BASE METALS HIGHLIGHTS : Top Stories Of The Day
04/18/2012| 04:39pm US/Eastern
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TOP STORIES:
Friedland Steps Down From CEO Post And Board At Ivanhoe, After Rio Tinto Deal
Ivanhoe Mines Ltd. (IVN) founder Robert Friedland resigned as chief executive and as a director of the company as part of a sweeping agreement with majority shareholder Rio Tinto PLC (RIO) that ensures Rio Tinto's support for a series of funding measures for Ivanhoe's massive Oyu Tolgoi mining project in Mongolia.
CESCO:
CESCO: Chile Codelco Exploring For Copper Elsewhere In Latin America
After focusing for years on its domestic operations, Chilean state copper giant Codelco has begun to explore for copper elsewhere in the region.
CESCO:Chile Funding Of Codelco Sur Buy Needs Congress Approval:Minister
Should state copper company Corporacion Nacional del Cobre de Chile require government funds to pay for a stake in Anglo American PLC's (AAUKY, AAL.LN) Sur complex, the nation's Congress would have to approve any such financing deal, Finance Minister Felipe Larrain said Wednesday.
CESCO: Codelco CEO Says Anglo Dispute Destined For Court
SANTIAGO (Dow Jones)--An out-of-court settlement to resolve a high-profile dispute between Chile's state-owned copper producer, Codelco, and Anglo American PLC (AAL.LN) is highly unlikely, the chief executive of Codelco told Dow Jones Newswires, blaming the stance adopted by the U.K.-listed mining company and criticizing the "unacceptable" way Anglo has dealt with the situation.
CESCO: Rio Tinto Exec: No Interest In Ivanhoe Assets Other Than Oyu Tolgoi
SANTIAGO (Dow Jones)--Rio Tinto PLC (RIO, RIO.LN) plans to keep hold of the prized Oyu Tolgoi copper and gold project in Mongolia but has no interest in the other assets owned by Ivanhoe Mines Ltd. (IVN, IVN.T), the head of Rio's copper division told Dow Jones Newswires.
CESCO: Europe Crisis, China Cooling Limiting Copper Demand
SANTIAGO (Dow Jones)--The copper market is likely to remain under pressure this year from weak demand in Europe and slowing growth in top consumer China, but the perception that world central banks will act to support growth should keep prices for the industrial metal from entering an extended slump, analysts with metals research service Thomson Reuters GFMS said in a report.
CESCO: Copper's Bull Market May Survive A Slowing China
SANTIAGO (Dow Jones)--Slowing growth in China's economy has given pause to some in the copper industry, but it doesn't herald an end to the long bull market for the metal, executives and analysts said.
CESCO: Xstrata Executive: China Slowdown Cyclical, Not Permanent
SANTIAGO (Dow Jones)--Chinese copper demand is undergoing a cyclical slowdown and not a permanent, structural decline, the head of Xstrata PLC's (XTA.LN) copper division said.
STORIES OF INTEREST:
Peru's President To Have Final Decision On Minas Conga Project
LIMA (Dow Jones)--The final decision by the government on whether to allow the stalled $4.8 billion Minas Conga copper-gold project to proceed will be a political one, and will be taken after a review of a special technical report is carried out in a number of ministries.
Chile Finance Minister Says YPF Nationalization Shouldn't Impact ENAP, Chilean Firms
NEW YORK (Dow Jones)--The Argentine government's nationalization of the Argentine unit of Spanish oil company Repsol YPF SA (REP.MC, REPYY) shouldn't impact Chilean state oil company Empresa Nacional del Petroleo SA or Chilean companies with operations in Argentina, Chile's finance minister said Wednesday.
Afghanistan Says 25 Firms Qualify To Bid On 4 Gold, Copper Projects
LONDON (Dow Jones)--Afghanistan's Ministry of Mines said Wednesday that 25 bidders have qualified for the next stage of the bidding process for four new exploration projects containing gold and copper in various parts of Afghanistan.
MARKETS:
BASE METALS: Copper Retreats As Risk Tolerance Wanes
NEW YORK (Dow Jones)--Copper futures settled lower Wednesday, as simmering worries about Europe and weaker U.S. equities eroded investor risk tolerance.
-By Tatyana Shumsky, Dow Jones Newswires; 212-416-3095; tatyana.shumsky@dowjones.com
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