Materials and Metals Metals and Mining

  • LONDON, Aug 24- Global aluminium production fell by 1.2 percent to 33.12 million tonnes in the first seven months of this year, according to the International Aluminium Institute. Equally noteworthy are the divergent trends between dominant producer China and the rest of the world. China, meanwhile, has long been the driver of production growth to the point that...

  • LONDON/ MOSCOW, Aug 24- Glencore said it expected to exceed a previous target to cut debt but it took a nearly $400 million hit from a bad bet on coal and echoed warnings voiced by mining rivals of volatile commodity markets. After more than doubling since the end of 2015, its share price fell nearly 6 percent by 0948 GMT as analysts focused on news of a $395 million...

  • BEIJING, Aug 24- China's northern Hebei, which accounts for a quarter of China's steel output, is lagging far behind in its plan to reduce steel and iron producing capacity, data released by the provincial state planner showed on Wednesday. The disappointing data from the Hebei Development and Reform Commission showed the difficulties that China faces trying...

  • LONDON, Aug 24- European shares rose on Wednesday, lifted by gains in Sweden's hygiene product maker SCA and British advertising group WPP, though an update from miner Glencore dragged the mining sector lower. South Africa- exposed stocks such as Investec and Old Mutual both fell after South Africa's finance minister was summoned by police, sending the rand...

  • LONDON, Aug 24- European shares fell in early deals on Wednesday, snapping two straight sessions of gains as weakness in the mining sector, led by Glencore, weighed. Europe's Basic Resources index fell 1.6 percent hit by copper prices stuck near six-week lows. South Africa- exposed stocks such as Investec and Old Mutual both fell after South Africa's finance...

  • *Say to go ahead with $23- billion in new investments. MANILA, Aug 24- Philippine miners claim the government's environmental crackdown is a "demolition campaign" against mineral producers and are seeking to meet with President Rodrigo Duterte amid a spate of shutdowns stemming from the probe, an industry official said. The country's mining industry expects to...

  • Glencore Preview

    The key points to watch are Glencore's debt levels, asset disposal and cash flow generation, says Religare Capital Markets' Nirgunan Tiruchelvam.

  • *Spot gold seen touching $1,331.35- technicals. At the end of the week, Fed Chair Janet Yellen is scheduled to address a gathering of global central bankers in Jackson Hole, Wyoming. "Markets are going to be quiet until Friday as everyone is waiting for some clues from Janet Yellen's speech," said Kent Li, deputy incharge for bullion desk, Wing Fung Precious Metals.

  • *Glencore sells stake in Ernest Henry copper mine. MELBOURNE, Aug 24- London copper hovered near its lowest in six weeks on Wednesday, with a stronger dollar hitting base metals and pushing zinc and tin away from their highest levels in more than a year. Three month copper on the London Metal Exchange drifted 0.1 percent to $4,707 a tonne following a 0.8- percent...

  • MELBOURNE, Aug 24- London zinc and tin held close to their highest levels in more than a year on Wednesday as supply shrinks, while copper wallowed near its lowest in six weeks amid a stock overhang and a strong dollar. *Three month zinc on the London Metal Exchange traded at $2,298 a tonne by 0113 GMT, close to $2,314.50 a tonne hit on Aug. 8 which was the most expensive...

  • TORONTO, Aug 23- Canada's Rusoro Mining Ltd said on Tuesday it has been awarded more than $1.2 billion by a World Bank tribunal that ruled Venezuela had unlawfully seized the company's gold assets four years ago. Shares in the Vancouver- based mining firm, which is backed by Russia's Agapov family, more than doubled on Tuesday, trading for as much as 32 cents- their...

  • CAPE TOWN, Aug 23- ArcelorMittal's South African business and the country's government have agreed a new pricing model aimed at bolstering the domestic steel sector and reviving the economy. The company was fined a record 1.5 billion rand on Monday for setting prices at the level consumers would have to pay for imported steel, but Trade and Industry Minister...

  • MANILA, Aug 23- A Philippine lawmaker has revived a proposal to ban exports of unprocessed minerals to spur domestic processing, in a move that may tighten global nickel supply and make it an even tougher business environment for miners in the world's top producer. The Philippines has vast but largely untapped mineral resources, limiting the contribution of...

  • Sale of 2nd largest ever diamond fails

    William Lamb, president & CEO at Lucara, explains why the sale of the largest diamond discovered in 100 years fell through.

  • *Gold could test $1,331.35- technicals. Spot gold slipped 0.1 percent to $1,337.55 an ounce at 0502 GMT. Although the medium-to-long term prospects for a series of rate hikes is not really high, there should be some short-term pressure on gold, "said Mark To, head of research at Hong Kong's Wing Fung Financial Group.

  • Australia's Fortescue Metals Group reported a full-year net profit of $985 million, triple last year's net profit for the year to end-June.

  • Marathon Oil shares take a hit as CFO resigns

    Marathon Oil shares take a hit as its CFO resigns. Also, gold mining stocks are lower. CNBC's Dominic Chu reports the details.

  • TORONTO, Aug 22- Canada's main stock index fell on Monday as lower oil and metal prices weighed on energy and mining stocks, while Alimentation Couche-Tard Inc jumped after the convenience store operator bought a U.S. chain in an expansion move. The energy group retreated 1.2 percent, with oil prices falling as China ramped up exports of refined products, U.S. oil...

  • LONDON, Aug 22- Hope springs eternal in Cornwall when it comes to reviving tin mining in this southwestern corner of the United Kingdom. And although the current London Metal Exchange tin price of around $18,500 a tonne is much higher than back then, it is a far cry from the peak of $33,600 recorded in 2011.. Then it was the surprise emergence of a new mega-mine in...

  • It's understandable why gold is under pressure: Strategist

    Joni Teves, precious metals strategist at UBS, explains how positive U.S. data and poor liquidity has put pressure on gold prices.