Holcim, Lafarge rescue cement merger from brink of collapse

(Minews) - Holcim Ltd. and Lafarge SA brought their planned merger back from the brink of collapse, agreeing on new terms and management changes to pave the way for the creation of the world’s biggest cement company.The companies failed to answer a contentious question -- who will lead the combined ...

De Beers sees gem price rebound as jewelry Ssales hit $81 billion

(Minews) - De Beers, the world’s biggest diamond producer, expects gem prices to rebound as cutters and polishers restock after the market was depressed by “softer than expected” holiday season sales.“We should see a slight rebound,” Chief Executive Officer Philippe Mellier said in ...

Global DRI output up 3.2% in February on Iran expansion: Worldsteel

(Minews) - Iran continued to expand direct reduction iron (DRI) output last month, to push global production in February to 5.11 million mt, up 3.2% compared with a year earlier, according to World Steel Association data released Friday.DRI output for Iran grew to 1.45 million mt last month, up 36% ...

Saudi cement producers urge government to lift export ban

(Minews) - Saudi Arabia's cement producers have again asked the government to lift a three-year-old ban on their exports so they can supply Egypt with 6Mt of cement, according to the chairman of Saudi Arabia's Cement Association."We are ready to export 6Mt of our cement surplus to Egypt following ...

Germany plans to force oldest coal plants to cut CO2

(Minews) - Germany plans measures to force operators of coal plants to curb production at their oldest and most-polluting power stations, as part of efforts to achieve its climate targets, senior government sources said on Thursday.Concerned it was on track to fall short of goals to reduce CO2 emissions ...

Chile imposes 2nd highest fine in history to Pan Pacific Caserones mine

(Minews) - Caserones, a copper mine in northern Chile majority owned by Japan's top smelter, Pan Pacific Copper, will have to pay $11.9 million for breaching environmental rules, Chile's environmental authority, SMA, has ruled.The fine was imposed after the regulator found a number of infractions, including ...

Gold price to double by 2030 thanks to Asia

(Minews) - Asia's financial system liberalization and its population’s growing wealth are two key factors expected to boost demand for gold and push the price of the key commodity over US$2,400 an ounce by 2030, a report published Wednesday claims.According to the Australia and New Zealand Banking ...

Banks may extend Bhushan Steel's nearly $6 billion loan

(Minews) - Banks owed nearly $6 billion by Bhushan Steel Ltd could extend the maturity of the steelmaker's debt under a Reserve Bank of India scheme that would spare the lenders from booking hefty provisions, bankers said.Bhushan Steel, the sixth-biggest steel producer in India by capacity, ran into ...

Investors fret as India defends reopening coal mine bids

(Minews) -  The coal ministry said it will decide this week the fate of nine winning mine bids it is re-examining to rule out any price discrepancies, despite criticism that its move to reopen some of the tenders will hurt business sentiment.The government, which last month started auctioning off ...

Alcoa to sell Suriname refining operations

(Minews) - Alcoa Inc. intends to sell its refining operations in Suriname to a government-owned company and plans to curtail additional refining capacity as it tries to improve profit amid sluggish prices and a supply glut.New York-based Alcoa, the world’s largest aluminum producer by revenue,...

Holcim-Lafarge cement deal hangs in the balance

(Minews) - The boards of Lafarge and Holcim met separately on Tuesday to try and salvage their merger to create the world's biggest cement firm, two sources said.Holcim called a halt to the deal on Monday, pressing for the price and management structure to be changed from the original "marriage ...

Iron ore mining in Goa may resume in two months

(Minews) - Iron ore mining in India's main exporting state, Goa, could begin in two months after the country's environment ministry lifted yesterday a two-year ban aimed to control illegal mining.The news was received with cautious, The Economic Times reports, as miners and exporters believe the end ...

Gold market waves near century-old price fix good-bye

(Minews) - London’s near century-old gold fix will be replaced Friday by an electronic system run by U.S.-based ICE Benchmark, marking the end of the days traders at four banks used to agree by phone twice-daily prices used by miners to central banks to deal and value bullion.More firms able to ...

Chilean court orders 2nd copper warehouse to suspend work

(Minews) - A Chilean court has ordered port operator Antofagasta Terminal Internacional to temporarily suspend operations at a second copper stockpiling warehouse after high levels of heavy metals were found nearby, a move that could impact copper exports from the world's No. 1 producer.The environmental ...

Rusal raises China aluminum exports with Australian government

(Minews) - Top global aluminum producer Rusal said it has raised China's swelling aluminum exports with the Australian government, and wants the issue tabled at the next meeting of the world's top customs body.John Hannagan, chairman of Rusal Australia, and a director of the Australian Aluminium Council,...

BHP Billiton values South32 spin-off at $13 bln

(Minews) - BHP Billiton has put a $12.95 billion valuation on the assets it is set to spin off in June and loaded it with much less debt than analysts had forecast, positioning the new company, South32, to grow.The world's biggest miner released documents on Tuesday detailing the performance of South32's ...

Iron ore dominates IME export trading floor

(Minews) - Monday trading at Iran Mercantile Exchange (IME) witnessed the offering of 50,000 tons of iron ore by the Iranian Central Plateau Iron Ore Mines Complex, priced at $22 per ton, on the export trading floor.According to IME public relations office, the export trading floor also played host ...

IMIDRO chief explains decline in mineral exports

(Minews) - Deputy minister of industry, mine, and trade, Mehdi Karbasian blames the 50% decline in global iron ore prices, sharp declines in the global prices of copper cathodes and concentrate as well as the significant decrease in China’s demand for the decline in Iran’s export of mineral ...

Afghanistan and Kazakhstan may become new global centers of rare earth metals’ production

(Minews) - Afghanistan and Kazakhstan, two countries in Central Asia, may become new global centers of rare earth metals’ production during the next several years, according to recent statements of some US and Russian scientists.In the case of Afghanistan, according to recent studies, conducted ...

Barrick to get $1.5 billion for Chilean copper mine

(Minews) - Canada's Barrick Gold could raise more than US$1.5 billion for its Zaldivar copper mine in Chile if the miner goes ahead with alleged intentions to sale the asset in order to reduce leverage.The gold miner, has become less focused on its copper assets and, according to the Sunday edition ...