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Bloomberg

Uranium market's Aramco unveils London IPO despite Trump threat

22nd October 2018 The initial public offering (IPO) of the world’s largest oil producer Saudi Aramco may be on the back burner, but the IPO of its uranium-market equivalent is full steam ahead. Kazatomprom, the world’s No. 1 producer of the nuclear fuel, on Monday said it would list as much as 25 percent of its... 

Palladium nears record after hedge funds piled in amid shortages

22nd October 2018 Palladium climbed near a record as the US plans to pull out of the nuclear weapons pact with Russia, fueling tensions with one of the largest producers at a time when consumers are already scrambling for supplies. Production will trail consumption by 481 000 ounces this year and deficits will... 

Glencore CEO said to tell investors he'll retire in 3 to 5 years

22nd October 2018 Ivan Glasenberg, who built Glencore into a dominant force in commodities trading and became the face of the industry, told investors he plans to retire in three to five years, according to people familiar with the matter. Glasenberg discussed his succession plan in recent meetings and said he has... 

Congo sets deadline for plan on 11 000 MW hydropower plant

22nd October 2018 The Democratic Republic of Congo gave two groups of investors a four-week deadline to submit a joint proposal on the development of the multibillion-dollar Inga 3 hydropower plant. The government signed an accord with Chinese and Spanish consortia this week to advance the 11 000 MW facility, the... 

'You can run but you can't hide,' Cleveland-Cliffs CEO tells analyst

19th October 2018 Cleveland-Cliffs CEO Lourenco Goncalves isn’t a fan of the Goldman Sachs Group analyst who covers his company. As shares of the largest US iron-ore producer fell as much as 10% Friday, Goncalves closed his analyst call by specifically calling out Goldman’s Matthew Korn. The CEO questioned Korn... 

Why a no-deal Brexit risks freezing London's diamond trade

19th October 2018 The UK has warned that a no-deal Brexit risks London being frozen out of the global diamond trade. Britain is a member of the Kimberley Process, the global certification program used to track and prevent the trade of conflict gems, through its European Union membership. The country will need to... 

Kenya to establish gold refinery in bid to boost mining revenue

19th October 2018 Kenya is seeking consultants for a feasibility study on a planned gold refinery in the East African nation’s western town of Kakamega, in a bid to boost earnings by small-scale miners. “The aim of the project is to improve the livelihoods of the beneficiary community, regional economy and that of... 

Climate crisis spurs UN call for $2.4tn fossil fuel shift

19th October 2018 The world must invest $2.4-trillion in clean energy every year through 2035 and cut the use of coal-fired power to almost nothing by 2050 to avoid catastrophic damage from climate change, according to scientists convened by the United Nations. Their report published Monday adds pressure on... 

South African slump batters smaller neighbours protecting rand peg

18th October 2018 South Africans aren’t the only ones struggling through the country’s economic slump. The fortunes of Lesotho, Namibia, and eSwatini, formerly known as Swaziland, are beholden to developments in their larger neighbor with their exchange rates pegged to the rand, the worst-performing major currency... 

Alcoa jumps on profit surprise, first share buyback since split

18th October 2018 Alcoa reported third-quarter earnings that were double estimates and announced its first share buyback in more than a decade in a sign that the top US aluminum producer is weathering the trade war. Shares jumped 4.8% at 5:05 p.m. in New York as the company said it would buy $200-million of its... 

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