Connect to share and comment

Wary eyes watch next step for India's Vedanta

By Clara Ferreira-Marques and Karen Rebelo LONDON/BANGALORE (Reuters) - The end of an 18-month overhaul of Vedanta's <VED.L> byzantine structure, which has left the resources group leaner and better able to cut debt, has raised questions over future ambitions and the temptation to use new-found flexibility for more deals.

Potash investment reflects belief in returns: BHP chief

Potash is being discussed as a possible future pillar for the world's biggest miner BHP Billiton, chief executive Andrew Mackenzie said Sunday. The Anglo-Australian giant last week announced it would invest US$2.6 billion in a Canadian potash project, saying the longer-term outlook for the industrial fertiliser component was "compelling". The investment in the Jansen Potash site in Canada came as BHP announced a 29.5 percent plunge in annual net profit in the year to June, due in part to a slump in prices of its traditional commodities including iron ore.

CORRECTED: Strike at world's largest private copper mine in Chile

Workers staged a 24-hour strike Wednesday at Escondida Mine in northern Chile, the world's largest private copper mine. The strike began after management refused to pay an annual bonus that is not covered in workers' contracts, which last year totalled approximately $5,000 per worker. The mine, which employs an estimated 2,500 workers, is majority owned by BHP Billiton of Australia.

Strike at world's largest private copper mine in Chile

Workers staged a 24-hour strike Monday at Escondida Mine in northern Chile, the world's largest private copper mine. The strike began after management refused to pay an annual bonus that is not covered in workers' contracts, which last year totalled approximately $5,000 per worker. The mine, which employs an estimated 2,500 workers, is majority owned by BHP Billiton of Australia.

Chile's Escondida copper mine hit by surprise strike

SANTIAGO (Reuters) - Workers began a surprise strike at the world's largest copper mine, Chile's Escondida, on Wednesday morning over pay and working conditions. The work stoppage at Escondida, controlled by global miner BHP Billiton, was initially planned to last 24 hours, but the timeframe will be evaluated in the coming hours, union representative Marcelo Tapia told Reuters.

Rio Tinto overhaul plans dented as diamond sale scrapped

By Sonali Paul MELBOURNE (Reuters) - Rio Tinto Ltd <RIO.AX> has scrapped the proposed sale of its $1.3 billion diamonds business, a setback for its plan to sell a swag of mines and company stakes to tighten operations during a global industry downturn. The world no.3 miner has at least half a dozen assets on the block, aiming to pare $19 billion in net debt, cut costs and boost returns to shareholders, but buyers are unwilling to pay up in face of volatile commodity prices and rising debt costs.

Lundin buying Michigan nickel-copper mine from Rio Tinto for US$325M

TORONTO - Lundin Mining Corp. (TSX:LUN) is buying an underground nickel-copper mine under construction in Michigan from a subsidiary of Rio Tinto plc for about US$325 million in cash. Lundin says the deal with Rio Tinto Nickel Co. for the advanced-stage Eagle Mine project in Marquette County in the Upper Peninsula is expected to close next month. Project construction is just over 50 per cent complete and initial production from the mine is slated for the fourth quarter of 2014.

Rio, Glencore in talks over Australian coal assets: sources

By Clara Ferreira-Marques LONDON (Reuters) - Miners Rio Tinto <RIO.AX> <RIO.L> and Glencore Xstrata <GLEN.L> have held early-stage talks to consider a plan that could combine thermal coal assets in Australia as they battle low prices and high costs, two sources familiar with the plan said.

Rio Tinto chief warns of more job cuts

Rio Tinto chief Sam Walsh on Sunday warned of more job cuts as the mining giant works to make US$5 billion in savings by the end of 2014, but he was upbeat about demand for iron ore from China. The comments follow the Anglo-Australian miner posting its first annual loss in 18 years in February, plunging US$2.99 billion into the red on writedowns on its Mozambique coal and aluminium businesses and a dip in commodity prices.

BHP affirms targets despite weather disruptions

Mining giant BHP Billiton affirmed full-year guidance for its major products Wednesday, reporting a "robust" quarter of output despite weather issues at its premier Australian businesses. The world's largest miner said it expected to meet full-year targets, with solid performance at its iron ore and coal sites in the face of cyclones at its Pilbara iron ore project and adverse weather hitting Queensland coal. "Full-year production guidance is retained for our major businesses following another quarter of robust operating performance," the miner said.
Syndicate content