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Metals and Mining

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  • June 25- Molycorp Inc, the only U.S. supplier of rare earths, filed for Chapter 11 bankruptcy protection on Thursday along with its North American subsidiaries to restructure $1.7 billion of debt in its U.S. and Canadian operations. Molycorp, whose shares have lost 86 percent of their value in the past year, said it had obtained agreement for up to $225 million in new...

  • June 25- Rare earths miner Molycorp Inc filed for Chapter 11 bankruptcy protection on Thursday along with its North American subsidiaries to restructure $1.7 billion of debt in its U.S. and Canadian operations. Molycorp has also obtained agreement for up to $225 million in new debtor-in-possession financing, it said in a statement. The Birmingham, Alabama-...

  • *Bank of China recently joined London benchmark. SHANGHAI, June 25- Industrial and Commercial Bank of China Ltd, the world's largest bank by assets, said it was interested in participating in the twice-daily London gold price benchmarking process. "ICBC is very keen on participating," Zhou Ming, general manager in the bank's precious metals department said at an...

  • LAUNCESTON, Australia, June 25- Is India's Adani Mining preparing to walk away from its A $10 billion coal project in Australia's Queensland state, or upping the ante in trying to speed up approvals for the huge project? Adani surprised industry observers by confirming on Wednesday it had halted engineering work on its Carmichael coal project in the frontier...

  • *Hackers stole Codan's designs for metal detectors. *Codan forced to slash prices to compete with counterfeits. But try telling that to Donald McGurk, chief executive of Australian communications, metal detection and mining technology firm Codan, who has watched sales and prices of his firm's metal detectors collapse since Chinese hackers stole its designs...

  • SAN FRANCISCO, June 24- A bill to require California's state pension funds Calpers and CalSTRS to sell their investments in companies that generate at least half their revenue from coal mining passed an Assembly committee by a vote of 5-1 on Wednesday. Stanford University and the University of Maine have made similar moves. It has investments in coal companies...

  • U.S. lawmakers promise scrutiny of coal cleanup program Wednesday, 24 Jun 2015 | 5:48 PM ET

    WASHINGTON, June 24- Lawmakers will examine whether a program that allows coal companies to forgo mine cleanup insurance could leave taxpayers with billion dollar costs, leading members of the U.S. House Committee on Natural Resources said on Wednesday. Debbie Dingell, the leading Democrat on the committee's oversight panel. The country's four largest coal...

  • *Hackers stole Codan's designs for metal detectors. *Codan forced to slash prices to compete with counterfeits. But try telling that to Donald McGurk, chief executive of Australian communications, metal detection and mining technology firm Codan, who has watched sales and prices of his firm's metal detectors collapse since Chinese hackers stole its designs...

  • June 24- Shareholders of Canada's AuRico Gold Inc and Alamos Gold Inc on Wednesday voted in favor of a $1.5 billion merger, creating a mid-sized gold producer with operations in Canada and Mexico. Alamos and AuRico shareholders will each own about half the combined company, which will be called Alamos Gold. A new company, AuRico Metals Inc, will be formed to hold...

  • SAN FRANCISCO, June 24- A bill to require California's state pension funds Calpers and CalSTRS to sell their investments in companies that generate at least half their revenue from coal mining passed an Assembly committee by a vote of 5-1 on Wednesday. In the United States, Stanford University and the University of Maine have made similar moves.

  • CALIFORNIA COMMITTEE VOTES TO ADVANCE BILL TO FORCE CALPERS, CALSTRS TO STOP INVESTING IN COAL MINING COMPANIES.

  • SAN FRANCISCO, June 24- A bill to require California's state pension funds Calpers and CalSTRS to sell their investments in companies that generate at least half their revenue from coal mining received three of the four required votes in a preliminary count at a California Assembly committee on Wednesday. In the United States, Stanford University and the...

  • CALIFORNIA PENSION COAL MINING DIVESTMENT BILL IN PRELIMINARY VOTE GETS 3 OF THE 4 VOTES NEEDED TO ADVANCE, FINAL VOTE STILL AWAITED.

  • SAO PAULO, June 24- Brazilian miner Vale SA could raise about $1.5 billion through the sale of a stake in one of its Brazil- based assets, a senior executive said on Wednesday. Such a recovery has remained illusive with nickel down 30 percent in the last year to $12,760 a tonne. Chief Financial Officer Luciano Siani told Reuters in December the IPO would only go ahead...

  • *Prices steady as Greece says deal with creditors rejected. LONDON, June 24- Gold steadied off a one-week low on Wednesday after Greece said international lenders had rejected its latest proposals to avoid default, knocking stocks, and as the dollar retreated. The precious metal has declined for the last three days as the dollar strengthened, and as optimism over...

  • *Prices firm as Greece says deal with creditors rejected. LONDON, June 24- Gold edged higher on Wednesday after Greece said international lenders had rejected its latest proposals to avoid default, knocking stocks, and as a softer dollar helped the metal recover from a one-week low. The precious metal has declined for the last three days as the dollar...

  • "We now see little prospect of a sustainable nickel price or stainless stocking upturn ahead of the July/August holiday period," Citi said. But it is also symptomatic of a reassessment of the bullish supply story that has been bubbling away in the nickel market since Indonesia banned nickel ore exports at the start of 2014, at a stroke cutting the raw materials...

  • SANTIAGO, June 23- Workers at Chile's massive Collahuasi copper mine on Tuesday said they would not back down in a conflict with employers and urged miners elsewhere to stage a national strike. The principal union at the Collahuasi mine, owned jointly by Glencore Plc and Anglo American Plc, described the firing of 31 striking workers eight days ago as "...

  • JOHANNESBURG, June 23- South Africa's mines minister on Tuesday hailed 2014 as the "safest year" in the history of an industry that has claimed a huge toll in mostly black lives over the past century. But Ramatlhodi said "the figures till the end of March 2015 show that we are well on track to improving further" on the 2014 numbers. South Africa's mines are the deepest...

  • VANCOUVER, June 23- The global gold mining industry is showing signs of life as merger activity picks up and industry veterans set up new companies and hunt for projects, taking advantage of weak prices to lay the groundwork for a rebound. In the first quarter, Paris- based asset manager Carmignac Gestion bought 11.65 million shares of Goldcorp, the highest valued...