Diversified Metals and Mining
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China's MMG, OZ Minerals seen as likely bidders. MELBOURNE, May 10- U.S. private equity firm Carlyle Group has submitted a bid for Anglo-Australian miner Rio Tinto's 80 percent stake in the Northparkes copper mine in Australia, news agency Dow Jones said on Friday, citing a person familiar with the bid.
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*Tom Albanese sacked with no pay-off. LONDON, Jan 17- Rio Tinto sacked chief executive Tom Albanese on Thursday and revealed a $14 billion writedown in connection with his two most significant acquisitions, the Alcan aluminium group and Mozambican coal. Doug Ritchie, who led the acquisition of Mozambique- focused miner Riversdale, was also shown the door.
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Rio Tinto, the mining giant, was in turmoil Thursday morning after the abrupt departure of its chief executive and the announcement of a $14 billion writedown.
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How many times would you have made money in this copper trade over the past 40 years?
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TORONTO, Jan 6- Sagging demand for non-precious metals- a trend that's beyond the direct control of Canada's embattled gold producers- is shaping up as their best hope for recovery in 2013 after a year that battered their share prices.
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Stephen Hogan, Senior Private Client Adviser, Equities/Derivatives, Novus Capital says risk assets should rally in the coming months. He says it's a good time to add some exposure to stocks like BHP Billiton and Rio Tinto.
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LONDON, Dec 7- Conflicting signals from the U.S. " Yet BlackRock data show energy ETPs attracting a solid $225 million in net inflows in November and industrial metals some $16 million, whilst safe haven precious metals attracted $1.713 billion.
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*Freeport in $9 billion bid for two energy companies. Even so, Freeport's $9 billion play for Plains Exploration& Production and McMoRan Exploration Co shows that even industry giants are finding copper a challenge as mines age, grades decline and costs rise.
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*Deals allow Freeport to diversify into U.S. oil, gas. On paper the deal reshapes Freeport, with its mining profile largely outside the United States, and Plains and McMoRan concentrated in energy plays in California, Texas and the Gulf of Mexico.
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*Rio says to cut $5 bln in operating costs by end 2014. *Sees ore production cost falling to just over $35.50/ t from $47 delivered to China. MELBOURNE/ SYDNEY Nov 29- Rio Tinto aims to axe $7 billion in costs over the next two years and sell more assets to cushion against weaker commodity prices, while at the same time beefing up output in its lucrative iron ore business.
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Rio Tinto aims to axe $7 billion in costs over the next two years as it faces weaker commodity prices, and despite cutting costs the global miner had managed to beef up production at its lucrative Australian iron ore operations.
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Investment committed to Australian resource projects rose by nearly A$8 billion in the six months to the end of October, while the number of projects declined, in part underscoring rising construction and labor costs in Australia's resources sector amid weakening demand.
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Japan has a miserable future ahead of it without radical changes to the business climate, the former chief executive of camera and medical equipment maker Olympus has told CNBC.
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Mulberry won the prestigious British Luxury Brand of the Year at the Walpole Awards for Excellence, in association with Coutts, on Monday, beating out stiff competition from Alexander McQueen, Burberry, Harrods and Stella McCartney.
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*Glencore offering 3.05 new shares for every Xstrata share. LONDON/ ZUG, Switzerland, Nov 20- Shareholders in commodities trader Glencore have overwhelmingly approved its long-awaited $31 billion takeover of miner Xstrata, paving the way for one of the largest tie-ups in the sector to date.
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BHP Billiton has quietly started looking for a successor to Marius Kloppers, chief executive, in what could herald a further shake-up in the leadership of the global mining industry following a five-year period of stability. The FT reports.
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Physical demand for gold from Asian consumers may be showing some modest signs of stabilization but the buying interest so common at this time of year during religious festivals and the wedding season still won't be strong enough to lift prices above $1,800 an ounce, strategists said.
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‘Superstorm’ Sandy is set to inflict a negative hit on demand for crude oil as U.S. East Coast refineries come to a standstill, but BP’s Chief Executive Bob Dudley has told CNBC that oil firms are set to bounce back quickly.
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After a slump in third-quarter earnings, Richard Adkerson, Freeport McMoran Copper & Gold CEO, told CNBC’s "Closing Bell" on Monday, he’s still optimistic about his business and copper fundamentals longer-term.
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Andrew Dale, head of resources research, Asia, Macquarie says there hasn't been a big cut back in investments by global mining companies despite slowing growth.
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Karl Smich, CEO of Sandfire Resources said his company is already selling China material from its DeGrussa Mine which will be commissioned next month. He added that the mine is on track to start full production next year.