By: Courtney Goldsmith

I am a journalist for City A.M. reporting on the energy and mining sectors. I also keep an eye on the pharmaceuticals sector and cryptocurrencies. Email: courtney.goldsmith@cityam.com

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Rio Tinto might walk away from the world’s second biggest copper mine

February 9, 2017

Rio Tinto is weighing whether to walk away from its interest in the world's second biggest copper mine. Chief executive Jean-Sebastian Jacques has told analysts the massive Grasberg site faces stoppages in its copper concentrate exports and permit issues with the Indonesian government, Reuters reported. The mine's operator Freeport McMoRan warned this could lead to cuts to production and the local workforce. [...]
Tata Steel has agreed to sell its Specialty Steels business for £100m

February 9, 2017

Tata Steel UK has agreed to sell its Specialty Steels business to industrials group Liberty House for £100m. The sale includes several South Yorkshire-based sites, including steelworks at Rotherham, Stocksbridge and Brinsworth, as well as operations in Suzhou and Xi'an in China. The deal will secure the jobs of about 1,700 people directly employed by Specialty Steels working in the aerospace, automotive [...]
France’s Total is eyeing rival assets after revealing strong profit

February 9, 2017

French oil major Total said it will raise its dividend and look into buying assets from struggling rivals after announcing better than expected fourth-quarter profit. The figures Adjusted net profit for the quarter ended 31 December raised 16 per cent year-on-year to $2.4bn (£2bn), trumping analysts' average forecasts of $2.3bn, according to Reuters. The quarterly dividend was [...]
Russian gold miner Nordgold is delisting from the London Stock Exchange

February 9, 2017

Russia's Nordgold today said it will delist from the London Stock Exchange to revamp its valuation. Owned by Russia's richest man, billionaire Alexey Mordashov, the gold miner said it has failed to increase its market capitalisation in line with rallying gold prices. Nordgold said its global depositary receipts (GDRs) were undervalued because of low trading volumes and general lack of liquidity caused [...]
BHP Billiton greenlights a $2.2bn investment into BP’s Mad Dog oilfield

February 9, 2017

BHP Billiton today announced it has approved a $2.2bn (£1.75bn) investment into the second phase of BP's deepwater Mad Dog oilfield. The project, located in the Gulf of Mexico, includes a new floating production facility with the capacity to produce up to 140,000 gross barrels of crude oil per day from up to 14 production wells. Production is set [...]
Oil prices are up despite US crude stocks delivering “Goliath” increases

February 8, 2017

Oil prices have lifted after an initial slump after data showed US crude inventories increased for the fifth straight week but gas stocks declined. Benchmark Brent crude is trading 0.6 per cent up at $55.38 per barrel while West Texas Intermediate (WTI) is up 0.61 per cent at $52.49. The increase came after prices initially fell to lows [...]
Shell has submitted plans to dismantle its Brent North Sea platforms

February 8, 2017

Royal Dutch Shell today submitted plans to dismantle its Brent North Sea production platforms to the British government, marking a turning point for the UK oil industry. Shell's Brent field, which is one of the largest fields in the North Sea, has produced around 3bn barrels of oil equivalent since work began in 1976. That's almost 10 per cent [...]
Tullow Oil shares tumble after it reports a third year of losses

February 8, 2017

Tullow shares plunged after it announced its third straight annual loss caused by big exploration write-offs in its Africa arm. The figures The oil giant's shares fell more than five per cent in morning trading after taking gross exploration write-offs of $723m (£579m). Revenue fell 21 per cent to $1.3bn from $1.6bn in 2015 due to weak oil prices. Tullow posted [...]
Gold prices hit a three-month high

February 8, 2017

Gold prices have hit a three-month high of $1,239 per ounce amid fresh demand for the safe haven asset. The yellow metal is now up 0.13 per cent at $1,237.70 per ounce, while spot gold is up 0.19 per cent at $1,236.17. Political uncertainty is helping offset downward pressure of a stronger US dollar, according [...]
British Gas is planning to hit millions of customers with increased energy prices

February 8, 2017

British Gas is to roll out an increase to energy prices that could add nearly £100 a year to millions of its customers' annual bills, according to reports. The energy giant will raise bills for 11m customers by as much as nine per cent, the London Evening Standard originally reported. The hike could come as soon [...]

Miliband and Reeves to meet petrol retailers as fuel costs spike

Man City Puma kit deal helps UK sponsorship market hit £5bn

Spirit of Speyside Whisky Festival to drive millions into Scotch sector

By: Courtney Goldsmith

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