SHANGHAI: BHP Billiton Ltd., the world’s biggest mining company, and some Chinese steelmakers have agreed to a provisional 40% increase in contract iron-ore prices, said UC361.com analyst Hu Kai, citing the mills. Final benchmark contract-price agreements for the year may still be settled first by Japanese mills and the ore producers, Hu said in a [...]

MELBOURNE, Feb 11, 2010 First Quantum Minerals Ltd hopes to get Western Australia’s troubled Ravensthorpe nickel mine up and operating within 18 months, after formally taking control of the site. The Canadian copper miner took control of the mine on Wednesday, after receiving government approvals. Over the next year the company will work on modifying [...]

TOKYO  – Shares of BHP Billiton Ltd. climbed Wednesday after the miner reported a fiscal first-half net profit that surpassed consensus estimates, but the company warned that real end-demand for metals still appears “sporadic.” On an operational level, the recovery in demand helped BHP “achieve strong results in many of our commodities, driven by good operating [...]

Rio Tinto Ltd. has completed the first round of iron ore price talks with Japanese and Korean steel mills and the Anglo-Australian miner is demanding a 40% increase in 2010 benchmark prices, the 21st Century Business Herald reported Wednesday. “When this year’s iron ore price talks started, Japanese and Korean steel mills agreed to a [...]

Rio Tinto Ltd. has completed the first round of iron ore price talks with Japanese and Korean steel mills and the Anglo-Australian miner is demanding a 40% increase in 2010 benchmark prices, the 21st Century Business Herald reported Wednesday. “When this year’s iron ore price talks started, Japanese and Korean steel mills agreed to a [...]

Seven Summits Research issues PriceWatch Alerts for CVX, BHP, FDX, CEPH, and LM (see also Seven Summits Investment Research). Seven Summits Strategic Investments’ PriceWatch Alerts are available at http://www.iotogo.com/s/012110C (Note: You may have to copy this link into your browser then press the [ENTER] key.) Today’s PriceWatch Alerts cover the following stocks: Chevron Corp. (NYSE: [...]

Workers at Codelco’s Chuquicamata copper mine rejected the company’s latest wage offer in a meeting today and may vote to go on strike next month after a vote tomorrow, a union official said. A group of workers want union representatives to seek higher wages and bonuses in negotiations with the company, union official Jaime Graz [...]

Dec. 23 – Freeport-McMoRan Copper & Gold Inc., the world’s largest publicly traded copper producer, secured a 38 percent cut in processing fees for next year from Japanese smelters, according to two people familiar with the agreement. The company will pay $46.50 a metric ton and 4.65 cents a pound in so-called treatment and refining [...]

Dec. 22 – The global steel industry will suffer more losses should iron ore prices increase next year, Baoshan Iron & Steel Co., China’s largest steelmaker, said. “There aren’t many profitable steelmakers at present,” Shanghai-based Baoshan told the official Xinhua News Agency in an interview posted on the company’s Web site. “A further rise in [...]

BHP Billiton Ltd. (BHP) said Tuesday it has no plans to exit its nickel business, countering a media report that it could be considering selling mines in Australia and Colombia. “We have absolutely no plans to exit nickel,” a spokeswoman for the miner said. The miner has sold its Ravensthorpe nickel laterite project and its [...]

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