Global Mining and Energy Sector Update: Key Appointments, Launches, and Labor Disputes

Strategic Insights -

Senior executives, including Royal Bank of Scotland's Chairman Philip Hampton, were appointed to the board of directors of Anglo American PLC, a global diversified miner, in an effort to "refresh" the company's nonexecutive leadership. Meanwhile, construction began at Troy Resources N.L.'s Casposo gold and silver mine project in Argentina, while unions at Peru's Antamina polymetallic mine were set to discuss a contract proposal from the mining company, with the possibility of strike action looming. Additionally, the chairman of South Africa's struggling state-owned power utility, Bobby Godsell, resigned. The global energy sector was also affected as gold futures rose sharply, extending their record highs, but then pared the metal's gains due to profit booking.

Key Takeaways:

  • Anglo American PLC appointed Royal Bank of Scotland's Chairman Philip Hampton to its board of directors, aiming to refresh the company's nonexecutive leadership.
  • Troy Resources N.L.'s Casposo gold and silver mine project in Argentina broke ground, marking a significant development in the region's mining sector.
  • Unions at Peru's Antamina polymetallic mine are set to discuss a contract proposal from the mining company, potentially leading to strike action.
  • Bobby Godsell, chairman of South Africa's struggling state-owned power utility, resigned from his position.
  • Gold futures rose sharply, extending their record highs, but then narrowed their gains as participants booked profits.
  • The US dollar's weakening contributed to the surge in gold prices.
  • SmarTrend, a registered trademark of Comtex News Network, Inc., indicated a downtrend for RBS on October 2, 2009, at a price of $15.10.

Statistics:

  • Anglo American PLC has 17 members on its board of directors, including Philip Hampton.
  • Troy Resources N.L.'s Casposo gold and silver mine project is expected to extract 1.4 million ounces of gold and 23.3 million ounces of silver over its 11-year lifespan.
  • The Antamina polymetallic mine in Peru is a major source of copper, zinc, and molybdenum production.
  • Gold futures rose by 4.4% to $1,060.2 per ounce on November 9, 2009, their highest level ever recorded.
  • The US dollar declined by 0.3% against other major currencies on November 9, 2009.

Sources:

  • Dow Jones Commodities News via Comtex
  • Dow Jones Newswires
  • SmarTrend, a registered trademark of Comtex News Network, Inc.