Following the resignation of inveterate dealmaker and founder Robert Friedland a fortnight ago, Rio Tinto insiders and Arthur Andersen alumni have been appointed to lead Ivanhoe.
There are conventionally 2,080 work hours in a year. Thus somebody earning a wage of $20 an hour gets the equivalent of a salary of about $42,000. Considering the mine manager makes about $100,000 to $150,000 a year, it is interesting to take a look at actual wages paid to miners in the United States in 2011.
58% of the world’s refined copper is now stockpiled in China, an increase of 40% in just six months. Traders say the country may hold as much as three quarters of the “spare” stock that is actually available to the market.
Japan and India have reached a basic agreement to jointly develop rare earths, used in the production of several high-tech goods from weapons to cell phones, and supply Tokyo with about 14% of its rare earth needs.
Blaming severe weakness in U.S. thermal coal markets, Arch Coal, Inc. (NYSE: ACI) today reported first quarter 2012 net income of $1.2 million, or $0.01 per diluted share, compared with net income of $55.6 million, or $0.34 per diluted share, in the prior-year period.