The NYSE-listed stock of US-based diversified miner Freeport-McMoRan (FCX) on Tuesday closed 7.11% higher despite the miner reporting earnings below analyst forecasts, as investors were pleased with the company reporting resumed copper concentrate exports from Indonesia following a three-month ban.
Keeping people out of harm’s way, extracting more precious ore and less waste rock, recycling all the required water and producing only dry tailings are among the innovative steps diversified mining company Anglo American is firmly committed to taking. “The real future of mining lies in turning conventional thinking on its head.
Canadian diversified miner Teck Resources on Tuesday posted adjusted first-quarter profit of C$671-million, or C$1.16 a share, a significant increase on the C$18-million, or C$0.03 a share reported a year earlier, but falling short of analyst forecasts calling for earnings a share of C$1.29.
Diversified major Anglo American, led by CEO Mark Cutifani, posted a strong operational performance in the quarter ended March 31, with higher output achieved for most of its products, except copper and nickel. South African coal production increased 9% to five-million tonnes in the first quarter of this year, boosted by productivity improvements at most mines.
Having secured three coal blocks through the preferential allocation dispensation for government companies, NLC Limited (formerly Neyveli Lignite Corporation) has abandoned plans for overseas acquisition of coal assets.
Japanese steelmakers have bought coking coal from the US, Canada and China to replace supply lost after a cyclone closed rail links in Australia, their biggest supplier, industry and trader sources said.
Gold miner Saracen Mineral Holdings has amended the terms of its proposed acquisition of fellow ASX-listed Bligh Resources’ Bundarra gold project, in Western Australia, after Zeta Resources last week launched a cash takeover for Bligh.
The over R600-million Eskom paid to Tegeta, a company in which the Gupta family has interests, was not a loan, but a prepayment, the state-owned power utility said on Saturday. Eskom also wanted it made clear that Tegeta honoured its side of the agreement by delivering all the pre-paid coal, leaving no liability.
Black Mountain Mining (BMM), a subsidiary of LSE-listed Vedanta’s Zinc International business, has established a seven-year employee share ownership plan (Esop), with 6% of BMM’s shares issued to an employee-held trust on April 1. The Esop was established following talks with the National Union of Mineworkers.
As the government readies to open commercial coal mining to private miners for the first time since 1973, prospective private investors have raised reservations about the terms and conditions laid down by the Coal Ministry.