$60 billion in oil sands projects frozen due to crude prices collapse — report
And oil prices keep falling — they have kicked off the week in the red, with U.S. prices trading below $48 a barrel.
Cecilia Jamasmie , Editor-in-Chief
Posts by Cecilia Jamasmie:
Indian miner to expand operations at Rio’s former Mozambique coal assets
ICVL wants boost annual production at its Benga mine from 5.3 million tonnes to 13 million tonnes in the next five years.
Alrosa’s biggest diamond mine goes underground
The company has officially shifted operations at its flagship Udachnaya mine from open-pit to underground mining.
China’s biggest one-day stocks drop in eight years lifts gold prices
Monday’s was the biggest one-day decline in Chinese stocks since an 8.8% drop on Feb. 27, 2007.
Anglo American to axe 53,000 jobs, put 15 assets up for sale
“It is a pretty tough market,” said Chief Executive Mark Cutifani, “and in all likelihood the next six months are going to be even tougher.”
Canadian court to hear Stans Energy appeal over Kyrgyz Republic’s unpaid $118M
The frozen payment corresponds to what the Kyrgyz Republic was told by an international arbitration court to give Stans for revoking its rare earth mining licenses in the country.
Canada-owned oil sands mine in Utah to begin producing in fall
Calgary-based U.S. Oil Sands is working through the summer to complete a 2,000-barrel-per-day oil sands mine in eastern Utah, one of the country's first commercial operation of this kind.
Vale adds to iron ore supply glut — second highest ever quarterly output
The world’s largest iron ore producer continued to flood the market despite a current oversupply that has sent prices for the commodity plummeting to historic lows.
Coal slump hits Teck’s profit, output forecast
The Vancouver-based miner profit fell 21% in the quarter, making it adjust its 2015 coal production forecast to 25-26 million tonnes from 26.5-27.5 million tonnes.
Ned Goodman resigns from Barrick Gold board
He will focus on a new business venture in resources and other hard assets, said Barrick.
Freeport beats profit forecasts despite Grasberg slump
Higher copper prices offset weaker output and sales from Indonesia's Grasberg mine, helping Freeport beat expectations.