Glencore Xstrata Mining News
In his first investor day since buying Xstrata last year, Glencore’s boss highlighted his company’s spread of commodities and took aim at the expansion strategies of Rio Tinto and BHP Billiton.
The stock closed in Sydney below the $30 mark, which is the lowest it has traded in the last five years.
The world’s largest miner is only two weeks away from shedding more light on an upcoming spin-off of unwanted assets.
The mining giant has made a sharp U-turn on its initial decision to snub a London listing for its $17 billion spinoff.
The state government submitted an application to the federal government for 3mn m³ of dredging material to be disposed on land.
New company would still have its primary listing in Australia, with secondary listings in South Africa and the UK.
And that's only during the construction phase.
The controversial US$15bn Carmichael Coal Mine and Rail Project is being developed by Indian conglomerate Adani Group.
In the first half of 2014, the country’s coal imports grew just 0.9%, compared with 13.3% a year earlier.
As BHP considers the sale of almost all of the businesses that Billiton brought to the 2001 merger deal, experts say the firm is likely to end up leaving London.
In an email to staff the company's coal chief executive, Peter Freyberg, revealed details of tax payments.
Patrice Merrin, 65, is a veteran to the industry.
The country's mining industry has lost 6,600 workers in the three months to May.
World's largest mining company said to be unloading all of the non-core units acquired after the merger with Billiton 13 years ago.
Global net profits have dropped to $20 billion in the last year, with gold, coal and diversified miners being the worst affected.
The bank analysts say the window for profitable investment in new thermal coal mining and infrastructure capacity “has closed.”
The bank says it won't finance a project whose effects are still being debated.
He said rivals BHP Billiton, Rio Tinto, and Vale has put too much pressure on prices through their aggressive brownfields expansions.
Vale says mines are not economically feasible under current market conditions.
The announcement was part of the Federal Budget unveiled Tuesday night, considered the toughest in almost two decades.
Adani Group's mine, designed to eventually produce 60 million tonnes of thermal coal a year, has been the focus of ongoing opposition.
Tony Hayward was ousted from the oil giant in 2010 following the Gulf of Mexico disaster — the vastest marine oil spill in history.
Copper has gained an increasingly important role in Glencore Xstrata's portfolio since last year’s mega merger.
The UN body is especially worried about Australia's decision to allow dredging and dumping of 3 million tonnes of dredge spoil in reef waters, as part of a coal port expansion.