Botswana's metals industry, the country's economic lifeblood, experiences a meltdown due to commodity price slump. The BCL Ltd. has closed its operations after being put under provisional liquidation.
The largest mining company's shares dropped as nickel and metal price plunge, following order reduction from China. Last week, nickel reached its lowest price in 13 years.
Anglo American's copper production and from retained operations rose 23 percent for the fourth quarter of 2015. The overall copper equivalent basis production for 2015 rose five percent when compared with 2014. Majority of metals including copper, coal, nickel and iron ore tumbled during the second half of 2015. The copper inventory of Anglo American was at 197,631 tons as on 2015.
Nickel and copper lead the gains on the London Metal Exchange as Chinese equity market gained, which calmed concerns over financial turmoil in the world’s second largest economy.
Asian stocks dropped on low trading volume as commodity producers followed fall in industrial metals and crude oil. Investors and institutions are in the wait and watch mode ahead of US Fed's meeting in December.
A possible public listing of a stake in the base metals unit of Brazil's Vale SA (VALE5.SA) hinges on a rally in nickel prices of around 20 percent, its chief financial officer said on Friday.
Seasonal rains are set to disrupt nickel mining in the Philippines for the next four months or so, crimping exports to top buyer China and stoking a shortfall in the global supply of ore.
A proposed Indonesia-style ban on exports of unprocessed metal ores from the Philippines may not be implemented for about seven years, the proponent of a bill before Congress said on Tuesday, potentially easing pressure on nickel prices.
Commodities trader and miner Glencore (GLEN.L) and Chinese nickel producer Jinchuan Group are the frontrunners to buy BHP Billiton's (BHP.AX)(BLT.L) Australian Nickel West division, two sources close to the situation said.
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