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.
Swiss-based mining giant Glencore says it will pay a new entity within its global chain to market and distribute its coal as it moves to close its Singapore office.
The move may create a group of sellers that want to dispose of their holding, or it could open the door to a buyer, according to analysts.
The country's national pension fund has bought 15.9 million shares of Zambia's Consolidated Copper Mines-Investment Holdings for almost $80 million.
Mines minister Christopher Yaluma said reducing royalties below the recently revised 9% would make underground mining more cost effective.
The World Coal Association's chairman and Glencore executive, Mick Buffier, has called governments to increase investment in low emission technologies.
One-quarter of the company's workforce.
A total of 60 banks committed to the financing, including 34 mandated lead arrangers and bookrunners.
Main power utility, Eskom, is struggling to meet demand in a country that depends on coal to generate 85% of its electricity.
Much of the overall decline in reported gold output was due to a significant quarter-on-quarter production declines from AngloGold Ashanti, Goldcorp, and Sibanye Gold.
The commodity and mining firm is battling activists who allege its Colombian coal mines have whisked profits out of the country, while causing environmental and labor issues.
Ivan Glasenberg has once again slammed his competitors, who he accuses of damaging the credibility of the mining industry.
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