Global Mining and Metals 2012
RIO DE JANEIRO - Brazil's Vale , the world's No. 2 mining company, expects to win permission "within months" to unload its big, new iron-ore ships at Chinese ports, a move that will help ensure efficient delivery of raw materials to China's growing economy, a senior executive told Reuters.
LONDON - Rio Tinto has seen "quite a lot" of interest in aluminum operations earmarked for sale last year, despite tough market conditions, and is preparing the estimated $8 billion of assets for a variety of options, including a stock listing.
LONDON - Rio Tinto , the world's third-largest miner, was optimistic about demand for iron ore, especially in China, but concerned that supply would not be enough to satisfy appetite, Chief Financial Officer Guy Elliott said Tuesday.
TORONTO - Rising labor costs, surging oil prices and higher tax rates are eating into profits of precious metals miners and raising the cut-off bar on new projects, making it much more difficult for them to replace reserves and boost production.
LONDON/TORONTO - A collapse in gold producers lofty valuations has sparked soul searching about an exodus of restive shareholders, forcing them to tighten operations and boost dividends to lure investors.
NEW YORK - 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.
SEOUL - POSCO , the world's third-largest steelmaker, sees an improving global steel market in the next three months, after bottoming out this quarter, and is considering reducing price discounts as the recovery takes hold.
TORONTO - Barrick Gold sees lower cash costs at its Lumwana mine in Zambia in 2013 as mining at the copper project moves out of the lower grade material in the Malundwe pit and into the new Chimiwungo pit, Chief Executive Aaron Regent said on Monday.
MOSCOW - Russian steelmaker Severstal is well placed to benefit from the proposed Keystone XL oil pipeline that could boost demand for output from its U.S. mills, a senior executive said.
MOSCOW - Global average nickel prices this year will be slightly less than $20,000 per metric ton, which is almost equal to the average level for the first quarter, Norilsk Nickel's head of marketing Viktor Sprogis said at the Reuters Mining and Metals Summit.
SANTIAGO - Chile sees copper prices rising slightly in the second half of 2012, as demand from top consumer China remains robust while supplies stay tight, with mines working at full capacity and a lack of new projects, state copper commission Cochilco said on Thursday.
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