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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.
MELBOURNE, Oct 10- Australia must hold urgent talks with China to exempt coal producers from new tariffs in a free trade agreement due to be completed this year, an industry body said, following Beijing's move to reintroduce coal tariffs after nearly a decade. The tariffs would hit Australian producers hardest as its main coal export rival, Indonesia, is exempt...
LONDON, Oct 5- BHP Billiton, the world's largest diversified miner, said it aimed to squeeze more tonnage from its iron mines at less expense per tonne as it aims to overtake rival Rio Tinto as the world's lowest-cost producer. The focus of mining companies has shifted towards cost-cutting as iron ore prices have dropped from about $190 a tonne in 2011 to less than...
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.
Prices of copper – the industrial metal used in everything from cars to houses – have declined this week, heading towards a one-month low.
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.
Investors who believe copper's recent price decline is limited to China are on the "path to ruin", warned Albert Edwards, Societe Generale's uber-bearish strategist.
Commenting on Monday's rout in Australian resources stocks due to poor\ Chinese trade data, Philip Parker, Chairman & CEO, Altair Investment Management, says the selloff may have been overdone.
Mark Taylor, Senior Resources Analyst at Morningstar, says the firm's lower-than-expected dividend suggests that a buyback may be on the cards.
Janet Yellen's remarks hinting the Fed will continue to taper pushed gold to a 3-month high.
Peter Akerley, President & CEO of Canada-based Erdene Resource Development, says Mongolia has been making progress in terms of mining regulations.