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Materials and Metals Metals and Mining

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  • HOUSTON, Feb 23- Shale oil producers are throttling back so quickly on drilling that U.S. crude output could fall sooner than expected, within months, executives say as they slash costs to cope with tumbling crude prices and compete with Persian Gulf rivals. For one, companies are cutting costs deeper and faster than before as Wall Street investors increasingly...

  • --Clyde Russell is a Reuters columnist. LAUNCESTON, Australia, Feb 23- Iron ore should go back to the future and reinstate annual contract pricing, according a former executive of top miner Rio Tinto. This changed, largely at the behest of former BHP Billiton chief executive Marius Kloppers, who wanted to take advantage of a shortage of supply to generate higher...

  • *Fire started 2.3 km underground at 0800 GMT. JOHANNESBURG, Feb 22- South Africa's Harmony Gold said on Sunday all 486 miners who were trapped underground following a fire had been rescued. South Africa's gold mines are the deepest in the world and were ranked as some of the most dangerous during the apartheid era.

  • S.AFRICA' S HARMONY GOLD SAYS 18 MINERS STILL MISSING AFTER UNDERGROUND FIRE AT ITS KUSASALETHU MINE, 468 RESCUED.

  • JOHANNESBURG, Feb 22- South Africa's Harmony Gold said on Sunday it had rescued 389 miners at its Kusasalethu mine and that the underground fire there had been contained. Spokeswoman Charmane Russell said "there were no casualties or injuries reported at this stage". Harmony earlier said 487 employees were underground when the blaze began.

  • S.AFRICA' S HARMONY GOLD SAYS 280 EMPLOYEES BROUGHT SAFELY TO SURFACE AFTER UNDERGROUND FIRE AT ITS MINE.

  • *Mine belongs to Harmony Gold. JOHANNESBURG, Feb 22- About 200 miners were missing on Sunday after an underground fire at a mine belonging to South Africa's Harmony Gold, the company said. South Africa's gold mines are the deepest in the world and were ranked as some of the most dangerous during the apartheid era.

  • *China markets reopen on Feb. 25. LONDON, Feb 20- Copper prices fell on Friday, pressured by a drop in the euro against the dollar, with trading volumes constricted by the absence of consumers in China where the market is closed for the Lunar New Year holiday. Markets in China, which consumes roughly 40 percent of global refined copper, will reopen on Feb. 25.

  • *Gold's price premium over platinum tops $50/ oz. *Platinum, gold spread at highest in nearly 2 years. LONDON, Feb 20- Platinum's discount to gold hit its highest level on Friday since the gold price crash of April 2013, as concerns over the euro zone outlook lifted demand for the yellow metal as a haven, while dampening sentiment towards platinum.

  • *Paris, London mayors take measures against diesel. LONDON/ JOHANNESBURG, Feb 20- Platinum producers struggling back from South Africa's longest-ever mining strike are now contending with threats to a long-awaited price recovery, notably Europe's emerging dislike of diesel engines. Its rival Lonmin, having plunged into the red last year, also expects higher...

  • Feb 20- Canadian base metal miner First Quantum Minerals Ltd reported a 42.5 percent drop in adjusted quarterly profit on Friday, hurt by higher copper production costs and lower copper prices. First Quantum's net income, however, more than tripled to $453.2 million as the company recorded a $382.2 million gain related to the revaluation of Zambian deferred...

  • *China markets closed until Tuesday. *Asia aluminium premiums set to sag on China exports. LONDON, Feb 20- Copper slipped on Friday, pressured by a drop in the euro against the dollar, with trading volumes constricted by the absence of consumers in China where the market is closed for the Lunar New Year holiday.

  • Feb 20- Canadian base metal miner First Quantum Minerals Ltd reported a 42.5 percent drop in quarterly profit on Friday as copper prices plunged to five-and-a-half year lows. Comparative earnings, excluding one-time items, fell to $76.9 million, or 13 cents per share, in the fourth quarter ended Dec. 31, from $133.8 million, or 23 cents, a year earlier.

  • Cyclone slams into northeast Australia Thursday, 19 Feb 2015 | 10:31 PM ET
    Surfers head out Snapper Rocks as Cyclone Marcia approaches the coast of Queensland on February 19, 2015 in Gold Coast, Australia.

    A powerful cyclone hits northeast Australia, causing massive damage and causing flash flooding, while a second storm made landfall to the west.

  • METALS-Copper eyes flat week with China buyers out Thursday, 19 Feb 2015 | 8:56 PM ET

    MELBOURNE, Feb 20- London copper edged down on Friday, after a solid U.S. labor report boosted the dollar, with prices set to close the week little changed amid the Lunar New Year holiday in top consumer China. A rebound from 5-1/ 2 year lows touched in mid January has run out of steam with top user China away from the market. *China's stock, bond, foreign exchange and...

  • Feb 19- Newmont Mining Corp, the U.S.' s largest gold producer, reported on Thursday a narrower adjusted fourth quarter profit, though earnings were stronger than expected. Adjusted net income, which excludes one-time items like non-cash write downs, was $86 million, or 17 cents a share, in the quarter ended Dec. 31, compared with $143 million, or 28 cents a share, in the...

  • TORONTO, Feb 19- Goldcorp Inc posted a hefty loss on Thursday as it took a $2.3 billion impairment charge on a new mine in Argentina, the second multi-billion dollar writedown from a top gold miner in as many days. The charge follows an even larger $2.8 billion writedown reported by Barrick Gold Corp, the world's top gold producer by production.

  • TORONTO, Feb 19- Goldcorp Inc on Thursday said its fourth-quarter loss more than doubled as it took a $2.3 billion impairment charge on its new Cerro Negro gold mine in Argentina. The company, the world's biggest gold producer by market value, said its net loss widened to $2.4 billion, or $2.94 a share, from $1.1 billion, or $1.34 a share, a year earlier.

  • RIO DE JANEIRO, Feb 19- Brazilian miner Vale SA said on Thursday it produced 319.2 million tonnes of iron ore in 2014, beating its forecast for the year, as it begins to boost production after years of stagnation. The growth in production will be more than offset by falling iron ore prices, which fell by half last year as a massive increase in Australian capacity...

  • *China's markets closed for Lunar New Year holiday. Three-month nickel prices on the London Metal Exchange dropped to a session low of $13,910 a tonne, the weakest since Feb. 6, 2014, and slightly pared losses to $13,945 by 1041 GMT, down 2.2 percent. That might have weighed on sentiment, "said Xiao Fu, head of commodity market strategy at Bank of China International in...