The Times (UK): Need to Know: “Royal Dutch/Shell raised fears that it may have to write down its reserves by more than 1.5 billion barrels, or 10 per cent, after the Anglo-Dutch oil company admitted that it was considering its fifth “volume adjustment” this year.” (ShellNews.net)

October 29, 2004

Sector down 1%  

Royal Dutch/Shell raised fears that it may have to write down its reserves by more than 1.5 billion barrels, or 10 per cent, after the Anglo-Dutch oil company admitted that it was considering its fifth “volume adjustment” this year.

Gold Fields seemed to strengthen its hand against a hostile takeover approach from Harmony Gold Mining, its rival, as analysts gave a cautiously upbeat response to the South African miner’s first-quarter results.

Xstrata, the FTSE 100 miner, said it would push on with attempts to buy a WMC Resources after its A$7.4 billion (£3 billion) offer for the nickel and copper miner was rebuffed.