Monthly Archives: December 2015

Copper: RioTinto Lines Up Billions to Expand Massive Mongolian Mine

SYDNEY—Rio Tinto Ltd. and its partners have lined up a combined $4.4 billion from 20 lenders to fund the expansion of a Mongolian copper mine, as the Anglo-Australian company continues to invest in big, new projects despite a rout in global commodity markets. Rio has become an outlier in the global mining industry by spending billions of dollars to expand businesses such as bauxite and iron ore at a time when many other large … Continue reading

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SMFG agrees to buy GE’s Japan leasing business for $4.8 billion

Sumitomo Mitsui Financial Group Inc (SMFG) (8316.T) agreed to buy General Electric’s (GE.N) Japanese leasing business for $4.8 billion, the two companies said on Tuesday. The deal is part of GE’s plan to sell off the about $200 billion worth of assets of its finance arm, GE Capital, as the U.S. conglomerate moves away from finance to focus on manufacturing industrial equipment. Earlier this month, the company said it expected its GE Capital exit … Continue reading

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Nickel: Investment in New Caledonia’s Koniambo queried

The head of Glencore, Ivan Glasenberg, says the decision by mining companies to keep nickel operations going despite them being unprofitable is incomprehensible. According to comments in the publication, Metal Bulletin, Mr Glasenberg has warned that his company is not married with Koniambo and it’s not its style to burn cash. This comes after the world’s largest asset manager, BlackRock, put pressure on Glencore to act as the nickel price has plummeted to a … Continue reading

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ElonMusk is co-chairing a new nonprofit for AI

Elon Musk, Peter Thiel and other technology entrepreneurs are betting that talented researchers, provided enough freedom and money, can develop artificial intelligence systems as advanced as those being built by the sprawling teams at Google, Facebook Inc. and Microsoft Corp. Along the way, they’d like to save humanity from oblivion. The pair are among the backers of OpenAI, a nonprofit company introduced Friday that will research novel artificial intelligence systems and share its findings. … Continue reading

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Molycorp Said to Get No Bids for Entire Firm in First Round

Molycorp Inc. has failed to attract any offers for the entire company as a first-round bidding deadline approaches, according to people with knowledge of the matter. The potential buyers, mostly rare-earths producers and processors based outside the U.S., are instead looking to take on part or all of the bankrupt rare-earths miner’s overseas business, said the people, who asked not to be named because the process isn’t public. Those bids do not include its … Continue reading

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Glencore may shut Murrin Murrin Nickel mine in WA

Swiss miner Glencore says it might close more Australian mines if weak commodity prices persist, with the Murrin Murrin nickel mine in Western Australia the next probable candidate. Glencore has already shuttered 15 per cent of its Australian coal production and reduced production at its Queensland zinc mines, and the company’s chief executive Ivan Glasenberg has said he was committed to shutting more mines if they were not making money. Mr Glasenberg said only … Continue reading

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Anglo overhaul brings opportunities for acquisitive RioTinto

A radical restructure of diversified miner Anglo American will see 85,000 jobs cut globally and builds on an earlier decision to shed a number of Australian coal assets. The extraordinary reduction in headcount at Anglo is greater than the entire workforce of BHP Billiton, and the company also plans to shed 35 of its mines in a bid to focus on a smaller, more profitable core. The mass shrinking, which Anglo’s Woolongong-born chief executive … Continue reading

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Chinese Steel dumping threatens sector recovery in Europe, US

European and US steel producers are only slowly emerging from a 2008 sector meltdown, but already they are faced with a new challenge: Chinese dumping. Chinese steel is overabundant since a sharp slowdown in the Asian giant’s economy has sapped domestic demand, and is shipping to world markets at cut-down prices. “China now sells its excess steel to the EU market at prices that do not even cover its costs for raw materials and … Continue reading

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Ottawa, Canada: Federal contamination cleanup tab climbs to $5.8 billion

OTTAWA – The federal government is on the hook for at least $5.8 billion in cleanup costs for thousands of contaminated sites — up from about $4.8 billion last year. The latest issue of the public accounts, covering the last fiscal year, says the liability stems from former mining sites, radioactive material, military operations, landfills and other contaminated properties. The government has identified 2,400 sites where decontamination efforts may be needed, accounting for the … Continue reading

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SaudiArabia’s $640bn question: when to turn off the taps

So much for the idea that the US shale industry would be killed by Saudi Arabia’s high-risk strategy, adopted a year ago, of keeping Opec’s taps open and flooding the market with supplies. After 12 months of this experiment, it is Opec that is in chaos. Meanwhile, US oil production has barely been dented. Volumes have fallen 5% in the past six months, but the backdrop was a shale-driven 50% increase in production between … Continue reading

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