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Materials and Metals Metals and Mining

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  • 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...

  • *Gold down 2.3 pct for the week. *Palladium posts largest two-day gain since 2008. NEW YORK/ LONDON, Aug 28- Gold rose on Friday as technical indicators and suggestions the U.S. central bank may delay a rate rise provided support, but the metal was still on track to post its biggest weekly drop in five weeks amid dollar strength and strong U.S. economic data.

  • NEW YORK— Shares of Freeport-McMoRan jumped Friday, a day after it announced cost-cutting plans and activist investor Carl Icahn disclosed that he bought a stake in the mining company. Freeport-McMoRan said Thursday that it would cut costs and reduce spending due to falling copper prices and soft economic conditions around the world. Shares of...

  • KINSHASA, Aug 28- Power shortages at a new Chinese-run copper mine in Democratic Republic of Congo could delay the expected October start of production or force output targets to be cut, the mine's deputy director said on Friday. Chinese firms Sinohydro Corp and China Railway Group Limited are building roads and hospitals worth $3 billion in exchange for a 68...

  • 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...

  • Icahn becomes top Freeport-McMoRan shareholder Thursday, 27 Aug 2015 | 4:12 PM ET
    Carl Icahn at Delivering Alpha 2015 in New York.

    Activist investor Carl Icahn became the top shareholder in mining company Freeport-McMoRan.

  • 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.