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Rio Tinto to review stake in closed Papua New Guinea copper mine MELBOURNE: Rio Tinto is set to decide on its stake in a long-dormant copper mine in Papua New Guinea's Bougainville after the passage of a new mining law on the island, with the company possibly pulling out of the project after a quarter of a century. The interim mining law converts Bougainville Copper Ltd's mining lease into an exploration lease.That can be converted to a mining lease if approved by the autonomous province's government, which now controls resources on the island. "In light of recent developments in Papua New Guinea, including the new mining legislation passed earlier this month by the Autonomous Bougainville Government (ABG), Rio Tinto has decided now is an appropriate time to review all options for its 53.83 per cent stake in Bougainville Copper Limited (BCL)," the company said on Monday.Rio Tinto declined to comment on what was the most likely outcome of its review or how ...


Shanghai copper to end rebound around 49,240 yuan SINGAPORE: Shanghai copper may edge up to a resistance at 49,240 yuan per tonne before resuming its downtrend towards a support at 48,680 yuan.The resistance and the support have been respectively formed around the 76.4 percent and the 100 percent Fibonacci projection levels of a downward wave C which developed from 51,070 yuan, an hourly chart high touched on July 25. This wave is far from complete, as it may travel to 47,770 yuan, the ...

Gold extends losses to below $1,300 as equities gain SINGAPORE: Gold extended losses into a second session on Monday, slipping below $1,300 an ounce as equities recovered after an initial sell-off over escalating tensions in Ukraine.Spot gold had fallen 0.4 percent to $1,299.80 an ounce by 0314 GMT, after dropping 0.6 percent on Friday. US gold fell about $5 to $1,300.90.Asian stocks eked out gains on Monday after seeing Wall Street recover from the latest round of tensions in the Ukrainian crisis, although renewed ...

Palm oil may fall to 2,046 ringgit SINGAPORE: Palm oil may fall to 2,046 ringgit per tonne, as it has broken below a support at 2,094 ringgit. The support has been identified as the 261.8 percent Fibonacci projection level of a downward wave 3, the third wave of a bigger five-wave cycle that started at the June 25 high of 2,511 ringgit. It is the fifth wave labelled 5 that is driving the price down towards the 300 percent projection level at ...

Wheat falls 1.3pc on easing concerns over Black Sea supply SINGAPORE: US wheat slid 1.3 percent on Monday, giving back some of the strong gains made in the past two sessions as fears of potential supply disruptions from the Black Sea region eased.New-crop corn edged higher to hover around Friday's one-month top on support from short covering while soybeans remained under pressure on expectations of record US production. Chicago Board of Trade front-month wheat lost 1.3 percent to $5.44 a bushel by 0332 GMT, after ...

London copper rebounds from near two-month low SYDNEY: London copper edged higher on Monday, bouncing off last week's near two-month lows, as traders built up stocks on fresh signs of economic recovery in the United States and a view that the sell-off after weak Chinese data was too heavy. A recovery in copper prices that began in mid-March ran out of steam over summer, with prices seen capped as mines ramp up shipments to year-end. Suspected metals fraud in China has also ...

Canada wheat, canola crops look large but off 2013 records WINNIPEG: Canadian farmers are set to harvest their second-largest wheat crop in six years and third-biggest canola crop ever, but output will fall far short of last year's record highs, a Reuters industry poll showed.Fifteen traders and analysts on average forecast all-wheat production at 28.5 million tonnes, down 24 percent from a year ago, when summer and autumn growing conditions were nearly perfect. Canola production is on track for 14.5 million tonnes, down 19 percent, ...


 



 
Index Closing Chg%
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 15, 2014
Reserves $14.264 bln