Aluminium
BHP fatality closes Australian iron ore mines
by Gill Montia
BHP Billiton has suspended iron ore mining operations in Western Australia following the death of a worker at its Yandi mine.
The fatality is the second to occur at the site within two weeks.
The mine, one of the biggest of its kind in the Pilbara iron belt, is operated by HWE Mining, a division of [...]
Palladium gains as other precious metals see declines
by Elaine Frei
Most metals prices were lower Thursday, but October palladium was higher, trading at $1,395 per troy ounce in New York.
December gold was down $5 to trade at $803.20 per troy ounce and has lost more than $30 since 28 August,, while December silver fell to $12.76 per troy ounce and December palladium traded lower at [...]
EU halts investigations into BHP’s bid for Rio
by Gill Montia
The European Commission has announced that it has ceased its investigations into BHP Billiton’s proposed takeover of Rio Tinto.
Matters have come to a halt because the Commission is waiting for more information from BHP before it can proceed.
A request for the information was made on 13th August and BHP is apparently still working on its [...]
Aluminium falls amid gains for other base metals
by Elaine Frei
Base metals prices were mixed Wednesday, although aluminium was down $19.50 to $2,675.50 per tonne after London Metal Exchange inventories added 2,650 tonnes to 1.17 million tonnes, the most aluminium in storage in four and a half years.
December copper was up 4 cents to $3.31 per pound in New York in afternoon trade while three-month [...]
Lomin rejects Xstrata bid but leaves door ajar
by Gill Montia
Platinum miner, Lonmin, has rejected Xstrata’s £5 billion takeover bid but says it would be willing to enter discussions, if the offer price is raised.
Lonmin’s chairman, Sir John Craven, has urged shareholders to hold out for more than the £33 per share proposed by Xstrata but at the same time has indicated that the [...]
Metals drop with crude oil prices
by Elaine Frei
Metals prices followed crude oil prices lower Tuesday as the significant decline in oil prices as Hurricane Gustav passed through the Gulf of Mexico and along the US Gulf Coast without causing much damage to oil facilities there.
The drop in oil prices and a strengthening US dollar both worked to reduce the demand for metals [...]