SANTIAGO, Sept 2- Arizona- based mining company Freeport-McMoRan Inc said on Wednesday it was dismissing some 650 workers at its El Abra copper mine in Chile and partially suspending operations at the complex until mid-September as it cuts mining rates in half. Last week, Freeport, which owns a 51 percent stake in the mine in northern Chile, became one of the first...» Read More
Weyerhaeuser posted a fourth-quarter loss Friday as its wood products business was hurt by the slump in the U.S. housing market, though adjusted earnings still beat Wall Street expectations.
European shares managed to end a volatile session in positive territory Wednesday, having followed U.S. stocks higher and gained from bullish utilities and telecom stocks.
Aluminum Corp of China will explain to Australian political leaders on Tuesday why it bought a 9 percent stake in Rio Tinto, in a move seen as an attempt to ease concerns may try to take over one of Australia's biggest companies.
Aluminum Corp of China (Chinalco) said on Monday it was content with the $14 billion stake it bought last week in miner Rio Tinto, dousing talk it was planning a rival bid to BHP Billiton's offer for Rio.
European stocks ended firmly higher across the board Friday, despite weaker-than-expected U.S. economic data, as China and U.S. aluminum producer Alcoa teamed up to buy a $14 billion stake in Rio Tinto.
China teamed up with U.S. aluminum producer Alcoa to buy a $14 billion stake in Rio Tinto on Friday and said it may make a bid, threatening miner BHP Billiton's efforts to win Rio.
European shares rallied in late trading on Thursday to close largely flat as gains for mobile phone maker Nokia and chemicals maker BASF offset losses for financials, notably UBS.
BHP Billiton, looking to win support for a takeover of rival Rio Tinto , said growth in production of key commodities such as copper and iron ore accelerated in the three months to December.
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Brazilian mining giant Vale is preparing to make a bid for Anglo-Swiss rival Xstrata in deal that could be worth $90 billion, local newspapers reported on Monday.
European stocks closed mixed Friday after a short rally during the day after better-than-expected consumer confidence data from the U.S. and on the back of talk of consolidation in the mining sector.
Speculation swirled on Friday that BHP Billiton was readying a sweetened offer that includes cash for rival Rio Tinto, driving Rio's shares 4.6 percent higher.
Mining giant Rio Tinto reported record annual output for key commodities Wednesday and said it expects growth to continue through 2008 on strong demand from developing countries like China and India.
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Mining group Anglo American has postponed plans to sell its 3 billion-pound ($5.9 billion) Tarmac road-covering business until turmoil on capital markets eases, Britain's Sunday Telegraph reported.
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Rio Tinto challenged BHP Billiton on Tuesday to make a formal bid to create a mega-mining house or walk away from what could be the second biggest takeover ever.
Xstrata, the world's sixth-biggest mining company, is open to talks with potential suitors, including Vale and Anglo American, the Financial Times said on Tuesday.
France's Lafarge, the world's biggest cement maker, has agreed to buy Egypt's Orascom Cement for 8.8 billion euros ($12.81 billion) to boost its earnings and exposure to high-growth emerging markets.
Private equity firm Blackstone Group on Monday denied speculation that it is planning a counterbid for Rio Tinto with a consortium believed to include China's sovereign wealth fund.