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Materials and Metals Metals and Mining

  • PARIS, Jan 26- French steel pipe maker Vallourec and Asco Industries announced on Thursday the finalization of their acquisition of the Saint Saulve steel mill in northern France. The companies' Ascoval vehicle- 60 percent owned by Asco and 40 percent owned by Vallourec- will own all the assets of the mill, which is targeting an annualized production level of...

  • PARIS, Jan 26- French steel pipe maker Vallourec and Asco Industries announced on Thursday the finalisation of their acquisition of the Saint Saulve steel mill in northern France. The companies' Ascoval vehicle- 60 percent owned by Asco and 40 percent owned by Vallourec- will own all the assets of the mill, which is targeting an annualized production level of...

  • *BHP allocates iron ore cargo to shipper under new online system. SINGAPORE, Jan 26- BHP Billiton has launched an online system under which shippers compete to offer the best price to haul cargoes of commodities such as iron ore and copper to the mining giant's customers. BHP asked 13 ship owners and operators to submit offers through its online platform to...

  • Freeport said in documents accompanying earnings disclosure on Wednesday it "expects to challenge this decision at Indonesia's Supreme Court and is evaluating its options." Earlier, Indonesia's Papua province, home of Freeport's giant Grasberg copper mine, said it had won a court battle in a claim against the company for 2.51 trillion rupiah in outstanding...

  • MANILA, Jan 26- London copper futures ticked higher on Thursday to trade near a two-month high as the dollar wilted amid rising concerns over U.S. *Three-month copper on the London Metal Exchange was up 0.3 percent at $5,957 a tonne by 0110 GMT, not far below Wednesday's peak of $5,973, which was the metal's strongest level since Nov. 28. *The most-traded March copper...

  • Jan 26- Gold prices held steady on Thursday after falling to 1-1/ 2 week lows the day before, buoyed by a weaker dollar amid uncertainty over U.S. economic and trade policy under President Donald Trump. *Spot gold prices were firm at $1,201 per ounce at 0046 GMT. *U.S. gold futures rose 0.3 percent, also standing at around $1,201 per ounce.

  • A worker monitors operations as water is added to concentrate at Freeport McMoRan's Grasberg copper and gold mining complex in Papua province, Indonesia, on Wednesday, April 22, 2015.

    Freeport-McMoRan warned that it would need to start slashing output and jobs at its Indonesia mine if it fails to get an export permit.

  • Jan 25- Freeport-McMoRan Inc, the world's biggest publicly-listed copper miner, warned on Wednesday that it would need to start slashing output and jobs at its Indonesia mine by mid-February if it fails to get an export permit from the government. The Phoenix, Arizona- based miner also reported weaker-than-expected fourth-quarter earnings and cut its 2017...

  • Unusual activity:

    “Fast Money Halftime Report” trader Pete Najarian discusses unusual options activity in Rio Tinto.

  • TORONTO, Jan 25- Canada's main stock index approached an all-time high on Wednesday, led by gains for heavyweight financial and energy stocks as global stocks climbed, while lower gold prices weighed on gold mining shares. At 10:12 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index rose 53.68 points, or 0.34 percent, to 15,664.37, within striking...

  • Jan 25- U.S.-based miner Freeport-McMoRan Inc reported weaker-than-expected fourth-quarter earnings on Wednesday and warned that it may need to cut output and jobs at its mine in Indonesia if it can't secure a permit to export copper concentrates. Freeport's exports of copper concentrate from Indonesia have been halted since Jan. 12 when a ban on shipping...

  • BENGALURU/ LONDON, Jan 25- Chilean copper miner Antofagasta reassured investors with a strong production increase in the final quarter of 2016 and by saying it expected to pay less tax, sending its shares sharply higher. A 13.8 percent production rise in the fourth quarter helped the London- listed miner reach annual output of 709,400 tonnes of copper in 2016,...

  • TORONTO, Jan 25- Canada's main stock index moved closer to a record high on Wednesday, led by gains for its heavyweight energy and financial groups as global stocks climbed, while lower gold prices weighed on gold mining shares.

  • Freeport is being helped by higher prices for both metals but its copper business has been dented recently by a ban on exports of copper concentrates in Indonesia, where the company owns and operates the giant Grasberg gold-copper mine. The company's exports of copper concentrate from Indonesia have been halted since Jan. 12 when a ban on shipping unprocessed...

  • The world's largest producer of bullion also estimated 2016 all-in sustaining costs was at or slightly below the low end of its forecast of $740- $775 per ounce of gold. Barrick also estimated its cost of sales applicable to gold last year was at the low end of the forecast of $800- $850 per ounce it gave in October. The Toronto- based company estimated its full-year...

  • JOHANNESBURG, Jan 25- Kumba Iron Ore, which Anglo American has put up for sale, said on Wednesday its profit more than doubled for the year, setting it up to outstrip forecasts when it reports earnings next month. Kumba said headline earnings per share for the year to end-December would likely be in a range of 26.36 rand to 27.72 rand, between 123 percent and 125...

  • MANILA, Jan 25- London aluminum futures held close to 20- month highs early in Asia on Wednesday, buoyed by reports of possible capacity cuts in China, while copper steadied near its highest in almost two months. *Traders cited a Bloomberg story saying that China is drawing up plans that would halt about 3.3 million tonnes of operational aluminum capacity during...

  • LONDON, Jan 24- China imported 3.63 million tonnes of refined copper last year, just shy of the previous year's record 3.68 million tonnes. However, the strength of China's appetite for imported copper was still a major surprise given all the concern at the start of the year about the potential for a metallic hard landing in the country's economy.

  • *Bonus offer cut to $12,000, from $49,000 four years ago. SANTIAGO, Jan 24- Unionized workers at BHP Billiton-run Escondida, the world's biggest copper mine, said on Tuesday they rejected the company's latest wage offer and asked workers to vote for a strike and prepare for an extended conflict. Talks four years ago ended with Escondida offering each worker a bonus...

  • But there is also the risk of a trade war with China after the outgoing Obama administration launched a new complaint earlier this month against Chinese aluminum subsidies at the World Trade Organization. Alcoa said it expects a 6 percent increase in demand from China, driven by packaging, electrical, transportation sectors. Alcoa said it expects bauxite and...