July 24- The steel-making coal market needs to cut another 10 million tonnes of production to get into balance, the chief of Teck Resources Ltd said on Thursday after the Canadian miner reported a sharp fall in profit, mainly due to weak coal prices.» Read More
NEW YORK— Shares of some top gold companies are down at 1 p.m.:. Barrick Gold Corp. fell$. 48 or 2.6 percent, to $18.26. Newmont Mining Corp. fell$. 45 or 1.8 percent, to $24.74.
NEW YORK— Shares of some top gold companies are down at 10 a.m.:. Barrick Gold Corp. fell$. 21 or 1.1 percent, to $18.53. Newmont Mining Corp. fell$. 40 or 1.6 percent, to $24.79.
Arch Coal rose$. 04 or 1.4 percent, to $2.91. Consol Energy Inc. fell$. 01 or percent, to $40.70. Peabody Energy rose$. 06 or. 4 percent, to $15.03.
Hecla Mining Co. fell$. 03 or. 9 percent, to $3.19. Pan American Silver Corp. fell$. 08 or. 5 percent, to $14.79. Silver Standard Resources Inc. fell$. 21 or 2.3 percent, to $8.77.
NEW YORK— Shares of some top chemicals companies are mixed at 10 a.m.:. Dow Chemical Co. fell$. 39 or. 7 percent, to $53.50. DuPont Co. rose$. 13 or. 2 percent, to $65.50.
"Results were better than expected, with solid operating results in coal and copper," RBC Capital Markets analyst Fraser Phillips said in a note to clients. Teck cut its 2014 copper cost forecast to between $1.95 and $2.05 per pound from $2.00 to $2.20 a pound.
RIO DE JANEIRO, July 24- Brazilian miner Vale said on Thursday its iron ore output in the second quarter was a record high for the period, up 12.6 percent from a year earlier, as it ramped up production to win back market share from Australian rivals.
*Freeport set to strike deal. JAKARTA, July 24- Indonesia has offered mining companies a tax concession to end a six-month dispute that has reduced mineral exports by half a billion dollars a month, pushed up the global price of some metals and led to thousands of layoffs.
*BASF still sees slightly higher adj EBIT in 2014. FRANKFURT, July 24- BASF, the world's largest chemicals maker by sales, became the latest euro zone company to suffer from the strength of the euro, posting lower-than-expected earnings growth even as sales volumes rose.
MELBOURNE/ LONDON/ RIO DE JANEIRO, July 24- After two years of shunning miners, investors are tiptoeing back into the sector on signs of growth perking up in China, company austerity measures paying off, and prices of nickel, copper and aluminum picking up as supply tightens.
*Indonesia to revise rules on mineral export taxes next month. LONDON, July 24- Copper climbed to its highest level in 10 days and zinc hit a near three-year peak after better-than-expected Chinese factory data calmed fears about economic growth in the world's biggest metals consumer.
Net earnings for the world's biggest fertilizer company by market capitalization fell to $472 million, or 56 cents per share, from $643 million, or 73 cents per share, a year earlier. Potash Corp had forecast 40 cents to 45 cents. Potash Corp raised its estimate of 2014 earnings to a range of $1.70 to $1.90 per share from a prior forecast of $1.50 to $1.80.
JAKARTA, July 24- Indonesia will revise its rules on mineral export taxes next month, paving the way for the country's multi-billion dollar mining industry to resume full production after months of layoffs and stalled output, a senior official said on Thursday.
July 24- Canadian diversified miner Teck Resources Ltd reported a 44 percent drop in quarterly earnings, mainly due to "significantly" lower coal prices. On an adjusted basis, Vancouver- based Teck's earnings fell to 13 Canadian cents per share from 34 Canadian cents per share.
July 24- Canadian diversified miner Teck Resources Ltd reported a 44 percent drop in quarterly earnings, mainly due to "significantly" lower coal prices. Net profit attributable to shareholders fell to C $80 million, or 14 Canadian cents per share, in the second quarter ended June 30, from C $143 million, or 25 Canadian cents per share, in the same period a year earlier.
JAKARTA, July 24- Indonesia's president has said the government will take stern action against Newmont Mining Corp, which has filed for international arbitration over the country's mineral export tax, the country's chief economics minister quoted him as saying.
LAUNCESTON, Australia, July 24- The election of reformist Joko "Jokowi" Widodo as Indonesia's new president has spurred hopes of a rapprochement with global miners and the scaling back of some of the nationalistic resource policies.
JAKARTA, July 24- Indonesia will soon allow U.S. miner Freeport-McMoRan Copper& Gold Inc to resume copper exports, with both sides close to ending a six-month dispute over new mining rules, a senior official said on Thursday. Indonesia introduced a mineral ore export ban and a steep export tax on concentrates in January.
JAKARTA, July 24- Indonesia is expected to issue U.S. mining giant Freeport-McMoRan Copper& Gold with a government permit to resume exporting copper concentrates in one or two weeks, a mining ministry official said on Thursday.
JAKARTA, July 24- Indonesia's top two copper miners signalled they are nearing a breakthrough to allow a restart of concentrate exports, which have been halted for more than six months due to a dispute with the Southeast Asian country over new mining rules.
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