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Friday, May 17, 7:58 AM The head of a major South African mining union threatens to bring the country's economy "to a standstill" and demands a meeting with President Zuma, ramping up the rhetoric in a long and heated conflict between labor and the government. But a strike seems averted for at least another day, as top platinum producer Amplats (AGPPY.PK) says employees reported for today's shifts as normal. Comment! [Commodities, Global & FX]
Monday, April 22, 6:32 PM Anglo American (AAUKY.PK, AAUKF.PK) shareholders representing 21% of votes cast at the miner's annual general meeting Friday were against the remuneration package vs. 13.4% the year before, reflecting increased concerns about high-level-executive pay. Abstentions increased more than fivefold to account for 8.5% of total shares eligible. Comment! [Commodities]
Friday, April 19, 8:39 AM Anglo American (AAUKY.PK, AAUKF.PK) says Q1 iron ore output rose 2.3% to 10.3M metric tons, due to increased output from its South African Kolomela mine. Copper production rose 1.2% to 170K tons. Combined coal output was flat at 22.2M tons. Says the flagship Minas-Rio iron ore project, which has suffered cost overruns and delays, is on track to ship its first ore by the end of 2014. Comment! [Commodities]
Monday, April 15, 5:03 AM Mining stocks are taking a bit of a hiding following China's slowing GDP growth and the sell-off in precious metals. Rio Tinto (RIO) -4.5% premarket, BHP Billiton (BHP) -3.6%, Barrick Gold (ABX) -3.6%, AngloGold (AU) -5.2%, IAMGold (IAG) -1.2%, Gold Fields (GFI) -5%, Goldcorp (GG) -3.9%, Kinross (KGC) -5.1%, Seabridge Gold (SA) -2.8%, Newmont Mining (NEM) -3.4%, Freeport-McMoRan Copper & Gold (FCX) -2.85% and Anglo American (AAUKF.PK) -3.9% in London. NovaGold (NG) fell 13% on Friday. 3 Comments [Commodities, On the Move]
Tuesday, April 9, 9:58 AM Global mining companies have extracted copper from Chile for decades, but they're now also considering new investments in North America as copper ore grades decline at Chilean mines and production costs rise. The shale gas revolution in the U.S. and its impact on electricity prices could be one incremental positive that helps attract mining investment to the U.S., analysts say. Comment! [Commodities, Global & FX]
Monday, April 8, 7:51 AM Unions representing workers at Chilean state copper producer Codelco and mining companies including BHP Billiton (BHP) and Anglo American say they will announce a planned nationwide strike today. Codelco, which owns ~11% of the world's copper reserves, wants to raise output to 1.7M metric tons this year but is facing renewed labor unrest, skidding ore grades and accidents. Comment! [Commodities, Global & FX]
Monday, April 1, 3:53 PM Anglo American (AAUKY.PK, AAUKF.PK) says its $8.8B Minas Rio project in Brazil is 60% complete, and is in talks with Eike Batista's LLX Logistica to allow the billionaire to open their jointly owned port terminal to other investments. Anglo also says it is continuing talks with Ternium (TX) for an iron-ore supply contract from Minas-Rio, after saying last year an agreement would be signed by June 2012. Comment! [Commodities, Global & FX]
Thursday, March 28, 2:24 PM Anglo American (AAUKY.PK, AAUKF.PK) cancels its A$540M acquisition of a 58.9% interest in the Revuboe metallurgical coal project in Mozambique after the miner says a number of conditions weren't satisfied. Anglo expects to continue establishing a position in the Moatize coal basin, where Vale (VALE) and Rio Tinto (RIO) have operations. 1 Comment [Energy, Global & FX]
Monday, March 11, 5:13 PM Workers at Colombian coal exporter Cerrejon (XSRAF.PK, AAUKY.PK, BHP) sign a collective bargaining agreement effectively ending a month-old strike that hobbled coal production at the one of the world's top producers. Cerrejon produced 34.3M metric tons of coal in 2012, and is investing $1.3B to boost output to 40M tons/year by 2015. Comment! [Commodities, Global & FX]
Monday, March 4, 11:47 AM The labor union representing ~5K workers at Colombia's top coal producer Cerrejon (XSRAF.PK, AAUKY.PK, BHP) says it reached a preliminary agreement that would end a 25-day strike. Cerrejon, which normally produces 100K tons/day of coal, hasn't produced or exported any coal since the strike began Feb. 7. Comment! [Commodities, Global & FX]
Monday, February 25, 4:46 PM "It's time to stop building," Glencore's (GLCNF.PK) Ivan Glasenberg says in berating mining CEOs for the glut of new mines that has whacked profits. Stalling investment in new mines will mean "we will be late to invest. So, who cares? We’ll be late and we’ll have to invest in five years’ time. It’ll take us three years to build the mine but we could hopefully have an eight-year run." Comment! [Commodities]
Thursday, February 21, 6:41 PM New CEOs at BHP, Rio Tinto (RIO) and Anglo American (AAUKY.PK) will face a series of common challenges over the next three to five years as commodity demand growth from China slows and prices gradually revert toward mean levels, Fitch Ratings says. It's a combination that looks more bearish than the usual forecast, 24/7's Jon Ogg observes. 1 Comment [Commodities, Global & FX]
Tuesday, February 19, 6:06 AM Anglo American Platinum (AGPPY.PK) has suspended production at all its South African operations today due to wildcat strikes after at least 13 people were injured in inter-union violence at one of its mines yesterday. The stoppage follows violent industry wide strikes last year, which cost the mining industry 15B rand ($1.68B) of lost revenue, and comes ahead of wage talks. Platinum futures +0.9%. 2 Comments [Commodities, Top Stories]
Friday, February 15, 8:29 AM Anglo American (AAUKY.PK) CEO Cynthia Carroll presented her final set of results before stepping down, and they're not pretty. The miner swung from a $10.8B pre-tax profit in 2011 to a $239M loss in 2012, hit by lower commodity prices and $4.6B of writedowns, mainly on its Minas Rio iron ore project in Brazil. But Carroll is optimistic about China's economic uptick and improved sentiment over iron ore prices. Comment! [Commodities, Global & FX]
Monday, February 11, 4:42 PM A workers strike at the top-producing Cerrejon mine and an environmental incident affecting a rival producer have paralyzed 75% of Colombia's coal exports for five days now. Coal prices remain near one-month highs, and the halt in exports is a serious concern for Colombia's economy. Both Cerrejon's management and the union say they aren't even talking to each other despite government efforts. 2 Comments [Energy, Global & FX]
Tuesday, February 5, 8:56 AM Anglo American (AAUKY.PK) could bring a partner into its flagship Minas Rio iron ore asset in Brazil "if it makes economic sense," outgoing CEO Cynthia Carroll says. The miner also plans to invest ~$11.3B in its South African platinum business over the next decade but changes will be needed in order to make it sustainable: "This is an industry in crisis," Carroll says. Comment! [Commodities, Global & FX]

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