The cash injection comes from selling half of its interest in the Porgera mining operation to the Chinese group last May.
Consolidation is set to sweep Australia's struggling coal sector over the next six to 12 months, as diversified majors lose patience with depressed coal prices and companies choose M&A instead of navigating a political and environmental minefield to develop new projects.
The news played well on the Australian stock exchange, with investors bidding up the stock 4 percent on Friday to 25 cents a share.
A more than 4% jump on Friday erases week's losses and brings gains since July low to 28%.
The Northern Territory Chief Minister has threatened to close Glencore's McArthur River operation if the miner does not improve its environmental practices.
No commodity is more exposed to China and the iron ore price is up 20% from its 2015 low. Has the steelmaking raw material become a leading indicator?
Commodity investing legend says the Chinese market is on its way to "finding a good bottom."
The sale follows last month’s touted deal with Stanmore Coal, which bought Vale's Isaac Plains coal mine for just a dollar.
Despite current adverse conditions, advisory firm Behre Dolbear is recommending mining stakeholders to focus on markets that have been able to ride the wave relatively well so far.
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.
Toro Energy Limited (ASX:TOE) has commenced community consultation ahead of the public release of an environmental statement seeking government approval for an extension of the Company’s advanced and already approved Wiluna Uranium Project in Western Australia.
As prices for the company's four key "pillar" commodities —iron ore, metallurgical coal, copper and oil and gas — have all dropped to multi-year lows in the past 12 months.
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 answer is NO, according to the leader of The Greens, Richard Di Natale.
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.
Appian Capital founder Michael Scherb: "You're now seeing the same changes in mining that happened in oil and gas which is now heavily supported by PE"
In the global iron ore market, the world’s two biggest exporters are expanding sales into the top customer, winning a greater share of trade as prices tumble.
Graphite has been touted as a leap forward for our mobile world of battery-powered gadgets, but it may also help plants grow.
Hundreds of thousands of dollars of infrastructure projects have been put on hold in Western Australia's mining heartland.
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 red metal dropped to $5,012 on trading on the London Metal Exchange, approaching the level of $5,000 it last hit in late 2008.
Co-President Kelvin Dushnisky will take over as president as the world’s largest gold producer restructures management to boost efficiencies.
After two years of multi-billion dollar losses the company is also is getting closer to dividend territory.
India's private iron ore producers are likley to suffer the effects of high costs, low prices and a poor export market.
Not metaphorically, but literally – the deep sea is a gold mine, and that is just scratching the surface.
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