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Reuters

Prices dive as stimulus hopes fade; stockpiles hit oil

4th April 2012 Commodities fell across the board on Wednesday, with a surge in US crude stockpiles pressuring oil and as investors worried about the demand outlook for raw materials if there is no U.S. monetary stimulus this year. US gold, copper and wheat futures tumbled about 3% each, a day after the Federal... 

Engen halts Iran crude imports

4th April 2012 Engen, the South African unit of Malaysian state oil firm Petronas, has halted all imports of crude from Iran, a spokeswoman said on Wednesday. Tania Landsberg told Reuters the company had halted its imports, but did not say when that went into effect or how much of its oil had previously been... 

Vale, Rio execs say orders books full, supply constrained

2nd April 2012 Rio Tinto and Vale executives said their order books were full and showing no signs of easing, but supply will increasingly struggle to keep up with demand. In interviews last week at the Reuters Global Metals and Mining Summit, CFOs of both mining giants said demand for their ores and metals... 

SA revenue above target, budget deficit lower

2nd April 2012 South Africa's revenue collection for the just ended 2011/12 financial year beat targets, leading to a narrower budget deficit and contributing to a more optimistic economic outlook, Finance Minister Pravin Gordhan said on Sunday. The revenue service collected R742.7-billion in the fiscal year... 

Canada's Nunavut awaits its day in the sun

31st March 2012 The prospects of a mining boom in Canada's Arctic territory of Nunavut - once as bright as the Northern Lights - are fading fast as costs in the inhospitable region spiral higher, forcing writedowns on two major gold projects there. The sparsely populated territory has gained a reputation as one... 

Galaxy to buy Canada's Lithium One for C$109m

30th March 2012 Galaxy Resources said on Friday it will take over Canada's Lithium One in a friendly, C$109-million ($109.10-million) deal that will enable the Australian miner to expand its global resources and become a top player in the lithium. Lithium One shareholders will receive 1.8 Galaxy shares per... 

African Barrick Gold sees deal options in 2012

30th March 2012 African Barrick Gold (ABG) sees increased opportunities for deals in Africa as asset prices ease and potential sellers begin to consider their options in the face of a still-uncertain economic outlook, the mining company said on Tuesday. ABG, a unit of the world's largest gold producer, Barrick... 

Brigus Gold posts profit on higher price

29th March 2012 Brigus Gold Corp posted a fourth quarter profit as higher average gold price offset lower sales volume. October-December net income came in at $2.2-million, or 1 cent per basic share, compared with a net loss of $29.1-million, or 25 cents per basic share, a year ago. 

Rising supply will slowly push iron-ore prices down

28th March 2012 Iron ore prices will slowly decline in the next few years as steelmakers cut production to cope with overcapacity and more supply comes on stream, Wood Mackenzie iron and steel consultants said on Wednesday at Reuters Mining Summit. Average annual prices for ore with 62 percent iron content will... 

Kenmare sees return to target production in Q2

28th March 2012 Irish miner Kenmare Resources expects strong cashflow this year as it returns to target production and demand for titanium in emerging economies keeps prices high. Kenmare, which mines ilmenite and zircon from its Moma mine in Mozambique, said on Wednesday revenue rose 82% to $167-million in... 

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