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Materials and Metals Metals and Mining

  • 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...

  • The stock had risen 42 percent since Donald Trump's victory in the Nov. 8 U.S. presidential election. Alcoa generated $2.54 billion in revenue in the quarter, beating the average analyst estimate of $2.46 billion, according to Thomson Reuters I/B/E/S. The New York- based company reported net loss of $125 million, or 68 cents per share, for the fourth quarter ended...

  • The 1,179- mile Keystone XL pipeline would move 830,000 barrels per day of oil sands crude from Hardisty, Alberta, across the U.S. border to Steele City, Nebraska, where it would connect with a previously approved line. The $8 billion project is backed by TransCanada, Canada's No. 2 pipeline company. Refiners on the Gulf Coast want the line to supply them with heavy...

  • *Egypt launches first gold-mining tender since 2009. *Three foreign players active in Egypt say they won't bid. But mining companies active in Egypt and Africa say the new exploration round, which offers five concession areas and closes on April 20, is unlikely to lure investors because of commercial terms they say are among the least attractive in the world.

  • commodities@ SAO PAULO, Jan 24- Brazilian stocks hit a nearly five-year high on Tuesday as rising prices of commodities boosted shares of miner Vale SA and state-controlled oil company Petrobras. Shares of Vale, the world's largest iron ore producer, rose to their highest since January 2013 as China iron ore futures rebounded after a four-day retreat.

  • 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.

  • Jan 24- Hong Kong stocks rose on Tuesday, led by a solid resources sector as a weaker U.S currency stemming from President Donald Trump's protectionist stance reduces costs to firms for raw materials imports. Shares of Shenhua Energy Co Ltd and Yanzhou Coal Mining Company Limited climbed about 2.5 percent and 5.4 percent respectively. Linus Yip, strategist at...

  • LONDON, Jan 23- The number of rigs drilling for oil and gas in the United States has recorded the largest one-week increase for over five years, confirming a rapid upturn is now underway. But there is no denying a rapid and sustained upturn is now underway which could pose challenges for the Organization of the Petroleum Exporting Countries and for shale drillers...

  • Commodities prices could be much better: MMG

    Andrew Michelmore, CEO at MMG, says that market sentiment when it comes to investing has changed.

  • CHICAGO, Jan 23- Peabody Energy Corp's plan to emerge from Chapter 11 bankruptcy faces a "material risk" that the U.S. coal producer could suffer a $1 billion revenue loss due to a disputed lease at the world's largest coal mine, according to an objection filed to its reorganization plan. Oil and gas driller Berenergy Corp and Peabody hold overlapping federal...

  • VANCOUVER, Jan 23- Teck Resources has held talks with fellow miner Anglo American Plc about sharing port infrastructure at their neighboring copper mines in Chile, Teck's chief executive officer said on Monday, arguing for more industry partnerships. This is ridiculous, "Lindsay said, speaking at a mining conference in Vancouver. Teck, which also mines coal and...

  • LONDON, Jan 23- Britain's steel industry needs a comprehensive government strategy to boost the sector, which must be a priority in negotiations on Britain's exit from the European Union, a cross-party parliamentary report said on Monday. Kinnock's constituents include workers at the Port Talbot plant, Britain's biggest steel facility, owned by Tata Steel UK,...

  • TORONTO, Jan 23- Canada's main stock index fell on Monday as energy companies retreated along with lower oil prices, while mining shares bucked a broadly weaker trend on higher metal prices. At 10:21 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was down 49.07 points, or 0.32 percent, at 15,498.81. Teck Resources Ltd advanced 2.2 percent to C...

  • CAIRO, Jan 23- Centamin Plc, which runs Egypt's only commercial gold mine, said it would not bid in the country's new gold exploration tender because the terms are not commercially viable. Egypt, which is hoping that gold production can be a future source of growth for its struggling economy, began accepting bids last week for five concessions in its first tender...