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Global Mining and Steel 2011

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Russia RUSAL sees end-year aluminum at $3,000/tonne

MOSCOW The world's top aluminum producer, Russia's UC RUSAL , believes that the metal may reach $3,000 per tonne by the end of this year due to the earthquake in Japan and events in Northern Africa.


Chile Antofagasta flagship mine eyes big league

SANTIAGO Chilean miner Antofagasta Minerals sees potential for its flagship Los Pelambres mine to be among the world's top three copper operations, but logistics remain a challenge, the company's CEO told Reuters.

Miners cling to their sizzling silver streams

TORONTO Silver is hot - even for gold miners - and those who held off on selling their silver in advance for quick cash during the global economic downturn are reaping the benefits of soaring prices.


Japan rebuilding to drive materials demand

NEW YORK The catastrophic earthquake that rocked Japan will drive up sales of key materials the country needs to rebuild from the estimated $300 billion in damage, company executives told the Reuters Global Mining and Steel Summit on Thursday.

Mechel could borrow $1 billion in 2011

MOSCOW Russian coking coal and steel producer Mechel may borrow about $1 billion this year to fund its investment program, Chief Financial Officer Stanislav Ploschenko told Reuters in an interview.


POSCO lifts sales target on Japan order

SEOUL South Korea's top steelmaker POSCO said on Thursday it had revised its sales volume target up by 1 million tonnes and will raise output to meet orders from clients in disaster-hit Japan.


Silver miner Coeur d'Alene sees growth

NEW YORK Silver and gold producer Coeur d'Alene Mines , riding a wave of record prices for precious metals, is looking to grow through acquisitions, its chief executive said on Thursday.

Coeur CEO sees $1,500/oz gold, mid-$40s/oz silver

NEW YORK The head of U.S. silver miner Coeur d'Alene Mines Corp said on Thursday that he "would not be surprised" if silver prices reached the mid-$40s per ounce and gold prices rose to $1,500 to $1,600 an ounce this year.

ICEX sees robust iron ore futures on Japan demand

MUMBAI Increased demand from Japan will lead to "robust growth" in iron ore futures contracts at the Indian Commodity Exchange (ICEX), its chief executive said on Thursday, spurring volumes by up to 20 percent in 2011/12.

China to drive steel production to new records

LONDON China and other emerging economies will drive global steel production to new records this year, said Ian Christmas, director general of the World Steel Association.

Cliffs sees strong demand from Asia

TORONTO Cliffs Natural Resources said on Thursday that it is shifting its focus away from North America as it sees strong demand for iron ore from China and other Asian markets.


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