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Mitsubishi to Double Copper Output After Chile Mine Expansion
Click here to read the whole story or read an excerpt below. By Yuriy Humber Mitsubishi Corp. (8058), Japan’s biggest commodity supplier, plans to almost double its copper output in 2012 after spending $5.39 billion to buy a minority stake in Anglo American Plc (AAL)’s Chilean unit. The Tokyo-based trading house’s copper production will rise to 250,000 metric tons, compared with 140,000 tons... [Read more]
Norilsk to Spend $1.1 Billion by 2016 to Boost Copper Output 16%
Click here to read the whole story or read an excerpt below. By Ilya Khrenniko OAO GMK Norilsk Nickel (GMKN), Russia’s largest mining company, plans to spend $1.1 billion by 2016 to develop an eastern Siberian copper field and boost output of the highly conductive metal by 16 percent. The Bystrinsky deposit is expected to yield 62,000 metric tons of copper and 6.3 tons of gold in concentrate a year,... [Read more]
Xanadu in Talks to Sell Mongolian Power-Coal Assets in 6 Months
Click here to read the whole story or read an excerpt below. By Michelle Yun Xanadu Mines Ltd. (XAM), an Australian explorer operating in Mongolia, is in talks to sell its thermal coal assets in the nation in the next six months as part of a shift to focus on coking coal. Discussions are being held at an informal stage and no bank has yet been hired for the sale, Xanadu Chairman Brian Thornton said... [Read more]
Copper Extends Gains on U.S. Manufacturing: Commodities at Close
Click here to read the whole story or read an excerpt below. By Claudia Carpenter The Standard & Poor’s GSCI gauge of 24 commodities climbed 0.4 percent to 663.08 at 4:52 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.4 percent at 1,592.379. [Read more] Read More →
Copper Rises as Stronger Manufacturing Bolsters Demand Prospects
Click here to read the whole story or read an excerpt below. By Agnieszka Troszkiewicz Copper rose in New York, extending its best start to a year since 2003, as stronger gauges of manufacturing in China and India bolstered demand prospects. The official purchasing managers’ index for China, the biggest global copper user, gained to 50.5 in January, the country’s statistics bureau said. Indian... [Read more]
BHP Cuts Nickel Mining on Lower Prices, Australian Dollar
Click here to read the whole story or read an excerpt below. By Elisabeth Behrmann BHP Billiton Ltd. (BHP), the world’s fourth-largest nickel producer, will reduce mining operations at its West Australian operations by 30 percent because of weak metal prices and the strong Australian dollar. BHP will cut staff numbers by about 155 jobs and slow the mining rate at the Mt Keith operation for about... [Read more]
Xstrata Thermal-Coal Output Rises on New Mines; Copper Falls
Click here to read the whole story or read an excerpt below. By Firat Kayakiran Xstrata Plc (XTA), the largest exporter of power-station coal, said production of the fuel from Australia rose to a record last year after the Mangoola mine started and the Newlands underground project boosted capacity. Xstrata produced 49.8 million metric tons of thermal and semi-soft coal in the country, a 12 percent... [Read more]
HudBay Seeking ‘Toeholds’ in Mineral Explorers Rather Than Larger Deals
Click here to read the whole story or read an excerpt below. By Liezel Hill HudBay Minerals Inc. (HBM), a Canadian copper and zinc producer, said it plans to expand by buying “toeholds” in exploration companies rather than acquiring or merging with rivals. “It’s what we like to euphemistically call our farm system,” Chief Executive Officer David Garofalo said in a Jan. 26 interview at Bloomberg’s... [Read more]
Gabon Says BHP Close to Winning Belinga Iron-Ore Deposit Rights
Click here to read the whole story or read an excerpt below. By Antoine Lawson, Jesse Riseborough and Michelle Yun Gabon is close to removing control of its largest iron ore project from China Machinery Engineering Corp (CMECEZ). and awarding it to BHP Billiton Ltd. (BHP), said an official from the African country’s mining ministry. Gabonese officials including Mines and Oil Minister Alexandre Barro... [Read more]
South Africa’s Gold Miners Gain Most in Four Months on Fed Rates
Click here to read the whole story or read an excerpt below. By Stephen Gunnion South Africa’s gold mining index climbed the most in four months as the price of the metal rose after the U.S. Federal Reserve extended a pledge to keep interest rates near zero. The FTSE/JSE Africa Gold Mining Index (JGOLD) climbed 4.8 percent, its biggest gain since Sept. 19, as of 1:09 p.m. in Johannesburg. AngloGold... [Read more]
Caterpillar Profit Beats Estimates on Mining
Click here to read the whole story or read an excerpt below. By Shruti Date Singh Caterpillar Inc. (CAT), the largest construction and mining-equipment maker, posted fourth-quarter earnings and forecast full-year profit that topped analysts’ estimates as demand rose for shovels and trucks. Fourth-quarter net income rose to $2.32 a share from $1.47 a year earlier, the Peoria, Illinois-based company... [Read more]
Anglo American Iron-Ore Output Rises 5%; Copper Advances 10%
Click here to read the whole story or read an excerpt below. By Carli Lourens Anglo American Plc (AAL), the third- largest copper producer, said iron-ore output rose 5 percent in the fourth quarter, while copper volumes gained 10 percent. Iron-ore production climbed to 12.4 million metric tons and copper increased to 170,000 tons, London-based Anglo said today in a statement. Manganese alloys advanced... [Read more]
Uralkali Ready to Cut Potash Output to Protect 45% Price Gain: Commodities
Click here to read the whole story or read an excerpt below. By Firat Kayakiran OAO Uralkali (URKA), Russia’s biggest fertilizer maker, is ready to cut production to prevent potash prices from falling after Potash Corp. of Saskatchewan Inc. announced reductions this year. “Our strategy is that price is much more important than volumes,” Chief Financial Officer Victor Belyakov said in an interview... [Read more]
Kazakhstan, Mongolia Increased Bullion Reserves in December, IMF Data Show
Click here to read the whole story or read an excerpt below. By Nicholas Larkin Kazakhstan and Mongolia added to their gold reserves in December as the precious metal advanced for an 11th consecutive year, according to the International Monetary Fund. Kazakhstan’s bullion holdings rose 3.1 metric tons to 76.7 tons and Mongolia added 1.2 tons to take its assets to 3.5 tons, data on the IMF’s website... [Read more]
Fortescue Expects Port Approval Soon for Iron Ore Expansion
Click here to read the whole story or read an excerpt below. By Elisabeth Behrmann Fortescue Metals Group Ltd. (FMG), Australia’s third-largest iron ore producer, expects to receive government approval to develop a fifth berth at Port Hedland as soon as next month as the company plans to triple output. “We think it’s as close as the next month or so, during February,” Peter Meurs, development... [Read more]
Liberian Economic Expansion to Quicken on Mining Investment
Click here to read the whole story or read an excerpt below. By Andres R. Martinez Liberia’s economy will probably expand at a faster pace this year than in 2011 as the West African nation devastated by a 14-year civil war restarts its iron-ore industry. Gross domestic product may expand about 9 percent after rising 7 percent last year, President Ellen Johnson-Sirleaf, said in a speech yesterday,... [Read more]
BHP Gets Conditional Approval for Iron Ore Port Expansion
Click here to read the whole story or read an excerpt below. By Elizabeth Behrmann BHP Billiton Ltd. (BHP), the world’s largest mining company, received conditional approval for a A$14 billion ($14.7 billion) expansion of its iron ore export harbor in Western Australia to boost supply to steel mills. The spending on Port Hedland harbor, which includes rail, ore stockpiles and a four kilometer (2.5... [Read more]
Hummingbird Seeks ‘Magic Number’ Deposit for Liberia Gold Mine
Click here to read the whole story or read an excerpt below. By Firat Kayakiran Hummingbird Resources Plc (HUM), owner of gold exploration licenses in Liberia, aims to reach a deposit of as much as 3 million ounces by the end of the month and begin developing a mine. The company, which in September raised the reserve at the Dugbe pit of its project in eastern Liberia to 1.8 million ounces, is targeting... [Read more]
South Africa Gold Index Heads for 3-Month Low, Led by Harmony, Gold Fields
Click here to read the whole story or read an excerpt below. By Vernon Wessels The FTSE/JSE Africa Gold Mining Index headed for its lowest level in three months, led by declines in Harmony Gold Mining Co. and Gold Fields Ltd. (GFI) The five-member index dropped as much as 2.3 percent to 2,817.71, its lowest on a closing basis since Oct. 21, and was trading at 2,823.65 of 9:06 a.m. in Johannesburg.... [Read more]
Copper Bears Retreating as Prices Rebound the Most Since 2009: Commodities
Click here to read the whole story or read an excerpt below. By Nicholas Larkin Copper traders are the least bearish in a month after the commodity had its best start to a year since 2009 and stockpiles tracked by the world’s biggest metals exchange were poised to slump to the lowest in 3 1/2 years. Fourteen of 30 analysts surveyed by Bloomberg expect the metal to decline next week, the lowest proportion... [Read more]
