Bloomberg News

Zinc Glut Expanding to Almost Two-Decade High Threatens Rally

The largest glut of zinc in almost two decades is threatening to curtail a rally in prices as record production expands inventories to the highest since at least 1984.

Uralkali Ready to Cut Potash Output to Protect 45% Price Gain: Commodities

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.

Harper Builds Oil Links With China After Obama ‘Slap’ on Keystone Pipeline

Prime Minister Stephen Harper is gaining support among Canadians for his plan to ship oilsands crude to China after President Barack Obama rejected TransCanada Corp. (TRP)’s $7 billion Keystone XL pipeline to the U.S. Gulf Coast.

Nickel Rises on Signs Demand to Top Supply: Commodities at Close

The Standard & Poor’s GSCI Spot Index of 24 raw materials rose 0.4 percent to close at 659.77 at 4:27 p.m. in New York, led by nickel.

Bulgarian coal miners strike over unpaid bonus

Thousands of miners at Bulgaria's three largest coal mines walked off the job Monday, claiming that employers are not delivering on their promise of bonuses.

Five Rare Earths Crucial for Clean Energy Seen in Short Supply

Limited supplies of five rare-earth minerals pose a threat to increasing use of clean-energy technologies such as wind turbines and solar panels, a U.S. Energy Department report found.

Potash to Extend Production Cuts With Allan Mine Shutdown

Potash Corp. of Saskatchewan Inc. (POT), the world’s largest fertilizer producer by market value, will extend cuts in potash output as buyers of the crop nutrient delay purchases.

NMDC may pay $300 million for Mozambique, Russian coal mines

NMDC Ltd., India’s largest iron ore producer, plans to acquire two coking coal mines in Mozambique and Russia for about $300 million to feed its planned steel plants in India.

Copper rises as U.S. growth may make up for slowdown in China

Diamond prices to rise over four years

Diamond prices are poised to rise for the next four years, outpacing gold, as increased spending on luxury goods in China, India and the Middle East outpaces supplies of the precious stone, analysts said.

Russia Lawmaker Seeks China Partner for $1 Billion Zinc Mine

Russian lawmaker Mikhail Slipenchuk is seeking a Chinese investor for the $1 billion Siberian zinc deposit owned by his company IFC Metropol after Lundin Mining Corp. quit the project following the 2008 financial crisis.

Freeport Cerro Verde, workers sign three-year labor accord

Freeport-McMoRan Copper & Gold Inc.’s (FCX) Peruvian unit, which ended a 61-day strike last month, said it signed a three-year labor accord with workers that will enable it to move ahead with a $3.5 billion expansion.

Much-awaiting Virginia uranium mining report released

A highly anticipated National Academy of Sciences report on uranium mining concluded Monday that Virginia must overcome "steep hurdles" before it can assure that a rich deposit of the radioactive ore can be safely extracted and processed.

Rusoro may turn to arbitration to resolve gold mining dispute

Rusoro Mining Ltd. (RML) said it may file a claim against Venezuela in an international arbitration court if negotiations to resolve the nationalization of its assets aren’t resolved within six months.

Norilsk sees platinum group metals demand rising 5% next year

OAO GMK Norilsk Nickel, the world’s biggest producer of nickel and palladium, predicts demand for platinum group metals will rise as much as 5 percent next year, exceeding increases of as much as 3 percent for copper and nickel, as the global economy avoids a slump as severe as that seen in 2008.

Mozambique ports grow with Rio Tinto appetite for coal

Roads were little more than rubble and there was barely enough working equipment to load cargo at Maputo port in 2003. Then Mozambique brought in Grindrod Ltd. (GND) and DP World Ltd. (DPW)to operate the harbor.

Toyota in talks to form venture with Canadian miner Matamec

Toyota Tsusho Corp., the trading company of the Asia’s largest automaker, will help accelerate production of rare-earth metals for Canadian mining company Matamec Explorations Inc. and buy all the output from its Kipawa mine.

Japan’s Gold Exports Most Since 1985 as Individuals Sell Jewelry, Bars

Gold shipments from Japan, the world’s third-largest economy, are at the highest level since at least 1985 as individuals who purchased jewelry more than 20 years ago are selling it for record prices.

European Goldfields halted after report of Eldorado bid approach

European Goldfields Ltd. (EGU) shares were halted on the Toronto Stock Exchange after a report the developer of mines in Greece has been approached about a takeover by Eldorado Gold Corp. (ELD).

Gold Fields says Ghana tax plan may halt $1 billion projects

Gold Fields Ltd., the fourth-biggest producer of the metal, said Ghana’s plan to raise tariffs on mines and introduce a windfall tax could force it to halt expansion projects worth $1 billion in the country.

Suncor’s George to retire after two decades at helm of oil-sands producer

Suncor Energy Inc. Chief Executive Officer Rick George will retire next year after leading the oil- sands producer for more than two decades and transforming it into Canada's largest energy company.

Collahuasi miners at Xstrata, Anglo’s Chile unit end strike

Workers at the Collahuasi copper mine, a joint venture between Anglo American Plc and Xstrata Plc in northern Chile, agreed today to end a strike over job dismissals after winning concessions from their employers.

Graff Diamonds said to plan $1 billion Hong Kong IPO

Bloomberg reports Graff Diamonds, the producer and retailer whose founder twice set records buying gems at auction, plans to raise about $1 billion in an initial public offering in Hong Kong, according to a person with knowledge of the matter. Graff follows other luxury product makers such as Prada to Hong Kong as China surpasses Japan to become the second-biggest buyer of diamonds behind the US, where demand rose 7 percent last year, compared with 25 percent in the communist country, according to De Beers.

Carbon cap revival led by Gillard called stupid by Xstrata

Julia Gillard, determined to join efforts to reduce global warming, intends to revive cap and trade as Europe puts curbs on the United Nations-run emissions credit market and the U.S. opts out entirely. The Australian prime minister’s plan to make factories and utilities either cut the nation’s greenhouse gases or pay for pollution-curbing programs abroad may force companies to buy an average 66 million metric tons of credits a year starting in 2015, sending prices up 29 percent, according to Bloomberg New Energy Finance. That’s about two-thirds of Europe’s annual demand since 2008.

Rio, Anglo aim to sell 75% stake in Palabora Mining valued at $700 million

Rio Tinto Group and Anglo American Plc (AAL), which together own about three-quarters of Palabora Mining Co., said they plan to sell their entire holdings in the South African miner as it no longer fits their investment objectives. Palabora’s main asset, a mine that produces copper and magnetite, “is no longer of a sufficient scale” for either Rio or Anglo, and a sale process for their stakes has started, the companies said today. Rio holds about 58 percent of Palabora and London-based Anglo almost 17 percent. Their combined holding is valued at about $700 million based on the closing price of Palabora stock in Johannesburg trading today. Image of copper spools at Palabora mine, courtesy of Rio Tinto