Why oil booms and busts happen

This illogical world of rising prices, collapsing demand and expanding non-OPEC supply was made possible by a 15.5 million barrels reduction in OPEC’s supply between 1979 and 1985

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Canada’s Imperial Metals halts production, lays off 100 due to low copper prices

Copper prices have plummeted in recent years, forcing miners to sell assets, mothball mines and slash production

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Anglo American to axe 53,000 jobs, put 15 assets up for sale

Anglo American (LON:AAL) announced Friday it lost $3 billion during the first half of 2015 and that it would cut 53,000 jobs in the coming years, as a deep rout in commodity prices continue to add strain to battered miners everywhere.

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Teck credit rating at risk due to poor commodity price

“…our credit ratings are recently put on negative outlooks by S&P and Moody’s due to the current economic environment,” said Ron Millos, Teck CFO. “Our investment grade credit ratings continue to be a priority for us.

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Coal slump hits Teck’s profit, output forecast

21% drop in quarterly profit and cut its 2015 coal production forecast due to falling demand from China and increased supply from Australia.

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Indian miner to expand operations at Rio’s former Mozambique coal assets

“We hope that in five years, the infrastructure will also improve. That’s a big hope,” Jha toldReuters.

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Church of England $14bn fund blacklists coal, oil sands

The Church of England is one of the world’s richest religious institutions with an investment portfolio worth $13.8 billion.

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Another Major Getting Out Of The Oil Sands Business

PetroChina (NYSE:PTR), the Asian country’s largest oil major by market value, no longer wants a stake in Canada’s oil sands as the ongoing collapse in crude prices has made the sector less attractive and more costly.

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Canada’s oil sands cash flows set to drop by $21 billion

Canada’s oil sands cash flows are set to drop by $21 billion in the next two years, a report published Tuesday by energy consultancy Wood Mackenzie shows.

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Mines minister trying to regain Alaska’s confidence in B.C.

British Columbia’s Energy Minister Bill Bennett is in Alaska in an effort to regain the state’s confidence in B.C.’s mining industry, which has weakened since the Mount Polley mine disaster.


March 2016
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Labour News Wire