JAKARTA/TORONTO, July 12 (Reuters) - Freeport-McMoRan Inc said on Thursday it will sell a majority stake in the world's second-biggest copper mine to the Indonesian government, seemingly ending a long-running dispute via a series of complex deals worth $3.85 billion.The agreement, which could still collapse, will see Freeport give up majority control but remain the operator of the Grasberg mine, l...Read More
As if ongoing probes on both sides of the Atlantic weren't enough to deal with for miner and commodities trader Glencore (LON:GLEN), now a group of shareholders is mulling potential actions against the company for causing them to lose money.US law firm Quinn Emanuel, which is representing Glencore investors, said Thursday the recent news of imminent and ongoing probes into the Swiss firm's dealing...Read More
World's No.2 miner Rio Tinto (ASX, LON, NYSE: RIO) said Thursday it had sold its 40% stake in the giant Grasberg mine, the world's second largest copper operation, to Indonesia's state mining company PT Indonesia Asahan Aluminium (Inalum) for $3.5 billion.The deal is expected to end to a long-drawn-out, three-way dispute over the mine, which has been centred on bringing local ownership of Grasber...Read More
* U.S. proposes fresh tariffs on $200 bln worth of China goods* Boeing (NYSE:BA), Caterpillar lead decliners on Dow* Chipmakers slide* Indexes down: Dow 0.9 pct, S&P 0.7 pct, Nasdaq 0.6 pct(Repeats to include in-line graphic. No changes to text)By Caroline ValetkevitchNEW YORK, July 11 (Reuters) - U.S. stocks fell on Wednesday, breaking a four-session streak of gains after Washington's threat...Read More
* U.S. raises stakes in China trade war* Wall Street dips, Brent prices nosedive* Asian, European stocks fall and metals slide(Adds Wall Street close, recasts with U.S. dollar, updates throughout)By Hilary RussNEW YORK, July 11 (Reuters) - Concerns about an escalating U.S.-China trade war made markets topsy-turvy on Wednesday, with U.S. stocks breaking a four-session winning streak and Brent crude...Read More
* U.S. proposes fresh tariffs on $200 bln worth of China goods* Boeing (NYSE:BA), Caterpillar lead decliners on Dow* Chipmakers slide* Indexes down: Dow 0.9 pct, S&P 0.7 pct, Nasdaq 0.6 pct(Updates to close)By Caroline ValetkevitchNEW YORK, July 11 (Reuters) - U.S. stocks fell on Wednesday, breaking a four-session streak of gains after Washington's threat to impose tariffs on an additional $20...Read More
* U.S. raises stakes in China trade war* Wall Street dips, but tariff effect muted* Asian, European stocks fall, safe-havens gain broadly* Copper, zinc slide and oil retreats (Adds settled oil prices; updates throughout)By Hilary RussNEW YORK, July 11 (Reuters) - U.S. stocks extended losses on Wednesday, set to snap their four-day winning streak, and metals prices slumped as U.S. threats of tariff...Read More
* US proposes fresh tariffs on $200 bln worth of China goods* Boeing (NYSE:BA), Caterpillar lead decliners on Dow* Chipmakers slide* Indexes down: Dow 0.8 pct, S&P 0.6 pct, Nasdaq 0.4 pct(Updates to late afternoon)By Caroline ValetkevitchNEW YORK, July 11 (Reuters) - U.S. stocks looked set on Wednesday to snap a four-day winning streak after Washington's threat to impose tariffs on an addition...Read More
* US proposes fresh tariffs on $200 bln worth of China goods* Boeing (NYSE:BA), Caterpillar lead decliners on Dow* Tech shares slide, chipmakers lead losses* Indexes down: Dow 0.82 pct, S&P 0.66 pct, Nasdaq 0.53 pct(Changes comment; updates details, prices)By Amy Caren DanielJuly 11 (Reuters) - U.S. stocks fell on Wednesday and looked set to snap their four-day winning streak after Washington'...Read More
* U.S. raises stakes in China trade war* Wall Street dips, but tariff effect muted* Asian, European stocks fall, safe-havens gain broadly* Copper, zinc slide and oil retreats (Adds Wall Street open; updates throughout; changes dateline; previous LONDON)By Hilary RussNEW YORK, July 11 (Reuters) - Stocks fell and metals prices slumped on Wednesday as U.S. threats of tariffs on an additional $200 bil...Read More
TORONTO, July 11 (Reuters) - Canada's Barrick Gold Corp lowered its full-year copper production forecast on Wednesday while increasing its cost estimates, saying the change reflected operational challenges and planned work at its Lumwana mine in Zambia.Barrick, which looks likely to lose its rank as the world's biggest gold producer this year, maintained its 2018 output estimate of between 4.5 mil...Read More
MELBOURNE, July 11 (Reuters) - Private equity still has significant opportunities to invest in mining as companies cut debt and rebuild their balance sheets even as the sector recovers, mining specialist Denham Capital said.Denham, which closed a new $550 million mining fund sooner than expected on Monday, has already acquired two copper projects in South America and aims to invest the rest in...Read More
July 11 (Reuters) - Foreign direct investment in Chile hit $8.48 billion from January to April, its highest level since records began 15 years ago, thanks to a new law designed to attract investment, the government investment agency said on Wednesday.InvestChile, an arm of the economics ministry, said foreign direct investment (FDI) increased by 655 percent over the same period last year, and it w...Read More
The price of copper sank on Wednesday, losing more than 4% in New York to $2.7170 or $5,990 a tonne on the Comex market, its lowest level since July 20 last year.It was one of the busiest days of 2018 on commodity futures markets with with over 2.1m tonnes of copper worth $12.7 billion exchanging hands by early-afternoon. Wednesday was the ninth down day of the last 10 trading sessions for copper....Read More
As the U.S. becomes increasingly import-reliant for the minerals needed for military equipment and technologies, 62 percent of voters support U.S. government action to encourage the use of domestically-mined minerals and decrease reliance on foreign-imported minerals, according to a poll conducted by Morning Consult for the National Mining Association (NMA)."Our defense industrial base supply chai...Read More
The guidelines, the result of a three-year international effort, should help identify areas of particular environmental importance where no mining should occur. (Image: Mountains in the Sea 2004. Courtesy of NOAA Office of Ocean Exploration.)An international team of researchers has developed a set of criteria to help the International Seabed Authority (ISA) protect biodiversity from deep-sea minin...Read More
The U.S. election of Donald Trump lit a fire under metals markets in 2016 as investors took a liking to his pro-business agenda. Now, copper and other metals are tanking as Trump's trade war against China threatens to derail economic growth.Copper sunk to an almost one-year low and has fallen 16 percent from a high in June. All the major metals were in the red on Wednesday as the U.S. unveiled tar...Read More
(Bloomberg) -- China’s goal of putting more electric cars on the road is proving a bonanza for a South Korean tycoon.Huh Chin-kyu, the 77-year-old founder and chairman of Seoul-based Iljin Group, has become his country’s latest billionaire thanks to increasing demand for the firm’s copper coils, a key component of rechargeable batteries used in electric vehicles. The company&rsqu...Read More
Investing.com - Gold prices were under pressure on Tuesday as a stronger dollar pushed the precious metal back towards 7-month lows hit a week earlier.At 10:55AM ET (14:55GMT), gold futures for August delivery on the Comex division of the New York Mercantile Exchange gained $4.90, or 0.4%, to $1,254.70 a troy ounce.Meanwhile, the U.S. dollar index, which measures the greenback’s strength aga...Read More
(Adds futures, company news items)July 10 (Reuters) - Britain's FTSE 100 index .FTSE is seen opening 12 points higher at 7,770 on Tuesday, according to financial bookmakers, with futures FFIc1 down 0.03 percent ahead of the cash market open.* KIER: British construction and support services company Kier Group Plc KIE.L said on Tuesday it had launched a cost-savings plan that would include the sal...Read More