TOP STORIES
Chile Collahuasi Copper Mine Begins Early Contract Negotiations
SANTIAGO, Chile--Unionized workers and management at the Dona
Ines de Collahuasi copper mine, one of the largest in the world,
began new contract negotiations nearly a year ahead of the legally
mandated schedule, in the hopes of improving labor relations and
averting strikes, the mining company said.
Rio Tinto Expects Mongolia's OK for Oyu Tolgoi Exports Soon
SYDNEY--Rio Tinto PLC (RIO.AU) expects final approvals from
Mongolia to ship copper and gold from its Oyu Tolgoi mine within
weeks, a big step forward for the nation's largest investment
project that has been caught up in a row over costs between the
miner and the government.
STORIES OF INTEREST
LME Lists C. Steinweg Warehouse for Nickel, Tin
The London Metal Exchange said Thursday that a warehouse
operated by C. Steinweg Warehousing (FE) Pte Ltd. in Johor,
Malaysia has been listed for storing nickel and tin.
ENRC Hires 2 Law Firms To Review Conclusions of Internal Whistleblower Probe
LONDON--U.K.-listed miner Eurasian Natural Resources Corp.
(ENRC.LN) has hired two law firms to review the conclusions of an
internal investigation into whistleblower allegations conducted by
law firm Dechert LLP, as ENRC is investigated over allegations of
fraud and corruption.
ENRC Confirms Morgan Stanley, Deutsche Bank Resign as its Corporate Brokers
LONDON--Morgan Stanley (MS) and Deutsche Bank AG (DB) are no
longer providing corporate brokerage services to Eurasian Natural
Resources Corp. PLC (ENRC.LN), the FTSE-100 miner the banks helped
to list in 2007.
Freeport-McMoRan Won't Raise Offer for Plains Exploration
Freeport-McMoRan Copper & Gold Inc. (FCX) said it won't
increase its offer for Plains Exploration & Production Co.
(PXP) as both companies reiterated their support of the roughly
$6.9 billion cash and stock deal.
Financial News: Banks Square Up in New Commodities Era
The number of major investment banks able to be successful
commodities players will fall to around five by 2016, according to
three heads of investment bank commodities operations.
Lonmin Says Unable to Reach New Labor Union Representation Agreement
South African platinum producer Lonmin PLC (LMI.LN) said
Thursday it has been unable to reach a new labor agreement after
the majority of its employees shifted to a new union, a problem
that has caused tension at the mine and led to intermittent work
stoppages since a violent strike last year.
2nd UPDATE: Rio Tinto Urges Policy Restraint Ahead of Australia Budget
SYDNEY--Rio Tinto PLC (RIO.AU) urged Australia to resist tying
up the resources sector in more red tape or introduce new
revenue-raising measures, as the mining company grapples with
challenges like high labor costs, weak commodity prices and
opposition to expand a big coal mine.
Australia Jobless Data Reflects Mining Slowdown
SYDNEY--Unemployment rose at an accelerating pace in Australia's
most resource-rich state last month, adding to evidence that the
nation's decade-long mining boom is fizzling out and validating the
central bank's decision to cut interest rates to a record low to
help cushion the economy.
ENRC Reports Mixed Output With Iron Ore, Ferroalloys Down, Copper Up
LONDON--Kazakhstan-focused miner Eurasian Natural Resources PLC
(ENRC.LN) reported Thursday mixed first-quarter output with
saleable iron ore, ferroalloy, aluminum and electricity output down
on year but saleable copper and alumina output up on year.
MARKETS
Copper Ends Lower as Traders Focus on Weaker Chinese Data
NEW YORK--Copper prices retreated Thursday as weaker economic
data from China fanned worries about demand and brighter U.S. labor
market data struggled to offset traders fears.
-Write to Tatyana Shumsky at tatyana.shumsky@dowjones.com