GOOD start May with bullion above $1290 per ounce.
The Metals & Mining sub-index on the ASX200 rose over 1.8% led by a strong investor interest in gold stocks that saw that area of the market rise by about 5.1%. Interest was less strong in the diversified patch, though miners there were still in positive territory in recording a near 1.3% gain. It was US dollar weakness that fuelled the strong demand for bullion, and gold equities lapped up the attention.
The World Bank projects the Indonesian economy to grow at 5.1 percent this year, 0.2 percent lower than its forecast projection in December, due to weakened external conditions and lower revenue growth, according to a World Bank report released on Tuesday (15/03).
Government spending on infrastructure is driving Indonesia's growth recovery, but more private investments are needed to ensure sustainable growth.
"A more solid recovery depends on strong private sector investment, which requires sustained and comprehensive regulatory reforms to improve the business climate," Rodrigo A. Chaves, World Bank country director for Indonesia, said in the statement.
A miner who received brain damage in a traffic accident after his shift is suing his employers for $2.5 million. The BMA Coal miner, Harold Kerle, worked as a machine operator at the Norwich Park mine when the incident occurred, according to The Morning Bulletin.
In late 2008 Kerle had just completed a night shift and was driving home, allegedly in a state of fatigue, when his car left the road and collided with a bridge. He has since suffered head injuries, structural brain damage, and ‘flashes of memory’. Kerle is now suing BMA and contractor HMP Constructions for $1.25 million, and employment company Axial HR for $1.2 million
Jakarta. The Indonesian government's policy reforms and focus on infrastructure development have started to contribute to the country's economic growth, returning confidence to investors and businesses in recent months, global debt rating assessor Fitch Ratings said in a statement published on Friday (01/04).
According to a survey involving 100 attendees at Fitch Ratings' credit briefing in Jakarta on March 16, over half of the respondents felt that the country's economic cycle had shifted to a recovery.
"When asked about positioning, over half felt that it was the right time to increase investment in Indonesia, versus just over 40 percent who responded that they would stay neutral, and only 3 percent who advocated a decrease," the ratings assessor said.
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Saudi Arabia's decision to raise oil prices to its main customers in Asia may just be another sign that crude markets are indeed on the road to recovery. The world’s biggest oil exporter lifted the official selling price (OSP) of its benchmark Arab Light crude by 25 cents a barrel for cargoes loading in April. The April OSP for Arab Light will be a discount of 75 cents a barrel to regional market Oman/Dubai, down from a discount of $1 for March cargoes. While the OSPs have moved around a bit in recent months, a trend is emerging toward higher prices over the past six months, with the discount having dropped from $1.60 a barrel for November cargoes.
Indonesia plans to raise coal royalties by the end of the first quarter to boost mining revenue amid shrinking incomes from oil and gas, according to an official at the Energy and Mineral Resources ministry. Parliament has asked the government to increase non-tax revenue from coal and metals mining to 52.2 trillion rupiah ($4.1 billion) this year from 35 trillion rupiah in 2014, Sujatmiko, the ministry’s director of mineral and coal program supervision, said in an interview Thursday in Jakarta. It will be the first change in coal royalties in three years.
The offshore Mahakam Block discoveries (INPEX)
ONGC has contracted McDermott International and L&T Hydrocarbon Engineering to supply and install subsea facilities for the Vashista and S1 development offshore eastern India. The fields are in 250-700 m (820-2,296 ft) of water off the Amalapuram coast. Workscope includes 30 mi (48 km) of umbilicals and 64 mi (103 km) of dual rigid pipelines extending from the shore line out to 2,300 ft (701 m) of water, which will likely be installed by McDermott’s DB30 and NO105vessels.
Falling oil prices are causing a shake-up in the gas industry. The latest sign of this is Australian energy company Woodside’s indefinite deferral of its huge gas project off northwest Western Australia. The A$40 billion project was to convert natural gas extracted from deepwater areas to liquid (LNG) on a floating barge-like structure for export – a world first on a commercial scale. Major oil companies Shell and BP are partners in the joint venture. Some have suggested the solution is for companies to work together to bring down costs. The project is just the latest victim as companies adapt to lower oil prices. So how else is the sector dealing with the low prices?
The recent rally mining commodities saw are more likely to have a negative impact in the long run, according to market analysts.
Speaking at a roundtable earlier this week, UBS analysts Glyn Lawcock and Daniel Morgan outlined the reasons for the shortlived rally experienced by iron ore earlier this month, and why the metal’s softening to more sustainable levels will be more beneficial for the industry.
The metal experienced an aggressive rally mid-March, recording the largest one day spike in years as the price for ore of 62 per cent grades jumped by nearly a fifth to just over US$63 per tonne.
A former boss of Hanlong Mining has been sentenced to eight years in jail on insider trading charges.
The case has been ongoing since 2011, when Hanlong chief executive Steven Hui Xaio fled Australia after the Australian Securities and Investment Commission (ASIC) froze his and other Hanlong executives assets as it carried out investigations of “suspected insider trading activities in relation to Bannerman Resources and Sundance Resources”.