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Materials and Metals

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  • MELBOURNE, July 2- London copper held its ground on Thursday after strong U.S. data eclipsed worries about factory growth in Asia, with a jobs report later in the session expected to support the view that the world's biggest economy is gaining steam. *A defiant Prime Minister Alexis Tsipras urged Greeks on Wednesday to reject an international bailout deal,...

  • LONDON, July 1- Global mining firm Glencore said on Wednesday it would go ahead with a plan to close some operations at its Optimum Coal subsidiary in South Africa due to weak coal prices, a move which will result in the loss of 600 to 700 jobs. South Africa's National Union of Mineworkers had bitterly criticized the company's plan to shut down these assets, accusing...

  • LONDON, July 1- Mongolia's prime minister sees signs of progress in developing the country's biggest coal mine and a gold project, hoping to win back much needed foreign investment after resolving a dispute with miner Rio Tinto. Mongolia gets almost 90 percent of its revenue from the mining sector and was hit by a fall in commodity prices last year.

  • LONDON, July 1- Global mining and trading company Glencore said on Wednesday it would go ahead with its plan to close some operations at its Optimum coal assets in South Africa, which will result in the loss of 600-700 jobs.

  • US manufacturing growth improves in June; hiring jumps Wednesday, 1 Jul 2015 | 10:11 AM ET

    WASHINGTON— U.S. manufacturing growth improved in June, helped by a jump in employment. The Institute for Supply Management, a trade group of purchasing managers, said Wednesday that its manufacturing index rose to 53.5 last month from 52.8 in May. "When it goes up like that, it's in anticipation of future orders," said Bradley Holcombe, chairman of I.S.M.' s...

  • JOHANNESBURG/ LONDON, July 1- South Africa's platinum sector is at a crucial juncture as the metal's price, near six-year lows, maintains a steady decline, with analysts now contemplating a move below $1,000 an ounce. Platinum has fallen nearly 10 percent so far this year, and at current prices of less than $1,100 an ounce, many shafts in the world's top producing...

  • UK shares fall to 5-1/2 month low, supermarkets sink Tuesday, 30 Jun 2015 | 12:20 PM ET

    *Standard Life slips after downgrade from RBC. LONDON, June 30- Britain's top equity index hit its lowest level since mid-January on Tuesday, pulled down by miners and supermarkets and underperforming even euro zone shares despite Greece being hours away from a repayment default. The FTSE 100 index closed down 1.5 percent, with mining stocks BHP Billiton and...

  • China, the world's dominant producer, was choking supply and investors were stampeding into the hottest ticket in town. The ensuing bust was equally spectacular with prices collapsing as buyers went on strike and China, under international pressure, loosened its stranglehold. With Molycorp and its Australian peer, Lynas, struggling to stay afloat, all the old...

  • *Glencore seen as main competitor for coal assets deals. Davis set up X2 Resources in 2013 only months after commodity group Glencore took over Xstrata. His fund has raised about $5.6 billion and has six main private investors, which include commodity trader Noble Group and private equity group TPG Capital, an Abu Dhabi investment fund and a Canadian pension...

  • LONDON, June 30- X2 Resources, the private equity fund set up by former Xstrata boss Mick Davis, is now in initial bi-lateral talks to buy some of Rio Tinto's Australian coal assets, a source close to the situation said on Tuesday. The mining industry veteran is also considering buying some coal mines Anglo American has put up for sale in Australia, sources close to X2...

  • WARSAW, Poland— Poland's government, at its first ever session outside Warsaw, approved a multi-billion-euro plan on Tuesday to stimulate the coal-mining region of Silesia's industry and job market. "The point is to give a strong impulse for the region that is meant to be the heart of Poland's industry," Kopacz said. "I gave the maximum possible without endangering...

  • BERLIN, June 30- Germany has delayed a parliamentary vote on new rules for the disputed technique of fracking for shale gas after parties in Chancellor Angela Merkel's coalition failed to agree on final details, lawmakers said on Tuesday. Legislation had been due to go to the Bundestag on Friday but objections from some Social Democrats, in coalition with...

  • WASHINGTON, June 29- The Supreme Court on Monday dealt a blow to a sweeping U.S. air pollution regulation aimed primarily at curbing emissions of mercury from coal-fired power plants by ruling that the Obama administration wrongly failed to consider compliance costs. "EPA is disappointed that the court did not uphold the rule, but this rule was issued more than...

  • ST. PAUL, Minn.— Environmental advocates trying to stop a proposed copper-nickel mine in northeastern Minnesota launched an ad campaign on Monday aimed not at the company behind the project but at Gov. In a statewide ad expected to begin airing this week, the group shows video of a massive spill of mining waste in Canada and calls on Dayton to reject the mine's waste...

  • Coal stocks rise on Supreme Court emissions ruling Monday, 29 Jun 2015 | 11:31 AM ET

    Shares of Consol Energy Inc. rose 2 percent to $22.83; Alpha Natural Resources Inc. rose 4 percent to 34 cents; Peabody Energy Corp. and Arch Coal Inc. jumped 9 percent. Walter Energy Inc. spiked 23 percent to 24 cents. Utilities also picked up steam, with Southern Co. gaining 48 cents to $42.38, Duke Energy Corp. up 56 cents to $71.56 and NextEra Energy Inc. up 62...

  • *Copper steady after China central bank cuts rates. LONDON, June 29- Nickel prices hit their lowest in six years on Monday, falling in response to stubbornly high stockpiles and risk aversion over the Greek debt crisis, while copper steadied on hopes that China's economy is levelling out. The dollar rose against the euro, while global equities and commodities such...

  • LONDON, June 29- Trading house Trafigura has sold half its stake in three Spanish copper and zinc mines to Abu Dhabi investment company Mubadala as part of a joint venture they are setting up to invest in base metals mining, the companies said on Monday. Sources close to the deal said it valued the mines business at around $1.4 billion, meaning Mubadala would be...

  • *Copper steady after China central bank cuts rates. LONDON, June 29- Nickel prices broke below $12,000 a tonne to hit their lowest in six years on Monday after sliding on rising stockpiles and risk aversion over Greece, while copper steadied on hopes that China's economy is levelling out. The dollar rose against the euro, while global equities and commodities such...

  • BEIJING, June 29- Northern China's Hebei, the country's biggest steelmaking province, produced 16.11 million tonnes of the material in May, down 2.4 percent on the year, hit by weak underlying demand and a seasonal construction downturn. China's Ministry of Industry and Information Technology is about to release details of a plan to curb nationwide capacity by...

  • Potash Corp and K+ S have both acknowledged the bid publicly but have disclosed no other details. Potash Corp, however, intends to keep K+ S's German mines operational, would not divest its market-leading salt business, and would continue with the development of a $4 billion legacy mining project in Canada, the people said on Sunday. Potash Corp also views K+ S's...

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