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[…]

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[…]

Indonesia closer to mining deal with Freeport, but hurdles remain

Indonesia is closer to a deal with Freeport McMoRan Inc on its long-term future in the country, but key issues still need to be resolved before the U.S. miner gets a new operating permit for its huge copper mine, a mining ministry official said. Shares of the world’s biggest publicly traded copper miner jumped to[…]

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[…]

DOE funds $6.9M in projects to extract REEs from coal

The U.S. Department of Energy (DOE) is building on earlier funding into research aimed at pulling rare earth elements (REEs) from coal. The DOE today said it will it will invest $3 million through three projects that will receive about $1 million each. The projects will use coal sourced from  Kentucky, Pennsylvania and West Virginia. Another[…]

North Korea coal exports down to zero on China ban, UN cap

North Korea’s global coal exports went down to zero in April, data released Friday shows, mainly due to China’s recent decision to ban imports from its nuclear-armed neighbour for the rest of the year. According to the US Energy Information Administration’s (EIA) latest brief, coal shipments from North Korea to an unnamed country fell from[…]