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Metals and Mining

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  • SINGAPORE, Feb 12- Gold edged higher on Thursday, after earlier dropping to a five-week low, as confusion over Greece's debt negotiations with its European lenders dominated markets, drumming up some safe-haven bids for the metal. *Spot gold fell to $1,216.45 an ounce, its lowest since Jan. 9, before recovering to trade up 0.2 percent at $1,220.60 by 0046 GMT.

  • Feb 11- Yamana Gold Inc will go ahead with the construction of a mine at its Cerro Moro gold and silver project in Argentina, the Toronto- based gold miner said on Wednesday. All-in sustaining costs, the gold industry's benchmark cost metric, are expected to be between $547 to $557 per ounce of gold and $7.60 to $7.80 per ounce of silver over the life of the mine, Yamana...

  • LONDON, Feb 11- Copper rose on Wednesday as some investors bet that a floor was in place after heavy losses, while tin touched a fresh 2-1/ 2 year low on worries about weak demand. "Copper is trying to look for a bottom, but there are plenty of things that can go wrong, revolving around Ukraine and Greece in particular, and in the background the concern about the extent of...

  • Glencore to cut costs, Lonmin stake Wednesday, 11 Feb 2015 | 3:17 AM ET
    A logo sits on a sign outside Glencore Xstrata Plc's headquarters in Baar, Switzerland.

    Miner and commodities trader to divest its stake in platinum producer Lonmin and cut capital expenditure in response to market volatility.

  • LONDON, Feb 11- Miner and commodities trader Glencore plans to divest its stake in platinum producer Lonmin and to cut capital expenditure this year in response to market volatility, it said on Wednesday as it reported increased copper and coal output. Like its peers, Glencore has been hit by a rout in prices of commodities such as copper, coal and oil.

  • LONDON, Feb 11- Miner and commodities trader Glencore plans to divest its stake in platinum producer Lonmin and to cut capital expenditure this year in response to market volatility, it said on Wednesday as it reported increased copper and coal output. Like its peers, Glencore has been hit by a rout is prices of commodities such as copper, coal and oil.

  • Feb 10- Kinross Gold Corp will not go ahead with a $1.6 billion expansion of its Tasiast mine in Africa's northwest because of the weak gold price, the Toronto- based miner said on Tuesday, as it also reported an unexpected fourth-quarter loss. Bullion, which was last at $1,233 an ounce, is down 36 percent from its peak of $1,920 an ounce in September 2011.

  • Feb 10- Kinross Gold Corp reported a $1.47 billion fourth-quarter loss on Tuesday, well below analysts' expectations, as the Canadian gold producer took impairment charges and writedowns of more than $1 billion. The adjusted loss was $6 million, or 1 cent a share, down from an adjusted loss of $25.1 million, or 2 cents a share, before. Kinross, which has operations in...

  • INTERVIEW-Vale's CEO rules out nickel IPO, writedowns Tuesday, 10 Feb 2015 | 3:14 PM ET

    RIO DE JANEIRO, Feb 10- Vale's chief executive said on Tuesday that a possible initial public offer of part of its nickel division was off the cards for now due to low prices for the commodity, but that other asset sales could be expected over the coming year. He added that a sale of the entire division was not being considered, and dismissed reports that former...

  • The nickel market went on a super-charged rally over the first half of last year, the benchmark London Metal Exchange three-month price racing up from below $15,000 per tonne to a May high of $21,625. At the stroke of a presidential pen, China's massive nickel pig iron sector lost its main source of feed. Great expectations, however, were dashed by reality,...

  • JOHANNESBURG, Feb 10- South Africa's Kumba Iron Ore plans to cut jobs, production costs and capital spending to cope with expected weak prices of the commodity this year, it said on Tuesday, after reporting a fall in 2014 earnings. The Anglo American subsidiary, whose shares fell around 3 percent in early trading, said crude steel production was forecast to recover...

  • *Rio seen returning $1.5- $3 billion in capital. *Glencore leverage, Anglo American platinum sale in focus. MELBOURNE/ LONDON, Feb 10- Rio Tinto is expected to star among the top five global miners with a return of billions of dollars to shareholders at its annual results, even as the firm is set to report its worst half-year profit since 2009..

  • KINSHASA Feb 9- Mining companies said on Monday the Congolese government's suspension of negotiations with them over new regulations could jeopardise investments, and urged it to resist making big changes to the mining code. Democratic Republic of Congo's chamber of mines said in a statement timed to coincide with an industry event in Cape Town that the...

  • BRUSSELS, Feb 9- Rich nations provided nearly $15 billion over a decade from 2003 to 2013 to fund exports of coal-fired power plant and coal mining technology, data seen by Reuters shows, defying calls to end subsidies for the most polluting of the fossil fuels. A document prepared late last year by the Paris- based Organisation for Economic Cooperation and...

  • Be bullish on Rio Tinto: Pro Friday, 6 Feb 2015 | 4:40 AM ET
    Be bullish on Rio Tinto: Pro

    Fraser Jamieson, head of metals and mining research at JPMorgan, discusses the earnings outlook for the U.K. mining firms.

  • TONGON, Ivory Coast, Feb 5- Randgold Resources Ltd will begin paying dividends from its Tongon mine in Ivory Coast in the third quarter of 2015 as it targets gold production of 260,000 ounces for the year, Chief Executive Mark Bristow said on Thursday. The London- listed company is one of the main gold miners in Ivory Coast, a soft commodities powerhouse that is now...

  • *POSCO sees 2015 sales 29.3 trln won vs 29.2 trln won last year. *POSCO eyes 2015 spending of 2.9 trln won vs 3 trln won last year. SEOUL, Feb 5- POSCO on Thursday kept its 2015 spending target largely unchanged at 2.9 trillion won from 3 trillion won on a parent basis last year as the world's sixth largest steelmaker expects Chinese demand to remain sluggish.

  • LAUNCESTON, Australia, Feb 5- Some people love conspiracy theories and the latest is that the Australian central bank is deliberately weakening its currency to save the country's big iron ore miners. In comments made on Tuesday, the same day Australia's benchmark rate was cut by 25 basis points to a historical low of 2.25 percent, the outspoken CEO said the RBA was "...

  • PRECIOUS-Gold pares gains as oil prices tumble Wednesday, 4 Feb 2015 | 3:45 PM ET

    NEW YORK/ LONDON, Feb 4- Gold pared gains after rising 1 percent on Wednesday, losing its safe haven appeal on falling oil prices after the precious metal initially garnished support from China's central bank's move to stimulate its flagging economy. Gold was initially lower but turned higher after China's central bank cut the amount of cash that banks must hold...

  • LONDON, Feb 4- Copper trimmed gains on Wednesday after touching a two week high earlier in the session as traders digested a move by China's central bank to add more liquidity to the economy in a bid to boost growth. Copper hit a two-week high of $5,755 a tonne earlier after China's central bank cut the amount of cash that banks must hold as reserves to help boost bank...