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[…]

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[…]

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[…]

Trump goes after another of the Obama-era protection rules to favour miners

The Trump administration is going after another of the Obama-era environment protection rules by ordering a review of conservation plan for the greater sage grouse, in a move that would make more land available to oil, gas and mining companies. Announcing the measure, Interior Secretary Ryan Zinke said that while the federal government has a responsibility under[…]

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[…]

Adani to go ahead with polemic Carmichael coal mine after all

Indian conglomerate Adani Group has decided to go ahead with its $12 billion (A$16bn) Carmichael coal mine and rail project in Queensland, Australia, one of the world’s largest thermal coal mines approved in recent years. The decision comes only days after the conglomerate agreed to pay the state hefty royalties on the coal produced there[…]

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[…]