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Reuters

Glencore Energy wins $1bn Zambia oil supply deal

16th March 2010 London-based Glencore Energy has been awarded a $1-billion contract to supply 1,4-million tons of petroleum feedstock to Zambia over a two-year period, the public procurement authority said on Tuesday. Zambia is the continent's top producer of copper and uses diesel in mining, the backbone of... 

Gabriel Resources Q4 loss wider than estimates

12th March 2010 Gabriel Resources reported a quarterly loss that was wider than analysts' estimates and said it requires about $1-billion to complete its high-potential Rosia Montana gold mining project in Romania. The company said it has developed a financing plan that includes senior debt financing in... 

Gold bounces from 2-week low; ETF holdings slip

11th March 2010 Gold regained some strength on Thursday after falling to its lowest in nearly two weeks the previous day, although poor technicals and failure to sustain recent gains may spur selling, traders said. Bullion has seen a series of corrections since striking a lifetime high above $1 200/oz last... 

Bellzone Mining to list on Aim, raise $100m

8th March 2010 Bellzone Mining, an iron-ore exploration and development company with assets in Guinea, said it is seeking to raise about $100-million and start trading on London's junior AIM market this spring. Bellzone wants to become a significant iron-ore producer and intends to produce 50-million tons of... 

Sappi says Chile earthquake to push paper prices up

5th March 2010 South African paper and pulp group Sappi, said on Friday the earthquake in Chile would put added pressure on the group and the European paper industry to raise prices. Aftershocks rattled south-central Chile on Friday, seven days after one of the strongest earthquakes on record ravaged the area,... 

Oil rises towards $81 as China signals continued stimulus

5th March 2010 Crude edged up on Friday, capping two consecutive weeks of trading above $80, after China signalled it would maintain its economic stimulus, rekindling hopes for accelerating growth to drain excess oil supplies. China's Premier Wen Jiabao, in his yearly address to the National People's Congress,... 

Gold tracks euro higher ahead of US payroll data

5th March 2010 Gold tracked the euro higher on Friday before the release of US payrolls data, which could raise concerns about the pace of the economic recovery, hurt the dollar but lift bullion's allure as an alternative investment. Light buying from Chinese dealers also lifted prices but volumes were thin... 

Transnet applies for pipeline tariff increase

4th March 2010 Transnet has applied to the National Energy Regulator of South Africa (Nersa) for a pipeline network revenue increase for the 2010/11 year, the transport parastatal said on Thursday. Transnet said the application was in terms of the Nersa tariff methodology that allowed it to recover its costs... 

Unions may bring forward power strikes

4th March 2010 South Africa's powerful trade union federation on Thursday threatened strikes before October over big electricity price rises and declined to say whether action could start before the soccer World Cup in June. "The last thing we want to do is disrupt the World Cup but our interest is bigger than... 

China iron-ore price hike report seen as 'posturing'

4th March 2010 Global miners are offering Chinese steel mills a 50% rise in iron ore prices, the China Daily said Thursday, but analysts dismissed the report as posturing and predicted a rise of 65% to 70%. China has by far the world's largest steel sector, producing almost half the world's crude steel last... 

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