The chief executive officer of one of the biggest producers, a #Chinese-#Indonesian venture called #Tsingshan #Bintangdelapan Group, says with output costs at $10,000 to $11,000 a metric ton, he’s making a $2,000 loss on every ton of #Nickel he ships. While CEO Alexander Barus thinks prices will recover, he says plans for new #Smelters will be put on hold if rates stay where they are now.
Read more at: http://www.bloomberg.com/news/articles/2015-12-17/nickel-producers-hammered-in-indonesia-as-metal-price-slumps-40-
#Mining giant #RioTinto wants to be one of the first major miners to get a grip on the #Lithium market, one of the very few commodities, if not the only one, that has remained unaffected by the ongoing rout in metals and fuel prices.
Lithium Carbonate prices have climbed about 70% over the past two months to $10,000 a tonne, according to research by #Citi published this week.
Read more at: http://www.mining.com/rio-tinto-bets-on-lithium-as-tesla-yet-to-sign-major-supply-deal/
#SYDNEY—#RioTinto Ltd. and its partners have lined up a combined $4.4 billion from 20 lenders to fund the expansion of a #Mongolian #Copper mine, as the #Anglo-#Australian company continues to invest in big, new projects despite a rout in global commodity markets.
#Sumitomo #Mitsui Financial Group Inc. agreed to buy #GeneralElectric’s #Japanese leasing business for $4.8 billion, the two companies said on Tuesday.
The deal is part of #GE’s plan to sell off the about $200 billion worth of assets of its finance arm, GE Capital, as the #US conglomerate moves away from finance to focus on manufacturing industrial equipment.
Read more at: http://www.msn.com/en-za/money/topstories/smfg-agrees-to-buy-ges-japan-leasing-business-for-dollar48-billion/ar-BBnzaVn
The head of #Glencore, #IvanGlasenberg, says the decision by mining companies to keep #Nickel operations going despite them being unprofitable is incomprehensible.
According to comments in the publication, #MetalBulletin, Mr Glasenberg has warned that his company is not married with #Koniambo and it’s not its style to burn cash.
Read more at: http://www.radionz.co.nz/international/pacific-news/292191/investment-in-new-caledonia’s-koniambo-queried
#ElonMusk and #PeterThiel are among the backers of #OpenAI, a nonprofit company introduced Friday that will research novel artificial intelligence systems and share its findings.
Read more at: http://www.bloomberg.com/news/articles/2015-12-11/tech-titans-create-company-to-develop-artificial-intelligence
#RareEarthMetals: #Molycorp Inc. has failed to attract any offers for the entire company as a first-round bidding deadline approaches, according to people with knowledge of the matter.
Read more at: http://www.bloomberg.com/news/articles/2015-12-11/molycorp-said-to-get-no-bids-for-entire-firm-in-opening-round
#Swiss miner #Glencore says it might close more #Australian mines if weak commodity prices persist, with the #Murrin Murrin #Nickel mine in Western #Australia the next probable candidate.
A radical restructure of diversified #Miner #AngloAmerican will see 85,000 jobs cut globally and builds on an earlier decision to shed a number of #Australian coal assets.
The extraordinary reduction in headcount at Anglo is greater than the entire workforce of #BHP Billiton, and the company also plans to shed 35 of its mines in a bid to focus on a smaller, more profitable core.
The mass shrinking, which #Anglo’s chief executive #MarkCutifani stressed was not a ‘fire sale’, could be nicely timed for #RioTinto which revealed last week that it may make an acquisition while asset prices are low.
#European and #US #Steel producers are only slowly emerging from a 2008 sector meltdown, but already they are faced with a new challenge: #Chinese dumping.
Chinese steel is overabundant since a sharp slowdown in the #Asian giant’s economy has sapped domestic demand, and is shipping to world markets at cut-down prices.
Read more at: https://uk.news.yahoo.com/chinese-steel-dumping-threatens-sector-052729602.html#mrbqQAP
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