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Bloomberg

China won't come to the rescue in global iron-ore supply crisis

15th February 2019 China’s strict environmental regime means domestic iron ore mines won’t boost output to meet any supply shortfall after Vale’s dam disaster, according to the head of a major Chinese mining group. The global iron-ore market is in the grip of a supply shock after the deadly dam burst last month in... 

Barrick Gold faces challenges to develop Latin America mines

14th February 2019 Just seven weeks into the job, Barrick Gold’s new boss has already discovered, first hand, the challenges of developing and mining giant deposits in Latin America. Barrick’s main project, the Veladero joint venture with Shandong Gold in Argentina, isn’t performing like a tier one asset, Mark... 

Brazil govt sets sights on Vale in 'reprivatisation' push

13th February 2019 Brazil’s government intends to make the mining giant Vale "private again" by pushing out pension funds of State-controlled companies, a senior official said on Wednesday. Shares rose. "Vale is a State company. Pension funds controlled by the government control Vale," Privatisation Secretary... 

South Africa's biggest labour group embarks on nationwide strike

13th February 2019 South Africa’s biggest labor federation will embark on a nationwide protest on Wednesday that will keep teachers, policemen, miners and workers at embattled power utility Eskom away from their posts amid a fourth day of rolling blackouts. The National Union of Mineworkers -- an affiliate of the... 

Sibanye considers closing unprofitable shafts at gold mines

12th February 2019 Sibanye Gold is considering shutting unprofitable shafts and cutting jobs at its South African gold mines amid a three-month-old wage strike that’s curbing output. The nation’s largest gold producer has talked with some labor unions about a potential restructuring, which could lead to job cuts,... 

First US coal plant in years opens where no options exist

11th February 2019 One way to boost coal in the US: Find a spot near a mine with no access to oil or natural gas pipelines, where it’s not particularly windy and it’s dark much of the year. That’s how the first coal-fired plant to open in the US since 2015 bucked the trend in an industry that’s seen scores of... 

Vale's rout lures locals while foreigners remain wary, UBS says

11th February 2019 Local investors are starting to see value in Vale SA shares after a fatal accident last month wiped out nearly a quarter of its market value, while global investors remain skeptical, according to UBS Group. Approximately 80% of Brazilian investors are showing interest in buying Vale after the... 

Trudeau faces ethics investigation over SNC-Lavalin case

11th February 2019 Canada’s ethics watchdog is investigating whether Prime Minister Justin Trudeau broke the rules and pressured his former attorney general to help SNC-Lavalin Group settle corruption charges out of court. Ethics Commissioner Mario Dion confirmed his investigation Monday in a letter to two New... 

RioZim halts output as central bank fails to make payments

8th February 2019 RioZim halted production at its three gold mines after Zimbabwe’s central bank failed to provide foreign currency the company needs to keep operating. The shutdown is the second by RioZim since October. It’s the latest indication of how businesses are struggling to keep going as a dearth of... 

Iron-ore powers to highest since 2014 as Vale crisis intensifies

8th February 2019 Iron-ore futures surged more than 5% to hit the highest level since 2014 on concern that the increasingly severe crisis at top producer Vale will curtail global supplies, tightening the seaborne market and offsetting the impact of a slowdown in China, the largest importer. Vale invoked force... 

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