Basic Materials

  • Metgasco seeks govt compensation AAP - 7 hours ago

    Metgasco is urging the NSW government to strike an out-of-court compensation deal following their legal tussle over the suspension of the coal seam gas explorer's drilling licence. Metgasco in April won a long-running Supreme Court legal battle over the government's decision in 2014 to suspend its drilling licence near Lismore in northern NSW. Managing director Peter Henderson said he was pleased the government had advised that it had no plans to appeal the Supreme Court's ruling.

  • Stocks to watch on Monday AAP - 7 hours ago

    Stocks to watch on the Australian stock exchange at the close on Monday: EVN - EVOLUTION MINING - in a trading halt at $1.175 Gold miner Evolution Mining has announced its second acquisition in just over ...

  • WA miners in $1.8b takeover deal AAP - 8 hours ago

    Miner Independence Group has struck a $1.8 billion deal to buy the company behind an emerging West Australian nickel project while the metal's price hovers at historic lows. Sirius Resources has recommended its shareholders accept the takeover offer, and millionaire minerals explorer Mark Creasy, its major investor, has backed the deal. It will give Independence Group the Nova-Bollinger nickel and copper project that Sirius recently began building.

  • Evolution acquires Cowal mine for $US550m AAP - 9 hours ago

    Gold miner Evolution Mining has announced its second acquisition in just over a month, acquiring the Cowal mine in central NSW for $US550 million ($A702.74 million). Evolution is buying the mine, which produces 230,000 to 260,000 ounces of gold a year, from Canada's Barrick Gold. "Very rarely does an opportunity arise to acquire a high-quality asset like Cowal," Evolution executive chairman Jake Klein said on Monday.

  • Crude Oil, Gold and SPX 500 Marking Time in Trading Ranges DailyFX - 9 hours ago

    Crude Oil, Gold and SPX 500 Marking Time in Trading Ranges

  • Sirius surges on $1.8b takeover offer AAP - 12 hours ago

    Shares in aspiring nickel miner Sirius Resources have surged after it received a $1.8 billion takeover offer from gold, nickel, zinc and copper producer Independence Group. Sirius says its board is recommending shareholders accept the cash-and-stock deal, which values its shares at $4.38 each. As part of the deal, Sirius will spin off its Polar Bear and Scandinavian exploration assets into a new company to be called S2 Resources and headed by Sirius' founding director Mark Bennett.

  • Evolution snaps up Cowal mine for $US550m AAP - 12 hours ago

    Evolution Mining has snared the Cowal gold mine in central NSW for $US550 million ($A702.74 million). Evolution, which is buying the mine from Canada's Barrick Gold, says the deal will be transformational for the company and increase its gold production to between 630,000 ounces and 700,000 ounces.

  • Independence Group snares Sirius for $1.8b AAP - 12 hours ago

    Gold, nickel, zinc and copper producer Independence Group has struck a $1.8 billion deal to acquire Sirius Resources. Sirius says its board is recommending shareholders accept the cash-and-stock deal, ...

  • Commodities markets summary AAP - 15 hours ago

    Oil prices sank along with the euro after the European Central Bank forecast that the eurozone would continue to contract next year and only return to growth in 2014.

  • MP glad committee won't look at iron ore AAP - Sun, May 24, 2015 4:14 PM AEST
    MP glad committee won't look at iron ore

    Tony Abbott's parliamentary secretary doesn't think an inquiry into iron ore would have found the truth of what is happening with resources pricing. West Australian Liberal Christian Porter has blasted the work of parliamentary committees, saying he's glad the government won't ask one to look at iron ore prices - as some crossbench senators and Fortescue metals boss Andrew Forrest wanted - because they're "not very good bodies at finding the truth of a situation". "What passes for evidence before parliamentary committees is largely hearsay and certainly just views and opinions layered on each other," Mr Porter told Network Ten on Sunday.

  • War pushes South Sudan's economy to the brink AFP - Sun, May 24, 2015 7:28 AM AEST
    War pushes South Sudan's economy to the brink

    Soaring inflation and a likely currency collapse are adding to South Sudan's woes after 17 months of civil war characterised by brutal attacks on civilians. The latest battles between government and rebel forces have centred on the country's last remaining functional oil fields. Oil dollars once accounted for over 90 percent of government revenue in the four-year old nation, which contains sub-Saharan Africa's third largest reserves -- making it one of the world's most oil-dependent economies.

  • Gulf producers to resist cuts at OPEC meet: analysts AFP - Sat, May 23, 2015 4:30 PM AEST
    Gulf producers to resist cuts at OPEC meet: analysts

    Gulf oil producers, led by Saudi Arabia, will resist attempts to cut output at an OPEC meeting next month as preserving market share remains their top priority, industry analysts say. Gulf and other OPEC members said they wanted to safeguard their share of a market that has faced a supply glut as a result of sharp increases in the production of shale and sand crudes. "Preserving market share still remains a top priority for Gulf states," Saudi economist Abdulwahab Abu-Dahesh said.

  • Peru declares state of emergency in anti-mining protest area AFP - Sat, May 23, 2015 10:35 AM AEST
    Peru declares state of emergency in anti-mining protest area

    Peru has declared a state of emergency in the country's south, where a violent protest against the Tia Maria copper mine has left four people dead in two months. Earlier this month, the government had already deployed some troops to help local police maintain order. Protesters are demonstrating against the project by Mexican-owned copper firm Southern Peru, which they say will pollute their water and damage agriculture.

  • Gold Outlook Remains Supportive Above 1200- All Eyes on FOMC, GDP DailyFX - Sat, May 23, 2015 10:28 AM AEST

    Gold Outlook Remains Supportive Above 1200- All Eyes on FOMC, GDP

  • Oil falls as dollar lifts on US inflation data AFP - Fri, May 22, 2015 8:19 PM AEST
    Oil falls as dollar lifts on US inflation data

    Oil prices fell on Friday as the dollar strengthened on firming US inflation data, and profit-taking weighing in after a two-day crude rally. US benchmark West Texas Intermediate for delivery in July dropped $1 to finish at $59.72 a barrel on the New York Mercantile Exchange. "The dollar is up ... on the back of rather strong CPI numbers," weighing on oil prices, said Bob Yawger of Mizuho Securities.

  • Has the oil rout actually helped Gulf producers? CNBC - Fri, May 22, 2015 7:42 PM AEST
    Has the oil rout actually helped Gulf producers?

    The drastic fall in oil prices is widely thought to have hit the Gulf's main producers, but this CEO says the opposite is true.

  • Commodities mixed on rebounding dollar, supply jitters AFP - Fri, May 22, 2015 5:21 PM AEST
    Commodities mixed on rebounding dollar, supply jitters

    Commodity markets diverged this week as traders balanced the strong dollar against supply concerns, while star performer cocoa hit seven-month peaks on output fears in key producer Ghana. "Commodities in general ... ended the week on the defensive, pressured by renewed dollar strength," said Capital Economics analyst Julian Jessop. OIL: World oil prices fell Friday on profit-taking and the strong dollar, but finished the week in positive territory on hopes that a global supply glut could end soon, dealers said.

  • Banks weigh on Aust share market AAP - Fri, May 22, 2015 5:08 PM AEST

    The share market has finished flat after weakness among the big four banks offset strong gains among energy stocks. The market had opened higher thanks to strong leads from the US and with stronger oil prices lifting energy stocks. "There seems to be three factors: the banks have just gone ex-dividend, there's been bond market volatility which the banks are quite susceptible to and ongoing capital concerns," he said.

  • Stocks to watch on Friday AAP - Fri, May 22, 2015 4:20 PM AEST

    Stocks to watch on the Australian stock exchange at close on Friday: BHP - BHP BILLITON - up one cent, or 0.03 per cent, to $29.25 FMG - FORTESCUE METALS GROUP - down one cent, or 0.47 per cent, to $2.11 ...

  • Crude Oil Levitates to Range Top, SPX 500 Digesting Near Record Highs DailyFX - Fri, May 22, 2015 3:56 PM AEST

    Crude Oil Levitates to Range Top, SPX 500 Digesting Near Record Highs

  • Govt risked jobs with ore inquiry: Shorten AAP - Fri, May 22, 2015 3:41 PM AEST
    Govt risked jobs with ore inquiry: Shorten

    Federal Labor leader Bill Shorten says the government put jobs and investment at risk by toying with the idea of an inquiry into iron ore. Prime Minister Tony Abbott has scrapped the idea after talks with industry stakeholders, despite last week supporting an inquiry into the sharp drop in ore prices and its impact on government revenues. "We've seen the government carry on for a week about a phantom iron ore inquiry ... but nowhere have I seen Tony Abbott or Joe Hockey talk about the jobs of the actual miners who have lost their jobs," Mr Shorten told reporters in Melbourne on Friday.

  • Twiggy says Vale a responsible producer AAP - Fri, May 22, 2015 1:02 PM AEST

    Fortescue Metals chairman Andrew Forrest says Brazilian iron ore giant Vale is a responsible producer compared to Australian rivals Rio Tinto and BHP Billiton. Vale, the world's biggest iron ore producer, does not agree with the current price war and plans to take up to 30 million tonnes of the commodity off the market, Mr Forrest said. Mr Forrest says BHP and Rio are manipulating the market to drive out smaller players, but his call for a parliamentary inquiry into the industry have been rejected by the federal government.

  • Malaysia's Petronas Q1 profit down on weak oil prices AFP - Fri, May 22, 2015 12:45 PM AEST
    Malaysia's Petronas Q1 profit down on weak oil prices

    Malaysian state energy firm Petronas said Friday it made a net profit of 11.4 billion ringgit ($3.18 billion) in the first quarter -- more than 7 billion ringgit lower than the same period last year -- due to the slump in global oil prices. In the first quarter of 2014, Petronas, the single largest revenue contributor to the Malaysian government, posted an 18.8 billion ringgit profit. Malaysia's only Fortune 500 company said its revenue fell from 84 billion ringgit in the first quarter of 2014 to 66.2 billion ringgit in the first quarter of 2015.

  • Aust share market almost flat AAP - Fri, May 22, 2015 12:13 PM AEST

    The share market has pulled back from a solid start to be relatively flat at noon. IG market strategist Stan Shamu said weakness among the banks had changed the direction of the market. At 1200 AEST, oil and gas producer Woodside Petroleum had gained 75 cents at $35.62, and Santos had advanced 12 cents to $8.03.

  • Total to hand back shale gas licence in Denmark AFP - Fri, May 22, 2015 10:40 AM AEST
    Total to hand back shale gas licence in Denmark

    French energy group Total is to hand back one of its two shale gas licences in Denmark after disappointing test drilling results, the Danish Energy Agency said on Friday. "They have told us that they will return the licence," agency spokesman Ture Falbe-Hansen told AFP. The North Zealand shale gas project had been controversial and local politicians tried to ban the so-called fracking process to extract the gas amid fears that ground water could be contaminated by drilling fluids.

  • Govt 'monstered' by miners: Xenophon AAP - Fri, May 22, 2015 7:34 AM AEST
    Govt 'monstered' by miners: Xenophon

    Independent Senator Nick Xenophon has accused the mining lobby of censoring parliament after the government ruled out a parliamentary inquiry into iron ore prices. The government has been "monstered" ...

  • Gold Finds 1200 Support DailyFX - Fri, May 22, 2015 4:57 AM AEST

    Gold Finds 1200 Support

  • Goldman turns bearish on credit and oil CNBC - Fri, May 22, 2015 1:33 AM AEST
    Goldman turns bearish on credit and oil

    Credit markets are likely to face heightened short-term volatility, while oil prices will revisit recent lows in the second half of the year, according to Goldman Sachs.

  • Nigerians groan under biting petrol shortages over subsidy row AFP - Thu, May 21, 2015 9:24 PM AEST
    Nigerians groan under biting petrol shortages over subsidy row

    Business leaders in Africa's leading oil producer Nigeria on Thursday warned that jobs could be at risk, as a weeks-long fuel crisis showed no signs of easing. Long queues have been seen for days outside filling stations, flights have been grounded and generators that kick in when the country's patchy public electricity supply goes off have run silent, leaving many without power. "Many companies have shut down because they cannot get diesel to fuel their plants," Musa Yusuf, of the Lagos Chamber of Commerce and Industry, told AFP.

  • Oil surges as falling US stockpiles ease glut worries AFP - Thu, May 21, 2015 7:50 PM AEST
    Oil surges as falling US stockpiles ease glut worries

    Global oil prices surged on Thursday as falling US crude stockpiles and production stirred expectations of an easing in the global supply glut. US benchmark West Texas Intermediate for delivery in July rose $1.74 to finish at $60.72 a barrel on the New York Mercantile Exchange, after gaining about a dollar on Wednesday. The petroleum rally is "supported by an abiding faith that rising demand and declining US oil shale production will translate into higher prices," said Tim Evans of Citi Futures.

  • Mexico cuts 2015 growth forecast after weak 1Q AFP - Thu, May 21, 2015 6:15 PM AEST
    Mexico cuts 2015 growth forecast after weak 1Q

    Mexico's government sharply lowered its growth forecast for this year on Thursday after the economy grew by a meager 0.4 percent in the first quarter, hit by slumping oil prices. The finance ministry said it expected Latin America's second biggest economy to expand by between 2.2 and 3.2 percent in 2015, compared to a previous forecast of 3.2 to 4.2 percent. On an annual comparison, the economy grew by 2.5 percent between January and March compared to the same period last year.

  • Barnett predicts iron ore price rebound AAP - Thu, May 21, 2015 5:15 PM AEST
    Barnett predicts iron ore price rebound

    West Australian premier Colin Barnett is confident iron ore prices will rebound from their record lows to above $US70 a tonne. Mr Barnett said the idea of a federal parliamentary inquiry into iron ore was flawed and urged Australia's biggest iron ore producers to calm the market and stop talking about their expansion projects. "We just need to adjust the production to the market," Mr Barnett told ABC Radio in Perth on Thursday.

  • Oil prices gain on US stockpiles report AFP - Thu, May 21, 2015 4:58 PM AEST
    Oil prices gain on US stockpiles report

    Global oil prices rose further on Thursday as falling US crude stockpiles and production boosted hopes of an easing in the global supply glut, analysts said. US benchmark West Texas Intermediate (WTI) for delivery in July rose $1.72 to $60.70 a barrel. Brent North Sea crude for July gained $1.59 to stand at $66.62 a barrel in late afternoon deals in London.

  • Gold and Crude Oil Consolidate After Suffering Deep Losses DailyFX - Thu, May 21, 2015 3:08 PM AEST

    Gold and Crude Oil Consolidate After Suffering Deep Losses

  • Australia rules out iron ore inquiry AFP - Thu, May 21, 2015 11:27 AM AEST
    Australia rules out iron ore inquiry

    Australian Treasurer Joe Hockey said Thursday his government will not set up a parliamentary inquiry into the massive iron ore sector following discussions with regulatory bodies and industry players. The commodity, which is key to steel-making, is Australia's largest export but has seen its price plunge in recent months amid claims the world's biggest miners are flooding the market to wipe out smaller competitors. "Over recent days, there has been speculation about whether a parliamentary inquiry into the iron ore sector was necessary," Hockey said in a brief statement.