The newly forged iron ore-to-copper empire Glencore Xstrata was forced to slash the value of its assets by $8.5bn (£5.4bn) in the first set of results since the merger that created it.
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Thursday 22 April 2010
BHP Billiton became the latest mining company to be embroiled in a corruption scandal yesterday when it admitted it has been under investigation by the US Securities and Exchange Commission (SEC) since August last year.
Wednesday 21 April 2010
The Russian oligarch Oleg Deripaska is donating two-thirds of a $62m (£40m) bonus for the successful flotation of aluminium giant Rusal to charity. Mr Deripaska is required to hold on to the stock options for two years, but they will then be spent helping to set up service companies and industrial ventures in areas where Rusal operates. The payout drew particular attention when it was made public last week because Rusal's shares are still trading at less than the opening price at the initial public offering in Hong Kong in January, despite a 10 per cent increase in the Hang Seng index. Mr Deripaska's bonus comes on top of a $10m basic salary that dwarfs that of rivals such as Marius Kloppers at BHP Billiton. But he defended his pay packet. "Spending time in London or New York is very different to flying into Nigeria to free staff or to oversee a construction in minus 41 degrees in Siberia," he said. "It's certainly nicer to sit at home by 7pm wearing carpet slippers."
Thursday 15 April 2010
Wednesday 31 March 2010
Friday 05 March 2010
Iron ore producers have offered Chinese steel mills a 50 per cent hike in the price of the commodity during annual negotiations, reports in the state-owned Chinese media suggested yesterday.
Wednesday 03 March 2010
Sunday 14 February 2010
Oleg Deripaska is set to launch a $1.5bn (£950m) stock market flotation of his electric power business, despite the recent collapse of several high profile flotations.
Wednesday 03 February 2010
The world's biggest iron ore producers have opened negotiations aimed at setting the annual price of the commodity, according to reports from China yesterday.
Sunday 31 January 2010
BP chairman Carl-Henric Svanberg, will on Tuesday report his first results since taking over the hot seat, and they are set to please investors.
Monday 25 January 2010
European competition authorities today opened an investigation into BHP Billiton and Rio Tinto’s huge iron ore joint venture in Western Australia.
Tuesday 19 January 2010
The mining industry helped to support the FTSE 100 last night, with Eurasian Natural Resources Corporation advancing by almost 4 per cent as metals prices improved.
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