Copper was trading down for a third day on Monday as metal traders in New York shrug off the increasing likelihood of a strike at the world's largest copper mine and the impact of fiscal stimulus in top metal consumer China.Copper touched $2.76 or $6,080 a tonne on the Comex market, down a stomach churning 17% or $1,270 a tonne since hitting four-year highs early June.Labour action in Chile and Pe...Read More
Unionized workers at Codelco's Chuquicamata copper mine in Chile downed tools on Monday saying they had "exhausted" all instances for dialogue with management.Access to Chuquicamata, the state miner's second largest copper operation by size, has been blocked since early hours, as unions No. 1, 2, and 3, as well as Antofagasta Union No. 1 demand Codelco to re-hire two workers that were "unjustified...Read More
Shares in Caterpillar (NYSE:CAT), the world's no.1 heavy machinery maker, retreated 2% despite posting record second quarter earnings per share Monday, while also bumping up its full-year profit forecast.The Deerfield, Illinois-based company reported an adjusted profit of $2.97 a share in the three months to June 30, compared with $1.49 a share last year. For the whole year, Caterpillar now expe...Read More
Investing.com - The strengthening dollar looks likely to remain a significant headwind for gold this week, ahead of the Federal Reserve’s latest rate setting meeting, where it will probably lay the groundwork for its third rate hike this year in September.Friday’s U.S. employment report for July will also be closely watched, amid expectations that its will point to a slight slowdown in...Read More
* Global stocks index down 0.20 pct despite earlier gains* U.S. growth fastest in nearly 4 years; figure was expected* U.S. Treasury yields lower ahead of Fed, BoJ meetings (Updates to close of U.S. stock market)By Trevor HunnicuttNEW YORK, July 27 (Reuters) - World shares fell on Friday as corporate results and economic data failed to wow investors, leaving them to stew over trade tariffs and cen...Read More
Environmentalists in New Zealand are expressing concerns about the possibility of government accepting applications to prospect for minerals on conservation land across theNelson and Marlborough regions.Interviewed by the news site Stuff, a representative for the Royal Forest and Bird Protection Society of New Zealand said that the government is creating "concerning expectations," especially for f...Read More
The U.S. Army Corps of Engineers announced that a Draft Environmental Impact Statement for Northern Dynasty Minerals' (TSX: NDM) Pebble mine will be completed in January 2019.During a press conference held this week at its Alaska division, representatives for the Corps said that the document will be open for public comment for 90 days rather than the usual 45 days.Prior to this, a "scoping report"...Read More
Workers at Chile's Escondida copper mine, the world's largest, have rejected the company's final contract offer and agreed to vote on whether to go on strike, according to an internal union document seen by Reuters on Friday.After several meetings in recent days, the workers at the mine owned by BHP concluded that the company's offer does not meet union demands and creates "prejudicial" labor cond...Read More
(Bloomberg) -- Emerging-market assets advanced, spurring equities to their best week in more than two months, as China’s stimulus measures and an agreement between the U.S. and European Union to suspend new tariffs lifted risk appetite.The MSCI Emerging Markets Index of stocks climbed 2.1 percent, the biggest weekly rally since the five-day period ended May 11, while a gauge tracking develop...Read More
(Bloomberg) -- Stocks extended losses, while the dollar dipped and Treasuries gained, as news of a surge in U.S. economic growth contended with disappointing quarterly results from Exxon Mobil (NYSE:XOM) and Twitter.The S&P 500 Index declined Friday, after the government said U.S. GDP grew by 4.1 percent at an annualized rate in the three months through June -- the biggest gain since 2014...Read More
* Global stocks index down 0.35 pct despite earlier gains* U.S. growth fastest in nearly 4 years; figure was expected* U.S. Treasury yields lower ahead of Fed, BoJ meetings (Updates to early afternoon U.S. stock trading)By Trevor HunnicuttNEW YORK, July 27 (Reuters) - World shares were little changed on Friday as mixed corporate profits and economic data that only met expectations struggled to dis...Read More
* Graphic: World FX rates in 2018 http://tmsnrt.rs/2egbfVh* China shares underperform, yuan eases* Euro zone borrowing costs hold below 6-week highs* Dollar hits 5-day highs, euro dips, yen firms* Oil prices fallBy Ritvik CarvalhoLONDON, July 27 (Reuters) - Shares rose worldwide on Friday as strong company earnings reports and as transatlantic trade tensions eased after an agreement between the Un...Read More
By Barbara LewisLONDON, July 27 (Reuters) - Billionaire Anil Agarwal in July said he planned to offer around $1 billion to take London-listed Vedanta Resources Plc VED.L private, a move that has rekindled speculation his ultimate aim is a deal with miner Anglo American AAL.L . Volcan family trust has until July 30 to make a firm offer or walk away from the deal, which would leave Vedanta liste...Read More
* Graphic: World FX rates in 2018 http://tmsnrt.rs/2egbfVh* Ebbing trade tensions set stocks up for 4th weekly gain on trot* China shares underperform, yuan eases* Euro zone borrowing costs hold below 6-week highs* Dollar hits 5-day highs, euro eases, yen firms* Oil prices ease*By Ritvik CarvalhoLONDON, July 27 (Reuters) - Global stocks rose on Friday as strong company earnings reports and an easi...Read More
Spanish media report that 85 per cent of the 800 workers at First Quantum Mineral's Cobre Las Cruces mine in Spain went on strike in demand for the payment of 'toxic bonuses' (hazard pay) for subcontractors.What they call 'toxic bonuses' are additional payments for work that is particularly risky. According to EFE news agency, the spokesperson for the Comisiones Obreras union, Juan Antonio Caravac...Read More
(Bloomberg) - BHP Billiton Ltd.'s $10.8 billion of deals to exit its troubled U.S. shale unit will allow Chief Executive Officer Andrew Mackenzie to shower investors with returns. It may also be a chance for him to bow out on top.Mackenzie, 61, who's held his post since 2013, has delivered on plans to simplify BHP around a tighter core of key iron ore, coal, copper and oil assets, with the 2015 sp...Read More
LONDON, July 27 (Reuters) - Billionaire Anil Agarwal in July said he planned to offer around $1 billion to take London-listed Vedanta Resources Plc private, a move that has rekindled speculation his ultimate aim is a deal with miner Anglo-American.Agarwal's Volcan family trust has until July 30 to make a firm offer or walk away from the deal, which would leave Vedanta listed only in India.Why the...Read More
The Quellaveco copper project, 60% owned by Anglo American and 40% by Mitsubishi and located in Peru, was approved yesterday.Anglo American (LON:AAL) stock was mostly unchanged at GBP1,691.40 (US$22.15) a share.The estimated capital cost for the project ranges between $5.0 to $5.3 billion.The company expects a post tax IRR of greater than 15% with a four-year payback and an EBITDA margin of more...Read More
By Sudarshan Varadhan and Sanjeev MiglaniNEW DELHI, July 26 (Reuters) - India's decision to shut down Vedanta Resources' VED.L biggest copper smelter over environment concerns has hit 350 companies that buy its products and led to over 3,000 layoffs, a top company executive said.The Tamil Nadu (NS:TNNP) state government ordered a permanent closure of the plant in May following protests over allege...Read More
(Restores dropped character in first paragraph)LUSAKA, July 26 (Reuters) - Vedanta Resources Plc's VED.L Zambian unit said on Thursday work at its Konkola Copper Mine underground copper shaft 4 was halted after one miner was killed in an accident to allow for investigations into the incident, the company said.The firm said in June that it plans to double finished copper production at its Konkola...Read More