Biggest drop in Chinese industrial profits on record spills red ink on mining stock boards – Freeport down 10% in massive volumes.
Worries over China's growth and its impact on commodity prices prompted broker downgrades for some of the industry’s biggest names.
On the 5th of September, the AusIMM Southern Queensland Student Chapter (SQSC) held the chapter’s annual BHP Billiton Local Mining Games at The University of Queensland’s Experimental Mine in Indooroopilly, a suburb of Brisbane.
The move aims to reduce the gold producer's dependence on unreliable electricity supply from state-run utility Eskom Holdings.
Carroll, who led Anglo American from 2007 to 2013, will chair the company’s Vedanta Resources Holdings Ltd. unit and advise the group’s chairman.
The announcement comes only days after Anglo announced a $330m deal to sell lossmaking South African platinum mines to Sibanye Gold.
The deal involves an upfront payment of 1.5 billion rand, with a minimum deferred payment of 3 billion rand, equal to 35% of cash flow generated by the operation.
The companies are expected to make an official announcement on Wednesday.
Supply for the year, however, is expected to increase by 9% to 7.91 million ounces, owing to the recovery in the country’s output following strikes in 2014, as well as increased platinum recycling.
CHART: The commodity slump has slashed major miners' market valuations to 60–88% below 2011 highs.
This the first time in over 15 months that Sibanye officially confirms its interest in Amplats’ Rustenburg assets.
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.
Get Mining News and Alerts
sent to your inbox daily