Asia Mining News

POSCO posts highest quarterly profit since 2011 on strong steel prices

POSCO's revenue in Q3 rose 9.1% from a year earlier to 16.4 trillion won, beating the analysts' estimate of 16 trillion won.

Caterpillar plummets after flagging tariffs-triggered high material costs

The world's no.1 heavy machinery maker reported third-quarter earnings that topped analysts’ estimates, but said the ongoing trade dispute resulted in $40 million in extra costs for materials in the period.

Glencore boss Ivan Glasenberg to retire in 3-5 years — report

He is said to have already begun training three to four people to succeed him in the job.

Boom in EV batteries helps suppliers older than Ford’s Model T

Brazil's Vale expects the EV revolution to boost battery market nickel demand to as much as 700,000 tons in 2025, from just 36,000 tons this year.

Chinese rescuers race to save workers trapped in mine accident -Xinhua

A rock burst at around 11 p.m. on Saturday destroyed part of a water drainage tunnel in a coal mine.

Asia Gold-India festival demand dims as price rally bites

Gold demand in this years Dusherra falls by 40% in some pockets.

Flow of LME nickel to hidden storage dents bull story

465,000 tonnes of nickel play 'hide and seek'

China chloralkali industry key driver of world salt market growth – report

World salt exports rose to 64 million tonnes in 2017, up 10 million tonnes from 2016.

Freeport CEO may be ready to sell, but are there any buyers?

With its biggest stock overhang and a deal around its flagship asset in Indonesia close to being solved, the miner has said all options are open, even potentially a sale of the entire company.

Hedge funds reeling from gold jump have five charts to watch

Hedge funds that doubled down on bearish gold wagers are facing a gut check.

Gold festival demand in top buyer hits hurdle as prices jump

If this trend continues, then it’s going to be a dampener.

ArcelorMittal to make $1B creditor payment to bid for Essar Steel

The move comes two weeks after India's top court said ArcelorMittal's bid for Essar Steel would become valid only if the acquirer cleared outstanding debt of Uttam Galva Steels and KSS Petron.

Indonesia targets closure of Freeport deal in December — official

State-owned miner Inalum said the $3.85 billion deal is still subject to the issue of environmental recommendations and a special mining permit (IUPK) by the Indonesian government.

Copper smelter hits cause physical squeeze in Asia

The copper market is currently experiencing a squeeze on physical metal which is unexpected.

A golden escape  

The oil price is rising due to the upcoming restrictions on the sale of Iranian oil - the second of a two-part set of sanctions imposed on the Middle Eastern power following the Trump Administration’s decision in May to withdraw from the Joint Comprehensive Plan of Action (JCPA).

Global steel body hikes demand forecasts, but says risks remain

Steel demand expected to rise by 3.9% in 2018, but trade tensions are clouding global economic outlook.

Vale rules out major acquisitions

CEO Fabio Schvartsman said the company would only invest further in nickel if global prices for the metal rise from $13,000 per tonne currently to around $20,000 per tonne.

Rio Tinto delays start of Oyu Tolgoi expansion due to technical issues

First production from the $5.3 billion underground expansion of Oyu Tolgoi was originally scheduled for early 2020.

Europe to spend billions on lithium-ion battery plants

The goal is to reduce reliance on batteries from Asia, particularly China and South Korea.

Indonesia considering "safeguard" tariff on aluminium foil – WTO filing

Indonesia said industry association APRALEX had applied for safeguard measures, which can be used to protect a country's producers.

Asia Gold-High prices deter buyers ahead of India festival season

In the Indian market, gold futures this week touched their highest since July 2016 at 32,014 rupees per 10 grams.

Lynas jumps after its critic in Malaysian Gov't leaves review team

Deputy Minister Fuziah Salleh, a long-standing critic of Lynas’ plant, offered to step down from the committee reviewing the facility following criticism that she would not be impartial.

Trafigura-backed copper miner Atalaya Mining seeks buyer

Atalaya Mining produced 166,000 tonnes of copper concentrate in 2017 and has a market capitalization of 327 million pounds ($433 million).

Logistics woes drive Indian mills to buy iron ore overseas

Steel mills in India are increasingly tapping the global market for iron ore as they find it difficult to transport the key raw material from local mines

Global coal mining industry sees compound annual growth

The global coal mining market is growing, with a CAGR of close to 2% from 2018-2022.