Former Xstrata CEO Mick Davis may become Rio Tinto new chairman

Former Xstrata chief executive Mick Davis, the current leader of Britain’s ruling Conservative Party, is said to be the frontrunner to become Rio Tinto’s new chairman. People familiar with the matter told Sky News the South African-born businessman has held talks with Rio over the position held until the end of the year by retiring chairman Jan[…]

Glencore raises marketing guidance, lowers output

LONDON, Oct 30 (Reuters) – Glencore on Monday cut its output forecast for core commodities including zinc, but raised its marketing division’s full-year earnings before interest and tax (EBIT) to between $2.6 billion and $2.8 billion, reflecting higher raw materials prices. Its previous 2017 marketing, or trading, EBIT guidance was $2.4 billion to $2.7 billion,[…]

Why did this slide wipe $1.3B from Teck's market value?

Vancouver-based Teck Resources, Canada’s largest diversified miner which is close to completing a major oil sands project, reported on Thursday a nearly four-fold increase in quarterly profits. The metallurgical coal business of Teck, also a major copper and zinc producer, accounted for 72% of its gross profits during the first nine months of the year. Operationally[…]

Teck Resources shares fall on weaker own coal price outlook

VANCOUVER, Oct 26 (Reuters) – Canada’s Teck Resources Ltd reported weaker-than-expected third-quarter earnings on Thursday and forecast softer prices for its coal in the fourth quarter, sending its shares tumbling more than 8 percent. Teck, the world’s second-biggest exporter of steelmaking coal, said it expects a larger proportion of its coal sales in the fourth[…]

CHARTS: Mining's 2017 rally forecast to fizzle out

Gold’s retreat during September may be hurting sentiment and iron ore and coking coal prices have come in for renewed punishment, but so far in 2017 the mining sector has been able to build on last year’s strong gains. Gold and silver prices were just hanging onto double digit year-to-date gains at the end of Q3 while[…]

Glencore to spend $956M to increase stake in Peru's largest zinc producer

Miner and commodities trader Glencore (LON:GLEN) is buying 26.73% of the voting shares in Peru’s largest zinc producer, Volcan Compañía Minera SAA, in a deal worth at least $531 million. The Swiss company will pay $1.215 per class A common share, which will help it boost its current 7.68% interest in Volcan and which could[…]

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[…]

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[…]

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[…]