Chinese state-owned energy giant China Power Investment Corporation plans to invest six billion dollars to develop bauxite production in Guinea, the world's largest exporter of the main source of aluminium, a senior executive said here Saturday.
LONDON (Reuters) - Gold prices steadied after retreating from record highs in Europe (Chicago Options: ^REURTRUSD - news) on Thursday as a move by CME Group to hike margins for trading COMEX gold futures prompted some investors to cash in gains after an
Miners voted Friday to end a two-week long strike at the world's largest copper mine, La Escondida in northern Chile, approving an agreement struck by their union and management. Escondida employees accepted a management offer of a special production bonus for 2010, a year in which the mine had record earnings, a spokesman for the mine's largest union said.
Image of the Escodida mine, by BHP Billiton.
The world's top copper mine, Chile's Escondida, refused to improve a bonus to defuse a 13-day strike on Wednesday, presenting an offer the union said fell short, but that workers would vote on.
Union leaders said the proposed bonus worth $5,760 failed to meet the expectations of workers who rejected the same offer from mine owner BHP Billiton on Friday.
Diamond mining group De Beers said on Tuesday that "exceptional" sales had nearly tripled net earnings in the first half to £423 million ($694 million), up from £155 million ($255 million) in the first half of 2010.
The world's top diamond producer said it had registered total sales of £2.4 billion ($3.9 billion) in the six months to June 30, up from £1.8 billion ($3.0 billion) the year before.
Diamond miner and retailer Harry Winston posted a 4 percent rise in ore processed in the second quarter, helped by the recovery of higher grades, and the company will hold three rough diamond sales by the end of July.
Strikes are looming in South Africa's gold and platinum sectors which could threaten global supplies at a time when commodity prices are red hot. South Africa's powerful National Union of Mineworkers (NUM) said on Wednesday wage talks with the country's main gold miners were deadlocked and it was preparing for a strike.
Gold prices hit a record $1,578.50 an ounce on Wednesday as concerns over the euro zone debt crisis deepened, and after minutes to the Federal Reserve's June meeting suggested some members were pondering the possible need for additional easing.
Spot gold was bid at $1,572.99 an ounce at 1:03 p.m.
Copper fell on Monday as concerns over Italy's sovereign debt curtailed appetite for risky assets, but a series of strikes in producer countries highlighted supply constraints and lent support to prices.
Three-month copper on the London Metal Exchange traded at $9, 581 a tonne in official rings , down from the $9,661 close on Friday.