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Metals and Mining

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  • *Copper hits lowest since July 2009. NEW YORK, July 24- Metals prices hit multi-year lows, and stock markets and oil prices declined on Friday, as weaker-than-expected data from China and the euro zone exacerbated concerns over global economic growth. Adding to the bearish tone for Wall Street, Democratic presidential candidate Hillary Clinton is expected to...

  • Miners slash jobs as metal prices fall Friday, 24 Jul 2015 | 11:20 AM ET
    Miners slash jobs as metal prices fall

    Marc Elliott, mining analyst at Investec, discusses the job cuts at Lonmin and other mining companies, as commodity prices, hit record lows.

  • SANTIAGO, Chile— A mining contractor was shot dead early Friday in Chile after clashing with police during protests against the state-run copper giant Codelco. The Confederation of Copper Workers said that Nelson Quichillao, 47, was shot by police at 2:00 a.m. near Codelco's Salvador mine in the northern Atacama region. The state-run miner said another...

  • Anglo American warns on further pain for commodities Friday, 24 Jul 2015 | 4:22 AM ET
    Heavy equipment is used used to mine copper at the Anglo American PLC Los Bronces (Minera Sur Andes) copper mine in central Chile,

    One of the world's largest miners, Anglo American maintained its interim dividend on Friday as a deep sell-off in metals hurt its first half profit.

  • *Maintains interim dividend of $0.32 per share. *Takes non-cash impairment of $3.5 billion. LONDON, July 24- Global mining company Anglo American will shed about 6,000 jobs in the next couple of years as it fights rapidly deteriorating market conditions that have dragged its shares down to a 13- year low this week.

  • Job cuts needed to stay competitive: Anglo American CEO

    Mark Cutifani, CEO of Anglo American, says job cuts are necessary to ensure the company stays competitive in a tough market.

  • LONDON, July 24- Global mining company Anglo American said it would maintain its interim dividend on Friday as it posted a steep fall in first-half profit hurt by a rout in metal prices. In line with a warning issued earlier this month, London- listed Anglo also took a non-cash impairment charge of $3.5 billion after tax. It is the second multi-billion charge...

  • VANCOUVER/ TORONTO, July 23- North American mining stocks slumped on Thursday, stripping two global producers of hundreds of millions of dollars in value, as market-beating results failed to appease investors fed up with bloated debt and hefty capital commitments. The selloff, led by Freeport-McMoRan and Teck Resources, set the stage for a rough reporting...

  • VANCOUVER/ TORONTO, July 23- Shares of global miners Freeport-McMoRan Inc and Teck Resources Ltd took a pounding on Thursday as investors worried about balance sheets stretched by debt and capital commitments as metal prices continued to tumble. Investors must carefully scrutinize mining stocks and their debt loads, said Darren Lekkerkerker, co-manager of...

  • VANCOUVER/ TORONTO, July 23- Shares of global miners Freeport-McMoRan Inc and Teck Resources Ltd took a pounding on Thursday as investors worried about balance sheets stretched by debt and capital commitments as metal prices continued to tumble. Investors must carefully scrutinize mining stocks and their debt loads, said Darren Lekkerkerker, co-manager of...

  • CHICAGO, July 23- Union Pacific Corp, a railroad contending with declining coal, energy-related and agricultural freight volumes, sees some signs that consumer demand for cars and other big-ticket items will help boost business, its top executive said on Thursday. Earlier on Thursday, Omaha, Nebraska- based Union Pacific, the largest U.S. railroad, reported a...

  • Cuadrilla to appeal UK council's anti-fracking decision Thursday, 23 Jul 2015 | 11:35 AM ET

    LONDON— Cuadrilla Resources Ltd. says it will appeal a local authority decision to block the oil and gas exploration company's bid to frack shale gas in northwest England— a setback for plans to establish a fracking industry in Britain. Lancashire county councilors last month rejected plans for exploratory drilling at two sites about 240 miles northwest of...

  • July 23- Canadian miner Teck Resources Ltd reported a better-than-expected quarterly profit on Thursday, reflecting higher metals sales and lower costs, but said coal output could need further cutbacks if grim market conditions continue. Vancouver- based Teck reported adjusted earnings of 14 Canadian cents per share, above analysts' average estimate of 11...

  • TORONTO, July 23- Diversified U.S. miner and energy company Freeport-McMoran Inc reported a sizeable second-quarter net loss on Thursday, reflecting a big write-down for the value of its oil and gas properties and slumping prices for the copper, gold and oil that it produces. The Phoenix, Arizona- based company reported a net loss attributable to shareholders of...

  • LONDON, July 23- Copper fell to a two-week low on Thursday on persistent concern about a growing global surplus and weakness in China, but losses were held in check by a weaker dollar. Three-month copper on the London Metal Exchange slid to $5,311 a tonne, its weakest since July 8, but later pared losses. Copper and other metals are likely to experience further losses...

  • Freeport-McMoran reports 2Q loss Thursday, 23 Jul 2015 | 8:18 AM ET

    The mining company lost $1.84 billion, or $1.78 per share, compared with profit of $482 million, or 46 cents per share, a year prior. The results beat Wall Street expectations, with the average estimate of 10 analysts surveyed by Zacks Investment Research set for earnings of 11 cents per share. The results fell short of expectations, with four analysts surveyed by...

  • TORONTO, July 23- Diversified U.S. miner and energy company Freeport-McMoran Inc reported a sizeable second-quarter net loss on Thursday, reflecting a big write-down for the value of its oil and gas properties and slumping prices for the copper, gold and oil that it produces. The Phoenix, Arizona- based company reported a net loss attributable to shareholders of...

  • July 23- Canadian miner Teck Resources Ltd reported a 21 percent fall in quarterly profit and cut its 2015 coal production forecast due to falling demand from China and increased supply from Australia. Net profit attributable to shareholders fell to C $63 million, or 11 Canadian cents per share, for the quarter, from C $80 million, or 14 Canadian cents per share, a...

  • MOSCOW, July 23- Severstal, one of Russia's largest steel producers, saw its second-quarter net profit increase by 39 percent quarter-on-quarter because of a stronger rouble, it said on Thursday. Severstal's net profit of $469 million was boosted by a FX translation profit of $130 million, the company, controlled by billionaire Alexei Mordashov, said in a...

  • RBNZ cuts interest rates and the kiwi ... rises? Thursday, 23 Jul 2015 | 12:16 AM ET
    RBNZ cuts interest rates and the kiwi ... rises?

    Elias Haddad, senior currency strategist at Commonwealth Bank, attributes the New Zealand dollar's relief rally to factors such as positioning adjustments and a tweak in the central bank's policy statement.