TORONTO, April 23- Freeport-McMoRan Inc is mulling a public offering of its oil and gas business to help kick-start production growth for its energy business, along with joint ventures or asset sales, the diversified miner said on Thursday. Weighted by a $20.3 billion debt load, Freeport has been studying several options to secure capital but found joint...» Read More
Oversupply and a lack of demand growth has led some market analysts to speculate that iron ore prices will never recover to former levels.
TORONTO, March 24- Diversified U.S. mining and energy company Freeport-McMoRan Inc said on Tuesday it is slashing its quarterly dividend by 84 percent in response to the impact of lower commodity prices. The company is cutting its dividend to 5 cents a share from 31-1/ 4 cents a share/ The stock was off 2.7 percent to $18.80 in trading before the morning bell in New...
Emily Lee, executive director of Lanka Graphite, discusses the state of Sri Lanka's business environment following a change in power early this year.
*South32 net debt at $674 mln, well below forecasts. *Net assets $12.95 bln, based on book value. MELBOURNE/ LONDON, March 17- BHP Billiton said a proposed $13 billion spinoff of South32 would give the world's biggest miner a strong chance to ride out tough conditions in commodity markets and was a more attractive option than an asset sale.
JOHANNESBURG/ LONDON March 12- The sliding rand is a double-edged sword for mining companies in South Africa, with cost inflation, wage claims and potential labour unrest outweighing the gains that exporters traditionally derive from domestic currency weakness. The drop in the rand, near 13- year lows against the dollar, should benefit diversified mining...
A powerful cyclone hits northeast Australia, causing massive damage and causing flash flooding, while a second storm made landfall to the west.
TORONTO, Feb 12- Shares in Teck Resources Ltd rose on Thursday after the diversified Canadian miner posted quarterly revenue and gross-profit figures that beat analysts' expectations, with currency gains and lower oil costs offsetting the blow from falling commodity prices. Shares in the Vancouver- based miner rose 3.6 percent to C $18.25 in Toronto.
Feb 12- Canadian miner Sherritt International Corp reported a much wider-than-expected quarterly loss as nickel prices fell due to a supply glut and weak demand from China. Sherritt, however, is betting on a rebound in the nickel market later this year as a sustained period of excess supply ends due, in part, to Indonesia's continuing ore export ban.
Fraser Jamieson, head of metals and mining research at JPMorgan, discusses the earnings outlook for the U.K. mining firms.
Mining stocks sold off sharply on Wednesday, with Glencore falling to an all-time nadir, after copper plunged to a five-and-a half-year low.
Copper prices have slumped to 2009 levels. Nic Brown, head of commodities research at Natixis, discusses what's leading the selloff, saying he's been pretty "bearish on copper for a while."
Gold has extended gains to climb to its highest level since last October as copper has fallen further below $6,000, beyond five-year lows.
TORONTO, Dec 3- Rio Tinto Plc's re-commitment to diamonds with a $350 million Canadian mine expansion has highlighted the prospects for a handful of smaller players boasting one of the sector's rarest commodities- new mines. Global consumer demand for diamond jewelry is forecast to grow at 4 to 5 percent annually, to $31 billion in 2018 from $25 billion last year,...
LONDON, Nov 18- Gemfields, the world's largest rough emerald producer, expects to take up to two more years to have stopped the losses at the Faberge jewellery business it bought two years ago, its chief executive, Ian Harebottle, said. London- listed Gemfields, which mines emeralds in Zambia and rubies in Mozambique, bought Faberge in the hope that the brand made...
Oct 29- Canadian diversified miner Teck Resources Ltd reported a 68.5 percent drop in quarterly earnings on Wednesday, hurt by lower prices for steelmaking coal. Net profit attributable to shareholders fell to C $84 million, or 14 Canadian cents per share, in the third quarter ended Sept. 30 from C $267 million, or 46 Canadian cents per share, a year earlier.
The prices of a range of commodities slid further Monday, dragging down stocks as investors feared more pain ahead for the asset class.
While low-cost producers will survive the recent fall in iron ore prices, high-cost miners in Australia are the most vulnerable, says Jonathan Barratt, Chief Investment Officer at Ayers Alliance Securities.
Miner Glencore said on Wednesday it will launch a share buy-back program of up to $1 billion over the next six months.
Shares of mining giant BHP Billiton closed 4.9 percent lower in London on Tuesday after the group announced plans to spinoff businesses worth around $16 billion.
Sandfire Resources looks set to return cash to shareholders soon.