Base & Precious Metals News
Jun 24 - Britain votes to leave EU, unleashing global turmoil
Britain has voted to leave the European Union, results from Thursday's landmark referendum showed, a stunning repudiation of the nation's elites that deals the biggest blow to the European project of greater unity since World War Two.World financial markets plunged as nearly complete results showed a 51.8/48.2 percent split for leaving. The vote instantly creates the biggest global financial shock since the 2008 economic crisis, this time with interest rates around the world already at or near zero, stripping policymakers of the means to fight it. click here.
Jun 24 - POSCO CEO says steel "protectionism" by US, others to hurt exports -media
Chief executive of POSCO, South Korea's top steelmaker, said "protectionism" by the United States and other countries could have an adverse impact on the company's exports, media reports showed on Friday.The comments came after the United States slapped a series of anti-dumping duties on major steel-producing countries like China and South Korea. China's Commerce Ministry said on Thursday it was deeply concerned about protectionism in the U.S. steel sector and urged the United States to strictly abide by World Trade Organization rule. click here .
Jun 24 - India's Tata says skilled labour important consideration after Brexit
India's $100 billion Tata group said in a statement on Friday that access to markets and a skilled workforce would remain important considerations for its businesses in Britain, which on Friday decided to leave the 28-nation European Union bloc. Tata has 19 independent companies in the U.K., a Tata Sons spokesman said in the statement, including luxury carmaker Jaguar Land Rover, Tetley Tea and steel plants. click here.
Jun 24 - Lenders turn away BHP port debt plan, wary of coal
Australian mining giant BHP Billiton pulled a $500 million debt refinancing plan at one of Australia's biggest coal export terminals after banks were reluctant to lend to the sector, said three sources with knowledge of the process.The decision earlier this month sets back efforts to simplify complex debt arrangements at the Newcastle Coal Infrastructure Group (NCIG) project and stalls BHP's plan to release cash tied up in the terminal as it looks to strengthen its balance sheet amid a global commodities slump. click here .
Jun 24 - New Philippine minister says open-pit mining is "madness"
The incoming minister in charge of Philippine mining has slammed the use of open pits to extract minerals, describing it as "madness" even to consider the method in the resource-rich country because of the environmental impact.The stance by Regina Lopez, an environmentalist who on Tuesday accepted President-elect Rodrigo Duterte's offer to head the Department of Environment and Natural Resources, could set her on a collision course with the mining industry. click here .
Jun 24 - Chile's Codelco to decide on partner for lithium development in 2017
The world's No. 1 copper producer Codelco is expected to make its decision on who to partner with to develop its lithium assets in the first quarter of next year, Chile's Mining Minister Aurora Williams told Reuters on Thursday.Lithium is an important ingredient in rechargeable batteries and is used in electric cars. Annual demand for lithium is forecast to more than double by 2020 from 95,000 tonnes now. click here .
Jun 24 - China impounds assets of troubled metal exchange after arrests
Chinese police have impounded over 70,000 tonnes of non-ferrous metals and other assets of the Fanya Metals Exchange, the local government said, after arresting the company head and others following accusations it was running a multi-billion-dollar Ponzi scheme.After months of protests, dozens of investigators took over the Kunming-based Fanya exchange building late in 2015, and earlier this year police arrested the head of the exchange, Shan Jiuliang, along with 15 other suspects. click here .
Jun 24 - Gold rocketed this morning as the shock UK referendum result saw carnage in financial market prompting a rush to safe haven assets like gold. With sterling falling to its lowest in 30 years, the biggest gains were seen in gold for UK investors which rose 20% in just a few minutes before settling this morning at gbp 960, a gain of 12% on the day so far.
- At Sharps Pixley we have seen our busiest day ever with online sales draining our stocks of our larger bullion bars and prompting us to call on emergency reserves of kilobars from Germany. Our stocks of many coins have also been bought out with only limited availability today.
- Speaking of the gold rush Ross Norman, CEO at Sharps Pixley said "gold has done what it does best and that is to provide investors with protection against currency weakness and political uncertainty- it is a safe haven asset with wealth preservation properties - the prescient investor has been well rewarded by his caution".
Jun 23 - Gold investors wrestle with Brexit vote in wild options dealings
Gold investors piled on near-term bullish and bearish options bets on Wednesday, racing to protect against whipsawing prices as Britons head to the polls to decide on the future of their European Union membership on Thursday, data showed.Implied volatility, a measure of options activity, in Comex July gold calls and puts with strike prices that are as much as $50 higher or lower than current prices soared to record highs on Wednesday. click here .
Jun 23 - Southeast Asia steelmakers bid to emerge from China's shadow
As a construction boom spurs steel demand across Southeast Asia, countries such as Vietnam, Indonesia and Thailand are challenging a flood of imports from China by retooling their steelmaking technology or imposing tariffs.U.S. and European steelmakers are leading complaints over alleged dumping, but cheap Chinese imports account for two thirds of steel consumed in many Southeast Asian countries. The region includes six of the top 10 buyers of Chinese steel, and capacity utilisation in its own mills has slumped to less than 40 percent. click here.
Jun 23 - Rio Tinto's cleared the decks, now time to change iron ore tack: Russell
The beautiful thing about cleaning out the executive ranks is that it gives a company an opportunity to press the reset button on strategies and positions.Rio Tinto should seize the moment and come up with a forecast for Chinese steel output that is more realistic.click here.
Jun 23 - China concerned about protectionism in U.S. steel sector -Commerce Ministry
China's Commerce Ministry said on Thursday it was deeply concerned about protectionism in the U.S. steel sector and urged the United States to strictly abide by World Trade Organization rules."The U.S. steel sector has been in a state of overprotection," the ministry said in a statement on its website, adding that this overprotection has made the U.S. sector uncompetitive. click here.
Jun 23 - Copper export surge, a sign of China weakness or London strength? Andy Home
China exported 85,000 tonnes of refined copper in May. It was the second highest monthly outflow on record, eclipsed only by the 102,000 tonnes that left the country in May 2012.The copper market, which is more accustomed to tracking what goes into China, the world's largest single consumer of the stuff, is now fretting that more, maybe much more, may be on its way. click here .
Jun 23 - Emirates Global Aluminium to press ahead with Guinea bauxite mine
State-owned Emirates Global Aluminium (EGA) has concluded its feasibility study on development of its Guinea bauxite mine and will press ahead with construction, the company said on Wednesday. The mine, which is slated to begin operating in 2018, will help to secure supply of the aluminium ore for EGA's primary production facilities in the United Arab Emirates, with some of the bauxite to be exported to Asia, a company statement said.click here .
Jun 23 - Australia's Telstra buys into mining technology sector
Australia's No. 1 telecommunications firm Telstra Corp Ltd has bought a mining technology company for an undisclosed sum, looking to tap the resource sector's appetite for cost-cutting in the face of slumping commodity prices.Markets for everything from oil to iron ore have collapsed from record highs a few years ago due to swelling supply and a slowing economy in major consumer China, prompting mining companies to adopt new technologies which automate processes and boost production. click here .
Jun 22 - Gold rush to end whether or not Britain votes to exit EU
Gold's sharp gains on uncertainty over Britain's European Union membership are likely to come to an end, regardless of whether Britons vote to leave or remain in Thursday's referendum.Prices hit their highest since August 2014 last week as the $5-trillion a year gold market rose with other "safe" assets, such as German bunds, the Swiss franc and Japan's yen. click here .
Jun 22 - Global palladium demand in autos to hit record in 2016 - CPM
Global demand for palladium in automobiles will rise nearly 3 percent to a record in 2016 on growing Chinese demand for small cars and as lower oil prices have spurred U.S. sales of light trucks, CPM Group said on Tuesday.But demand for platinum in automobiles will be flat, the market research firm said in a report. click here.
Jun 22 - Singapore trader Kyen Resources buys Gunvor's metals book - sources
Singapore-based metals trader Kyen Resources has bought the metals trading book of Switzerland's Gunvor, three sources with direct knowledge of the deal said, the latest small trader to expand even as the climate for trading metals gets tougher.Kyen Resources, set up around two years ago, this week finalised the purchase of Gunvor's metals business - mostly term copper and zinc shipments - to add to its existing business that also includes aluminium, one of the sources said. click here.
Jun 22 - Baosteel shuts blast furnace in drive to cut China's overcapacity
China's Baosteel Group, the country's second largest steelmaker by output, has shut a blast furnace as part of a national restructuring effort to reduce overcapacity in the sector, the company said.China, the world's biggest producer and consumer of steel, is prioritising supply-side reform in both steel and coal due to sagging prices to help overhaul its industrial sector. click here.
Jun 22 - China export curb pushes antimony to 11-month highs
Antimony prices have hit their highest in more than 11 months due to a tighter market created by top producer China limiting exports of the metal used in fire-retardants and plastics, traders in Europe said. Prices of antimony on the spot market in Europe have risen about 24 percent to $6,500 a tonne from $5,250 in March. They are at their highest since July 2015. click here.
Jun 22 - Liberty lines up banks, private funds for Tata Steel UK bid
Liberty House Group has lined up financing from banks in the United Kingdom and India as well as several private investment firms to support its bid to acquire the British assets of Tata Steel, Executive Chairman Sanjeev Gupta told Reuters. The firm is one of a number of companies that have put forward offers to buy Tata Steel's loss-making UK operations and save thousands of jobs in Britain, whose steel industry has been hit by cheap Chinese imports, high energy costs and a global supply glut.click here.
Jun 21 - In aluminium market it's still China versus rest of world: Andy Home
"China has committed to ensure that its central government policies and support do not target the net expansion of steel capacity; and to actively and appropriately wind down 'zombie enterprises' through a range of efforts, including restructuring and bankruptcy."This statement was made by U.S. Treasury Secretary Jack Lew earlier this month after high-level talks with Chinese officials in Beijing. click here .
Jun 21 - Rio Tinto replaces iron ore chief, shuffles executive team
Global miner Rio Tinto Plc said it appointed Chris Salisbury as head of its iron ore business, replacing veteran Andrew Harding.Salisbury, currently acting head of Rio Tinto's copper and coal unit, will take up the role on July 2.Rio Tinto also appointed Arnaud Soirat as head of its new copper and diamonds unit, Stephen McIntosh as growth and innovation executive, and Joanne Farrell as group executive, health, safety and environment. click here.
Jun 21 - India wants private sector to explore for diamonds, gold
India is seeking the participation of Rio Tinto and Anglo American's De Beers to explore for diamonds and gold, part of Prime Minister Narendra Modi's ambition to make the country a major mineral producer, the mines secretary said.Balvinder Kumar told Reuters on Monday that the Indian government will start to auction the rights to up to 70 diamond and gold exploration zones to mining companies this year. click here .
Jun 21 - Brazil's Samarco, owners hire banks for debt talks - source
Brazilian mining company Samarco Mineração SA and owners Vale SA and BHP Billiton Plc have hired banks to sound out creditors on a potential renegotiation of $3.8 billion in debt, after a deadly dam spill led to the shutdown of a key mine, a source with direct knowledge of the plan said on Monday.According to the source, BHP Billiton has hired Rothschild & Co as an advisor on the deal, Vale has brought in Moelis & Co, and JPMorgan Chase & Co is advising Samarco. The source asked for anonymity because the process is private. click here .
Jun 20 - Rio suspends work at Channar iron ore mine after death
Rio Tinto has suspended operations at its Channar iron ore mine in Australia after a worker was killed overnight, the company said on Monday."Operations have been suspended," a Rio Tinto spokesman said, adding that the company was working with investigators on the cause of the incident. He did not say when operations would resume. click here .
Jun 20 - Options market maps zinc bulls' upside ambitions: Andy Home
Zinc continues to shine amid the general gloom pervading the base metals complex.On the London Metal Exchange (LME) benchmark three-month zinc has eased back from the near one-year high of $2,105.50 per tonne hit earlier this month. click here .
Jun 20 - China orders energy use checks to speed closure of coal, steel capacities - NDRC
China has ordered local authorities nationwide to check on energy use by coal and steel companies to speed up the closure of plants and mines that fail to reach certain efficiency standards, the country's economic watchdog said on Monday.Local governments need to conduct energy consumption checks on coal and steel producers, and any that do not meet efficiency standards will be given a maximum of nine months in which to improve or be closed, according to two statements on the website of the National Development & Reform Commission (NDRC). click here .
Jun 20 - ArcelorMittal plans divestment of French businesses
World number-one steelmaker ArcelorMittal is looking for a partner for one French subsidiary and is in discussions to sell another unit that operates largely in France, the company said on Friday.ArcelorMittal said it was in talks with potential joint venture partners for SoluStil, which makes sheet steel for the aerospace, rail, agriculture and construction sectors and has 660 employees. click here .
Jun 20 - Australia gov't pledges A$49 mln for Whyalla steel firm as election nears
The Turnbull government offered A$49.2 million ($36.4 million)in assistance on Sunday to a struggling steel firm in the South Australian town of Whyalla if it is reelected next month, as major parties worry about losing seats in a region hit hard by the end of the mining boom.The funds, which would be in the form of a loan, would allow troubled Arrium Mining and Materials to buy equipment to upgrade lower quality iron ore for use in the steelmaking process. click here .
Jun 20 - Brazil fines Samarco 142 mln reais for damages to protected areas
Brazil's Environment Ministry fined mining company Samarco 142 million reais ($41.6 million) for damages to three protected areas resulting from a tailings dam burst in November, the ministry said on Friday.The ministry said in a statement the three areas on the coast of Espirito Santo state were contaminated by metals such as lead, coper and cadmium. The metals spilled from the dam and were carried all the way from Minas Gerais through the Doce River to the ocean. click here .
Jun 20 - Speculators at record bearish copper stance, gold at 2011 peak
Hedge funds and money managers raised their net short position in COMEX copper contracts to the biggest on record, and took their bullish stance in gold to the highest in nearly five years in the week to June 14, U.S. government data showed on Friday.The speculators also added to their net long position in silver, the U.S. Commodity Futures Trading Commission data showed. click here .
Jun 20 - Russian gold miner Polyus plans 5 pct stake sale in Moscow
Russia's largest gold producer Polyus plans to sell 5 percent of its existing shares on the Moscow bourse when market conditions are right, Chief Executive Pavel Grachev told Reuters on Friday.Polyus, controlled by the family of Russian tycoon Suleiman Kerimov, needs to raise its free float to at least 10 percent from 5 percent to meet Moscow Stock Exchange requirements after an upgrade of its listing, which Grachev has said would enable it to increase liquidity and attract new investors. click here .
Jun 20 - Guinea's CBG gets $1 bln loan to boost bauxite production
Guinea's Bauxite Company (CBG) has reached an agreement in principle over a $1 billion loan to increase production capacity at the Kamsar treatment plant, the firm's general director told Reuters on Friday.Guinea has around a third of the world's reserves of bauxite, used to make aluminium, although development has been hampered by years of military rule and popular unrest. click here .
Jun 20 - Canada's Kinross suspends work at Mauritania gold mine
Canada's Kinross Gold Corp has suspended activity at its Tasiast mine in Mauritania after the West African country ordered expatriates whose work permits were invalid to stop working, a company source said.The company "has decided to temporarily shut down the mine following the withdrawal of invalid work permit of expatriates by labor inspection", the source told Reuters late on Saturday click here .
Jun 17 - Vale will not support Samarco if unable to resume operations
Brazilian mining company Vale SA will not financially support Samarco, a joint venture with BHP Billiton, if the company is not able to resume operations, Vale's head of investor relations said on Thursday.Rogerio Nogueira told analysts at an event in Sao Paulo that he did not believe Samarco would need financial support, but that in the event its mine was unable to get permission to restart, Vale would not fund Samarco. The joint venture's iron ore mine closed in November after a deadly dam spill. click here .
Jun 17 - Copper faces tough outlook on rise in Asia stockpiles, mined metal
Copper stocks held in London Metal Exchange warehouses in Asia are set jump by around 50 percent in the next month, as the metal is shifted out or diverted away from top consumer China, industry sources said.The rise in warehouse stocks is likely to depress prices in the near term, while the outlook further out is also weak due to fresh mine supply, said attendees at the LME Week Asia conference in Hong Kong. click here .
Jun 17 - Glencore plans to sell option in Falco's Horne gold project -sources
Glencore is planning to sell its option in a gold mine owned by Falco Resources, two sources familiar with the situation said on Thursday, as the mining group and commodities trader presses ahead with asset sales.London-listed Glencore has appointed BofA Merrill Lynch to sell the 65 percent option in the Horne 5 gold project in Quebec, the sources said, and potential buyers have been contacted. click here .
Jun 17 - Producers expect Ukraine July steel output of 2.2 million tonnes
Ukrainian steel production in July is likely to stay at a high level of about 2.2 million tonnes, steelmakers said on Friday.Steel output rose 14 percent in the first five months of 2016 to 10.6 million tonnes, mostly thanks to an increase in demand from the local market and exporters. click here.
Jun 17 - ArcelorMittal plans to sell two French units - report
World number-one steelmaker ArcelorMittal is preparing to shed about 10 percent of its 17,200 strong workforce in France through the sale of two subsidiaries, according to a report in Le Figaro newspaper. The report said the two units for sale are Solustil, which makes steel for car bodies, and WireSolutions, which makes fencing wire and nails. click here .
Jun 17 - Brazil judge bars steelmaker CSN's appointees from Usiminas board
An appeals judge in Brazil has overturned a ruling by the country's antitrust authority that allowed steelmaker CSN to make appointments to the board of rival Usiminas, in which it has a stake.The ruling by Judge Jirair Aram Meguerian on Wednesday could mean CSN's two appointees will have to step down from the Usiminas board, which grew to 11 members after the regulator, known as Cade, cleared the way for the move in April. click here .
Jun 17 - U.S. SEC proposes mining rules to sync with global standards
The top U.S. securities regulator on Thursday proposed new requirements for what companies must disclose about their mining properties, saying the industry had undergone significant changes in recent years and become more globalized.The proposal would align with "global standards and give investors more comprehensive information," said Securities and Exchange Commission Chair Mary Jo White in a statement. click here.
Jun 16 - Gold play distorts Thai run of better export data
A run of strong Thai exports this year should be welcome news for the trade-dependent economy, but rather than reflecting healthy shipments of goods such as cars or textiles speculative gold sales have often had an outsized influence.In February alone, a 1,000 percent surge in gold exports to a record $1.89 billion contributed to the largest annual rise in overall exports for more than three years at 10.3 percent. Stripping out gold, year-on-year growth was just 0.3 percent. click here.
Jun 16 - Brazil's Usiminas draws bank refinancing deal respite; shares jump
Usinas Siderúrgicas de Minas Gerais SA agreed with banks and local bondholders to refinance about 5.4 billion reais ($1.6 billion) in loans and local notes, boosting efforts by Brazil's largest listed flat steelmaker to overcome a deep crisis.In a Wednesday securities filing, Belo Horizonte-based Usiminas said banks agreed to extend maturities over the next 10 years with a three-year grace period on the principal. A spokesman for the company declined to detail additional terms of the new arrangement, saying the accord is under banking secrecy. click here.
Jun 16 - Aluminium premiums adjust to life after the queues
Japanese aluminium buyers are locked in talks with producers over the level of physical premiums to be paid for shipments in the third quarter.The opening salvoes suggest the premium will fall slightly from the second-quarter level of $115-117 per tonne over London Metal Exchange (LME) cash prices. click here.
Jun 16 - Vale-BHP's Samarco no longer sees operations resuming this year
Brazilian miner Samarco, a joint venture between Vale SA and BHP Billiton, no longer expects to resume mining operations this year, Benedito Waldson, the company's head of human resources told Reuters on Wednesday.The lack of clarity of when the company would receive the necessary licenses to restart operations had forced the company to move to lay off over 1,000 workers, Waldson said. The Samarco iron ore mine was closed last November after a deadly tailings dam spill. click here.
Jun 16 - European Union reaches outline deal to stem flow of conflict minerals
The European Union on Wednesday agreed an outline deal on a law to clean up the commodities supply chain, so importers will have to carry out checks to stem the use of gold and other metals from conflict zones, European politicians said.Human rights campaigners said the agreement was progress after months of argument, although it did not go far enough. Industrial users of the relevant commodities said the compromise struck the right balance. click here.
Jun 16 - Westpac commodity finance division expects revenue growth this year
The structured commodity finance division of Australia's Westpac bank expects revenues to grow by a third this financial year as new products gain momentum, but business is likely to level out next year as the global economy falters.Westpac Banking Corp set up its Hong Kong and Singapore-based commodity financing business in 2013-2014 to tap trade flow from its home market to China and to capture demand from Asia's urbanisation drive, just as many global banks, stung by increasing regulatory costs, quit the sector. click here.
Jun 16 - South Africa's Northam says lost 15 mln rand a day in work stoppage
South Africa's Northam Platinum lost 15 million rand ($983,026) a day in revenue during a week-long work stoppage at Zondereinde mine, a company spokeswoman said on Wednesday.Memory Johnstone said about 7,000 ounces of output were lost at the mine which produces about 300,000 ounces of platinum a year and accounts for 70 percent of the mid-tier producer's revenue. click here.
Jun 16 - Polymetal says Sberbank to finance Kazakh gold project
Russia's Polymetal plans to borrow $350 million from Sberbank to finance the development of its Kazakh gold field Kyzyl, chief executive Vitaly Nesis told reporters in Astana on Wednesday."We have reached an agreement in principle with Sberbank on project finance for about $350 million, this is long money, about six years," Nesis said. click here.
Jun 16 - Japan aluminium stocks rise for first time in 9 months
Aluminium stocks held at three major Japanese ports climbed for the first time in nine months in May due to an increase in imports and softer demand at home. The increase comes as global aluminium producers and Japanese buyers negotiate premiums for July-September primary metal shipments. click here.
Jun 16 - China to strictly control new metals capacity, boost state reserves -cabinet
China will strictly control new production capacity in the non-ferrous metals sector and boost the stockpiling of state reserves as parts of an effort to push forward structural supply-side reform, the cabinet said on Thursday. The government will increase financial incentives to metals companies that produce higher-end products and upgrade technology, and will urge industry bodies to improve the stockpiling of metals reserves, the cabinet said in a document dated on June 5 and published on its website. click here.
Jun 15 - China won't come to the LME, so the LME will go to China: Russell
Some four years after shelling out a top-of-the-market $2.2 billion for the London Metal Exchange (LME), it appears owners Hong Kong Exchanges and Clearing (HKEx) are still battling to make the venerable old Western institution work with China, the new and dominant centre for metal demand. HKEx Chief Executive Charles Li used the LME Week Asia seminar today to tout the latest plan, which involves bringing the LME's expertise in physical metals markets to China, where financial instruments dominate trade. click here .
Jun 15 - Hong Kong bourse pushes on with China metals trading hub
Hong Kong Exchanges and Clearing is pushing ahead with plans to start a metals trading platform in southern China, looking to build its commodity business in the world's No.2 economy. Qianhai, a new free trade zone near Hong Kong, is set to host the platform for trading metals before stretching into other commodities, pending regulatory approval. click here .
Jun 15 - Kyrgyz president orders legal review of Centerra Gold deals
Kyrgyz President Almazbek Atambayev ordered state prosecutors on Tuesday to review the legality of agreements signed with Canada's Centerra Gold Inc in 2003-2004 and 2009, his office said in a statement. Centerra operates Kyrgyzstan's biggest gold mine, Kumtor, and has been locked in a bitter dispute with the Central Asian nation's government over profit-sharing that has recently escalated. click here.
Jun 15 - Colombia's Cerro Matoso nickel mine workers cancel strike after pay deal
Union workers at Colombia's Cerro Matoso nickel mine ditched plans to strike on Tuesday after reaching a deal on pay increases and benefits, the company and union said, averting potential disruption to output from one of the world's largest producers of ferronickel. Workers voted late last month to strike beginning Tuesday, but reached an eleventh-hour deal with mine owners South32 Ltd, officials confirmed. click here.
Jun 15 - Russia's Norilsk aims for debt ratio of up to 2 by end-2016
Russian miner Norilsk Nickel aims to keep its net debt to core earnings ratio at up to 2.0 by the end of 2016, compared to 1.0 a year earlier, the company's chief financial officer said. "We hope that we will stay safe regarding our debt burden level, up to 2 by the end of the year," CFO Sergei Malyshev told reporters. click here.
Jun 15 - South Africa's NUM union members to resume work at Northam Platinum mine
South Africa's National Union of Mineworkers (NUM) said its members will return to work for the nightshift on Tuesday at Northam Platinum's Zondereinde after staying away since Monday last week after violence broke out at the site. Northam suspended operations at the mine on June 6 after a worker was fatally stabbed when members of NUM clashed with those of the rival Association of Mineworkers and Construction Union (AMCU). click here.
Jun 15 - Metals company CEO pleads guilty in New York over Iran exports
A New York City man who runs a metallurgy company pleaded guilty on Tuesday to having conspired to illegally export missile-grade metallic powder to Iran, the U.S. Department of Justice said. Erdal Kuyumcu, 44, admitted to one count of conspiracy to violate the International Emergency Economic Powers Act at a hearing before Chief Judge Dora Irizarry of the U.S. district court in Brooklyn. click here .
Jun 14 - LME chief says possible link between higher fees, lower volumes
The head of the London Metal Exchange on Tuesday said the bourse's falling trade volumes could be linked to a fee-hike introduced early last year, but added that the main reason for the decline was a downturn in the global economy. Hong Kong Exchanges and Clearing Ltd bought the LME for $2.2 billion four years ago, before raising trading fees by an average 31 percent in early 2015 as it aimed to wring profit from its investment. click here.
Jun 14 - Hong Kong bourse confirms working on China metals trading hub
Hong Kong Exchanges and Clearing on Tuesday confirmed it was pushing ahead with plans to start a metals trading platform in southern China, looking to build its commodity business in the world's No.2 economy. Qianhai, a new free trade zone near Hong Kong, is set to host the platform for trading metals before stretching into other commodities, pending regulatory approval. click here
Jun 14 - Cuba sees nickel output steady at 56,000 tonnes; low prices bite
Cuba is trying to reduce costs in the nickel industry to offset losses from low global prices, rather than raising output from 56,000 tonnes annually, industry executives said on a rare tour of one of the communist-led island's plants. The head of state monopoly Cubaniquel and plant managers said that despite the slump they were looking to foreign investment to increase capacity in the future. click here.
Jun 14 - Brazil judge dismisses $5.7 bln civil suit against Samarco -Vale
Brazilian iron ore miner Vale SA said on Monday that a 20 billion reais ($5.7 billion) civil lawsuit seeking environmental and property damages for last year's deadly Samarco mine disaster has been dismissed. The mine is operated by Samarco Mineração SA, a joint venture between Vale and the world's largest mining company, BHP Billiton Ltd. Vale said the judge did not rule on the merits of the case. click here.
Jun 14 - South African miner RBPlat hands NUM exclusive union rights
South Africa's National Union of Mineworkers (NUM) has secured exclusive union rights for workers at platinum producer Royal Bafokeng Platinum (RBPlat), it said on Monday. The NUM represents 80 percent of RBPlat's workforce of around 7,000 and said workers at the company's four mines voted overwhelmingly last week in favour of the agreement. click here.
Jun 14 - Glencore says coal an investment opportunity despite CO2 worry
Coal is an investment opportunity as global demand will grow and a halt in spending would halve seaborne supplies in 15 years' time, Glencore said on Monday, adding its own coal operations would be depleted by 2035 without new funds. The Paris Agreement on climate change agreed in December triggered selling in companies heavily exposed to coal, the most carbon-intensive of the fossil fuels. click here.
Jun 14 - Australian magnate Palmer sues Queensland Nickel administrator
Australian magnate Clive Palmer on Tuesday sued the administrators of his nickel business for holding on to assets that he says belonged to the Queensland Nickel operation when he took back management control of it in March. The Queensland Nickel operation went into voluntary administration in January and let go of all its workers following a collapse in nickel prices. Palmer took back control in March with the aim of restarting operations later this year. click here.
Jun 13 - Breaking the back of the London copper market: Andy Home
It's been a tough week for copper bulls. The price of benchmark three-month delivery copper on the London Metal Exchange (LME) has slumped almost $250 to a current $4,498 per tonne, the lowest level since February. Copper is now challenging out-of-favour lead as the worst performing base metal so far this year. click here .
Jun 13 - Lawsuit alleges Glencore warehouse firm falsified zinc documents
Executives at a metals warehouse firm owned by commodities group Glencore allegedly ordered workers to falsify documents in New Orleans to manipulate the zinc market, according to a complaint filed by zinc purchasers in a U.S. Federal Court. On Monday, a U.S. judge in Manhattan allowed a private antitrust lawsuit to go forward against two units of Anglo-Swiss Glencore Plc. click here .
Jun 13 - China's crude steel output rises 1.8 pct in May on yr -stats bureau
China's crude steel output rose 1.8 percent to 70.5 million tonnes in May from a year ago, the second time to stand above 70 million tonnes this year, data from the National Bureau of Statistics showed on Monday. The average daily crude steel output in the world's top producer eased 1.7 percent to 2.27 million tonnes in May from a month ago, according to Reuters' calculation based on the data. click here.
Jun 13 - Liberty eyes other acquisitions if bid for Tata Steel UK fails
Liberty House Group, which wants to buy the British assets of Tata Steel, has its eye on other steel plants in the United States, Africa and India if the Tata deal doesn't happen, Executive Chairman Sanjeev Gupta told Reuters. Liberty and other companies belonging to the Gupta Family Group (GFG) are looking for acquisitions and GFG plans to list part of its assets to expose itself to the rigorous governance demanded of public companies, Gupta, who is co-owner of the group, said on Friday.click here .
Jun 13 - Commodities broker Marex targets growth away from LME after fee hikes
Commodities broker Marex Spectron is expanding its metals business into new regions and products beyond the London Metal Exchange after fee hikes led its customers to look for cheaper avenues for trading. London-based Marex has hired new staff to reach into Japan and to add an industrial metals base in Singapore, its global head of metals told Reuters in an interview late last week. click here .
Jun 13 - Baosteel cuts main steel product prices for July delivery
China's biggest listed steelmaker, Baoshan Iron & Steel (Baosteel), has cut its main steel product prices for July delivery, the company said in a statement on Monday. Prices for hot-rolled coil and cold-rolled coil were lowered by 200 yuan ($30.37) and 180 yuan per tonne, respectively, according to the statement. click here.
Jun 13 - Speculators lift bearish COMEX copper stance to 3-year high
Hedge funds and money managers raised their net short position in COMEX copper contracts to the biggest in more than three years in the week to June 7, as top consumer China saw weak demand growth, U.S. Commodity Futures Trading Commission data showed on Friday. The speculators increased their net long position in gold futures and options to a three-week high while they cut their net long position in silver for the fourth straight week, the data showed. click here
Jun 13 - Vale's Mozambique unit says trains attacked by gunmen
The Mozambique unit of Brazilian mining company Vale said on Friday that its trains had targeted by gunfire twice in recent days on the Sena rail line which carries coal from the interior to the Indian Ocean port of Beira. "Vale has been working with the relevant authorities to ensure that logistic activities on the Sena railway line can safely continue," the company said in a statement. click here.
Jun 13 - Sable Mining CEO says Liberia indictment 'politically motivated'
Sable Mining Chief Executive Officer Andrew Groves said on Friday that his indictment this week by a grand jury in Liberia in relation to a corruption investigation was politically motivated. President Ellen Johnson Sirleaf last month ordered an inquiry into London AIM-listed Sable's unsuccessful attempt to acquire an iron ore concession in northern Liberia after the watchdog group Global Witness made accusations of wrong-doing. click here
Jun 10 - Brazil police say Samarco ignored risk of dam collapse
Brazil's federal police accused on Thursday mining company Samarco, a joint venture between Vale SA and BHP Billiton, of willful misconduct in relation to a deadly dam burst last November, saying the company had ignored clear signs the dam was at risk of collapsing.Police said Samarco had skimmed on safety spending, focusing instead on increasing production despite obvious indications, such as cracks, that the dam was in danger of a breach. click here.
Jun 10 - India's steel ministry to seek extension of floor price on imports
India's steel ministry will seek to extend a floor price on steel imports beyond August, a senior steel ministry source said, as the country looks to keep up its protectionist barriers to stem the tide of cheap foreign products.New Delhi imposed the minimum import price (MIP) on 173 steel products in February, helping cut inbound shipments last month to their lowest level in at least 14 months. The MIP expires in August. click here .
Jun 10 - Lundin mulls interest from multiple parties on Tenke copper mine
Lundin Mining Corp is weighing interest from "multiple parties" for its stake in the Tenke Fungurume copper mine in the Democratic Republic of Congo, Chief Executive Paul Conibear said on Thursday.In June, Tenke mine operator Freeport-McMorRan Inc agreed to sell its majority stake to China Molybdenum for $2.65 billion to help cut its debt. click here.
Jun 10 - Usiminas CEO says no talks over breaking up company
Controlling shareholders are not in negotiations about breaking up Brazil's Usiminas, the chief executive of the troubled steelmaker said on Thursday, in the midst of an ongoing boardroom battle for control.CEO Sergio Leite, speaking on the sidelines of a steel event in Sao Paulo, ruled out filing for bankruptcy protection and said the company was up to date with debt payments. He said a 1 billion reais ($296 million) capital increase should be completed within a month. click here .
Jun 10 - South Australia offers funding for new owner of Arrium steel plant
The South Australian government said on Thursday it would provide A$50 million ($37 million) in funding to help keep Arrium Ltd's loss-making Whyalla steelworks open under a new owner.State Labor premier Jay Weatherill has also pressed Australia's two major parties to commit to contribute A$100 million from the federal government to help keep Whyalla open. click here .
Jun 10 - Brazil's Gerdau says not been notified of U.S. investors lawsuit
Brazilian steelmaker Gerdau SA said in a securities filing on Thursday it has not yet been notified of investors' lawsuits filed in the United States.New York law firm Pomerantz LLP filed a class-action suit against Gerdau on May 26, alleging the company issued materially misleading business information to investors over tax liabilities, based on Brazilian corruption investigations. click here .
Jun 10 - Northam Platinum walkout to resume until worker safety assured, says NUM
Members of South Africa's National Union of Mineworkers (NUM) will not return to work at Northam Platinum's Zondereinde mine until they receives assurances over security from police and the company, an NUM spokesman said on Thursday.The police and company are to report to the union on Tuesday, when its members will decide whether or not they will return or continue the stay away, the union said. click here.
Jun 10 - Thyssenkrupp says plans job cuts at industrial unit
German steel-to-elevators group Thyssenkrupp plans to cut jobs at its Industrial Solutions unit, a spokesman said on Thursday, declining to say how many.The spokesman said the cause was a difficult market environment in large plant construction as well as a poor competitive position, and the cuts would affect its Process Technologies unit, which employs about 2,300 people in Germany. click here .
Jun 10 - Liberia indicts Sable Mining chief executive over alleged bribery scandal
A grand jury in Liberia indicted on Thursday the chief executive officer of the London AIM-listed Sable Mining, Andrew Groves, in connection with an alleged bribery scandal involving several senior Liberian officials, the head of a special task force said.President Ellen Johnson Sirleaf ordered in May an inquiry into Sable's attempt to acquire an iron ore concession in northern Liberia after the watchdog group Global Witness made accusations of wrong-doing in a report. click here .
Jun 09 - Freeport says buyers eager for a stake in its assets
U.S. miner Freeport-McMoRan Inc will consider a "broad spectrum" of asset sales and has attracted interest from parties wanting to buy a stake in a grouping of its assets, Chief Financial Officer Kathleen Quirk said on Wednesday. "We have not ruled anything out," Quirk said at the Deutsche Industrials and Materials summit. click here.
Jun 09 - London appetite for gold bars, coins rises on Brexit nerves
At Sharps Pixley, a gold showroom in London's smart Mayfair district, demand for bullion bars and coins is rising, with men and women of all ages buying up the safe-haven metal in case of a British exit from the European Union. Shoppers can walk out of the sleek St James's Street showroom carrying their gold investments, or leave them in the rows of safety deposit boxes that line the walls. click here.
Jun 09 - After five lean years, gold miners gear up for growth
For the first time in five years, Barrick Gold and other bullion miners are getting ready to expand, breaking from their monologue on cutting costs and debt because of tumbling gold prices. Backed by healthier balance sheets, a 17 percent rise in the price of gold since January to $1,244 an ounce and new investors, miners from Canada to Australia and South Africa are studying ways to raise production. click here .
Jun 09 - BHP sets sights on a new iron mine to replace ageing one
BHP Billiton is studying an option to develop a massive new iron ore deposit in Australia to replace lost tonnes as operations age and reserves decline, according to the company and documents filed with environmental regulators. The deposit is called South Flank and lies 10 km (6.2 miles) south of BHP's existing Mining Area C operation and would create an expanse 26 km long and 2 km wide. click here.
Jun 09 - Electric vehicles to power cobalt revival
Cobalt prices may be on the threshold of a major revival due to flourishing demand for the mineral, a key component of lithium-ion batteries used in electric cars. Prices for cobalt metal are expected to rise 45 percent to above $16 a lb by 2020 from $11 now as stricter emissions controls boost demand for electric vehicles and push the market into deficit from this year, analysts said. click here .
Jun 09 - Pharaohs' shadow an omen in Egypt gold search
Careering around Egypt's rocky Eastern Desert, Alexander Nubia CEO Mark Campbell peers from his jeep and sees hills so rich with gold they could lure billions in investments and jumpstart the ailing economy. His company just has to find it. Egypt's gold mining industry has for years been long on potential and short on investment -- the result of a jarring mismatch between spectacular geology and an unattractive commercial framework for mining. click here .
Jun 09 - Japan may seek WTO help to resolve India steel tariff dispute
Japan said it may ask the World Trade Organization (WTO) to help resolve a dispute related to India’s "safeguard" tariffs on the import of hot-rolled steel. India has extended its safeguard import taxes on some steel products until March 2018, in a bid to stop cheap overseas purchases from flooding its market and bolster the domestic steel sector. click here .
Jun 09 - S.Africa's NUM union members refuse to resume work at Northam until demands met
Workers belonging to the major union at South Africa's Northam Platinum said on Wednesday they would not resume work at its Zondereinde mine until arrests were made for a spate of murders. The National Union of Mineworkers (NUM) also resolved at a mass meeting that Northam should stop holding talks with the rival Association of Mineworkers and Construction Union (AMCU) which has a minority representation at the mine. click here .
Jun 09 - Congo state miner plans to cut workforce, will invest $717 mln
Democratic Republic of Congo state miner Gecamines, whose debt stands at $1.6 billion, plans to cut its 12,000 strong workforce by more than 2,000 in the coming months, its chairman said on Wednesday, amid steep commodity price drops. Albert Yuma made the announcement while presenting a modernisation plan for Gecamines for 2016-2020 that will see the company invest $717 million on operations. click here .
Jun 08 - China commits to curbing steel capacity - U.S. Treasury's Lew
China has committed to curbing its steel capacity and winding down weak state enterprises, U.S. Treasury Secretary Jack Lew said on Tuesday at the end of high-level talks between U.S. and Chinese officials in Beijing. "China has committed to ensure that its central government policies and support do not target the net expansion of steel capacity; and to actively and appropriately wind down 'zombie enterprises' through a range of efforts, including restructuring and bankruptcy," Lew said. click here.
Jun 08 - Copper's contango returns after biggest inventory rise in a decade
Cash copper's premium over forward contracts disappeared on Tuesday for the first time in six months after a whopping 43,000 tonnes of metal landed in exchange storage in two days, the biggest delivery in more than a decade. The sudden arrival of metal into Asian sheds reignited concerns about demand from the world's top user and sent cash prices down more than 2 percent to $4,585 per tonne on Tuesday, their lowest in 3-1/2 months. click here.
Jun 08 - London Metal Exchange faces new challenge, this one from its own members: Andy Home
If you want to understand why some members of the London Metal Exchange (LME) are so unhappy with the way things are going that they are considering forming their own metals-trading platform, look no further than the latest exchange notice to members. Dated Monday, the LME said it has received an application for exchange membership from Jump Trading Futures LLC. click here.
Jun 08 - China copper imports jump 19 pct in May, concentrate shipments surge
China's copper imports jumped 19.4 percent from the same month a year ago to 430,000 tonnes in May, customs data showed on Wednesday, swelling already ample supply that is expected to reduce metal imports in coming months. Shipments into China have remained strong this year - up 22 percent over the first five months - after a weaker dollar boosted Chinese purchasing power, swelling exchange and bonded inventories. Exchange stockpiles hit record highs in March. click here.
Jun 08 - U.S. government joins race for cobalt compound stockpiles
The United States has started to stockpile cobalt in the form of chemical compounds used in lithium-ion batteries, because it considers them to be strategic. Lithium-ion batteries are key constituents of electric vehicles, which have been the subject of fast-growing demand due to stricter emissions controls. click here.
Jun 08 - Producers seek Q3 aluminium premiums of $100-110/T from Japan buyers
Top aluminium producers have offered Japanese buyers premiums of $100-110 per tonne for July-September primary metal shipments, down 4-15 percent from the previous quarter, three sources directly involved in pricing talks said on Tuesday. Japan is Asia's biggest importer of aluminium and the premiums it agrees to pay each quarter over the London Metal Exchange (LME) cash price set the benchmark for regional primary metal shipments. click here.
Jun 08 - S.Africa's NUM union to decide whether to return to work at Northam
Members of South Africa's National Union of Mineworkers (NUM) will decide on Wednesday if they will return to work at Northam Platinum's Zondereinde mine, which was shut on Monday after violent clashes between NUM and a rival union. Northam made the initial decision to close operations at the mine but on Tuesday asked the workers to return, saying calm had been restored. click here.
Jun 08 - Zimbabwe chrome miner given deadline to cede half its claims
Zimbabwe's second largest ferrochrome producer Zimbabwe Alloys has been given until the close of business on Tuesday to hand over half its chrome mining claims or risk having them seized, according to a letter from the government seen by Reuters. The southern African nation holds the world's second largest deposits of chrome, which is smelted to produce ferrochrome, a raw material used in stainless steelmaking. click here.
Jun 08 - Congo mining sector sheds 3,000 direct jobs since last year - chamber
Democratic Republic of Congo's mining sector has lost at least 3,000 direct and 10,000 subcontractor jobs since commodity prices began to tumble last year, the chamber of mines said on Tuesday. Congo, Africa's largest copper producer, is heavily dependent on the mining sector, which together with its smaller oil industry accounts for 98 percent of export earnings.
Jun 07 - LME warehouses poised for transformation on rent capping -sources
Several metals storage companies are set to support an option floated by the London Metal Exchange (LME) to limit the amount of rent they can charge, marking a huge change after years of jostling for advantage, sources said. The LME, the world's biggest and oldest market for industrial metals, has imposed a series of warehousing reforms in recent years after complaints by consumers paying rent to store metal while trapped in backlogs to get delivery of the material. click here.
Jun 07 - What price lithium, the metal of the future? Andy Home
Lithium is shaping up to be The Next Big Thing. Prices are going stratospheric, junior miners are rushing to stake claims on future supply and investment websites are glowing red hot with speculation about the metal's prospects. click here.
Jun 07 - Glencore must face U.S. lawsuit over zinc prices
A U.S. judge said on Monday two units of Anglo-Swiss mining company Glencore Plc must face a private antitrust lawsuit accusing them of trying to monopolize the market for special high grade zinc, driving up its price. U.S. District Judge Katherine Forrest in Manhattan said zinc purchasers alleged "a plausible story of market control" by the Glencore units, Glencore Ltd and Pacorini Metals USA Inc, that violated the Sherman Act, a U.S. antitrust law. click here.
Jun 07 - Former LME boss in talks on rival metals trading platform
A former chief executive of the London Metal Exchange is holding talks with trading houses and brokers about launching a new London-based metals trading platform in a challenge to the LME amid discontent over rising fees. They hope to do a feasibility study within a few weeks that would assess the practicalities and costs of an alternative base metals trading platform, Martin Abbott told Reuters on Monday.click here.
Jun 07 - BHP teams up with China to work on iron and steel carbon capture
BHP Billiton on Monday announced a $7.4 million donation to Peking University to develop technology to capture carbon emissions from the iron and steel industries. Analysts said the funding marked a shift, as North America has so far led the way in development of carbon capture and storage (CCS) and the focus has been on power plants rather than industrial sector emissions. click here.
Jun 07 - Port Hedland iron ore exports to China dip in May
Iron ore shipments to China from Australia's Port Hedland, used by BHP Billiton and Fortescue Metals Group, slipped to 31.7 million tonnes in May from 32.6 million tonnes in April, port data showed on Tuesday. Total shipments from the Indian Ocean port, however, climbed to 39.4 million tonnes in May against 37.7 million tonnes in April, reflecting a rise in exports to Japan and South Korea, according to the Pilbara Ports Authority. click here.
Jun 07 - India's May steel imports lowest in at least 14 months
India's steel imports fell in May to their lowest level in at least 14 months, provisional government data showed, thanks to the country's efforts to cut cheap overseas purchases. India, the world's third-largest steel producer, imported 546,000 tonnes of finished steel last month, nearly 41 percent lower than the same month a year earlier, data from the Joint Plant Committee (JPC) of the steel ministry showed. click here.
Jun 07 - S. Africa's NUM union members will not return to Northam mine until safety assured
Members of South Africa's National Union of Mineworkers (NUM) will not return to work at Northam Platinum's Zondereinde mine until their safety is assured after a spate of murders, a spokesman for the union said on Tuesday. Northam suspended production at the mine on Monday after a worker was fatally stabbed during a clash between members of NUM and the rival Association of Mineworkers and Construction Union (AMCU). click here.
Jun 07 - U.S. black box firm Jump Trading applies for LME membership
U.S. black box trading firm Jump Trading LLC has applied to join the London Metal Exchange, which has been seeking to boost liquidity from market makers and speculators. Jump Trading wants to join the LME, the world's biggest and oldest market for industrial metals, as a category 3 member, the LME said in a statement on Monday. click here.
Jun 07 - Centerra Gold blames weak Kyrgyz economy for pressure on gold miner
A weaker economy in Kyrgyzstan is to blame for the Central Asian state "turning up the heat" on Centerra Gold Inc in recent weeks as the country guns for a bigger slice of the miner's profits, Centerra's chief executive said on Monday. In the past five weeks, the Canadian gold miner has, amongst others, been fined around $100 million for environmental damage by a court in Kyrgyzstan, another regulator filed a $230 million lawsuit against it and its local offices have been raided. click here.
Jun 07 - Dollar shortages threaten Zimbabwe mining production
Zimbabwe could lose the equivalent of four months of mining output this year because an acute dollar shortage has led to delays by banks in processing payments for imports of spare parts and supplies, the Chamber of Mines said on Monday. The problem affects the entire mining sector, which includes gold, nickel, chrome, diamonds and coal.
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Jun 03 - Bucking the trend: Australian prospector plans new iron ore mine
As most of the world's small iron ore miners fight for survival, an Australian prospector is preparing to dig a new mine - counting on its high-grade ore and specialist mill buyers to compete in market dominated by mega producers. Quentin Hill, managing director of Carpentaria Exploration, says his company's "super grade" concentrate represents some of the world's richest iron ore pellet feeds, which can yield margins competitive with Vale, Rio Tinto, BHP Billiton and Fortescue Metals Group, which together control 70 percent of the sea-borne market. click here.
Jun 03 - Carmakers seek alternatives to UK steel as Tata looks for buyers
Carmakers in Britain are making plans to get more steel from continental Europe, putting pressure on Tata Steel to secure a sale of its troubled UK plants before it loses customers. India's Tata Steel has serious offers on the table after putting its entire UK business up for sale in March to stem heavy losses, blaming costs, market weakness and cheaper imports from countries such as China. click here.
Jun 03 - Noble Group to raise funds, cut jobs; chairman plans to step down
Noble Group is raising $500 million in a rights issue and its chairman plans to step down within 12 months - the latest in unexpected measures this week as Asia's largest commodity trader struggles with the fallout from an accounting dispute and weak markets. The resignation plans by Chairman Richard Elman, who is also Noble's founder and largest shareholder with a fifth of the company, come just days after its chief executive quit and the firm said it would sell a North American energy business, its crown jewel. click here.
Jun 03 - Saudi mining hub plays key role in kingdom's industrial dream
At a sprawling desert complex on Saudi Arabia's northeastern Gulf coast, refineries, smelters and casting machines transform dull pink rocks into silver aluminium bars, a symbol of the kingdom's attempt to diversify its economy. After only two years in operation, the $10.8 billion aluminium project at Ras al-Khair, an industrial city 200 kilometres (125 miles) north of the oil hub of Dammam, is already the world's largest integrated aluminium facility. click here.
Jun 03 - ArcelorMittal suspends Quebec mine project on weak market
ArcelorMittal, the world's largest steelmaker, is suspending a major project at its Mont-Wright iron ore mine in northern Quebec due to poor market conditions, the company said on Thursday. The company, which employs some 2,500 workers at the mine, informed the United Steelworkers union this week that it will not start an "offload" project in June as planned. The project, which removals surface layers overlaying the deposit, would have extended the mine's lifespan by 15 years to 2045. click here.
Jun 03 - Russian steelmakers complain of bullying by EU officials
Two of Russia's largest steelmakers NLMK and Severstal have made formal complaints against two EU officials, alleging bullying during an EU investigation into whether China and Russia exported steel at unfairly low prices. Tensions between Russia and Brussels have been high since Moscow's seizure of Ukraine's Crimea region in March 2014 that led to economic sanctions. click here.
Jun 03 - China's Jiangxi Copper, BHP agree to H2 2016 TC/RCs at $100/T, 10 cents/lb
Chinese top copper smelter Jiangxi Copper has agreed with miner BHP Billiton to set treatment and refining charges (TC/RCs) for the second half of this year at $100 a tonne and 10 cents a pound, a Jiangxi source said. This is higher than the deal between Jiangxi and miner Antofagasta, a division of Antofagasta Plc, of TC/RCs at $97.35 a tonne and 9.735 cents a pound for the full year of 2016. click here.
Jun 03 - South Africa's NUM union says 45,000 miners face job cuts
About 45,000 workers face layoffs in the South Africa's struggling mining sector, the National Union of Mineworkers (NUM) said on Thursday. "More than 45,000 mine workers face retrenchments," NUM president Piet Matosa told a conference. click here.
Jun 02 - Two years after Qingdao scandal, LME bets on electronic tracking of metal
The London Metal Exchange is expanding its new electronic method of tracking metal in warehouses, as the system launched in April gains early traction among some western and Chinese banks, as well as warehousing and metals firms looking to cut risks. Global metals markets were rocked two years ago by a $3 billion fraud in the Chinese port of Qingdao. A firm allegedly duplicated warehouse certificates to pledge metal as collateral for multiple bank loans, hitting companies ranging from Citic to Standard Chartered. click here.
Jun 02 - South32 sees more pain ahead for miners
Australia's South32 Ltd expects base metals and coal prices to give up recent gains, inflcting more pain on debt heavy rivals who will eventually be forced to shut loss-making operations, its chief executive said on Thursday. Spun off by BHP Billiton a year ago with little debt, South32 produces nickel, manganese, aluminium and coal, commodities that have all slumped over the past year due to oversupply and slowing growth in China. click here.
Jun 02 - Tightening London market a test for zinc bulls: Andy Home
Zinc's star is burning ever more brightly as the year progresses. While other base metals traded on the London Metal Exchange (LME) continue to struggle against the headwinds of slowing Chinese growth and a stronger U.S. dollar, zinc has notched up gains of over 21 percent since the start of January. click here.
Jun 02 - China's Hebei Iron & Steel says U.S. probe damaging world steel trade
China's Hebei Iron & Steel Group, its biggest steelmaker by output, accused the United States of breaching WTO rules and said U.S. protectionism is damaging the world steel trade, in a statement posted on its website on Thursday. The U.S. International Trade Commission (ITC) a week ago launched a probe into Chinese steel mills accused by United States Steel Corp of stealing its secrets and conspiring to fix prices. click here.
Jun 02 - Workers may lose jobs at South Africa's Sibanye Gold after wildcat strike, says CEO
Dozens of miners who took part in a wildcat strike over the weekend at Sibanye Gold's Kroondal platinum mine may get fired, its chief executive said on Wednesday. Such a response to illegal union actions could raise tensions on the restive platinum belt. The union involved, the Association of Mineworkers and Construction Union (AMCU), has reacted to the firing of wildcat strikers in the past with stoppages and violence. click here.
Jun 02 - India to charge premium for transfer of mining rights
The Indian government has said a company acquiring mining rights from another firm will be charged 80 percent of royalty as premium if the acreage was originally obtained without bidding. The 80 percent charge will be on top of royalty that the new mining lease holder will pay to the state, the government said in an order on Wednesday. click here.
Jun 02 - Voestalpine considering new stainless steel plant in Austria
Voestalpine is examining whether to build a new stainless steel plant in Austria for up to 300 million euros ($336 million), the group's chief executive said on Thursday. A final decision about a new plant in Kapfenberg in the southern province of Styria will be made within the next 12-18 months, Chief Executive Wolfgang Eder said in a conference call. click here.
Jun 02 - Australian micro miner says finds big zinc lode
Australian penny stock Rox Resources, backed by mining major Teck Resources of Canada, said it has discovered one of the world's largest zinc deposits in northern Australia, although any decision to mine is years away. The discovery comes seven months after Chinese conglomerate MMG Ltd shut the nearby exhausted Century zinc mine, once the world's third-biggest, leaving a hole in global supplies of the metal chiefly used to galvanise steel. click here.
Jun 02 - Ghana sees slight dip in gold production this year
Ghana expects to produce 2.7 million ounces of gold in 2016, down only marginally from last year as new production offsets a decline in output due to lower global prices and ageing mines, the Chamber of Mines said on Wednesday. Gold is the single biggest revenue earner for Ghana, which is following a three-year aid deal with the International Monetary Fund. click here.
Jun 01 - "We won't let them wreck our plant," Tata's Dutch steelworkers say
With Tata Steel's troubled British operations up for sale, Dutch workers at its only other European site for primary steelmaking are in defensive mood, and yet the plant may have a bright future. "We won't let them wreck our plant" is their motto, directed at top managers of the Indian-owned group; some of the 9,000 staff at the IJmuiden plant on the Dutch North Sea coast even wear it to work on their safety helmets. click here.
Jun 01 - Nippon Steel looks to break up Usiminas after CEO appointment-source
A change of chief executive at Brazilian steelmaker Usiminas has accelerated plans for controlling shareholders Nippon Steel & Sumitomo Metal Corp and Ternium SA to break up the company, a source close to the Japanese firm said on Tuesday. Nippon Steel, however, issued a statement later denying that it was planning to break up Usiminas, and a spokesman said the focus was on financial restructuring and completing an equity financing. click here.
Jun 01 - Barrick Gold reaches $140 mln accord in U.S. investor lawsuit
Barrick Gold Corp has agreed to pay $140 million to resolve a U.S. lawsuit accusing the gold producer of concealing problems at a South American mine and of fraudulently inflating the company's market value, according to court papers. The settlement, disclosed in papers filed on Tuesday in Manhattan federal court, would resolve a class action accusing Barrick of deceiving investors about environmental problems afflicting its Pascua-Lama project on the border of Argentina and Chile. click here.
Jun 01 - Workers to strike at Colombia's Cerro Matoso nickel mine
Union workers at Colombia's Cerro Matoso mine, one of the world's largest producers of ferronickel, will begin an indefinite strike on June 14 in protest of work and pay conditions, the union president said. A strike at Cerro Matoso, owned by Australia's South32 Ltd, could impact global nickel prices as production stalls. Miners last year went on strike at the mine for two weeks before reaching agreement on a dispute that had forced previous owner BHP Billiton to declare force majeure. click here.
Jun 01 - Russian diamond producer Alrosa reports record profits, sees demand rising in 2016
Russian miner Alrosa, the world's largest producer of rough diamonds in carat terms, sees global demand for diamonds rising by up to 2 percent in 2016, it said on Tuesday, after reporting record quarterly profits. With its main mines situated in Russia's Far East, the company has benefited from a weakening of the Russian rouble over the past two years, which narrowed its costs in dollar terms, and from a rebound in diamond sales. click here.
Jun 01 - Workers at Chinalco's copper mine in Peru start strike - union
Worker's at Chinalco Mining Corp International's Toromocho mine in Peru started a four-day strike on Tuesday to demand the reinstatement of a quarterly bonus, the union said. The strike by about 800 workers started at 6:30 local time (1130 GMT) and followed the suspension of the bonus amid slumping copper prices, said Carlos Roman, an attorney for the union. click here.
Jun 01 - Peru's illegal gold miners back Fujimori's vow to end crackdown
In this wildcat gold mining town in the Peruvian Amazon, the boom is over. A government crackdown on illegal mines at the end of a decade-long gold rush has shuttered restaurants, quieted the town's muddied streets and slowed the flow of migrants from poor Andean towns seeking the jungle's riches. click here.
May 31 - Chile's copper output drops in April due to heavy rains
Copper output in world No. 1 producer Chile fell in April as some mines in the central part of the country were hit by heavy rains and ore grades continued to decline, the government said on Monday. Chile, which produces one-third of the world's copper, is struggling with dwindling ore grades in many of its aging deposits at a time when mining companies are implementing cost-cutting measures to address a steep drop in metals prices. click here.
May 31 - Australian miner eyes second bonanza with Canadian iron ore bet
An Australian mining veteran who made investors billions with a shrewd bet on coal in Mozambique is aiming for another big score with Canadian iron ore, even as a global gush of new supply threatens to depress already slumping prices. Champion Iron Chief Executive Michael O'Keeffe is laying the groundwork to restart Bloom Lake mine in northern Quebec's metals-rich Labrador Trough. click here.
May 31 - Noble Group CEO quits unexpectedly, raising doubts over strategy
Noble Group's CEO Yusuf Alireza quit on Monday, a surprise move that comes just weeks after he secured crucial financing for Asia's biggest commodity trader and raises questions about its future strategy. The embattled company named its president William Randall, and Jeff Frase, global head of oil liquids, as co-CEOs and said it would begin a sale process for Noble Americas Energy Solutions, which it had indicated to be valued at over $1.25 billion in August 2015. click here.
May 31 - Fortescue to operate second towage service at iron ore port
Australia's Fortescue Metals Group Ltd has won a tender to become the second provider of marine towage services at the port of Port Hedland, the world's busiest export terminal for iron ore. Fortescue, which ships 155 million tonnes of iron ore through the port, and is acquiring its own fleet of freighters, said a subsidiary, Pilbara Marine Pty, was granted a towage license by Pilbara Ports Authority, creating a second service provider and additional capacity at the port. click here.
May 31 - Russia's Mechel says shareholders approve debt restructuring deals
Shareholders of indebted Russian coal and steel producer Mechel approved on a second attempt a series of debt restructuring deals with major creditors, Mechel said in a statement on Monday. Mechel reached agreements in principle to restructure $5.1 billion of debt with creditors including some of the largest Russian banks and a syndicate of foreign lenders in February, but it had since struggled to get approval from shareholders. click here.
May 31 - South Africa's Amcu says ending strike at Sibanye's Kroondal mine
Workers at South Africa's Sibanye platinum mine in Rustenburg will return to work this evening following a wildcat strike on Friday, the Association of Mineworkers and Construction Union (AMCU) said on Monday. After a mass meeting at the Rustenburg mine, AMCU general secretary Jeffrey Mphahlele told Reuters the union would meet Sibanye officials to discuss their demand for transport for night-shift workers. click here.
May 31 - Four killed in Botswana mining accident
Four mine workers were killed and six others critically injured in an accident at Botswana's state-owned BCL copper mine, the minister of energy and minerals said on Monday. The ten employees were travelling underground in a mine shaft elevator on Sunday evening when the accident happened, Minster of Minerals and Energy Kitso Mokaila said in statement. click here.
May 30 - West-to-east gold flow reverses as ETF investment surges
The recent flow of gold from Britain via Switzerland to Asia went into reverse in March and April after a shift in expectations for U.S. interest rate hikes boosted investment in London, Swiss customs data shows. Switzerland's gold exports to Britain hit their highest in 3-1/2 years last month, at 78.8 tonnes. Meanwhile, Switzerland has imported more than 30 tonnes of gold from Hong Kong in the last two months, more than in the whole of the previous year. click here.
May 30 - Extreme mood swings: Europe miners' revisions at 2-1/2 yr high
Sentiment toward European miners has transformed since the extreme pessimism of early 2016 and the share of upgrades in earnings forecast revisions is now at its highest in more than two years even though metals prices continue to struggle. The European mining sector's earnings revision rate has climbed to a 2-1/2 year high of 56.9 percent from 12.5 percent just about five months ago, Thomson Reuters Datastream shows. click here.
May 30 - Aluminium producer seeks Q3 premium of $110/T from Japan buyers - sources
A major aluminium producer has offered Japanese buyers a premium of $110 per tonne for July-September primary metal shipments, down 4-6 percent from the previous quarter, three sources directly involved in pricing talks said on Monday. 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.
May 30 - Australian gold output slips 2 pct as miners dig lower grade ore
Gold output in Australia, the world's second biggest producer, slipped 2 percent in the first quarter, due in part to mining of lesser grade ores during a period of higher bullion prices, a survey released on Sunday showed. Australian gold production reached some 71 tonnes in the first quarter, around 1.5 tonnes, or 2 percent lower, than the previous quarter, according to the survey by sector consultants Surbiton Associates in Melbourne. click here.
May 30 - Alcoa's spin-off plan sparks dispute with Australian partner Alumina
Australia's Alumina Ltd on Monday said it has "serious concerns" about the impact of a demerger plan of U.S. partner Alcoa Inc on the pair's bauxite and alumina production joint venture, Alcoa Worldwide Alumina and Chemicals (AWAC). Alumina in a statement said it was concerned the plan would "result in a material adverse change in the nature, size, scope and financial wherewithal of Alumina's partner in AWAC." click here.
May 30 - Chile's Codelco copper output rises, costs fall in first quarter
Codelco, the world's biggest copper producer, boosted output and cut cash costs in the first quarter, even as a steep drop in metals prices prompted the Chilean state-run company to post a $151 million pre-tax loss. Production from Codelco's wholly-owned mines rose to 437,000 tonnes, 11 percent higher than a year earlier, mostly due to increases at its century-old Chuquicamata mine and also its newest deposit, Ministro Hales. Its Salvador, El Teniente and Radomiro Tomic mines also helped to boost production. click here.
May 30 - Speculators cut bullish gold bets as Fed signaled rate hike
Hedge funds and money managers cut their bullish bets in U.S. gold futures and options to their lowest in almost two months after the U.S. Federal Reserve indicated it could raise interest raise rates as early as June, data showed on Friday. In the week to May 24, they cut their net long in silver and added to their bearish bets in copper, taking the total to the highest since January, the U.S. Commodity Futures Trading Commission (CFTC) said. click here.
May 30 - Aluminium Bahrain says capital cost of expansion project cut by $500 mln
Aluminium Bahrain, owner of one of the world's largest smelters, said on Sunday the global drop in oil prices has cut the projected capital cost of its Line 6 expansion by $500 million to a total of $3 billion. The Line 6 project is expected to boost Alba's annual output by 540,000 tonnes to 1.5 million tonnes a year with "first hot metal" due to flow in early January 2019. click here.
May 30 - China April copper output up 14.9 pct y/y - stats bureau
China produced 694,000 tonnes of copper in April, up 14.9 percent on the year, the National Bureau of Statistics said, with the increased volumes weighing on prices. Production over the first four months of the year hit 2.715 million tonnes, up 11 percent compared to the previous year. click here.
May 27 - U.S. panel launches trade secret theft probe into China steel
U.S. regulators on Thursday launched an investigation into complaints by United States Steel Corp that Chinese competitors stole its secrets and fixed prices, in the latest trade spat between the two countries. The International Trade Commission (ITC) said in a statement that it has not made any decisions on the merits of the case. click here.
May 27 - Mining in hard times: small teams and big trucks for BHP's Olympic Dam
A vast copper and uranium lode in Australia's parched outback, global miner BHP Billiton's Olympic Dam was long emblematic of the industry's boom year projects: complex, ambitious and - until 2012 - slated for a $20 billion expansion. Like its rivals, BHP is still betting on copper, and the ore under Olympic Dam's red desert sand is key to that. click here.
May 27 - Surge in Chinese zinc output could shrink forecast global deficit
Chinese zinc miners and smelters cranked up output in March after prices rallied, raising questions over the market's bullish scenario by potentially delaying global shortages. Zinc has been the darling of the base metals market and the best performer this year, with many investors piling in to benefit from a tightening market after shutdowns at a number of major mines. click here.
May 27 - Goldman sees China steel demand weakening as 'too many furnaces' reopen
Producers that returned to China's steel market after a price rally earlier this year may be forced to run below capacity as demand weakens for the rest of 2016, Goldman Sachs said. "Too many blast furnaces have been reheated, and excess steel production is driving a modest restocking at a time when inventories are usually drawn down," Goldman analysts Christian Lelong and Amber Cai said in a report dated May 26. click here.
May 27 - U.S. rates likely to trump geopolitical jitters and drive gold lower
The threat to gold from a rise in U.S. rates will outweigh the potentially positive impact of a raft of geopolitical tensions, if the relationship between gold prices and real interest rates in recent years is anything to go by. Since the depths of the financial crisis in 2009, gold prices have moved in a lockstep inverse relationship to real U.S. interest rates, calculated by subtracting inflation from 10-year Treasury yields. click here.
May 27 - Top China steel city orders mills to cut output to clear air
China's top steelmaking city of Tangshan has ordered mills in and near the area to cut production for five days from Friday to ease air pollution, according to a notice from the local government. It was not clear how much capacity is affected but Tangshan is the biggest city in Hebei province, which accounts for more than 20 percent of China's steel output. click here.
May 27 - Gold market set for new code of conduct from 2017
Gold market participants will be covered from next year by a new code of best practice brought in to replace the bullion market annex of the Non-Investment Products (NIPs) code, the London Bullion Market Association said on Thursday. The announcement came after the first global code of conduct for currency trading was launched earlier on Thursday, focusing largely on the detail of how banks deal with clients' orders, and aimed at rebuilding trust in the world's biggest financial market. click here.
May 27 - Anglo American appoints Bruce Cleaver CEO of De Beers
Global mining company Anglo American Plc said it appointed Bruce Cleaver as chief executive of its diamond mining unit De Beers Group, after previous CEO Philippe Mellier decided to step down. De Beers, the world's largest diamond producer by value, will remain part of Anglo American's operations even after a radical restructuring of the latter, in the belief that surging Chinese and Indian demand for diamonds will outstrip dwindling supply. click here.
May 27 - U.S. firm files class action against Brazil steelmaker Gerdau
New York investor rights law firm Pomerantz LLP filed a class action suit against Brazil's Gerdau SA, Latin America's largest steelmaker, alleging the company issued materially misleading business information filed to investors over tax liabilities. Porto Alegre, Brazil-based Gerdau is the latest Brazilian company with shares traded in the United States to face actual or potential lawsuits over securities fraud as a result of Brazilian corruption investigations. click here.
May 26 - Britain plans steel pensions overhaul to ease sale of Tata assets
Britain's government said on Thursday it had started discussions on overhauling the deficit-laden British Steel Pension Scheme, a major stumbling block for potential buyers of Tata Steel's UK assets.With serious offers now on the table for Tata Steel UK, Britain's government is racing against time to find a way to put the company's British pension fund on a sound footing to help facilitate a sale. click here.
May 26 - U.S. levies hefty duties on Chinese corrosion-resistant steel
Corrosion-resistant steel from China will face final U.S. anti-dumping and anti-subsidy duties of up to 450 percent under the U.S. Commerce Department's latest clampdown on a glut of steel imports, the agency said on Wednesday. The department also issued anti-dumping duties of 3 percent to 92 percent on producers of corrosion-resistant steel in Italy, India, South Korea and Taiwan, it said in a statement. click here.
May 26 - Cameron says Tata Steel UK gets "encouraging" offers
Tata Steel has received a number of serious offers for its businesses in Britain, Prime Minister David Cameron said on Wednesday as steel workers marched past Downing Street to put pressure on the government to get a deal. Britain's steel industry has been hit by cheap Chinese imports, high energy costs and a global supply glut and in March Tata said it wanted to sell its remaining plants in the country, putting 15,000 jobs at risk. click here.
May 26 - Brazil's Usiminas taps Leite as CEO in sign of easing dispute
Usinas Siderúrgicas de Minas Gerais SA tapped veteran executive Sergio Leite as chief executive officer on Wednesday, as Brazil's largest listed flat steelmaker battles to turn around a business hurt by a recession, cheap imports and rising debt. In a securities filing, the board of Belo Horizonte, Brazil-based Usiminas approved a management shuffle in which Ascanio de Figueiredo Silva was picked to replace Leite as senior vice president for sales. Ronald Seckelmann will remain as chief financial officer, the filing said. click here.
May 26 - Jiangxi Copper says China should prevent excess imports - exec
China should prevent excess imports of copper to offset output cuts by domestic smelters, a senior executive at Jiangxi Copper said on Thursday. Wu Yuneng, vice-president of China's top producer of the metal, also told a conference in Shanghai that banks should not lend to inefficient companies suffering overcapacity. click here.
May 26 - Kyrgyz court fines Centerra Gold unit Kumtor $98 mln
A court in Kyrgyzstan on Wednesday fined the country's biggest gold miner, Kumtor Operating Company, a unit of Canada's Centerra Gold Inc, 6.7 billion soms ($98 million) for environmental damage. Kumtor's lawyers told reporters at the hearing that they would appeal the ruling. click here.
May 26 - Amplats bid to buy peace around prized South African mine may backfire
Anglo American Platinum's bid to appease a community near its most profitable South African mine may unravel, highlighting the challenges of managing flashpoints of social unrest while trying to shore up its balance sheet. The world's largest open-pit platinum mine, Mogalakwena was shut for two weeks last year when residents of the surrounding shanty towns rioted, protesting against the government's failure to provide services and the mine's failure to provide jobs. click here.
May 26 - Russia's Gokhran has no plans to buy palladium, polished diamonds
Russian precious metals and gems repository Gokhran does not need to add palladium or polished diamonds to its stocks in 2016, Russian Deputy Finance Minister Alexei Moiseev said on Wednesday. Gokhran, which is part of the finance ministry, has said repeatedly in recent years that it plans to start buying palladium from Russian miners, but only made small purchases to test the market in 2015. click here.
May 26 - Finland starts preparations to shut troubled nickel mine
The Finnish government will start preparations for closing down Talvivaara's former nickel mine in northern Finland, economy minister Olli Rehn said on Wednesday. The final decision on closing the loss-making mine will be made later this year, if no private investor is found to keep it running by then, Rehn said. click here.
May 26 - Liberia grand jury indicts Sable Mining, officials for bribery
A grand jury in Liberia on Wednesday indicted government officials, including the speaker of parliament and the head of the ruling party, along with London AIM-listed Sable Mining on charges including bribery. President Ellen Johnson Sirleaf ordered an inquiry into Sable's acquisition of an iron ore concession in northern Liberia after the watchdog group Global Witness made accusations of wrong-doing in a report earlier this month. click here.
May 26 - ArcelorMittal South Africa says Saldanha steel plant will keep operating
ArcelorMittal South Africa's Saldanha plant will keep operating, its chairman said on Wednesday, after the facility was placed under review earlier this year due to low steel prices and rising costs. The plant, north of Cape Town is the newest in the company's fleet and was opened in 1998 to focus specifically on steel exports, but low steel prices and high electricity and transport costs made it unprofitable last year. "As the board, we are comfortable that we will have a Saldanha that is a good, healthy, performing business for a long period," said ArcelorMittal South Africa Chairman Mpho Makwana. click here.
May 26 - Workers at Toromocho copper mine in Peru plan strike May 31
Workers at Chinalco Mining Corp International's copper mine Toromocho in Peru are planning a four-day strike on Tuesday to press for the reinstatement of a quarterly bonus tied to company results, the union said on Wednesday. The stoppage at the Chinese-owned mine has been scheduled to start at 6:30 a.m. local time (1130 GMT), Carlos Orellana, secretary of defense of the union, said by phone. click here.
May 25 - Top banks gain from discontent over hefty LME fee increases
Core industrial clients of the London Metal Exchange (LME), unhappy with a steep rise in trading fees, are taking some of their business to top-tier investment banks and rival exchanges, industry sources said. Business moving to banks and in some cases, the CME group, is reflected by a 4 percent drop in volumes on the 139-year old exchange last year, the first annual fall since 2009. click here.
May 25 - China's nickel imports still flattering to deceive: Andy Home
China is importing more nickel than ever before. Headline imports of refined metal hit a new all-time record high of 49,012 tonnes in April. The cumulative tally of 157,600 tonnes over the first four months of the year represents a 115,000-tonne increase over the same period of last year. click here.
May 25 - Brazil police probe U.S. Steel venture, Tenaris pipe unit
Brazilian police said on Tuesday they investigated local units of three international steelmakers in a second-straight day of raids probing graft at the country's state-controlled oil producer, Petroleo Brasileiro SA . Police and prosecutors allege that Apolo Tubulars, which is 50 percent owned by United States Steel, and Luxembourg-based Tenaris SA's Brazilian unit Confab were involved in a bribery scheme to win work from Petrobras, as the oil company is known. click here.
May 25 - Indonesia renews Newmont Mining's copper export licence for six months
Indonesia's mining ministry recommended renewing the export licence for the local unit of U.S. copper and gold miner Newmont Mining Corp to export copper concentrate for the next six months, a ministry official said on Tuesday. Newmont, Indonesia's second-biggest copper miner, will be allowed to export up to 419,757 tonnes of copper concentrate from its Batu Hijau mine in eastern Indonesia, Coal and Minerals Director General Bambang Gatot told reporters. click here.
May 25 - Freeport staff to oversee transition at Tenke copper mine in Congo
The Chinese company buying Freeport McMoRan Inc's majority stake in the Tenke copper mine has told the Congolese government that Freeport staff will oversee the operation for a transitional period of 12 to 18 months, an adviser to the prime minister said on Tuesday. A delegation from China Molybdenum Co (CMOC) is visiting Democratic Republic of Congo this week to reassure government officials who have expressed alarm about the change of ownership of the largest private investment in the country's history, the adviser said. click here.
May 25 - Venezuela to rejoin global group fighting conflict diamonds
Venezuela expects to rejoin the global watchdog established to stop trade in conflict diamonds as it seeks to resume diamond exports, its central bank director said on Tuesday. "We are certain we will rejoin this year," Jose Khan told Reuters on the sidelines of an international meeting of the group, known as the Kimberley Process. click here.
May 25 - Serbia's sole copper miner plans job cuts to return to profit
Serbia's RTB Bor copper mine plans to lay off nearly a third of its workforce over a five-year period and hire new management in an attempt to return to profit in the face of low copper prices, an executive said on Tuesday. Burdened with one billion euros ($1.1 billion) of debt, state-owned RTB Bor has been protected from creditors but the government has said that status will end this month as part of a 1.2 billon euro International Monetary Fund loan deal. click here.
May 25 - Kinross continues processing at strike-hit Mauritania gold mine
The processing facility remains in operation at Kinross Gold Corp's Tasiast mine in Mauritania, a spokesman for the miner said on Tuesday after workers at the site went on strike. Management at the mine in western North Africa also have a contingency plan to minimize the impacts of the strike, which includes processing stockpiled material, Kinross spokesman Louie Diaz said in an email. He did not give details of the plan. click here.
May 25 - France's Macron backs mineral exploration, rues lost GMO research
France will encourage more exploration in oil and gas as well as other minerals to reduce its dependence on imports, backed by new mining legislation to be put before parliament, Economy Minister Emmanuel Macron said on Tuesday. The government has already awarded 10 exploration permits under a new "responsible mining" approach drawn up to accompany the bill to be introduced in parliament within months, Macron told a commodities conference in Paris. click here.
May 24 - Coking coal's sensible response to China's steel boom: Russell
With China's steel and iron ore bubble popped, the market is struggling to work out what price levels these commodities should be trading around. Perhaps coking coal provides good guidance. Coking, or metallurgical, coal is the second major component, along with iron ore, in making steel, but it doesn't attract as much attention given the limited ways to trade it and relatively strong concentration of producers. click here.
May 24 - Collapsed Australian steelmaker Arrium eyes sale of profitable Moly-Cop unit
Troubled Australian steel group Arrium Ltd, which collapsed last month after creditors rejected a private equity bailout, will hire a global investment bank to advise on the sale of its profitable Moly-Cop mining supplies unit, the firm's administrator said on Monday. Moly-Cop, which makes steel balls to grind ore, among other items, operates mostly in the United States and Latin America, and had been excluded until now from Arrium's restructuring after a private equity sale collapsed last year. click here.
May 24 - China not encouraging large steel exports - industry body
China is not encouraging large steel exports and has taken measures to control shipments offshore, the country's steel association said on Tuesday. "The Chinese steel industry is willing to solve trade disputes through cooperation ... it strongly opposes protectionism and making steel trade a political issue," the China Iron & Steel Association (CISA) said in a report on its website. click here.
May 24 - Indonesia renews Newmont Mining's copper export licence for six months
Indonesia's mining ministry has issued the local unit of U.S. copper and gold miner Newmont Mining Corp with a recommendation to continue copper concentrate exports for the next six months, a ministry official said on Tuesday. Newmont, Indonesia's second-biggest copper miner, will be allowed to export "around 400,000" tonnes of copper concentrate from its mine in eastern Indonesia, Coal and Minerals Director General Bambang Gatot told reporters, without providing further details. click here.
May 24 - New Mexico sues EPA, mine owners over massive gold mine waste spill
New Mexico sued the U.S. Environmental Protection agency, an agency contractor and two mining companies on Monday over the 2015 breach of an abandoned Colorado gold mine that spilled some 3 million gallons of toxic wastewater into three states. The Gold King Mine spill, which was accidentally triggered by EPA inspection team called to the mine to inspect an existing seepage, unleashed a torrent of yellow sludge which contained high concentrations of heavy metals such as arsenic, mercury and lead. click here.
May 24 - Copper market in 24,000 tonnes surplus in Feb 2016 - ICSG
LONDON, May 23, The global world refined copper market showed a 24,000 tonnes surplus in February, compared with a 51,000 tonnes surplus in January, the International Copper Study Group (ICSG) said in its latest monthly bulletin. For the first 2 months of the year, the market was in a 76,000 tonnes surplus compared with a 134,000 tonnes surplus in the same period a year earlier, the ICSG said. click here.
May 24 - Czech unions join investors to bid for insolvent NWR arm
Czech miners' unions have teamed up with lignite mine owner Pavel Tykac and another investor to make on offer for New World Resources' insolvent mining subsidiary OKD, the unions said on Monday. The unions did not give any details of their offer to NWR, which is mainly owned by a trio of international investment funds. OKD, NWR's main business, filed for insolvency this month after failing to secure government aid. click here.
May 24 - Gold miner Polyus evacuates miners after pit landslide in Siberia
Russia's largest gold producer Polyus has evacuated 89 out of 153 of its miners blocked after a landslide at the Vostochny pit of its Olimpiada mine in Siberia, the company said on Monday. There were no injuries after the slide of some 50,000 to 70,000 cubic metres of rock, and Polyus said the remaining miners would be evacuated by 1200 GMT. click here
May 23 - CME bids to boost its metal storage network, challenge LME
The CME Group is talking to several warehouse companies to expand its metal storage network globally, three metal industry sources told Reuters, a move that could further challenge the London Metal Exchange's (LME) dominance. In recent years the CME, the world's largest futures market operator, has been steadily building its storage network - partly as a result of controversy surrounding the LME warehouse system.click here.
May 23 - China's May iron ore imports stay robust, majors squeeze rivals: Russell
China's imports of iron ore are likely to have maintained their recent strength in May, as top suppliers Australia and Brazil continue to squeeze market share from smaller rivals. Imports this month are likely to come in around 84.76 million tonnes, according to vessel tracking data compiled by Thomson Reuters Commodity Research and Forecasts. click here.
May 23 - Buyout group to back rival's bid for Tata's UK steel assets - sources
Excalibur Steel, a management buyout group interested in purchasing Tata Steel's British steelmaking operations, is ready to lend its support to rival bidder Liberty House, two industry sources told Reuters on Sunday. Tata said in March it wanted to sell its UK steel operation, which has been hit by cheap Chinese imports, rising costs and weak demand. click here.
May 23 - U.S. measures to protect steel sector do not address root problem - China Commerce Ministry
U.S. efforts to protect its steel industry will not solve the sector's fundamental problems, which stem from past protectionist measures, China's Ministry of Commerce said on Saturday. The comments were posted on the ministry's website following a decision on Friday by the U.S. International Trade Commission to continue probing imports of certain steel products from 12 countries, including China and Korea. click here.
May 23 - Sluggish Chinese demand, new battery tax weighs on lead
Lead, the worst performing industrial metal on the London Metal Exchange this year, is set to stay under pressure due to weak demand in China, where a new tax has been slapped on lead-acid batteries and authorities are cracking down on electric-bikes. Lead depends on lead-acid batteries for about 80 percent of demand in top consumer China. click here.
May 23 - Regulator asks China Molybdenum how it will finance Brazil buy
China Molybdenum (CMOC) said Chinese regulators have asked it to disclose how it will finance its $1.5 billion acquisition of Anglo American Plc's niobium and phosphates business in Brazil. The request comes after CMOC, one of China's largest producers of molybdenum, agreed to buy Freeport-McMoRan Inc's stake in the Tenke copper project in Democratic Republic of Congo for $2.65 billion. click here.
May 23 - Funds raised bullish gold bets before Fed signaled June rate hike
Hedge funds and money managers raised their bullish bets in COMEX gold futures and options in the week to May 17, a day before the U.S. Federal Reserve indicated it could raise interest raise rates as early as June, data showed on Friday. Speculative investors added 1,767 lots to take their total to 227,651, while they cut their bullish bets for silver by 4,674 contracts to 66,982. click here.
May 23 - Zimbabwe's platinum industry calls for $2.8 bln in new investment
Zimbabwe could double annual platinum production to more than 900,000 ounces in the next decade, making the metal the nation's top export earner but current producers need $2.8 billion in new investment to do so, an industry association said on Friday. The southern African nation holds the second largest known reserves of platinum after South Africa but mines have struggled with low prices, a black empowerment law forcing mines to sell more than 50 percent of the business to locals, and power shortages. click here.