QINGDAO, Sept 28 (Reuters) - China's iron ore production growth will be limited due to a decline in quality and rising labour costs, a senior executive from Baosteel Group said on Wednesday. However, Dai Zhihao, vice-president of Baosteel Group, said the
Sept 27 (Reuters) - North Atlantic Potash: * North Atlantic potash and Rio Tinto announce joint venture on potash development * North Atlantic potash-agreement relates to its potash permit holdings located in southern part of Saskatchewan's potash
GVK group, of which GVK Power & Infra is a part, is in talks with Indonesia's PT Kideco Jaya Agung for divesting part of its stake in the coal mines that it bought last week from Australia's Hancock Group for $1.26 billion, business daily Mint said citing two sources.
On September 17, GVK agreed to pay $1.26 billion for a majority stake in three Australian coal mines and a port and rail project owned by Hancock Group to secure long-term coal supplies for the Indian group's power projects.
Gold is rising as traders anticipate the Federal Reserve will take new steps this week to help the sluggish economy. The price of gold climbed back above $1,800 an ounce Tuesday. Other metals, as well as crude oil, were also higher.
Zimbabwe said on Tuesday it could prosecute or cancel the mining licence of Zimplats, the local unit of Impala Platinum, for failing to agree to transfer majority ownership to local blacks, piling pressure on the firm to strike a deal.
However, Indigenisation and Economic Empowerment Minister Saviour Kasukuwere, who is leading the drive to increase Zimbabweans' control of the economy, said Harare had reached an agreement with Rio Tinto's Murowa mine and a deal was "imminent" for Aquarius' Mimosa mine. The deals with Rio and Acquarius put the squeeze on Zimplats' parent, the world's number two platinum producer, which risks losing its concessions to others, especially the Chinese, who are favoured by President Robert Mugabe.
Gold futures fell slightly to settle at $1,873 as spot gold jumped to a record high Tuesday after Switzerland pegged its currency to the euro, then the precious metal retreated 2 percent from that level as investors took profits.
The spot price of gold—which tracks global trades in bullion—and U.S. gold futures set all-time highs above $1,920 an ounce after the Swiss National Bank set a minimum exchange-rate target on the soaring franc to stave off a recession. Analysts said they still expect gold to chart new peaks on worsening euro zone troubles.
Russian steelmaker OAO Severstal's unit said it bought 1 percent of High River Gold Mines at a discount, sending the Canadian miner's shares down 3 percent on Tuesday morning on the Toronto Stock Exchange.
Japan's crude steel output was almost flat in July from the previous month, as the strong yen hurt steel exports while carmakers ramped up production following a post-quake slump. Crude steel output totaled 9.11 million tonnes