Rio Tinto’s first-half profit soars 93%, investors getting $3bn back

Rio Tinto (ASX, LON:RIO), the world’s second largest miner, gave its shareholders an early Christmas present Wednesday as it declared its biggest interim dividend in the company’s 144-year history, thanks to climbing commodity prices that made first-half profit jump an impressive 93%. The Anglo-Australian company also said it will increase its share buy-back program this[…]

Caterpillar in search of new CFO as Halverson to retire next year

World’s largest mining and construction equipment maker Caterpillar (NYSE:CAT) announced Tuesday that its chief financial officer Brad Halverson would retire in early 2018, after spending nearly three decades with company. Halverson, who joined the Peoria, Illinois-based company in 1988 as an accountant, has also served as CAT’s group president since January 2013. “Brad assumed the CFO[…]

Indonesia closer to mining deal with Freeport, but hurdles remain

Indonesia is closer to a deal with Freeport McMoRan Inc on its long-term future in the country, but key issues still need to be resolved before the U.S. miner gets a new operating permit for its huge copper mine, a mining ministry official said. Shares of the world’s biggest publicly traded copper miner jumped to[…]

Here’s how to avoid being caught in mining scams

Calling a class “bullshit,” and in public, would normally be considered inappropriate, but there’s one where students can get away with it. Two University of Washington professors are teaching a course to help learners “think critically about the data and models that constitute evidence in the social and natural sciences,” according to the introduction to the[…]

Caterpillar earnings beat estimates, shares hit five-year high

Shares in the world’s largest mining and construction equipment maker Caterpillar (NYSE:CAT) jumped Tuesday, touching a five-year high in early trading, as the company posted better than expected earnings for the second quarter and bulldozed its way to another outlook upgrade. Second-quarter revenues were up nearly $1 billion from a year ago, with earnings per[…]

Luxembourg shoots for the stars with fresh space mining deal

Luxembourg seems to be in a rush to achieve its goal of becoming Europe’s hub for space mining, as it announced Monday a deal with a newly created company specializing in geolocation services and developing space infrastructure. Kleos Space, 100% owned by UK-based Magna Parva, is one of dozens of firms to have either settled[…]

South Africa intends to suspend issuing mining rights

* Chamber of Mines says believes decision “unlawful” * Tussle over mining code raises uncertainty in sector * Mining makes up 7 percent of S.Africa’s GDP (Adds chamber response) South Africa intends to suspend the granting of applications for prospecting and mining rights as well as any renewals pending a court case to review new[…]

Anglo American appoints takeovers expert as new chairman

Anglo American (LON:AAL), the world’s fifth largest diversified miner, has appointed Stuart Chambers to succeed Sir John Parker as chairman of the group. Chambers, 61 and former chairman of UK chip designer Arm, will join Anglo as a non-executive director in September, replacing Parker in November. Stuart Chambers is known for his active participation in the sale of several[…]

CHART: Commodity prices slump to 50-year low against US stocks

The Dow Jones, S&P 500 and Nasdaq closed at record highs on Friday despite signs that US jobs growth is slowing down and that expansion of the world’s largest economy remains stuck around the 1% level.“Following the notion of mean reversion, we should be seeing attractive investment opportunities” In contrast the S&P GSCI All Commodities index is[…]