MELBOURNE BHP Group, the world's biggest miner, joined rival Rio Tinto on Wednesday in cutting its forecast for iron ore output after a tropical cyclone, although analysts expect high prices to limit any impact on profits.
TOWNSVILLE, Australia On the main shopping street in the tropical north Australian city of Townsville, dotted with "For Lease" signs, Chrissa Alexion is adamant a planned $4 billion coal mine should be shelved because of its contribution to climate change.
MELBOURNE Charges against dozens of journalists and publishers in Australia over the reporting of Cardinal George Pell's child sex abuse conviction will have a chilling effect on future news reporting if they are found guilty of breaching a suppression order, a lawyer defending the press told a court on Monday.
MELBOURNE India's Adani Enterprises has taken a step closer to the construction of a controversial thermal coal mine in Australia after winning federal government approval for its groundwater management plan.
* Lynas says it sees value in processing near Australian
MELBOURNE/SYDNEY Australia's Wesfarmers Ltd remains keen on buyout talks with rare earths miner Lynas Corp Ltd, the retail-to-chemicals conglomerate said on Friday, despite its A$1.4 billion ($992 million) approach being rejected earlier this week.
MELBOURNE Rio Tinto said on Friday it issued force majeure notices to some iron ore customers due to damage from tropical cyclone Veronica, which hit Western Australia earlier this week.
MELBOURNE Miners Rio Tinto and BHP Group said on Tuesday they had begun to resume operations at some facilities that had been halted as two separate cyclones battered Australia's northern coastline over the weekend.
(Corrects day in paragraph 1 to Tuesday from Monday)
By Tom Daly and Melanie Burton
BEIJING/MELBOURNE, March 26 Copper prices in
both London and Shanghai exchanges drifted in Asian trade on
Tuesday as fears of a recession in the United States were offset
by a supply disruption at a key copper mine in Peru.
"So far, the impact on metals is all macro driven, and I
think the market is now looking for a catalyst for its next
move," said analyst Helen Lau of broker Argonaut in Hong Kong.
The disruption at MMG's Las Bambas mine may add to
supply concerns because it is one of the world's top copper
mines, she added.
* LME COPPER: Three-month copper on the London Metal
Exchange slipped 0.2 percent to $6,325.5 a tonne as of
0700 GMT, after closing up 0.4 percent on Monday. The most
traded May copper contract on the Shanghai Futures Exchange
ended down 0.4 percent at 48,230 yuan ($7,186) a tonne.
* PERU: Chinese copper miner MMG said it expected to declare
force majeure under sales contracts at its Las Bambas mine in
Peru after a protest from an indigenous community caused a
weeks-long road blockade. Production is expected to be
progressively impacted from later this week, it said.
* COPPER: Chilean state miner Codelco said on Monday it had
terminated its contract with Canadian company SNC-Lavalin Group
Inc at its Chuquicamata mine in northern Chile,
accusing the engineering firm of failing to comply with its work
commitments at the world's largest open pit mine.
* SPREADS: Cash copper switched to trading at a discount of
$3 a tonne to the three-month contract as of Monday,
having stayed in premium zone since Feb. 15 and peaked at a
premium of $70 on March 5.
* OTHER METALS: Shanghai zinc was the top
performer, rising 1.9 percent to close at 22,225 yuan a tonne
amid tightening stocks. In London, zinc, aluminium
and lead all gained slightly.
* ZINC: China's refined zinc imports plunged to a two-year
low of 20,350 tonnes in February, according to customs data, due
to an unfavourable arbitrage between London and Shanghai.
Refined copper cathode imports fell 5.5 percent year-on-year to
* For the top stories in metals and other news, click
BASE METALS PRICES 0128 GMT
Three month LME copper 6339
Most active ShFE copper 48330
Three month LME aluminium 1888.5
Most active ShFE aluminium 13635
Three month LME zinc 2838
Most active ShFE zinc 22035
Three month LME lead 2015
Most active ShFE lead 16850
Three month LME nickel 12930
Most active ShFE nickel 99680
Three month LME tin 21335
Most active ShFE tin 146860
BASE METALS ARBITRAGE
LME/SHFE COPPER LMESHFCUc3 -944.26
LME/SHFE ALUMINIUM LMESHFALc3 -1018.59
LME/SHFE ZINC LMESHFZNc3 -584.71
LME/SHFE LEAD LMESHFPBc3 687.34
LME/SHFE NICKEL LMESHFNIc3 -3111.37
($1 = 6.7112 Chinese yuan)
(Reporting by Tom Daly in BEIJING and Melanie Burton in
MELBOURNE, editing by Richard Pullin and Subhranshu Sahu)
MELBOURNE Australia's Wesfarmers Ltd made a surprise $1.1 billion offer on Tuesday for rare earths miner Lynas Corp Ltd, looking for new growth after a series of asset sales, but its shares fell as investors fretted about increased risk.