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Freeport-McMoRan posts significant loss on oil, gas write-downs

By: Henry Lazenby     Updated 12 minutes ago Arizona-based copper, gold and oil producer Freeport-McMoRan (FCX) on Tuesday reported a significant fourth-quarter net loss as it booked impairment charges totalling $3.1-billion, or $3 per share, on the carrying values of its oil and gas properties. The diversified miner said it was taking... 

Mining boosts world’s poorest regions – ICMM

By: Martin Creamer     Updated 5 hours ago The global mining industry makes its biggest contribution in the world’s poorest regions, an International Council on Mining & Metals (ICMM) study has found. The study, which became available in published form on Tuesday, finds that mining spurs the growth and development of national economies... 

Mining boosts world’s poorest regions – ICMM
Photo by Duane Daws
Anthony Hodge

Mining companies suffer $70bn in impairment losses – report

     Updated 7 hours ago A recent survey revealed that major global mining companies had suffered impairment losses of $70-billion in 2013/14, reflecting the impact of the current low commodity price cycle. The ‘Mining Financial Reporting Survey 2014’, compiled by financial services firm KPMG, further revealed that... 

Mining companies suffer $70bn in impairment losses – report

Record-quarter Sibanye forecasting best ever 2015 gold output

By: Martin Creamer South Africa-focused gold-mining company Sibanye Gold, which achieved record latest quarter production, is forecasting best ever output for the new year. Sibanye, headed by CEO Neal Froneman, which hit the 452 700 oz (14 079 kg) quarterly high spot in the three months to December 31, is guiding... 

Record-quarter Sibanye forecasting best ever 2015 gold output
Photo by Duane Daws
Neal Froneman

India’s Coal Ministry seeks early completion of railway linkages

By: Ajoy K Das India’s Coal Ministry has sought intervention and facilitation from the Railway Ministry and the Prime Minister’s Office to bring forward the completion date of a new railway network, from 2017 to 2016, to enable major Coal India Limited (CIL) to evacuate an additional 300-million tonnes a year... 

Orissa's bid to reopen mines faces legal challenge

By: Ajoy K Das The Indian provincial government of Orissa’s bid to renew mining leases through the auction route has hit a roadblock with courts preventing the government from taking any final decision before the legal challenge is heard. After a preliminary hearing, the Orissa High Court passed an interim... 

Iron-ore hits 5-/12 yr low as China mills cut output

By: Reuters Iron-ore prices hit their lowest in 5-1/2 years on Monday as some loss-making Chinese steel mills curbed output, ore supplies remained abundant and concerns persisted about the outlook for economic growth in China this year. Cooling Chinese steel demand forced some steel mills to bring forward... 

All eyes on Saudi Arabia as ups and downs of oil price plunge considered

By: Simon Rees The end months of 2014 were grim ones for major oil-producing states everywhere, especially those in the Middle East. As the region continued grappling with the aftershocks of the Arab Spring and the threat of the Islamic State, they also watched the price of oil swoon. All eyes have turned to... 

All eyes on Saudi Arabia as ups and downs of oil price plunge considered

Assets managed by ETFs to double to $5-trillion by 2020 – PwC

By: Reuters Assets under management of exchange traded funds (ETFs) will double to at least $5-trillion by 2020, consultant PwC said on Monday, as investors increase exposure to such products given their lower costs than traditional mutual funds. "Institutional investors are widely expected to be the primary... 

Assets managed by ETFs to double to $5-trillion by 2020 – PwC

Petra declares dividend, ups diamond production guidance

By: Martin Creamer London-listed South Africa-focused diamond-mining company Petra Diamonds, which on Monday declared its first dividend, has pushed up production guidance to 3.3-million carats for the year to June 30. Petra, which operates the Finsch, Cullinan, Koffiefontein and Kimberley Underground diamond mines... 

Petra declares dividend, ups diamond production guidance
Photo by Duane Daws
Johan Dippenaar

Oil up after Saudi king dies; policy pledges calm market

By: Reuters Brent crude oil rose on Friday after the death of Saudi Arabia's king added to uncertainty in oil markets, although the new ruler indicated immediately there would be no policy change. Brent crude rose to a high of $49.80/bbl, up $1.28/bbl, before easing to around $49.20/bbl by 15:15 GMT. US... 

Oil up after Saudi king dies; policy pledges calm market

China's 2014 iron ore imports from Australia rise 31.6%

By: Reuters China's iron ore imports from Australia rose 31.6% to 548.4-million tonnes last year, customs data showed on Friday, as soaring production by big miners drove down prices and eliminated some smaller suppliers. Giant miners such as Rio , BHP Billiton and Brazil's Vale have been ramping up iron... 

Batangas benefits from higher gold prices

By: Esmarie Swanepoel The Batangas gold project, in the Philippines, was expected to benefit from the increase in the Australian dollar gold price, and the substantial reduction in fuel costs, owner Red Mountain Mining said on Friday. Red Mountain reported that projected free cash flow from the project had increased... 

Brazilian port licence in spotlight as Kazakh, Indian miners head to court

By: Reuters Brazil's public prosecutor is seeking an injunction on a port licence that could be central to a London court battle between two mining companies run by Kazakh and Indian tycoons. Documents seen by Reuters on Thursday showed that Brazil's Federal Prosecution Service and Office of the District... 

Mozambique coal sector sees disruptions, deals and bankruptcy

By: Keith Campbell Railway traffic on Mozambique’s Sena line, used to convey coal (along with other cargo and passengers) mined in the Moatize basin in Tete province to the port city of Beira for export, was disrupted from the morning of January 7 to January 11, as a result of torrential rains. This was reported by... 

Global base metals outlook turns negative – Moody’s

By: Henry Lazenby Global credit ratings advisory firm Moody’s Investors Service has changed its outlook on the global base metals industry to negative, citing weakening macroeconomic growth indicators and investor sentiment. In its report ‘Global Base Metals Industry: Economic Weakness and Copper Price Plunge Turn... 

Global base metals outlook turns negative – Moody’s

Nevsun expects lower copper output in 2015

The Bisha Mining Share Company (BMSC), which is 60% owned by TSX-listed miner Nevsun, is expected to produce between 160-million and 175-million pounds of copper in concentrate this year. This was lower than the 196-million pounds of copper in concentrate the company produced in 2014 against... 

Rand, emerging market currencies lift on European Central Bank’s QE

By: Martin Creamer The South African rand along with the Russian rouble, the Brazilian real and the Turkish lira all strengthened against the euro after the European Central Bank (ECB) launched its landmark €60-billion a month bond buying programme, the Financial Times reported late Thursday. The quantitative... 

Rand, emerging market currencies lift on European Central Bank’s QE
Mario Draghi

Taiwan to challenge Canada's antidumping duties on steel at WTO

By: Reuters Taiwan is to challenge antidumping duties imposed by Canada on some of its steel goods at the World Trade Organization, a Taiwanese economics ministry official said on Thursday. Canada slapped duties on some imports of carbon steel welded pipes from Taiwan in 2012 and the move to have a WTO panel... 

India looks at auctioning CIL coal

By: Ajoy K Das It seems that auctioning is the flavour of the season for the Indian government, which has introduced a proposal that major Coal India Limited (CIL) adopt this route to contract long-term supply linkages with end-users. After setting the ball rolling for auctioning of coal blocks and mineral... 

Low oil price expected to benefit diamond industry – De Beers

By: Martin Creamer The low oil price is expected to benefit the diamond business, De Beers CEO Philippe Mellier has told sightholders. At a reception in Botswana to mark the first 12 months of sightholder sales in Gaborone, Mellier outlined how the downwardly trending oil price could potentially turbocharge the... 

Low oil price expected to benefit diamond industry – De Beers
Philippe Mellier

India takes another step towards auctioning mineral resources

By: Ajoy K Das In a step towards allocating mineral resources through an auction process, the Indian government has established a committee, entrusting it with the mandate to set parameters of evidence of mineral contents across the country in line with the recently promulgate legal framework. The committee,... 

CITIC warns of massive write-down at Sino

By: Esmarie Swanepoel Chinese major CITIC has warned shareholders of a write-down of between $1.4-billion and $1.8-billion on its Sino iron-ore project, in Western Australia, for the 2014 financial year. The miner blamed the falling iron-ore price for the massive impairment charge. 

S&P's cuts iron ore, copper price forecasts, reviews related companies

By: Reuters Credit rating agency Standard & Poor's (S&P's) downgraded its price forecasts for iron-ore and copper owing to slower global growth and said it expects changes to the ratings of related companies in the coming weeks. The agency revised down its iron-ore price forecast to $65/t for 2015 and 2016,... 

Record-breaking RBCT targets export of 74m tons of coal in 2015 

By: Martin Creamer South Africa’s Richards Bay Coal Terminal (RBCT), which exported an all-time record 71.3-million tons of coal in 2014, is targeting 74-million tons for 2015. RBCT CEO Nosipho Siwisa-Damasane told the media here on Tuesday that last year’s export performance was the best ever for the... 

Record-breaking RBCT targets export of 74m tons of coal in 2015
Photo by Duane Daws
Nosipho Siwisa-Damasane

Back to basics key message in Deloitte trend forecast

By: Megan van Wyngaardt While the outlook of the global mining sector for the year ahead looks bleak, with mining companies having to contend with price volatility, geopolitical turmoil, rising costs, declining grades and a general lack of access to financing, advisory firm Deloitte believes all is not lost. In its... 

Back to basics key message in Deloitte trend forecast

Indonesia warns Freeport may lose export permit if smelter delayed

By: Reuters Freeport-McMoRan Inc could lose its permit to export copper concentrate from its massive Indonesian mine in West Papua, the country's mining minister said on Tuesday, unless it can show progress in developing a new copper smelter this week. "Freeport hasn't confirmed the location," Energy and... 

Rio Tinto ramps up iron-ore output, copper falls

By: Esmarie Swanepoel Despite lower iron-ore prices, mining giant Rio Tinto has maintained its momentum during the December quarter, boosting its production by 12% year-on-year to 79.1-million tonnes. This brought full year output to 295.4-million tonnes. The Pilbara operations delivered 280.6-million tonnes of... 

Rio Tinto ramps up iron-ore output, copper falls

India taking steps to permit standalone miners into coal sector

By: Ajoy K Das The Indian government has taken another step towards opening up the coal mining sector to standalone miners by beginning the process of identifying suitable coal blocks. According to Coal Ministry officials, the process of identifying the coal blocks to be put up for auction to private... 

Turquoise Hill says Mongolia mine concentrator output restored

By: Reuters Turquoise Hill Resources said on Monday the concentrator at the Oyu Tolgoi copper and gold mine in Mongolia has resumed full production following a fire in December. Releasing its 2014 production figures, the company, which owns some 66 percent of Oyu Tolgoi, also said it had produced 148 400 t... 

Low oil price a lifeline for small iron miners

By: Reuters Efforts by big iron ore producers to put smaller, higher-cost rivals out of business by oversupplying the market are not paying off yet, and it's mainly due to price falls in another commodity – oil. The ploy by Australian majors Rio Tinto and BHP Billiton has pushed iron ore prices to their... 

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