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Metals and Mining

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  • SYDNEY, Jan 7- Australia's Bureau of Meteorology has revised a tropical cyclone warning for the country's western region to Thursday from Wednesday and played down the likelihood the storm will develop at all. Each year, cyclones close shipping lanes and disrupt mining of hundreds of millions of tonnes of iron ore, coal, sugar and other commodities in Australia.

  • *U.S. shale oil, OPEC production remain high. *Asia and Europe struggle with low growth. The low prices are a result of high output clashing with sluggish demand, especially in Europe, which is still struggling with its debt crisis, and in Asia, where China's growth is slowing and Japan is battling recession.

  • JERUSALEM, Jan 6- New regulation of Israel's natural gas and mining industries aimed at increasing competition to bring down prices is scaring off investors, putting billions of dollars at risk. But investor concern intensified in late December when the antitrust authority declared that stakeholders in two large natural gas fields-- Israel's Delek Group and...

  • SYDNEY, Jan 6- Copper futures were mixed in early trading on Tuesday, with London contracts rebounding, while Shanghai metal came under pressure amid a policy shift by Beijing that could lift Chinese output. *The most-traded copper contract on the Shanghai Futures Exchange was down 1 percent to 44,810 yuan a tonne. *China has introduced a new export tax rebate for...

  • MEXICO CITY, Jan 5- Mexican miner Industrias Penoles said on Monday it had suspended operations at its Naica lead, zinc and silver mine after it flooded last week. The flooding on Jan. 1 caused no injuries, the company said in a statement to the bourse. The Naica mine, which is located in the northern state of Chihuahua, is Mexico's second-richest lead mine, according to...

  • *Euro STOXX 50 down 3.7 pct. LONDON, Jan 5- European equities fell sharply in choppy trading on Monday, with concerns over Greece's future in the euro zone and a steep drop in prices of crude oil and copper hurting financial and commodities stocks the most. The euro zone's blue-chip Euro STOXX 50 fell 3.7 percent, the biggest one-day percentage drop since late 2011....

  • European shares slip on Greek political uncertainty Monday, 5 Jan 2015 | 7:11 AM ET

    With political uncertainty in Greece rattling markets before elections later this month, German Vice-Chancellor Sigmar Gabriel said the German government wanted Greece to stay in the euro zone. The Jan. 25 election in Greece could vault the left-wing Syriza party into power, raising the risk of a sovereign default and severe losses for the European Central...

  • *Chinese premiums at $6/ oz over global benchmark. SINGAPORE, Jan 5- Gold reversed early losses on Monday to trade higher for a second straight session, supported dollar. But with the Shanghai opening, prices turned positive, "said a precious metals trader in Hong Kong, adding that the gains may not hold when European traders step in.

  • SYDNEY, Jan 5- Glencore Plc on Monday said it was restarting coal mining operations in Australia, following a three-week suspension aimed at combating a global supply glut made worse by protectionist trade measures introduced in China. World thermal coal trade is estimated to have declined by 4.5 per cent to 1.023 billion tonnes in 2014, driven largely by...

  • U.S. crude had a brief, strong rally early in the day that might have been short-covering, said John Kilduff, a partner in Again Capital LLC, before its gain was cut. Brent has fallen to its lowest in more than five years as top exporter Saudi Arabia and other large Gulf producers continue to pump oil, while U.S. shale oil output grows quickly, despite pleas from other...

  • Russian firm proposes $9.4B moon base for mining Friday, 2 Jan 2015 | 1:17 PM ET
    The moon rises over Moscow. A Russian firm plans to build a lunar base camp.

    Russia's Lin Industrial unveiled plans to build a lunar base for mining the moon's resources. The project would cost about $9.4 billion.

  • *Average rents for all metals to rise by 3.5 pct. LONDON, Dec 31- Warehouses registered by the LME will raise average rental rates for aluminum by 3.6 percent in 2015, partly offsetting the impact of falling load-out queues. As a result, warehouse owners will from April 1 next year raise average rental charges by 3.5 percent- weighted according to the size of their...

  • LONDON, Dec 31- Asia Resource Minerals said on Wednesday that a Singapore tribunal has ruled that former executive Rosan Roeslani has to repay the company $173 million, plus interest and legal costs, lifting its shares by more than 300 percent. The coal producer, formerly known as Bumi, launched the arbitration in Singapore a year ago to enforce a previous...

  • *FTSE 100 up 0.3 pct, France's CAC up 0.4 pct. Britain's blue-chip FTSE 100 index rose 0.3 percent while France's CAC-40 advanced 0.4 percent. Randgold Resources was among the best-performers on the FTSE, advancing 2.1 percent as the gold mining specialist benefited from a rise in the price of gold itself.

  • SINGAPORE, Dec 31- Gold headed towards $1,200 an ounce on Wednesday, holding onto overnight gains, as worries about Greece's future in the euro zone triggered a sell-off in equities and an increase in safe-haven bids for the metal. Spot gold was steady at $1,199 an ounce by 0740 GMT. Chen Min, a precious metals analyst at Jinrui Futures in Shenzhen, said she expected...

  • *Gold steady above $1,200/ oz. SINGAPORE, Dec 31- Gold added to sharp overnight gains on Wednesday as worries about Greece's future in the euro zone triggered a sell-off in equities and an increase in safe-haven bids for the metal. Chen Min, a precious metals analyst at Jinrui Futures in Shenzhen, said she expected average gold prices next year to be lower at around...

  • WILLISTON, N.D., Dec 29- Civeo Corp, which provides temporary housing for oilfield workers and miners, slashed its workforce on Monday and said revenue could fall by a third as slumping crude prices force oil producers to cut costs. The warning adds jitters to the already-wary global oil market and highlights weakness in Australia's coal industry, one of Civeo's...

  • SHANGHAI, Dec 23- A former top executive at a China's largest coal producer has been put under investigation by the country's top graft busting body, the latest in a series of corruption cases against high ranking political and business figures. Former vice president of China Shenhua Energy Co Ltd Hua Zeqiao is suspected of "serious violations" of the law, a...

  • Dec 22- Goldman Sachs Group Inc has sold its controversial metals warehousing business to Swiss private equity group Reuben Brothers, the Wall Street bank said on Monday. Reuben Brothers has a history in steel and iron ore investments through its metal trading company Metalloyd. In April, the firm sold its stake in Erus Metals, a small warehousing company based...

  • South Korea's trade ministry said in a statement that the high U.S. tariffs on Korean steel pipes, over $100 million annually, put them at a price disadvantage compared with imports from India and other countries. The U.S. International Trade Commission ruled in August that "oil country tubular goods" imports from South Korea, India, Taiwan, Turkey, Ukraine and...