* Graphic: World FX rates in 2018 http://tmsnrt.rs/2egbfVh* China shares underperform, yuan eases* Euro zone borrowing costs hold below 6-week highs* Dollar hits 5-day highs, euro dips, yen firms* Oil prices fallBy Ritvik CarvalhoLONDON, July 27 (Reuters) - Shares rose worldwide on Friday as strong company earnings reports and as transatlantic trade tensions eased after an agreement between the Un...Read More
By Barbara LewisLONDON, July 27 (Reuters) - Billionaire Anil Agarwal in July said he planned to offer around $1 billion to take London-listed Vedanta Resources Plc VED.L private, a move that has rekindled speculation his ultimate aim is a deal with miner Anglo American AAL.L . Volcan family trust has until July 30 to make a firm offer or walk away from the deal, which would leave Vedanta liste...Read More
* Graphic: World FX rates in 2018 http://tmsnrt.rs/2egbfVh* Ebbing trade tensions set stocks up for 4th weekly gain on trot* China shares underperform, yuan eases* Euro zone borrowing costs hold below 6-week highs* Dollar hits 5-day highs, euro eases, yen firms* Oil prices ease*By Ritvik CarvalhoLONDON, July 27 (Reuters) - Global stocks rose on Friday as strong company earnings reports and an easi...Read More
Spanish media report that 85 per cent of the 800 workers at First Quantum Mineral's Cobre Las Cruces mine in Spain went on strike in demand for the payment of 'toxic bonuses' (hazard pay) for subcontractors.What they call 'toxic bonuses' are additional payments for work that is particularly risky. According to EFE news agency, the spokesperson for the Comisiones Obreras union, Juan Antonio Caravac...Read More
(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