Seven trading days in and already global mining investors are nursing double digit declines as everything from copper to met coal to silver take a beating.
Examples: Worldwide orders for dry-bulk vessels dropped 49% to 9.8 million deadweight tons in the first half of 2012. The monthly index of new-ship prices in China is now at its lowest point since March 2004.
53 people have been rescued while five still remain trapped in a coal mine in China's south-western province of Guizhou following the collapse of two separate sections of the mine's tunnel within the space of several days.
Reports that assays contained "interesting enrichment in certain rare earth elements" and that gold mineralization was not tested in the area, were not enough to deter investors from dumping the stock – which traded at 17 times the normal volume.
Located somewhere under 'a building within the international airport compound' in Hong Kong, Malca-Amit's vault is designed to hold 1,000 tonnes of gold – roughly 22% of the gold bullion currently at Fort Knox.
An explosion on Wednesday in a coal mine in northern Mexico killed seven miners, officials said, highlighting lax safety conditions in small mines that are often poorly regulated.
The diversified miner suffered lower realized prices across the board with copper down 14% to $3.57 a pound, its realized coal price was 26% below Q2 2011 at $202 a tonne. Zinc (-15%), silver (-24%), lead (-22%) and molybdenum (-18%) prices all declined.
Billions of dollars in joint venture projects with partner Total E&P Canada will be delayed, said Suncor Energy’s new chief executive Steve Williams on Wednesday, as both companies are analyzing alternatives to improve their profitability.