Commenting on the news that offshore driller Ensco will buy Rowan in a $2.38 billion deal, Leslie Cook, principal analyst, Wood Mackenzie, said: "As we have been saying for the past two years, consolidation among drillers is paramount to a recovery. In that respect, this announcement comes as no surprise."Ensco and Rowan are companies that have strong brand recognition in both the jack-up and floa...Read More
Zambia's Finance Ministry said on Sunday that it was open to dialogue with mining companies over the government's plans to increase mining taxes.Africa's second-largest copper producer said late last month that it would introduce new mining duties and increase royalties to help bring down mounting debt.Large miners such as First Quantum, Glencore and Vedanta Resources have often criticised the Zam...Read More
Oct 6 (Reuters) -For other diaries, please see:Top Economic EventsM/DIARYEmerging Markets Economic Events EMRG/DIARYGovernment Debt AuctionsD/DIARYPolitical and General NewsPOL/DIARYU.S. Federal ReserveFED/DIARYToday in WashingtonWASH/DIARY ----------------------------------------------------------- This Diary is filed daily. ** Indicates new events ------------------------------------------------...Read More
(Adds background on National Security Adviser Bolton)By Timothy GardnerWASHINGTON, Oct 5 (Reuters) - The Trump administration is actively considering waivers on sanctions it will reimpose next month for countries that are reducing their imports of Iranian oil, a U.S. government official said on Friday.The administration withdrew from a deal over Tehran's nuclear program in May and is unilaterally...Read More
NEW DELHI, Oct 6 (Reuters) - India may be forced to delay selling its stake in Axis Bank Ltd AXBK.NS because of a weak stock market, The Economic Times newspaper reported on Saturday, citing unnamed market sources and an investment banker aware of the development.India was planning to raise 70 billion rupees ($950 million) by selling 4 percent of its stake in Axis Bank by early November, the new...Read More
* Analysts stunned, expect at least 50 bps more rate hikes* Rupee loses as much as 0.88 pct to fall to record 74.23/dlr* RBI cuts June 2019 inflation projection, retains growth estimate (Updates to add details, quotes)By Swati Bhat and Suvashree ChoudhuryMUMBAI, Oct 5 (Reuters) - The Reserve Bank of India held interest rates unchanged on Friday, condemning the rupee to a record low and surprising...Read More
* Oil notches weekly gain after hitting 4-year highs* Jefferies bank warns of record low spare capacity* U.S. drillers cut rigs for third week in a row -Baker Hughes (Adds CFTC data, commentary, paragraphs 9-13)By Stephanie KellyNEW YORK, Oct 5 (Reuters) - Crude futures steadied on Friday after climbing to four-year highs earlier this week, and both Brent and U.S. crude marked weekly gains ahead o...Read More
(Repeats with no changes. John Kemp is a Reuters market analyst. The views expressed are his own)By John KempLONDON, Oct 4 (Reuters) - Crude oil prices continue to climb despite attempts by oil producers to reassure the market about availability and the existence of enough spare capacity to offset oil lost as a result of U.S. sanctions on Iran.Recent price moves bear a strong resemblance to previo...Read More
Investing.com - Gold prices rose on Friday as the greenback pared back earlier gains after September’s payroll numbers came in lower than expected.Comex gold futures for December delivery rose 0.52% to $1,207.80 a troy ounce as of 10:20 AM ET (14:20 GMT),.The U.S. economy created fewer jobs than expected in September, but unemployment reached a 48-year low, indicating the economy was nearing...Read More
PolarX points to upsideSPONSOREDpolarx ltdTwo funds managed by private equity firm Waterton Global Resource Management, that together hold 4.8% of Hudbay, expressed concern over the company's poor track record of execution at its trio o...Read More
LONDON, Oct 5 (Reuters) - The great and the good of the global metals industry are descending on London, making their annual pilgrimage to the London Metal Exchange's LME Week jamboree.They do so because the 141-year-old market sets the world's reference prices for everything from aluminium to zinc. And away from the many seminars and cocktail parties, metal producers, traders and users will meet...Read More
Gregory Beischer, president and CEO of Millrock Resources, in conversation with Maurice Jackson of Proven and Probable, talks about the recently released drill results from the Alaska Range Project as well as developments at its Mexican properties.VideoAudioTranscriptOriginal Source: http://www.streetwisereports.com/article/2018/10/02/explorer-releases-drill-results-from-alaska-copper-gold-projec...Read More
Canadian miner Hudbay Minerals (TSX, NYSE: HBM) responded to media reports about it being in talks to buy Chile's Mantos Copper by saying that while it avoids commenting on market rumours, its strategy does include growth opportunities, such as acquisitions.Private equity-backed Mantos Copper said in July it was looking for a buyer to help it finance the expansion of mines it bought from Anglo Ame...Read More
Shares in Egypt-focused gold miner Centamin (LON:CEY) (TSX:CEE) dropped more than 12 percent in London on Friday after it axed its annual production target for the second time this year due to delays in planned operational improvements.The company now expects to produce 480,000 ounces of gold, down from a range of 505,000 to 515,000 ounces it estimated in May. At the time, Centamin cut production...Read More
* Cushing oil stocks up 1.7 mln, Genscape says -traders* Charts had Brent, U.S. crude in overbought territory* IEA boss urges oil producers to ease supply concerns* Emerging market woes weigh on demand outlook (New throughout, updates prices, market activity and comments to settlement)By Stephanie KellyNEW YORK, Oct 4 (Reuters) - Oil prices fell on Thursday as the prospect of increased crude produ...Read More
(Adds details and comments throughout)By Mayank Bhardwaj and Aditya KalraNEW DELHI, Oct 4 (Reuters) - India is cutting prices of gasoline and diesel by 2.50 rupees ($0.03) a litre, Finance Minister Arun Jaitley said on Thursday, the government's latest step to tackle the impact of a sharp rise in crude oil prices and a weak local currency.The cut includes a reduction in excise duty of 1.50 rupees...Read More
MUMBAI, Oct 4 (Reuters) - Indian stocks and bonds weakened on Thursday, while the rupee plumbed record lows as global oil prices rose, heightening speculation that the central bank may hike interest rates on Friday more aggressively than earlier expected.The partially convertible rupee INR=D2 hit a life low of 73.82 per dollar before recovering slightly to 73.74/75 by 0545 GMT. It had closed at 73...Read More
(Adds company news items and futures)Oct 4 (Reuters) - Britain's FTSE 100 .FTSE index is seen opening 10 points lower at 7,500 according to financial bookmakers with FTSE 100 futures .FFIc1 down 0.38 percent on Thursday ahead of the cash market open, according to financial bookmakers.* TED BAKER: British clothing and accessories retailer Ted Baker TED.L posted a 3.5 percent rise in half-year rev...Read More
Oct 4 (Reuters) - Britain's FTSE 100 .FTSE index is seen opening 10 points lower at 7,500 on Thursday, according to financial bookmakers.* GLENCORE: Global miner Glencore GLEN.L and Japan's Tohoku Electric Power 9504.T agreed on a price of $109.77 per tonne for supplies of thermal coal from Australia for the year through September 2019, according to a source with direct knowledge of the matter....Read More
Amerigo MVC plant ramp-up on courseSPONSOREDamerigo resourcesDavenport puts South Harz potash back in global spotlightSPONSOREDdavenport resourcesAMC Consultants: San Sebastian Mining Method Case StudySPONSOREDamc consultantsElementos builds diversified tin growth platformSPONSOREDelementos Every day we are hearing from Canadian business leaders that policy decisions — or policy inaction &m...Read More