IGO to record impairment against nickel assets in strategy shift
IGO has been undertaking a strategic review in an attempt to revaluate its resources.
Bloomberg reports BHP workers in Chile voted Sunday to extend their strike at the world’s largest copper mine. Stoppages at BHP’s Australian coal operations may resume this week. Thirty thousand South African coal mine workers including Anglo American and Xstrata employees walked off the job Sunday and may be joined by 160,000 gold industry workers. Strikes that started over the weekend are impacting output from mines of diamond giant De Beers.
Workers are seeking a larger slice as global producers report record earnings: Melbourne-based BHP, the world’s biggest mining company, is expected to report full-year profits of $22.5 billion next month, almost double 2010’s net income. Xstrata may report record 2011 profit of $7.3 billion and Anglo American $7.4 billion, estimates show.
Bloomberg reports the strikes may have bolstered coal prices already driven higher by supply shortages following floods in the Australian state earlier this year. Steelmaking-coal prices rose 47 percent to a record $330 a ton for three-month contracts ended in June after heavy rain and flooding in Australia shut mines and disrupted deliveries in the first three months of the year.
2 Comments
Dan
A proactive approach is needed to defuse this kind of situations (strikes) BEFORE they occur … they’re not wildcat strikes, right? Decent salary raises should be implemented (as long as the deposit is not marginal profitable) as part of their social licence to mine these deposits – because money go to local communities and workers’ families.
Jimmy2trees
wow 7.4 billion dollar profits, maybe there offers are rediculous. What do the miners in relation to cost of living make there? Good luck fellas, better open up the purse strings abit company.