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Reuters

Codelco to issue $2.75bn of debt

26th July 2017 Chilean state copper miner Codelco is planning to issue $2.75-billion worth of debt in two tranches on the international market, the company said on Tuesday. Ratings agency Moody's assigned the debt, which will mature 2027 and 2047, an A3 rating. Net proceeds will be used for refinancing and... 

Sale talks for Brazil's Belo Monte dam chill over price – sources

26th July 2017 Negotiations for the sale of Brazil's huge Belo Monte hydropower dam have cooled due to disagreements on price and regulatory issues, three sources close to the process told Reuters. China's Zhejiang Electric Power Construction, one of the companies linked to negotiations that started in April... 

Brazil hikes mining royalties to ease budget deficit

26th July 2017 Brazil's government unveiled a sweeping proposal to change its mining code on Tuesday, which would boost royalties in the latest move to reduce a budget deficit amid a sluggish recovery from the country's worst recession on record. Royalties for iron-ore will rise to as much as 4%, depending on... 

India's Vedanta Q1 consolidated profit doubles

25th July 2017 Vedanta, the Indian unit of diversified energy group Vedanta Resources, reported a doubling of quarterly consolidated profit on Tuesday, as higher zinc prices helped the company to reap improved margins. Consolidated profit came in at 15.25-billion rupees in the quarter ended June 30, with... 

Norsk Hydro rides aluminium price, divisions underperform

25th July 2017 Overall profit growth at Norsk Hydro was overshadowed on Tuesday by below-forecast performances from several businesses including rolled products, knocking the aluminium producer's shares. Norsk Hydro's stock was down 3.04% at 12:01 GMT, lagging an Oslo benchmark index, and CEO Svein Richard... 

US electric industry knew of climate threat decades ago – report

25th July 2017 The US electric industry knew as far back as 1968 that burning fossil fuels might cause global warming, but cast doubt on the science of climate change and ramped up coal use for decades afterward, an environmental watchdog group said on Tuesday. The California-based Energy and Policy Institute,... 

China iron-ore futures snap 3-day losing streak on robust steel sector

25th July 2017 Chinese iron ore futures broke a three-day losing streak on Tuesday, showing strong gains as investors refocused on China's robust steel sector and as some of the world's biggest suppliers struggle to meet output targets. Hefty price gains in copper and nickel markets, closely linked to China's... 

BMW says received no post-Brexit trade reassurances from UK over Mini investment

25th July 2017 BMW did not receive any reassurances from the British government over post-Brexit trading arrangements as it made the decision to build its electric Mini at its Oxford plant, a spokesman said on Tuesday. On Tuesday the German carmaker said its plant in Oxford, England has been chosen as the... 

Chamber of Mines challenges mining rights freeze in court

25th July 2017 South Africa's Chamber of Mines has lodged an urgent court application to prevent the mines minister from suspending the issuance of new mining and prospecting rights, the industry body said on Tuesday. "The industry has no option but to proceed with court action to ensure that the minister acts... 

Drought-hit Nairobi looks to filthy dam to keep business flowing

25th July 2017 As residents of Nairobi's largest slum look for new sources of water amid lingering drought, they have seized on an unlikely one: An old 88-acre water reservoir full of sewage and trash, draped in water hyacinth. The Nairobi dam has been the capital's spare water reservoir in times of drought... 

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