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"Quite frankly, everyone needs to be held to account on this"

Goldberg is one of the leading mining executives interviewed for the “Mining Journal Global Leadership Report: Preparing for transformation” being published next month.

He said shareholders were investing more responsibly and demanding accountability – or simply not investing in businesses that did not meet their standards.

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Accordingly, Goldberg said miners needed to demonstrate a more consistent standard and promote it.

“Quite frankly, everyone needs to be held to account on this,” he said.

“Shareholders and local communities will ultimately be the ones who hold industry to account because, if we can’t convince these groups, new projects won’t go ahead.”

Goldberg, 59, was appointed president and CEO of the gold major in March 2013.

This is based on an interview with Newmont Mining president and CEO Gary Goldberg as part of the ‘Mining Journal Global Leadership Report: Preparing for transformation’, which will be published in late June. The report features around 20 in-depth interviews with the industry’s leading mining executives and the results of our industry-wide survey focused on transformational influences (technology, stakeholder engagement etc) and the readiness of mining leaders to meet these challenges.

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Miramont to drill new copper target in Peru

Miramont said it had identified a new copper target where 55 samples all contained copper with the highest grading 1.08%, and 14 of the samples contained silver of up to 4.2 ounces per tonne.

It also reported samples grading up to 7.5% copper and 18.8oz/t silver from the Carbonate Replacement Zone.

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Hennigh, who is also president and chairman of Pilbara conglomerate gold play Novo Resources Corp, was appointed chairman in November as Miramont completed its all-scrip takeover of privately-held Puno Gold Corp.

“Not only do we see potential for a large volume of mineralised breccia within the diatreme complex, we are compelled by potential for replacement style precious and base metal mineralisation within limestone encircling the diatreme and beneath volcanic cover,” he said.

“Such a system is seen at the nearby San Gabriel deposit.”

The company had C$4.7 million (US$3.6 million) in cash at the end of January.

It is planning a 5,000m drilling programme at Cerro Hermoso and received environmental approval mid-month.

It shares closed unchanged at C35c, capitalising it close to $17.8 million.

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China says reserves right to retaliate to U.S. actions against its investments

BEIJING (Reuters) – The United States’ measures against China’s investments are against World Trade Organization rules, and China reserves the right to take countermeasures, the commerce ministry said on Thursday.

FILE PHOTO: U.S. Dollar and China Yuan notes are seen in this picture illustration June 2, 2017. REUTERS/Thomas White/Illustration/File Photo

China is not willing to see an escalation in Sino-U.S. trade frictions, and believes the two countries have a huge potential for cooperation, Ministry of Commerce spokesman Gao Feng told reporters at a regular news briefing.

After trade tensions between the two countries appeared to cool following talks in Washington earlier in the month, the U.S. on Tuesday said it still holds a threat of imposing tariffs and will press ahead with restrictions on investment by Chinese companies in the United States.

Reporting by Yawen Chen and Seyoung Lee; Editing by Kim Coghill

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Buffett proposed to invest $3 billion in Uber, but talks failed: Bloomberg

(Reuters) – Billionaire Warren Buffett had proposed to invest $3 billion in Uber Technologies Inc [UBER.UL] earlier this year, but the talks failed following disagreements over the deal’s terms, Bloomberg reported on Wednesday, citing unidentified people familiar with the matter.

FILE PHOTO – Investor Warren Buffet arrives for the premiere of the film “Wall Street: Money Never Sleeps” in New York, U.S. on September 20, 2010. REUTERS/Lucas Jackson/File Photo

Buffett’s Berkshire Hathaway Inc (BRKa.N) would have provided a convertible loan to Uber that would have protected Buffett’s investment should the Silicon Valley ride-hailing company hit financial crisis, the report said. (

Uber Chief Executive Officer Dara Khosrowshahi proposed decreasing the size of the deal to $2 billion, giving Buffett a smaller share of the company. The deal fell after the two sides could not agree on terms, Bloomberg reported, citing a source.

Buffett told CNBC that “some of the reported details are not correct” but confirmed that Berkshire did have talks with Uber.

Khosrowshahi also confirmed in an interview with CNBC that Uber did have discussions with Buffett, but added that he didn’t think “the reporting was entirely accurate.”

Asked about whether the talks could resume, Khosrowshahi said it was “always possible” and he would welcome any kind of dialogue with Buffett.

A representative for Buffett did not immediately respond to a request for comment. An Uber spokesman declined to comment.

Buffett, who had long shunned the technology sector, has become a top shareholder of Apple Inc (AAPL.O), and expressed regret about not investing in Alphabet Inc’s (GOOGL.O) Google and Inc (AMZN.O) before they became huge.

Berkshire has $108.6 billion in cash and equivalents as of the end of March that it is eager to invest.

Berkshire said much of the $14.8 billion it invested in equities during the first quarter went to Apple, and said it owned 239.6 million shares worth more than $40 billion.

That said, Buffett may view Apple and Uber less as technology companies than strong brands with loyal customers. Berkshire has more than 90 operating units including the BNSF railroad, Geico auto insurance, Dairy Queen ice cream, Fruit of the Loom underwear, See’s Candies and a variety of industrial, utility and chemical operations.

Larger stock investments are normally made by Buffett, but he has handed over more responsibility to his investment deputies Todd Combs and Ted Weschler in recent years.

Khosrowshahi has since his August appointment been trying to improve the image of Uber, which has been rocked by management turmoil and tarnished by revelations about an alleged sexist workplace culture tolerant of chauvinism. The Uber board of directors has committed to a 2019 initial public offering, and Khosrowshahi has not strayed from that timeline. An investment by Buffett would likely have been viewed as a stamp of approval. In the last decade, Buffett has invested billions of Berkshire dollars to support companies seeking a pick-me-up, including investments in Goldman Sachs Group Inc (GS.N), General Electric Co (GE.N) and Bank of America Corp (BAC.N) during or in the aftermath of the global financial crisis. Many of these have carried favorable terms for Berkshire, giving it a reputation as a lender of last resort to companies in need.

In February, Uber was valued at $72 billion.

Reporting by Shubham Kalia in Bengaluru, Trevor Hunnicutt and Jonathan Stempel in New York and Heather Somerville in San Francisco; Additional reporting by Ismail Shakil in Bengaluru; Editing by Maju Samuel and Cynthia Osterman

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Asia stocks rebound, euro pulls off lows as Italy anxiety cools

TOKYO (Reuters) – Asian stocks rebounded from a two-month trough on Thursday, while the euro enjoyed a respite after sinking to its lowest in 10 months as political turmoil in Italy that had roiled global financial markets showed signs of easing.

FILE PHOTO: A man looks at an electronic stock quotation board outside a brokerage in Tokyo, Japan February 9, 2018. REUTERS/Toru Hanai/File Photo

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS gained 0.56 percent after slumping to its weakest since the start of April on Wednesday.

Hong Kong’s Hang Seng .HSI rose 0.5 percent, South Korea’s KOSPI .KS11 added 0.6 percent and Japan’s Nikkei .N225 advanced 0.5 percent.

The Shanghai Composite Index .SSEC rose 0.9 percent after data showed China’s factory growth in May accelerated strongly and well above forecasts to an eight-month high.

Overnight, the Dow .DJI rose 1.25 percent and the SP 500 .SPX climbed 1.27 percent.

Stocks in Italy, the epicenter of the latest market tumult, bounced back 2.1 percent .FTMIB on Wednesday. But it had given up all the gains made in 2018. [.EU]

Global stocks were battered, safe-haven government bond yields fell sharply and the euro tumbled earlier in the week after Italy’s two anti-establishment parties scrapped plans to form a coalition. That raised the prospect of a general election, stoking fears such a vote will effectively be a referendum on the country’s euro membership.

A degree of calm, however, returned, with the two anti-establishment parties renewing efforts to form a coalition government rather than force Italy into holding elections for the second time this year.

“Experience shows that these ‘crises’ tend to settle down for long periods once the initial adjustment of market expectations has been effected,” wrote Carl Weinberg, chief international economist at High Frequency Economics, in a note to clients.

Italy’s successful auction of five- and 10-year government bonds also assuaged concerns about its ability to finance itself after turbulence in its debt market resulted in the biggest one-day surge for two-year yields in 26 years.

“The financial markets had been able to assess and digest the situation in Italy over the past few days and it is now time for a bit of reprieve from the turbulence,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management in Tokyo.

“The reprieve will allow the market to return their focus back on fundamentals, such as Friday’s U.S. non-farm jobs report.”

The euro stood little changed at $1.1658 EUR= after rallying 1 percent the previous day. The currency had sunk to $1.1510 on Tuesday, its lowest since late July 2017.

The dollar index against a basket of six major currencies .DXY dipped 0.1 percent to 94.089 after surging to a near seven-month peak of 95.025 on Tuesday.

The U.S. currency traded at 108.590 yen JPY=, off a low of 108.115 brushed on Tuesday when risk aversion in the broader markets increased investor demand for its Japanese peer, which is often sought in times of market unrest.

The dollar received some support as signs of easing Italian political concerns pulled U.S. Treasury yields up from multi-week lows.

The 10-year Treasury note yield US10YT=RR stood at 2.842 percent after sliding on Tuesday to 2.759 percent, its lowest since April 11.

Oil prices eased after rallying overnight as Russia’s central bank expressed caution on plans to boost oil supply.

U.S. crude futures CLc1 fell 0.25 percent to $68.03 a barrel after gaining 2.2 percent on Wednesday. Prices had fallen to a six-week low of $65.80 a barrel on Tuesday amid concerns that Saudi Arabia and Russia could increase output.

Brent crude LCOc1 lost 0.5 percent to $77.10 a barrel after jumping 2.8 percent on Wednesday.

Reporting by Shinichi Saoshiro; Editing by Shri Navaratnam

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Samsung Life sells $ 1 billion worth of shares in Samsung Electronics

SEOUL (Reuters) – Samsung Life Insurance Co Ltd said on Thursday it sold 1.12 trillion won ($1 billion) worth of its shares in Samsung Electronics Co Ltd.

FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, March 23, 2018. REUTERS/Kim Hong-Ji/File Photo

The stake sale, aimed at removing regulatory risks, was scheduled to be completed before Thursday’s market opening, it said in a regulatory filing.

Reporting by Haejin Choi; Editing by Stephen Coates

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Consumer Reports recommends Tesla’s Model 3 after braking fix

(Reuters) – Influential U.S. magazine Consumer Reports said on Wednesday it was recommending Tesla Inc’s Model 3 sedan after its latest tests showed that a firmware update improved the car’s braking distance by nearly 20 feet.

FILE PHOTO: A man cleans a Tesla Model 3 car during a media preview at the Auto China 2018 motor show in Beijing, China April 25, 2018. REUTERS/Jason Lee/File Photo

The magazine last week flagged “big flaws” in the car, including braking slower than a full-sized pickup truck, while also highlighting many positives.

Tesla shares closed up 2.8 percent at $291.72 on Wednesday after the report.

The Model 3 sedan is seen as crucial to Tesla’s profitability at a time when it is battling to reverse production shortfalls, confronting reports of crashes involving its vehicles and facing increased skepticism over its finances.

The update improved the Model 3’s overall score enough for a recommendation, said Consumer Reports, which had also raised other concerns such as the car’s wind noise, stiff ride and uncomfortable rear seat.

“Really appreciate the high quality critical feedback from @ConsumerReports. Road noise ride comfort already addressed too. UI improvements coming via remote software update later this month,” Tesla Chief Executive Officer Elon Musk said in a tweet here in response to the report.

During the retest, Consumer Reports found that Model 3 stopped at 133 feet from 60 mph, matching Tesla’s earlier claims on the car’s braking distance.

Musk had acknowledged the brake issue last week, saying that the magazine’s tests had used two early versions of the car and that a firmware update could improve braking distance beyond initial specs.

Jake Fisher, director of automotive testing at Consumer Reports, said he had never seen a car that could improve its track performance with an over-the-air update in his 19-year career at the magazine.

Fisher, however, said the car controls are “a bit distracting and cumbersome” to use, with too many steps on screen to do routine functions.

“I don’t think this will ever be a very highly rated control system just because there are so few hard buttons or controls,” he told Reuters.

Fisher remained hopeful Tesla will bring changes to improve Model 3’s user experience, and said the company may consider a traditional transponder key in addition to the car’s keyless system.

Consumer Reports said it would test another Model 3, after Musk told the magazine that the electric car maker had already made changes to address the three other issues flagged in its initial report.

Reporting by Sonam Rai and Munsif Vengattil in Bengaluru; Editing by Maju Samuel and Anil D’Silva

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Bank of America CEO sees second-quarter markets revenue flat vs year earlier

NEW YORK (Reuters) – Bank of America Corp (BAC.N) Chief Executive Brian Moynihan said second-quarter markets revenue from sales and trading will likely be flat compared with a year earlier, depending on what happens in June.

Brian T. Moynihan, Chairman and Chief Executive Officer of the Bank of America Corporation, attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 23, 2018. REUTERS/Denis Balibouse

Speaking at an investor conference on Wednesday, Moynihan also said the bank will continue to benefit from using share buybacks to dispose of excess capital because its stock “is still cheap.”

Reporting by David Henry and Imani Moise in New York; Editing by Meredith Mazzilli

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Exxon CEO urges New York prosecutor to rethink climate change probe

DALLAS (Reuters) – Exxon Mobil Corp’s chief executive said on Wednesday he hopes the new attorney general in New York “comes to a different conclusion” than predecessor Eric Schneiderman on a climate change probe into the world’s largest publicly traded oil producer.

FILE PHOTO: Darren Woods, Chairman CEO of Exxon Mobil Corporation exits after a news conference at the New York Stock Exchange (NYSE) in New York, U.S., March 1, 2017. REUTERS/Brendan McDermid

Schneiderman, who resigned earlier this month here after allegations of physical abuse by four women that he denied, had alleged Exxon withheld information about its internal climate change discussions and misled the public about what it knew. Exxon has long denied the charges here

The investigation has spread to other states, including Massachusetts, and has put Exxon squarely in the middle of the ongoing debate about fossil fuels and climate change.

CEO Darren Woods, who spoke at Exxon’s annual shareholder meeting in Dallas, said he was “committed to being part of the solution on climate change.”

Woods added he had not reached out to Barbara Underwood, who was appointed to replace Schneiderman. He said he was not sure if Exxon attorneys have talked to Underwood or her office.

“I’m real confident on where we stand. I hope whoever comes in steps back and takes an objective look … and comes to a different conclusion,” Woods said.

Underwood, a Democrat appointed by the New York State Legislature, has said she would not run for election to a full term this November. At least six candidates of various political backgrounds have announced their candidacies.

“Let’s see what that election brings,” Woods said.

Underwood’s office said on Wednesday that the Exxon climate probe was ongoing.

“Our office’s work has continued without interruption, and that certainly includes the Exxon investigation,” said Amy Spitalnick, spokeswoman for the New York attorney general.

New York State Comptroller Thomas DiNapoli, who oversees state pension funds that hold about 11.5 million Exxon shares, has also long criticized the company’s response to climate change and voted against a slate of 10 board nominees at the company’s annual meeting.

“The fund cannot support board directors who refuse to acknowledge substantial risks to Exxon’s bottom line and fail to help it transition to a lower carbon future,” DiNapoli said in a statement. All 10 board nominees were approved here by Exxon shareholders.

Reporting by Ernest Scheyder; Editing by Cynthia Osterman and Richard Chang

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