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Glencore cuts Australian coal output on weak demand, supply glut SYDNEY: Mining and commodities giant Glencore Xstrata on Friday said it was reducing its coal production in Australia by 15 million tonnes amid weak global demand and oversupply.It is understood that up to 120 jobs at Glencore's 13 Australian mines could be affected as a result of the cuts, which will include scaling back some operations and deferring projects.The announcement follows the Swiss company's decision to shut its mines for three weeks over the Christmas period."We plan to reduce 2015 production by 15 million tonnes to more closely align our coal output with current customer demand," Glencore, which produced just under 100 million tonnes of coal in Australia last year, said in a statement."We will continue to review all our coal operations in the prevailing economic climate."Glencore did not say which mines would be affected. The firm has 8,600 workers at mines in the Australian states of New South Wales ...

London copper drifts as China holiday draws to close| MELBOURNE: London copper slipped on Tuesday on trader caution ahead of a speech by Federal Reserve Chair Janet Yellen later in the session, with volumes expected to improve as China returns from a week-long break on Wednesday.The overall mood on copper remains gloomy, given China's slowing growth and struggling property sector, with physical traders expecting only light consumer buying into next week, as China filters back from holiday."The weakness in prices we saw in the ...
Australia's Roy Hill iron ore mine on schedule for Sept 2015 PERTH: Australian billionaire Gina Rinehart's $10 billion Roy Hill iron ore mine is on track to begin exporting in September 2015 and will have shipped 5 million tonnes by the end of the year, a company executive said on Wednesday."We're certainly on budget. We remain ahead of overall schedule," Garry Torte, Chief Financial Officer of Roy Hill, told Reuters. The 55-million-tonnes a year mine is expected to ramp up ahead of the company's original 30-month ...
Australian wheat lowest in Iraq's 50,000 Tonnes wheat tender HAMBURG: Australian wheat was offered lowest at $279.70 a tonne c&f free out (ciffo) in a tender from Iraq's state grains board to buy at least 50,000 tonnes of hard wheat, European traders said on Monday.The tender closed on Sunday and offers must remain valid up to Thursday, Feb. 19, traders said.No purchase had yet been made, they said.Australian wheat was the main origin in the tender, with a total 550,000 tonnes offered, traders said.The ...
London copper edges up in thin trade ahead of Lunar New Year MELBOURNE: London copper firmed in thin trade on Thursday as demand slowed ahead of the Lunar New Year and as talks over Greece's debt crisis stalled."I'm still optimistic we'll see some post-Chinese new year activity in terms of both Chinese import demand and industrial activity in general, though my expectations have been tempered a bit by the recent weak data points," said strategist Daniel Hynes of ANZ in Sydney.Hynes said weaker-than-expected Chinese inflation data ahead ...
London copper climbs as oil lends support; China eyed MELBOURNE: London copper climbed in thin trade on Wednesday, underpinned by gains in oil, but traders were reluctant to take on big positions given worries over Chinese demand growth, and as business slackens ahead of Lunar New Year."Everybody is ready for holidays now, so I would say physical demand is pretty soft and sentiment is very bearish," said analyst Judy Zhu of Standard Chartered in Shanghai."People don't want to be rushing into the market at ...
London copper drifts; Chinese demand eyed MELBOURNE: London copper drifted on Tuesday as worries over Chinese demand lingered, and as businesses wind down ahead of the Lunar New Year holidays next week.China's annual consumer inflation hit a five-year low in January, underscoring persistent weakness in the economy after China's trade performance slumped in January. The data adds more pressures on policymakers to support growth."I am a bit surprised that copper didn't weaken more given the trade numbers we got over the ...

 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyDecember
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln