BASE METALS HIGHLIGHTS : Top Stories Of The Day
05/15/2012| 04:51pm US/Eastern
UPDATE: LME Eliminates NYSE Euronext From Sale Bids - Exchange
The board of the London Metal Exchange has eliminated NYSE Liffe, the London-based derivatives arm of NYSE Euronext (NYX), from the sale process for the 135-year old exchange, NYSE Euronext confirmed Tuesday.
Rising Busan Copper Stocks Signal Higher China Exports
An increase in London Metal Exchange copper stocks at the South Korean port of Busan since the start of May indicates rising exports from Chinese suppliers as they try to reduce domestic stock levels and narrow a cash-to-three-month backwardation on the LME, Asian traders told Dow Jones Newswires.
UPDATE: Chile Codelco CFO: Copper Prices Seen Strong But Volatile
International copper prices, while subject to sharp volatility, will remain strong this year, the chief financial officer of Chilean state copper giant Codelco said Tuesday.
Peru's Mining Sector Waiting For Newmont Mine Decision
LIMA (Dow Jones)--Peru's mining sector is watching closely for a decision from Newmont Mining Corp. (NEM) to see whether the company will accept changes by the government for its $4.8 billion Minas Conga copper-and-gold project, which has been on hold because of local community opposition.
STORIES OF INTEREST
Rio Alto: Peru Mine Could Produce More Gold Than Expected In '12
LIMA (Dow Jones)--Canadian gold producer Rio Alto Mining Ltd. (RIO.V, RIOAF) could increase its guidance for production this year at its La Arena mine in northern Peru, Chief Executive Alex Black said Tuesday.
UPDATE: ThyssenKrupp Puts Steel Americas Plants On The Block
ESSEN, Germany (Dow Jones)--German steelmaker ThyssenKrupp AG (>> ThyssenKrupp AG) said Tuesday it is considering selling its new steel mills in the U.S. and Brazil or bringing in partners, citing fundamental changes to the global economy that have turned its original concept for the plants upside down.
Ecuador Sees Progress In Talks With Kinross For Fruta del Norte
QUITO (Dow Jones)--Ecuador's undersecretary of mines said Tuesday that there has been progress in negotiations between the Ecuadorian government and Canadian gold mining company Kinross Gold Corp. (KGC, K.T) over the Fruta del Norte gold deposit.
KGHM Reiterates It Will Recommend PLN17 A Share Dividend
WARSAW (Dow Jones)--Copper mining company KGHM Polska Miedz SA (KGH.WA) reiterated it will recommend a dividend payment of 17 zlotys ($5.06) a share from its all-time-high 2011 net profit, Chief Executive Herbert Wirth said Tuesday.
METALS MOVER: Anglo American Names Anne Stevens As Non-executive
LONDON (Dow Jones)--Globally diversified miner Anglo American PLC (>> Anglo American plc) said Tuesday that it has appointed Anne Stevens to its board as a non-executive director.
INTERVIEW: Anglo Pacific Group Sees 2012 Royalty Income Down
LONDON (Dow Jones)--Mining production royalty company Anglo Pacific Group PLC (>> Anglo Pacific Group plc) expects 2012 royalty income will fall this year due to lower commodity prices, but also expects the weakness to offer acquisition opportunities, company executives said Tuesday.
Polish KGHM 1Q Consolidated Net Profit Down 33%
WARSAW (Dow Jones)--Poland's copper miner KGHM Polska Miedz SA's (KGH.WA) consolidated net profit dropped 33% from a year earlier to 1.37 billion zlotys ($407 million), the company said Tuesday, in line with market expectations.
BASE METALS: Comex Copper Hits Four-Month Low As Euro Slips
NEW YORK (Dow Jones)--Copper futures fell to a fresh four-month low Tuesday, weakening along with some growth-sensitive commodities as Greece's failure to form a coalition government spooked investors.
-By Matt Day, Dow Jones Newswires; 212-416-4986; email@example.com