Materials and Metals Metals and Mining

  • SYDNEY, April 29- Five years ago floods linked to a La Nina weather pattern nearly brought Australia's coal industry to a standstill. Over several months in late 2010 and early 2011, during the last La Nina event, around 85 percent of Australia's coal mines across a region bigger than Texas either had to restrict output or close as record rains fell.

  • SHANGHAI, April 29- China's Baosteel Group said on Friday that three accusations by U.S. Steel Corp against the company, including that it had stolen commercial secrets, were groundless and not based on facts. "In particular, the charges claiming that Baosteel stole commercial secrets from U.S. U.S. Steel Corp on Tuesday launched a campaign to prevent imports from...

  • *Comes despite China's efforts to control speculative trading. MANILA/ SHANGHAI, April 29- Commodity futures linked to China's vast steel sector rebounded sharply on Friday, led by iron ore and rebar, as robust construction demand spurred buying even as the country's regulator ordered exchanges to rein in speculative trading. Big bets on Chinese commodities...

  • *Prices tumble as Asia takes Colombian cargoes. SINGAPORE/ SEOUL, April 29- Australian thermal coal prices for delivery in June have dropped to 10- year lows as Colombian miners start sending large volumes into Asia for the first time, adding cargoes to an already oversupplied market. In thermal coal markets, by contrast, an unusual new trade route has opened as low...

  • *Comes despite China's efforts to control speculative trading. MANILA/ SHANGHAI, April 29- Commodity futures linked to China's vast steel sector rebounded sharply on Friday, led by iron ore and rebar, as robust construction demand spurred buying even as the country's regulator ordered exchanges to rein in speculative trading. In response, the exchanges in...

  • April 29- Russia's Rusal Plc reported a 1.7- percent rise in first quarter aluminium production from a year earlier and said there were signs metal prices were improving thanks to global output cuts. Rusal, which slipped last year to world No.2 aluminium producer behind China's Hongqiao, has been hit by a slump in metal prices, but said production cuts outside...

  • TORONTO, April 28- Canada's Goldcorp Inc on Thursday said its computer network had been compromised and the gold mining company was working to determine the scope and impact of the data breach. Vancouver- based Goldcorp's internal security team and independent technology security firms are gathering facts and informing affected employees, but Chief...

  • TORONTO, April 28- Canada's Goldcorp Inc confirmed on Thursday that its computer network had been "compromised" and the gold mining company was working to determine the scope and impact of the data breach. Vancouver- based Goldcorp's internal security team is working with independent technology security firms to gather facts and inform affected employees,...

  • LONDON, April 28- Anglo American has agreed to sell its niobium and phosphates businesses in Brazil to China Molybdenum for $1.5 billion in cash, it said on Thursday, as it seeks to cut debt in a radical restructuring of the global mining group. Anglo American shares rose more than 8 percent, outperforming the sector as analysts said the price was higher than...

  • LIMA, April 28- Southern Copper Corp's net profit dropped 34.5 percent to $185.1 million, or $0.24 per share, in the first quarter on slumping metal prices, the company said Thursday. The Phoenix, Arizona- based company said it produced 24.8 percent more copper in the first quarter compared with the same quarter in 2015 thanks to its expansion at its Buenavista mine...

  • BERLIN, April 28- The European Union should take a tough stance in dealing with China in a dispute over low steel prices, German Economy Minister Sigmar Gabriel said on Thursday. "China can't get market economy status if China does not stick to the rules of a market economy," he said, adding that those who do not respect the rules of free trade could not be guaranteed...

  • LONDON, April 28- Copper prices slipped on Thursday as the market waited for confirmation of stronger demand in top consumer China, while a lower dollar helped to limit losses. Benchmark copper on the London Metal Exchange was down 0.2 percent at $4,893 a tonne at 1020 GMT. "Markets are waiting to see if there is a basis for the recent rally," said Danske Bank analyst...

  • April 28- The global lead market is forecast to have a surplus of 76,000 tonnes this year, the International Lead and Zinc Study Group said on Thursday. The global zinc market is forecast to have a deficit of 352,000 tonnes in 2016, it said. The ILZSG expects a 2 percent rise in global demand for refined lead to 10.83 million tonnes in 2016 and a 3.5 percent rise in...

  • MEG said cash flow used in operations, or negative cash flow, rose to C $131 million from C $30 million as realized bitumen prices more than halved. MEG, whose key operations are in the Athabasca oil sands region of Alberta, said it was implementing a hedging program to increase the predictability of future cash flows. Bitumen production fell about 7 percent to...

  • LONDON, April 28- Anglo American has agreed to sell its niobium and phosphates businesses in Brazil to China Molybdenum for $1.5 billion in cash, it said on Thursday, as it seeks to cut debt in a radical restructuring of the global mining group. Anglo American shares rose more than 3 percent in early trade as analysts said the price was higher than expected and boded...

  • LONDON, April 28- The British government will probably have to do more to help India's Tata Steel to find a buyer for its steel plants in the country, Bimlendra Jha, the chief executive of Tata Steel UK said on Thursday. Jha told a committee of British lawmakers that there were "structural disadvantages" in the steel industry in Britain which made production...

  • LONDON, April 28- Global mining group Anglo American said on Thursday it had agreed to sell its niobium and phosphates businesses to China Molybdenum for $1.5 billion in cash to reduce its debts. "The proceeds from this transaction... will enable us to continue to reduce our net debt towards our targeted level of less than $10 billion at the end of 2016," Anglo's Chief...

  • LONDON, April 28- Miner Anglo American said on Thursday it had agreed to sell its niobium and phosphates businesses to China Molybdenum for $1.5 billion in cash to reduce its debt level. The businesses, consisting of mines, plants, processing facilities, chemical complexes and deposits, are located in Brazil. "The proceeds from this transaction... will enable us to...

  • BUENOS AIRES, April 27- Brazilian miner Vale SA is considering a restart of its Rio Colorado potash project in Argentina after a long delay, the company said on Wednesday, the latest sign that international investors are eyeing a return to the country. Vale suspended work on its Rio Colorado project in the western province of Mendoza in 2012, having already...

  • BUENOS AIRES, April 27- Brazilian miner Vale SA is planning to restart its Rio Colorado potash. Vale put its Rio Colorado project in the western province of Mendoza on hold in 2012, having already invested $2.2 billion, as prices for the key crop nutrient crashed and after the former government refused to offer tax concessions to mitigate soaring costs.