Diamond in the rough: De Beers struggles to keep up with last years’ gem sales August 28, 2019 Diamond company De Beers increased sales in its seventh cycle of the year, but is still down on 2018, it said today. The company showed that it sold $280m (£229m) worth of diamonds over the cycle, one of ten such periods in a year. Read more: Diamond sales fall at De Beers after unusually strong [...]
Miners lift London Stock Exchange’s FTSE 100 as iron price hits record in China May 28, 2019 A rising iron ore price pushed up London-listed miners today, helping lift the FTSE 100. Rio Tinto rose 3.3 per cent by the early afternoon, while Fresnillo was up 2.8 per cent, putting both in the top five blue-chip risers. Read more: Charged: Chinese giant takes £14m stake in London lithium miner Bacanora It comes [...]
Anglo American gears up for takeover fight with mining tycoon Anil Agarwal April 21, 2019 Anglo American has called in the support of three investment banks to help it fend off a hostile takeover bid from mining tycoon Anil Agarwal. The London-listed mining firm has asked its advisers Morgan Stanley, Goldman Sachs and Centerview to draw up a plan to defend the company against Volcan Investments, Agarwal’s holding company, according [...]
Villagers get victory in Vedanta pollution case as Supreme Court rules their case can be heard in the UK April 10, 2019 The Supreme Court dealt a blow against London-based miner Vedanta Resources today as it ruled a case brought against the firm by Zambian villagers can be heard in the UK. More than 1,800 Zambians allege that toxic waste from a copper mine run by KCM, a subsidiary of Vedanta, damaged land and waterways, destroying their [...]
FTSE 100 risers: London miners climb blue-chip index as Vale shuts another mine March 21, 2019 London miners dominated the FTSE 100 this morning after Brazilian giant Vale said it was suspending production at another mine. Fresnillo led the charge of the metals producers, up 5.3 per cent, but Antofagasta, Glencore and Anglo American also made the top five risers on the index. Read more: Shares in miner Ferrexpo plunge after [...]
London miners dominate market rise after iron giant Vale cuts output March 18, 2019 London’s miners dragged the stock exchange upwards this morning after Brazilian iron giant Vale announced another output cut over the weekend. The company, which is in crisis after one of its dams burst leaving over 300 people dead or missing, said a court had ordered it to stop operating the Timbopeba mine in Minas Gerais [...]
Diamond sales fall at De Beers after unusually strong end to 2018, company reveals March 5, 2019 Rough diamond sales at De Beers fell marginally in the second cycle of the year, the company said today. The Anglo American-owned diamond miner and seller showed sales value down two per cent to $500m from the first cycle of the year. Read more: Diamonds aren’t forever: Sales drop off at De Beers Meanwhile, sales [...]
Anglo American chief executive doubles pay in successful year March 4, 2019 The chief executive of Anglo American sparkled last year, winning himself a hefty package which more than doubled his pay for the year, the company revealed today. Mark Cutifani took home £14.7m, £8m more than 2017, as the miner’s stock price jumped. Read more: Anglo American to resume operations in Brazil after fixing pipeline leak “Mark Cutifani’s [...]
Mining bosses to discuss safety after accident which killed hundreds February 24, 2019 A group of leaders from some of the world’s biggest mining companies will meet this week to discuss safety after a tragedy in Brazil which is thought to have killed over 300 people. Chief executives from Anglo American, BHP, Antofagasta, Glencore and Barrick Gold, among others, are expected to meet on the fringes of the [...]
Moody’s puts Vedanta on downgrade watch after deal which perplexed analysts February 4, 2019 Ratings agency Moody’s has lowered its outlook for Vedanta Resources, after a subsidiary paid $200m (£153m) for a stake in Anglo American. Shares plunged by nearly 18 per cent on Friday to 162.15 rupees after Vedanta announced the move, their lowest since 2016. Read more: Investors reduce Anglo American short stakes as company looks up The [...]