IRON and STEEL
Mining Machinery & Equipment
Outotec has finalized the negotiations with employee representatives announced on October 26, 2017 to outsource its German-based project engineering function to Citec. As a result of the negotiations, 59 Outotec employees have transferred to Citec as of April 1, 2018.
Citec is a global engineering company providing multi-discipline engineering services to the energy and other technology-dependent industries. The outsourcing will not have an impact on Outotec's financial guidance for 2018.
"By outsourcing part of our engineering activities, we create more flexibility to our organization and decrease Outotec's fixed costs in the long run. Citec is a suitable partner for us as they have already presence and an existing customer base in Germany and Finland, and excellent references", says Kalle Härkki, Head of Outotec's Metals, Energy & Water business.
In its quest to become a niche supplier of cobalt, Global Energy Metals (GEMC:TSX.V) announced it has signed an agreement with Nevada Sunrise Gold Corp to acquire an 85% interest in the Lovelock cobalt mine and the Treasure Box project, located in Churchill County, Nevada.
The negative effects of trade disputes on global growth this year will push down demand for base metals and steel-making commodities, while the economic uncertainty will drive gold prices higher, CIBC says.
Private capital tracker Preqin says in an update that contrary to expectations, 2018 was another bumper year for the industry, particularly for natural resources investments.
A worsening of the ongoing economic slowdown in China, consumer of about half the world’s commodities, is the single biggest challenge mining and metals companies face this year, a new survey of senior executives shows.
Base metals started the new year where they left off the old one, by falling again.The London Metal Exchange index (LMEX) slumped to a one-and-a-half year low of 2730.1 on Jan. 3.The trigger was Apple Inc's revenue warning, not the type of news event that normally roils prices of old-economy metals such as copper, lead and zinc.
Global miner Anglo American (LON:AAL) announced Thursday changes at the top that will see Ruben Fernandes, chief executive officer of the company in Brazil, being replaced by mining veteran Wilfred (Bill) Bruijn, effective March 1.