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Metals and Mining

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  • RIO DE JANEIRO, Oct 23- Brazilian miner Vale produced 85.7 million tonnes of iron ore in the third quarter, the highest level in the company's history, as it ramps up output in a bid to counter falling prices. Production of iron ore rose 3 percent from the same period last year, and was 7.9 percent higher than the previous quarter, it said on Thursday.

  • Cenovus's operating cash flow from refining fell 53 percent due to an unplanned coker outage in July at its Borger refinery in Texas and a planned turnaround at the Wood River refinery in Illinois. Cenovus, which co-owns the Foster Creek and Christina Lake oil sands projects with ConocoPhillips, said its total oil production rose 13 percent to 199,089 barrels...

  • METALS-Copper gains on Chinese manufacturing data Thursday, 23 Oct 2014 | 6:08 AM ET

    *China's manufacturing sector shows uptick in October. LONDON, Oct 23- Copper rose on Thursday on data showing a slight pickup in the growth in top consumer China's manufacturing sector. A stronger number in China, is mostly good news, "said Naeem Aslam, chief market analyst at Ava Trade.

  • MOSCOW, Oct 23- Ukraine's largest steelmaker, Metinvest, has offered holders of its $500 million bond which was due to mature in May 2015 a longer-term bond to November 2017 with an increased interest rate of 10.5 percent per annum. "The Issuer expects its EBITDA and operating cash flow in the second half of 2014 will decrease as compared to the first half of 2014 and...

  • LAUNCESTON, Australia, Oct 23- There is now no doubt that the big three global iron ore miners are producing record amounts in their bid to dominate the industry. With the lowest cash costs, in the region between $20 to $30 a tonne, and plans to strip out even more costs, they can survive and prosper even if iron ore prices remain weak. The spot price in Asia is down 39...

  • But a Reuters investigation found in 2012 that coal companies were using affiliated brokers to settle royalty payments on exports to Asia at much lower domestic prices. The findings prompted Senator Ron Wyden, a Democrat from Oregon, to call on the U.S. Interior Department early last year to investigate the practice. While that review continues, the U.S. Office...

  • SINGAPORE, Oct 23- Gold steadied above $1,240 an ounce on Thursday after dipping overnight on a stronger dollar, but caution prevailed ahead of a host of global economic data and on further outflows from bullion funds. *Spot gold was little changed at $1,241.60 an ounce by 0045 GMT, after losing 0.7 percent in the previous session. *Investors will be eyeing data from...

  • BRASILIA, Oct 22- A Brazilian court has approved a bankruptcy protection petition filed by MMX Sudeste Mineracao SA, an iron-ore mining company controlled by Brazilian tycoon Eike Batista, the company said on Wednesday in a securities filing. The decision was taken by a court in Belo Horizonte in the Minas Gerais state. MMX Sudeste holds nearly all the...

  • METALS-Copper pressured by strong dollar, growing supplies Wednesday, 22 Oct 2014 | 12:23 PM ET

    *China copper output up 4.9 pct in Sept, new record. *LME week industry gathering continues in London. LONDON, Oct 22- Copper prices edged lower on Wednesday, pressured by a rise in the dollar against the euro and concerns about growing supplies in the market, though prospects of fresh monetary policy measures in Europe and China limited falls.

  • METALS-Copper up on hopes for China, EU policy measures Wednesday, 22 Oct 2014 | 7:24 AM ET

    *China copper output up 4.9 pct in Sept, new record. LONDON, Oct 22- Copper edged up on Wednesday, extending the prior session's biggest one-day advance in two months, on prospects of fresh monetary policy measures in Europe and China, though signs of growing supplies limited gains. This, coupled with prospects of further policy fine-tuning in China-- the world's...

  • *India- based firms may mine coal for consumption or sale- order. *Foreign firms with India units may qualify- source. NEW DELHI, Oct 22- India could allow commercial coal mining by foreign companies if they set up units in the country, opening the door for global giants like Rio Tinto to access the world's fifth-largest coal reserves, a source familiar with the matter...

  • BHP Billiton still making good margins: EY   Wednesday, 22 Oct 2014 | 12:42 AM ET
    BHP Billiton still making good margins: EY

    Mike Elliott, Global Mining & Metals Leader at EY, discusses the miner's decision to increase the capacity of its Western Australian operations despite plummeting iron ore prices.

  • WASHINGTON, Oct 21- The U.S. Department of Commerce will terminate a 15- year-old deal sheltering Russian flat-rolled steel producers from high import duties, it said in a letter to Russian authorities. Duties will apply beginning Dec. 16, according to the letter from Ronald K. Lorentzen, the Commerce Department's deputy assistant secretary for enforcement and...

  • U.S. says to scrap trade deal on Russian steel duties Tuesday, 21 Oct 2014 | 9:26 AM ET

    WASHINGTON, Oct 21- The U.S. Department of Commerce will terminate a 15- year old deal sheltering Russian flat-rolled steel producers from potential steep duties, it said in a letter to Russian authorities published on Monday.

  • MOSCOW, Oct 21- Ukraine's largest private metals and mining group Metinvest will lose several hundred million dollars of income in the second half of this year because of the separatist conflict in the country's industrial heartland, the company's chief financial officer said. The conflict has closed steel plants and coal mines and destroyed...

  • BEIJING, Oct 21- China's daily crude steel runs rose 1.3 percent in September to the highest level in three months, data from the country's statistics agency showed, suggesting mills were still close to full capacity despite weak demand and a steep slump in prices. China produced 67.54 million tonnes of crude steel in September, down 2 percent from the previous...

  • LONDON, Oct 21- World No. 1 copper producer Codelco will announce the results of a projects review in the coming months, including whether there are any delays to its ambitious-- but vital-- multi billion-dollar growth plan, its chairman told Reuters. "Our commitment is if we have to give bad news, we are going to give it straight away to the people of Chile who own this...

  • SYDNEY, Oct 21- London copper edged up on Tuesday but stayed near six-month lows, with focus on data expected to show struggling economic growth in China that could boost a drive for stimulus, bolstering metals prices. Copper prices hit a six-month trough of $6,530 a tonne on Friday, having dropped 10 percent this year. *China is expected to post its weakest growth...

  • *Gold expected to average $1,270 this year, $1,225 in 2015. *Platinum seen rising to $1,477.50 next year. LONDON, Oct 20- Gold prices will lag industrial precious metals platinum and palladium in 2015, analysts polled by Reuters predict, as a gradually stabilising world economy favours raw materials over so called "defensive" assets.

  • METALS-Copper slips as Chinese growth, supply weighs Monday, 20 Oct 2014 | 6:46 AM ET

    *Copper unable to build on Friday's higher finish. SYDNEY/ LONDON, Oct 20- Copper stayed relatively weak on Monday, struggling to make headway after sliding to six month lows in the previous session, with uncertainty over China's economic growth and a firmer dollar against its main currency rivals. Analysts said that while uncertainty over growth in...