Arch Coal fell$. 20 or 4.5 percent, to $4.27. Consol Energy Inc. fell$. 69 or 1.9 percent, to $36.59. Peabody Energy fell$. 33 or 1.7 percent, to $18.64.» Read More
July 26- Top U.S. gold miner Newmont Mining Corp on Friday posted a $2 billion second-quarter loss after a sharp drop in gold prices and an impairment charge related to two Australian mines.
*H1 underlying operating profit $3.3 billion vs $3.1 billion estimate. LONDON, July 26- Anglo American's new boss laid out his blueprint for a turnaround of the underperforming miner on Friday, vowing to cut costs, halve a $17 billion project pipeline and revive lagging mines to boost cash and returns by 2016..
*Copper on track for 0.7 pct gain for the week. LONDON, July 26- Copper fell on Friday as concerns about growth in top consumer China weighed on the outlook for industrial metals demand. China's final HSBC manufacturing purchasing managers index is due next Thursday, followed by the HSBC services PMI on August 5.
FRANKFURT, July 26- German steelmaker ThyssenKrupp is continuing talks on selling its Steel Americas division to Brazil's Companhia Siderurgica Nacional but meeting an initial end-September deadline is becoming increasingly unlikely, two sources familiar with the situation said on Friday.
*H1 underlying operating profit $3.3 billion vs $3.1 billion estimate. *Targets cash flow uplift by 2016 of $1.3 billion, ROCE of over 15 percent. LONDON, July 26- Anglo American's new boss vowed to cut spending, halve its pipeline of projects and revive the performance of lagging mines in order to lift cash flow by an annual $1.3 billion.
*China weakness to keep copper prices under pressure. SINGAPORE, July 26- London copper futures slipped below $7,000 a tonne on Friday, falling for a second session, amid concerns over a dim outlook for demand in top consumer China where the economy is slowing.
Mark Cutifani, CEO of Anglo American, tells CNBC that the company is making reductions because they are needed for longer-term efficiency.
Roger Nightingale, strategist at RDN Associates, tells CNBC that the miners are a lagged response to the slowdown in the global economy.
Shanghai shares of Anhui Conch Cement, the largest cement producer, were lifted by an order from China's Ministry of Industry and Information Technology to companies across 19 industries to close outdated capacity by the end of September.
*China weakness to keep copper prices under pressure. SINGAPORE, July 26- London copper futures hovered above $7,000 a tonne on Friday and were heading for their third weekly increase in four, although concerns over a dimming outlook for demand in top consumer China may cap further price rises.
SINGAPORE, July 26- London copper futures ticked higher on Friday due to a weaker dollar and were heading for their second weekly increase in three, but concerns over a dimming outlook for demand in top consumer China may cap gains. *Three-month copper on the London Metal Exchange had inched up $6.25 to $7,016.25 a tonne by 0114 GMT.
SINGAPORE, July 26- Gold edged up on Friday and was headed for its third straight weekly gain, helped by a weaker dollar and hopes of a prolonged period of easy monetary policy. *China's gold demand could hit a record 1,000 tonnes this year, the World Gold Council said on Thursday, which means it would overtake India as the world's biggest bullion consumer.
Miner Cliffs Natural Resources reported a drop in second-quarter earnings as global iron ore prices slid, but the results topped forecasts. Shares rose after-hours.
July 25- Construction of a $3.43 billion sea-water desalination plant at the world's largest copper mine, Chile's Escondida, has been approved in order to secure a steady water supply, majority owner BHP Billiton said on Thursday.
July 25- The world's largest copper mine, Chile's Escondida, approved the construction of a $3.43 billion sea-water desalination plant, BHP Billiton said on Thursday.
*Major supplier to Europe and Middle East utilities. Another buyer confirmed that Drummond, which exports around 500,000 tonnes of coal a week, had sent notification to customers, who are mainly in Europe and the Middle East.
*Gold bounces back above $1,320/ oz from low at $1,309/ oz. LONDON, July 25- Gold erased losses on Thursday, after briefly extending the previous day's 2 percent sell-off, as the dollar's fall against a currency basket supported the precious metal.
TORONTO, July 25- Goldcorp Inc, the world's largest gold miner by market capitalization, posted weaker-than-expected second quarter results on Thursday, hit by a sharp drop in the gold price and a $2 billion non-cash impairment charge. Shares of the Vancouver- based miner were down 0.24 percent to C $29.17 shortly after market open in Toronto.
LONDON, July 25- South Africa's platinum sector, already under pressure from rising costs, labour unrest and falling metal prices, is now facing a rival for investment flows-- a major new physical platinum fund with unprecedented levels of demand.
TORONTO, July 25- Teck Resources Ltd on Thursday reported a sharp drop in second-quarter earnings on lower copper and coal prices, and cut its capital spending plan through 2014, delaying new mining projects.