Iron ore nears $80 a tonne

Iron ore prices held steady above $79 per tonne on Tuesday on the back of a strengthening billet market a day earlier, when Chinese steelmakers began stoking production ahead of mandated cuts going into winter. Iron ore is trading higher now than at the beginning of the year. Ore with 62% content in Qingdao traded at $79.65 per[…]

BHP exiting oil and gas

World number one mining company BHP posted a fourfold rise in underlying profits on Tuesday in Australia of $6.7 billion. Free cash flow also surged, coming in at $12.6 billion. ADRs of the Melbourne-based giant was unchanged in after hours following a 1.3% gain during regular trading. The stock (NYSE:BHP) is up 14.3% in value this[…]

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[…]

Yancoal seeks $2.5bn from investors to pay for Rio’s Aussie coal mines

China-backed Yancoal Australia (ASX: YAL) said Wednesday it will launch a fundraiser to fetch $2.5 billion it needs to buy Rio Tinto’s (LON, ASX:RIO) Coal & Allied division, which it scored late June after a three-week bidding war with Glencore. The figure is lower than the $2.69 billion originally agreed, thanks to Glencore’s (LON:GLEN) intervention last[…]

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[…]

Glencore acquires half of former Rio coal mine in Australia

Following a bidding race where the company initially lost, Glencore (LON:GLEN) was finally able to put its hands on Rio Tinto’s (ASX, LON:RIO) former coal assets in Australia’s Hunter Valley, located in the New South Wales region. The Anglo–Swiss multinational announced that it signed agreements with Yancoal Australia (ASX:YAL), a subsidiary of China’s Yanzhou Coal[…]

Teck's steelmaking business jumps from $52M to $785M in 2Q

Teck ( NYSE:TECK) reported a profit of $577 million ($1.00 per share) in the second quarter compared with $15 million ($0.03 per share) a year ago largely thanks to its metallurgical coal business. The Canadian integrated miner said that its gross profit in the second quarter from its steelmaking coal business unit was $785 million[…]

Religious leaders occupy Australia’s environment minister's office to protest Adani’s coal mine

Australian environmentalists have been protesting for months now against Adani Group’s $16bn Carmichael coal mine and rail project to be built in the Galilee Basin, located in central Queensland. This week, eight religious leaders added their voices to those of activists opposing the project. But they are doing more than just chanting slogans. They decided[…]

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[…]