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  • LONDON, Aug 28-- Copper prices extended a rally on Friday after the stock market in China recovered for a second day, but gains were capped due to continued worries about oversupply. "We are confident that not all short sales of metals in China have been already covered," said Commerzbank in a note. Copper shot up 4.2 percent on Thursday, lifted by a bounce in global stock...

  • LONDON, Aug 28-- Copper prices dipped on Friday after a sharp rebound the day before as worries about oversupply resurfaced, but losses were modest after the stock market in top metals consumer China recovered for a second day. Copper shot up 4.2 percent on the London Metal Exchange on Thursday, lifted by a bounce in global stock markets, buoyant U.S. economic data...

  • HONG KONG, Aug 28- China is trying to push its two biggest aluminium businesses together as part of a planned shake-up of state-owned enterprises, industry sources said, a move that would create the world's largest aluminium maker. Power company State Power Investment Corp is in talks to hive off its aluminium assets to Aluminum Corp of China, allowing SPI to...

  • But the stock climbed further after the billionaire investor disclosed the stake in a filing with the U.S. Securities and Exchange Commission, and said that he plans to speak with Freeport and may seek board representation. Freeport is undervalued, Icahn said in the filing, and he intends to address "executive compensation practices and capital structure as...

  • TORONTO, Aug 27- Freeport-McMoran Inc said on Thursday it will slash its mining capital budget by 25 percent next year and cut 10 percent of its U.S. mine staff, as the diversified miner and energy producer attempts to weather an ongoing slump in copper prices. This marks the latest in a string of cuts from the Arizona- based company, which earlier this month reduced...

  • TORONTO, Aug 27- Freeport-McMoran Inc said on Thursday it will slash its mining capital budget by 25 percent next year and cut 10 percent of its U.S. mining staff, as the diversified miner and energy producer attempts to weather an ongoing slump in copper prices. Shares of Freeport-McMoran, which will also suspend operations and lower production at some U.S. mines,...

  • Aug 27- Diversified U.S. miner and energy producer Freeport-McMoran Inc said it would cut 10 percent of its U.S. mining workforce and lowered the amount it plans to spend on mining in 2016 by 25 percent to $2 billion as commodity prices continue to fall. The company, which operates seven open-pit copper mines in North America, plans to suspend mining at its Miami...

  • PHOENIX— Activist investor Carl Icahn said late Thursday that he has taken an 8.5- percent stake in Freeport-McMoRan, just hours after the mining company announced cost cuts and lower spending in response to declining copper prices and soft economic conditions worldwide. According to FactSet, Icahn is now Freeport-McMoRan's largest shareholder.

  • UPDATE 1-Vale sells another coal mine in Australia Wednesday, 26 Aug 2015 | 11:03 PM ET

    RIO DE JANEIRO/ SYDNEY, Aug 26- Brazilian mining giant Vale has continued its disposal of non-core holdings, agreeing to sell a mothballed coal mine in Australia jointly to Glencore Plc and Bloomfield Group for an undisclosed sum. Vale in July sold another coal mine in Australia to a local operator for A $1 amid a sector downturn that has claimed thousands of jobs...

  • PRECIOUS-Gold steadies after worst day in 5 weeks Wednesday, 26 Aug 2015 | 8:58 PM ET

    MANILA, Aug 27- Gold steadied early on Thursday after suffering its biggest fall in five weeks the session before as Wall Street rallied, while comments from a top Federal Reserve official that a U.S. rate hike next month looks "less compelling" could support sentiment. *Spot gold was flat at $1,125.06 an ounce by 0034 GMT, after dropping 1.3 percent on Wednesday, its...

  • Monsanto abandons takeover bid for Swiss rival Syngenta Wednesday, 26 Aug 2015 | 11:16 AM ET

    WASHINGTON— Agricultural business giant Monsanto is abandoning its takeover bid for competitor Syngenta AG after the Swiss chemical producer rejected its latest offer of nearly $47 billion. A combination with Basel- based Syngenta would have made Monsanto the world's largest producer of farming chemicals, in addition to its market-leading seed business.

  • *Gold down for third straight session. LONDON, Aug 26- Gold slipped 2 percent on Wednesday as the dollar gained and shares recouped some of their earlier losses, while investors kept a close eye on China's efforts to support its economy. Gold's losses also hurt sentiment in the more industrial precious metals.

  • *Gold down for 3rd straight session. *Palladium not far off 5- year trough. LONDON, Aug 26- Gold slipped on Wednesday, tracking losses in other markets as concerns remained about China's economic slowdown even after it eased monetary policy.

  • BUCHAREST, Romania— Officials in Romania say 25 miners are protesting more than 200 meters down in a mine, complaining that authorities will not give them an operating license. Mine manager Gabriela Dobrota said a further 79 miners joined the protest on Wednesday, gathering outside the Baita Plai mine some 520 kilometers northwest of Bucharest.

  • JOHANNESBURG, Aug 26- South Africa's mining industry, unions and the government have committed to a broad plan to stem job losses, including boosting platinum by promoting the metal as a central bank reserve asset, according to a draft agreement seen by Reuters on Wednesday. Brazil, Russia, India, China and South Africa comprise the BRICS. The gravity of the...

  • VIENNA, Aug 26- Austrian high-end steel maker Voestalpine might not stick to its plan to start building a specialised steel plant in China this year but still wants to expand there in the long term, its chief executive told Reuters in an interview. Voestalpine has been relatively shielded from the slump in Chinese markets and cheaper Chinese steel exports as it...

  • JOHANNESBURG, Aug 26- South Africa's Eskom said on Wednesday it wants compensation from Glencore's mining subsidiary Optimum if it is unable to supply coal to its Hendrina power plant. Administrators for Glencore's South African coal mining subsidiary suspended the firm's supply agreement with Eskom last Thursday while the mining unit undergoes a...

  • JOHANNESBURG, Aug 26- South Africa's Eskom said on Wednesday it wants compensation from Glencore's mining subsidiary Optimum if it is unable to supply coal to its Hendrina power plant. "If they are unable to provide coal to us, they need to compensate us for not meeting their obligations. We have a three year agreement with them, "Eskom spokesman Khulu Phasiwe told...

  • --Clyde Russell is a Reuters columnist. The scaling back of BHP's China steel forecast leaves Sam Walsh, the chief executive of rival Rio Tinto, as one of the last holdouts for a peak above 1 billion tonnes. Walsh is starting to cut a lonely figure when it comes to China's peak steel, with the market consensus increasingly swinging behind the view of the China Iron&...

  • MELBOURNE, Aug 25- BHP Billiton promised to keep its dividends even as it reported its worst underlying profit in a decade on Tuesday, hurt by plunging iron ore, copper, coal and oil prices. BHP and its peers have been hit after they hiked output of iron ore, copper and coal just as demand growth slowed in China, the top global metals consumer, and have been slashing costs...

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