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
#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.
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