Train drivers employed by Rio Tinto Group to haul iron ore across Australia’s outback make about the same money as surgeons in the U.S. It’s little wonder the mining company will replace them with robot locomotives.
BlackRock Inc.’s Evy Hambro, who manages the $8 billion World Mining Fund, expects more heads of gold producers to exit as companies book further writedowns after the metal’s biggest quarterly drop in more than 90 years.
The biggest mining companies are set to spend about $244 billion on expansions to 2015, slow to heed Glencore Xstrata Plc Chief Executive Officer Ivan Glasenberg’s call for austerity to end an oversupply in mineral markets.
BHP Billiton Ltd., the world’s biggest miner, will proceed with its plans for a Canadian potash project that has been called “misguided” by its biggest shareholder, driven by the prospect of strong investor returns.
BlackRock Inc.’s Evy Hambro , whose gold fund in Europe has beaten most of its rivals, started the firm’s first gold mutual fund in the U.S. as demand for the metal rises on concern that global economic growth is slowing.
BlackRock Inc.’s Evy Hambro, manager of the $7 billion World Mining Fund including BHP Billiton Ltd. shares, said recent events in the world potash market make the company’s plans to mine the fertilizer ingredient unattractive.
Potash Corp. of Saskatchewan Inc., the largest North American producer of its namesake fertilizer, said it doesn’t expect a dispute between two producers in the former Soviet Union to last and that forecasts of a price slump are overdone.