LONDON, Oct 18, 2007 (AFP) - The price of white metal platinum roared to another record peak on Thursday, owing to supply outages in major producer South Africa, traders said.

Platinum, used by the jewellery industry and in the manufacture of catalytic exhausts for cars, hit a record high 1,450.75 dollars an ounce on the London Platinum and Palladium Market.

Platinum also drew strength from the weak dollar which neared a record low point against the euro on Thursday. A weak US unit makes dollar-priced commodities cheaper for buyers using stronger currencies.

SYDNEY, Oct 18, 2007 (AFP) - Canada has approved Anglo-Australian mining giant Rio Tinto's bid to take over Alcan and create the world's largest aluminium firm, the company said Thursday.

Rio Tinto said in a statement to the Australian Stock Exchange that Canadian Industry Minister Jim Prentice cleared the 38.1 billion US dollar takeover on Tuesday after receiving assurances it would benefit Canada.

It said Rio Tinto had pledged that the merged entity's headquarters would be in Montreal, with a majority of Canadian-based senior managers from the country.

ZUG, Switzerland, Oct 17, 2007 (AFP) - Swiss mining giant Xstrata said on Wednesday it has approved a nickel mining project in New Caledonia with a local partner worth a total 3.8 billion dollars (2.7 billion euros).

Xstrata will fund around 80 percent of the investment and will receive in return the same percentage of cash-flows generated by the Konimabo mine over the next 25 years, a spokeswoman told AFP.

'The project will be funded through Xstrata's internal cash revenues and ongoing strong cash flows from the group's operations,' the company said in a statement.

LONDON, Oct 15, 2007 (AFP) - The price of white metal platinum jumped to another historic record on Monday, while gold hit its best levels since 1980 on the back of a flagging US dollar and runaway crude oil prices, dealers said.

Platinum hit a record high 1,436.75 dollars an ounce on the London Platinum and Palladium Market.

On the London Bullion Market, gold jumped to 757.05 dollars per ounce -- levels last seen in January 1980.

'Prices have continued to gather momentum across the breadth of the precious metals complex,' said analysts at Barclays Capital.

BRUSSELS, Oct 15, 2007 (AFP) - Newly created zinc producer Nyrstar unveiled plans on Monday to raise up to 2.3 billion euros via a stock market flotation aimed at tapping growing investor interest in booming base metals.

The Belgium-based company began operations in September after its two 50:50 shareholders, Umicore of Belgium and Zinifex of Australia, merged their zinc smeltering businesses earlier this year.

Initially, 70 percent of Nyrstar's stock is to be offered at 18 to 23 euros per share, raising 1.35-1.6 billion euros (1.92-2.28 billion dollars).

TOKYO, Oct 13, 2007 (AFP) - Two Japanese mining firms will invest up to 1.7 billion dollars in jointly developing copper production bases in Peru and Chile to secure supplies amid growing demand worldwide, a report said Saturday.

Nippon Mining and Metals Co. and Mitsui Mining and Smelting Co. plan to build the facilities by 2011 to produce up to 250,000 tonnes of copper ore a year, the leading business newspaper Nikkei reported.

The project will be undertaken by Pan Pacific Copper Co., a joint copper smelting venture set up by the two firms last year.

LONDON, Oct 11, 2007 (AFP) - The price of platinum forged a record high on Thursday as the white metal was hit by tight global supplies, while gold soared to the best level since 1980 on the back of the weak US dollar, analysts said.

Platinum surged as high as 1,408.50 dollars an ounce on the London Platinum and Palladium Market.

That beat its previous all-time high point of 1,402.50 dollars hit in November 2006.

Platinum is used by the jewellery industry and in the manufacture of catalytic exhaust units for vehicles.

LONDON, Oct 11, 2007 (AFP) - The price of gold soared Thursday to the highest level since 1980 on the back of the weak US dollar, while platinum neared a record level on fresh supply woes, analysts said.

Gold prices leapt as high as 748.10 dollars per ounce on the London Bullion Market.

Platinum, meanwhile, hit 1,399.25 dollars an ounce on the London Platinum and Palladium Market. That was close to its record high 1,402.50 dollars hit in November 2006.

LONDON, Oct 11, 2007 (AFP) - The price of gold soared Thursday to the highest level since 1980, supported by renewed weakness in the US dollar, traders said.

On the London Bullion Market, gold prices leapt as high as 748.10 dollars per ounce.

The fresh multi-year pinnacle came as the European single currency burst back above 1.42 dollars, rising close to its record high 1.4283 dollars that was struck on October 1.

LONDON, Oct 10, 2007 (AFP) - The price of lead struck yet another all-time high point on Wednesday owing to persistent jitters over stretched global supplies and fierce demand, traders said.

The price of lead for delivery in three months rose to an historic 3,860 dollars a tonne on the London Metal Exchange.

'In our view, strong demand in Asia and supply shortages will continue to support the rally higher,' said analysts at Barclays Capital.

Base metal lead has been plagued by chronically low stockpiles.

NEW YORK, Oct 4, 2007 (AFP) - US aluminum giant Alcoa said Thursday it was preparing to sell its packaging and consumer operations as part of a wide-ranging reorganization.

Alcoa said it is is 'near a definitive agreement' to sell its automotive castings business by the end of the year.

The company said it would divest its packaging and consumer operations which produce items like aluminum foil and packaging for the food and health care industries, among others.

BRUSSELS, Oct 3, 2007 (AFP) - Belgian metals group Umicore and Australian counterpart Zinifex said Wednesday they plan to list shares in their zinc-producing joint venture Nyrstar on the Eurolist of the Euronext Brussels Stock Exchange.

The size and exact timing of the share offer in Nyrstar, the world's largest zinc producer, would be subject to market conditions and investor demand, but is expected in the 'coming weeks,' the companies said.

SYDNEY, Oct 3, 2007 (AFP) - The Australian competition watchdog on Wednesday said it would not oppose Anglo-Australian mining giant Rio Tinto's bid to take over Canada's Alcan and create the world's largest aluminium firm.

The Australian Competition and Consumer Commission (ACCC) said it had examined the deal's impact on Australia's bauxite, alumina and aluminium markets and concluded there would be no lessening of competition.

'The ACCC will not intervene in the acquisition,' chairman Graeme Samuel said.

MONTREAL, Oct 2, 2007 (AFP) - Anglo-Australian mining giant Rio Tinto said Tuesday it obtained European Commission antitrust approval to buy Canadian aluminum giant Alcan.

The London-based Rio Tinto in late August got a green light from US and Canadian regulatory officials to go ahead with the 38.1 billion US dollar all-cash purchase.

Alcan is the world's third largest aluminum producer, and the merger would create the world's largest aluminum firm.

PARIS, Oct 2, 2007 (AFP) - Arcelor Mittal, the world's biggest steel group, said Tuesday it was offering around 542 million dollars (382 million euros) for the 34.7 percent of its Argentine unit Acindar that it does not already own.

The transaction, which offers 5.75 pesos (1.83 dollars, 1.29 euros) per share, is part of the group's plans to grow its Latin American operations.

LONDON, Sept 28, 2007 (AFP) - The price of gold surged Friday to the highest level since January 1980 as the precious metal was boosted by the sliding US dollar.

On the London Bullion Market, gold prices leapt as high as 739.90 dollars per ounce.

Analysts said that gold is winning support from the weak US currency, which makes dollar-denominated commodities cheaper for investors using other currencies.

The metal is also boosted by record crude oil prices, which spark fears over inflation. Gold is seen as a store of value and a hedge against inflation.

SYDNEY, Sept 28, 2007 (AFP) - Rio Tinto shareholders have backed the Anglo-Australian mining giant's bid to buy Canada's Alcan and create the world's largest aluminium firm, the company said Friday.

Rio Tinto said in a statement to the Australian Stock Exchange that shareholders backed the 38.1 billion dollar all-cash bid at two extraordinary general meeting held on September 14 and 28.

It said there were 708.7 million votes for the proposal and 19.6 million against.

LONDON, Sept 27, 2007 (AFP) - The price of platium neared its all-time high point on Thursday, supported by the falling US dollar, solid demand and stretched supplies, analysts said.

The price reached 1,354.40 dollars an ounce on the London Platinum and Palladium Market, a level last seen in November 2006 when the precious metal had struck a record high 1,402.50 dollars.

Platinum is used by the jewellery industry and in the manufacture of catalytic exhaust units for autos. The price of platium has jumped by almost 20 percent in value over the past twelve months.

LONDON, Sept 27, 2007 (AFP) - The price of lead struck an historic high in London trading on Thursday as the base metal benefited from supply difficulties.

The price of lead for delivery in three months rose to an historic 3,520 dollars a tonne on the London Metal Exchange.

Amid already low stockpiles of the base metal, there is an investigation into lead contamination at the minerals export port of Esperance in Australia following the discovery of high levels of lead in rainwater tanks, analysts at BaseMetals.com noted Thursday.

BEIJING, Sept 26, 2007 (AFP) - China is threatening the death penalty for people who steel copper wire, thereby destroying power lines and disrupting telecommunications, state media said Wednesday.

The stern warning comes amid a wave of cases in which people have stolen copper wire to onsell to recycling businesses amid desperate demand for the metal caused by a booming economy, the China Daily reported.

It said the Supreme Court had ruled thieves could receive the death penalty if their actions risk causing fatal accidents.

SARAJEVO, Sept 25, 2007 (AFP) - Three groups, including a consortium led by Swiss group Glencore, have submitted bids to buy a majority stake in Bosnia's sole aluminum plant, the country's privatisation commission said Tuesday.

The commission is to chose the best bidder by October 9 for the 88-percent stake in state-owned Aluminij Mostar worth around 77 million euros (100 million dollars).

Aluminij Mostar, which has almost 1,000 workers, is Bosnia's leading exporter.

MOSCOW, Sept 21, 2007 (AFP) - Russian aluminium producer Rusal said Friday it had given up plans to float on the London stock exchange by the end of the year, blaming financial market turmoil.

'The IPO (initial public offering) is frozen due to the current state of the markets,' Rusal shareholder Viktor Vekselberg told Interfax news agency.

But the company insisted it would eventually put its shares up for sale in London.

BEIJING, Sept 13, 2007 (AFP) - China Minmetals Corp, the nation's largest metal trader, has joined forces with the world's sixth-biggest copper supplier to develop new mines across the globe, state media said Thursday.

Minmetals and KGHM Polska Miedz SA of Poland have signed a framework agreement to develop copper mines in China, Poland and other countries, the China Daily reported.

LUXEMBOURG, Sept 10, 2007 (AFP) - Arcelor Mittal, the world's largest steel group, said Monday it was seeking a 51 percent stake in Turkish steelmaker Rozak.

Arcelor Mittal did not disclose the cost of the proposed acquisition, which must now be approved by regulatory authorities.

'This acquistion is an important step for Arcelor Mittal to meet the strong Turkish demand in all products,' said Gonzalo Urquijo, a member of Arcelor Mittal's management board.

MOSCOW, Sept 10, 2007 (AFP) - Russian billionaire Mikhail Prokhorov has acquired a blocking stake in mining giant Norilsk Nickel, setting the stage for a stand-off with fellow shareholder Vladimir Potanin, newspapers reported Monday.

Prokhorov has increased his direct stake in the nickel miner, the world's largest, from 22 percent to 25 percent, the Kommersant and Vedomosti business dailies reported, citing informed sources.

LONDON, Sept 7, 2007 (AFP) - The price of gold broke through 700 dollars per ounce here on Friday, reaching the highest level since May last year on a variety of supportive factors, analysts said.

On the London Bullion Market, the spot price of gold touched 700.08 dollars per ounce, which was last seen on May 17, 2006.

This week, gold has won support from the falling US dollar, global geopolitical jitters, rebounding demand and ongoing concern about world financial markets.

LONDON, Sept 6, 2007 (AFP) - The price of gold leapt Thursday to the highest level since the end of April as traders sought a safe haven for their cash amid uncertainty on global financial markets, analysts said.

On the London Bullion Market, gold prices rose to 693.47 dollars per ounce, which was last seen on April 23, 2007.

Faced with ongoing turmoil in world markets, gold has started to find support from safe haven investors -- on top of a seasonal rise from physical purchasing by jewellery firms in Asia.

DUSHANBE, Aug 29, 2007 (AFP) - Tajikistan on Wednesday scrapped an agreement with Russian aluminium giant Rusal for the construction of a hydroelectric power station, the Tajik president's office said.

'The agreement on long-term co-operation between the government of Tajikistan and Russian Aluminium has been annulled,' President Emomali Rakhmon's office said in a statement.

Rusal's office in the Tajik capital Dushanbe declined to comment.

BEIJING, Aug 20, 2007 (AFP) - Fourteen workers were killed and 59 other injured in an explosion that destroyed an aluminium foundry in eastern China, state media reported Monday.

Molten aluminium heated to about 900 degrees Celsius (1,600 Fahrenheit) overflowed from a vat and triggered a massive blast that ripped the roof off the plant at Zouping, Shandong province, late Sunday, Xinhua news agency said.

Windows were smashed and walls demolished by the force of the blast that also damaged two nearby workshops.

LONDON, Aug 15, 2007 (AFP) - Global demand for gold surged to record highs in the second quarter of 2007, driven by increased jewellery purchases in China and India, a leading industry body said on Wednesday.

Gold demand, in terms of total dollar value and tonnage, also gained from higher purchases of the metal by industry and wealthy individuals during the three months ended June 30, the World Gold Council said in its latest quarterly report.

MOSCOW, Aug 14, 2007 (AFP) - The world's largest nickel producer, Norilsk Nickel, said Tuesday it now holds more than 97.7 percent of LionOre and that it will acquire the remaining shares in the Canadian company via a squeeze-out.

'The notice of compulsory acquisition will be mailed to shareholders as soon as practicable,' the Russian firm said in a statement.

The purchase values the Canadian firm, a gold and nickel producer with operations in Australia, Botswana and South Africa, at 6.8 billion US dollars (5.0 billion euros).

LONDON, Aug 7, 2007 (AFP) - The price of tin struck an historic peak here on Tuesday amid tight supplies of the base metal.

On the London Metal Exchange (LME) the price of tin for delivery in three months reached 17,050 dollars a tonne -- the highest point since 1989 when it was re-introduced on the London market.

The metal has regularly hit new heights this year as Indonesia, the world's second largest producer after China, stamps out illegal tin mining and smelting.

ZUG, Switzerland, Aug 7, 2007 (AFP) - Anglo-Swiss mining giant Xstrata on Tuesday posted a 47 percent increase in first half net profit to three billion dollars (2.2 billion euros), fuelled by unflinching demand for metals and high commodity prices.

First half operating profit reached 4.7 billion dollars, an increase of 27 percent compared to the same period last year, Xstrata said in a statement on its interim results.

Revenue in the first six months of the year grew by 20 percent to 14.l billion dollars, it added.

ZUG, Switzerland, Aug 7, 2007 (AFP) - Anglo-Swiss mining giant Xstrata on Tuesday said it had made a friendly 7,525 billion South African Rand (1.05-billion-dollar, 767-million-euro) offer to take over South Africa' Eland Platinum Holdings.

Xstrata and Eland Platinum said in a joint statement that the Anglo-Swiss group had secured support from 51 percent of the South African company's shareholders, including directors and management.

TOKYO, July 30, 2007 (AFP) - Japan's two largest steelmakers, Nippon Steel and JFE Holdings, reported sharp rises in first-quarter profits Monday on the back of expanding demand overseas.

Nippon Steel, which became the world's second-largest steelmaker after last year's merger of Arcelor and Mittal, said its net profit rose 16 percent to 86.70 billion yen (732 million dollars) in the three months to June.

Operating profit gained 8.3 percent to 129.46 billion yen as revenue rose 18.3 perce