BASE METALS HIGHLIGHTS : Top Stories Of The Day
04/27/2012| 04:04pm US/Eastern
Chile Codelco CEO: No New Talks With Anglo American On Sur Property
Chilean state copper giant Codelco and global diversified miner Anglo American PLC (AAUKY, AAL.LN) haven't held any new talks regarding their dispute over Anglo's Sur copper complex, Codelco's chief executive said Friday.
UPDATE: Newmont CEO: Evaluating Viability Of Peru Conga Project
Newmont Mining Corp. (NEM) is evaluating the recommendations from the Peruvian government and consultants regarding the company's stalled Minas Conga project in Peru, the company's chief executive said on Friday.
Norilsk Nickel 1Q Nickel Output Up 7% On Year
OAO Norilsk Nickel (GMKN.RS), the world's largest nickel and palladium maker, said Friday its first-quarter nickel output increased 7% compared with the same period last year, to reach 75,824 metric tons.
STORIES OF INTEREST
Peru Government Sees Work Resuming 'Soon' On Minas Conga Project
LIMA (Dow Jones)--Work on the stalled Minas Conga copper-and-gold project is expected to resume "soon," a high-level government official said.
UPDATE: Baoshan Iron Sees Better First Half After First-Quarter Profit Drop
SHANGHAI (Dow Jones)--Baoshan Iron & Steel Co. (600019.SH) said Friday it expects its first-half net profit to rise 80%-100% following the sale of its loss-making stainless steel and special steel units to its parent in the second quarter, after first-quarter earnings fell sharply.
UPDATE: Chalco Swings To Net Loss On Weak Demand, Higher Costs
SHANGHAI (Dow Jones)--Aluminum Corp. of China Ltd. (ACH), known as Chalco, said Friday it swung to a loss in the first quarter, sliding further from last year's lackluster performance as weak demand coincided with higher raw-material costs and lower aluminum and alumina prices.
Chalco Swings To Net Loss On Higher Costs, Lower Aluminum Prices
SHANGHAI (Dow Jones)--Aluminum Corp. of China Ltd. (ACH), known as Chalco, said Friday it swung to a loss in the first quarter, refecting higher raw-material costs and lower aluminum and alumina prices.
Polish PM Supports Treasury's Policy On Leadership At State Firms
WARSAW (Dow Jones)--Polish Prime Minister Donald Tusk said Friday he supports Treasury Minister Mikolaj Budzanowski's decisions in the hiring and firing of supervisory board members and executives at Polish state-controlled companies.
UPDATE: Worldsteel: 2012 Steel Use To Rise 3.6% As Macro Risks Weigh
LONDON (Dow Jones)--World steel use will rise just 3.6% this year as macroeconomic risks, particularly in the euro zone, drag on demand, before growing 4.5% in 2013, the World Steel Association said Friday.
China Exchanges To Cut Commission Fees On Commodity Futures
BEIJING (Dow Jones)--China's three commodity futures exchanges said Friday that they will cut commission fees on futures contracts in an effort to boost trading activity.
UPDATE: China Steel To Buy 2.5% Indirect Interest In Roy Hill From Posco
TAIPEI (Dow Jones)--Taiwan's China Steel Corp. (2002.TW) agreed Friday to buy a 2.5% stake in the Roy Hill iron-ore project in Western Australia state from South Korea's Posco (005490.SE) for A$305.2 million (US$317.3 million) as Taiwan's largest steelmaker seeks access to one of Australia's biggest mining developments.
Shanghai Bourse: To Start Silver Futures Trial Trading May 2
BEIJING (Dow Jones)--The Shanghai Futures Exchange said Friday that it will start trial trading of silver futures on May 2.
Qatar Holding Raises Stake In Xstrata To 7.216% XTA.LN
LONDON (Dow Jones)--Qatar Investment Authority, owner of Qatar Holding LLC, said Friday it has bought 5.23 million shares in Swiss-based mining firm Xstrata PLC (XTA.LN) and now owns 216.67 million shares, representing 7.216%
Nickel Prices Rise On Speculative Buying; High Stocks To Cap Upside
SINGAPORE (Dow Jones)--Nickel prices have pushed higher on the London Metal Exchange this week amid a rush of fresh speculative interest, but weak stainless steel demand and high stocks will cap the alloying metal's upside in the next few months, market participants said.
African Mining & Exploration Granted Option On The Tekeledougou Permit
LONDON (Dow Jones)--African Mining & Exploration PLC (AME.LN), a mining company focusing on exploration in West Africa, said Friday that it has signed a Memorandum of Understanding or MOU with Sahelienne des Mines SARL, a Malian registered company that owns the Tekeledougou exploration permit in Southern Mali.
China Financial Liberalization Threatens Gold Bull Run -GaveKal
BEIJING (Dow Jones)--China's financial liberalization is a strong threat to gold's bull run, Louis Gave, chief executive officer of investment research firm GaveKal, said Friday.
Sylvania Platinum 3Q Revenue Falls, Strike Action Has Stopped
LONDON (Dow Jones)--Sylvania Platinum Ltd (SLP.AU), a processor and developer of platinum group, or PGM, metals, Friday reported that group revenue in the third quarter fell from the second quarter, adding that a strike that had slowed production has now ceased.
ECR Minerals Receive 7 Drill Holes' Results, Shares Restored
LONDON (Dow Jones)--ECR Minerals PLC (ECR.LN), said Friday it received assay results in respect of 7 drill holes which demonstrate that gold mineralization does continue to depth at the El Abra prospect and that this mineralization is of high grade in at least one area.
BASE METALS: Copper Locks In Four-Day Winning Streak
NEW YORK (Dow Jones)--Copper prices settled at their highest level in more than three weeks as gains in equity markets, a weaker dollar and hopes of further monetary stimulus stocked investor appetite for the industrial metal.
--By Mary de Wet, Dow Jones Newswires; 212-416-3337; email@example.com