Metals and Mining
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LONDON, Feb 15- Anglo American saw 2012 underlying earnings halve and its bottom line dip into the red, as profits fell across all units and the global miner wrote $4 billion off the value of its flagship Minas Rio iron ore project in Brazil.
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*China, India leading modest demand recovery for diamond jewellery. Feb 15- A more positive outlook in China and India will help boost diamond sales this year, says De Beers, the world's biggest diamond producer, in a further sign the world economy is on a slow path to recovery.
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Global miner Anglo American posted a sharp drop in 2012 earnings, hit by tumbling earnings from all core units and writedowns to the value of its troubled platinum assets and the flagship Minas Rio iron ore project in Brazil.
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*China industry has access to cash, real demand to pick up- exec.
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SINGAPORE, Feb 15- London copper was flat on Friday but set to log its largest weekly loss this year after data showed the euro zone recession deepened more than expected at the end of 2012, eroding demand expectations, and with top consumer China still on holiday.
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Jonathan Barratt, Founder, Barratt's Bulletin discusses if Rio Tinto's cost-cuts are achievable. He explains why $64 and below is a good buying point for Rio's stock.
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*India relaxes rules on gold deposit scheme. LONDON, Feb 14- Gold held comfortably above this week's five-week lows on Thursday on short-term speculative buying, but further gains were capped by weakness in the euro and global shares. Gold rose 0.2 percent to $1,645.91 an ounce by 1504 GMT.
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Feb 14- Barrick Gold Corp, the world's largest gold miner, reported a quarterly loss on Thursday, after booking a $3.8 billion impairment charge to write down the value of its Lumwana copper asset. However, Barrick will continue working on its massive Pascua Lama mine on the border of Argentina and Chile, with production targeted for the second half of 2014..
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Feb 14- Barrick Gold Corp, the world's largest gold miner, reported a quarterly net loss on Thursday, after booking an impairment charge to write down the value of some of its copper, oil and natural gas assets. The Toronto- based gold miner reported a fourth-quarter net loss of $3.06 billion or $3.06 a share.
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*Rio sees pick-up in China continuing. MELBOURNE/ LONDON, Feb 14- Rio Tinto's new chief signalled he would slash costs, focus on selling weak assets and spend more carefully after the world's no.3 miner reported a $3 billion full-year loss, its first ever.
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Sam Walsh, CEO of Rio Tinto, tells CNBC that the company plans to embark on aggressive cost cutting measures, aiming to reduce its total costs by $5 billion by the end of 2014
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*Glencore, Trafigura meet Norilsk management. LONDON/ MOSCOW, Feb 14- Norilsk Nickel may start working with Glencore or Trafigura to penetrate new markets, the Russian mining major said, signalling a thaw after years of refusing to do business with large trading houses.
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*Rio sees pick-up in China continuing. MELBOURNE/ LONDON, Feb 14- Rio Tinto's new chief said he would slash costs, sell weak assets and spend more carefully after the world's no.3 miner reported a $3 billion full-year loss, its first ever.
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SINGAPORE, Feb 14- London copper traded in a narrow range on Thursday, supported by signs of a revival in China's economic growth, but a week-long holiday there kept turnover light, while attention shifted to the G20 meeting at the weekend for cues on direction.
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*Adjusted EPS $0.24 vs Street view $0.22. TORONTO, Feb 13- Canada's Kinross Gold Corp reported on Wednesday a fourth-quarter net loss as an impairment charge related primarily to its Tasiast gold mine in West Africa outweighed a boost in revenue.
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*India and Japan to see greatest benefits. LONDON, Feb 14- Worldwide shale oil production could add $2.7 trillion to the global economy annually by 2035 by slashing the price of crude by as much as $50 a barrel, PwC said on Thursday.
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*ThyssenKrupp halts shortened working hours. DUESSELDORF, Germany, Feb 13- Germany's steel sector should not get its hopes up following some positive data at the start of the year, with demand remaining weak and competition in global markets intensifying, a trade group said on Wednesday.
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Feb 13- Coeur d'Alene Mines Corp offered to buy Orko Silver Corp, topping a bid from First Majestic Silver Corp and opening a race for control of one of the world's largest undeveloped silver deposits. The prize is Orko's La Preciosa project in Mexico, which Coeur estimates holds 99 million ounces of indicated silver resources.
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SINGAPORE, Feb 13- London copper was little changed on Wednesday, underpinned by growing hopes China's consumers will restock after the Lunar new year, even as holidays this week in the top consumer of the metal drained liquidity and momentum from the market.
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SINGAPORE, Feb 13- London copper was little changed on Wednesday, underpinned by growing hopes China's consumers will restock after the Lunar new year. *Copper has broken decisively above the $8,000 mark this year to trade in an $8,150- $8,350 band in February, up almost four percent year to date.
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