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Materials and Metals Metals and Mining

  • LIMA, Feb 15- Peru's economy expanded by a stronger-than-expected pace of 3.25 percent in December from a year earlier and by 3.90 percent in all of 2016 as a surge in copper production offset tepid domestic demand, official data showed on Wednesday. The sol currency surged against the dollar after state statistics agency Inei released the data, prompting the...

  • TORONTO/ VANCOUVER, Feb 15- Canadian miner Teck Resources Ltd reported a better-than-expected quarterly profit on Wednesday, lifted by a surge in the price of coal for steelmaking, but weaker demand at the start of the year spooked investors, sending its shares lower. The Lunar New Year holidays also crimped demand in Asia. Shares of the Vancouver- based company,...

  • *Iran could need more iron ore to reach its goal. LONDON, Feb 15- Iran aims to export 20 to 25 million tonnes of steel annually by 2025, it said in an official statement on Wednesday, up from a previous goal of 10 million tonnes. The Iranian Mines and Mining Industries Development and Renovation Organisation, in the statement published on its website, quoted a member of...

  • *China bonded nickel premiums jump $15 to $180. LONDON, Feb 15- Copper rose on Wednesday on upbeat signals for the U.S. economy and as talks to end a major strike in Chile were delayed, while nickel rose on continued supply disruptions in the Philippines. In Chile, renewed talks in Chile to end a week-long strike at Escondida, the world's biggest copper mine, have been...

  • *Tata can now move to close UK final salary pension scheme. LONDON, Feb 15- Tata Steel's British workers voted on Wednesday to accept pension benefit cuts in return for safeguards on jobs and investment, although the Indian company's plan to spin off its entire UK pension scheme still faces regulatory hurdles. In return for pension changes, Tata Steel has pledged...

  • TORONTO, Feb 15- Canadian miner Teck Resources Ltd reported a better-than-expected quarterly profit on Wednesday, lifted by a surge in the price of coal for steelmaking, but said weaker demand in recent weeks was eroding prices and sales. Shares of the Vancouver- based company, which also mines copper, gold and silver, were down 4.3 percent at C $31.27 in early...

  • LONDON, Feb 15- Tata Steel's British workers voted on Wednesday to accept pension benefit cuts in return for safeguards on jobs and investment, although the Indian-owned firm's plan to spin off its entire pension scheme still faces regulatory hurdles. The company's new defined contribution scheme will cover its existing 11,000 UK employees.

  • JOHANNESBURG, Feb 15- Anglo American Platinum, the world's top producer of the precious metal, announced a swing back into profit on Wednesday, along with the sale of another mine, but said it was still not ready to resume dividend payments. On Wednesday Amplats, which is majority-owned by Anglo American, announced it was also selling its Union mine to unlisted...

  • *China bonded nickel premiums jump $15 to $180. *Coming Up: U.S. Industrial production Jan at 1415 GMT. LONDON, Feb 15- Copper prices were steady on Wednesday after Federal Reserve Chair Janet Yellen's upbeat assessment of the outlook for the U.S. economy, while nickel rose on supply disruptions in the Philippines.

  • Copper inventories tied to China's Shanghai Futures Exchange have surged 61 percent since the week of Jan. 20 to 277,659 tonnes, the most since May 2016, the latest data shows. Stockpiles held in bonded warehouses in China have edged above 500,000 tonnes, from around 450,000 tonnes in November, according to consultants CRU Group. "In China's bonded market there is...

  • JOHANNESBURG, Feb 15 Reuters)- Mining company super profits appear to be back on the agenda as earnings stand to be turbo-charged by higher-than-expected prices for iron ore and other metals, while volumes are also likely to be strong. Iron ore has been the standout so far in 2017, and as the steel-making ingredient surged to its highest level in three year above...

  • SANTIAGO/ ANTOFAGASTA, Feb 15- Workers at the world's largest copper mine in Chile are digging in for a long strike, emboldened by new labor laws that are likely to result in tough wage negotiations in the industry in 2017 in one of Latin America's most free-market economies. Workers at mines representing around 12 percent of global output are due to renegotiate...

  • LIMA, Feb 14- The new chief executive of Peru's biggest precious metals miner, Buenaventura, said on Tuesday that the price of gold would not likely trigger an industry-wide wave of new mining projects until it reached at least $1,350 per ounce. Victor Gobitz told Reuters in an interview that gold's recent rally, bringing it to about $1,225 an ounce on Tuesday, had...

  • LONDON, Feb 14- Here we go again? The price of iron ore traded on the Dalian Commodity Exchange rose on Tuesday for the sixth consecutive day and is now at its highest level in three years. Iron ore for delivery to China's Qingdao port jumped 6.5 percent to $92.23 a tonne on Monday, the highest since August 2014, according to Metal Bulletin.

  • LIMA, Feb 14- The new chief executive of Peru's biggest precious metals miner, Buenaventura, said on Tuesday that the price of gold will not likely trigger an industry-wide wave of new mining projects until it reaches at least $1,350 per ounce. Victor Gobitz told Reuters that gold's recent rally, combined with the company's rising production, has bolstered...

  • LIMA, Feb 14- The new chief executive of Peru's biggest precious metals miner, Buenaventura, said on Tuesday that he does not think the price of gold will trigger the mining industry to initiate new mining projects until it reaches at least $1,350 per ounce.

  • SANTIAGO/ ANTOFAGASTA, Feb 14- Striking workers at Chile's massive Escondida copper mine and mine operator BHP Billiton said they have agreed to renew talks on Wednesday, helping to ease a copper price rally on hopes of an early settlement to the six-day stoppage. Carlos Allendes, leader of the 2,500- strong member union, said on Tuesday it had received and...

  • NEW YORK, Feb 14- Oil prices pared gains after the settlement Tuesday, as evidence of surging U.S. crude oil stockpiles underscored concerns that shale production might limit the effectiveness of an OPEC- led effort to cut global output. Brent crude traded at $55.73 a barrel at 4:39 p.m. Eastern, off the settlement of $55.97 a barrel, which was up 38 cents but well...

  • NEW YORK, Feb 14- Oil settled slightly higher on Tuesday, as rising supply from U.S. shale output limited enthusiasm about an OPEC- led effort to cut global output. Brent crude settled 38 cents higher at $55.97 a barrel, well off the session high of $56.46 a barrel. The Organization of the Petroleum Exporting Countries and other exporters including Russia have...

  • LIMA, Feb 14- Peru will start the bidding on a nearly 100- year old polymetallic smelter and a copper mine at about $270 million in a March 10 auction, the government said on Tuesday. The La Oroya smelter in Peru's central Andes is seen as being worth $334 million and the Cobriza copper mine $71 million, according to the energy and mines ministry.