Mercuria, S. African firms place bids for South32’s SAEC coal mines

The smart money is waiting for fire sale prices before jumping into metals and mining. Or worse; has simply lost interest in the sector.

The firm became the first major mining company to openly accept the toll that slumping commodity prices are taking on the global industry.

The miner, one of the biggest exporters of South African coal, may re-open those operations if economic conditions improve.

Chief Executive Lourenco Goncalves said restructuring proceedings have begun in Montreal and sale options will be explored.

The U.S. No.1 coal producer projects a much wider-than-expected loss for the current quarter.

The U.S. largest miner by market value and revenue has already slashed its capital budget for the year by $2bn and it is ready to make further cuts.

The central Africa nation may also lose its position as the continent’s top copper producer.

It also said it has reduced its net debt balance by more than $400 million.

Hundreds of miners in Kosovo are back on shift following a three-day work stoppage to protest against the Kosovo government, which backtracked on an earlier decision to take control of the Trepca mining complex.