Original Source: Global Risk InsightsThe town of Luanshya, situated on Zambia's copperbelt, serves as a bellwether for the country's economy. However, political developments in Zambia are causing significant uncertainties in the copper industry.With a sustained annual GDP growth rate above 6%, driven primarily by copper, the past decade has been tumultuous for Luanshya. Founded as a service town...Read More
Ratings agency Moody's on Tuesday changed its outlook for Anglo American's credit rating recognizing the world's fifth largest diversified miner's "rapid progress in negotiating material asset sales, a higher than expected valuation for the sale of the niobium and phosphate businesses, and improving prospects for the global diamond market."In February Moody's downgraded Anglo's debt to junk status...Read More
Mining and metals investors were rushing for the exits on Tuesday on fears that the China-inspired rally on commodity markets in 2016 was losing steam.The sell-off led by comeback story Anglo-American, and punters' favourites Freeport-McMoran and Teck Resources, came after a gauge of manufacturing activity in China unexpectedly fell back in April.After recovering sharply to a more-than-a-year...Read More
Risk, from a mathematical perspective, is the probability of an event multiplied by its potential impact.The World Risk Report, which is published each year, looks at the risks of natural disasters in this way. The model used in the report takes into consideration the exposure of countries to natural disasters, but also their ability to cope and deal with such events. The end result is a World R...Read More
With sales and operations at the ends of the earth, few companies are in a better position to take the pulse of the global economy and the resource sector in particular than Caterpillar.The new line of "smart" equipment will be able to communicate, instantly, how it's performing, and what might need fixing soon.The world's number one heavy equipment manufacturer has been hit hard by the decline i...Read More
Shares of Teck Resources Ltd. have almost tripled this year, making the Canadian company the best-performing global miner amid the rebound in commodity prices and a projected fivefold improvement in earnings.The price of Teck's three main products have surged, with metallurgical coal leading and zinc a close second. Until recently, copper had lagged the pack but gains last week have narrowed the...Read More
One of its most comprehensive workforce studies to date, produced by specialist recruitment firm Hays Canada, reveals that 47 per cent of Canadian professionals are unhappy in their current job. A majority (86%) of employee respondents from multiple regions and industries believe their fit' with a company and its people is essential to contentment and success; however, when considering a new job,...Read More
DENVER, May 2, 2016 - Newmont Mining Corporation (NYSE: NEM) (Newmont or the Company) today marked its 95th anniversary since its official incorporation on May 2, 1921."This anniversary is a testament to Newmont's enduring success. Then as now, our leadership is rooted in our high quality people and portfolio, our proven strategy, and our track record of meeting commitments. Our 95th year is an oc...Read More
Taseko Mines (TSX:TKO), the owner of Canada's second largest copper-molybdenum mine, is calling shareholders to vote against a dissident group leading a bitter proxy battle against some of the company's key directors.Raging River acquired 5% of Taseko's common shares in January this year.Last month, the shareholder group - collectively known as Raging River Capital LP - launched a lawsuit in BC Su...Read More
Shares in Freeport-McMoRan (NYSE:FCX) rocketed 10.7% on Friday, boosted by a firm oil and copper price, better than expected financial results and good operational news from its South American mines.Volumes were simply massive with more than 74 million shares changing hands on the day, making it the third most actively traded stock on the New York Stock Exchange.The Phoenix-based company, world...Read More
Phil North was no fan of the proposed Pebble Mine, so when he was asked in 2010 to offer feedback on a draft petition urging the Environmental Protection Agency to kill the project, he pitched in with suggested language and edits.Given that Mr. North was then a staff scientist with the EPA working on the Pebble Mine, however, his collaboration with outside advocates, which he discussed in a dep...Read More
In New York trade on Thursday copper for delivery in July continued to drift lower as top producer Chile painted a mixed picture for the metal.July copper futures were lasting trading at $2.27 per pound, just holding onto the psychologically important $5,000 a tonne level. The price of copper is up solid 17.2% from a seven-year low hit mid-January.The Chilean Copper Commission cut its prediction f...Read More
Thirty-eight members of the Women's Mining Coalition (WMC) from 16 states traveled to Washington D.C. for the 24th annual Fly-In meetings on Capitol Hill during the week of April 18, 2016. The women work in the hardrock, coal and industrial minerals industries, and for companies that provide goods and services to mining companies. Since its inception in 1993, WMC has made annual trips to Washingto...Read More
Beleaguered Anglo American (LON:ALL) said Thursday it has reached a deal to sell its niobium and phosphates businesses in Brazil to China Molybdenum Co. Ltd for $1.5 billion in cash, as part of its ongoing drive to offload noncore assets to reduce debt.The niobium and phosphates division, which consists of mines, plants, processing facilities, chemical complexes and deposits, was considered one o...Read More
Canada's Barrick Gold (TSX, NYSE:ABX), the world's largest producer of the precious metal by output, is claiming victory in its turnaround effort."Barrick is back," executive chairman John Thornton said during the company's annual general meeting, held TuesdayBarrick Gold has reduced its debt load, reshuffle management and sold several assets.Known for his flamboyant statements, he added: "We wil...Read More
On Sunday, Reservoir Minerals announced it has agreed to be acquired by Nevsun Resources. Adrian Day shares his initial thoughts on the deal.Reservoir Minerals Inc. (RMC:TSX.V, 6.96) announced it has agreed to be acquired by Nevsun Resources Ltd. (NSU:TSX; NSU:NYSE.MKT), which operates the high-grade copper-zinc Bisha mine in Eritrea. Nevsun has a cash balance of US$438 million. Under the terms of...Read More
Environmentalists are up in arms against Nova Scotia's - Canada's biggest Atlantic province - new Mineral Resources Act as they say the legislation won't do enough to prevent mining on privately protected lands, or address concerns about quarries.The act, also known as Bill 149, is the first overhaul of the current rules since 1990 and it was written to support responsible mineral resource m...Read More
Freeport McMoRan (NYSE:FCX), the No. 1 listed copper miner, is cutting its oil and gas workforce by 25% as it struggles to reduce its over $20 billion debt.The US miner loss in the first three months of the year - Freeport's sixth straight quarterly loss - nearly doubled due to limited demand for some of its main commodities, including copper.Freeport expects to post a charge of about $40 million...Read More
Teck Resources (TSX:TCK.B)(NYSE:TCK) reported Tuesday better-than- expected first quarter results, as Canada's largest diversified miner cut costs to offset the impact of weak steelmaking coal, copper and zinc prices.The Vancouver-based company, the No.1 producer of steel-making coal in North America, said overall profit increased 38% to Cdn$94 million (about $74 million), or 16 cents a share, in...Read More
* Copper loses more ground on China worries, market cautious* Rising inventories in Asia pressure copper prices (Adds comment, detail)By Naveen ThukralSINGAPORE, April 26 London copper slid for asecond session on Tuesday, easing further from last week'sfive-week peak amid doubts about demand in top user China andconcerns over rising Asian inventories.Three-month copper on the London Metal Exchange...Read More