Author Archives: Nanthakumar Victor Emmanuel, P.Eng

Glasenberg unable to ‘read China’ as Glencore slumps to huge loss

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Ivan Glasenberg's hopes of taking over Rio Tinto have taken a hit amid a $US676 million loss for the first half of 2015.

Glencore chief executive Ivan Glasenberg has conceded he cannot “read” the Chinese economy at the moment, and had been “surprised” by the savage downturn in commodity prices over the past six months.

The frank admissions, which are at odds with Mr Glasenberg’s reputation for market wisdom, came after Glencore’s balance sheet collapsed into a $US676 million statutory loss.

Read more: http://www.smh.com.au/business/mining-and-resources/glasenberg-unable-to-read-china-as-glencore-slumps-to-huge-loss-20150819-gj3254.html#ixzz3jHqzLJIJ

India, United States seek proposals for innovative off-grid clean energy projects

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India Solar

NEW DELHI: To take India – U.S. relationship a step ahead US announced more grants will be available for innovative, early-stage off-grid clean energy projects. U.S. Ambassador to India Richard Verma announced today that up to $2 million in grants will be made available for innovative, early-stage off-grid clean energy projects in the first round of the the U.S.-India Partnership to Advance Clean Energy (PACE) setter Fund, a joint 50 crore rupee ($7.9 million) fund established in June by the Governments of India and the United States to accelerate the commercialization of off-grid clean energy solutions.

Read more at: http://punjabnewsexpress.com/national/news/india-united-states-seek-propoess-for-innovative-off-grid-clean-energy-projects-42684.aspx

Australian nickel refiner seeks more ore from New Caledonia

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South_New_Caledonia Nickel Ore

“Queensland Nickel reconfirms its commitment to New Caledonia after spending more than A$1 billion ($734 million)in recent years growing the economy of the Pacific archipelago, and is happy to take increased volumes of its laterite ore,” refinery owner Clive Palmer said in an email to Reuters.

Palmer also said his refinery had confirmed to nickel miner Societe Le Nickel in New Caledonia that it was “ready and willing” to extend its contract for five years.

Read more at: https://uk.finance.yahoo.com/news/australian-nickel-refiner-seeks-more-020400009.html

Coal prices fall to 12-year lows as China, India join demand slowdown

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A man stands amidst coal at a factory in Shaoxing, Zhejiang province, April 29, 2014. REUTERS/William Hong/Files

Read more at: http://in.reuters.com/article/2015/08/19/coal-prices-idINKCN0QO05F20150819

Can Ivan Glasenberg dig Glencore out of trouble this time?

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Shares in the commodities trader were worth 530p when it went public in May 2011. Yesterday they touched a new low of 169p.

Read more at: http://www.independent.co.uk/news/business/analysis-and-features/can-ivan-glasenberg-dig-glencore-out-of-trouble-this-time-10459753.html

S.African nickel miners to strike over bonus pay

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The powerful South African mining union NUM called for an indefinite strike starting Sunday at the nickel mine in eastern Nkomati over demands for bonus pay.

The action is set to begin at 7:00 pm (1700 GMT) and “will continue indefinitely until the NUM demands are complied with,” the deputy general secretary of the union and chief negotiator William Makgabo Mabapa said in a statement Saturday.

Read more at: https://uk.news.yahoo.com/african-nickel-miners-strike-over-184547537.html#30xIXLs

Oman’s mining sector to attract foreign investment

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MUSCAT: Oman’s mining sector foresees notable growth in the next few years, following the discovery of sizeable reserves of minerals, gold, copper and rare earths, which will significantly boost mining activities and attract investment to the Sultanate.

Read more at: http://timesofoman.com/article/65616/Business/Omans-mining-sector-to-attract-foreign-investment

Glencore sells Dominican Republic Nickel mine to American Nickel

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Santo Domingo.- Nickel miner Falconbridge Dominicana (Falcondo) on Thur. announced that American Nickel Limited (ANL) acquired 100% of its shares from Glencore Canada Corporation, becoming the Dominican company´s majority stakeholder.

“With the transaction, the property and rights of the other shareholders of Falconbridge are preserved unchanged, including the Dominican Government, who will continue to receive over 50% of the profits,” the company said in a statement.

Read more at: http://www.dominicantoday.com/dr/economy/2015/8/13/56091/Glencore-sells-Dominican-Republic-nickel-mine-to-American-Nickel

Changes announced to Rio Tinto’s management team

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10th Aug, 2015

vania
Rio Tinto has announced that Vania Grandi has succeeded Greg Lavallee in the position of General Manager Metallics within the Rio Tinto Iron & Titanium Commercial group. Vania started with the metallics team in August 2014 on the development of RTIT commercial strategy and moved into the General Manager role on April 1st. Previously, Vania had been working in the Copper Product Group where she had senior leadership responsibilities for Marketing, Sales and Sustainable Development.
– See more at: http://www.ipmd.net/news/003458.html#sthash.RJ39FqNZ.dpuf

General Electric To Sell Healthcare Finance Unit To Capital One

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General Electric To Sell Healthcare Finance Unit To Capital One

8/11/2015 6:59 PM ET

General Electric Co. Tuesday said it will sell its U.S. healthcare finance unit to Capital One Financial Corp. (in a deal of about $9 billion, as the company streamlines its business to focus more on industrial manufacturing.

http://www.rttnews.com/2539696/general-electric-to-sell-healthcare-finance-unit-to-capital-one.aspx

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