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Metals and Mining

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  • Congo's mining tax increase plan rattles investors Wednesday, 26 Mar 2014 | 10:34 AM ET

    *Congo wants to nearly double tax revenues to 25 pct of budget. GOMA, Democratic Republic of Congo, March 26- D emocratic Republic of Congo aims to double tax revenues from minerals but investors warned that an overhaul of the mining code could remove incentives to invest there.

  • India's JSW Steel sees flat coking coal imports in 2014/15 Wednesday, 26 Mar 2014 | 10:01 AM ET

    NEW DELHI, March 26- JSW Steel, India's No. 3 steel maker, said it expects imports of metallurgical coal to stay flat at 7-8 million tonnes in 2014/ 15, indicating its mills will continue to run below capacity due to soft demand and a shortage of iron ore.

  • *Newmont says still shipping to Indonesia's Gresik copper smelter. JAKARTA, March 26- Newmont Mining Corp has not cut output at its Indonesian copper and gold mine, a spokesman at the Denver- based company said on Wednesday, denying government claims earlier in the day that its production had been slashed.

  • *Market expects China to stimulate economy. LONDON, March 26- Copper retreated on Wednesday after prices hit a two-week high in the previous session, but the outlook for metals demand remained supported by hopes that China will stimulate its economy.

  • NEW DELHI, March 26- Iron ore production in Goa, usually India's top exporting state of the raw ingredient for steel, should be capped at 20 million tonnes a year when an 18- month old mining ban is lifted, a court-appointed panel said, less than half peak output and curbing potential shipments to key buyer China.

  • Invisible men lined up as heirs at commodity traders Wednesday, 26 Mar 2014 | 2:00 AM ET

    Jeremy Weir, who ran the mining and risk management divisions, will take over the firm, putting a 50- year-old Australian geologist in charge of the enterprise with a turnover of $133 billion.

  • Fortescue: We are working towards lower costs     Tuesday, 25 Mar 2014 | 10:11 PM ET

    Nev Power, CEO of Fortescue Metals Group, discusses the firm's plans to combat volatility in iron ore prices and a slowdown in China's economy.

  • U.S. sanctions could stop U.S. power utilities from buying Russian-controlled uranium from Kazakhstan, where Uranium One owns mines, but such a move appears a remote possibility as it would hurt U.S. companies that need it, Ian Telfer, nonexecutive chairman of Uranium One, told Reuters in an interview.

  • WASHINGTON, March 25- U.S. trade officials should slap duties on super-cheap imports of steel products from South Korea and Turkey, steel industry executives, unions and pro-steel lawmakers said on Tuesday.

  • *Copper follows shares higher as markets rebound. LONDON, March 25- Copper rose to its highest level in two weeks on Tuesday, supported by prospects that big commodities consumer China will act to support its slowing economy and by improved risk appetite in wider markets.

  • WASHINGTON, March 25- The U.S. Commerce Department should reverse three preliminary decisions against steelmakers with operations in the United States, the chairman of the Congressional Steel Caucus said on Tuesday.

  • *Copper follows shares, oil higher as markets rebound. LONDON, March 25- Copper rose to its highest level in nearly a week on Tuesday, supported in part by prospects that big commodities consumer China will act to support its slowing economy, and ahead of key U.S. data later in the session.

  • China stimulus talk helps European shares to rebound Tuesday, 25 Mar 2014 | 7:45 AM ET

    *Miners gain most on China stimulus talk. Analysts said that any monetary easing by China, the world's biggest metals consumer, had potential to support metal prices and improve mining sector profits.

  • JOHANNESBURG, March 25- Platinum producers Anglo American Platinum, Impala Platinum and Lonmin said on Tuesday a strike now in its ninth week at their South African mines was causing irreparable damage to the sector and local economy.

  • SYDNEY, March 25- London copper edged up to its highest in nearly a week on Tuesday, with the market supported by hopes China will act to support its economy after a survey showed manufacturing contracted in the first quarter.

  • *China focus shifts to market forces from direct govt interference. BEIJING, March 25- China has dropped a long-standing target to bring 60 percent of its steel sector under the control of its 10 biggest enterprises by 2015, a goal that has been criticised by companies such as Baosteel for causing a build-up of unprofitable capacity.

  • BEIJING, March 25- China's policymakers have again promised to make it easier for steel mills to merge and consolidate, but they appear to have ditched a long-standing target to bring 60 percent of the sector under the control of its 10 biggest enterprises by 2015..

  • SYDNEY, March 25- London copper was treading water on Tuesday, with hopes of economic stimulus by Beijing providing a floor for prices after a survey showed that growth in the country's factories slowed for a fifth month in March. *The most-traded June copper contract on the Shanghai Futures Exchange edged up by 0.1 percent to 45,300 yuan a tonne.

  • NEW YORK/ LONDON, March 24- Gold prices tumbled about 2 percent on Monday, the biggest one-day drop in nearly two months, as hedge funds dumped the precious metal on fears that rising U.S. interest rates could spark a further retreat from last week's six-month high.

  • LONDON, March 24- The palladium-backed exchange-traded fund due to be launched in Johannesburg by Absa Capital on Thursday has already amassed 8,600 ounces of metal to back its shares, Absa's head of exchange-traded products said on Monday.