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Business Materials and Metals

  • JAKARTA, Feb 18- Chappy Hakim, chief executive of miner Freeport-McMoran Inc's Indonesian unit, has resigned, the company said on Saturday, after the parent firm declared force majeure on copper concentrate shipments from its Grasberg mine in Papua. Freeport was the second big copper producer in a week to declare force majeure, after BHP Billiton did so on Feb. 10...

  • JAKARTA, Feb 18- Chappy Hakim, the chief executive of miner Freeport-McMoran Inc's Indonesian unit, has resigned, the company said on Saturday, after the parent firm declared force majeure on copper concentrate shipments from its Grasberg mine in Papua. Freeport was the second big copper producer in a week to declare force majeure, after BHP Billiton did so on Feb....

  • JAKARTA, Feb 18- Chappy Hakim, the chief executive of Freeport-McMoran Inc's Indonesian unit, has resigned, the firm said in a statement on Saturday, after its parent company declared force majeure on copper concentrate shipments from its giant Grasberg mine in Papua. Hakim, a former air force chief, had only been in the job for a few months. He was appointed to use his...

  • The agreement was signed on Thursday by top prosecutors from Brasil, Argentina, Chile, Colombia, Ecuador, Mexico, Peru, the Dominican Republic, Venezuela, Panama and one European country, Portugal. Odebrecht said it paid $439 million outside Brazil, with the largest bribe admissions abroad in Venezuela, the Dominican Republic and Panama. Brazilian prosecutors...

  • SANTIAGO, Feb 17- Anglo American PLC will temporarily suspend operations at its El Soldado copper mine in Chile after failing to receive regulatory approval for a redesign that would have helped keep output flowing, the company said on Friday. The mine's output- it produced around 36,000 tonnes of copper in 2015- is small by the standards of Chile, the world's top...

  • TORONTO/ VANCOUVER, Feb 17- After five years of painful belt-tightening, the world's biggest gold miners are starting to cautiously loosen their purse strings and spend more money to find new deposits and build mines. "They have excess cash flow to spend that's not going to be solely dedicated to interest expense and paying down debt, and so they're using that on...

  • BRASILIA, Feb 17- Brazilian steelmaker Usinas Siderúrgicas de Minas Gerais SA on Friday reported a fourth-quarter net loss of 195 million reais, but said a return to operating profit showed the company's results were improving after a series of heavy losses. Brazil's worst recession on record has slowed construction and automobile sales, causing a slump in...

  • *Copper market focus moves to China's manufacturing data. *Freeport-McMoRan calls force majeure at Indonesia's Grasberg. LONDON, Feb 17- The price of copper slid on Friday as a failure to sustain levels above $6,000 a tonne triggered profit-taking, although a prospect of strong demand from top consumer China and supply disruptions are expected to support...

  • TORONTO, Feb 17- Freeport-McMoRan Inc has declared force majeure on "nearby deliveries" of copper concentrate from its suspended Grasberg mine in Indonesia, Metal Bulletin reported on Friday, citing unnamed sources. A more than month-long export suspension brought production at the giant Grasberg mine in Papua, Indonesia, to a standstill last week.

  • Pennsylvania environmental regulators have found a likely correlation between a natural gas company's fracking operation and a series of tiny earthquakes in western Pennsylvania last year. Fracking, a method to extract gas or oil from underground shale rock, has been tied to earthquakes in neighboring Ohio and other states, but never before in...

  • Johannesburg, Feb 17- ArcelorMittal South Africa said on Friday the country's government had approved a new pricing model for flat steel products aimed at bolstering its steel sector. The steelmaker, a unit of ArcelorMittal was fined a record 1.5 billion rand in August for colluding to fix steel prices. The government of Africa's most industrialized country...

  • LONDON, Feb 17- The recent history of the zinc market has been one of reality trumping great expectations. Everyone loves the zinc narrative of pending supply crunch. Big mines such as Century in Australia and Lisheen in Ireland have closed.

  • BUFFALO, N.Y. _ Gibraltar Industries Inc. on Friday reported a fourth-quarter loss of $7.8 million, after reporting a profit in the same period a year earlier. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share. For the current quarter ending in April, Gibraltar Industries expects its per-share...

  • ANTOFAGASTA, Chile, Feb 17- In the dusty mining city of Antofagasta in northern Chile, the copper miners are not the only ones lamenting the end of the commodities boom- and the juicy bonuses that went with it. Businesses in Antofagasta- from retailers of cars and luxury cruises to taxis and restaurants- formerly enjoyed windfalls every time miners renegotiated...

  • SEOUL/ SINGAPORE, Feb 17- A shift in the use of liquefied petroleum gas to petrochemicals and away from transport has pushed demand for the fuel to new records in South Korea, after years of slumping consumption, a change which mostly benefits U.S. suppliers. South Korea mainly used LPG to power cars up to 2010, but sales started to spiral down as drivers of...

  • *Copper market focus moves to China manufacturing data. LONDON, Feb 17- Copper slid on Friday as its failure to sustain levels above $6,000 a tonne triggered profit-taking, but the likelihood of strong demand from top consumer China and supply disruptions are expected to support prices. It will depend on data over the next few months, particularly from China, "said...

  • *Worries over supply from Chile, Indonesia limit losses. Concerns over major supply stoppages in Chile and Indonesia swept the metal to a 21- month high of $6,204 on Monday. The positions of BHP Billiton and the striking union at its Escondida copper mine in Chile-- accounting for about 6 percent of world supply-- remain distant even as the two parties agreed this...

  • LONDON, Feb 17- Some of the world's biggest sovereign wealth funds are increasingly striking their own private equity deals rather than relying on external fund managers, in a drive to cut costs and gain more control. But mega-funds such as the Abu Dhabi Investment Authority, Saudi Arabia's Public Investment Fund and Singapore's GIC, are hiring specialists to...

  • *Philippines is the world's top nickel ore supplier. MANILA, Feb 17- Philippine miner Marcventures Mining and Development Corp, whose nickel mine was one of 23 ordered to close by the environment ministry, said on Friday it will take legal action to overturn the ruling and plans to ship out ore next month. Marcventures' mine in southern Philippines was among those...

  • *Worries over supply from Chile, Indonesia buoy copper. SYDNEY, Feb 17- Copper prices climbed on Friday following overnight losses, supported above the key $6,000- mark by major supply restrictions at the world's two biggest mines in Chile and Indonesia. The positions of BHP Billiton and the striking union at its Escondida copper mine in Chile, the world's largest,...

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