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[…]

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[…]

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[…]

INFOGRAPHIC: The numbers behind the world's closest trade relationship

Courtesy of: Visual Capitalist Whether we’re discussing the ancient merchants that traversed the legendary Silk Road, or the transfer of goods across modern border lines, trade has always been about building close relationships. There are many examples of strong and mutually-beneficial trade relationships all throughout history, but one doesn’t have to look far back to[…]

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[…]

Caterpillar soars as first quarter sales jump for first time in over two years

Shares in world’s largest heavy machinery maker Caterpillar (NYSE:CAT) jumped Tuesday as it reported a first quarter profit that far exceeded estimates thanks to a long-awaited pick up in sales and improved demand. For the first time in more than two years, the Peoria, Illinois-based company registered an increase in sales in several of the[…]

Iron ore, copper price plunge brings carnage to mining stocks

Mining and metals investors were offloading the sector’s big names on Wednesday after sharp drops in iron ore and copper prices over worries about the robustness of the Chinese economy and heightened tensions surrounding North Korea with President Trump sending an “armada” of US warships to the region. While gold was setting fresh 2017 highs on the back of safe[…]

Erdene Resource moving forward with flagship project in Mongolia

Canada’s Erdene Resource Development (TSX:ERD), the company that literally struck gold earlier this year after finding its new Mongolia-based gold project was richer than previously thought, expects to move Bayan Khundii towards its maiden resource estimate by 2018. The firm, one of the very few miners to never have encountered issues in the landlocked Asian country, was granted[…]