Materials and Metals Metals and Mining

  • CHARLESTON, W.Va., April 6- Former Massey Energy Chief Executive Don Blankenship was sentenced to a year in prison and fined $250,000 on Wednesday for his role in a 2010 West Virginia coal mine explosion that killed 29 workers. Blankenship, known as West Virginia's "king of coal" for his rags-to-riches background and tough approach to business, was given the...

  • Three-month aluminium on the London Metal Exchange fell 0.8 percent to $1,510 a tonne by 1433 GMT, paring losses after sliding to $1,495, the weakest since March 31. Torlizzi said he had advised his clients to go short in aluminium at $1,520, targeting the previous March support at $1,480, with the potential for a push lower to $1,400. Activity in China's service...

  • BRASILIA, April 6- Vale SA denied a report on Wednesday that it was negotiating a sale of fertilizer assets to Norway's Yara International as the Brazilian miner seeks to raise cash following its biggest quarterly loss in decades. Citing unnamed sources, Valor said the deal could yield Vale $1.2 billion. Vale is seeking to sell $10 billion in assets over the next...

  • BRASILIA, April 6- Brazilian miner Vale SA could sell a minority stake in its fertilizer unit by the end of the year as part of a bid to raise cash after its biggest quarterly loss in decades, newspaper Valor said on Wednesday. Valor, citing unnamed market sources, tipped Norwegian fertilizer maker Yara International ASA as a potential buyer in a deal that could...

  • JOHANNESBURG, April 6- The world's largest gorilla sub-species has seen its population fall 77 percent over the past two decades, a trend linked to illegal mining for coltan, a key mineral used in the production of cell phones and electronics, a new report has found. A report this week by the Wildlife Conservation Society and Fauna& Flora International found that...

  • TOKYO, April 6- Japan's Pan Pacific Copper plans to boost its April-September output of refined copper by 4.1 percent from the same period last year, when a fire at a local plant crimped production, it said on Wednesday. A fire in September last year forced a smelter in western Japan owned by PPC and other partners to halt operations for about 40 days, reducing output...

  • JAKARTA, April 6- Shares of PT Bumi Resources Minerals Tbk surged as much as 22 percent on Wednesday on hopes that the Indonesian miner would reap profits from selling a stake in Newmont Mining Corp's Indonesian operations to a consortium. The broader Jakarta stock exchange was up 0.4 percent. Bumi Resources Minerals is controlled by family-owned...

  • WINNIPEG/ SANTIAGO, April 6- Dealers of used mining equipment, from the United States to Chile and Australia, are making a risky bet that an end to the industry's four-year slump may be in sight, stocking up on a glut of crushers and conveyors. A used 20- ton Komatsu Ltd bulldozer that sold for nearly $130,000 a few years back, now leaves the lot for $100,000, for example.

  • SANTIAGO/ WINNIPEG, April 6- As slumping metals prices force miners to scale back production, the scramble by some to sell idled equipment at a discount is producing bargains for healthier players. Mantos Copper, a unit of investment firm Audley Capital, which bought two Chilean copper mines last year from Anglo American, is among those reaping the benefits.

  • Glencore is close to the sale of a large stake in its agriculture business which would help strengthen its balance sheet, the Financial Times reports.

  • Metal Commodities

    The commodities rebound this year looks suspiciously like a short-covering rally, says Chen Lin, president of Lin Asset Management.

  • SINGAPORE, April 6- Copper clung to small overnight gains on Wednesday supported by a weaker dollar, but it remained within striking distance of a one-month low on concerns over demand from top consumer China. *The most-traded copper contract on the Shanghai Futures Exchange steadied at 36,700 yuan a tonne. *Copper prices are expected to slide below January's...

  • Gains in Gold

    S2 Resources CEO Mark Bennett says economic uncertainty and global volatility have led to gold's increasing attractiveness as an investment.

  • "The first quarter was pretty good for us, production wise, throughput wise," Sierra Gorda General Manager Maciej Sciazko said in an interview at the company's Santiago office. Poland's KGHM owns a 55 percent stake in Sierra Gorda, with the rest held by Japan's Sumitomo Metal Mining and Sumitomo Corp.. The falling prices led KGHM to book a $500 million loss on Sierra...

  • SANTIAGO, April 5- The first stage ramp-up of Polish miner KGHM's Sierra Gorda Chilean copper mine is largely complete, the head of the mine told Reuters on Tuesday, although the timing of the next phase was under review given market conditions. "The first quarter was pretty good for us, production wise, throughput wise," said Sierra Gorda General Manager Maciej...

  • China announced last week that new "anti-dumping" tariffs ranging from 14 to 46 percent would apply to steel producers from the European Union, Japan and South Korea, alleging that it suffers "substantial damage" from unfair trade. China reserved the highest new tariff for a specialized kind of steel made in Britain by Tata Steel, which itself touched off...

  • SANTIAGO, April 5- Chile's state copper producer Codelco is slashing spending by $6 billion over the next five years in the wake of a steep fall in the price of copper, significantly reducing its targeted output, Chief Executive Nelson Pizarro said on Tuesday. Added to other cost cuts, that implied around $6 billion spending cuts over the next five years- meaning a...

  • By Georgina Prodhan and Tatiana Bautzer. FRANKFURT/ SAO PAULO, April 5- Vale SA has agreed to hand its stake in Brazil's CSA steel plant to majority owner Thyssenkrupp for a token sum, allowing the German company to contemplate relaunching a sale process and Vale to focus on its core mining business. Chief Executive Officer Murilo Ferreira said in February the...

  • A third of Indian companies have a debt problem

    Many of the country's largest non-financial companies are under stress, according to a new report from local ratings agency India Ratings and Research.

  • SANTIAGO, April 5- Chile- based copper miner Antofagasta Minerals will focus this year on lowering costs and protecting its margins, but would look at potential acquisitions if attractive mines came on the market, its chief executive said. Antofagasta bought a 50 percent stake in Barrick Gold's Zaldivar copper mine in Chile for $1 billion in cash in July last...