Metals and Mining
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*Hanlong needs big partner to win Beijing approval. BEIJING, Feb 28- China's privately-owned Hanlong Group is talking to four state-owned steel mills to find a partner for the $4.7- billion Mbalam iron ore project in Africa, the chief executive of project owner and takeover target, Sundance Resources, said on Thursday.
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LONDON, Feb 28-- Copper lost ground on Thursday after mixed data on the U.S. economy and because metals investors worried about scant demand from top consumer China as well as high inventories. It hit its lowest since Dec. 21 at $7,785 on Tuesday.
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*Rio Tinto's Dampier, Cape Lambert to resume ship loading. SYDNEY, Feb 28- Major iron-ore export ports in northwestern Australia, which account for half the world's seaborne-traded iron ore, have reopened or are expected to restart operations later on Thursday after a powerful cyclone weakened after hitting land.
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SAO PAULO, Feb 27- Brazilian mining giant Vale SA posted its first quarterly loss in 10 years, taking $5.66 billion of writedowns on money-losing mines as it follows rivals in cutting costs and bolstering finances in the face of a volatile world economy.
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*Cyclone misses key Australia iron ore ports. SYDNEY, Feb 28- Major iron-ore export ports in northwestern Australia, which account for half the world's seaborne-traded iron ore, have reopened or are expected to restart operations later on Thursday after a powerful cyclone weakened after hitting land.
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Steel prices up $50 per short ton- Steel Market Update. *AK Steel boosts base prices for carbon flat-rolled steel. AK Steel Holding Corp announced its increase in a release on Wednesday morning.
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SAO PAULO, Feb 27- Brazilian mining giant Vale SA posted its first net loss in 10 years in the fourth quarter after taking $5.66 billion in charges for underperforming mines and other mills, a loss twice as big as expected.
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*Cyclone Rusty misses key Australia iron ore ports. SYDNEY, Feb 28- A major port for iron-ore exports in northwestern Australia reopened after a powerful cyclone swept across the coastline, with other ports in the region expected to gradually return to normal as officials lifted emergency warnings.
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SYDNEY, Feb 28- The iron ore shipping hub Port Hedland escaped the brunt of a powerful cyclone that swept across the northwest Australian coastline on Thursday, with emergency officials lifting evacuation alerts as the storm veered east and lost much of its punch. Australia's three main iron ore ports, Port Hedland, Dampier and Cape Lambert, were closed on Monday.
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Steel prices up $50 per short ton- Steel Market Update. *AK Steel boosts base prices for carbon flat-rolled steel. Feb 27- AK Steel Holding Corp announced price increases on Wednesday, following reports that United States Steel Corp had boosted its own spot prices.
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LONDON, Feb 27- A generation of new bosses taking the helm at the world's biggest mining companies is unanimous in preaching austerity: no major project approvals, no blockbuster deals, no risks.
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*Cyclone veers away from Port Hedland. PERTH, Feb 27- A powerful cyclone that brought half the world's seaborne-traded iron ore to a halt spared Australia's Port Hedland shipping hub on Wednesday, making landfall about 120 km to the east. "Port Hedland will escape Rusty's worst winds," the Bureau of Meteorology said.
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*Cyclone veers away from Port Hedland. PERTH, Feb 27- A powerful cyclone that has brought half the world's seaborne-traded iron ore to a halt has veered away from Australia's Port Hedland shipping hub, possibly averting a direct hit, and should make landfall some 100 kms away late on Wednesday.
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Brian Han, Senior Research Analyst at Fat Prophets tells CNBC that the Australian property sector is a little to expensive to be investing in right now.
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SINGAPORE, Feb 27- London copper rose on Wednesday after the U.S. The most-traded June copper contract on the Shanghai Futures Exchange advanced 0.45 percent to 57,570 yuan a tonne. " Bernanke's comments helped to build sentiment, "said Singapore- based analyst Dominic Schnider at UBS.
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SINGAPORE, Feb 27- London copper rallied on Wednesday after the U.S. *The most-traded June copper contract on the Shanghai Futures Exchange gained 0.70 percent to 57,710 yuan a tonne.
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*Australia cyclone intensifies to massive category 4. PERTH, Feb 27- A powerful cyclone headed for Australia's Port Hedland, that has brought half the world's seaborne-traded iron ore to a halt, has intensified and is set to make landfall late on Wednesday, threatening to flood inland mine operations and rail links.
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PERTH, Feb 27- A powerful cyclone headed for Australia's Port Hedland, which handles a fifth of the world's seaborne-traded iron ore, stalled off the coast but was set to make landfall later on Wednesday with destructive winds and flooding.
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*Italy election stalemate raises debt crisis fears. LONDON, Feb 26- Copper edged up on Tuesday as upbeat U.S. housing and consumer confidence data offset worries about a deadlocked Italian vote, and as investors were relieved to hear the Federal Reserve defend its ultra-loose monetary policy.
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*Potash Corp wants to buy at least majority stake. Feb 26- Potash Corp of Canada wants to buy at least majority control of ICL Israel Chemicals Ltd and sees local opposition to its approach as based on unfounded fears, Potash's chief financial officer said on Tuesday.