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
#OTTAWA, #Canada – The federal government is on the hook for at least $5.8 billion in cleanup costs for thousands of #Contaminated sites – up from about $4.8 billion last year.
The latest issue of the public accounts, covering the last fiscal year, says the liability stems from former #Mining sites, #Radioactive material, #Military operations, #Landfills and other contaminated properties.
Read more at: http://winnipeg.ctvnews.ca/federal-contamination-cleanup-tab-climbs-to-5-8-billion-public-accounts-1.2690738
So much for the idea that the #US shale industry would be killed by #SaudiArabia’s high-risk strategy, adopted a year ago, of keeping Opec’s taps open and flooding the market with supplies. #US oil production has barely been dented. Volumes have fallen 5% in the past six months, but the backdrop was a shale-driven 50% increase in production between mid-2012 and mid-2015, according to US government data.
Read more at: http://www.theguardian.com/business/nils-pratley-on-finance/2015/dec/07/saudi-arabias-640bn-dollar-question-oil-price
#ClivePalmer has lost a legal bid to force his estranged #Chinese business partner to pay his business empire millions of dollars, casting doubt on the future of his #Queensland Nickel refinery.
Palmer’s company Mineralogy claims it is owned millions by #CiticPacific in royalties from their joint #Sino #Iron project in Western #Australia.
Read more at: http://www.theguardian.com/australia-news/2015/dec/07/clive-palmers-nickel-refinery-in-peril-after-court-rejects-48m-legal-bid
The first shipment of #Uranium from #Canada under a five-year contract signed in April has arrived in #India. It marks #Cameco’s first supply of uranium to India,” the sources said.
#Norilsk #Nickel’s NORILSK #Copper brand was added to the list of approved brands for the #London #Metal Exchange’s Grade A copper contract this week, the Russian producer said Friday.
Read more at: http://www.platts.com/latest-news/metals/london/russias-norilsk-nickel-copper-brand-approved-26300716
SHANGHAI/MANILA Cash-strapped #Chinese #SteelMills are dumping #Iron ore stocks, selling at a loss to shore up cash flow in the latest sign of the sector’s worsening crisis, steel mill and trader sources said.
Read more at Reuters: http://www.reuters.com/article/us-china-ironore-idUSKBN0TN17H20151204#uivIe1QVy6ZSQ5b4.99
#Conservatives vow to continue the fight against ‘corporate welfare’ as #Ex-Im renewal passes #Congress.
#President #Obama is expected to sign the bill today, reviving #ExIm and boosting the fortunes of companies like #Boeing, #GeneralElectric, and #Caterpillar that rely on the bank’s federal loan guarantees for foreign buyers of #US goods.
Read more at: http://fortune.com/2015/12/04/congress-export-import-bank/
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