New South Wales planning authorities say a scaled-back plan to extend the life of Anglo’s Drayton South open-cut mine in the Hunter Valley can be approved, but with certain conditions.
The price for the two assets could rise to $500m from $200m, depending on an eventual recovery of copper prices and the execution of an expansion plan for the Mantoverde mine.
The company said is not keen on Rio Tinto's thermal coal assets, currently up for sale.
The US has suspended the futures market on the Nasdaq index, as panicking traders have driven it down 5% — the maximum allowed under Wall Street rules.
The world's leading commodity trader stock slumped to a record low Wednesday after it revealed it swung to a steep first-half loss of $676 million.
The company's action on spending follows sharp falls across commodity prices this year.
According to local newspaper El Mercurio, the unnamed fund is buying Anglo's Mantoverde and Mantos Blancos copper mines.
This would be second multi-billion dollar impairment charge Anglo takes this year on its coal and iron ore assets.
It would be the first time since 2009 that Anglo has to cut dividends.
Cuts likely to be announced at the end of the month, when the miner is set to publish its first-half results.
Anglo American’s platinum unit cited dark outlook for the sector as main reason for the cuts.
X2 Resources still in race for Anglo's mines but "couldn't make the numbers work" for Barrick's Zaldivar with seven firms outbidding the $5 billion fund.
Palladium enters bear market and platinum hits fresh six-and-a-half year low on worries over Greek debt crisis.
Iron ore rallies again after Vale CEO predicts 200 million tonnes of Chinese production shutting down and seaborne market growing to 1.44 billion tonnes.
It may reduce the value of its 60% stake in the Samancor Manganese joint venture, as it keeps furnaces shut due to low prices for the commodity.
But some believe main challenge will be falling prices and wholesalers difficult access to credit to purchase rough diamonds.
The bank says Anglo could use the funds it gets for dividends and to invest in its much stronger sectors, copper and diamonds.
The environmental watchdog said the fine was calculated based on at least five infractions detected at the operation and the mine's facilities.
If the miner buys any assets this year, it would be Rio's first acquisition in about three years.
The global miner trimmed its forecast from 32m-34m carats to 30m-32m because of “current trading conditions”.
But China’s slowdown, rising costs and falling prices may get in the way.
Mostly due to a lower estimate from Anglo American's projects and the Zaldivar mine, which is operated by Barrick.
The news comes on the heels of a report showing that less than half of existing copper projects are really needed to meet current demand.
The move seeks to direct gems to the most financially sound purchasers and make the business more transparent.
A chart by the Wall Street Journal shows that capital expenditures by the big oil companies are exceeding cash flow at a higher rate than the major miners.
A raging seven-year drought affecting copper-rich Chile is making miners grow anxious, with BHP and Anglo American already reporting an impact in their operations.
Get Mining News and Alerts
sent to your inbox daily