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Materials and Metals Metals and Mining

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  • NAIROBI, Sept 2- Madagascar plans to increase royalty fees and claim 10 percent stakes in mining concessions, under proposed changes to its mining code, according to a draft document seen by Reuters on Wednesday. One of Africa's poorest countries, Madagascar hopes to accelerate economic growth by developing natural resources but it has struggled to attract...

  • MORGANTOWN, W.Va.— A Murray Energy subsidiary and the United Mine Workers of America have settled a lawsuit over the company's use of non-union workers to perform work on seals at an underground coal mine in north-central West Virginia. District Judge Irene Keeley approved the settlement and dismissed the UMW's lawsuit against Monongalia County Coal Co. on...

  • LONDON, Sept 2- Copper steadied on Wednesday after Chinese equities recouped some of their losses following further government intervention, though falling oil prices and an August slowdown in world factory activity kept a lid on gains. A number of brokerages in top copper consumer China have pledged additional funds to buy equities, answering the latest...

  • MUBENDE, Uganda— The hunt for gold takes the men 100 meters underground, past contraptions of wood and rope rigged to function like pulleys, past hard rock that they attack day and night with demolition hammers. When they emerge at the end of a shift, the miners carry stone samples that will be examined for the dark veins that suggest presence of gold.

  • MELBOURNE, Sept 2- London copper steadied on Wednesday in the face of sour sentiment towards base metals after world factory activity slowed in August and the International Monetary Fund cut its outlook for global growth. Copper hit its weakest in six years at $4,855 a tonne at the beginning of last week. China's giant manufacturing industry contracted and...

  • Australia is growing, but stay cautious: HSBC Tuesday, 1 Sep 2015 | 11:34 PM ET
    Australia is growing, but stay cautious: HSBC

    Paul Bloxham, chief economist, Australia & New Zealand at HSBC, says Australia's growth remains below-trend as the country attempts an economic rebalancing act.

  • MELBOURNE, Sept 2- Ok Tedi Mining Ltd's Papua New Guinea copper mine is likely to stay shuttered until the first quarter of 2016 as an intensifying El Nino worsens a drought that has cut off river transport links to the project, an executive said. The current El Nino weather phenomenon is expected to strengthen before the end of the year, potentially making it one of...

  • CALGARY, Alberta, Sept 1- ConocoPhillips and Husky Energy Inc announced key milestones in bringing two new oil sands projects online on Tuesday, underlining how some producers in the high-cost sector are boosting production even as crude prices tumble. The Canadian Association of Petroleum Producers forecast in June that oil sands production to hit 3.1...

  • *China official factory PMI 49.7 in August, vs 50.0 in July. *Morgan Stanley sees copper market near flat on supply outages. MELBOURNE, Sept 1- London copper held its ground on Tuesday in the face of slowing factory activity in the world's top copper user, cushioned by a softer dollar, while nickel resumed its slide on supply concerns.

  • MELBOURNE, Sept 1- London nickel sagged on Tuesday, tracking losses in China after demand jitters pummeled Shanghai's volatile nickel contract towards last week's record lows, while copper was subdued ahead of a slew of global factory gauges out later in the session. *The most active January Shanghai Futures Exchange nickel contract slipped 0.8 percent to...

  • SANTIAGO, Aug 31- A Chilean union that represents copper mine workers rejected a move by Freeport-McMoRan Inc to drastically cut staff at its El Abra mine and said on Monday it was considering action. Last week, Arizona- based Freeport, which owns a 51 percent stake in the mine in northern Chile, became one of the first big global miners to announce it was slashing...

  • HAZARD, Ky.— In the 1970 s, as the oil crisis spurred an increase in mining, Victor Justice taught people in eastern Kentucky how to mine coal. Kentucky will own the network, which will begin in eastern Kentucky but eventually reach into all of the state's 120 counties. But the Australian-based investment firm Macquarie Group and its partners will build the network...

  • SANTIAGO, Aug 31- A Chilean union that represents copper mine workers on Monday rejected a move to drastically cut staff at the El Abra mine owned by Freeport-McMoRan and was considering action after 700 workers had their jobs terminated at the weekend. Last week, Arizona- based Freeport, which owns a 51 percent stake in the mine in northern Chile, became one of the...

  • HARARE, Aug 31- Africa's richest man, Nigeria's Aliko Dangote, said on Monday he plans to open a $400 million cement plant in Zimbabwe, a major boost for the southern African country that is desperate for foreign investment. "We've already decided to invest into Zimbabwe, that's why we are here. He held meetings with Zimbabwe's President Robert Mugabe and Vice...

  • Shares in the South African division of ArcelorMittal slumped 23 percent in Johannesburg to a 13- year low of 9.01 rand after the news. ArcelorMittal said in a statement that trading conditions had continued to worsen since it started reviewing its long steel business in July, adding that higher South African import duties would only bring relief over the...

  • HARARE, Aug 31- Zimbabwe's biggest platinum producer Zimplats reported a record $74 million loss for the full year on Monday after being hit by a hefty one-off tax repayment and falling global sales of the metal. Zimplats, which is 87 percent owned by Impala Platinum Holdings, the world's second-largest platinum producer, said it had to pay an additional $55.3...

  • ArcelorMittal said in a statement that trading conditions have continued to worsen since it started reviewing its long steel business in July, adding that the higher import duty will only bring relief over the medium to long term. ArcelorMittal said it had started discussions with unions about the closure of two mills, cutting as many as 400 jobs, at its plant in...

  • PRETORIA, Aug 31- South Africa's mining industry, unions and the government signed a broad plan on Monday to stem a wave of job losses triggered by falling commodity prices and soaring costs. Mines Minister Ngoako Ramatlhodi said the government planned to negotiate this issue with South Africa's central bank and the New Development Bank which has been...

  • MANILA, Aug 31- Gold edged lower on Monday, stretching last week's losses on concern that the Federal Reserve is on course to raise interest rates this year despite recent market turmoil. *Spot gold was down 0.2 percent at $1,131.30 an ounce by 0107 GMT, after dropping more than 2 percent last week in its steepest decline in five weeks. *But hedge funds and money...

  • Steelworkers plan to form a "practice picket line" on Tuesday at ArcelorMittal Minorca in Virginia, Minnesota. "People are a bit anxious now because it's coming down to the wire," said Harold Anderson, an ArcelorMittal electrician who has worked in the 310- employee Minorca taconite plant in Virginia for nearly eight years. Steel and ArcelorMittal— the world's...