Mining news & headlines
Latest breaking stories, features and analysis
- Centamin’s revenue jumps 56% in the fiscal first half due to an increase in gold prices.
- The Jersey-based gold miner says its pre-tax profit climbed to £146.12 million in H1.
- Centamin sells 270,529 ounces of gold that marks a 9% growth on a year over year basis.
Latest Mining news
Rio Tinto (LON: RIO) said on Friday that its iron ore shipments came in 1.5% higher in the second quarter. The company attributed the increase to China, where the steelmaking ingredient saw recovering demand as the largest Asian economy started to pull out of the COVID-19 crisis. Shares of the company opened less than 1% up on Friday and jumped another 1% on in the next hours. At £49.10 per share, Rio Tino, that has a market capitalisation...
Advanced technologies, high-tech weapons, electric vehicles, among many other industries rely on mined rare earth materials for their production. The problem? China is a clear global leader in the key mining category and the government can use it as a political weapon against the U.S. and the West, The Wall Street Journal reported. ‘Threatens the entire global system’ A report by consulting firm Horizon Advisory argued in a report China’s mining...
Intesa Sanpaolo (BIT: ISP) released new guidelines on Tuesday that slashed funding to Italy’s coal sector. The move came in line with the other banks that are seeking to enhance their green credentials. Italy’s largest retail bank announced that it will no longer be approving new applications for loans aimed at investments in building coal-fired facilities or coal-mining projects. The news came only weeks after the bank reported strong fin...
London stocks were reported higher at the end of the trading session on Friday on an improvement in China’s monthly report on factory output that marked the first in 2020 and stirred optimism for resource companies. The rising Coronavirus uncertainty and the associated blow to the global economy, however, saw the benchmark indices closing lower on a weekly basis. According to TS Lombard’s head of strategy, Andrea Cicione: “We just can’t afford th...
Caterpillar Inc. (NYSE: CAT) said on Tuesday that the Coronavirus pandemic weighed on demand in the mining and construction sectors that fuelled a 21% decline in sales in the first quarter. The construction machinery and equipment company recorded its revenue at £8.54 billion in Q1 versus £10.87 billion that it posted in the same quarter last year. The company attributed the decline to lower demand due to COVID-19 and changes in dealer inventorie...
Sirius Minerals’ (LON:SXX) share price has posted another hefty fall in today’s session, with analysts and investors mulling over the group’s move to scrap its previously proposed $500-million bond sale. The company, which was looking to finance a fertiliser mine in North Yorkshire, blamed current market conditions for the move. As of 14:50 BST, Sirius’ share price had given up 7.07 percent to 4.34p. The Financial Times re...
Sirius Minerals’ (LON:SXX) share price has fallen deep into the red this Tuesday as the company pulled a previously proposed $500 million bond sale to finance a fertiliser mine in North Yorkshire. The company blamed poor market conditions for the move. As of 10:40 BST, Sirius Minerals’ share price had given up 51.12 percent to 4.89p. The group’s shares have given up more than 83 percent of their value over the past year. Sirius pulls bond sale Si...
BHP Group (LON:BHP) saw its share price drop during today’s morning session on the London Stock Exchange, even though the company announced its largest annual profit in five years and a record final dividend. The Anglo-Australian miner earlier today published its financial results for the year ended June 30. The report showed that the miner’s underlying profit for the one-year period had risen to $9.12 billion (roughly £7.54 bil...
Shares in Glencore (LON:GLEN) have fallen sharply this Friday as the company disclosed yesterday that it was being investigated by the US Commodity Futures Trading Commission (CFTC). The news marks another blow for the FTSE 100 commodities giant which received a subpoena from the US Department of Justice (DoJ) last year relating to possible corruption and money-laundering. As of 13:15 BST, the Glencore share price had lost 3.57 percent to 309.96p...
Move follows sanction by project operator BP
Analysts argue miner’s shares look expensive
Own-sourced copper production rises but sales fall
Blue-chip group posts half-year operational update
Commodities giant held the rights until the end of last year
Analysts point to more challenging outlook
Analysts point to DRC and Brazil woes
Company names new head of metals amid restructuring