* Estimated mine value has fallen to $400 mln -sources* Sale prospects complicated by new mining code in DRC* ERG aims to reduce $6 bln debt burdenBy Clara Denina and Dasha AfanasievaLONDON, March 7 (Reuters) - Debt-laden Kazakh miner Eurasian Resources Group (ERG) has revived efforts to sell its Frontier copper mine in Democratic Republic of Congo (DRC) despite a drop in valuation to about $400 m...Read More
Nick Wykeman and Manuel Llobet from Allergy Therapeutics plc (LON:AGY) caught up with Proactive Investors following the release of their interim results.Allergy's continued to gain market share as it heads into a 'pivotal' twelve months.Interim revenues rose by 4% to ?42.2mln despite the pollen season being described as 'abnormally weak'.Headline or first glance data from the Phase III Pollinex Q...Read More
Mining giant Rio Tinto (ASX, LON, NYSE: RIO) is expanding its driverless trucks fleet in Australia by introducing 15 autonomous vehicles to a new mine in the Pilbara region.The trucks, to be deployed later this month to the West Angelas iron ore mine, are fitted out with the company's in-house autonomous haulage system (AHS), AAP reported.West Angelas, run by Rio's Robe River joint venture partne...Read More
(Reuters) - Wall Street’s main indexes fell on Wednesday as U.S. President Donald Trump looked set to impose steep tariffs on imported steel and aluminum this week, a move that could spiral into a global trade war.The markets have been choppy, with the Dow falling more than 300 points, following the exit of staunch free trade supporter Gary Cohn from the White House.“There is more of a...Read More
SHANGHAI, Mar 7 (SMM) – While SHFE aluminium fell 0.77% and tin and zinc edged down today, lead rose 0.67% as copper and nickel inched up.The ferrous complex fell across the board with hot-rolled coil slipping 2.4%. Coking coal dropped 2.3%, rebar went down 1.6%, and coke fell 1.5%. Iron ore edged down slightly.Copper: Support is seen at the five-day moving average during the today as SHFE c...Read More
Torsten Hoffmann, chief operating officer at Silence Therapeutics PLC (LON:SLN) chats to Proactive's Andrew Scott following the release of their preliminary 2017 results.Hoffmann says the big focus for them is working towards filing their first GalNAc-siRNA CTA (clinical trial authorisation) for the treatment of liver-related iron overload disorders by the end of 2018.Five senior managers have rec...Read More
FRANKFURT (Reuters) - Goldman Sachs is starting to move some senior bankers to Frankfurt in preparation for Britain’s exit from the European Union, the investment bank’s co-chief for Germany said on Wednesday.“We’re starting to build infrastructure by making transfers and moving senior people to Frankfurt,” Joerg Kukies said at a conference, without giving the number...Read More
WASHINGTON (Reuters) - The U.S. trade deficit increased to a more than nine-year high in January, with the shortfall with China widening sharply, suggesting that President Donald Trump’s “America First” trade policies are unlikely to have a material impact on the deficit.The trade deficit continues to widen a year into the Trump presidency. Trump, who claims that the United State...Read More
SHANGHAI, Mar 7 (SMM) – China is likely to eliminate its dependency on overseas refined copper and move to develop foreign copper ore supplies by optimising its industry, SMM believes.China will intensify efforts to improve capacity structure and reorganise steel, coal and power enterprises, said deputy director of the National Development and Reform Commission (NDRC) Nin...Read More
FTSE 100 closes up just 11 ptsUS stocks open lower after Trump economic advisor quitsRolls-Royce top Footsie riser as results beat forecasts FTSE 100 closed in positive territory, but not by much, as US stocks saw red, and traders wait to see what President Trump will do next on his tariff threats.The UK blue-chip benchmark closed up around 11 points at 7,157, while FTSE...Read More
SACRAMENTO (Reuters) - U.S. Attorney General Jeff Sessions, escalating the Trump administration’s rhetoric against the most populous U.S. state, accused California on Wednesday of obstructing federal immigration enforcement efforts and vowed to stop the state’s defiance.Sessions made the remarks to a law enforcement group a day after Republican President Donald Trump’s Justice De...Read More
Turnaround specialist Volvere PLC (LON:VLE) said it expects record full year revenues, sending its shares higher on Wednesday.The company estimates revenue rising to ?43.2mln in 2017 from ?33mln a year ago and profit before tax increasing to ?3.2mln from ?1.9mln.Revenue growth was driven by a strong performance in its 83%-owned automotive consulting business, Impetus Automotive Ltd, and in fro...Read More
Iron ore exports from Port Hedland in Western Australia dipped to their lowest level in seven months in February 2018, despite showing a year-on-year increase.The port shipped 38.50 million tonnes of the steelmaking raw material last month, up 7.9% from a 13-month low of 35.67 million tonnes in February 2017.But this was down 6.2% from January's 41.06 million tonnes, and the lowest level...Read More
SHANGHAI, Mar 7 (SMM) – This is a roundup of global macro-economic news last night and what is expected today.Last nightMarkets were rattled following the resignation of White House economic advisor Gary Cohn. The US dollar declined and hovered at 89.4.Base metals saw mixed trading. SHFE tin edged down while nickel rose over 1%. LME nickel jumped close to 2%, copper rose almost 1% while...Read More
RAPAPORT...The $2 billion fraud allegations against Indian jewelrytycoon Nirav Modi and Gitanjali Gems chief Mehul Choksi have shocked theindustry, as well as raising questions about the wider impact on the trade.One of the first casualties of the fallout was US jewelerFirestar Diamond, which, by virtue of being part of Modi's business empire,found itself thrust into a crisis. Firestar and two of...Read More
Israeli billionaire Beny Steinmetz has been at the centre of an international investigation into alleged bribery to win mining rights in Guinea.(Image taken from Beny Steinmetz's website)* BSG Resources says operations will continue as normal* Says will "go the distance" with with its arbitration* Says it has done nothing wrongLONDON, March 7 (Reuters) - Mining company BSG Resources (BSGR) on Wed...Read More
SHANGHAI, Mar 7 (SMM) – China’s banking regulator plans to cut the amount of funds that banks are required to set aside to cover loan losses in a bid to provide more liquidity to the market.In a circular released by China Banking Regulatory Commission (CBRC) last week, commercial banks are required to reduce the provision coverage ratio to 120-150% and loan provision ratio to 1.5-2.5%...Read More
NEW YORK (Reuters) - The U.S. economy is on track to expand at a 2.8 percent annualized rate in the first quarter following data on domestic vehicle sales in February and trade balance in January, the Atlanta Federal Reserve's GDPNow forecast model showed on Wednesday.The latest estimate on gross domestic product was slower than the 3.5 percent growth pace calculated on March 1, the Atlanta Fed sa...Read More
Japan's Kobe Steel has rolled out a series of measures to prevent incidents such as its recent data-falsification scandal from recurring again.This includes replacing some of its executives and restructuring its management and reporting systems, the steelmaker said on Tuesday March 6.An external director will serve as...Read More