Mining Industry News
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South Africa’s anti-corruption police unit said it will be shutting shafts at an abandoned mine west of Johannesburg to try stop illegal mining.
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Lonmin Plc, the world’s third-largest platinum producer, said operations at its Marikana mine in South Africa have been halted after workers refused to go underground following a union official’s death.
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Dowa Holdings Co., Japan’s biggest silver producer, will raise output 40 percent this year to meet solar-cell demand after the 2011 Fukushima disaster crippled a nuclear power plant and sent fossil fuel costs higher.
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Peru’s central bank kept borrowing costs unchanged for a 24th straight month as policy makers expect inflation to converge to the mid-point of their target amid near-potential economic growth.
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The Reserve Bank of Australia cut its inflation outlook and reiterated its forecast for “below trend” growth this year, driven by an elevated currency, a crest in resource investment and fiscal tightening.
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Coal India Ltd., the nation’s biggest producer of the commodity, cut output across its operations after a federal order to keep explosives from terrorists halted shipments of the material that’s also central to mining.
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Chile’s economy expanded in March at the slowest annual pace since July 2011 as manufacturing contracted, the central bank said.
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The wreckage caused by China’s great, juddering slowdown continues to spread far beyond the country’s shores. Although most commodities enjoyed a bounce on May 3, after better-than-expected U.S. employment data, the plunge in their prices over the past few months suggests the past decade’s rally is truly broken.
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Zimbabwe is considering auctioning mineral deposits, restricting production of commodities deemed strategic and having the state sell the output from all mines, according to a draft policy document obtained by Bloomberg News.
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Aaron Regent, who was fired last year as chief executive officer of Barrick Gold Corp., the biggest producer of the metal, started a company to invest in mining assets, according to two people familiar with the matter.
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