G-Resources sells $218 mln shares to fund Indonesia gold project

G-Resources Group Ltd , backed by Mount Kellett Capital and BlackRock Inc , chose to tap the equity markets with a HK$1.7 billion ($218.5 million) share placement after cancelling plans to secure a bank loan to fund its gold mining project in Indonesia. Photo of the Martabe gold project, by G-Resources Group Ltd.

Reuters | July 28, 2011 | 3:38 am

Chile Escondida copper mine declares force majeure

Chile's Escondida copper mine on Wednesday declared force majeure on copper concentrate sales amid a six-day strike that has hit output at the world's top deposit. The mine is owned by global miner BHP Billiton (BHP.AX: Quote) (BLT.L: Quote) and produces about 7 percent of the world's mined copper.

Reuters | July 27, 2011 | 9:22 pm

Specs lift bullish bets in gold as records set

Speculators in gold futures and options aggressively raised their net length during the week of July 19, as prices of the precious metal rallied to fresh records above $1,600 an ounce, latest data from the U.S. Commodity Futures Trading Commission showed.

Reuters | July 22, 2011 | 8:05 pm

U.S. State Department to assess Canadian oil pipeline next month

The U.S. State Department said Friday it expects to issue a final environmental assessment next month on TransCanada Corp's (TRP.TO) proposed $7 billion pipeline that would deliver crude from Canada's oil sands to refineries to Texas. The pipeline has been opposed by many lawmakers and environmentalists for greenhouse gas emissions associated with oil sands production and because the line would run across one of the world's largest aquifers.

Reuters | July 22, 2011 | 6:33 pm

Copper falls on weak Chinese data

Copper fell to its lowest in almost a weak on Thursday as data showed the factory sector in top metals consumer China shrank in July, but losses were capped by a softer dollar and hopes of a resolution of the Euro debt crisis.

Reuters | July 21, 2011 | 12:44 pm

Russian coal mine accident kills two

Two miners have been found dead after part of an Arctic Russian coal mine collapsed on Saturday, steelmaker Severstal's Vorkutaugol said. MOSCOW, July 20 A third worker rescued from the Severnaya mine is in hospital in a stable condition, while the

Reuters | July 20, 2011 | 11:22 am

Copper steady; China demand, euro zone crisis weigh

(Recasts, adds comment/detail, pvs Singapore) * China GDP growth in April to June rises 2.2 pct * World stocks, euro fall on bank stress tests By Pratima Desai LONDON, July 18 (Reuters) - Copper was steady on Monday, but expected to come under pressure

Reuters | July 18, 2011 | 11:08 am

Brazil’s Usiminas leases iron ore access in $1.16 billion deal

Brazilian steelmaker Usiminas said on Thursday it agreed to pay at least $1.16 billion to have long-term access to iron ore resources, seeking to battle a surge in prices for the key steel ingredient. Usiminas signed an agreement to rent mining rights owned by MBL Materiais Basicos for the next 30 years, it said in a securities filing. Usiminas will also buy 6 million tonnes of iron ore reserves at $12.50 per tonne from MBL, as well as a processing facility.

Reuters | July 14, 2011 | 11:40 pm

Limited upside for nickel prices

Nickel prices rebounded from a sharp fall in June, but slow demand and concerns about an impending sharp rise in output will exert downward presure, or at least limit upside prospects in the next month or two. The London Metal Exchange three-months nickel price was last indicated at $23,920 a tonne. "We've got a situation of rising production and slowing stainless demand growth," said independent consultant Angus MacMillan. Against this backdrop, he said prices were more likely to move lower than higher.

Reuters | July 14, 2011 | 4:23 pm

NYMEX-U.S. crude edges up on weak dollar

* Dollar weakness supportive to oil prices * Brent August crude contract expires on Thursday * Coming up: EIA natural gas data, 10:30 a.m. EDT Thursday NEW YORK, July 14 (Reuters) - U.S. crude futures edged up on Thursday as the dollar's weakness

Reuters | July 14, 2011 | 12:29 pm

Mexico’s Fresnillo to double silver output, becoming world no. 1

Precious metals miner Fresnillo plans to double output at its newly opened Saucito mine in central Mexico by 2015 or 2016 in a second phase of expansion, a company executive said on Tuesday. With the project and other expansion plans, Fresnillo is looking to overtake BHP Billiton, which produces more silver as a by-product from other metals, as the world's biggest overall silver producer. The company's eponymous mine is the world's largest primary silver mine which has been in near continuous operation since 1550.

Reuters | July 13, 2011 | 4:00 am

Australia’s ERA Q2 uranium output slides 84%, ups 2011 guidance

Australian uranium miner Energy Resources of Australia on Wednesday reported an 84 percent drop in second-quarter production from three months earlier, blaming voluntary interruptions in production due to safety concerns on flooding, but lifted its full-year production guidance.

Reuters | July 13, 2011 | 2:29 am

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