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Metals and Mining

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  • METALS-London copper pauses as Freeport eyes exports Sunday, 27 Jul 2014 | 9:14 PM ET

    SYDNEY, July 28- London copper opened steady on Monday after a two percent run up last week, stalling on news that major miner Freeport was set to resume concentrate exports from Indonesia after a six-month halt, unlocking a kink in supply.

  • July 25- A former adviser to mining giant BSG Resources was sentenced in New York federal court on Friday to two years in prison for obstructing a criminal probe in connection with a bribery investigation in Guinea.

  • JAKARTA, July 25- Freeport-McMoRan Inc clinched a deal with the Indonesian government on Friday allowing the miner to resume copper concentrate exports from the country, effectively ending a six-month tax dispute and paving the way for more miners to follow suit.

  • JAKARTA, July 25- Freeport-McMoRan Inc and the Indonesian government on Friday reached a deal over a contract dispute that should pave the way for a resumption of the U.S. company's copper exports after a six-month halt.

  • Brad Gordon, CEO of African Barrick Gold, says weaker gold demand has offset further price rises to the precious metal despite geopolitical tensions.

  • SYDNEY, July 25- London copper edged down on Friday but was still set to log its fifth weekly advance in six, with investors more bullish on metals on expectations the global economy is on a firmer footing and on a brighter outlook for top consumer China.

  • July 24- The steel-making coal market needs to cut another 10 million tonnes of production to get into balance, the chief of Teck Resources Ltd said on Thursday after the Canadian miner reported a sharp fall in profit, mainly due to weak coal prices.

  • RIO DE JANEIRO, July 24- Brazil's Vale SA produced record amounts of iron ore in its latest second quarter, rising to the task of battling Australian rivals for market share, but weaker performance at other divisions fanned some concern ahead of results next week.

  • "Results were better than expected, with solid operating results in coal and copper," RBC Capital Markets analyst Fraser Phillips said in a note to clients. Teck cut its 2014 copper cost forecast to between $1.95 and $2.05 per pound from $2.00 to $2.20 a pound.

  • RIO DE JANEIRO, July 24- Brazilian miner Vale said on Thursday its iron ore output in the second quarter was a record high for the period, up 12.6 percent from a year earlier, as it ramped up production to win back market share from Australian rivals.

  • *Freeport set to strike deal. JAKARTA, July 24- Indonesia has offered mining companies a tax concession to end a six-month dispute that has reduced mineral exports by half a billion dollars a month, pushed up the global price of some metals and led to thousands of layoffs.

  • MELBOURNE/ LONDON/ RIO DE JANEIRO, July 24- After two years of shunning miners, investors are tiptoeing back into the sector on signs of growth perking up in China, company austerity measures paying off, and prices of nickel, copper and aluminum picking up as supply tightens.

  • *Indonesia to revise rules on mineral export taxes next month. LONDON, July 24- Copper climbed to its highest level in 10 days and zinc hit a near three-year peak after better-than-expected Chinese factory data calmed fears about economic growth in the world's biggest metals consumer.

  • JAKARTA, July 24- Indonesia will revise its rules on mineral export taxes next month, paving the way for the country's multi-billion dollar mining industry to resume full production after months of layoffs and stalled output, a senior official said on Thursday.

  • July 24- Canadian diversified miner Teck Resources Ltd reported a 44 percent drop in quarterly earnings, mainly due to "significantly" lower coal prices. On an adjusted basis, Vancouver- based Teck's earnings fell to 13 Canadian cents per share from 34 Canadian cents per share.

  • Teck Resources' profit falls as coal prices remain weak Thursday, 24 Jul 2014 | 5:13 AM ET

    July 24- Canadian diversified miner Teck Resources Ltd reported a 44 percent drop in quarterly earnings, mainly due to "significantly" lower coal prices. Net profit attributable to shareholders fell to C $80 million, or 14 Canadian cents per share, in the second quarter ended June 30, from C $143 million, or 25 Canadian cents per share, in the same period a year earlier.

  • JAKARTA, July 24- Indonesia's president has said the government will take stern action against Newmont Mining Corp, which has filed for international arbitration over the country's mineral export tax, the country's chief economics minister quoted him as saying.

  • LAUNCESTON, Australia, July 24- The election of reformist Joko "Jokowi" Widodo as Indonesia's new president has spurred hopes of a rapprochement with global miners and the scaling back of some of the nationalistic resource policies.

  • JAKARTA, July 24- Indonesia will soon allow U.S. miner Freeport-McMoRan Copper& Gold Inc to resume copper exports, with both sides close to ending a six-month dispute over new mining rules, a senior official said on Thursday. Indonesia introduced a mineral ore export ban and a steep export tax on concentrates in January.

  • JAKARTA, July 24- Indonesia is expected to issue U.S. mining giant Freeport-McMoRan Copper& Gold with a government permit to resume exporting copper concentrates in one or two weeks, a mining ministry official said on Thursday.