Bearish wagers on BHP Billiton Ltd. fell to the lowest in more than five years amid optimism that assets sales and spending cuts at the world’s largest mining firm will boost profit as global economic growth accelerates.
The break-up of OAO Uralkali’s potash marketing partnership may signal the death knell for plans by BHP Billiton Ltd., the biggest mining company, to spend as much as $15 billion to start producing the crop nutrient.
Driving northeast from Santiago, the road corkscrews toward the shark’s-grin skyline of the Andes Mountains. In winter, Santiago’s smart set plies this route, heading for virgin-powder days and pisco-sour nights at La Parva ski resort. Most have no inkling that in a high mountain valley just over the ridgeline, excavators the size of houses have sculpted the mountainside into a steeply terraced pit 1,800 feet deep, Bloomberg Markets magazine reports in its September issue.
Gold will extend losses as the U.S. economy improves, according to Citigroup Inc. and Morgan Stanley, which said the Federal Reserve’s surprise decision to hold stimulus for now will help prices only in the short term.
Glencore Xstrata Plc, the global commodity trader and metals producer run by billionaire Ivan Glasenberg, raised its estimate of savings from the takeover of Xstrata Plc to at least four times the initial forecast.
Glencore International Plc, the commodities trader reported to have studied a bid for Eurasian Natural Resources Corp., would struggle to acquire the company because of its ownership structure, Citigroup Inc. said today.
Glencore International Plc, the largest publicly traded commodities company, reported record third-quarter output of thermal coal and a 33 percent jump in copper, saying it has the funds to spur further expansion.