Former Xstrata CEO Mick Davis may become Rio Tinto new chairman

Former Xstrata chief executive Mick Davis, the current leader of Britain’s ruling Conservative Party, is said to be the frontrunner to become Rio Tinto’s new chairman. People familiar with the matter told Sky News the South African-born businessman has held talks with Rio over the position held until the end of the year by retiring chairman Jan[…]

In the country where coal is king, a battle with the EU looms

The buzzword in the Brussels energy and climate bubble is 450, a number that is dividing European Union lawmakers and making coal-dependent Poland fume over upcoming reforms to the world’s biggest carbon market.  Negotiators representing the 28-nation bloc and its member states will meet on Nov. 8 to overhaul the Emissions Trading System, the EU’s flagship climate-policy[…]

Glencore raises marketing guidance, lowers output

LONDON, Oct 30 (Reuters) – Glencore on Monday cut its output forecast for core commodities including zinc, but raised its marketing division’s full-year earnings before interest and tax (EBIT) to between $2.6 billion and $2.8 billion, reflecting higher raw materials prices. Its previous 2017 marketing, or trading, EBIT guidance was $2.4 billion to $2.7 billion,[…]

Helicopter operated by Russian coal company crashed in Arctic Norway

A Mi-8 helicopter operated by Russian coal company Arktikugol crashed on Thursday with eight people on board into the sea off Svalbard. According to the rescue service for northern Norway, the helicopter was en route from the Russian settlement of Pyramiden to Barentsburg, where Arktikugol runs a coal mine and which is Svalbard’s second-largest settlement[…]

Glencore to spend $956M to increase stake in Peru's largest zinc producer

Miner and commodities trader Glencore (LON:GLEN) is buying 26.73% of the voting shares in Peru’s largest zinc producer, Volcan Compañía Minera SAA, in a deal worth at least $531 million. The Swiss company will pay $1.215 per class A common share, which will help it boost its current 7.68% interest in Volcan and which could[…]

More than 200 workers to go at Sandvik Materials Technology unit

Swedish equipment and tool manufacturer Sandvik Mining (STO:SAND) is letting go 210 white-collar employees at its Materials Technology unit (SMT), located in Sandviken, about 190 km north of Stockholm. The decision comes as tougher competition from Asian suppliers, pressure on prices and a sustained weakness in the oil an gas sector have all hit the business, the[…]