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Bloomberg

Diesel switch sends rocketing rhodium market to new heights

20th October 2017 Rhodium and ruthenium are having a banner week. Rhodium, mainly used in autocatalysts to curb harmful emissions, is benefiting as more European consumers choose gasoline-powered cars and trucks over diesel, said Jonathan Butler, a precious metals strategist at Mitsubishi Corp. in London. Drivers... 

Rio is said to hold talks with Indonesia on Grasberg mine exit

20th October 2017 Rio Tinto Group has held talks with Indonesian groups, including State-owned PT Indonesia Asahan Aluminium, about a possible exit from its interest in the giant Grasberg copper and gold operation, according to people with knowledge of the matter. Executives at Rio held meetings in recent weeks,... 

South32 is said to study bid for $1.6bn Rio coal portfolio

20th October 2017 South32 is studying a potential bid for Rio Tinto Group’s A$2-billion ($1.6-billion) coking coal portfolio, people familiar with the matter said, as it seeks to take advantage of surging prices for the steelmaking ingredient. The Perth-based company is working with an adviser as it weighs an... 

Barclays sued by fund for $850m for copper market abuse

20th October 2017 Red Kite Management, the world’s largest metals hedge fund, is suing Barclays Plc for alleged market abuse in the copper market that it claims cost the firm at least $850-million between 2010 and 2013. The case pits a $2-billion hedge fund against a bank that has been hit by a number of scandals... 

Nigeria seeks to boost mining reserves to lure investors

20th October 2017 Nigeria plans to spend 15-billion naira ($42-million) over the next year to explore for minerals and attract investors into mining and reduce its dependence on oil, Solid Minerals Development Minister Kayode Fayemi said. “Because we are starting from a low base, we want to have a portfolio of... 

Sasol to unveil new empowerment funding plan in Feb

20th October 2017 Sasol, the world’s largest maker of fuel from coal, abandoned a plan to sell about R13-billion of shares in order to repay debt owed by investors who participated in a transaction to boost black ownership of the company. Johannesburg-based Sasol transferred a stake to about 250 000 black... 

South Africa seeks Glencore, Vitol talks as legal fight looms

20th October 2017 South Africa plans to engage with traders who acquired strategic oil reserves two years ago, even as it prepares legal action to try to cancel the deal. The Strategic Fuel Fund, responsible for managing the reserves, sold 10 million barrels of oil in December 2015 to Taleveras Group and joint... 

Solar PV beats other forms of power in 2016

20th October 2017 Solar power grew faster than any other source of fuel for the first time in 2016, the International Energy Agency (IEA) said in a report suggesting the technology will dominate renewables in the years ahead. The institution established after the first major oil crisis in 1973 said 165 gigawatts... 

BHP's chairperson holds first annual meeting, plans to review board

19th October 2017 In  Ken MacKenzie’s first annual shareholder meeting at BHP Billiton, he emphasised that while the company will listen to investors, it is the board that makes decisions. For most companies, that’s a pretty unremarkable statement, but it carries extra weight at BHP, which is under pressure by... 

Alcoa sees global aluminum market balancing on China's curbs

19th October 2017 Alcoa Corp sees Chinese cuts in aluminum production returning the global market to “relative balance” as the Asian nation’s supply-side reforms begin to bite. The largest US aluminum producer reduced its global surplus forecast for the lightweight metal this year as China appears to be holding to... 

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