(Bloomberg) - BHP Billiton Ltd.'s $10.8 billion of deals to exit its troubled U.S. shale unit will allow Chief Executive Officer Andrew Mackenzie to shower investors with returns. It may also be a chance for him to bow out on top.Mackenzie, 61, who's held his post since 2013, has delivered on plans to simplify BHP around a tighter core of key iron ore, coal, copper and oil assets, with the 2015 sp...Read More
LONDON, July 27 (Reuters) - Billionaire Anil Agarwal in July said he planned to offer around $1 billion to take London-listed Vedanta Resources Plc private, a move that has rekindled speculation his ultimate aim is a deal with miner Anglo-American.Agarwal's Volcan family trust has until July 30 to make a firm offer or walk away from the deal, which would leave Vedanta listed only in India.Why the...Read More
The Quellaveco copper project, 60% owned by Anglo American and 40% by Mitsubishi and located in Peru, was approved yesterday.Anglo American (LON:AAL) stock was mostly unchanged at GBP1,691.40 (US$22.15) a share.The estimated capital cost for the project ranges between $5.0 to $5.3 billion.The company expects a post tax IRR of greater than 15% with a four-year payback and an EBITDA margin of more...Read More
By Sudarshan Varadhan and Sanjeev MiglaniNEW DELHI, July 26 (Reuters) - India's decision to shut down Vedanta Resources' VED.L biggest copper smelter over environment concerns has hit 350 companies that buy its products and led to over 3,000 layoffs, a top company executive said.The Tamil Nadu (NS:TNNP) state government ordered a permanent closure of the plant in May following protests over allege...Read More
(Restores dropped character in first paragraph)LUSAKA, July 26 (Reuters) - Vedanta Resources Plc's VED.L Zambian unit said on Thursday work at its Konkola Copper Mine underground copper shaft 4 was halted after one miner was killed in an accident to allow for investigations into the incident, the company said.The firm said in June that it plans to double finished copper production at its Konkola...Read More
(Adds company news items and futures)July 26 (Reuters) - Britain's FTSE 100 .FTSE index is seen opening 6 points higher at 7,664 on Thursday, according to financial bookmakers, with futures FFIc1 up 0.21 percent ahead of the cash market open.* SKY: Sky SKYB.L , the pay-TV group at the centre of a bidding war between Rupert Murdoch's Fox and Comcast, reported a 9 percent rise in full-year core earn...Read More
July 26 (Reuters) - Britain's FTSE 100 .FTSE index is seen opening 6 points higher at 7,664 on Thursday, according to financial bookmakers.* GSK: A U.S. Food and Drug Administration expert panel on Wednesday did not support approval of GlaxoSmithKline Plc's GSK.L drug Nucala in treating a disease that limits airflow to the lungs. ANGLO AMERICAN: Peru's President Martin Vizcarra will announce the s...Read More
(Bloomberg) -- For many of the world’s richest people, losing $16.8 billion in a day would be a wipeout.For Mark Zuckerberg, it’s just about a fifth of his net worth.The Facebook Inc (NASDAQ:FB). co-founder, chairman and chief executive officer is set to see his wealth slide to sixth place from third on the Bloomberg Billionaires Index after the company’s shares lost of 20 pe...Read More
Teck Resources Ltd boosted its production forecasts for copper, zinc and oil on Thursday as the diversified miner reported market-beating profits on the back of higher prices for a range of commodities.Flush with C$2.9 billion ($2.22 billion) in cash and C$7 billion in liquidity, Teck is in "great shape" to fund growth, said Chief Executive Don Lindsay, including big Chilean developments like the...Read More
The president of Peru's National Society of Mining, Petroleum, and Energy, Pablo de la Flor, issued a statement today saying that Anglo American (LON:AAL) and Mitsubishi's joint venture to develop the Quelleveco project marks a new era for the country's mining industry.According to de la Flor, the project located in the southern Moquegua region will create 9,000 jobs during its construction phase...Read More
(Bloomberg) - Anglo American Plc's chief executive officer was being a little cryptic with investors on Thursday, but the message was clear: the company might have found an exciting copper deposit in Brazil.CEO Mark Cutifani briefly flagged a 19,000-square kilometer piece of land (an area about the size of Israel) that the miner has pegged in Brazil, where it's looking for copper. When pushed by a...Read More
Newmont Mining acquired a 50 per cent interest in the Galore Creek Partnership from NOVAGOLD Resources for $275 million.Teck Resources owns the remaining stake.The agreement encompasses several staged payments. There will a contingent investment of $275 million, with an initial payment of $100 million; a payment of $75 million on the earlier of prefeasibility study completion or three years from c...Read More
TORONTO, July 26 (Reuters) - Lundin Mining Corp launched a hostile C$1.4 billion ($1.1 billion) takeover bid for fellow Canadian base metals miner Nevsun Resources Ltd on Thursday, saying it had failed to convince Nevsun's board to agree to a friendly deal over the past nine months.Cash-rich Lundin, looking to grow its production, has made five proposals to acquire Nevsun's large, high-grade Timok...Read More
An end to an eight-week long strike at the Mount Polley copper mine may be in sight, following a tentative agreement reached between the union and Imperial Metals (TSX:III).Roughly 200 members of the United Steelworkers (USW) union have been on strike since May. A collective agreement expired on December 31, 2017.After reaching an "impasse" in renegotiation the contract, Imperial Metals locked wor...Read More
Unlike the other two gold majors Newmont had a quarter to trumpet with a second quarter coming in at $144 million or 26 cents per diluted share.Newmont Mining (NYSE:NEM) was up 2.14% to $38.27 per share. Analysts expected 24 cents a share.Yesterday Barrick reported a net loss of US$94 million or 8 cents per share in its 2Q, and Goldcorp also reported a net loss of $131 million or 15 cents per sha...Read More
(Bloomberg) -- The Beijing “put” is back.China’s bid to boost policy stimulus to barricade its domestic economy from the brewing trade war is breathing life into risk assets battered by liquidity and geopolitical angst.Among the winners: Asian junk bonds, the besieged industrial-metals complex and emerging-market stocks.Bulls can thank the State Council meeting this week that out...Read More
* FTSE 100 down 0.7 pct* Miners cool after strong previous session* ITV rises after decent update, but Informa slides* Indivior plunges on warning of bigger hit from copycat drug (Adds closing prices)By Kit ReesLONDON, July 25 (Reuters) - The UK's top share index fell on Wednesday as mining stocks lost ground, with earnings in focus as ITV and Informa issued updates.The blue-chip FTSE 100 .FTS...Read More
Investing.com - Gold prices trader higher for a second-consecutive session on Wednesday, as a weak dollar continued to support the precious metal and investors looked ahead to trade talks between the U.S. and the European Union.At 11:11 AM ET (15:11 GMT), gold futures for August delivery on the Comex division of the New York Mercantile Exchange gained $3.60, or 0.29%, to $1,229.10 a troy ounce, pu...Read More
* European stocks halt three-day worldwide equities rally* Markets focussed on Trump-Juncker trade meeting* Commodities bolstered by prospect of increased China demand* China yuan, Turkish lira steady in FX markets* Graphic: World FX rates in 2018 http://tmsnrt.rs/2egbfVhBy Marc JonesLONDON, July 25 (Reuters) - A three-day worldwide stocks rally was threatening to stall on Wednesday, as investors...Read More
Although precious metals have not rebounded too strongly yet, the long awaited summer rally could be underway (at least in Gold). Gold is oversold and its sentiment is overly bearish. But it is holding important support in the low $1200s. Silver has begun to rally after breaking down from a triangle consolidation. The gold stocks held up well during recent carnage in the metals but are struggling...Read More