Metals and Mining


  • *Gold reserves fell to unsustainable levels. RABAT, May 13- Morocco's biggest miner Managem has ended gold extraction in the southern Akka gold mines after reserves fell to non-viable levels, leading to the loss of around 300 jobs from its own staff and contractors, it said on Wednesday.

  • *Coal tops the list for deaths in energy sector. *Coal is also a major polluter. Coal mining is responsible for more fatalities than the production of any other energy source due to poor working conditions in producing countries such as China, Turkey, South Africa, Indonesia and Colombia.

  • *Platinum, palladium rise on South Africa. LONDON, May 14- Gold rose on Wednesday after the dollar and European equities came under pressure as investors awaited confirmation of further stimulus from the European Central Bank.

  • METALS-Nickel slips from 27-month highs, copper gains Wednesday, 14 May 2014 | 6:00 AM ET

    LONDON, May 14- Nickel prices slipped on Wednesday as a rally that had propelled the metal to 27 month highs ran out of steam, but concerns about tightening supplies are likely to keep prices supported. Three-month nickel on the London Metal Exchange fell 1 percent to $20,781 a tonne at 0936 GMT, after rising the last six trading sessions.

  • *Turkey declares national mourning for three days. SOMA, Turkey, May 14- Rescuers pulled more dead and injured from a coal mine in western Turkey on Wednesday more than 19 hours after an explosion, bringing the death toll to 205 in what could become the nation's worst ever mining disaster.

  • UPDATE 2-AMCU strikers block South Africa platinum mines Wednesday, 14 May 2014 | 4:09 AM ET

    *Lonmin had been aiming for a "mass return". MARIKANA, South Africa, May 14- About 1,000 stick-wielding strikers gathered outside Lonmin's Marikana platinum mine in South Africa on Wednesday, preventing workers from breaking the longest and costliest bout of industrial action in the sector's history.

  • BECKLEY, W.Va., May 13- The West Virginia coal mine where a collapse this week killed two workers had "chronic compliance issues" and received numerous citations from inspectors last year, federal authorities said on Tuesday.

  • METALS-Nickel comes off 27-month highs; copper steady Tuesday, 13 May 2014 | 9:40 PM ET

    SYDNEY, May 14- London nickel slipped on Wednesday, losing steam after supply concerns drove a rally of more than 15 percent in three days, while London copper steadied on the prospect that a slowdown in top consumer China could be countered by fresh stimulus.

  • SINGAPORE, May 14- Platinum and palladium retained on Wednesday sharp gains made overnight on worries that increasing labour tensions in major producer South Africa could hurt supply, while gold edged up on escalating violence in Ukraine.

  • *PM Erdogan cancels trip to Albania after the disaster. ISTANBUL, May 13- An explosion and fire in a coal mine in western Turkey killed at least 151 miners and trapped hundreds more on Tuesday, with the death toll expected to rise in the country's worst mining accident for more than two decades.

  • NEW YORK/ LONDON, May 13- Platinum and palladium both rose nearly 1.5 percent on Tuesday on the back of lingering supply worries as South Africa sent more police to the strike-hit platinum belt to protect miners after four were killed returning to work over the weekend.

  • European shares hit multi-year high, Airbus surges Tuesday, 13 May 2014 | 12:57 PM ET

    *Airbus, ThyssenKrupp help industrial shares. LONDON, May 13- European equities ended higher on Tuesday, with some benchmarks hitting multi-year highs following upbeat company results from major companies such as aerospace giant Airbus and steelmaker ThyssenKrupp.

  • TOKYO, May 13- Sumitomo Metal Mining Co Ltd, Japan's biggest nickel smelter, said there was an increasing risk it could cut production of key stainless steel ingredient ferronickel, amid growing concerns about ore shortages.

  • *Lonmin gears for May 14 return to work deadline. JOHANNESBURG, May 13- South African police deployed additional officers to the platinum belt on Tuesday to protect miners returning to work this week, a police spokesman said, as producers pushed ahead with plans to end the country's longest and most costly strike.

  • SHANGHAI, May 13- China's crude oil runs, oil demand and total base metals production unexpectedly fell in April from the preceding month, with slackening power generation also fanning concerns that the world's second-largest economy is not yet on a stable footing.

  • *Indonesia ban on ore exports has sparked wave of supply fears. TOKYO, May 13- Pacific Metals Co Ltd, Japan's biggest ferronickel maker, said it had secured enough supplies of nickel ore for this financial year, amid surging nickel prices as supply concerns grip the market.

  • --Clyde Russell is a Reuters columnist. Global iron ore miners are boosting seaborne supplies of the steelmaking ingredient by about 20 percent over the next two years and believe China will buy most of the extra cargoes. As CISA points out, however, China will still have significant surplus capacity even as outdated and polluting plants are shut down or idled.

  • *Guangdong already owns 23 percent of PanAust. *PanAust not recommending bid but allows due diligence. SYDNEY/ MELBOURNE, May 13- China's Guangdong Rising Assets Management has proposed a A $1.1 billion takeover offer for copper and gold miner PanAust Ltd, the second bid for an Australian resources firm by a Chinese state-owned company in two weeks.

  • MEXICO CITY, May 12- Mexican businessman Lorenzo Zambrano, who turned cement maker Cemex into one of the country's first modern multinationals, but also almost brought it crashing down, died on Monday aged 70..

  • Cool commodities? Mining stocks back in vogue Monday, 12 May 2014 | 7:22 AM ET

    Mining stocks have fallen out of favor, but just when things could have turned from bad to worse it appears that the sector is the new contrarian play for 2014.