Federal Court said BHP must pay tax in Australia on profits made by its Singapore-based marketing arm on the sale of commodities owned by the UK arm.
SINGAPORE Mining News
"ANZ has suspended its physical precious metals custody service as it does not align to our business strategy at this time"
State claims BHP used its wholly-owned Singapore marketing hub subsidiary to understate the price of iron ore sold Japan and China buyers.
Several new Australian lithium mines started production in the past year, with global demand expected to surge on take-up of electric vehicles.
Physical gold demand lacked vigour in most Asian hubs this week as limited safe haven interest failed to lift activity into the year end.
If prices come down, we might see some buying because both the new year and the Chinese new year are coming up.
The issue relates to the amount of tax BHP owed for selling its Australian commodities via its Singapore marketing business — or allegedly shifting its profits offshore.
From vacuum cleaners to electric vehicles.
465,000 tonnes of nickel play 'hide and seek'
As the world's top buyer of the steelmaking raw material looks to offer more hedging tools to iron ore producers and steelmakers.
A former Singapore civil servant recounts how he’s lost almost $36,600 in the implosion of Noble Group Ltd.
Iron ore is still a long way behind other commodity markets, such as crude oil, where paper trade exceeds physical by large multiples.
Last week Hong Kong Exchanges and Clearing started trading iron ore futures.
The Singapore Diamond Investment Exchange (SDIX) has launched a new investment-grade, standardized diamond product to rival gold as a safe-haven asset.
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.
ANZ predicts that as incomes rise across Asia, particularly in China and India, so will the appetite for gold rings and necklaces.
Moves seeks to establish Singapore as centre for precious metals after the government removed 7% goods and services tax on investment-grade gold, silver and platinum in October 2012.
Gold consumption in the country fell to 569.5 tonnes, with the weakness in the yuan adding to higher spot prices.
Part of regional efforts to set new price standards.
Of the 70 pirate attacks so far this year, 53 have been in the waters off Southeast Asia and West Africa and some 50 crew remain in captivity.
Acquisition comes a day after Linc said it wants to get de-listed from the Australian market to re-list it in Singapore, in hopes of luring Asian investors.
The new vault can hold up to 200 tonnes of gold bullion.
A trademark row involving the long-established Diamond Exchange of Singapore (DES) and two-year-old Singapore Diamond Exchange (SDX) looks set to be settled in the High Court.
Singapore's sovereign wealth fund Temasek Holdings has taken up a 5.5% stake in Canada's Ivanhoe Mines valued at roughly $420 million ahead of a $1.8 billion rights offer at the miner. Early Monday Ivanhoe, already down 43% this year shed another 3.8% in value.
A second major physical iron ore trading platform, supported by major mining companies and Chinese steelmakers will launch this Wednesday, competing directly with China's new own platform in a race to create an industry price benchmark.