Freeport’s stock fell nearly 16% after its plan to move into energy was announced Wednesday and investors, it appears, would have preferred it sticks to what it knows best. (Reuters) – Thursday , 06 Dec 2012 Freeport-McMoRan Copper & Gold Inc’s decision to diversify into energy highlights the dearth of attractive options available in copper, its main business, but few competitors are likely to follow its lead into unfamiliar territory.
Auteur/autrice : Mining
Freeport’s risky energy plan highlights copper woes
World economy in deep trouble
Washington – (Reuters, Pedro Nicolaci da Costa) The global economy is on edge – and that’s without the US « fiscal cliff. » Among rich nations, the US outlook remains the least troublesome. But given a recession in the eurozone and a recent contraction in Japan, that’s not saying a lot.
Expert laments state of SA mining
Johannesburg (By: Mzwandile Jacks – Fin24) – South Africa’s resource sector continued to de-rate because of the risk associated with the mining sector, according to a Cape Town-based fund manager. Johnny Lambridis, a fund manager at Element Asset Management, said this had been driven by the miners’ strikes that have engulfed the sector in recent months.
Gold Fields takes $1.5bn demerger loans
London (Reuters, 2012-12-03) – Barclays, Credit Suisse and JP Morgan have underwritten a $1.5bn financing package to back Gold Fields’ demerger of two gold mines and refinance existing Gold Fields [JSE:GFI] debt, bankers said on Monday. The three banks have opened a $900m loan to participation by other banks and will hold the remaining $600m as a bridge loan to a planned bond issue, the bankers said.
First Quantum Minerals Provides Update on Kansanshi and Enterprise Mineral Resource and Reserve Estimates
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Dec. 4, 2012) – First Quantum Minerals Ltd. (« First Quantum » or the « Company ») (TSX:FM)(LSE:FQM) is pleased to provide the following update on the Kansanshi and Enterprise mineral resource and reserve estimates in Zambia. Highlights: Kansanshi, Zambia
IMF halts Congo loan over mining contract concerns
Dec 3 (Reuters) – The IMF has halted $240 million in planned loans to Democratic Republic of Congo for failing to publish mining contracts as requested, the IMF’s representative in Congo said on Monday. President Joseph Kabila, grappling with a costly war in the eastern borderlands, had sought to woo investors with promises to tackle rampant corruption.