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Metals and Mining

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  • Cliffs, a Cleveland- headquartered iron ore and coal producer, said it plans to reduce its capital spending in 2014 by more than 50 percent to between $375 million and $425 million as it cuts back its Bloom Lake Mine expansion and idles production at its Wabush Mine.

  • Feb 11- The Energy Information Administration on Tuesday lowered its U.S. crude oil production forecast for this year and next due to recent severe weather but said improving technology could boost shale oil output over the next two years.

  • Gold on track for biggest one-day gain in three weeks. NEW YORK/ LONDON, Feb 11- Gold rose to a three-month high on Tuesday, gaining more than 1 percent after incoming Federal Reserve Chair Janet Yellen made it clear she would not make any abrupt changes to the central bank's commitment to a measured tapering of bond purchases.

  • *In 2009, Goldman bought firm that once sold Iran uranium. LONDON, Feb 11- Goldman Sachs and Deutsche Bank are quietly trying to get out of a business few people know they are even in: trading supplies of raw uranium known as yellowcake.

  • *Gold retreats from highest since mid-November. LONDON, Feb 11- Gold retreated from a near three-month high on Tuesday after incoming Federal Reserve Chair Janet Yellen reiterated the U.S. central bank's commitment to a measured tapering of its bullion-friendly policy stimulus.

  • *Platinum dollar prices fail to benefit from strikes. LONDON, Feb 11- The world's biggest platinum-backed exchange-traded fund, based in South Africa, reported its largest ever outflow last week after the rand platinum price hit 5-1/ 2 year highs, prompting domestic investors to cash in gains.

  • Why mining stocks could gain from EM sell-off Tuesday, 11 Feb 2014 | 6:46 AM ET
    A miner in Mutorashanga, Zimbabwe

    The emerging markets sell-off could boost mining companies, analysts said on Tuesday, ahead of earnings from some of the sector's biggest names.

  • Andrew Dale, division director of global natural resources at Macquarie Securities, says Glencore will be a beneficiary of improving copper production costs ahead.

  • TORONTO, Feb 10- Canadian base metal miner HudBay Minerals Inc said it plans to buy exploration company Augusta Resource Corp in a bid to gain control of its Rosemont project in Arizona, an asset widely viewed as one of the most promising copper projects in the United States.

  • AngloGold Ashanti to sell Namibian unit for $110 mln Monday, 10 Feb 2014 | 8:15 AM ET

    JOHANNESBURG, Feb 10- Africa's top bullion producer AngloGold Ashanti is selling its Namibian unit for $110 million to private mining group QKR, it said on Monday, the disposal being part of a renewed drive to rationalise and focus on its bigger operations.

  • Peter Akerley, President & CEO of Canada-based Erdene Resource Development, says Mongolia has been making progress in terms of mining regulations.

  • Feb 7- Cameco Corp, the world's third-largest uranium producer, on Friday scrapped its lofty production target for the radioactive metal due to excess global supply in an uncertain market.

  • WASHINGTON, Feb 7- U.S. officials wrongly aided coal companies seeking federal land leases and accepted below-value bids in a flawed program costing taxpayers tens of millions of dollars, according to an independent review of the U.S. Interior Department.

  • WASHINGTON, Feb 7- U.S. officials wrongly advised coal companies when they leased federal land in a flawed program costing taxpayers millions of dollars, according to an independent review of the U.S. Interior Department.

  • Euro STOXX 50 rises 0.9 pct to 3,038.49 points. LONDON, Feb 7- European shares extended their rebound on Friday from last month's losses, helped by mining stocks, as long-term investors bet equities would continue to benefit from the region's gradual economic recovery.

  • Arcelor helps European shares rise for second day Friday, 7 Feb 2014 | 10:01 AM ET

    LONDON, Feb 7- European shares rose for a second straight day on Friday, helped by gains at steelmaker Arcelor, as long-term investors bet equities would continue to benefit from the region's gradual economic rebound.

  • *Copper on track to post biggest weekly gain this year. *China markets reopen from week-long holiday. LONDON, Feb 7- Copper rose on Friday, on track to post its largest weekly rise for the year, boosted by hopes of a pickup in demand after the Chinese New Year and by limited short-term availability of the metal in the physical market.

  • BRUSSELS, Feb 7- ArcelorMittal, the world's largest steelmaker, forecast higher profits this year, driven by higher steel sales and margins, and an increase in iron ore production as Europe ended two years of decline.

  • *Skanska drags after orders lag. But peer SSAB fell 1.7 percent after reporting its sixth straight quarterly loss with slowing growth in China, though it said the hard-hit European steel market had bottomed out.

  • Metals and mining: The top picks     Friday, 7 Feb 2014 | 3:15 AM ET

    Paul Gait, senior metals and mining research analyst at Sanford Bernstein, discusses the companies to watch in the metals and mining space.