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Materials and Metals Metals and Mining

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  • SYDNEY, April 1- A half-decade after insulating Australia from the worst of the global financial crisis, the mining state of Western Australia is for the first time being forced to defer much-needed royalties as iron ore prices plummet. Western Australia- five times the size of Texas- counts on royalties from mining companies for tens of thousands of jobs and...

  • Iron ore prices in free fall Tuesday, 31 Mar 2015 | 11:45 PM ET
    Iron ore prices in free fall

    Gaurav Sodhi, resources analyst at Intelligent Investor, says iron ore prices could fall further, with Australia's Fortescue Metals looking precarious at this stage.

  • Shorten: China-Australia trade pact is positive Tuesday, 31 Mar 2015 | 11:39 PM ET
    Shorten: China-Australia trade pact is positive

    Bill Shorten, opposition leader in Australia, says the free trade deal presents opportunities in sectors like services. He also discusses Australia's participation in the Asian Infrastructure Investment Bank.

  • METALS-LME nickel hits new 6-year low on forced sales Tuesday, 31 Mar 2015 | 9:03 PM ET

    MELBOURNE, April 1- London nickel sank to new six-year lows on Wednesday as Chinese nickel pig iron makers sold nickel stocks due to weak local demand for their product, while copper prices drifted ahead of key China manufacturing data out soon. The most-traded June copper contract on the Shanghai Futures Exchange dropped 1.6 percent to 43,090 yuan a tonne.

  • Nippon Steel says sought injunction against Ternium Tuesday, 31 Mar 2015 | 8:20 PM ET

    RIO DE JANEIRO, March 31- Nippon Steel& Sumitomo Metal Corp said on Tuesday it was seeking an injunction against Ternium SA in Brazil for transferring shares in steelmaker Usiminas, which they jointly control, to third parties. The injunction sought from a court in Minas Gerais state on Monday comes after the Japanese steelmaker reported Ternium to Brazil's CVM...

  • WASHINGTON, March 31- The U.S. Interior Department on Tuesday upheld a 2008 lease sale in the Chukchi Sea off Alaska, moving Royal Dutch Shell a step closer to returning to oil and gas exploration in the Arctic since it suffered mishaps in the region in 2012.. "The Arctic is an important component of the Administration's national energy strategy, and we remain...

  • WASHINGTON, March 31- The U.S. Department of the Interior on Tuesday upheld a 2008 lease sale in the Chukchi Sea off Alaska, moving Royal Dutch Shell a step closer to returning to the Arctic since it suffered accidents in the region in 2012..

  • *Davis' sight now on South32, Anglo American- sources. LONDON, March 31- More than a year after he launched his private fund, former Xstrata boss Mick Davis is coming under pressure to build a new mining empire with the $6 billion in capital he has raised. The renowned dealmaker set up X2 Resources 18 months ago after Glencore's $46 billion takeover of Xstrata, when he...

  • LONDON, March 31- Littlebrook power station, which towers grimly over the lower Thames near Dartford in Kent, ceases operations today after almost 35 years, the last of Britain's big oil-fired power plants to close. Now its closure marks the impact of higher oil prices and EU-wide policies, agreed by Britain's major political parties, to move away from fossil...

  • *Some investors bet Indonesia will relax ore export ban- analyst. LONDON, March 31- Nickel plunged to near a six-year low on Tuesday on worries over record stockpiles, weak demand for stainless steel and growing doubts over the fate of Indonesia's ore export ban that many believed would tighten the market. Nickel prices have nearly halved since hitting two-year...

  • *Gold slips for 3rd session, heads for 2nd monthly fall. *Palladium rebounds from 13- month low. LONDON, March 31- Gold fell on Tuesday and was heading for a third straight quarterly fall, pressured by a strong dollar and expectations the U.S.

  • MELBOURNE, March 31- London nickel tumbled to near six-year lows on Tuesday on the back of momentum selling before cutting losses, but was set to end the month down nearly 10 percent, as record supply and weak stainless steel demand pummelled prices. Nickel prices have nearly halved since hitting two-year highs above $21,000 last May, as an expected supply crunch...

  • ULAN BATOR, March 31- Rio Tinto and Mongolia have made a breakthrough in a tax dispute that has been among issues stalling development of the $6.5 billion Oyu Tolgoi copper mine, according to an official familiar with the government's position. A spokesman for Rio's Turquoise Hill Resources, which owns 66 percent of the mine, also declined to comment and pointed...

  • *Gold slips for third session in a row, palladium rebounds. SINGAPORE, March 31- Gold edged lower on Tuesday and was heading for a second straight monthly fall, pressured by expectations the U.S. "Gold's inability to hold over the psychological $1,200 level, which it recently cleared, suggests that bullion may be susceptible to a further consolidation of gains," said...

  • RIO DE JANEIRO, March 30- Nippon Steel& Sumitomo Metal Corp said on Monday it had reported Ternium to Brazil's CVM market regulator for transferring to third parties shares in steelmaker Usiminas, which they jointly control, before a vote to elect a new chairman next week. The Japanese steelmaker said Ternium's move was an attempt to influence the vote for a new...

  • March 30- Aluminum maker Alcoa Inc said on Monday it will shut its only remaining smelter in Brazil, the latest victim of a toxic mix of weak metal prices and high energy costs. The closure will cut Brazil's annual production to under 900,000 tonnes even as consumption is expected to grow as South America's largest economy prepares to host the 2016 Olympics.

  • SANTIAGO, March 30- Chile's economy will be hurt by the heavy flooding last week that cut off roads, washed away houses and bridges and forced some mines in the top copper producer to halt operations, the head of its central bank said on Monday. The Atacama region, which was hardest hit by the flooding, is relatively unpopulated, and represents about 2.5 percent of...

  • LONDON, March 30- Gold fell one percent on Monday, down for a second straight session as the dollar climbed on increasing prospects that the Federal Reserve may start raising interest rates gradually this year. "It seems the market is once again focusing on the Fed raising rates," Deutsche Boerse's MNI senior analyst Tony Walters said. Gold, which does not pay any...

  • ZURICH, March 30- Switzerland's Holcim said on Monday it had sold its 27.5 percent stake in Thailand's second-largest cement company Siam City Cement, in deals worth 655 million Swiss francs. Zurich- based Holcim, which plans to merge with France's Lafarge, said 24.9 percent of Siam City Cement was acquired by an affiliate of Hong Kong- based conglomerate Jardine...

  • MELBOURNE, March 30- London nickel slid to its weakest in nearly six years on Thursday, hit by faltering demand for stainless steel and worries that a new tax in Malaysia may push metal into the market. "A weak macroeconomic environment and demand data out of China in combination with worries about the Malaysian tax gave enough ammunition for the shorts to come in,"...