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.
Chile's copper output tumbled 8.5 percent to 426,477 tonnes in June after a contract workers' strike, heavy rains and power outages hit operations at the world's top copper producer, the government said on Thursday.
G-Resources Group Ltd , backed by Mount Kellett Capital and BlackRock Inc , chose to tap the equity markets with a HK$1.7 billion ($218.5 million) share placement after cancelling plans to secure a bank loan to fund its gold mining project in Indonesia. Photo of the Martabe gold project, by G-Resources Group Ltd.
Chile's Escondida copper mine on Wednesday declared force majeure on copper concentrate sales amid a six-day strike that has hit output at the world's top deposit. The mine is owned by global miner BHP Billiton (BHP.AX: Quote) (BLT.L: Quote) and produces about 7 percent of the world's mined copper.
Speculators in gold futures and options aggressively raised their net length during the week of July 19, as prices of the precious metal rallied to fresh records above $1,600 an ounce, latest data from the U.S. Commodity Futures Trading Commission showed.
The U.S. State Department said Friday it expects to issue a final environmental assessment next month on TransCanada Corp's (TRP.TO) proposed $7 billion pipeline that would deliver crude from Canada's oil sands to refineries to Texas. The pipeline has been opposed by many lawmakers and environmentalists for greenhouse gas emissions associated with oil sands production and because the line would run across one of the world's largest aquifers.
Copper fell to its lowest in almost a weak on Thursday as data showed the factory sector in top metals consumer China shrank in July, but losses were capped by a softer dollar and hopes of a resolution of the Euro debt crisis.
Two miners have been found dead after part of an Arctic Russian coal mine collapsed on Saturday, steelmaker Severstal's Vorkutaugol said. MOSCOW, July 20 A third worker rescued from the Severnaya mine is in hospital in a stable condition, while the
(Recasts, adds comment/detail, pvs Singapore) * China GDP growth in April to June rises 2.2 pct * World stocks, euro fall on bank stress tests By Pratima Desai LONDON, July 18 (Reuters) - Copper was steady on Monday, but expected to come under pressure
Brazilian steelmaker Usiminas said on Thursday it agreed to pay at least $1.16 billion to have long-term access to iron ore resources, seeking to battle a surge in prices for the key steel ingredient. Usiminas signed an agreement to rent mining rights owned by MBL Materiais Basicos for the next 30 years, it said in a securities filing. Usiminas will also buy 6 million tonnes of iron ore reserves at $12.50 per tonne from MBL, as well as a processing facility.
Nickel prices rebounded from a sharp fall in June, but slow demand and concerns about an impending sharp rise in output will exert downward presure, or at least limit upside prospects in the next month or two. The London Metal Exchange three-months nickel price was last indicated at $23,920 a tonne. "We've got a situation of rising production and slowing stainless demand growth," said independent consultant Angus MacMillan. Against this backdrop, he said prices were more likely to move lower than higher.
* Dollar weakness supportive to oil prices * Brent August crude contract expires on Thursday * Coming up: EIA natural gas data, 10:30 a.m. EDT Thursday NEW YORK, July 14 (Reuters) - U.S. crude futures edged up on Thursday as the dollar's weakness