1. The Economic Times: Moving iron ore by rail cheaper
Iron glides on steel as more ore hits the rails. Railroads help cushion rising input prices. Indian railways issue a 25% discount for domestic iron ore transportation to ports in an attempt to help steelmakers.
2. Reuters UK: Russia’s Mechel says Q1 net soars to $500 million
No more (iron) curtains to make, but profit to take. Double net profit earnings for Russian coking coal miner Mechel. Strong growth leads to a first quarter $500 million net profit windfall. Favorable conditions are expected to continue.
3. Bloomberg.com: JSW in talks to acquire United Coal, other U.S. mines
Indian steelmaker JSW placed an initial $2 billion bid for United Coal. Interest in the coal mine is part of an attempt to secure supplies after recent price rises of steel inputs. JSW is also looking at other U.S. mines.
4. Reuters Africa: Shanghai copper down with thin volume, zinc eases
U.S housing problems and slowing Chinese consumption are at the top of analysts’ explanations for copper’s declining demand and price. The Shanghai Futures Exchange saw copper prices down 0.3% with weak trading volume.
5. CNN Money: Rio Tinto to supply Wal-Mart with gold, silver
Frodo gets a new, always-low-priced ring thanks to Rio and Wal-Mart. The mining company has agreed to supply gold and silver to the world’s largest retailer for a new traceable line of jewelry. The financial terms of the agreement were not disclosed.
6. Reuters India: Asia gold –sales of scrap pick up, bullion near four-month high
Gold trading still active in Asian markets. Current spot prices for gold hover in the high $900s, and some some are expecting another break of the $1,000-an-ounce barrier.
7. The London Free Press: Gold firm goes drilling for oil
Barrick switches to self-service stations. Barrick Gold Corporation hopes to acquire oil company Cadence Energy in an attempt to lower its energy costs.
8. Bloomberg.com: Diamonds attract funds as largest gem prices surge 76% in year
Diamonds are an investor’s best friend. The market for diamond investing is growing—high-value diamonds such as blue and pink diamonds have increased 75-100% in price over the past year.
9. The Canberra Times: India is hungry for our uranium
Renewed talks between the U.S. and India of civil nuclear cooperation illuminate global uranium tensions. Australia reviews its relationship with India and its current position to not sell uranium directly to the country, also evaluates stance on India’s possible induction into the global civil nuclear regime.
10. Australian Broadcasting Corporation: Diamond mine budget doubles
Despite doubled projected costs, diamond miner Argyle Diamond continues with plans to move from open cut to underground mining at its Western Australian location.
