Australia takes Rio Tinto to court over Mozambique coal deal

Australia’s corporate watchdog is taking Rio Tinto’s (ASX, LON:RIO) former chief executive Tom Albanese and chief financial officer Guy Elliott to court for allegedly misleading investors in relation to the miner’s botched coal investment in Mozambique. According to the Australian Securities and Investments Commission (ASIC), the two ex-executives engaged in “misleading and deceptive” conduct by[…]

Anglo American concludes sale of three coal mines in South Africa

Anglo American (LON:AAL) has completed the sale of three Eskom-tied thermal coal operations in South Africa to Seriti Resources, a group of black-controlled companies for R2.3 billion (about $164 million). The deal includes the New Vaal, New Denmark and Kriel mines, as well as various mine life extension projects, which supply about 24 million tonnes[…]

Shipping gauge shows iron ore, copper prices heading for fall

Drifting into the doldrums? The Baltic Dry Shipping Index came to prominence at the start of the Chinese-led commodity supercycle around a decade ago. The London-based Baltic Exchange tracks the cost of moving commodities along more than 50 routes around the world and the BDI is considered one of the go-to barometers of the global[…]

Anglo American 'shows off' — doubles profits, halves debt, pays highest divvy in a decade

Global miner Anglo American (LON:AAL) was full of good news Thursday as it announced it had doubled its net profit in 2017, slashed debt and said it would pay its highest dividend in a decade, thanks mainly to rising commodity prices and lower costs. The company, the last of the world’s largest miners to report annual[…]

Canada the world's overall top mining destination, despite Saskatchewan fall

Canada is the world’s most attractive region for mining investment, based on the combined rankings of all its provinces and territories, the latest annual global survey of mining executives released Thursday by the Fraser Institute shows. While the Maple Leaf country overtook Australia as regional destination number one, many of its provinces and territories did not fair well[…]

Cash-rich global miners eye India as coal sector opens up for private firms

India’s decision to allow private and foreign companies to bid for coal mines without any end-use or price restrictions is likely to lure foreign giants such as BHP, Rio Tinto, Anglo American and Glencore, currently swimming in cash. According to online trading firm Angel Broking, the new guidelines — aimed at boosting investment, output and[…]

Glencore gives investors $2.9bn in dividends after ‘strongest’ results ever

Miner and commodities trader Glencore (LON:GLEN) said Wednesday it would pay shareholders $2.9bn in dividends after achieving what it called its “strongest results on record”, which attributed mainly to a sharp recovery on commodity markets and a strong performance from its marketing unit. The 2017 results leave Ivan Glasenberg, the head of the Swiss company, well positioned to[…]

Mining M&A jumps to 4-year high – expect more in 2018

The value of global mining and metals deals hit a four-year high in 2017, according to accountancy firm EY, boosted by a jump in money raised on stock exchanges to a six-year high. Mining and metals deals totalled $51 billion last year, up 15% from 2016. Activity was dominated by coal and steel transactions. However,[…]

Moody's bullish on base metals, US steel

Base metals should continue to do well in 2018 along with the US steel industry, though American coal will continue to lose ground to natural gas. These are the key conclusions of Moody’s Investor Service, which released a recent report summarizing commentary from analysts at a Jan. 18 teleconference. Probably the most positive aspects of[…]