European stock index futures fell on Monday, following a slump in Asian shares, and the euro slid amid skepticism that Europe's latest efforts to contain its sovereign debt crisis can prevent it from wreaking more damage on the world economy.
Gold prices slumped more than $100 an ounce on Friday, the biggest fall on record in dollar terms, as traders sold to cover losses, while global stocks edged up on expectations the European Central Bank will take new measures to contain the euro zone debt crisis.
Zambian opposition leader Michael Sata, a critic of Chinese investment, was sworn in as president on Friday after an upset poll victory that ushered in a smooth handover of power in Africa's biggest copper producer.
World stocks came off 14-month lows on Friday on expectations policymakers would take further action to ease the Eurozone debt crisis, while commodities fell broadly on worries about a global economic slump.
Banda conceded to Sata on Friday, ending three days of riots and protesting. The presidential vote was held nationwide on Tuesday, but the government had been slow to tally the votes, a fact which angered eager Zambians.
Sata has long complained about undue Chinese influence upon the Zambian economy and political life.
Freeport Indonesia's labour union may extend its strike at the Grasberg copper mine beyond one month, since talks with management were deadlocked, union official Juli Parorrongan told Reuters on Friday.
U.S. gold futures posted their steepest losses in a month on Thursday, dragged down by a global flight from risk that raises new questions about bullion's value as a safe haven and the sustainability of its long rally.
European shares were poised to claw their way off 26-month lows on Friday, but Asian stocks slid on fears of renewed recession in the developed world and as a pledge from the G20 to preserve financial stability left investors largely unimpressed.
After 85 of 150 voting districts have been tallied, Sata leads the race with 43 percent of the vote, compared to President Banda's 36 percent. However, Banda still leads in the most recent opinion polls.
Zambia held presidential elections Tuesday, but two days later only 85 of the country's 150 constituencies have reported results, sparking wide-scale unrest in the country and again bringing up fraud allegations. While all eyes are on Zambia, one nation's gaze is especially fixed: China.
Anglo Asian Mining plans to start work at the Gosha gold mine in Azerbaijan in the second half of 2012 after the successful launch of production at the neighbouring Gedabek mine, the company said in a statement on Thursday.
Freeport-McMoRan Copper & Gold Inc is unlikely to meet third-quarter sales estimates because of a strike at its vast Grasberg mine in Indonesia.
Pakistan's Baluchistan province has objected to a mining lease being sought by a joint venture between Antofagasta and Barrick Gold, further delaying a major planned copper and gold project in the country's southwest.
South Africa's Gold Fields Ltd. could invest up to $2 billion to develop a gold and copper prospect in the Philippines, a government official said on Wednesday, although the company said it was far too early for such estimates.
Freeport-McMoRan Copper & Gold Inc said the strike at its vast Grasberg mine in Indonesia has hurt production and it is unlikely to meet third-quarter gold and copper sales estimates
Gold Fields, the world's fourth largest gold miner, said on Wednesday it had made a non-refundable down payment of $66 million for an option to acquire a 60 percent interest in an undeveloped gold-copper deposit in the Philippines.
Asian stocks drifted slightly lower Wednesday and the euro clawed back lost ground as investors waited for the end of a Federal Reserve policy meeting that may act to stimulate the U.S. economy.
Zambians voted on Tuesday in a closely contested election between President Rupiah Banda and opposition leader Michael Sata, who has been a critic of foreign investment in Africa's biggest copper producer, most notably from China.
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The Mongolian government is discussing possible changes to a 2009 investment agreement for its massive copper-gold deposit at Oyu Tolgoi, media reports quoted the country's Finance Minister S. Bayartsogt as saying on Tuesday.
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