The Mongolian government is "discussing" possible changes to a 2009 investment agreement for its massive copper-gold deposit at Oyu Tolgoi, media reports quoted the country's Finance Minister S. Bayartsogt as saying on Tuesday.
The project is part of ongoing negotiations between Guinea and CPI over the potential development of a bauxite mine in Boffa and construction of an alumina refinery and deepwater port, sources have said.
U.S. crude CLc1 shed 12 cents to $90.09 a barrel after touching $90.52 on Tuesday, the highest intraday price since Aug. 4. Brent crude LCOc1 climbed 38 cents to $112.27.
The board of the world's top aluminium producer UC RUSAL said on Monday it had unanimously rejected a $8.75 billion offer by mining giant Norilsk Nickel to buy back its shares. The $306 per share offer for a 15 percent stake, which represents a 20 percent premium to the weighted average market price for the past six months, was approved by Norilsk's board and was valid until 1400 GMT on Sept. 5. Norilsk said that it plans now to make a buyback offer to other shareholders.
Coal consumption in the US is down 2% from same week of 2010 as fronts relieve heat, generators burn cheaper gas. Missouri River flooding also slowed some coal deliveries.
French President Nicolas Sarkozy and German Chancellor Angela Merkel unveiled far-reaching plans for closer euro zone integration, but stopped short of increasing the bloc's rescue fund and said joint euro bonds may be a long-term solution.
"There was just a letter, that we may have to suspend coal because of commercial reasons. Since then, the letter has also been withdrawn," Chief Financial Officer J Suresh Kumar said.
Platinum and palladium producer Stillwater Mining Co's quarterly profit almost tripled, but the results fell short of Wall Street expectations and the company's stock slipped. Analysts said investors are concerned about Stillwater's plans to diversify by buying Canadian gold and copper miner Peregrine Metals. Since the $450 million deal was announced last month, Stillwater's stock has fallen 37 percent.
South Africa's National Union of Mineworkers said no progress was made in talks on Monday with the Chamber of Mines to end a strike against the country's main gold producers. The talks were set to resume on Tuesday. The strike of some 100,000 workers in the world's fourth largest gold producer is costing mining companies up to $25 million a day in lost output. The workers at those mines downed tools on Thursday. (Image of 1941 postage stamp depicting mining around Johannesburg by Igor Golovniov / Shutterstock.com)
South African gold miners are gearing to join tens of thousands of workers seeking pay rises in widening strikes, threatening to hurt output at a time when bullion is at record highs.
Xstrata, the fourth-largest global diversified miner, had reported a drop in copper output in the first quarter, hit by severe weather conditions at its Collahuasi mine in Chile.
Australia's Whitehaven Coal reported a 48 percent rise in equity coal output in the June quarter versus the same period a year ago and said it expects to show a fiscal 2011 underlying net profit of A$70 million before significant items.
"We are on the budget to achieve 272,000 ounces by the end of the year," Bristow told Reuters in Abidjan on Saturday. "The mine will produce approximately the same level every year, currently and after for nine years," he added.
Gold firmed on Friday, erasing earlier losses, as reservations over this week's bailout plan for debt-laden Greece and concerns over negotiations on raising the U.S. debt ceiling supported interest in the metal as a safe store of value.
Swedish steelmaker SSAB (SSABa.ST: Quote) beat second-quarter earnings forecasts, helped by demand for its specialist products in the United States and Europe, and said the recovery had further to run.
Winning bidders selected to develop the western part of Tavan Tolgoi would be allowed exploit the field for 30 years, Batbold was quoted as saying in a major Mongolian news website on Wednesday.
Copper hit its highest since mid-April on Tuesday on better-than-expected U.S. housing data, a weaker dollar and hopes Chinese demand will remain firm, helping offset investor anxiety over U.S. and European sovereign debt concerns.
The price of importing South African coal has fallen to be nearly on par with Chinese domestic rates, but Chinese buyers are not biting and are asking for discounts of another $4 per tonne at least, trade sources said.
The board of Polyus Gold , Russia's biggest gold producer, approved on Tuesday its development strategy, which, once implemented, will see it become one of the world's top five gold miners in 2020.
It also said in a statement that the strike was illegal and it was hoping to bring in measures to allow workers who wanted to return to their jobs to do so. "The situation has not normalized despite the undertaking that was made ... between the company
* Bullish on oil, especially H2 2011 - Morgan Stanley * U.S. crude, product stocks fell last week - API * Coming up: EIA oil stocks data, 11 a.m. EDT Thursday NEW YORK, July 7 (Reuters) - U.S. crude futures fell on Thursday ahead of a government report
Coal could be a driver of growth for Brazilian mining giant Vale as it increases production of the key steel ingredient by as much as 35 million metric tonnes over the next ten years, Citigroup analysts said in a report on Tuesday.
Canadian miner High River Gold Mines Ltd said it received a 20-year mining license in Burkina Faso to explore and construct a gold mine at its Bissa gold project in West Africa. The company, which has properties located mainly in Russia and Burkina Faso in Africa, said the license could be renewed.
Suncor said production at its oil sands operations north of Fort McMurray, Alberta, had now returned to normal. The work on Upgrader 2 reduced output at the facility by 215,000 barrels per day over its