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Glencore’s Zambia Unit To Keep Copper Mines Running
Zambia’s Mopani Copper Mines (MCM), a unit of Swiss firm Glencore International AG, said on Monday it had reversed a plan to suspend output at its copper mines due to an uptick in prices and falling production costs.
MCM, Zambia’s second largest mining company, said in March it planned to suspend operations at its Nkana underground [...]
Glencore’s Zambia Unit To Keep Copper Mines Running
Zambia’s Mopani Copper Mines, a unit of Swiss firm Glencore International AG, said on Monday it had reversed a plan to suspend output at its copper mines due to an uptick in prices and falling production costs.
Mining Companies Plan Merger, Xtrata Submit A Proposal To The Merger Bid Anglo American
Xtrata and Anglo American are the two largest mining company, has assets of exploration and mining large. The two companies compete to sell the production of mining exploration. However, the condition of the economic crisis affecting the global mining company Xtrata. Xtrata company reported decreased net profit 77 percent in the first six months of [...]
Renco Group Inject $165 million Into Mining Companies
Once the Renco Group injects $165 million into Doe Run Peru, El Brocal Mining Company, Buenaventura Mining Company, Glencore and, among others, Volcan are to supply Doe Run with copper, zinc and lead concentrates worth an estimated $100 million and $75 million in credit. This will allow Doe Run to quickly resume its operations.
Several Mining Companies Hold Plans New Mines Onstream
The global financial crisis and sharp falls in metals prices have forced several companies to abandon or put on hold their plans to bring new mines onstream.
Serbia tenders privatisation of largest copper mine
Serbia invited tenders for the privatisation of its largest copper mine business, RTB Bor on Saturday, after two earlier sales failed to find buyers prepared to complete a deal.
A future buyer would need to invest at least 300 million dollars (235 million euros) for 67 percent of RTB capital, according to details published on the [...]
Brazil Iron Producer, Vale cut Iron Ore Mine Production
Brazil iron ore mine producer, Vales yesterday said it would cut production by more than 10 per cent due to the slowdown in the global economy.
The move came after traders and bankers warned that iron ore miners faced the prospect of the first price cut in seven years for their annual benchmark contracts with steelmakers [...]
Xstrata 2006 Net Rises 14 Percent on Metals Prices (Update7)
Xstrata Plc, the world’s fourth- largest copper and nickel producer, said full-year profit rose 14 percent to a record after metal prices surged.
Net income advanced to $1.95 billion on a consolidated basis, or $2.39 a share, from $1.71 billion, or $2.27, a year earlier, the Zug, Switzerland-based company said today in a statement. Profit based [...]
Metal Merger Mania
Whether or not BHP Billiton or Rio Tinto buys Alcoa for $40 billion, as the stock market rumor machine has it, a deal of that scale in the metals industry is a question of when, not if.
The same forces of consolidation that drove the oil industry’s megamergers in the late 1990s are at work today. [...]
