SANTIAGO, July 19 (Reuters) - A union representing workers at Lumina Copper's Caserones mine in Chile said on Thursday that contract negotiations with the company had failed, paving the way for a potential strike.The union said that because of the breakdown it would reject a final proposal that could be submitted by the company up to July 24, and that government mediation would be the only way for...Read More
(Bloomberg) - A new round of trade war tensions is sending metal markets into a tailspin. Copper crashed through $6,000 a metric ton for the first time in a year and is headed for its biggest monthly drop since 2015. Zinc, lead, nickel and aluminum tumbled as the dollar rose for a third day.Metals are accelerating a sell-off that started in early June over fears that the trade fight between China...Read More
While global miners invested almost $1 trillion in major projects over the last decade, almost one-third of that - $273 billion to be precise - was written off, research from Morgan Stanley shows.In a study carried out in conjunction with PricewaterhouseCoopers (PwC), the American investment bank found that the extent of the write-downs was almost as high as the dividends paid by the world's top...Read More
* FTSE 100 up 0.7 pct* easyJet hikes guidance, shares rise* Smiths Group unit hit by EU regulation* Brexit worries, inflation data hit sterling (Updates prices, adds details, quotes)By Kit Rees and Helen ReidLONDON, July 18 (Reuters) - A weaker pound helped Britain's top share index march higher on Wednesday as company earnings took centre stage with Smiths Group suffering.The blue-chip FTSE 100...Read More
Investing.com - Gold prices were steady near a one-year low on Wednesday as a higher dollar and comments from Federal Reserve Chair Jerome Powell continued to weigh.Comex gold futures for August delivery decreased 0.29% to $1,223.80 a troy ounce as of 10:46 AM ET (14:46 GMT).Powell reiterated the central bank should gradually increase interest rates at his hearing at Congress on Tuesday. Trade ten...Read More
(Bloomberg) -- Copper’s slump amid a deepening global trade conflict offers a long-term buying opportunity, according to Citigroup Inc (NYSE:C)., which shrugged off fears for world growth to boost its long-term forecasts.“Prepare for a decade of Dr. Copper on steroids,” analysts including Max Layton and Tracy Liao wrote in a July 17 note. The bank sees average annual prices a...Read More
(Adds company news items and futures)July 18 (Reuters) - Britain's FTSE 100 .FTSE index is seen opening 36 points higher at 7,662 on Wednesday, according to financial bookmakers, with futures FFIc1 up 0.37 percent ahead of the cash market open.* EASYJET: British low cost airline easyJet EZJ.L upgraded its full-year guidance, forecasting that profit could soar as much as 45 percent this year, benef...Read More
(Adds details)By Sudarshan VaradhanNEW DELHI, July 18 (Reuters) - India's southern state of Tamil Nadu (NS:TNNP) will ask the nation's environment court to dismiss a Vedanta Ltd VDAN.NS petition seeking to reopen its copper smelter, a lawyer representing the state government said on Wednesday.The Tamil Nadu government ordered the permanent closure of the plant and disconnected its power supply in...Read More
(Corrects day in first paragraph to Wednesday from Thursday)NEW DELHI, July 18 (Reuters) - Southern state of Tamil Nadu (NS:TNNP) will ask India's environment court to dismiss Vedanta Ltd's VDAN.NS petition seeking to reopen its copper smelter, a lawyer representing the state government said on Wednesday.The Tamil Nadu government ordered the permanent closure of the plant and disconnected its powe...Read More
Orla hits 147.7m at 1.25% copperResource definitionSolGold set to shineSPONSOREDsolgoldSince January last year, JS has flogged $8.5 billion in assets, including the entire coal business. The latest deal was the widely flagged $3.5 billion sale of Rio's post-2022 40% share of produ...Read More
(Bloomberg) - Copper's slump amid a deepening global trade conflict offers a long-term buying opportunity, according to Citigroup Inc., which shrugged off fears for world growth to boost its long-term forecasts."Prepare for a decade of Dr. Copper on steroids," analysts including Max Layton and Tracy Liao wrote in a July 17 note. The bank sees average annual prices at $8,000 a metric ton in 2022, p...Read More
BEIJING, July 18 (Reuters) - Three senior executives at Jiangxi Copper Co , one of China's biggest copper producers, have left their roles, the company said in a stock exchange filing on Wednesday, in a major managerial shake-up at the state-run firm.Wu Yuneng, a Jiangxi Copper veteran who was only appointed to the general manager job in January this year, will no longer serve in the role and also...Read More
Global miner BHP Billiton Ltd posted record iron ore output for fiscal 2018 on Wednesday as fourth-quarter production topped expectations and set a slightly higher target for the current year.Shares in the miner jumped more than 3% after both quarterly and full-year production rose 3% on improved productivity."BHP's FY18 production was in line with or slightly better than our expectations in all m...Read More
Investing.com - Gold prices fell to a two-and-a-half year low on Tuesday, as a stronger dollar weighed on the precious metal and Federal Reserve Chair Jerome Powell backed gradual rate increases.Comex gold futures for August delivery decreased 0.86% to $1,229.20 a troy ounce as of 10:37 AM ET (14:37 GMT).The price of gold fell as Powell reiterated the central bank should gradually increase interes...Read More
* MSCI Asia-Pacific index down 0.3 pct, Nikkei adds 0.8 pct* Spreadbetters expect European stocks to open a touch higher* Sharp decline by crude oil weighs on energy shares* Markets await Fed chairman's first congressional testimonyBy Shinichi SaoshiroTOKYO, July 17 (Reuters) - Asian stocks were mostly lower on Tuesday, with a sharp decline in crude oil prices weighing on energy shares, while the...Read More
Canadian scientists from Laurentian University have found that waterbodies impacted by decades of mining activity could be a potential new source of antibiotics.The group, led by Dr. J.A. Scott, a bioengineering professor, examined lakes and rivers located within five kilometres of abandoned Northern Ontario mine sites. The goal was to determine whether those stressed environments could produce al...Read More
It's the mining world's biggest dilemma: everyone's hunting for copper deals, but even the richest producers just can't pull the trigger.The largest miners all say they're bullish on copper and looking for growth in the metal that's forecast to be in ever-greater demand as cities expand and electric vehicles gain traction. The industry has deep pockets for deals right now - Rio Tinto Group may end...Read More
The London Metal Exchange (LME), the world's biggest and oldest market for industrial metals, is implementing an "implied pricing" functionality, a set of synthetic monthly prices, in an attempt to offset increasing competition from other exchanges such as those operated by CME Group.Starting on July 30, the exchange will provide the service for the six main base metals - copper, aluminum, zinc,...Read More
Base metals producer Nevsun Resources (TSX:NSU) has once again dismissed a takeover offer by Lundin Mining (TSX:LUN), as it believes the Cdn$1.4 billion (about $1.1bn) bid ignores the fundamental value of the company and its assets.Chief Executive Officer Peter Kukielski said Lundin's notional takeover offer represents only a 13 % premium to Nevsun's shares trading price, which closed Monday at Cd...Read More
* FTSE 100 down 0.8 pct* China data, trade worries, oil drop weigh* Downgrade hits Micro Focus * Indivior soars as court blocks sale of rival drug (Adds details closing prices)By Kit Rees and Danilo MasoniLONDON, July 16 (Reuters) - Britain's top share index retreated on Monday as soft Chinese data hit miners amid persistent worries over global trade.The blue chip FTSE 100 .FTSE index fell 0.8 pe...Read More