BHP Billiton Annual Production of Copper, Nickel, Iron Ore Rises to Record

(Bloomberg) -- BHP Billiton Ltd., the world's
biggest mining company, posted record annual production of
copper, iron ore and nickel, fueling what will be its largest
yearly profit.

Output of copper, the metal that contributes the most to
earnings, climbed 17 percent in the three months ended June 30
from a year ago, Melbourne-based BHP said in a statement. Nickel
production gained 15 percent and iron ore advanced 6 percent.


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Nickel Forecast Raised by Credit Suisse as Steelmakers Restart Purchases

(Bloomberg) -- Nickel cash prices may average
higher than forecast this year as stainless steelmakers resume
purchases, Credit Suisse Group said.

Nickel may average $17.97 a pound ($39,617 a metric ton),
up from a previous estimate of $15, analysts including Jeremy
Gray at the bank said in a July 6 report. The metal has averaged
$19.91 so far this year.


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Lead Rises to Record in London for 2nd Day on Chinese Demand; Copper Gains

(Bloomberg) -- Lead rose to a record for a second
consecutive day in London, spurred by increased demand in China,
the metal's largest user. Nickel snapped three days of losses.

Domestic lead prices in China have climbed almost 15
percent since the beginning of June because of ``strong demand
and tight supply,'' Barclays Capital said today in a report.
Prices on the London Metal Exchange will rise to $2,900 a metric
ton in the next three months, said the bank, one of 11 companies
trading on the floor of the LME.


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Norilsk profit up 154 pct on metals, one-off sale

(Reuters) - Norilsk Nickel, the world's largest nickel and palladium miner, said on Friday 2006 net profit more than doubled on record prices and the sale of a stake in South African miner Gold Fields Ltd..

Norilsk, owned by Russian billionaires Vladimir Potanin and Mikhail Prokhorov, said net profit rose 154 percent last year to $5.965 billion, beating analysts' forecasts.


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Stocks in Russia Decline for Second Day, Led by Gazprom, Norilsk Nickel

(Bloomberg) -- Russian stocks declined for a second
day, led by OAO Gazprom and OAO GMK Norilsk Nickel.

The ruble-denominated Micex Index sank 0.4 percent to
1601.43 at 1:26 p.m. in Moscow. Six stocks advanced and 24
retreated. The dollar-denominated RTS Index dropped 0.4 percent
to 1815.70.


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Nickel Drops, Snapping Two Days of Gains, on Stockpile Surge; Lead Falls

(Bloomberg) -- Nickel declined in London, snapping
two days of gains, after stockpiles climbed to the highest in
almost 11 months. Lead fell on prospects of increased supply as
Xstrata Plc said it will lift restrictions on metal deliveries
from its U.K. smelter after a five-month disruption.

Inventories of nickel tracked by the London Metal Exchange
jumped 6.3 percent to 8,460 metric tons, the exchange said today in
a daily report. That's the highest since July 10 last year.
Production will beat usage by 70,000 tons this year, reversing the
2006 shortage, the International Nickel Study Group said on May 14.


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Xstrata says won't match Norilsk offer for LionOre

(Reuters) - Xstrata Plc said on Friday it would not exercise its right to match Norilsk Nickel's C$6.8 billion takeover offer for Canada's LionOre Mining International Ltd..

Norilsk unveiled its enhanced bid last week, which topped Xstrata's most recent offer of C$6.2 billion. LionOre determined Norilsk's offer superior to Xstrata's.


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Nickel Rises as Voisey's Bay Mill Shuts Briefly; Lead Advances to Record

(Bloomberg) -- Nickel gained the most in four weeks
in London after production from the Voisey's Bay mill in eastern
Canada was shut briefly because of a labor dispute over safety.
Lead pared gains after rising to a record.

Cia. Vale do Rio Doce, the world's second-largest refiner of
nickel, said output at its mill in Labrador was halted yesterday
and resumed last night. Voisey's Bay has been operating with
replacement workers for five weeks while employees represented by
the United Steelworkers union try to resolve a labor dispute.
Nickel stockpiles stand at about three days of global demand.


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Nickel Advances in London as Voisey's Bay Production Halts; Copper Gains

(Bloomberg) -- Nickel rose from close to a two-month
low in London after production from the Voisey's Bay mill in
Canada was shut because of a dispute over safety. Copper and zinc
also advanced.

Cia. Vale do Rio Doce, the world's second-largest refiner of
the metal, said yesterday that employees were refusing to return
to work at the mine in Labrador. The unit produces about 1,300
metric tons of concentrate, an intermediate product, daily.
Nickel stockpiles stand at about three days of global demand.


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