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[…]

Upbeat China data sends iron ore soaring, climbs the most in 8 months

Iron ore prices received a major boost Monday hitting its highest level in eight months after upbeat Chinese data showed its construction sector in July grew the most in almost four years. Ore with 62% content in Qingdao jumped 7.2% to $73.70 a tonne, according to the Metal Bulletin, the highest price since April 11 and the largest[…]

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[…]

Dozens trapped, two killed in Iranian coal mine explosion

Two coal miners have died and more than 50 remain trapped after an explosion in a mine located in Iran’s northern Golestan province. Speaking to Press TV, the English-language arm of Iranian state television, the head of the provincial Red Crescent, Hossein Ahmadi, said there were 26 people trapped. Sadegh Ali Moghadam, the provincial director general[…]

South32 buys stake in Canada’s Arizona Mining for $81 million

Australia’s South32 (ASX, LON, JSE:S32) is investing some of its $1.5 billion of cash in a minority stake in Canada-listed Arizona Mining (TSX:AZ), which plans to develop a zinc-lead-silver project in Arizona. Deal comes only two weeks after South32 walked away from a $200 million planned acquisition of Peabody Energy’s coal mine in New South Wales. As part of[…]

BHP puts US shale assets back on the block amid investors pressure

Mining giant BHP Billiton (ASX, NYSE:BHP), (LON:BLT) is once mulling the future of its US-based Fayetteville shale gas assets to focus on more lucrative opportunities in oil, but said decision was not related to activist investor Elliott Management’s call earlier this month for an overhaul of the firm. The company, which last year logged its largest-ever[…]

Australia greenlights Rio Tinto’s $2.45bn sale of coal mines to Yancoal

Australian authorities have given Yancoal (ASX:YAL), the subsidiary of China’s Yanzhou Coal Mining, the green light to go ahead with its planned $2.45 billion acquisition of Rio Tinto’s (ASX, LON:RIO) thermal coal assets in the Hunter Valley. The Coal & Allied unit includes Rio’s stakes in the Hunter Valley Operations mine, Mount Thorley and Warkworth mines, as well[…]

BHP Billiton to escalate defence from Elliott with Goldman’s help

BHP Billiton (ASX: BHP) (LON:BLT) is working with Goldman Sachs Group Inc. on a detailed response to activist investor Elliott Management, which yesterday issued a 10-page letter calling for major changes at the world’s largest mining company. The bank’s involvement in the issue is nothing new, people with knowledge of the matter told Bloomberg. In fact,[…]

BHP rejects activist fund Elliott urge to spin off US oil assets

BHP Billiton (ASX: BHP) (LON:BLT), the world’s largest mining company, has rejected a push by activist investor Elliott Management to unlock shareholder value by spinning off about $22 billion of its US oil assets and list them in New York. The hedge fund manager’s demerger proposal, BHP said in a statement, included the suggestion of[…]

Cyclone damage causes BHP to declare force majeure in Australia

World’s largest miner BHP Billiton (ASX:BHP) said on Wednesday it won’t meet its coal export commitments due to the damage caused by a cyclone that struck Australia’s north-east coast last week. Damage to rail lines in cyclone-hit Queensland have disrupted the shipment of between 15 million and 20 million tonnes of coking coal destined to[…]