BASE METALS HIGHLIGHTS : Top Stories of the Day
06/19/2012| 05:19pm US/Eastern
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TOP STORIES
Peru's Buenaventura CEO: Minas Conga Mine Could Proceed
LIMA--Mining company Minera Yanacocha expects to carry out the required improvements to ensure that work can resume at its Minas Conga copper and gold project, a high-level company official said.
Rio Tinto to Invest $660 Million Over Seven Years to Extend Utah Mine to '29
LONDON--Rio Tinto PLC (>> Rio Tinto plc), a mining company, disclosed Tuesday it will invest $660 million over the next seven years to extend the life of its Kennecott Utah Copper Bingham Canyon mine in Salt Lake City to 2029 from 2018.
STORIES OF INTEREST
Invesco Commodities Fund Keeps Eye on Fundamentals
Many commodity-fund managers have morphed into economists and political analysts as oil, copper and other basic goods are battered by Europe's debt crisis.
WSJ: ArcelorMittal CEO: Cutting Costs 'Critical' for Global Steel Industry
NEW YORK--Faced with the worst global economy since 2008, it is "critical" for steel companies to cut costs to survive, ArcelorMittal (MT, MT.FR) Chief Executive Lakshmi Mittal said Tuesday at a major steel conference.
Copper Could Hit $4,000 a ton If Euro-Zone Issues Worsen - Macquarie
LONDON--The price of copper could tumble as low as $4,000 a metric ton in coming weeks, should economic conditions in the euro zone deteriorate sharply, Macquarie's head of commodities research said Tuesday.
Brazil to Build BRL13.7 Billion of Rail in Country's South - Report
SAO PAULO--Brazil plans to invest 13.7 billion Brazilian reais ($6.7 billion) to build four new railways in the country's south, part of a broader plan to invest BRL200 billion by 2025 to expand the country's rail network by one third, Valor Economico newspaper reported Tuesday.
Aurubis: Chinese Copper Demand on Track to Grow in Second Half 2012
LONDON--Chinese copper demand should still rise in the second half of this year, despite recent signs of sluggish demand, Aurubis AG (AIAGY, NDA.XE) said Tuesday.
Rusal Plans to Borrow up to $850 Million from China's Eximbank to Build Plant
MOSCOW--United Co. Rusal PLC (0486.HK) said Tuesday it plans to borrow up to $850 million from Chinese bank Eximbank to build a new anode factory in the Irkutsk Region.
China June Copper Imports Likely High Amid Strong SHFE Volumes - Barclays
BEIJING--China's copper imports will likely stay at elevated levels in June, judging by the high daily volume of copper contracts traded on the Shanghai Futures Exchange, Barclays Commodities Research said in a note Tuesday.
Connemara Mining Company Widens Full-Year 2011 Pretax Loss to EUR397,121
LONDON--Connemara Mining Company PLC (>> Connemara Mining Company plc), an Irish zinc and gold explorer, Tuesday reported it widened its full-year pretax loss in 2011, and said it has strong hopes that it will drill new areas in Wicklow/Wexford.
Capital Drilling Wins African Contracts, Expands Fleet
LONDON--Capital Drilling Ltd. (>> Capital Drilling Ltd), a U.K. drilling-services company, said Tuesday that two contracts in Africa, one new and one extension, will add four rigs to its global fleet.
MARKETS
BASE METALS: Market Gains Buoy Copper Ahead of Fed Statement
NEW YORK--Copper climbed 1.1% Tuesday on anticipation of new monetary easing from the Federal Reserve.
Write to Nicole Friedman at nicole.friedman@dowjones.com.
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