Materials and Metals Metals and Mining

  • *Spot gold was little changed at $1,338.87 an ounce at 0112 GMT. Bullion on Wednesday touched a high of $1,342.18, its best since July 14. *Japan's prime minister unveiled a surprisingly large $265 billion stimulus package on Wednesday to reflate the world's third-largest economy, adding pressure on the central bank to match the measures with monetary stimulus...

  • Two dams of an iron mine belonging to Samarco (a Vale joint venture) broke in the city of Mariana on 5 Nov, 2015.

    BHP said the provision partly reflected uncertainty on when Samarco, its iron ore joint venture with Brazil's Vale, would restart.

  • MELBOURNE, July 28- BHP Billiton will book a charge of up to $1.3 billion to cover the costs of a dam disaster last November at the Samarco iron ore mine in Brazil, putting it on course to report its worst ever annual loss. BHP said on Thursday the provision of between $1.1 billion and $1.3 billion partly reflected uncertainty on when Samarco, its iron ore joint...

  • Goldcorp, the world's third-biggest gold producer by market value, also said it would go ahead with plans to expand its Penasquito mine in Mexico and Musselwhite mine in Canada. Production at Vancouver- based Goldcorp, which operates only in the Americas, plunged to 613,400 ounces in the quarter from 908,000 ounces in the year-ago period. The exhaustion of...

  • The decision followed an assessment of the mine's plan in the context of the Toronto- based company's global capital priorities, it said. Chile's environmental regulator shut down the water system attached to the Maricunga mine in March, citing environmental damage which Kinross disputes. Kinross reported an adjusted net loss of $9.8 million, or 1 cent per...

  • MELBOURNE, July 28- BHP Billiton said on Thursday it would book a provision of between $1.1 billion and $1.3 billion in its annual results to cover costs of the dam disaster in November at the Samarco iron ore mine in Brazil. It said the provision partly reflected uncertainty on when Samarco, its iron ore joint venture with Brazil's Vale, would resume operations.

  • TORONTO, July 27- Barrick Gold Corp, the world's largest gold producer, reported a rise in second-quarter profit on Wednesday and said it plans to sell its 50 percent stake in a western Australia mine to carve more from its debt. Toronto- based Barrick, which has been selling off non-core mining assets and using cash flow to pay down debt, said it will explore selling...

  • TORONTO, July 27- Barrick Gold Corp, the world's largest gold producer, reported a rise in second-quarter profit on Wednesday and said it plans to sell its 50 percent stake in a western Australia mine to help continue to carve away at debt. The company, which has mines in the Americas, Australia and Africa, said gold production fell 7.5 percent to 1.34 million ounces...

  • LIMA, July 27- A fiery anti-mining activist and former governor of a gold-rich region in Peru who was freed from jail on Wednesday accused the government of locking him up for two years in order to keep him from power. Gregorio Santos welcomed the Supreme Court's decision to annul an extension of his stay in' preventive' prison, which prosecutors probing him for...

  • The Toronto- based miner said it recorded an adjusted net loss of $9.8 million, or 1 cent per share, in the quarter ended June 30, from a loss of $13.6 million, or 1 cent per share, in the year-prior period. Kinross, which has 10 mines in North and South America, Africa and Russia, produced 671,267 equivalent ounces of gold during the quarter, up from 660,898 ounces in the...

  • TOKYO, July 27- Japan's Itochu Corp became the target of short-seller Glaucus Research Group on Wednesday with a report criticising the trading company's accounting practices, sending its shares tumbling as much as 10 percent. The report highlighted Itochu's investments in a Colombian coal mining joint venture and China's CITIC Ltd, arguing that the...

  • Copper also declined due to supply concerns as mines ramp up in Peru, drifting close to one-week lows. Three month aluminum on the LME was up 0.1 percent at $1,593 a tonne by 1030 GMT, rebounding from $1,588, the weakest since June 13. "The consumption side in aluminum will be underpinned in the second half, but on the other hand the supply of Chinese aluminum has also...

  • BEIJING/ SHANGHAI, July 27- China is facing extreme difficulties in its bid to reduce overcapacity in the steel industry and will provide more funds to help handle layoffs and debts, the country's state planner said in a statement on its website on Wednesday. China has pledged to cut steel capacity by around 45 million tonnes this year, and by 140 million tonnes by...

  • *Copper prices seen at $4,890 average in 4 Q- NAB. MELBOURNE, July 27- London copper dropped to near one-week lows on Wednesday as sentiment soured in China, and ahead of the outcome of the U.S. China stocks tumbled on fears of tighter regulatory restrictions after Beijing officials earlier this week warned about asset bubbles.

  • SINGAPORE, July 27- Coal prices in 2016 have regained their footing above the psychological threshold of $50, leaving the oil industry wondering when crude prices will return to form. Starting June 1, benchmark API2 coal futures in Rotterdam have rallied 20 percent to around $60 a tonne, the highest in a year, while Asia benchmark API4 futures have climbed 15.6...

  • TOKYO, July 27- Japan's Itochu Corp became the target of short-seller Glaucus Research Group on Wednesday with a report criticising the trading company's accounting practices, sending its shares tumbling as much as 10 percent. The report highlighted Itochu's investments in a Colombian coal mining joint venture and China's CITIC Ltd, arguing that the...

  • BEIJING/ SHANGHAI, July 27- China is facing extreme difficulties in its bid reduce overcapacity in the steel industry and will provide more funds to help handle layoffs and debts, the country's state planner said in a statement on its website on Wednesday. China has pledged to cut steel capacity by around 45 million tonnes this year, and by 140 million tonnes by...

  • LAUNCESTON, Australia, July 27- There is something of a delicious irony in China's iron ore miners complaining of dumping by foreign producers, but what it really underscores is the multitude of challenges facing the world's biggest steel industry. It's also far from clear that protecting the domestic miners from cheaper imports would actually help China's...

  • *Copper prices seen at $4,890 average in 4 Q- NAB. MELBOURNE, July 27- London copper edged down on Wednesday but held above one-week lows hit in the previous session ahead of the outcome of the U.S. "My medium to longer term view on copper prices is fairly bearish but the recent increase in prices seems to be a general reflection of risk on, as people become more...

  • MELBOURNE, July 27- London copper edged down on Wednesday but held above one-week lows hit in the previous session ahead of a meeting of the Federal Reserve which is expected to keep rates unchanged, keeping down costs for capital-intensive commodities. *Shanghai Futures Exchange copper climbed half a percent to 37,990 yuan a tonne. *Australia's Fortescue...