federal Reserve policy meeting. Click here to read full stories.
Sep 19 - Wage pact ends strike at Anglo American copper mine in Chile
Anglo American said on Friday it had reached a wage agreement with two unions at its flagship Los Bronces copper mine in central Chile, ending a strike that began a week ago.The process of "normalizing" operations at Los Bronces began earlier on Friday and the impact on overall production will be reported in the company's quarterly results, Anglo American said. Click here to read full stories.
Sep 19 - Speculators cut bullish COMEX gold, silver stances - CFTC
Hedge funds and money managers lowered their net long positions in COMEX gold and silver contracts in the week to Sept. 13, amid uncertainty about whether the Federal Reserve will raise interest rates next week, U.S. Commodity Futures Trading Commission data showed on Friday.The speculators reduced their net short position in copper futures and options, the data showed, while in gold, they cut their net long position by 30,136 contracts to 248,858 contracts. Click here to read full stories.
Sep 19 - Rusal sees stable aluminium prices for first time in 5 years
Russian aluminium giant Rusal expects aluminium prices to stabilise within a $1,600-1,700 per tonne range next year if China does not increase production, global stocks keep falling and demand grows.Aluminium, used in transport and packaging, has been under pressure for some time due to oversupply. This year it is forecast to average about $1,565 a tonne, near current level according to a Reuters survey. Click here to read full stories.
Sep 19 - Brazil grants Vale license for Amazon iron ore mine rail branch
Brazil granted Vale SA a 10-year license to operate a 101-kilometer (63-mile) branch line connecting its $14.3 billion S11D iron ore mine project in the Amazon jungle to the Carajas Railway, the company said in a statement on Friday.The Carajas Railway branch will allow Vale, the world's largest iron ore exporter, to haul S11D's output to the Port of Ponta da Madeira in Sao Luis, Brasil to ships that will load the product for export. Click here to read full stories.
Sep 16 - Russia's "blood river" spill shouldn't happen again, plant operator says
A spill of waste originating from a metallurgical plant in Russia that turned a river blood-red posed no threat to people or wildlife, an executive at the plant's operator said. Pictures of the crimson water in the Daldykan river, in the Arctic Circle, quickly went viral over social media, and green campaigners said the incident highlighted how industrial development posed a risk to the environment. Click here to read full stories.
Sep 16 - Barrick's Argentina mine suspended after cyanide spill
Barrick Gold Corp said on Thursday that operations at its Veladero mine in Argentina were temporarily suspended by the government after a "small quantity" of processing solution that contains cyanide leaked outside a processing area.The solution flowed over a berm surrounding the leach pad where gold is processed after a pipe was damaged on Sept. 8 by a large block of ice that rolled down a valley slope, Barrick said. Click here to read full stories.
Sep 16 - Brazil's Coelho says Samarco may resume operations subject to conditions
Brazil's Samarco Mineração SA will be able to resume iron ore mining operations should co-owners Vale SA and BHP Billiton Plc come through with promised investments, Mining and Energy Minister Fernando Coelho said on Thursday.Samarco had operations halted last November, when a tailings dam at the mine burst and unleashed a mud flow that killed 19 people, left hundreds homeless and polluted a major river. Click here to read full stories.
Sep 16 - Glencore to delay coking coal shipments after Australia train accident
Glencore will have some "short-term" delays in its coking coal shipments after a train derailment on freight operators Aurizon Holdings train system in Queensland, Australia, on Sunday, the miner and trader said on Thursday.The Pacific National coal service derailment has disrupted coking coal shipments from Queensland's Bowen basin, which could add further heat to prices that have nearly doubled since the start of August. Click here to read full stories.
Sep 16 - Lundin gets second bid extension on Freeport Congo mine stake
Canadian base metals miner Lundin Mining Cor has won a two week extension until Sept. 29 to bid on Freeport-McMoRan Inc's stake in the Tenke Fungurume copper and cobalt mine, Lundin said in a statement on Thursday.Lundin, previously granted an extension to Sept. 15, said it continues to review, with legal and financial advisors, its ownership in the Democratic Republic of Congo mine, one of the world's largest copper deposits. Click here to read full stories.
Sep 16 - Buenaventura says new mine to kick off production in November
Peruvian precious metals miner Buenaventura expects its Tambomayo mine to produce its first bar of gold in November and reach full output at the end of this year or the start of next, the company said late on Wednesday.Renzo Macher, Tambomayo's project manager, told reporters on the sidelines of a mining conference that the underground mine should produce at least 120,000 ounces of gold next year. Click here to read full stories.
Sep 15 - China denies aluminium exports evading U.S. duties
A Chinese industry group has denied that the country's aluminium producers could be involved in exporting extrusion products via Mexico to circumvent U.S. duties, in the latest sign of bubbling trade tensions between the two nations.A report by the Wall Street Journal last week cited U.S aluminium executives contending that some $2 billion worth of Chinese metal products had been stockpiled in Mexico as part of a scheme to re-export to the United States, which imposes heavy duties on Chinese products. Click here to read full stories.
Sep 15 - The curious case of the missing LME lead stocks explained: Andy Home
Maybe it's because it's the lead market.If a warehouse company had submitted incorrect copper stocks figures to the London Metal Exchange (LME) for three weeks, it might have expected a bigger fine than 30,000 pounds ($40,000).Which is what Worldwide Warehouse Solutions (WWS), the LME logistics arm of Noble Group, has been hit with for supplying wrong lead stocks figures for metal stored at the Dutch port of Vlissingen. Click here to read full stories.
Sep 15 - Gerdau bets on new Brazil line, exports, data to ease steel slump
Brazil's Gerdau SA , the No. 1 long-steel producer in the Americas, is counting on non-traditional flat-steel exports and a data venture with General Electric Co to help weather a world-steel slump and sharp domestic downturn.Gerdau said half of the output from its Ouro Branco steel complex is now exported. Growing production from the higher-value hot-rolled coil and steel plate lines at the plant are winning orders from new British and German clients, said Rodrigo Soares, Gerdau's head of Brazilian industrial steel, during a media visit to the plant on Wednesday. Click here to read full stories.
Sep 15 - China's steel failure, coal success show prices trump bureaucracy: Russell
China's steel and coal sectors provide contrasting stories so far this year, with one failing miserably to curb output and the other cutting so successfully it's led to the unintended consequence of higher prices and imports.China's steel sector, which accounts for about half of global production, continued its recent strength in August, with output rising for a sixth month to 68.57 million tonnes, the National Bureau of Statistics said on Tuesday. Click here to read full stories.
Sep 15 - De Beers sees tough outlook as critical holiday sales approach
Anglo American owned De Beers, one of the world's largest diamond producers, expects some growth in the consumer market next year but its chief executive warned the overall sales environment is likely to remain tough. Bruce Cleaver, who was appointed to head De Beers in May, said prices had stablised for rough diamonds, while the polished diamond market looked set to be flat. Click here to read full stories.
Sep 15 - Global nickel deficit narrows to 5,200 T in July - INSG
The global market deficit in nickel narrowed to 5,200 tonnes in July from a revised deficit of 12,100 tonnes the month before, taking the shortfall so far this year to 42,500 tonnes, data from the International Nickel Study Group showed. The deficit for the first seven months of 2016 compared with a surplus of 53,600 tonnes in the same period last year, INSG said in a release on Wednesday. Click here to read full stories.
Sep 15 - Lithium Americas says to keep looking for Argentine deposits
Lithium Americas, the Canadian company developing a lithium production site in Argentina, will continue looking for deposits in the South American country after its site in Jujuy province comes online, Chief Executive Tom Hodgson said in an interview. In Buenos Aires for an investors' conference hosted by President Mauricio Macri, who won office last year and has implemented a number of free-market reforms, Hodgson said construction of the Cauchari-Olaroz drilling site in Jujuy will start in the first half of next year. Click here to read full stories.
Sep 14 - U.S. trade panel affirms hot-rolled steel duties on seven countries
The U.S. International Trade Commission handed another victory to American steelmakers on Monday, affirming most of the recent anti-dumping and anti-subsidy duties on hot-rolled flat steel imports from Australia, Brazil, Britain, Japan, the Netherlands, South Korea and Turkey. The commission rejected anti-subsidy duties of about 6 percent against hot-rolled steel from Turkey, but affirmed anti-dumping duties of about 6 to 7 percent against Turkish-made hot-rolled steel. Click here to read full stories.
Sep 14 - Disruption to open outcry trading hits LME volumes
The temporary relocation of open outcry trading at the London Metal Exchange (LME) to a disaster recovery site due to problems at its new offices hit volumes hard during the already quiet summer months, broking sources said. For all contracts traded on the LME, volumes fell more than nine percent year-on-year in August to 12.18 million lots, after a drop of nearly 18 percent in July. Volumes for aluminium and copper fell nearly 22 percent and seven percent respectively in August from the same period a year ago. Click here to read full stories.
Sep 14 - China's steel failure, coal success show prices trump bureaucracy: Russell
China's steel and coal sectors provide contrasting stories so far this year, with one failing miserably to curb output and the other cutting so successfully it's led to the unintended consequence of higher prices and imports. China's steel sector, which accounts for about half of global production, continued its recent strength in August, with output rising for a sixth month to 68.57 million tonnes, the National Bureau of Statistics said on Tuesday. Click here to read full stories.
Sep 14 - London court freezes $8 mln of assets of Mongolian miner EMC for debt
A London court has issued an order allowing the UK assets of Mongolian copper miner Erdenet Mining Corporation (EMC) to be frozen, following a long-running dispute with Swiss firm MRI Trading AG, sources familiar with the situation said on Tuesday. The order to freeze the assets, worth up to $7.115 million plus 637,818 pounds ($841,664), was granted last Thursday and has been served on 12 trading houses and banks so far, the sources told Reuters, speaking on condition of anonymity. Click here to read full stories.
Sep 14 - Norilsk's 1942 nickel plant gone but far from forgotten: Andy Home
Norilsk Nickel , or Nornik as it has just rebranded itself, has just completed the decommissioning of the nickel refining plant in its far-flung Polar operations in the Arctic north of Siberia.It was known as the 1942 Plant because that's when it was first commissioned and it has been operating ever since. The closure is part of a radical overhaul of the company's nickel operations, with refining operations being refocused on the metallurgical complex on the Kola Peninsula in the west of Russia and the Harjavalta refining complex in Finland. Click here to read full stories.
Sep 14 - Desperation and death beneath South Africa's City of Gold
When he lost his job as a Johannesburg gardener a month ago, 25-year-old Sibangani Tsikwe did what millions of men have done before him: seek their fortune deep underground in the gold mines that help to define South Africa.The decision has probably cost him his life. Click here to read full stories.
Sep 14 - Ahead of more suspensions, Philippine miners question review process
Philippine miners facing more mine suspensions under an environmental review backed by President Rodrigo Duterte have stepped up their criticism of the process, questioning the inclusion of anti-mining activists in the review teams. The world's top nickel ore supplier has halted operations of 10 mines, eight of them nickel, for environmental infractions, and the government has said more suspensions will be announced this week. Click here to read full stories.
Sep 14 - EU's free carbon permits to steel sector not flawed-court
Europe's highest court on Tuesday confirmed the European Commission's calculation for handing out free carbon permits to the steel sector, ruling out the prospect of higher costs for its big energy users."The Court found, in particular, that the Commission had not committed any manifest error when taking into account the efficient energy recovery from waste gases and emissions related to their use in the value of the hot metal benchmark, the most important benchmark in the steel sector," it said. Click here to read full stories.
Sep 13 - U.S. trade panel affirms hot-rolled steel duties on seven countries
The U.S. International Trade Commission handed another victory to American steelmakers on Monday, affirming most of the recent anti-dumping and anti-subsidy duties on hot-rolled flat steel imports from Australia, Brazil, Britain, Japan, the Netherlands, South Korea and Turkey.The commission rejected anti-subsidy duties of about 6 percent against hot-rolled steel from Turkey, but affirmed anti-dumping duties of about 6 to 7 percent against Turkish-made hot-rolled steel. Click here to read full stories.
Sep 13 - China copper demand picks up after summer lull
Emerging Chinese copper demand after a summer factory lull and buying by traders buoyed by cheap premiums and weak global prices looks set to fuel a recovery in China's copper imports this month after a plunge to 12-month lows in August.The buying interest could help stem a surge in Chinese copper exports, but may not be enough to offset the impact of an expected flood of new supply this year, traders and analysts said, putting further pressure on prices into 2017. Click here to read full stories.
Sep 13 - Coking coal bubble to deflate, unlikely to burst: Russell
When the price of a commodity rises by 117 percent in a mere 15 weeks, it's generally a sign that something is amiss in the market, and coking coal's recent stellar run is no exception to this rule.The spot price of Australian premium hard coking coal has surged from $83.40 a tonne on May 31 to $180.90 on Sept.9. So far this year, the price of the fuel used mainly to make steel has leapt by 131 percent, making it the best performer among significant commodities. Click here to read full stories.
Sep 13 - Shefa Yamim prepares for London IPO, commercial mine in Israel
Shefa Yamim, the only Israeli miner for precious stones, has signed with a brokerage firm in London to pursue an initial public offering to raise up to $10 million as it plans a possible expansion of its operations in northern Israel.Shefa Yamim, already listed in Tel Aviv, said on Monday the London flotation of a 75-percent owned subsidiary is scheduled to happen by the end of the year. It did not name the brokerage or specify which London market it was eyeing. Click here to read full stories.
Sep 13 - Baosteel raises main steel product prices for Oct delivery
China's biggest listed steelmaker, Baoshan Iron & Steel (Baosteel), has raised its main steel product prices for October delivery, the company said in a statement on Tuesday.Prices for hot-rolled coil and cold-rolled coil were raised by 100 yuan ($14.97) per tonne and 150 yuan ($22.46) per tonne respectively, it said. Click here to read full stories.
Sep 13 - Barrick Gold partners with Cisco in bid to boost productivity
Barrick Gold Corp, the world's biggest gold producer, said on Monday it would partner with Cisco Systems to incorporate digital technology in all aspects of its mining business, aiming to improve productivity and reduce costs.Toronto-based Barrick said it planned to spend around $100 million between now and the end of 2017 working with Cisco to embed technology in various parts of its operations to deliver better, faster and safer mining. Click here to read full stories.
Sep 13 - Poland may ease KGHM's mining tax in 2017 -minister
Poland may provide the country's sole copper producer KGHM relief next year on a 2012 tax that eats into the miner's profits, Treasury Minister Dawid Jackiewicz told Wprost weekly in an interview published on Monday.The ruling Law and Justice (PiS) party moved to power in last year's elections, on among other things a promise of scrapping the levy on mining income. But the budgets for this year and next are still counting on revenue from that tax. Click here to read full stories.
Sep 12 - British steel workers face prospect of pension quick fix - sources
A steel industry plan to change its pension scheme and allow the sale of Tata's British operations is likely to be scrapped in favour of a fix that avoids a political row, government and industry sources told Reuters.Tata in March put its British steel operations up for sale, saying it could no longer sustain heavy losses. Click here to read full stories
Sep 12 - Main border crossing for Congo copper exports closed as riots kill three
Three people were killed in riots on Friday near a border crossing between Democratic Republic of Congo and Zambia that serves as the main export route for Congolese copper, Congo's government said.Authorities in both countries closed the border in response, Christabel Mulala, the mayor of the Zambian border town of Chililabombwe, told Reuters. Click here to read full stories
Sep 12 - Lundin CEO sees right conditions for Portuguese zinc mine expansion
Lundin Mining could double zinc production at its Neves-Corvo mine in Portugal as a big rally in prices and looming deficit of the metal used to rust-proof steel have created the right conditions for an expansion, its chief executive said."We hope to go ahead with a positive decision by year-end," CEO Paul Conibear said in an interview, adding that Toronto-based Lundin has also seen progress on mine plant efficiency and modernization efforts. Click here to read full stories
Sep 12 - Chile's Codelco says strike at Salvador copper mine ends
Chile's state-owned copper miner Codelco said late on Friday that unionized workers at its small Salvador copper mine have accepted a wage offer and ended a strike, which had been ongoing since Monday.Salvador is in the process of restarting its smelter, refining, mining and plant operations, while workers are returning to their posts, Codelco said in a statement. Click here to read full stories
Sep 12 - Speculators raise net long COMEX gold, silver positions - CFTC
Hedge funds and money managers hiked their net long position in COMEX gold contracts to a nine-week high in the week to Sept. 6, as they also raised a bullish stance in silver, U.S. Commodity Futures Trading Commission data showed on Friday.The speculators boosted their net short position in copper futures and options to the largest since mid-June, the data showed. Click here to read full stories
Sep 12 - LME fines warehouse firm 30,000 pounds for reporting errors
The London Metal Exchange (LME) has fined Worldwide Warehouse Solutions UK Ltd (WWS) 30,000 pounds ($40,000) for errors in recording movements of lead inventories, the exchange said on Friday.The exchange, the world's oldest and largest market for industrial metals, said in a statement the errors resulted in mistaken data being released in February about 31,700 tonnes of lead inventories at the WWS warehouse in the Dutch port of Vlissingen. Click here to read full stories
Sep 12 - Bids received for SQM stake worth up to $2.5 bln – reports
The sale of a stake in Chile's SQM, one of the world's biggest lithium and iodine suppliers, has attracted widely differing offers, with the highest worth up to $2.5 billion, local media reported Friday.An indirect stake in SQM has been for sale since December, when holding company Oro Blanco invited buyers to make an offer for its entire 88 percent interest in Pampa Calichera Pampa Calichera in turn owns about 23 percent of SQM, a major producer of lithium, potash and fertilizer chemicals. Click here to read full stories
Sep 09 - Uncertainty over Brazil Samarco mine hinders restructuring, firm at risk
Almost a year after a deadly dam spill at the Samarco mine, owned by BHP Billiton and Vale, there is still no date for restarting operations, complicating attempts to restructure Samarco's debt and increasing the possibility the miner may be allowed to run out of money.Vale and BHP have assured authorities they will cover the cost of Brazil's worst ever environmental disaster, sources familiar with their thinking say, stopping short of saying they will keep Samarco, for whom the closed mine is the only real revenue stream, afloat. Click here to read full stories.
Sep 09 - Appearance and elusive reality in China's zinc mining sector: Andy Home
What could bring the zinc bull party to an untimely end? Well, obviously, there is the potential for Glencore to reactivate the 500,000 tonnes of mine capacity it has idled since late last year.Given zinc's stellar outperformance so far this year is predicated on a tightening raw materials market and the promise that this will feed through to metals shortage, the timing of any restarts will be a critical part of the equation. Click here to read full stories.
Sep 09 - Goldcorp hires Scotiabank to run Los Filos mine sale: sources
Goldcorp Inc has hired Bank of Nova Scotia to lead the sale process for Los Filos, its gold and silver mine in Mexico, according to two sources familiar with the situation, after putting the asset on the block earlier in the summer.David Garofalo, chief executive of the Vancouver-based gold miner, said in late July that Goldcorp was looking at offloading the mine, as well as weighing options for its Alumbrera mine in Argentina and the Marlin mine in Guatemala. Click here to read full stories.
Sep 09 - Some Japanese aluminium buyers agree to Q4 premium of $75/T -sources
Some Japanese aluminium buyers have agreed to pay producers a premium of $75 per tonne for shipments in the October-December quarter, reflecting softer spot premiums, two sources directly involved in the quarterly pricing talks said on Thursday.The deal, which marks a 17 to 19 percent fall from the $90 to $93 per tonne premiums in the previous quarter, is the second straight quarterly drop and the lowest in more than seven years.Japan is Asia's biggest importer of aluminium and the premiums for primary metal shipments it agrees to pay each quarter over the London Metal Exchange cash price set the benchmark for the region. Click here to read full stories.
Sep 09 - Indonesia evaluating mining rules as 2017 deadline on metal exports nears
Indonesia's mining ministry is scrambling to find a way around a deadline on mineral processing that could prevent some miners, including U.S. copper mining giant Freeport-McMoRan Inc from exporting minerals from the country from 2017.Under a government regulation introduced in 2014, miners of copper, zinc, lead, manganese and iron are restricted to exporting partially processed minerals until January 2017, after which only shipments of refined metals will be allowed. Click here to read full stories.
Sep 09 - Gold explorer WRE plans $40 mln dual listing
South African gold explorer White Rivers Exploration (WRE) aims to raise up to 30 million pounds ($40 million) with a dual stock market listing in London and Johannesburg next year to help it to develop one of the world's largest bullion deposits.WRE Executive Chairman Neil Warbuton told Reuters that the 11.5 million ounce reserve offers "huge upside potential" as one of the largest unmined high-grade gold resources in the world and that a dual listing will facilitate commercialisation of the project. Click here to read full stories.
Sep 08 - Volatile gold demand tarnishes U.S. commodity fund sales
Turning fortunes for gold pushed withdrawals from U.S.-based commodity funds to their highest levels since April, Investment Company Institute data for the latest week showed on Wednesday.Investors pulled $601 million from those mutual funds and exchange-traded funds during the week through Aug. 31, the trade group said, though many gold funds have seen a rebound in recent days. The fickle buying and selling of funds, such as SPDR Gold Shares, comes after some U.S. monetary policymakers suggested they favored raising interest rates sooner rather than later, though weak economic data have damped their case. Click here to read full stories.
Sep 08 - Scramble for tin as one player holds up to half LME stocks
The premium of nearby tin futures over benchmark ones on the London Metal Exchange (LME) has spiked to the highest in almost a year after one investor amassed up to half of the remaining LME inventories. Falling shipments from top tin exporter Indonesia has sent LME inventories of the metal used to make solder for the electronics industry sliding to the lowest in over a decade."The nearby tightness is biting," said Dee Perera, at broker Marex Spectron. Click here to read full stories.
Sep 08 - Platinum market to tighten this year, but catalyst demand to fall - WPIC
The platinum market will tighten more than previously forecast this year, an industry report said on Thursday, as shrinking supply of mined and recycled metal outweighs downward revisions for jewellery and autocatalyst demand.In its latest Platinum Quarterly report, the World Platinum Investment Council forecast a 520,000-ounce deficit in the platinum market this year, up from a 455,000-ounce shortfall predicted three months previously. Click here to read full stories.
Sep 08 - Peru proposes state-owned bank buys gold from artisanal miners
The government of Peru wants a state-owned bank to buy gold from artisanal miners in order to replace a lucrative but shady informal market, Finance Minister Alfredo Thorne said on Wednesday.Thorne said the miners would receive a better price for their gold and would not have to pay the value added tax rate, giving them incentives to register with the government and comply with environment and labor laws. Click here to read full stories.
Sep 08 - S.African mines minister says talks with industry over mining charter going well
South Africa's mining minister Mosebenzi Zwane said on Wednesday that talks with industry to reach an out-of-court settlement over a mining charter were "progressing well", but gave no details in a response to parliament. The government wants to enforce a requirement that 26 percent of all mining companies be in black hands under the proposed new law. Companies however say they should be considered to have met the regulation even when black owners have sold their shares in the firms. Click here to read full stories.
Sep 08 - China steel exports fall to 6-month low, in brief respite for world
China's steel exports fell to the lowest in six months in August amid stronger domestic prices, offering relief to rivals overseas angered by a flood of cheap Chinese products.But the global reprieve could be temporary as Chinese steel producers could easily boost exports to ship surplus output amid gradual efforts to address its chronic overcapacity. Click here to read full stories.
Sep 07 - Rio versus BHP boils down to investors' choice of commodity
The backgrounds of the leaders of the world's top mining companies illustrate the choice facing investors, with BHP Billiton's chief executive having worked in the oil industry and Rio Tinto's new boss more focused on copper.After aggressive cost-cutting and asset sales to drive down debt, the two mining giants are positioning themselves to capture growth as commodity markets begin to recover from a crash that dented company balance sheets. Click here to read full stories.
Sep 07 - G20 kicks steel overcapacity can down the road again
When G20 leaders met in the Chinese city of Hangzhou this week, they did so under, if not quite blue skies,at least smog-free skies.That's because the Chinese authorities had ordered hundreds of industrial plants in and around the city to close. Click here to read full stories.
Sep 07 - 'Flash Boys' protagonists aiming new exchange at gold
IEX Group, which rose to prominence with its bid to shake up stock trading in the United States, now aims to do the same in the more than $5 trillion-a-year gold market with a new exchange being created by its spinoff TradeWind Markets, a board member of the new venture said on Tuesday.The protagonists of Michael Lewis's book, "Flash Boys: A Wall Street Revolt," are planning a gold exchange that would use elements of blockchain technology to improve transparency and the clearing and settling of trades, said Matt Harris, a managing director at Bain Capital Ventures. Bain has an investment in IEX. Click here to read full stories.
Sep 07 - Chile's Codelco expects Salvador mine strike resolution soon – CEO
Chile's state-owned Codelco, the world's biggest copper miner, expects to resolve a strike by workers at its smallest mine, Salvador, in the coming days, Chief Executive Nelson Pizarro said on Tuesday.After Codelco failed to reach agreement with one of its unions in contract talks, workers at the Salvador copper deposit began protests on Monday, blocking access and affecting production. Click here to read full stories.
Sep 07 - China's Tianqi Lithium to build $300 mln plant in Australia
China's Tianqi Lithium Industries is set to build a A$400 million ($306 million) plant in Australia which it aims to open in late 2018, expanding its output of the material mainly for lithium batteries used in electric cars and high-end energy storage.The plant will take ore from the Greenbushes mine, a spodumene hard rock mine in southwestern Australia, and would be able to produce 24,000 tonnes a year of lithium hydroxide, boosting Tianqi's processing capacity by more than 50 percent, the company said in a statement. Click here to read full stories.
Sep 07 - Key rail bridge for Ivory Coast-Burkina Faso trade collapses
A bridge on the railway linking Ivory Coast and Burkina Faso collapsed on Tuesday and it will be several months before the trade route between the two countries is fully restored, said Sitarail, a unit of the Bollore group.Nobody was injured when a bridge over the River Nzi close to Dimbokro in central Ivory Coast collapsed and officials are inspecting the damage before starting repairs, Sitarail said in a statement.The railway was built by French colonizers to link the port city of Abidjan with Niamey, Niger, via the Burkina Faso capital, Ouagadougou. Click here to read full stories.
Sep 06 - G20 pledges to tackle global steel glut, quell China tensions
G20 leaders have pledged to work together to address excess steel capacity that has punished the global industry with low metal prices for years while raising tensions between China and other major producers.A statement from the White House said that leaders at the G20 summit in Hangzhou, eastern China, on Monday accepted that overcapacity in steel and other industries is a global issue that requires a collective response. Click here to read full stories.
Sep 06 -Japan aluminium buyers to turn to spot markets, could crimp annual contracts
Japanese aluminium buyers are looking to crimp the amount of the metal they purchase via annual contracts, instead turning to spot markets where premiums have in recent months dropped to their lowest in over seven years amid a persistent supply glut.Most aluminium buying by Asia's biggest importer of the metal is carried out through annual contracts, with premiums for delivered metal set each quarter via negotiations that act as a benchmark for the region. Click here to read full stories.
Sep 06 - As Nyrstar hedges forward, should zinc bulls be worried? Andy Home
Zinc continues to glow red hot amid the general gloom pervading the industrial metals sector. On the London Metal Exchange (LME) three-month metal closed last week valued at $2,364 per tonne, up 50 percent on the start of the year and the highest it's been since May last year.Everyone, it seems, is still buying into the galvanising metal's enticing narrative of supply shortfall, something of a stand-out in a sector that is more worried about the weak state of demand. Click here to read full stories.
Sep 06 - Australian firm taps coking coal rebound for new mine in 2017
A private equity-backed firm expects to dig a new coal mine in Australia's prized Bowen Basin in 2017, tapping into a recovery in prices for coal used to make steel at a time when the world's biggest suppliers have stopped building mines.Pembroke Resources, led by the ex-boss of Gloucester Coal Barry Tudor, expects the Olive Downs project to start up within 12 months with a 1-million-tonnes-a-year mine and add two more mines by 2019. Click here to read full stories.
Sep 06 - Copper output at Codelco's Salvador mine hit by strike
Striking workers at Codelco's small Salvador copper deposit in Chile have blocked access to the mine and are affecting production, the company and union said on Monday.The union last week said it would go on strike this week after failing to reach agreement in contract talks. Codelco told Reuters that protests began on Sunday night and that currently "the mine has been occupied and operations are paralyzed." Click here to read full stories.
Sep 06 - Miners call for World Heritage Sites to be left untouched by all
The world's biggest mining companies called on Monday for action to stop any firms, including the oil and gas industry, extracting resources from natural sites protected by the United Nations.In 2003, the International Council on Mining and Metals (ICMM), which groups 23 firms including BHP Billiton, Rio, Anglo American and Glencore, agreed to halt mining in World Heritage Sites as part of a remit to make mining more sustainable. Click here to read full stories.
Sep 05 - Miners' hedging on gold highest for six years in Q2
Gold mining companies expanded the global hedge book by a further 21 tonnes in the second quarter to the highest level in six years, an industry report showed on Friday.Hedging, usually by selling future gold production forward, allows miners to lock in prices and guarantee returns for their output.Gold prices rose around seven percent in the second quarter from the first three months of the year. Click here to read full stories.
Sep 05 - Surging China stainless steel output may reverse recent nickel slump
A surprise jump in stainless steel production this year in China, the world's biggest nickel user, may reignite a rally in nickel prices as investors shift focus to demand from worries over Philippine supply.China's output of nickel-bearing stainless steel, which uses more nickel than overall stainless steel, during January to July surged to 11.201 million tonnes, up 10 percent from the same period in 2015, according to UBS. Overall stainless steel output for the first seven months of 2016 was 8 percent higher than a year ago at 13.639 million tonnes, UBS said. Click here to read full stories.
Sep 05 - China's Henan to close 62.5 mln T of coal capacity by 2018 -Xinhua
Central China's Henan province will cut annual coal capacity by 62.54 million tonnes and crude steel by 2.4 million tonnes over the 2016-2018 period as part of efforts to tackle nationwide supply gluts in the sectors, Xinhua news agency reported.China has vowed to bring total coal capacity down by as much as 500 million tonnes in the coming three to five years, and also plans to close 100-150 million tonnes of steel production by the end of 2020 in a bid to prop up prices and curb widespread losses in the two industries. Click here to read full stories.
Sep 05 - Speculators cut bullish COMEX gold position to 3-mth low
Hedge funds and money managers reduced their bullish stance in COMEX gold contracts in the week to Aug. 30 to the lowest in nearly three months, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday.The speculators also cut their net long position in silver futures and options to the lowest since mid-June while they sharply increased their net short position in copper, the data showed. Click here to read full stories.
Sep 05 - Philippines to suspend more mines as environmental review ends
The Philippines will this week announce the suspension of more of the country's mines for violating environmental regulations, the mining minister said on Monday, as the government wrapped up a seven-week review.The Southeast Asian nation, the world's top nickel ore supplier, launched a review of the country's 40 metallic mines on July 8 and has so far suspended 10, eight of them producing nickel ore. The closures and the risk of more mines being shuttered lifted nickel prices to a one-year high last month. Click here to read full stories.
Sep 05 - Zinc producer's shareholders fall short in bankruptcy fight
Horsehead Holding Corp was cleared to exit bankruptcy on Friday although a U.S. judge acknowledged that allegations by the zinc producer's shareholders that their investment was being unfairly wiped out came very close to derailing the company's plan.Horsehead can now proceed with its plan that will eliminate most of its $427 million in pre-bankruptcy debt, cancel its stock and allow the company to emerge from Chapter 11 under the control of its noteholders, led by Greywolf Capital Management. Click here to read full stories.
Sep 05 - U.S. affirms duties on steel from Brazil, India, UK, South Korea
The U.S. International Trade Commission voted on Friday to lock in duties on imports of cold-rolled steel flat products from Brazil, India, South Korea and Britain but said imports from Russia were not injuring the U.S. industry.The U.S. Commerce Department had previously found the products from Brazil, India, South Korea and Russia were being unfairly subsidizedand sold in the United States at below fair value, and that the products from Britain were also being dumped. Click here to read full stories.
Sep 02 - Alcoa, Alumina settle dispute, clearing hurdle to Alcoa split
Alcoa Inc and Alumina Ltd have settled a dispute and agreed to reshape their joint venture, removing an obstacle to Alcoa's plan to split into two companies and making its Australian partner a more attractive takeover target.The two companies agreed to enda court fight that had threatened to delay Alcoa's plan to spin off its plane and car parts business, which is now set to go ahead by the end of this year. Click here to read full stories.
Sep 02 - LME to resume ring trading at usual venue on Monday
The London Metal Exchange (LME) will resume open outcry trading at its offices in London's financial district on Monday after repair works were completed, it said on Thursday.The exchange, the world's oldest and largest market for industrial metals, moved ring trading to an emergency venue in July after structural problems forced the shutdown of its offices at Finsbury Square. Click here to read full stories.
Sep 02 - Workers at small Codelco copper mine to strike next week
Workers at Codelco's small Salvador deposit will go on strike next week after failing to reach agreement in contract talks with the Chilean state-owned company, the union told Reuters on Thursday.The strike is set to start on Monday after workers rejected Codelco's latest offer and the company said it had opted not to request a five-day mediation process. Click here to read full stories.
Sep 02 - Barrick to focus on scaled-back Pascua-Lama project in Argentina
Barrick Gold Corp, the world's largest gold miner, said Thursday it has brought back a former executive to advance a scaled-back development plan for its suspended Pascua-Lama project that will first focus on Argentina.The gold and silver project, which straddles the border of Argentina and Chile in the Andes Mountains, was put on hold in 2013 due to environmental issues, political opposition, labor unrest and development costs that ballooned to $8.5 billion. Click here to read full stories.
Sep 02 - Thyssenkrupp seeks to ease dispute with steel workers
Thyssenkrupp agreed to intensify talks with its European steel workers in an effort to resolve a dispute over plans to merge the division with Tata Steel and possibly close plants.Several thousand workers marched in protest at management's plans on Wednesday and labour representatives refused to approve a new management structure, part of a five-year programme to improve the performance of Thyssenkrupp's steel business amid worsening markets. Click here to read full stories.
Sep 02 - Bolivia announces mining crackdown after murder of gov't official
Bolivia responded to last week's murder of a government official by announcing a crackdown on mining cooperatives on Thursday, saying it would return contracts signed between them and private companies to state control.The beaten body of Deputy Interior Minister Rodolfo Illanes was found by the side of the road last week, hours after he had approached mining protesters to talk over their concerns. Click here to read full stories.
Sep 02 - Argentina seeks to unify regulations to spur mining investments
The Argentine government wants to unify mining regulations under a proposed federal law that would permit open-pit mines to operate throughout the country as part of an effort to jump-start investment in the sector, a government official said.Argentina has fallen behind its mineral-rich neighbors Chile and Peru in mining investment, despite containing rich deposits of copper, gold, silver and zinc. Local regulations are tough, and seven of the country's 23 provinces prohibit open-pit mining altogether due to environmental concerns. Click here to read full stories.
Sep 02 - South Africa's Impala Platinum narrows year loss to $4.7 million
Impala Platinum Holdings Ltd (Implats), the world's No.2 producer of the white metal, narrowed annual losses to 70 million rand ($4.77 million) thanks largely to cost cuts.Implats, along with rivals Lonmin and Anglo American Platinum, is still recovering from a 2014 strike that cost the industry billions of dollars in lost output and damaged the viability of some mines, leading to job cuts. Click here to read full stories.
Sep 02 - Liberian parliament speaker steps down after Sable Mining indictment
Liberia's parliament speaker said on Thursday that he is stepping down to face bribery charges in a case involving London AIM-listed Sable Mining's attempted acquisition of an iron ore concession in the north of the country."If my recusal is the ultimate sacrifice that will move our country forward and end this current quagmire, I am herewith recusing myself from presiding over the plenary of the House of Representatives,” Alex Tyler said in a statement. Click here to read full stories.
Sep 01 - China's robust August iron ore, coal imports mirrored in prices: Russell
China's imports of iron ore and coal remained robust in August, providing a fundamental justification for the ongoing resilience in the price of the two major bulk commodities.Although there are several more factors driving prices than China demand, it's also worth noting that crude oil imports likely slipped back somewhat in August, coinciding with a retreat in the price of global benchmark Brent crude. Click here to read full stories.
Sep 01 - South African mine deaths rise after years of improving safety
Pakiso Matsemela recalls the day he lost the use of his legs, joining the long casualty list of a South African mining industry whose accident rate is again climbing after years of improvement."I heard a bang and suddenly I was hit in the back by a rock. It felt like a rush of heat," the 63-year-old told Reuters, recounting the accident that shattered his spine at the Northam Platinum mine. Click here to read full stories.
Sep 01 - Baosteel sees China's 2016 steel consumption down nearly 3 pct y/y
Baoshan Iron & Steel, China's top listed steelmaker, expects the country's apparent consumption of crude steel to drop to 680 million tonnes this year from 698 million in 2015, Dai Zhihao, its general manager, told an online briefing.The forecast from Baoshan Iron & Steel, or Baosteel, comes at a time when China, the world's top producer of the alloy, is stepping up efforts to slash a huge overcapacity that has boosted cheap exports amid slowing demand at home. Click here to read full stories.
Sep 01 - Chile copper mines resume partial operations after fatal accidents
Partial operations were resumed on Wednesday at Chilean state-owned copper miner Codelco'sChuquicamata mine and Freeport-McMoran Inc's El Abra mine, the day after separate fatal accidents forced complete suspension of activities.Codelco, the world's No. 1 copper producer, said it was still investigating the cause of the accident at Chuquicamata that left two workers dead when the vehicle they were driving collided with a giant mining truck. Click here to read full stories.
Sep 01 - American Eagle coin August sales fall yr/yr as prices ease
U.S. Mint sales of American Eagle gold coins in August fell 42 percent from a year ago while silver coin sales dropped to the lowest since late-2013, as bullion prices came off the highest in more than two years, government data showed on Wednesday.The U.S. Mint sold 58,500 ounces of American Eagle gold coins in August, up 52 percent from July but down sharply from the 101,500 ounces sold in August 2015, U.S. Mint data showed. Click here to read full stories.
Sep 01 - Thyssenkrupp steel workers protest merger plans
Several thousand steel workers at Thyssenkrupp on Wednesday protested management's plans for a merger of its European steel business with that of Tata Steel as well as possible site closures.Carrying banners saying "Stop steel exit" and "Steel is the future" in a rally organised by powerful labour union IG Metall, they marched to the headquarters of Thyssenkrupp Steel Europe in the industrial city of Duisburg, where the steel business's supervisory board is due to meet on Wednesday. Click here to read full stories.