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  • *Iran steel output expected to triple to 55 mln tonnes by 2025. SEOUL, Feb 29- South Korean steelmaker POSCO said on Monday that it has signed an initial agreement to help build a $1.6 billion steel mill in Iran, looking to tap rising demand in the Middle Eastern country as other markets falter. The lifting of economic sanctions earlier this year on Iran's disputed...

  • NEW YORK, Feb 29- For leading U.S. shale oil producers, $40 is the new $70. Rival Whiting Petroleum Corp, the biggest producer in North Dakota's Bakken formation, will stop fracking new wells by the end of March, but would "consider completing some of these wells" if oil reached $40 to $45 a barrel, Chairman and CEO Jim Volker told analysts. The threat of a shale rebound is "...

  • A Chinese resident walks out of her house her house next to a coal fired power plant on November 26, 2015 in Shanxi, China.

    China expects to lay off 1.8 million workers in the coal and steel sectors, an official said on Monday.

  • BEIJING, Feb 29- China expects to lay off 1.8 million workers in the coal and steel sectors as part of its efforts to reduce industrial overcapacity, an official at the human resources and social security ministry said on Monday. Yin Weimin, minister of human resources and social security, said capacity cuts will lead to some layoffs in 2016, but added that he was...

  • MOSCOW, Feb 28- The 26 miners who were trapped in a Russian coal mine above the Arctic circle have died and rescue operations have been halted after a third blast underground killed several rescue workers, emergency services said on Sunday. "The circumstances in the affected part of the mine did not allow anyone to survive," Russia's Emergencies Minister Vladimir...

  • *India's biggest cement maker capacity to rise by a third. NEW DELHI, Feb 28- India's UltraTech Cement Ltd, part of the Aditya Birla conglomerate, said on Sunday it had agreed to buy Jaiprakash Associates Ltd's cement plants for an enterprise value of 165 billion rupees. Other companies interested in Jaiprakash's plants included Irish building materials group...

  • *Wall St ends lower as early gains slip away. NEW YORK, Feb 26- The U.S. dollar jumped on Friday and Wall Street's stock rally faded as fresh economic data kept alive Federal Reserve rate increases, while oil prices turned negative late in the session. Europe's FTSEurofirst 300 stock index tallied a 1.6- percent rise on Friday, fueled by strength in mining shares as...

  • NEW YORK, Feb 26- Global equity markets gained on Friday, backed by higher prices for oil and other commodities, while data showed the U.S. economy grew faster than expected in the fourth quarter. Europe's FTSEurofirst 300 stock index rose 2 percent, outperforming Wall Street, supported by a rally in mining shares as industrial metals such as copper and aluminum...

  • *FTSEurofirst 300 index extends Thursday's rally. LONDON, Feb 26- European equities rallied for a second day on Friday to reach a three-week high, as a jump in metals prices boosted miners and some encouraging company updates also supported the market. They helped the pan-European FTSEurofirst 300 index gain 1.6 percent by 1454 GMT, after a 2 percent rise on...

  • With these words, spoken by Jean-Jacques Dordain, the former director general of the European Space Agency, Luxembourg announced its entry into the space-mining race. Dordain was appearing alongside Etienne Schneider, Luxembourg's economy minister, as he unveiled the country's bid to be a pioneer in a whole new resources sector, one with quite literally...

  • Singapore Exchange eyes the Baltic Exchange

    SGX is in preliminary talks to buy London's iconic Baltic Exchange to expand its influence in the shipping and commodities business.

  • *FTSEurofirst 300 index extends Thursday's rally. *Miners among top gainers as metals prices up. LONDON, Feb 26- European equities extended the previous session's strong rally to a three-week high on Friday, with stronger miners on the back of firmer metals prices and some encouraging company updates supporting the market.

  • MOSCOW, Feb 26- Twenty six miners were missing and four confirmed dead after an accident on Thursday at a coal mine above the Arctic circle owned by a subsidiary of Severstal, Russian prosecutors said on Friday. Announcing the opening of a criminal investigation into a possible breach of safety regulations at the Severnaya mine in Vorkuta, Russia's...

  • *Eritrea expects to have four operating mines by 2018. ASMARA, Feb 26- Eritrea expects to have four mines in operation by 2018 producing gold, copper, zinc and potash as one of Africa's poorest nations looks to build an industry that can kick-start its economy, a top mining official told Reuters. Eritrea's artisanal miners have long scratched for gold nuggets on...

  • RIO DE JANEIRO, Feb 25- Brazilian miner Vale SA put its prime assets on the block on Thursday after taking the biggest loss in decades, but analysts said the target to make $10 billion in 18 months was unrealistic and expressed concern a fire sale could destroy equity value. Chief Executive Murilo Ferreira said on a conference call there were "no restrictions" on...

  • Gerdau, Brazil's largest steelmaker and a family company that has made steel for generations, is suspected of evading 1.5 billion reais in back taxes, he said. Search and seizure operations were being carried out at Gerdau offices in the cities of Sao Paulo, Brasilia, Rio de Janeiro, Recife and the company's headquarters in Porto Alegre, police said.

  • JOHANNESBURG, Feb 25- Mondi could borrow to fund acquisitions, its chief executive said on Thursday, after the world's No.2 paper packaging maker posted a 25 percent rise in annual profit. The company spent nearly 100 million euros on deals last year and chief executive David Hathorn said his company's balance sheet was strong enough to pursue deals if asset...

  • Federal police said Gerdau, Brazil's largest steelmaker, is suspected of evading 1.5 billion reais in back taxes. Search and seizure warrants were being carried out at Gerdau offices in the cities of Sao Paulo, Brasilia, Rio de Janeiro, Recife and the company's headquarters in the southern city of Porto Alegre, police said. Andre Gerdau's father, Jorge Gerdau...

  • Even better news that production in China also fell for the second consecutive month with the year-on-year decline accelerating to 4.5 percent. China accounts for over half the world's output of the light metal and has been pumping out surplus units in the form of semi-manufactured product exports. Maybe, at long last, even China is starting to rein in its own...

  • *Indonesia smelter to close amid forecast for global deficit. *Possible hidden producer stocks in Indonesia, China. LONDON/ MELBOURNE, Feb 25- Tin is defying the downdraft sweeping commodity markets, with prices for the metal used to solder electronics surging this year thanks to reduced production in major exporter Indonesia.

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