Lonmin's Number One furnace shut down
15th Jun 2009 07:03
Lonmin is sharply lower, down more than 8%, after the platinum miner shut down its Number One furnace following a matte run-out yesterday. The group's initial estimate is that a full repair of the vessel is likely to take around 30 days. In order to mitigate the impact on production of this shut
Read moreTechnical Analysis Snap: Rio testing its highs
12th Jun 2009 15:44
This week's announcement of Rio's joint venture with BHP, and the dropping of the Chinalco deal, has undoubtedly boosted Rio's share price, certainly more so than its rivals BHP, which looks to be finishing the week roughly where it started. In addition the continued rise in aluminium, copper and
Read moreChinalco blames Rio for deal collapse
11th Jun 2009 16:29
Chinalco today laid the blame firmly at the door of Rio Tinto for the collapse of its proposed $19.5bn refinancing plan. The Chinese state-run aluminium producer added that the collapse of the deal last week was "totally out of our control". President Xiong Weiping told reporters in Beijing that
Read moreLondon open: Shares drop slightly
11th Jun 2009 08:20
London's blue chips are slightly lower in early dealings with commodity stocks among the main fallers following yesterday's stellar gains. Mining giants Lonmin, Rio Tinto, Eurasian Natural Resources and Xstrata are all down. Home Retail Group said both Argos and Homebase enjoyed better than expect
Read moreLondon close: Miners buoy Footsie
10th Jun 2009 16:37
Footsie finished higher but with much diminished gains after surging in early dealings led by buoyant mining stocks then falling back as Wall Street retreated. Miner ENRC surged ahead after it said sales and production volumes during the first quarter were better than prior expectations though pri
Read moreLondon afternoon: Equities off the top
10th Jun 2009 15:06
Shares have eased back in the first half of the afternoon session, though Footsie remains in positive territory. Miners and banks remain the best performers. Miner ENRC surges ahead after it said sales and production volumes during the first quarter were better than prior expectations though pricin
Read moreLondon midday: Miners continue to rally
10th Jun 2009 12:19
Footsie is up more than 100 points with miners and banking shares driving the market forward. Miner ENRC is one of the main risers. Today it said sales and production volumes during the first quarter were better than prior expectations though pricing pressures remain. Vedanta, Xstrata, Kazakhmys, R
Read moreTuesday tips round-up: Rio Tinto, Workspace, AG BArr
9th Jun 2009 06:41
Miner Rio Tinto's rights issue means the company has substantially cut the debt associated with a deal it did with Alcan. This is good news. However, there are two main issues that will have to be dealt with by the company as a result of its actions over the last few months - an angered China and
Read moreLondon close: Late rally not enough
8th Jun 2009 17:01
Footsie came off its lows towards the close of trading Monday but still finished lower, held back by a weak mining sector. Mining stocks Vedanta Resources, Eurasian Natural Resources, Anglo American, BHP Billiton, Rio Tinto, Fresnillo, Lonmin and Antofagasta all featured among the ten worst perfor
Read moreLondon afternoon: Lloyds rump placed at 60p
8th Jun 2009 14:20
Footsie clawed back some losses over the lunch time session but remains in the red, thanks largely to the weakness of miners, which are following metals prices lower. Mining stocks Vedanta Resources, Eurasian Natural Resources, Anglo American, BHP Billiton, Rio Tinto, Fresnillo, Lonmin and Antofa
Read moreLondon midday: Miners weigh down Footsie
8th Jun 2009 12:19
London's blue-chip index is doing its usual trick of following the miners, which today are in a down phase. The worst performers in the mining sector are Vedanta Resources, Eurasian Natural Resources, Anglo American, BHP Billiton, Rio Tinto, Fresnillo and Antofagasta. Hochschild Mining follows
Read moreLondon close: Good gains for FTSE 100
5th Jun 2009 17:00
Footsie finished with good gains Friday as buoyancy in the mining sector and economic optimism from the US cancelled out the effects of continued political uncertainty here. Mining stocks were at the forefront of the advance on the back of strong metal prices and excitement at closer ties between h
Read moreLondon afternoon: Wall Street boost for London
5th Jun 2009 14:22
London's rise has been given extra impetus by expectations of a strong opening on Wall Street in the wake of better than expected US first-time jobless claims. Mining stocks continue to be at the forefront of the advance on the back of strong metal prices and excitement at closer ties between heavy
Read moreComment: Price of loyalty too high for Rio
5th Jun 2009 13:58
"Very disappointed" must be an understatement for how Chinalco feels after Rio Tinto finally did what its shareholders had been demanding and scrapped their contentious refinancing agreement. Rio will have to pay the Chinese firm $195m, but that sum was firmly put into context by the £3bn jump in
Read moreSector movers: Rio leads mining rally
5th Jun 2009 13:45
The mining sector is posting big gains after investors gave the thumbs up to Rio Tinto's decision to scrap its controversial $19.5bn refinancing deal with Chinese firm Chinalco. Rio has instead launched a $15.2bn rights issue and a merger of its West Australia iron ore assets with those of bitter ri
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