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.
Total bullion demand dropped 12% in the second quarter of the year, due in part to directionless prices, the WGC says.
High cost domestic Chinese iron ore mines will stay shut, boosting already surging imports.
About 90% of China’s rare earth producers are currently operating at a loss as prices for the coveted elements continue to drop due to a global glut and illegal mining.
Japan has been a long-standing market for Australian uranium exports, providing around one-third of their total uranium supply, valued at around $250 million.
But gold is, so far, profiting from the situation, heading for its longest winning streak in three months.
The decision of the People's Bank of China (PBOC) to devalue the yuan by 1.9% sent most mining stocks and commodities down the slippery slope.
The mining giant is watching every single expense, including those related to safety equipment.
The cuts represent 14% of what was once a 4,300 workforce.
According to local newspaper El Mercurio, the unnamed fund is buying Anglo's Mantoverde and Mantos Blancos copper mines.
Mining Minister Ngoako Ramatlhodi has decided to conditionally withdrew a licence suspension ordered earlier this week.
His comments follow this week's decision by the federal court of Australia to overturn government approval for the construction of one of the biggest coal mines in the world.
If uranium demand were to ever boom like iron ore, Australia would make a packet. But renewables and community attitudes threaten that.
Compared to the wild swings iron ore dealers have to deal with, gold, coal and copper traders are coasting.
World number two miner copes with 46% drop in price in first half of 2015 but keeps iron ore margins above 60% – where it's been for 15 years.
Valued at more than $1 million.
Wednesday jump brings gains of 28% in less than a month.
70% of silver is mined as a byproduct – gold, base metal mine closures and declining capex will push silver market into deficit this year says new report.
Ultimate contrarian bidding war.
Chinese manufacturing shocker dropped copper to a six-year low, but new report says weak business sentiment will have limited impact on the real economy.
Recent volatility in the price of iron ore has interested traders of the crucial industrial metal.
While analyst predict a rebound in hard-hit rare earth prices later this year, it is still unclear whether companies outside China, the world’s largest producer, will be able to challenge its dominance.
Nautilus Minerals Inc. announces that contract for the detailed design of the Solwara 1 dewatering plant to be used on the Company’s Production Support Vessel has been awarded to the Brisbane office of the DRA Group.
A fresh survey of mining industry leaders is predicting more mine closures and job cuts as the prices of commodities like iron ore and coal decline.
The Kimberley town, which sparked the late 1800s Western Australian gold rush, is seeing a rebirth of the industry.
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