Freeport-McMoRan Copper & Gold Inc. , the largest publicly traded copper producer, reported third- quarter profit that topped analysts’ estimates and increased its dividend after output and metal prices climbed. The shares rose.
Ambar Timblo has no work. For the first time in six decades his family’s iron ore mines in India’s western state of Goa are idle. A court-imposed ban on production drove away his biggest buyers in China and Japan.
India’s biggest steel producers, from Tata Steel Ltd. and Steel Authority of India Ltd. to JSW Steel Ltd., are in talks to buy coking coal at the lowest price since 2010, according to three people familiar with the matter.
Coal used to make steel is set to drop to the lowest price in two years, eroding earnings at BHP Billiton Ltd. and Rio Tinto Group, as European demand wanes and China shifts supply contracts to Mongolia from Australia.
Freeport-McMoRan Copper & Gold Inc. , the largest publicly traded copper producer, said it will pay a one-time 50-cent-a-share dividend and raised its 2011 sales forecast as the industrial metal traded close to a record.