The latest news from around the world on the markets, sectors and companies Casey Research specializes in. Click any headline to read the full article.
Rare Earths Are Becoming a Lot More Rare August 17, 2010
Interest in rare earths is starting to heat up in a dramatic fashion and it is something you should keep on your radar. So named because they were hard to get in the 18th and 19th century, these once obscure elements have become the focus of several converging trends in the global economy, as they are the key ingredient of magnets. There are 17 in all, divided into light (cerium, Ce; lanthanum, La, and neodymium, Nd) and heavy (dysprosium, Dy; terbium, Tb, and europium, Eu).
China Becomes Largest Global Energy Consumer August 17, 2010
Since the early 1900’s the U.S. has been the world’s largest energy consumer and the world’s largest auto manufacturer. It took a century to accomplish, but last year China knocked the U.S. from its perch as the world's largest auto market. Last month the International Energy Agency claimed China’s total energy usage exceeded the U.S. for the first time last year – making China the world’s largest energy consumer.
Potash Rejects $39 Billion Bid From BHP Billiton August 17, 2010
Potash Corp. of Saskatchewan Inc., the world’s largest fertilizer producer, rejected an unsolicited $39 billion takeover proposal from BHP Billiton Ltd. as too low, prompting speculation of a higher bid.
BlueScope: demand weak, even as profits jump August 16, 2010
Australia's biggest steel maker said while it has short-term concerns about demand and a stronger Australian dollar, it is planning for significantly improved market conditions in the medium to long term.
The Expendables? Beware the Sequel August 16, 2010
China overtook Japan for the title of "world’s No. 2 economy." Following thirty years of relentless hard work and unwavering determination, the country can now boast that it is, in fact, on course to capture the top global economic spot as well – in about another two decades – and wrest it away from the United States...
Gold and Goldman Sachs August 13, 2010
Is Goldman Sachs suggesting $1,300 gold within six months a cue for further growth in price or a contrarian indicator that the top may have been reached?
Bolivian govt trying to defuse silver mine protest August 13, 2010
The strikes, which have been going on for more than two weeks in the mineral-rich Potosi region, have disrupted production at three mines including two of the world's biggest silver deposits.
Canada's north adds mining production, exploration August 13, 2010
The Conference Board of Canada has found a turnaround in the U.S. and global economic growth has reignited interest in diamonds, precious metals and other hardrock mining in Canada's three territories.
Chinese spending on gold sextupled in the 00's August 13, 2010
The annual rate of growth of gold spending in China has been 23% this decade and the nation's gold purchases could see an additional 200 tonnes of consumption in the next decade.
Gold stocks HUI bull market seasonal analysis August 13, 2010
Precious-metals stocks really haven’t had a great summer by any means. After rallying initially in June, they started relentlessly drifting lower in July. The net result of this lackluster summer trading is a lethargic drift sideways. Naturally this listlessness has weighed on sentiment among this sector’s traders.
South African gold production down 5.3% in June August 12, 2010
Gold output in the country fell 5.3 percent in volume terms and total mineral production fell 4.9 percent in June compared with the same month last year, data showed on Thursday.
Rain may cut Indonesian tin output 20% August 12, 2010
The new government forecast would take output towards levels already expected by analysts because of declining reserves and a crackdown on illegal mining.
Gold miners face transitions August 12, 2010
Numbers from seven of the world's biggest gold diggers show that Gold miners are in the money, but face headwinds in rising costs, and scarce "pure gold" opportunities.
Fear of not flying August 12, 2010
For the first time in six years, Japanese authorities drew one step closer to halting the seemingly endless gains in the yen via Finance Minister Noda’s cryptic message that his government will take "appropriate" action with regard to the currency. Japanese exports have come under threat from the gains the yen achieved following the Fed’s steps to boost US economic recovery on Tuesday. The currency rose beyond 85 against the US dollar; a fifteen-year high.
Rio Tinto eyeing stake in Russia's Uralkali August 12, 2010
Global majors Rio Tinto and Potash Corp may buy into Russian potash miner Uralkali, sources said on Thursday, as the government seeks a full overhaul of the fertilisers industry.
Copper demand may outstrip supply in 2011 for the first time in four years as China, the world’s biggest consumer, sustains purchases and as ore grades decline, Japan’s largest smelter said.
“Supplies won’t catch up with demand next year and we expect there to be a deficit of 200,000 metric tons,” Hidenori Kamoo, general manager of the marketing department at Pan Pacific Copper Co., said in an interview yesterday.
Copper, used in pipes, tubes and wires, faces a “deepening supply crunch” and record prices are highly likely in the next two years, Barclays Capital said in a report on July 27. Prices for immediate delivery will average $7,763 a ton next year as a market shortage widens, the bank said. The spot price in London has averaged $7,088 this year.
“With few new large-scale mines on the horizon and stagnation at existing facilities, in our view, price direction will be upwards given the approach of multiyear deficits,” Barclays said. Demand will exceed supply this year by 132,000 tons and by 386,000 tons next year, the bank said.
Pan Pacific expects the market to be balanced this year because of China’s higher-than-expected first-half demand, Kamoo said. The company had forecast a 300,000-ton surplus, he said.
China imported 1.6 million tons of refined copper in the first half, down from a record 1.8 million tons in the year-ago period, according to data from the Beijing-based Customs General Administration. The country imported 1.5 million tons in 2008.
“Even though global demand for cathode may a bit slow later this year following Europe’s sovereign-debt problems and China’s tightening monetary policy, supplies will remain very tight, especially in East Asia,” he said. Pan Pacific predicted global demand will increase 6.9 percent in 2010 and 3.8 percent in 2011, he said.
Should smelters continue to see lower grades of ore, falling processing fees and tight supplies of scrap, some may reduce production of refined metal later this year, Kamoo said.
Pan Pacific plans to produce 7 percent less than its annual capacity in the April to September period, while Sumitomo Metal Mining Co., the country’s second-largest producer, expects a 10 percent output cut in the year started April 1.
“We cannot rule out the possibility smelters may cut output further from October if unfavorable market conditions continue,” he said. “The end of subsidies for eco-friendly vehicles in Japan may also drive metal producers at home to consider output cuts,” he said.
Japan’s subsidy program, which exempts purchases of electric, hybrid, natural gas and some diesel vehicles from taxes, will expire at the end of September.
Demand from the auto and semiconductor sectors in Japan, South Korea and Southeast Asian nations has pushed physical premiums higher, he said. Copper premiums for China may be more than $100 a ton in 2011, from $85 a ton this year, he said.
Spot premiums for Shanghai on a cost, insurance and freight basis stood at $100-$120 a ton, up from $70-$100 a ton last year, Kamoo said.
Copper for three-month delivery dropped 0.9 percent to $7,361 a ton on the London Metal Exchange at 12:18 p.m. Tokyo time. Stockpiles tracked by the LME fell 0.5 percent to 410,475 tons yesterday, the lowest level since Nov. 17.
--Editors: Jarrett Banks, Matthew Oakley
To contact the reporters on this story: Jae Hur in Tokyo at firstname.lastname@example.org; Ichiro Suzuki in Tokyo at email@example.com
According to a spokesman at the world's largest copper producer, "the growth in demand in China is practically unstoppable".
SHANGHAI (Reuters) -
China's copper demand is expected to grow at 8 percent this year from last year, and at a similar pace next year, a senior executive of Chile's Codelco, the world's largest copper producer, said on Thursday.
"The growth of demand in China is practically unstoppable," Rodrigo Toro, corporate senior sales vice president of Codelco, told reporters on the sidelines of a meeting with clients.
Toro said Beijing's tighter monetary policy was a healthy dose to control the country's breakneck growth.
"We are happy to see the demand in China will continue at very healthy rate, not as big as would be at 12 percent GDP growth, because producers would not be able to respond to that additional demand."
He said the global copper demand growth would be 4 percent this year, but added it might improve next year if the economy picked up pace.
Codelco produced 1.782 million tonnes of copper in 2009, up 16 percent from a year earlier, after years of dwindling output.
The company expected to maintain the same level of output this year as well as in the next two years, its chief executive Diego Hernandez, told clients earlier.
The company said earlier this year that it planned to invest $3 billion each year for the next five years to revamp century-old mines and exploit new deposits as part of its plan to lift output to around 2 million tonnes of copper per year.
Ninety percent of Codelco's copper production is in the form of cathode, but the ratio of copper concentrate is expected to rise in the next 7 to 8 years after the expansion projects at Mina Ministro Helas and Andina mines are executed.
Toro said the company will focus on resources in Chile, rather than venturing overseas, in the period.
"We would be impractical to be thinking of additional projects in the next five years," he said.
Toro declined to forecast term premiums for next year, but said if based on current situation in the market, term premiums should rise for 2011.
Chinese merchants are keen to build copper stocks in the next few months through bargain-hunting, fed by expectations term premiums to China for shipments next year will rise to over $100 over cash LME prices MCU0 for Chilean refined copper cathode imports, up 18 percent from this year's $85 level. [ID:nTOE66S08T]
Copper treatment fees, also known as TC/RC, were expected to remain at low levels, Toro also said.
"Treatment charges for copper concentrate will remain extremely low for quite some time. The overcapacity in smelting and refining is so big that the demand for concentrate will exceed largely the possibility of supply of copper concentrate," he said. (Reporting by Rujun Shen and Jacqueline Wong; editing by James Jukwey)
The latest news from around the world on the markets, sectors and companies Casey Research specializes in. Click any headline to read the full article.
So, Fed's choice? August 9, 2010
US Treasuries and crude oil went their merry opposite ways overnight, as the former held near their lows over in Europe on anticipation the Fed may engage in fresh bond purchases, and the latter climbed on bets that the US economy will recover at a better pace [perhaps owing to such Fed largesse].
Gold and silver huge short position August 9, 2010
There is a case to be made that world production is not the only issue, but the available supply is just as important, if not more.
US economy structural problems still intact August 9, 2010
Bill Watkins, a California Lutheran University professor, provides a nice summary on New Geography of the failure of various stimulus efforts to do anything meaningful in the wake of a collapse by Lehman, a collapse he says is a "regime shift".
Where's the copper to come from?.. August 9, 2010
According to Robert Friedland we need to mine as much copper in the next 20 years as we have in the past 110 - where is this copper to come from?
China pushes for gold; India follows suit August 9, 2010
Hot on China's heels, India's Central bank is mulling over a proposal to allow banks to trade in gold. If cleared, the move will only strengthen the validity of the bull case in gold.
Vale announces plans to extend new Peru mine August 6, 2010
Vale CEO, Roger Agnelli said the Bayoyar phosphate mine will be expanded over the next 18 months and added that he expects iron ore prices to hold steady around $140 per tonne.
In the second quarter, there were 142 announced deals totaling $37 billion in the oil and gas sector – that’s the highest level of M&A activity in 18 months. In the same period late year, M&A deals were worth just $14 billion.
The golden decade August 6, 2010
As gold hovers near $1,200 an ounce and pundits speculate about a 'gold bubble', it's important for investors to remember that a mere decade ago the picture was very different. In the year 2000, gold sat at an unimpressive annual average of $279 an ounce - a two-decade low. At that time, most analysts thought gold was finished as a monetary metal. They said its price would never recover and only kooks with tin hats would invest in it. I was one of the very few financial commentators publicly saying that gold was not only viable, but entering a long-term uptrend.
How important is gold to the states? August 6, 2010
Since the demise of the Gold Standard, monetary authorities have tried as many ways as possible out there to sideline gold as part of the monetary system. Since the early eighties they have succeeded to some extent, but this was by discrediting it and by emphasizing the benefits of paper currencies. Paper money in a paper system was working very well and everybody felt that much more prosperous, so ignored gold's departure.
New gold ETF planned... August 5, 2010
ETF Securities is looking to launch a new gold ETF which will hold the gold backing it in secure vaults in Singapore to parallel its similar ETF which holds its gold in Switzerland.
Gold on a fast boat to China August 5, 2010
As China's position in the global economy expands, so the reaction from the West should perhaps be less antagonistic and more like that of gold.
Yellow, black gold are shining August 5, 2010
Commodities have been shining recently as the US dollar loses its luster for investors. Also the weakening dollar has helped boost equities as a lower US currency helps the large multi-national companies. This report is a quick follow-up from my report showing what the odds were favoring – which was higher gold, oil and S&P 500. As of today each investment is unfolding as planned, one candle at a time.
Take the next exit ahead August 5, 2010
The enactment of exit strategies by the ECB as well as the Bank of England remained on hold this morning as both institutions left key interest rates unchanged, at 1% and 0.5% respectively. The central banks appear to be eyeing the continuing but fragile recovery in their respective economies and are opting to remain on the "loose" end of interest rate policies for the time being. The psychology of the moment remains defined by ensuring that growth really sticks and intangibles such as confidence show clear signs of having become fully repaired.
State to stay out of Norilsk Nickel August 4, 2010
The Kremlin on Tuesday ruled out the possibility of the government buying a stake in Russia’s biggest mining company, Norilsk Nickel, to end a bitter dispute between its two major shareholders, Oleg Deripaska and Vladimir Potanin.
Stocks snapped back from Tuesday's sell off and recorded impressive gains as a possible deal between Greece and its creditors, along with a rally in chipmakers and biotechs pushed the Nasdaq to a record high close, and the Dow
Top Health Care Stocks JNJ +0.51% PZE +0.81% MRK +0.71% ABT +1.12% AMGN +0.74% Health care stocks were solidly higher in late afternoon trade with the NYSE Health Care Sector Index rising over 1.1% and shares of health care
Top Tech Stocks MSFT +2.49% AAPL +1.98% IBM +1.28% CSCO +1.59% GOOG +1.38% Technology stocks rallied Wednesday with shares of technology companies in the S&P; 500 climbing nearly 1.8% this afternoon. In company news, Workday ( WDAY ) shares
Top Consumer Stocks WMT +0.53% MCD +0.04% DIS +1.00% CVS +0.73% KO +0.51% Consumer stocks were finishing mostly higher today with shares of consumer staples companies in the S&P; 500 rising nearly 0.7% while shares of consumer discretionary firms
Top Financial Stocks JPM +1.33% BAC +1.06% WFC +1.05% C +1.33% USB +1.46% Financial stocks were extending their earlier gains in late Wednesday trading, with the NYSE Financial Sector Index jumping nearly 0.9% and the S&P; Financial 100 Index
Top Energy Stocks XOM 0.42% CVX 0.07% COP +0.05% SLB +0.28% OXY +0.27% Energy stocks turned narrowly lower Wednesday afternoon, with the NYSE Energy Sector Index slipping about 0.1% while shares of energy companies in the S&P; 500 also
Expected Earnings Release 05 27 2015, After hours Avg. Extended Hours Dollar Volume $274,214 Tilly's, Inc. ( TLYS ) is due to issue its quarterly earnings report in the upcoming extended hours session. Given its history, traders can expect
Expected Earnings Release 05 27 2015, After hours Avg. Extended Hours Dollar Volume $574,505 Popeyes Louisiana Kitchen, Inc. ( PLKI ) is due to issue its quarterly earnings report in the upcoming extended hours session. Given its history, traders
Expected Earnings Release 05 27 2015, After hours Avg. Extended Hours Dollar Volume $1,300,612 Semtech Corporation ( SMTC ) is due to issue its quarterly earnings report in the upcoming extended hours session. Given its history, traders can expect
Expected Earnings Release 05 27 2015, After hours Avg. Extended Hours Dollar Volume $3,421,789 Costco Wholesale Corporation ( COST ) is due to issue its quarterly earnings report in the upcoming extended hours session. Given its history, traders can
Expected Earnings Release 05 27 2015, After hours Avg. Extended Hours Dollar Volume $30,474,341 Palo Alto Networks, Inc. ( PANW ) is due to issue its quarterly earnings report in the upcoming extended hours session. Given its history, traders
The following are the biggest percentage decliners on the TSX Venture Exchange in mid afternoon trading with their price movements Keek (KEK.V), $0.480, 0.070, 12.73% Co2 Solutions (CST.V), $0.260, 0.040, 13.33% Covalon Technologies (COV.V), $0.950, 0.100, 9.52% Bitgold (XAU.V),
The following are the biggest percentage gainers on the TSX Venture Exchange in mid afternoon trading with their price movements Ryu Apparel (RYU.V), $0.870, +0.370, +74.00% Natcore Technology (NXT.V), $0.610, +0.080, +15.09% Probe Metals (PRB.V), $0.415, +0.045, +12.16% Somedia
The TSX climbed higher in the mid afternoon session, as gains in industrials and mining shares continued to grow. Energy stocks narrowing earlier losses also helped lift the index. The benchmark index was up 77 points at a day
Health care stocks were solidly higher in afternoon trade, with the NYSE Health Care Sector Index growing by more than 1.0% and shares of health care companies in the S&P; 500 up more than 1.0% as a group. In
Perhaps the most important aspect of today’s agreements is the fact that both aim to form long-term strategic partnerships to collaborate on further ventures, opening new markets for all the firms involved.
PAO Severstal (MICEX-RTS: CHMF; LSE: SVST), one of the world'sleading steel and steel-related mining companies, announces Vadim Larin,previously COO of Severstal Management, appointed CEO of Severstal Managementin line with Company's plans announced earlier on 27 April 2015. The positon ofCOO no longer exists.As previously announced, Alexey Mordashov, who held the position of CEO ofSeverstal
The value of Russian investments in Egypt amount to approximately 56m, a low figure Ezz said, and mainly cater to Russian tourists ... May 26 2015 - Gas shortage remains main concern for heavy industries: Suez Steel Managing Director, Daily News Egypt ...
Sault Star - SooToday.comEssar Steel Algoma wants the city of Sault Ste. Marie to help with concerns the steelmaker has over unfair trade practices. Essar Steel Algoma President and CEO Kalyan Ghosh, in a letter to Mayor Christian Provenzano, writes the steelmaker has acted as ...
A militant known to belong to a Taliban splinter group called Jaish al-Hadeed, or the Army of Steel, provided the video to The Associated Press. While it could not be independently verified by the AP, the man in the video resembled other known ...
The official Xinhua News Agency said Wednesday night that the State Administration of Work Safety found the bungalows of the Kangleyuan Rest Home in central Henan province were built with steel sheets stuffed with flammable materials. The government ...
optionMONSTER ResearchTraders are betting that shares of Steel Dynamics will bounce in the next two months. More than 2,100 July 21 calls were purchased for $0.94 to $1.15 yesterday, according to optionMONSTER's Heat Seeker tracking system. This is clearly fresh buying, ...
A recent rebound in iron ore prices has done nothing to sway the downbeat outlook from forecasters, with Atlas Iron declaring lower price assumptions will see it write $130 million to $160 million off the value of development assets, and Citi slashing ...
Labrador Iron Ore Royalty's dipped 6.5 per cent when the special resolution was announced, much higher than iron ore's decline that day. As a result, Przybylowski expects the stock would rally a similar amount if shareholders vote against the proposal.
On May 3rd, the CFMCC Steel Structure Company succeeded in signing the Steel Structure Design Contract for the Exterior Decoration of the Fujian Bamboo Universe Cultural Plaza Project. This project is located in the Cultural Creative Industry Park, 2km to ...
In April Ukraine produced 132.6 thousand tons of manganese concentrate and sinter, up by 16.7%, or by 19 thousand tons, MoM. According to the Association of Ukrainian Ferroalloy Producers, manganese concentrate output increased by 32%, or by 25.8 thousand tons, to 106.4 thousand tons, while that of manganese sinter went down by 20.6%, or by
Steel companies who don't have captive iron supplies have a reason to cheer. Domestic iron ore prices are expected to slide in coming months on the back of improved supply of the commodity from states of Odisha and Karnataka apart from higher ...
Arab Finance: George Matta, Corporate Marketing Officer at Ezz Steel (ESRS) stated that the group intends to pump $ 550 million to execute direct reduced iron - DRI (sponge iron) before the end of current fiscal year. He told Aswat Masriya that the project ...
GO Performance offers a wax-based, solvent-free, long-lasting dry lubricant for mining and industrial applications. The lube is especially effective in environments with a high-density of air-borne dirt and dust such as cement plants, sawmilling, fer
THE Xinhua News Agency said on Wednesday night that the State Administration of Work Safety found the bungalows of the Kangleyuan Rest Home in central Henan province were built with steel sheets stuffed with flammable materials. The government watchdog ...
The State Administration of Work Safety said in a statement that investigators found the bungalows of the Kangleyuan Rest Home in central Henan province were built with steel sheets stuffed with flammable materials. The government watchdog group also found ...
The city of Tangshan, which Bloomberg Intelligence has visited twice a year since 2010, epitomized the problem. The largest steel producing city in Hebei province, Tangshan accounts for around 9% of China's total crude steel output. The majority of its ...
Money Flow IndexCommercial Metals Company together with its subsidiaries manufacture, recycle and market steel and metal products, related materials and services through a network, including steel mini mills, steel fabrication and processing plants, construction ...
Markets WiredGerdau SA (ADR) (GGB) has a price to earnings ratio of 11.73 versus Basic Materials sector average of 19.74. GGB stock price has underperformed the S&P; 500 by 18.2%. The Steel Producing company is currently valued at $5.05 billion and its share price ...
2014 EREGLI DEMIR VE CELIK FABRIKALARI T : Turkey's first steel R&D; comes from.. 2014 EREGLI DEMIR VE CELIK FABRIKALARI T : Productivity Award for ERDEMIR 2014 EREGLI DEMIR VE CELIK FABRIKALARI T : ERDEMIR Group is the 3rd largest Steel Pr..
The private licensed nursing home, a simple steel structure which provided basic rooms for the elderly, caught fire on Monday night in Henan Province, the country's most populated. The tragedy is a sore reminder that care and services for the elders still ...
A militant known to belong to a Taliban splinter group called Jaish al-Hadeed, or the 'Army of Steel', delivered the video. While it could not be independently verified, the man in the video resembled Hong Xudong, kidnapped in May last year.
It wants the Polish and Czech coal mining companies and the logistics supply chain 'to improve productivity and quality of coals in the region,' Rajendra Pathak, chief procurement officer for ArcelorMittal's regional division covering Poland and ...
Hunan Valin purchased a 16.5 per cent stake in Fortescue for ... However, CISA forecasts Chinese steel production would not grow beyond 900 million tonnes a year in contrast to BHP and Rio who remain confident supply will top 1 billion tonnes annually ...
Global iron-ore demand will contract as steel consumption growth in China peaks ... Digital climbed after selling its travel unit to Carlyle Group LP's CVC Brasil Operadora e Agencia de Viagens SA. B2W rose as much as 1.7 percent, and CVC extended ...
PAO Severstal (MICEX-RTS: CHMF; LSE: SVST), one of the world's leadingvertically integrated steel and steel-related mining companies, announces thatthe following resolutions were all passed at the Company's Annual GeneralMeeting ('AGM') held on 25 May 2015 in Cherepovets, Russia:1. To elect the following persons to the Board of Directors of Severstal:Alexey Mordashov, Mikhail Noskov, Vadim
09:14a ARAB FINANCIAL INVESTMENT: Arabia Investments unit signs LE 330 m contract 09:14a ARAB FINANCIAL INVESTMENT: Today: El Shams for Housing last cash dividends date 09:14a ARAB FINANCIAL INVESTMENT: Ezz Steel to pump $ 550 m in DRI project 09:14a ...
HONG KONG, May 27, 2015 - (ACN Newswire) - A two-day SmartHK promotion opened with much fanfare today at the Jinan International Convention and ... the Shandong Iron & Steel Group Co., Ltd, Inspur Group and the Dahai Group. In addition, business-matching ...
The Associated Press reports that a Florida industrialist has expressed interest in purchasing the steel mill formerly operated by ArcelorMittal. (Staff photo by Taylor Griffith/South Strand News). A Florida entrepreneur has expressed interest in ...
Marketwired - Tombstone Exploration Corporation announced today that the Company has staked its initial land position in Yuma County, AZ in the Eagletail Mining District. The four initial BLM Lode Claims encompass eighty ...
Mint Market Info - Zacks.comThe international trade body for the iron and steel industry said that crude steel production for 65 reporting nations fell 1.7% year over year to 135.4 million tons (Mt) in April. This follows a 2.7% decline in Mar 2015 that also saw lower output ...
China and rsquo;s crude steel production for March 2015 was 69.5 Mt, a -1.2% decrease compared to March 2014. In the first three months of 2015, Asia produced 272.0 Mt of crude steel, a decrease of -1.1% over the first quarter of 2014.
ABN AMRO says India and other countries can benefit as China and rsquo;s rebalancing and reform strategy will impart positive and negative effects on the country and rsquo;s total commodity imports and its composition.
India and rsquo;s steel industry is reeling under severe pressure, on account of sluggish economic recovery and various factors impacting external and internal environment like higher prices of iron ore due to its shortage in the country owing to Supreme Court and rsquo;s intervention.
Congo based Shenglong controls 90% of two Polymetalic exploitation permits under which rights are granted over much of Congo's metal mines. The exploitation permits are valid until 2036. The other 10% of the projects are owned by the Congolese Government.
The Indian cabinet’s approval of increased royalty rates on minerals including iron ore, copper and bauxite yesterday will raise costs for miners and metal producers, analysts and company officials said.
The Brazilian iron-ore producer will give workers at its Serra Azul unit in the Minas Gerais state a 30-day holiday, MMX said in a statement today. The furlough will begin during the first week of September.