Mining & Resources

 

KKR swoop on Oz Minerals signals oversold valuations

Oz Minerals will be seeking to meet KKR officials as soon as possible to clarify their intentions.

Brian Robins 9:00 PM   Bear market valuations of miners have been highlighted with the decision by US investor Kohlberg Kravis Roberts to snap up a 10 per cent stake in Oz Minerals Thursday, when the investor doubled its stake in the company which prompted a 20 per cent surge in the target's share price.

Jobs to go in Arrium's $100m drive to cut costs

Labour costs at Arrium's Whyalla steelworks are only one of the factors being considered in a drive to save $100 million, the company said.

Tim Binsted 3:58 PM   Arrium will cut jobs and overhaul operating practices at its Whyalla steel works in South Australia to save $100 million.

Oz Minerals seeks KKR talks after share raid

Oz Minerals chief executive Andrew Cole ... the company operates just one mine, the Prominent Hill copper and gold mine in South Australia.

Brian Robins 3:00 PM   Oz Minerals is expected to seek to meet officials with investor KKR as soon as possible after the group built a 10 per cent stake in the miner earlier Thursday.

Silver spree sparks coin shortage

The Perth Mint sold a record of more than 2.5 million ounces of silver last month.

12:06 PM   The global silver-coin market is in the grips of an unprecedented supply squeeze, forcing some mints to ration sales.

Newcrest sells rest of Evolution stake

The Bloomberg Commodity Index, a measure of returns for 22 components, has tumbled 15 per cent since June 30.

9:54 AM   Australia's largest gold miner Newcrest Mining has sold off its remaining stake in rival gold producer Evolution.

Norilsk cuts spending on nickel outlook

The Bloomberg World Mining Index of 81 producers has tumbled 70 per cent from a 2011 peak.

Yuliya Fedorinova 8:17 AM   Russia's largest mining company plans to cut investment because it sees the risk of the metals prices remaining low.

Gold slides 1pc on US rate rise worries

The September quarter was gold's fifth successive quarter of losses, the longest such streak since 1997.

7:53 AM   Gold hit its lowest level in two weeks and recorded its biggest quarterly loss in a year as US jobs data continues to strengthen.

Vale ore project ahead of schedule: CFO

The project in northern Brazil will add 90 million metric tons of annual capacity to global supply.

Danielle Bochove and Juan Pablo Spinetto 6:42 AM   The world's top iron-ore producer has some bad news for the oversupplied market: its biggest project is running ahead of schedule.

Copper reaches week high as investors close bearish positions

The LMEX index of six main metals posted a fifth straight monthly loss, the longest run since January 2009.

5:59 AM   ​Copper hit its highest in a week while nickel touched a two-week peak, as bearish investors closed out positions at the quarter-end.

Glencore extends rebound from record low

John Meyer, a mining analyst at broker SP Angel Corporate Finance in London: "It was Glencore's flash crash, based on momentum rather than reality."

Thomas Biesheuvel 5:10 AM   Glencore recouped most of its losses from Monday's 29 per cent plunge as the shares rallied for a second day.

Rio Tinto in early win on coal exit

Selling Bengalla paves the way for Rio to exit its Hunter Valley coal operations.

Amanda Saunders   Rio Tinto is clearing the decks to bow out of coal, restructuring its Hunter Valley business and kicking off its staggered exit with the $US606 million ($867 million) sale of a minority stake in one of its three mines in the NSW region to New Hope Group.

Who is telling the truth, BHP or Mr Market?

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Michael Pascoe   Putting aside yesterday's febrile trading, there's an underlying concern that one of our bluest blue chips is saying one thing about its future dividends and the market saying another.

Glencore in record surge

Ivan Glasenberg is working on a debt-reduction plan that includes selling assets, halting the dividend and a $US2.5 billion share sale completed earlier this month.

Jesse Riseborough   Glencore, the commodities group that's lost almost $64.4 billion in market value this year, rallied the most ever in a single day.

The analyst who sparked an ASX meltdown

The downbeat assessment of Glencore sent Australian miners' shares tumbling on Tuesday.

Perry Williams   Is this the man who sparked our $55 billion sell-off?

Glencore shares in record surge

Bouncing back: Ivan Glasenberg's wealth is estimated to have slumped by as much as $US500m after the share slump.

Jesse Riseborough   Glencore, the commodities group that's lost almost $US45 billion in market value this year, rallied the most ever in a single day.

Copper edges higher after touching one-month low

China announced more infrastructure spending as it looks to shore up growth.

​Copper edged up after hitting a one-month low, but fears that a sharp slowdown in China will dent demand for commodities persisted.

Miners smashed in market rout

Rio Tinto and BHP Billiton are relying on automation to further drive down iron ore production costs.

Vanessa Desloires   Resources giants BHP Billiton and Origin Energy suffer heavy falls as Glencore's troubles echo around the world.

BHP tells investors climate policies won't hurt earnings

BHP Billiton has declared its "resilience" to even aggressive action to tackle global warming.

Angela Macdonald-Smith   BHP Billiton has assured investors that even in an "extreme" scenario of aggressive international moves to tackle climate change its earnings growth and returns on new projects at 2030 would be only slightly affected.

Alcoa demerger could jump-start deals

Lightweight aluminium is in demand from plane makers and other manufacturers

Jamie Freed   Alcoa chief executive Klaus Kleinfeld says his company's plans to demerge its upstream and downstream businesses will give the company "optionality" for dealmaking.

Australia mining stocks have never mattered less

Glencore's stock-price collapse highlighted the threat of sliding commodity prices amid China's economic slowdown.

Adam Haigh   BHP's market value is now about $7 billion less than that of CBA. At its peak seven years ago, the mining company was more than $200 billion bigger.

Commodity rout starts to look like crisis

Alcoa will separate its manufacturing operations from a legacy smelting and refining business that's struggling in the face of booming output from China.

Bradley Olson   The 15-month commodities free-fall is starting to resemble a full-blown crisis.

BHP shares hit seven-year low

BHP Billiton was pummelled by lower prices for commodities in the year to June.

Vanessa Desloires   Shares in BHP have fallen to a seven-year low after being caught up in a rout of rival Glencore, which lost 30 per cent of its share price overnight.

Glencore has analysts guessing

Switzerland-based Glencore shed almost 30 per cent of its market capitalisation on Monday.

Inyoung Hwang and Camila Russo   Glencore may be worth as much as $US98 billion, or $US26 billion, depending on which analyst you ask.

Shareholders back Oceanagold, Romarco deal

OceanaGold said the combined entity would be "the lowest cost gold producer" in the world.

OceanaGold's takeover of Toronto Stock Exchange-listed Romarco Minerals has been approved by shareholders of both companies, in a move expected to create the market's lowest-cost gold producer.

ASX faces 'brutal day' in mining selloff

Glencore shares tumbled 29 per cent in London overnight

Vanessa Desloires   The Australian sharemarket is set to plunge back towards 5000 points after miners were savaged overnight as debt-laden Glencore lost 30 per cent of its value.

Vale slashes proposed dividend payment

The Rio de Janeiro-based company already paid $US1 billion in dividends in April.

Juan Pablo Spinetto   Vale, the world's biggest iron-ore and nickel producer, lowered its proposed dividend payment for this year to $US1.5 billion.

Alcoa to split into two

Alcoa shares rose as analysts applauded its intensified focus on products for expanding businesses.

Nick Carey   Alcoa it breaking itself in two, separating a faster growing plane and car parts business from traditional aluminum smelting operations.

Roy Hill to drive down iron ore: Citi

Citigroup described the new Roy Hill mine as an "impending whale" that would ship almost all of its output to China.

Jasmine Ng   New supply from Gina Rinehart's Roy Hill iron ore mine will contribute to a slump below $US40 a metric ton next year, according to Citigroup.

Glencore routed amid debt concerns

Glencore closed at a record low of 68.62 pence in London. The stock has declined 77 per cent this year.

Thomas Biesheuvel   ​Glencore plunged 29 per cent, extending a rout that's wiped more than $US14 billion off its value this month.

Mining

BHP urges changes to foreign bribery investigations

Mining and resources companies cost cutting and senior executive flight has led to an erosion of corporate memory.

Richard Baker, Nick McKenzie   Australia's all-or-nothing approach to companies being investigated for foreign bribery should be changed, BHP Billiton has told a senate committee.

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