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Bloomberg

Bloomberg delivers business and markets news, data, analysis, and video to the world, featuring stories from Businessweek and Bloomberg News.

Peabody's biggest loss follows writedown of top US coal mine

6th August 2020 Peabody Energy reported its biggest loss ever after writing down more than half the value of its North Antelope Rochelle mine in Wyoming. The largest US coal producer took a $1.42-billion impairment charge on the sprawling surface operation, leading to a second-quarter net loss of $1.54-billion,... 

Nigeria moves to capture illegal gold sales to increase reserves

5th August 2020 Nigeria plans to stem illegal gold exports worth hundreds of millions of dollars a year to boost the country’s foreign reserves. The program will regulate production by informal miners that currently provides no income to the state, said Fatima Shinkafi, executive secretary of the Presidential... 

Trump vs Trump as President’s son opposes Alaska's Pebble mine

5th August 2020 Donald Trump Jr. took to Twitter on Tuesday to oppose a mining project in southwestern Alaska that his father’s administration has previously supported. Trump Jr. said he “100%” agreed with Vice President Mike Pence’s former chief-of-staff Nick Ayers in opposing the Pebble mine, which has known... 

Gold barrels past $2 000 with stage set for prices to rally more

5th August 2020 Gold’s scorching rally gathered more force, with prices driven higher into record territory above $2 000/oz as investors assessed prospects of more stimulus to combat the pandemic’s fallout, another slide in US real yields and increased geopolitical risks. Bullion is up more than 30% this year,... 

North Korea coal exports bouncing back after virus lull, UN says

4th August 2020 North Korea is jump-starting the illegal export of coal after shutting down almost all shipments during the first few months of the year while it sought to block the spread of the coronavirus, according to a confidential United Nations report. Although activity came to a near-halt between... 

Caterpillar reduces costs to balance global demand slump

4th August 2020 Caterpillar’s cost-cutting efforts helped the heavy-equipment maker make up for slowing sales after demand was ravaged by the coronavirus pandemic. Total operating costs were 25% lower, the company said in an earnings statement. Sales fell across the company’s segments, with dealers slashing... 

Top copper nation gets tougher on water

3rd August 2020 Authorities in Chile are cracking down on water use by mines in the driest desert on earth, threatening future supply in the top copper-producing nation. On Friday, Chile’s environmental agency SMA charged BHP Group’s Escondida for allegedly drawing more water than allowed for almost 15 years in... 

Global coal power falls for first time even as China builds more

3rd August 2020 Global coal-fired power capacity edged down for the first time on record in the first half of 2020 as retirements accelerated and the coronavirus saw new projects put on hold. The closing of plants, especially in Europe and the US, outpaced the start of new units, more than 60% of which were in... 

Gold surges to record as week opens with spot price near $2 000

3rd August 2020 Gold’s spot and futures prices opened the week by hitting records, with metal for immediate delivery closing in on $2 000 an ounce as the search for haven assets continued amid the coronavirus pandemic. Spot bullion surged 11% in July, the biggest monthly gain since 2012, as investors weighed a... 

AngloGold CEO asked to leave after fund pressure, Bloomberg reports

31st July 2020 AngloGold Ashanti's CEO was pushed to leave after shareholders asked for further investigations into a bonus payment by his former employer that he didn’t initially disclose, according to people familiar with the matter. The mining company announced on Thursday that Kelvin Dushnisky would step... 

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