Brazilian mining giant, Vale SA, became the latest casualty of China's economic slowdown on Wednesday as its second-quarter profit fell almost 60% driven mainly by a weaker demand for iron ore coming from the Asian country.
Barrick Gold, the world's largest producer of the precious metal, reported higher-than-expected operating costs and a massive capital cost over-runs on Thursday in its first quarterly report since letting go CEO Aaron Regent in June.
FTSE 100 miner, copper giant Antofagasta PLC (LON:ANTO) announced Tuesday it had appointed Diego Hernandez, the former head of state miner Codelco, a move qualified by insiders as “a goal” for the London-listed Chilean miner.
Faced with never ending environmental and social conflicts over mining projects, Peru's President Ollanta Humala decided yesterday to reshuffle his Cabinet… again…for the third time.
Billions of dollars in joint venture projects with partner Total E&P Canada will be delayed, said Suncor Energy’s new chief executive Steve Williams on Wednesday, as both companies are analyzing alternatives to improve their profitability.
Escalating costs and economic instability may be the two main reasons why mining companies worldwide are acquiring existing projects instead of starting their own, shows the latest report from global firm Ernst & Young.
Caterpillar Inc (NYSE:CAT), the world's largest earth-moving equipment maker, raised its 2012 profit forecast on Wednesday based on its quarterly profit report, which beat by far most of Wall Street's gloomy outlooks.
