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Metals and Mining

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  • MELBOURNE, Dec 3- Rio Tinto said on Tuesday the global miner expects to halve capital spending to $8 billion by 2015 from last year's level to cut debt, as commodities' prices remain fragile. To deal with the tougher conditions, the company has stripped out $2.6 billion in costs so far this year, including nearly halving exploration spending to around $850 million.

  • SINGAPORE, Dec 3- London copper was stuck close to its lowest in nearly two weeks on Tuesday after surprisingly robust U.S. factory data bolstered expectations the Federal Reserve could trim its commodity-friendly stimulus before year-end. *London copper prices hit their lowest since 21 November at $6,965 a tonne on Monday.

  • Rio to slash capital spending to $11 bln in 2014 Monday, 2 Dec 2013 | 5:38 PM ET

    Rio also forecast a resurgence in steel demand in China, its biggest customer for iron ore, estimating demand growth at 7.5 percent this year. The world's no.2 iron ore miner plans to cut capital spending to $11 billion in 2014 from just under $14 billion this year, and sees capital spending at $8 billion in 2015..

  • *Forest Labs rallies after comments; 3 M falls after downgrade. NEW YORK, Dec 2- U.S. stocks closed lower on Monday, with investors unable to find new reasons to keep pushing shares higher after eight straight weeks of gains, while the mining sector slid alongside sharp drops in precious metals prices.

  • NEW YORK, Dec 2- U.S. stocks closed lower on Monday, with investors unable to find new reasons to keep pushing the market higher after eight straight weeks of gains, while mining companies' shares fell alongside a slide in precious metal prices. The Dow Jones industrial average fell 77.83 points, or 0.48 percent, to end unofficially at 16,008.71.

  • SAO PAULO/ RIO DE JANEIRO, Dec 2- Vale SA lowered its investment budget for a third straight year as the world's No. 2 mining company continues efforts to focus expansion on its main iron ore business.

  • *Retailers down; Tesco, Debenhams fall after downgrades. LONDON, Dec 2- European shares edged lower on Monday as German steelmaker ThyssenKrupp plummeted after failing to find a buyer for its problematic Brazilian mill and British retailers were hit by margin worries.

  • *Retailers down; Tesco, Debenhams fall after downgrades. LONDON, Dec 2- European shares edged lower on Monday as German steelmaker ThyssenKrupp plummeted after failing to find a buyer for its problematic Brazilian mill and British retailers were hit by margin worries.

  • *Madagascar holds run-off presidential vote on Dec. 20. ANTANANARIVO, Dec 2- Madagascar's next president will struggle with low metals prices and distrustful companies as he seeks to revive a mining industry that was the main source of foreign investment until a 2009 coup cut flows to a trickle.

  • SAO PAULO, Dec 2- Brazilian iron ore miner Vale SA said on Monday its board approved a 2014 investment budget of $14.8 billion, with 80 percent going to develop new iron ore project and for logistics. The company said in a statement it remained committed to developing its coal project in Mozambique and its Salobo copper and gold project in Brazil.

  • TIMIKA/ JAKARTA, Dec 2- A worker was killed after an incident in an underground section of Freeport McMoRan Copper and Gold Inc's giant Grasberg copper mine in Indonesia on Sunday, the company said. This is at least the third deadly accident at the remote Papua complex this year, including a tunnel collapse in May that killed 28 people.

  • Freeport says worker dead at Indonesian copper mine Sunday, 1 Dec 2013 | 6:21 AM ET

    TIMIKA/ JAKARTA, Dec 1- A worker was killed after an incident in an underground section of Freeport McMoRan Copper and Gold Inc's giant Grasberg copper mine in Indonesia, the company said.

  • SANTIAGO, Nov 29- A Korea Southern Power Co Ltd and Samsung C&T Corp consortium has been awarded a contract to develop a $600 million BHP Billiton natural gas plant in Chile, the global miner said on Friday.

  • *Copper stocks continue to decline on the LME and ShFE. LONDON, Nov 29- Copper ticked higher on Friday, supported by a weaker dollar and falls in stockpiles, but still posted its biggest monthly loss since June on expectations of growing supply and tepid demand going forward.

  • Mexican drug cartels now make money exporting this Friday, 29 Nov 2013 | 12:06 PM ET
    A worker and crane at a port in Mexico.

    Federal officials say Mexican drug cartels have diversified their businesses and are entering the mining industry exporting iron ore to Chinese mills.

  • *Copper stocks continue to decline on the LME and ShFE. LONDON, Nov 29- Copper edged up on Friday supported by a weaker dollar and falls in stockpiles, but stayed on track for its biggest monthly loss since June on expectations of growing supply and tepid demand going forward.

  • METALS- Copper up, but on track for 3 pct monthly drop Thursday, 28 Nov 2013 | 8:56 PM ET

    SINGAPORE, Nov 29- London copper edged up on Friday after finishing unchanged in the previous session, but was on track for its biggest monthly loss since June as slowing demand growth from top consumer China dragged on prices. *The most-traded February copper contract on the Shanghai Futures Exchange edged up 0.22 percent to 50,600 yuan a tonne.

  • *Rio to wind down Gove alumina production from early next year. SYDNEY, Nov 29- Miner Rio Tinto said on Friday it will stop alumina production at its Gove refinery in Australia, as the plant is no longer viable amid difficult market conditions.

  • Hamish Bohannan, MD & CEO at Bathurst Resources, isn't worried about China's decision to limit thermal coal imports and says he expects the firm's first New Zealand coking coal exports by next year.

  • *New schedule will save $3 billion. *Rio's London shares climb 3 percent. PERTH/ LONDON, Nov 28- Miner Rio Tinto has delayed the expansion of its iron ore operations in Australia to 2017, slowing growth and cutting costs with a revised plan which it says will save $3 billion by working existing mines harder instead of digging new ones.

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