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Metals and Mining

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  • LONDON, Feb 13- Global miner Anglo American took a $3.9 billion writedown on Friday, mainly on its Brazilian iron ore operations, due to weak commodity prices. The company also posted a 25 percent drop in underlying operating profit for last year to $4.9 billion, in line with expectations. Anglo warned last month of a likely charge on last year's results and...

  • A 'wonderful turnaround' for Rio Tinto: Pro Thursday, 12 Feb 2015 | 10:22 PM ET
    A 'wonderful turnaround' for Rio Tinto: Pro

    Tim Schroeders, portfolio manager at Pengana Capital, explains his optimistic view on Rio Tinto following the release of the miner's full year profit results.

  • Markets liking Rio Tinto's results: Expert Thursday, 12 Feb 2015 | 7:35 PM ET
    Markets liking Rio Tinto's results: Expert

    The rally in Rio Tinto's stock on Friday suggests that markets are liking the miner's full year profit, which rose 78 percent due to drastic cost cuts, says Jonathan Barratt, CIO of Ayers Alliance Securities.

  • TORONTO, Feb 12- Teck Resources Ltd said on Thursday it might have to reduce its dividend in July if industry-wide cuts in the production of steelmaking coal fail to lift prices from current historically low levels. To bring the market back into balance, an additional 12 million tonne reduction in supply is needed above the 30 million tonnes announced since...

  • TORONTO, Feb 12- Shares in Teck Resources Ltd rose on Thursday after the diversified Canadian miner posted quarterly revenue and gross-profit figures that beat analysts' expectations, with currency gains and lower oil costs offsetting the blow from falling commodity prices. Shares in the Vancouver- based miner rose 3.6 percent to C $18.25 in Toronto.

  • LONDON, Feb 12- Global miner Rio Tinto is not interested in a proposal by Mongolia to cut its equity stake in key mines such as Rio's Oyu Tolgoi in exchange for more royalties, Chief Executive Sam Walsh said on Thursday. Mongolia hopes the plan will help to revive stalled foreign investment in large mining projects, but Walsh said Rio was not interested in buying a...

  • Rio Tinto CEO: Time to build, not buy Thursday, 12 Feb 2015 | 9:16 AM ET
    A mine worker looks at a train loader at Rio Tinto Group's West Angelas iron ore mine in Pilbara, Australia.

    "Yes we look at build versus buy, ... but right now is not the time to go out and buying distressed assets," Rio Tinto CEO Sam Walsh tells CNBC.

  • Feb 12- Canadian miner Sherritt International Corp reported a much wider-than-expected quarterly loss as nickel prices fell due to a supply glut and weak demand from China. Sherritt, however, is betting on a rebound in the nickel market later this year as a sustained period of excess supply ends due, in part, to Indonesia's continuing ore export ban.

  • Alpha Natural and rivals such as Peabody Energy Corp and Arch Coal Inc are reining in expenses to make up for coal prices that have remained low for at least two years. Peabody Energy slashed its quarterly dividend last month and Arch Coal suspended its dividend this month. Adjusted cost of sales for Alpha Natural's eastern mines, spanning the Appalachian...

  • Rio Tinto CEO: We surprised the market Thursday, 12 Feb 2015 | 8:23 AM ET
    Rio Tinto CEO: We surprised the market

    We're very focused on profit, says Sam Walsh, Rio Tinto CEO, weighing in on his company's quarterly results, the mining economy, and $2 billion buyback plan.

  • Not only is the Indonesian government steadily tightening its grip on what was previously a chaotically free-wheeling independent production sector, but Indonesia's producers themselves are considering suspending exports due to low prices. It's also a question that cuts to the heart of Indonesia's aggressive resource nationalism, revealing the...

  • *Activity in China retreats ahead of Lunar New Year. LONDON, Feb 12- Copper rose on Thursday, underpinned by a weak dollar, although further gains were kept in check by deadlock in talks between Greece and its international creditors. Trading volumes dipped to around one quarter of the daily average as market participants in top consumer China wind down ahead of...

  • Feb 12- Canadian miner Teck Resources Ltd's quarterly profit missed analysts' estimates as the company struggles with weak coal and copper prices. Net profit attributable to shareholders nearly halved to C $129 million, or 23 Canadian cents per share, in the fourth quarter ended Dec. 31. The much-delayed C $13.5 billion project has a break-even price of $90 or...

  • Teck profit slides on weak coal, copper prices Thursday, 12 Feb 2015 | 5:08 AM ET

    Feb 12- Miner Teck Resources Ltd's quarterly profit nearly halved due to weak coal prices and a decline in copper sales and prices. Net profit attributable to shareholders fell to C $129 million, or 23 Canadian cents per share, in the fourth quarter ended Dec.31 from C $232 million, or 40 Canadian cents per share, a year ago. Revenue at Vancouver- based Teck, the world's...

  • Aluminium overtakes copper for No.2 spot at Rio Tinto Thursday, 12 Feb 2015 | 3:03 AM ET

    SYDNEY, Feb 12- Rio Tinto has been struggling for years to recover from the $38 billion purchase that elevated it to the world's biggest aluminium company but also brought it to the verge of bankruptcy. In Rio Tinto's financial results on Thursday, data showed aluminium had surpassed copper as the second biggest contributor to underlying earnings- $1.25...

  • SINGAPORE/ SHANGHAI, Feb 12- The world's big three iron ore miners appear to be entering the final phase of a fight to increase market share in China as massive expansions drive more high-cost rivals out of business. However, cracks are starting to appear in even China's resilient state-mining sector, where mines can have production costs 20-50 percent above the...

  • MELBOURNE, Feb 12- Global miner Rio Tinto handed shareholders a $2 billion capital return on top of a higher than expected dividend on Thursday, despite reporting its worst half-year profit in two years. Rio Tinto Chief Executive Sam Walsh, under pressure to please investors to ward off a renewed takeover approach from rival Glencore Plc, said he was confident...

  • Rio Tinto plans $2 bln buyback as H2 profit dives Thursday, 12 Feb 2015 | 1:10 AM ET

    MELBOURNE, Feb 12- Global miner Rio Tinto said it would return $2 billion to shareholders through a buyback despite reporting a 30 percent slide in second-half profit on Thursday, its worst half year profit in two years. The world no.2 miner has been under pressure to please investors to ward off a fresh takeover approach from rival Glencore Plc, despite a slump in...

  • MUMBAI/ SINGAPORE, Feb 12- India is likely to remain the world's biggest gold consumer this year after regaining the top spot from China in 2014, driven by robust jewellery demand, the World Gold Council said on Thursday. The industry group forecast gold demand in both India and China to rise to 900-1,000 tonnes in 2015, but said India was likely to retain its edge.

  • LAUNCESTON, Australia, Feb 12- Anybody looking at China's vast aluminum sector may be struck by a sense of deja vu, as the issues of last year appear set for a repeat performance in 2015.. China produced about 27.5 million tonnes of aluminum last year, according to consultants AZ China, a figure above the official 24.4 million tonnes, which AZ China says doesn't...