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Materials and Metals Metals and Mining

  • Fortescue CEO: Turned our balance sheet very rapidly

    Fortescue Metals Group CEO Nev Power explains why the company looks at the longer-term trends when it comes to volatility surrounding iron ore demand.

  • MELBOURNE, May 19- London copper was set for a weekly gain on Friday as dollar weakness cushioned prices, but the outlook was tainted by investors cutting exposure to metals on China demand concerns. Economic data in China didn't help quell fears about weaker demand, "said ANZ in a report. *SHFE COPPER: Shanghai Futures Exchange copper ended the session up 0.4...

  • *China zinc output hit lowest in over 2 years in April. MELBOURNE, May 19- China is likely to step up imports of refined zinc from this month, industry sources said on Friday, as dwindling global supplies of concentrate hit local output of the metal, used to galvanize steel. China's refined zinc output marked its lowest in more than two years in April as the impact from...

  • MELBOURNE, May 19- London copper was set for a slightly higher close on Friday as dollar weakness cushioned prices, but the outlook was tainted by investors in China cutting exposure to metals which has hurt demand. *LME COPPER: London Metal Exchange copper traded little changed at $5,586.50 a tonne by 0216 GMT, having closed down half a percent in the previous...

  • Demand 'pretty strong right now': Fortescue CEO

    Nev Power, CEO of Fortescue, says he expects demand for commodities to remain stable as China looks able to maintain its level of steel production.

  • TORONTO, May 18- Canada's main stock index turned positive after hitting a five-month low in morning trade on Thursday, boosted by a rebound in heavyweight financial stocks, while mining stocks were lower, along with prices of commodity metals. Shares of the country's largest bank, Royal Bank of Canada, rose 1.1 percent to C $92.54 and its biggest life insurer,...

  • TORONTO, May 18- Canada's main stock index turned positive after hitting a five-month low in morning trade on Thursday, boosted by a rebound in heavyweight financial stocks, while mining stocks were lower, along with prices of commodity metals. Shares of the country's largest bank, Royal Bank of Canada, rose 1.1 percent to C $92.54 and its biggest life insurer,...

  • LAUNCESTON, Australia, May 18- Hedge fund Elliott Management is probably about half way to achieving its goal of extracting better returns out of BHP, the world's largest mining company. BHP Chief Executive Andrew Mackenzie, speaking to an audience of bankers and investors in Barcelona on May 16, said the miner had made consistent progress and was confident it...

  • Rise of ETFs in Australia

    Heather Brilliant, Morningstar Australasia, says Australia is turning to the growth in financial services as the mining sector wanes.

  • *Forrest behind company blocking prospectors from cattle station. SYDNEY, May 18- Mining magnate Andrew Forrest has used laws designed to protect indigenous land rights to stop prospectors searching for minerals on his West Australian cattle farms, angering both traditional Aboriginal landowners and mining community members. Native title is a legal...

  • NEW YORK, May 17- The owners of several new potash mines that are adding fertilizer to an already over-supplied market are banking on better times, bucking industry thinking that the projects may snuff a modest price recovery. Privately held fertilizer producer EuroChem Group plans to produce 1.1 million tonnes of potash in 2018 from its two new Russian mines...

  • NEW YORK, May 17- Privately held fertilizer producer EuroChem Group plans to produce 1.1 million tonnes of potash in 2018 from its two new Russian mines and increase output steadily over six years, but it will be "rational" amid concerns about a supply glut, the company's chief financial officer said on Wednesday. "We think that our product is not going to be a big...

  • NEW YORK, May 17- Privately held fertilizer producer EuroChem Group plans to produce 1.1 million tonnes of potash in 2018 from its two new Russian mines, with output capacity ramping up to 8.3 million tonnes annually by 2024 or 2025, the company's chief financial officer said on Wednesday.

  • LUSAKA, May 17- Zambia is close to reaching an agreement with mining companies over its plans to increase electricity prices, Finance Minister Felix Mutati said on Wednesday. However, an agreement has not yet been reached on backdating the higher tariffs to January as proposed by power firm Zesco Ltd, he said. Other mining companies operating in Zambia, Africa's...

  • LONDON, May 17- Nickel and zinc rebounded on Wednesday after steel prices jumped, while nickel also received a boost from news that output at a Canadian mine would be suspended. Steel rebar on the Shanghai Futures Exchange jumped 4.3 percent, its biggest single-day increase since Jan. 10. Our China economic team have been saying for a while that growth in China will...

  • TORONTO, May 17- Canada's main stock index fell at the open on Wednesday in broad-based declines led by banks, but losses were tempered by higher gold prices, which bolstered precious metal mining shares. The Toronto Stock Exchange's S&P/TSX composite index shed 76.41 points, or 0.49 percent, to 15,466.92. The only gainers among the index's 10 key sectors were...

  • MUMBAI, May 17- JSW Steel Ltd, India's biggest steelmaker by capacity, said its fourth-quarter profit more than tripled, helped by higher steel prices and output and government support for local mills. The results are another sign of a marked pickup in India's steel sector, which had been hit by a global slowdown amid excess capacity. Earlier this month, India's...

  • LONDON, May 17- Nickel and zinc rebounded on Wednesday after steel prices jumped while nickel also received a boost from news that output at a Canadian mine would be suspended. Steel rebar on the Shanghai Futures Exchange jumped 4.3 percent, its biggest single-day increase since Jan. 10. Our China economic team have been saying for a while that growth in China will...

  • *Sirius developing UK mine for polyhalite fertilizer. LONDON/ SHANGHAI, May 17- A small Chinese company that is key to plans by Sirius Minerals to build a huge fertilizer mine under a national park in the north of England has confirmed it has a binding agreement with the UK firm. By demonstrating confirmed demand for its product, it helped Sirius raise $1.2 billion...

  • *Dollar index hits lowest since Nov. 9* Gold faces a resistance at $1,245 per ounce- technicals* Sliver, Platinum touch over two-week highs. Trump asked his now-dismissed Federal Bureau of Investigation Director James Comey to end a probe into ties between former national security adviser Michael Flynn and Russia, according to a source who has seen a memo written...