Materials and Metals Metals and Mining


  • Aug 25- Chilean copper mine Antofagasta said on Tuesday it was targeting savings of about $160 million this year as it posted a 49 percent fall in first-half core profit, hit by a steep fall in prices of the metal. The miner said first-half core profit, or earnings before interest, tax, depreciation and amortisation, was $562 million, down from $1.09 billion a year ago...

  • *Platinum down 4.5 pct, palladium at 3- year low. NEW YORK/ LONDON, Aug 24- Gold turned lower on Monday, as the dollar pared losses, and U.S. shares and other commodity markets staged a comeback while the white precious metals fell on concerns about the Chinese economy. Platinum dropped as much as 4.5 percent, palladium hit a three-year low at $563.72 an ounce and silver...

  • Aug 24- De Beers, the world's largest producer of rough diamonds by value, reduced prices for its diamonds by as much as 9 percent, Bloomberg reported, citing people familiar with the matter. De Beers, a unit of London- listed mining company Anglo American Plc, lowered prices after cuts to production failed to support demand, Bloomberg reported, citing three people...

  • ATHENS, Aug 24- Workers at a Canadian-run gold mine in northern Greece staged a counter-protest on Monday against its threatened closure, a day after scuffles broke out at a demonstration by activists opposed to the project. About 200 workers gathered at two sites in the scenic Halkidiki region, briefly blocking roads in protest at a government decision which...

  • LONDON, Aug 24- Gold edged higher on Monday to trade near a seven-week top as the dollar and shares tumbled on concerns about the Chinese economy and uncertainty over the timing of a U.S. rate rise. Platinum dropped 3 percent and palladium hit its lowest in three years at $563.72 an ounce. "The weaker dollar and concerns about China's economy are the factors behind...

  • SHANGHAI, Aug 24- Baoshan Iron& Steel, China's biggest listed steel company, reported a modest increase in first-half profit on Monday, citing easing demand in its domestic market. China's steel sector is grappling with chronic overcapacity, tougher environmental measures and an economic slowdown that is hitting demand for industrial metals.

  • LONDON, Aug 24- Copper prices tumbled to six-year lows on Monday alongside Shanghai equities on growing nervousness about economic activity and demand prospects in top industrial metals consumer China. The metal used in power and constriction was at $4,897 a tonne at 1121 GMT from $5,055 at Friday's close. The perception that the Chinese government can...

  • LONDON, Aug 24- Anglo American is to sell two Chilean copper mines to investment firm Audley Capital for $300 million, the company said on Monday, as it delevers its balance sheet to help combat a global slump in commodity prices. The deal includes conditional future payments which could boost the eventual price tag by $200 million, Anglo American said.

  • Australia's Fortescue is in a dangerous position: Pro Monday, 24 Aug 2015 | 12:38 AM ET
    Australia's Fortescue is in a dangerous position: Pro

    Gaurav Sodhi, senior analyst at Intelligent Investor, says Fortescue Metals risks becoming a marginal producer with iron prices set for further losses.

  • These factors gave BlueScope shares a lift Monday, 24 Aug 2015 | 12:35 AM ET
    These factors gave BlueScope shares a lift

    Paul O'Malley, MD & CEO of BlueScope Steel, discusses the near 10 percent rise in the steelmaker's stock following the announcement of a return to full-year profit.

  • Fortescue: We're well-positioned for any market recovery

    Nev Power, CEO of Fortescue Metals, says the company saw dramatic improvements over the past year in areas such as safety and will continue its focus on cost-cutting moving forward.

  • China woes slash 90% off profits at ore miner FMG Sunday, 23 Aug 2015 | 10:42 PM ET
    Trucks at an iron ore mine

    Australian iron ore miner Fortescue said FY profit dropped nearly 90% to $316M million on weak prices for the steel-making ingredient.

  • Behind the 41% jump in South32's maiden profit Sunday, 23 Aug 2015 | 10:38 PM ET
    Behind the 41% jump in South32's maiden profit

    Graham Kerr, CEO of South32, says the jump in annual underlying profit is "fit for the year [the company] had" and discusses the mid-sized miner's focus on cost-cuts going forward.

  • *Copper, aluminum at lowest since 2009 on slowing China. SINGAPORE, Aug 24- London copper and aluminum futures lost more ground on Monday with both markets dropping to the lowest levels since 2009 on concerns over slowing economic growth in China, the world's top consumer of industrial metals. Asian stocks and oil also fell after Wall Street suffered another...

  • *Iron ore miners hit hard by economic slowdown in China. SYDNEY, Aug 24- Australia's Fortescue Metals Group on Monday said annual profit dropped nearly 90 percent to $316 million, the latest iron ore miner to report sharply lower earnings on weak prices for the steel-making ingredient as China's economy slows. At 0036 GMT, Fortescue was 7 percent lower at A $1.78.

  • TORONTO/ VANCOUVER/ SYDNEY, Aug XX- Many of the world's junior miners are laying down their picks and shovels to start new ventures ranging from egg exporting to medical marijuana farming, as they as try to survive a crash in metals prices by shifting away from exploration. Canada made it legal to buy marijuana from licensed producers with a doctor's prescription...

  • The short case for Caterpillar Friday, 21 Aug 2015 | 12:42 PM ET
    The short case for Caterpillar

    Discussing the impact of the commodity supercycle on Caterpillar, with Jim Chanos, Kynikos Associates president & founder, who remains short the name.

  • JAKARTA, Aug 21- Indonesia's PT Timah, the country's top tin miner, has been granted government clearance to resume exports and will look to make its first shipment by early September, company and government officials said on Friday. State-owned PT Timah halted exports when new rules for shipments were introduced on Aug. 1, and like other tin miners in the world's...

  • Aug 20- Canadian miner Eldorado Gold Corp said on Thursday it would suspend all mining and development activities in the Halkidiki region in Greece after the Greek Energy Ministry on Wednesday revoked approvals for technical studies in the region. The project in Greece's Halkidiki region includes gold mines in operation and two factories under...

  • Eldorado Gold to suspend operations in Greek gold mine Thursday, 20 Aug 2015 | 7:09 PM ET

    Aug 20- Canadian miner Eldorado Gold Corp said it would suspend all mining and development activities in the Halkidiki region in Greece from next week after the Greek Ministry of Energy on Wednesday revoked approvals for technical studies in the region.