Biggest drop in Chinese industrial profits on record spills red ink on mining stock boards – Freeport down 10% in massive volumes.
Given that ousted minister Ramatlhodi is considered the main person that helped end a five-month strike in the country’s platinum sector last year, Zuma's decision is being questioned.
The mining giant acknowledged it used a Singapore marketing hub to minimize its tax expenses, but added it is paying its fair share worldwide.
Worries over China's growth and its impact on commodity prices prompted broker downgrades for some of the industry’s biggest names.
The alleged deals involve Glencore's Collahausi mine in Chile, as well as Antamina and Antapaccay copper mines in Peru.
The share sale is set to reduce the company’s net debt by a third to around $20 billion by the end of 2016.
Chief executive Nelson Pizarro warned Codelco is ready to “cut costs to the bones,” and revealed the layoff process has already started.
Mounting pressure from investors has forced the firm to come up with a $10 billion package of debt-reduction measures.
CHART: The commodity slump has slashed major miners' market valuations to 60–88% below 2011 highs.
The company, already the worst performer in the FTSE 100 index in 2015, has lost almost 60% of its value since the beginning of the year.
The Northern Territory Chief Minister has threatened to close Glencore's McArthur River operation if the miner does not improve its environmental practices.
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 had said in June it lacked the inside edge to make owning the precious metal worthwhile.
Investors weren't happy with the news. The stock dropped to record lows Friday, becoming the top loser on FTSE 350 mining index.
The company's action on spending follows sharp falls across commodity prices this year.
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.
Mining Minister Ngoako Ramatlhodi has decided to conditionally withdrew a licence suspension ordered earlier this week.
As 85% of Chinese thermal coal producers and 35% of miners focused on the metallurgical kind are now running at a loss.
It had said in January that the closure of its Optimum coal mines would put over 1,000 jobs at risk.
The Chamber of Mines wants the government to reconsider its decision to hike corporate income tax rate on mineral processing from 30% to 35%, which came in effect July 1.
Despite the rosy outlook from Australia’s top iron ore producers, they are all facing staggering demand from their biggest customer — China.
Negotiations between the parties, still at an early stage, are said to have generated solid interest from both sides.
The move puts an end to a nearly nine-month standoff that has hit output and profits in Africa’s second largest copper producer.
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