Around half of Rio Tinto's Rossing Uranium workers are taking part in a strike that is hitting production at its mine in Namibia, the union involved said on Saturday, also countering company claims that some of the mine was still working.
Coal miner Alpha Natural Resources Inc (ANR.N) cut its 2011 shipment forecast, citing reduced demand from the key Asian steel market among other things, sending its shares down 10 percent and dragging down the whole sector. The news came as another major coal producer, Walter Energy (WLT.N) (WLT.TO), lowered its sales forecast for the second half of this year, because of weather and problems at some of its mines. Walter's stock dropped 10.1 percent to $67.42 and Alpha shares were down 12.1 percent at $23.65 on Wednesday afternoon on the New York Stock Exchange. Arch Coal (ACI.N) shares were down 8.8 percent at $16.44 and Peabody Energy (BTU.N) stock was down 4.6 percent at $40.91.
Gold miner Mwana Africa's Zimbabwe mine output has risen to a monthly average of 4,500 ounces, outstripping its targeted annual production rate, company executives said on Friday
Copper rose on Friday, building on strength gained from the previous session after a funding plan for banks allayed fears over Europe's festering debt crisis, but the region's financial problems were expected to keep weighing on prices.
The board of Norilsk Nickel , the world's largest nickel and palladium producer, approved on Tuesday a public buyback of its shares at $306 per ordinary share and $30.6 per ADR.
Gold slid on Friday, closing its worst week since June, as profit-taking by investors and a spike in the U.S. dollar outweighed the desire for a safer haven. Gold tumbled in early U.S. hours on apparent investor liquidation, but clawed back much of its loss by mid-afternoon as the resignation of European Central Bank policymaker Juergen Stark reignited aversion to riskier assets. But even as US stocks fell nearly 3 percent and other commodities tumbled, gold came under renewed pressure as two weeks of extreme volatility for bullion rattled some confidence in its bull run -- despite the prospect of a second recession.
China's top offshore oil producer CNOOC Ltd said a Canadian court had approved its acquisition of struggling oil sands company Opti Canada Inc.
A consortium of Indian steel and mining firms led by the Steel Authority of India Limited (SAIL) has bid for four blocks of mines in Afghanistan, SAIL said in a statement on Tuesday, proposing to set up a steel plant in the country.
The world needs at least 100 million tonnes of additional iron ore supply each year for the next eight years to meet demand growth projections in steel making, miner Rio Tinto said on Thursday. At that rate, global iron ore production would almost double over the period, based on industry trade data -- largely covered in the early years at least by expansions underway among the major miners, including Rio Tinto.
US crude futures ended a choppy session slightly lower on Wednesday, slipping late as equities markets pared gains and as government data released earlier showing a big rise in crude oil stocks weighed on prices.
Private equity groups First Reserve Corp and AMCI International have sold A$390 million ($416 million) worth of shares in Australian miner Whitehaven Coal , which failed to find a buyer for the company this year.
Australia's Macarthur Coal has backed a slightly sweetened A$4.9 billion ($5.2 billion) takeover offer from Peabody Energy and ArcelorMittal . Peabody and ArcelorMittal raised their offer by 3 percent to A$16 a share and will also add Macarthur's A$0.16 a share dividend, for a total offer value of A$16.16. Macarthur bowed to the higher offer after fending off four takeover attempts over the past three years.
Plains All-American Pipeline plans to restart its Rainbow oil pipeline in Alberta on Tuesday now that it has final regulatory approval after a four-month outage, the company said. Alberta's energy regulator said last week the company could restart the 187,000 barrel a day pipeline provided it met a number of conditions, including operating the line at 75 percent of its maximum pressure. The pipeline has been down since late April, when it ruptured and spilled 28,000 barrels of crude in a wilderness area near a native community.
The U.S. State Department's final environmental review of a proposed Canada-to-Texas oil pipeline will affirm an earlier finding that the project will have "limited adverse environmental impacts," The Washington Post reported on Wednesday.
Global miner BHP Billiton is looking to build a new rail line between some of its inland Australian coal mines and the coast in a move that could threaten dominant coal haulage firm QR National, a newspaper said on Thursday.
Eurasian Natural Resources Corporation announced that the Board has approved a 2011 interim dividend of $0.16 per share amounting to $206 million, which will be paid on October 6, 2011, to shareholders on the register at the close of business on August
Earlier this year, China warned that it could be facing its worst electricity shortages in years and that blackouts and power rationing could dent the economy over the summer. Experts said China's fixed pricing system was eating into margins and
The world's top copper miner, Chile's Codelco, will likely post a bigger profit this year than in 2010, the chairman of the state-run company said on Friday.
Copper steadied on Friday as prospects for stronger demand from top consumer China helped sustain prices, while a gloomy outlook for global economic growth and demand prevented gains.
Shares of North American base metal miners tumbled on Monday along with the price of copper, zinc, and nickel after the downgrade of the U.S. credit rating by S&P amplified fears of a global economic slowdown.
Hazel Henderson writes for Reuters, after the first year of the Dodd-Frank reform in the USA, the too-big-to-fail financial bubble still looms. Missed by Frank-Dodd are the obsolete fossilized asset allocation models and Rigged Carbon Markets. An explosive new report from Carbon Tracker shows how these errors in asset valuation have saddled stocks and sovereign bonds with unrealistically over-valued fossil fuel reserves. These coal, oil and gas deposits carried on company and government books as "assets" may actually prove unmarketable and worthless!
A strike in South Africa's gold mining sector ended on Tuesday after a 2-year wage deal was clinched, unions and the Chamber of Mines said. The strike at AngloGold Ashanti , Gold Fields and Harmony began last Thursday and halted output worth up to $25 million a day at bullion's current record prices. About 100,000 gold mine workers will to return to work, starting with the Tuesday night shift. The companies' share prices extended gains on the news as gold scaled new highs over $1,635.00 an ounce on growing concerns about Europe's debt woes and anaemic U.S. growth data.
Two separate accidents at mines in Ukraine have claimed the lives of 37 miners, Reuters reported Sunday: Rescue work ended on Sunday at two Ukrainian coal mines where accidents killed 37, and the former Soviet republic held a national day of mourning. An explosion in a mine in the Luhansk region early on Friday killed at least 26 people and injured two, according to an updated report on the Emergencies Ministry website. Also early on Friday, 11 miners died and four were injured at a state-owned mine in the neighbouring Donetsk region when a piece of heavy machinery collapsed.
FLSmidth has been awarded a contract worth approximately EUR 25m (approximately DKK 180m) by Jhabua Power Ltd. for the supply and installation of the first phase of a 1,800 tons per hour coal handling plant for their upcoming power plant project at Jhabua in the state of Madhya Pradesh in central India
Brazilian mining giant Vale (VALE5.SA) said on Thursday iron ore output rose 6 percent from the year before as the company boosted production at most of its mines in Brazil.