David Radclyffe News
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When Rio Tinto Group decided it had to part with Chief Executive Officer Tom Albanese, the second- largest mining company turned to Sam Walsh, whose iron ore unit has generated almost $40 billion in profit in seven years.
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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.
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Junk bonds from Australian miners went to best from worst last month, as Fortescue Metals Group Ltd. rallied the most in a year after mining bans in India and improvement in China’s economy pushed up iron-ore prices.
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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.
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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.
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Atlas Iron Ltd., already Australia’s fastest-growing iron-ore producer, is also offering potential acquirers space to load vessels at the world’s busiest port for shipping the mineral.
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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.
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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.
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Canadian stocks fell for the first time in four days after gold futures dropped as the metal lost appeal as an alternative investment following a U.S. employment report that was stronger than forecast.
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Mining magnate Nathan Tinkler will stand by his bid for Whitehaven Coal Ltd., which values the target at A$5.3 billion ($5.6 billion), saying holders would be unlikely to accept a lower offer.
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