World’s top fund manager: relax about emerging markets

Hydro had underlying earnings before financial items and tax (EBIT) of NOK 1,448 million in the first quarter, up from NOK 588 million in the fourth quarter. Higher realized aluminium prices and premiums, higher volumes and lower operating costs lifted underlying results for the quarter.

Russia's top steelmaker Severstal (CHMF.MM: Quote) said on Thursday its crude steel output rose to 3.65 million tonnes in the first quarter 2011, up 5 percent from the same period last year. However, production was down 5 percent compared with the last quarter 2010, when output reached 3.84 million tonnes.

Russia's two main rail lines into Asia and, in particular China, are increasingly overburdened which is causing a headache for metals firms looking to increase exports.

Belgian group Umicore (UMI.BR: Quote) forecast improved earnings this year due to strong demand for its automotive catalysts and improved supply for its precious metal recycling business. The metals and speciality materials maker said on Tuesday it expected 2011 operating profit (recurring earnings before interest and tax) to rise to 400-425 million euros ($559-$594 million) from 342 million last year.

Northland Resources has contracted Metso to supply the mineral processing equipment and services for the two processing lines at Northland’s Kaunisvaara iron ore project in northern Sweden. The order is valued at $293 million and covers the complete equipment package for the processing plant, including two primary gyratory crushers, two AG mills, seven vertical grinding mills (VTM 3000), magnetic separators and seven VPA press filters.

India's Tata Steel , the world's No 7 steelmaker, will hold on to its stake in Africa-focused Riversdale Mining , its vice chairman said on Monday. "We will continue to hold on to our stake," B Muthuraman told reporters.

Geodex has acquired by staking the Jake Lee project covering approximately 3800 hectares located 80km south of Fredericton. Geodex will conduct an exploration program focused on the rare earth elements ("REE") potential with a secondary focus on gold and base metals based on the geology and supported by regional government sampling and assessment report data.

Russia's top gold digger said it produced 323,000 ounces of the yellow metal in Q1, 60% more than the same period the year before Russia's top gold producer Polyus Gold (PLZL.MM: Quote) said on Wednesday its output in the first quarter of this year was

At least four capesize cargoes of South African coal have been sold back to the original sellers by Chinese buyers during the past month and all are coming to Europe, said sources familiar with the deals. The South African coal is being stockpiled in Amsterdam-Rotterdam-Antwerp and at power plants either for sale into Europe or to be burned at the main buyer's own power plants.