quarrying – Page 2 – The News Desk

6Dec

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World

Why Gold Prices Are Hitting Records

The prospect that interest rates might have peaked is powering gold prices to record highs. Futures for delivery of gold in December settled at $2,071 a troy ounce Friday, topping their previous high of $2051.50 an ounce hit in August 2020. Gold has advanced for seven of the past eight weeks, bringing its gain this year to 11%. That puts futures on track for their best annual performance since 2020, when Covid-19 crashed the economy and lifted the precious metal 24%. Futures fell 2.3% to $2024.10 on Monday. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Rio Tinto Estimates $6.2 Billion Spend on Simandou Project

5Dec

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World

Rio Tinto Estimates $6.2 Billion Spend on Simandou Project

Rio Tinto said Wednesday it expects to spend roughly $6.2 billion to develop its share of the Simandou iron ore project in Guinea.The iron ore buried in Guinea’s Simandou mountains is among the world’s largest untapped deposits of the commodity.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

5Dec

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Money

Why Gold Prices Are Hitting Records

The prospect that interest rates might have peaked is powering gold prices to record highs. Futures for delivery of gold in December settled at $2,071 a troy ounce Friday, topping their previous high of $2051.50 an ounce hit in August 2020. Gold has advanced for seven of the past eight weeks, bringing its gain this year to 11%. That puts futures on track for their best annual performance since 2020, when Covid-19 crashed the economy and lifted the precious metal 24%. Futures fell 2.3% to $2024.10 on Monday. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Australia Records Current-Account Deficit for Third Quarter

5Dec

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World

Australia Records Current-Account Deficit for Third Quarter

SYDNEY—Australia’s current-account balance fell by 7.9 billion Australian dollars (US$5.23 billion) to a deficit of A$0.16 billion in the third quarter, reflecting a reduced trade surplus and falls in key commodity prices.Exports of goods fell 3.1% over the quarter due to declines in prices and quantities for key mining commodities such as coal and liquefied natural gas, the Australian Bureau of Statistics said Tuesday.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Investors Lose Legal Bid Against Exchange Over Nickel Market Blowup

29Nov

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World

Investors Lose Legal Bid Against Exchange Over Nickel Market Blowup

LONDON—The London Metal Exchange chalked up a big victory over investors on Wednesday, when a court said it was within its rights to cancel trades during a high-profile blowup in the nickel market sparked by Russia’s full-scale invasion of Ukraine.The U.K. court rejected claims by activist fund Elliott Investment Management and market maker Jane Street Global Trading that the exchange had overstepped its powers by nixing $12 billion in trades in March last year. Had they won, Elliott and Jane Street planned to claim hundreds of millions of dollars in damages combined in a follow-on trial.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Impala Platinum Says 11 People Died in Shaft Incident

28Nov

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World

Impala Platinum Says 11 People Died in Shaft Incident

Impala Platinum Holdings said 11 employees died in a shaft incident at its Rustenburg operations in South Africa, with 75 hospitalized, in the worst mining accident for a South African company in 14 years.The precious-metals mining company said Tuesday that the rescue operation is complete and all 86 employees are accounted for.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Mining Industry Seeks to Define One Global Standard for Ethical Practices

23Nov

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World

Mining Industry Seeks to Define One Global Standard for Ethical Practices

Nov. 23, 2023 3:00 am ET|WSJ ProFour of the world’s leading mining associations—representing 86 companies operating 700 mines across 60 countries—are developing a responsible mining code to define one minimum global standard for the industry’s environmental impact, human rights and due diligence, in a bid to meet investor demands and define ethical practices.“We are working to build a standard that is practical, implementable, and adaptable for any mine operator with a commitment to responsible mining practices anywhere in the world, regardless of commodity, geography or size,” said a statement from the International Council on Mining and Metals, the World Gold Council, the Copper Mark and the Mining Association of Canada.Miners are subject to a complex web of requirements underpinning hu...

Biden's Electric-Vehicle Push Hits a Speed Bump

22Nov

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Money

Biden's Electric-Vehicle Push Hits a Speed Bump

Mining projects are being delayed after a plunge in prices for metals used in batteries.

MMG Plans to Buy Copper Mine in Africa for $1.88 Billion

21Nov

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World

MMG Plans to Buy Copper Mine in Africa for $1.88 Billion

Mining company MMG has agreed to buy a copper mine in Africa for an enterprise value of nearly $1.88 billion as part of an effort by the Chinese government-backed company to expand its portfolio.MMG, which is nearly 68%-owned by state-owned China Minmetals, plans to buy the Khoemacau mine in northwest Botswana in the emerging Kalahari Copper Belt, the Hong Kong-listed company said Tuesday.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

BHP Iron-Ore Train Drivers Plan Industrial Action From Friday

20Nov

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World

BHP Iron-Ore Train Drivers Plan Industrial Action From Friday

Train drivers at BHP Group’s Australian iron-ore operations intend to begin industrial action on Friday in a dispute over working conditions that risks disrupting supplies of the steel ingredient from the world’s top producing region.The drivers have backed a range of measures that will start with bans on use of the company’s mobile rostering app, a step that will stop managers from being able to change drivers’ rosters without contacting them directly, a union representing the workers said Monday.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8