Refining stocks rose as investors took a fresh look at the sector after a Deutsche Bank analyst raised his rating on Holly Corp. and Tesoro Corp.
Analyst Paul Sankey hiked his ratings on Holly and Tesoro to “Hold” from “Sell.” He upgraded the stocks because they were relatively cheap, not because of any major change by [...]

Sterlite Industries (India) Limited (“Sterlite”), a subsidiary of Vedanta Resources plc, the London-based FTSE 100 metal and mining group, and ASARCO LLC (“Asarco”), a Tucson based mining, smelting and refining company, announced today that they have signed a definitive agreement for the sale to Sterlite of substantially all the operating assets of Asarco for $2.6 [...]

Crude oil pipeline operator Enbridge Inc. plans to sell its minority stake in a Spanish petroleum products pipeline company for about $1.37 billion in cash.
The buyers of the 25 percent stake in Cia. Logistica de Hidrocarburos SA are subsidiaries of Deutsche Bank AG, the Public Sector Pension Investment Board, Stichting Pensioenfonds Zorg en Welzijn and [...]

South Africa’s Nedbank Capital said on Wednesday it had acquired Mining Capital Equipment, a unit of U.S drilling services group Boart Longyear , through a leveraged buyout.
Nedbank Capital, a unit of banking group Nedbank , bought the unit for an undisclosed amount with black empowerment group Matasis Investment Holdings and management.
“The business is focused and [...]

A Makati Regional Trial Court (RTC) has issued a writ of preliminary injunction against foreign-owned mining firm BHP Billiton, barring the company from operating in the Pujada Nickel mining site in the City of Mati, Davao Oriental.
In an Omnibus Order dated May 20, 2008, Judge Winlove Dumayas of the Makati RTC Branch 59 ordered BHP [...]

Piedmont Mining Company, Inc. announced the signing of a Letter of Intent with Nevada Eagle Resources LLC, a wholly owned subsidiary of Gryphon Gold Corporation (TSX: GGN), to enter into an ‘exploration agreement with option to form joint venture’ on a gold discovery by Duval International in 1985 at Morgan Pass, approximately 12 miles [...]

Oil prices surged to a new trading record above $129 a barrel Tuesday amid continuing concern about global supply.
U.S. light crude for June delivery reached $129.58 a barrel in electronic trading, surpassing the previous intraday mark of $127.82 hit Friday as it smashed through the $128 barrier in a matter of minutes. At 11 a.m. [...]

Wall Street tumbled Tuesday after oil prices spiked to a new record above $129 a barrel and a government report raised investors’ concerns about the impact of inflation on consumer spending. The Dow Jones industrials fell nearly 200 points.
Crude jumped after OPEC’s president was quoted as saying his organization won’t raise its output before its [...]

Northern Oil and Gas, Inc. reported a first quarter 2008 net loss of $187,000 or $0.01 per common share. Complete details of the company’s financial performance in the first quarter can be found its Form 10-Q which has been filed with the U.S. Securities and Exchange Commission.
Michael Reger, Chief Executive Officer of Northern said, “Northern [...]

Lonrho Mining has discovered an exceptional 61.30 carat yellow diamond at its Schmidtsdrift Mine in South Africa.
The huge stone is a fancy yellow perfect octahedron and is expected to yield a high value, said Lonrho Mining, which is 23% owned by Aim-listed Lonrho.
‘This diamond is of extremely high quality and is expected to achieve a [...]