TOP STORIES
HSBC Cuts Base Metal Outlook on Weaker China Growth, Strong USD
HSBC Tuesday cut its outlook on base metal prices for this year
and next, citing expectations of weaker Chinese growth and a strong
U.S. dollar.
UPDATE: Rio Tinto Posts Record Iron Ore Output
MELBOURNE--Rio Tinto PLC (RIO) achieved record output of iron
ore in the first half of the year despite an equipment breakdown
and unseasonal wet weather, and said it is recovering from a
landslide at a major copper mine in the U.S. faster than
anticipated.
Glencore Xstrata Starts Sale Process Of $5.2 Billion Peruvian Copper Project
LONDON--Glencore Xstrata PLC (GLNCY, GLEN.LN) said Tuesday it
has started the process to sell its $5.2 billion Las Bambas copper
project in Peru, in line with conditions set out by China's
anti-trust regulator when it approved the multi-billion-dollar
merger that created the commodities giant in April.
STORIES OF INTEREST
Posco Kills Plan For Indian Steel Plant
Dealing another blow to New Delhi's struggle to attract foreign
capital, South Korean steelmaker Posco said it has given up plans
to build a plant in the southwestern Indian state of Karnataka.
ThyssenKrupp Close to Selling Brazil Steel Mill Stake to CSN - Source
FRANKFURT--German industrial conglomerate ThyssenKrupp AG
(TKA.XE, TYEKY) is nearing an agreement on the sale of a major
stake in its loss-making steel mill in Brazil to the country's
second-biggest steel maker--Companhia Siderurgica Nacional, or CSN
(CSN3.BR)--in a first step to unloading its troubled steel
operations in the Americas.
Amerisur Resources: Platanillo Field Producing 8,500 Barrels of Oil/Day
LONDON--Amerisur Resources PLC (AMER.LN), an oil company focused
on South America, Tuesday said the Platanillo field in Colombia is
estimated to be producing 8,500 barrels of oil per day with the
contribution of Platanillo-12 well.
Toledo Mining 2Q Run of Mine 229,196 Wet Metric Tons at 1.93% Nickelú
LONDON--Toledo Mining Corp. PLC (TMC.LN), a Philippines-focused
nickel miner, Tuesday said that production of run-of-mine ore from
its joint venture Berong Nickel Corporation's Berong nickel mine in
the seond quarter was 229,196 wet metric tons at an average grade
of 1.93% nickel.
Evraz Reports Slight Rise in 2Q Crude Steel Production
LONDON--Steel company Evraz PLC (EVR.LN) Tuesday reported a 1.1%
rise in second quarter crude steel production and said average
selling prices for most key steel product groups softened in line
with the global steel market.
Mwana Africa Zimbabwe Unit Eyes Trojan for Cost Cuts
LONDON--Mwana Africa PLC (MWA.LN), a miner focused on gold,
nickel, copper and diamonds in Zimbabwe, the DRC and South Africa,
Tuesday said that its Zimbabwe subsidiary, Bindura Nickel
Corporation, is examining alternative plans for the Trojan mine
with the objective of improving short-term cash flow and reducing
its funding requirement.
MARKETS
Copper Ends at Four-Week High as U.S. Data Point to Growth
NEW YORK--Copper prices climbed to their highest settlement in
four weeks after U.S. economic data showed business activity
continued to expand in recent months.
Write to Tatyana Shumsky at tatyana.shumsky@dowjones.com