BASE METALS HIGHLIGHTS : Top Stories of the Day
07/09/2012| 04:20pm US/Eastern
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TOP STORIES
UPDATE:UK Court Hears Case Against Russian Aluminum Billionaire Deripaska
LONDON--Russian billionaire Oleg Deripaska has been accused of telling lies on a grand scale and seeking to rewrite history in a high-profile lawsuit brought against him in London's high court.
Anglo American to Decide on Peru Copper Mine in October
LIMA--The board of directors of Anglo American PLC (AAL.LN, AAUKY) plans to meet in October to vote on approving its $3 billion Quellaveco copper project in Peru, the company said Monday.
UPDATE: LME Members to Vote on Proposed Hong Kong Sale July 25
Shareholders in the London Metal Exchange will vote on the proposed sale of the 135-year-old exchange to Hong Kong Exchanges & Clearing Ltd. (0388.HK) on July 25, the LME said Monday.
STORIES OF INTEREST
Colombian Coal Workers Continue Talks With Glencore Unit
BOGOTA--Colombian coal workers and representatives of the local unit of Glencore International PLC (GLNCY, GLEN.LN, 0805.HK) continued to negotiate Monday over wage increases and better working conditions after workers voted over the weekend in favor of authorizing a strike.
WSJ UPDATE: Philippines Aims to Boost Mining Revenue
MANILA--The Philippines unveiled a new mining law that aims to generate more revenue for the government from the sector even as it widened the areas where mining is banned and imposed a moratorium on new contracts--at least until a law on sharing of mining revenue is passed by Congress.
UPDATE: Peru Priests To Lead Talks In Minas Conga Mining Dispute
LIMA--Two well-known Catholic priests will lead talks Monday in northern Peru aimed at restoring peace following violent protests against the Minas Conga mining project.
Chile Posts June $1.04B Trade Surplus Vs $819M Surplus June '11
Chile posted a trade surplus of $1.04 billion in June, compared with a $819 million surplus the same month of last year, the central bank reported Monday.
Chile's June Copper Exports Fall to $3.83B From $3.91B June '11
The value of Chile's copper exports in June fell to $3.83 billion from $3.91 billion during the same month of 2011, the central bank said Monday.
UPDATE: Bank of America Merrill Lynch Cuts 2012 Metal Forecasts
Bank of America Merrill Lynch on Monday cut its 2012 forecasts on a range of metals, citing headwinds posed to mined commodities by the apparent inaction of euro-zone and U.S. politicians in tackling fiscal issues.
Glencore International to Sell Viterra Assets Worth C$2.6B
LONDON--Commodities trading group Glencore International PLC (GLNCY, GLEN.LN, 0805.HK) said Monday that it has agreed to sell certain of the ingredients firm Viterra Inc. (VTRAF, VT.T) assets to the agricultural products group Agrium Inc. (AGU, AGU.T) for C$1.8 billion and to agribusiness Richardson International Ltd. for C$0.8 billion.
UPDATE: Xstrata Shareholders to Vote on Glencore Deal in September-Sources
A shareholder vote on the proposed merger between U.K. mining company Xstrata PLC (>> Xstrata PLC) and Switzerland-based Glencore International PLC (GLNCY, GLEN.LN, 0805.HK) will likely take place in September, people familiar with the matter told Dow Jones Newswires Monday.
EMED Mining: Sale and Purchase Agreement for Land Next to Copper Mine
LONDON--EMED Mining Public Ltd. (EMED.LN, EMD.T), a minerals development and exploration company, Monday said it has entered into a EUR10 million Sale and Purchase Agreement for land needed for waste deposition next to the Rio Tinto Copper Mine in Spain, and added that it raised aggregate proceeds of $5 million from a share subscription with an existing shareholder.
MARKETS
BASE METALS: Copper Traders See Glimmer of Hope in China Data
NEW YORK--Copper futures took a shine to China's inflation data, bucking a downward trend in equities, as investors hoped that slower inflation will free the government to pursue easier lending policies and new stimulus projects focused on low-cost housing.
-Write to Tatyana Shumsky at tatyana.shumsky@dowjones.com
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