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Nickel output in Japan increases |
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The quantities of nickel produced in Japan from January 2010 to April 2010 totaled 3,377 tons and 6,397 tons of Ni content base of Ferronickel. Consequently, the total quantity of nickel produced in Japan since January 2010 to April 2010 was nickel: 13,386 tons and Ferronickel: 24,139 tons on Ni content base, part of which was estimated.
The quantities of nickel produced in Japan were based on the monthly statistics concerning steels and nonferrous metals compiled and released by the Ministry of Economy, Trade and Industry, and these productions in the first four months of 2010 increased by 51.6 percent for nickel and also increased by 45.6 percent for Ferronickel in comparison with those in the same period of 2009.
The main reason, why the demand for nickel is increasing, is exports of nickel from Japan have been still on a favourable tone, the total quantity of crude stainless steel produced by major seven stainless steel companies in Japan from January to March quarter of 2010 reached 851,000 tons, having had a considerable increase of 2.2 times compared to that in the same quarter of 2009 and recovered on a basic tone.
These considerable increases in productions of nickel and Ferronickel resulted in comparison with those produced in the same period of 2009, which were an extraordinarily low. However, this total output of nickels in January to April of 2010 had also exceeded those produced in the same period of 2008, which was a normal period of the economic activities in Japan. |
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Orissa occupies top place in aluminium output |
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Mineral rich Orissa occupies the first place in the country in aluminium sector, both in terms of production capacity and actual output. Orissa's position in aluminium sector went up after Vedanta Aluminium Ltd (VAL) started production in addition to Nalco.
While the Nalco's present refinery capacity was 1.57 million ton per annum (MTPA), it would soon be increased to 2.1 MTPA after completion of expansion. Similarly, the Navaratna company's smelter capacity would be increased to .46 MTPA from the existing .34 MTPA.
The state government's State Level Single Window Authority (SLSWA) meeting gave the green signal to VAL's expansion proposals which planned to increase capacity of its refinery to 6 MTPA from the existing 1 MTPA.
The private company has also received the SLSWA's nod for expanding its smelter capacity from 0.25 MTPA to 1.6 MTPA. In January 2010, total aluminium production in the state was 48 percent of total production by all four big aluminium plants combined.
Stating that most large-scale industries in Orissa were mineral based, the state retained 10 percent of steel production capacity of the country, while it has 25 percent of the iron ore reserves. "There are new potential entrants such as Vedanta, Jindal, Posco and Essar into this sector in Orissa." The steel producing capacity of the state would improve substantially if Memoranda of Understanding (MoUs) materialised.
While mining activities contributed seven percent of the Gross State Domestic Product (GSDP) of the state, it seemed poised for a higher growth rate. |
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Alcoa predicts rise in aluminium inventories |
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Alcoa said that inventories of the light metal would continue an ascent to record highs and that it was mulling investment opportunities in thermal and hydropower rich Iceland.
Bernt Reitan, Executive VP of Alcoa said that London Metals Exchange inventories have stood steady at around 4.5 million tons for much of the past year and were bound to rise as production outweighs demand over the near term.
He said on the sidelines of a CRU aluminium conference,” They will continue to rise. We have curtailed 20 to 25 percent of our production for that very reason. There are a lot of inventories, but some are tied up in deals, so how much is available we really don't know,” referring to collateral deals which have prevented much of the inventories from coming on the market and have kept up prices.
Reitan said that Alcoa's Fjardaal smelter in Iceland had been a success and that the company might consider other investment on the island which has been hit by a deep economic crisis. |
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Guyana to consider proposal for smelter relocation |
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Guyana would possibly consider a proposal for the relocation of an aluminium smelter project from Trinidad and Tobago, Guyana Prime Minister Samuel Hinds said.
Hinds said that at present, Guyana has two proposals on hold for the establishment of an alumina refinery, aluminium smelter and hydro-power installations from two foreign companies operating bauxite mines in two locations in Guyana.
Guyana's alumina refinery, which was built prior to 1955, was closed in 1983, Hinds said, noting that since then Guyana has been exporting basically dried and calcined bauxite.
The two companies-Russian company RUSAL and Chinese company BOSAI, Hinds said have conducted pre-feasibility studies on their proposals and were in the process of conducting feasibility studies when the global financial meltdown put the proposals on hold from the two competing firms.
In a reported query whether Guyana is no longer interested in investing in a smelter to revive the faltering industry, he commented that nothing is happening. Essentially that project is on hold due to the global financial meltdown.
Since the process of economic recovery has begun, there has been a great demand for bauxite, he said, adding that the prices for its products and by-products in the world are getting better each day.
“Therefore, conditions are favourable for such developments in the bauxite industry in Guyana,” he said. He expects that there would be resumption of talks between the government and the two companies on the subject of the refinery, smelter and hydo-electricity installations. |
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Dubai Aluminium technology receives acclaim |
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DX Reduction Cell Technology the in house developed innovation proprietary to Dubai Aluminium Company Limited has again received acclaim among international industry experts. This was achieved through two pronged approaches to the Commodity Research Unit's fifteenth World Aluminium Conference which took place at Radisson Blu Plaza, Oslo, Norway from June 21, 2010 to June 23, 2010.
With all verbal and non verbal messaging focusing primarily on DX Reduction Cell Technology and its operating benefits, the company sponsored a luncheon and a member of executive management delivered a technical paper.
According to Ali H A M Al Zarouni, who authored and presented the technical paper, the information contained in his presentation drew keen interest. He said that DX Reduction Cell Technology has the proven capacity to operate at higher amperages, with associated business, operating and environmental benefits. This is because pots incorporating DX Reduction Cell Technology are inherently more energy efficient, more productive and more environmentally friendly.
He said that these benefits have been extensively documented at DUBAL's Jebel Ali smelter where the technology has been implemented at industrial scale in a dedicated 40 cell potline, earning third party endorsement in the process. Also, DX Reduction Cell Technology has been licensed to Emirates Aluminium Company Limited in Al Taweelah, Abu Dhabi for the 756 cell EMAL Phase 1 green field development where commissioning commenced in December 2009.
Al Zarouni said, "DX Reduction Cell Technology is a fully saleable and bankable innovation that we are proud to offer to the market place. Its stable performance at ever higher amperage levels is very encouraging and inspires confidence that even better results can be achieved through continuous improvement and operating refinements." |
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Farrokh Shahr inaugurated |
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Farrokh Shahr Steel, a rolling mill with an annual capacity of 150,000 tons of tinplate, was officially inaugurated by Mohammad Reza Rahimi, VP of Iran recently.
The mill is located on a site of 50 hectares close to Farrokh Shahr city in the province of Chahar Mahal e Bakhtiyari. An investment of about US$48 million has been spent on the project and about 250 persons will be employed at the plant when it operates at full capacity.
The rolling mill, which uses CRC sourced from Mobarakeh Steel as well as from other local and foreign sources as feedstock, mainly targets the local market. |
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Sultan Corporation announces acquisition |
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Australian base metals explorer and emerging zinc producer Sultan Corporation recently announced the 100 percent acquisition of 25 year exploration and mining lease over the Brskovo Lead and Zinc Complex in Montenegro.
The MB Project ore field is a significant mineralised region and consists of many mineral occurrences including a number of medium to large individual deposits.
The acquisition significantly enhances Sultan's assets. The project is approximately 20 times the size of its Peelwood North copper and zinc asset in New South Wales. It offers Sultan immediate potential for commercial exploitation due to its previous mining history and infrastructure already being partially established.
The near surface and continuous nature of the mineralised zones at Brskovo and Visnjica indicate that significant amounts of these deposits will very likely be mineable by simple, cost effective conventional open cut methods.
Derek Lenartowicz, MD of Sultan Corporation, said examination of available data indicates that the deposits of Brskovo and Visnjica have mineralised zones that are very close to the surface and ore that is relatively thick and continuous. |
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Aluminium demand expected to grow 95 percent in 2020 |
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Global aluminium demand is expected to grow 95 percent to 74 million tons (MT) in 2020 from 38 MT in 2010.
The Japan Aluminium Association said that supply capacity of the metal used for cars and houses is forecast to increase 47 percent to 66 MT in 2020. |
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Aluminium shipments from Japan rises |
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Japanese shipments of aluminium products rose 19.6 percent in May from a year earlier to 165,638 tons. That marked the sixth straight month of year-on-year increases but the level of shipments was about 16 percent below May 2008, before the global economic crisis hit demand for the metal used in products ranging from computers and planes to the food sector.
Shipments were down 6.5 percent from April, the Japan Aluminium Association data showed, the third straight month-on-month decline. Japan's shipments of aluminium have been recovering from a slump that set in after the global economic crisis in late 2008 that led automakers and other manufacturers to slash output and cut demand for the metal.
The pace of recovery is still unclear, especially as demand in the construction sector remains weak, even as the government raised its overall economic growth forecast for the financial year. Reflecting a slow recovery in demand, term premiums for primary aluminium shipments to Japan for July-September were mostly agreed at US$120 per ton, down marginally from US$122 - US$124 per ton in the April-June period.
In the near term, expectations for Chinese demand were likely to help support Japan's aluminium product shipments, an industry official said. Chinese demand for primary aluminium is likely to nearly triple to 43.6 million tons (MT) in 2020 from an estimated 15.5 MT this year, the association said this week.
It estimated Japan's demand for primary aluminium at 1.9 MT in 2010 and at 2.4 (MT) in 2020, though it said the forecast was very optimistic, based on an assumption that robust global growth will push up 2020 demand to a level equal to a record marked in the past. Aluminium stocks held at three major Japanese ports came to 204,800 tons at the end of May, up 14,300 tons or 7.5 percent from a month earlier, trading house Marubeni Corp said. |
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China retains tax rebates on aluminium export |
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China has retained tax rebates on exports of aluminium products, despite scrapping them for some other metals, in a bid to avert further pain for an aluminium industry battling anti dumping charges that have hurt exports.
Analysts and smelter sources said that consumption worries in the world's biggest aluminium market have prompted China to leave unchanged the rebates ranging from 13 percent to 15 percent on aluminium product exports while scrapping from July 15, 2010 onwards tax rebates of five percent on exports of semi-finished products made from five other base metals. |
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Crisil upgrades Nissan Copper rating |
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Crisil, India's leading Ratings, Research, Risk and policy Advisory company has upgraded Nissan Copper's rating on the long-term bank facilities of Nissan Copper Ltd (Nissan Copper) to 'B+/Stable' from 'B/Stable' while reaffirming its rating on the short-term facilities at 'P4'. The rating upgrade reflects Nissan Copper's improved net worth levels driven by equity infusion of about Rs.1 billion raised by the company through a global depository receipts (GDR) issue in May 2010. The company will use the proceeds from the issue to set up a wholly owned subsidiary in the UAE for trading in copper products. The upgrade factors in Nissan Copper's healthy financial performance in 2009-10 and on-track implementation of its capital expenditure (capex) programme, which is now nearing completion. The upgrade also reflects Crisil's belief that Nissan Copper will maintain its business and financial risk profiles over the medium-term, supported by increasing business volumes and steady cash accruals.
The ratings reflect Nissan Copper's exposure to risks associated with its large ongoing capex programme, and increasing susceptibility to volatility in raw material prices and foreign exchange rates. These rating weaknesses are partially offset by the company's established market position in the copper pipes manufacturing industry. |
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Chalco terminates Australia mining deal |
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Aluminium Corp of China Ltd (Chalco), the country's biggest manufacturer of the metal, said its US $2.5 billion agreement with Australia's Queensland government to develop bauxite resources in the state had been terminated due to adverse changes in the aluminium sector.
But both parties have agreed to continue discussions on the exploration of Aurukun bauxite resources and other means of investment. "The Aurukun Project has been hindered by various unfavourable factors to the extent that it cannot be implemented in accordance with the development agreement," the company said.
News of the termination came in just three weeks after Chalco's state-owned parent said it was pushing the project ahead and denied a newspaper report it might call off the deal as a proposed mining tax would further erode its financial viability.
Chalco shares have fallen about 30 percent in Hong Kong so far this year, underperforming an eight percent drop on the broader market, on concerns about overcapacity and falling aluminium prices.
The company earlier proposed 10 million tons a year bauxite mine and 2.3 million ton alumina refinery in the eastern state of Queensland, running for 30 years with production to start in 2013. |
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Vedanta eyes zinc asset acquisition in Africa |
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Mining and metal major Vedanta Resources eyes to acquire 74 percent stake in Black Mountain zinc mines in Africa, which it valued at US$ 332 million. It has been notified by Anglo American that Exxaro Resources Ltd, Anglo American's black economic empowerment partner in Black Mountain Mining (Pty) Ltd in South Africa (Black Mountain), has not exercised its pre-emption right to acquire the 74 percent stake in Black Mountain, the company said in a statement. Last month, beating rivals like China Metallurgical and Xstrata, the NRI billionaire Anil Agarwal-led company had said that it has finalised a deal with the London-based Anglo American to acquire the latter's zinc business, spread across Ireland and Africa, at US$ 1.34 billion. Vedanta had said that it would acquire three zinc assets of Anglo American within the next one year. Of the total consideration, US$ 698 million relates to Skorpion mines, US$ 308 million to the Lisheen mines and US$ 332 million to Anglo American's 74 percent interest in Black Mountain Mining, in which the South Africa-based Exxaro Resources holds a 26 percent stake. Exxaro had a pre-emptive right to match Vedanta's offer with respect to this asset. Vedanta will fund the deal entirely through cash. As on March 31, 2010, Vedanta had cash, cash equivalents and liquid assets amounting to US$ 7.2 billion. The acquisition of the three assets would enhance the company's annual zinc and lead capacity by 37 percent to 1.4 million tons, representing 11 percent of the global zinc market, Vedanta had said earlier. At present, Vedanta has an annual zinc output of 1.06 million tons. |
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HCL begins discussions for FPO management
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Hindustan Copper (HCL) began discussions with merchant banks for managing its follow-on public offer (FPO), which is tentatively scheduled for September–October. Nine investment banks have put in bids for managing the FPO of the miner. These include domestic players such as SBI Capital Markets, ICICI Securities, IDBI Capital Market and IDFC Capital and two foreign banks DSP Merill Lynch and UBS Securities in a consortium with SMC Capitals.
Earlier, HCL had to extend a tender for appointing merchant bankers twice because of a lack of interest. The company is expected to finalise the book-running lead managers for managing its public offer by the month end.
HCL has also started the process for appointing the legal advisors. The Cabinet Committee on Economic Affairs earlier this month approved a 10 percent divestment in the company along with a fresh issue of 10 percent equity.
Post-disinvestment, the public float would be 18.45 percent while the government's holding would be 81.55 percent. |
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TAQA buys stake in Sohar Aluminium |
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Abu Dhabi National Energy Company agreed to buy 40 percent stake in Sohar Aluminium Company of Oman from Abu Dhabi Water and Electricity Authority for US$ 400 million.
Abdulla Saif Al Nuaimi, CEO of TAQA said, "Our track record in power generation means that we are well placed to add value to such an energy intensive business as aluminium. This is a high quality operation and is not only expected to increase TAQA's cash flow but provides entry for us into the Sultanate of Oman."
Abu Dhabi Water owns 51.05 percent of TAQA, which has oil and gas production assets and utilities in the Middle East, North America, the North Sea and India. |
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MCC's Afghan copper mine to start output |
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A copper mine joint venture between Metallurgical Corp of China (MCC) and Jiangxi Copper in Afghanistan is expected to start production of copper concentrates in 2013, an executive at MCC Tongsin Resources Ltd said.
The first phase of the Aynak copper mining project would have a designed capacity of 200,000 tons of copper in concentrate, said Zeng Tao, Sales Manager of the copper and zinc unit of Hong Kong-listed MCC.
He said capacity would be expanded to 500,000 tons in the second phase but did not provide a timeframe for completion. MCC was also considering building a smelter at the site, he added. |
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BHP may cut copper processing fee |
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BHP Billiton Ltd., the world's largest mining company, may win a reduction in mid-year copper processing fees amid tight raw material supplies, possibly driving them to the lowest level in 37 years. BHP and LS-Nikko Copper Inc. settled the fees at US$ 39 a metric ton for smelting and 3.9 cents a pound for refining for the contract year that begins July 1, research company Brook Hunt said in a report. Processing fees have slumped in the past two years because lower ore grades and rapid expansion of smelting capacity in China cut raw material supplies. The so-called treatment and refining charges usually drop when there is a shortage of raw material and smelters have to compete for deliveries. An agreement at US$ 39 a ton and 3.9 cents a pound would be the lowest level since 1973, according to data compiled by Hirosuke Chihara, a researcher at state-run Metal Economics Research Institute of Japan. That compares with US$ 46.50 a ton and 4.65 cents for calendar 2010 fees. A year ago, Japanese smelters and BHP settled mid-year fees at US$ 50 and 5 cents. Miners and smelters set annual processing fees twice a year, with the July contracts covering about 10 percent of annual volumes processed in Japan. Copper smelters buy concentrate, a semi-processed form of ore used as a feedstock, at a price based on the London Metal Exchange benchmark minus processing fees. BHP owns the Escondida mine, the world's biggest copper mine. The copper concentrate market will have a shortage for three years after mining companies delayed projects because of lower prices. The deficit will be between 500,000 tons and 1 million tons this year. LS-Nikko, operator of the world's third-largest copper refinery and smelter, is a joint venture between South Korea's LS Corp. and a Japanese group led by Nippon Mining and Metals Co. Pan Pacific Copper Co., Sumitomo Metal Mining Co. and Mitsubishi Materials Corp., the country's top three producers of the metal, have not reached any deal with BHP, according to spokesmen Kan Komatsuzaki, Masashi Takahashi and Hisato Matsubara. Pan Pacific is 66 percent owned by Nippon Mining and Metals Co., a unit of Nippon Mining Holdings Inc. Mitsui Mining and Smelting Co. holds the remaining share. |
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Nalco's second aluminium project may hit competitors' roadblock |
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The capacity expansion proposals by Vedanta Aluminium Ltd (VAL) and Hindalco Industries by the single window clearance authority of the Orissa government may affect the Rs 16,000 crore smelter cum power complex (SPC) proposed by the public sector aluminium major National Aluminium Company (Nalco) at Jharsuguda. VAL and Hindalco, who have their smelter cum power projects located at Jharsuguda, have been permitted to scale up the aluminum smelting capacities of their proposed ventures from 0.25 million tons to 1.6 million tons and from 0.146 million tons to 0.36 million tons per annum respectively. The single window authority recommended their cases for the final approval of the high level clearance authority headed by Chief Minister Naveen Patnaik recently. With the state government earlier entered into a pact with a joint venture firm promoted by L&T and Dubal for a 0.3 million ton aluminium plant also at Jharsuguda, the total aluminium capacity proposed by various companies, excluding Nalco, in the Jharsuguda region is now pegged at 2.2 million ton. However, the Nagpur based National Environment Engineering Research Institute (NEERI), which was conducting a carrying capacity study for the Jharsuguda region in view of the pollution threat there arising out of rush of investment proposals in the field of aluminium, steel and power sectors, in its interim report has capped the total aluminium capacities to be permitted in the region at 2 million tons. Hence, the scope of Nalco setting up its project, comprising a 0.5 million tons per annum aluminium smelter and a 1260 MW captive power plant (CPP), at Jharsuguda appears very bleak, pointed out a company official. Nalco had written to the state government pleading that if the government did not allow massive capacity expansion proposed by some of the private players, then Nalco can put up the project at Jharsuguda while maintaining the overall cap of 2 million ton for the region. But its plea has been ignored by the single window authority. Meanwhile, the public sector aluminium major has already started looking for alternative sites for its project. It recently sent teams to Sundergarh, Sambalpur and Bolangir to scout for new location. The teams have collected datas on availability of land, water sources and transportation facility etc and these are being assimilated.
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Indophil Resources seeks new buyer |
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Japan, Asia's biggest shipper of copper cathode, may export 8.5 percent less than previously forecast this year amid increased domestic demand and slowing Chinese demand growth, reports said. Japan's biggest producer forecast exports of the refined copper will drop to 540,000 tons from an earlier estimate of 590,000 tons for 2010. The new estimate is 14 percent less than record shipments in 2009, mostly to China, the biggest consumer of the metal. The price of copper, used in pipes, tubes and wires, has jumped about 28 percent in the past year as stimulus measures helped the global economy. Japan's Cabinet Office raised its economic growth forecast last week to 2.6 percent from 1.4 percent for the year ending March 31. That would be the fastest expansion in a decade. The country's domestic demand has been recovering, especially from the auto and semiconductor sectors. Demand from the construction sector now appears to have hit bottom. The Japanese Electric Wire and Cable Makers' Association said recently its cable shipments rose 11 percent in May from a year earlier, gaining for the fifth straight month, while the Japan Copper and Brass Association said its output jumped 50 percent in May, the seventh straight monthly increase. Domestic demand may increase 14 percent from a year earlier to one million tons this year. The company previously forecast demand of 950,000 tons for this year. Tight scrap-copper supplies have also led domestic alloy fabricated product makers to seek cathode, dragging stockpiles down. There is also a shortage of scrap in South Korea, tightening overall copper supplies in East Asia. Japan is expected to produce 1.5 million tons of copper in 2010, up from 1.44 million tons in 2009. The company plans to produce between 570,000 and 580,000 tons in the year started from April 1, exporting 40 percent of its output this year. China accounts for about 60 percent of its exports.
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African Copper to return to full production |
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African Copper Plc, which explores for the metal in Botswana, has produced 8,766 tons of copper concentrate since restarting operations at the Mowana mine in August last year, reports said. The mine will return ‘to full production by the end of the year.’ African Copper shut Mowana in January last year after running out of cash. It resumed output after receiving US$ 41 million in financing from Zambia Copper Investments Ltd. The company, which is London-based and listed on the Alternative Investment Market and the Botswana Stock Exchange, is waiting for a license to start mining at Thakadu, a high-grade copper mine 70 kilometres from Mowana, which the company wants to start in ‘a few months’. The company has plans to convert Mowana into an open-pit mine that will extend its lifespan by 15 years. A feasibility study has recently been completed.
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Yuguang to expand zinc capacity by half |
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China's Yuguang Gold and Lead plans to expand its zinc capacity by half, will start making copper and raise recycled lead production in the next five years, reports said. The firm would build another 100,000 tons a year of zinc capacity in Jiyuan city in Henan, the biggest lead producing province in China, the world's top lead and zinc producer. The firm now operates 200,000 tons a year of zinc production capacity. For lead, the firm plans to increase the capacity of used battery processing for the production of recycled refined lead, which is encouraged by the central government. Yuguang now has capacity to process 360,000 tons of used lead-acid battery a year and will boost the capacity to 900,000 tons, which is expected to extract about 630,000 tons of metal for recycled refined lead production. More supplies of such material would allow Yuguang to raise the rate of recycled lead to at least 35 percent of the firm's total refined lead production from next year, and cut demand for lead concentrates for primary metal output. Recycled lead would account for about 25 percent of the firm's expected refined lead production of 350,000-360,000 tons this year. The firm now has 300,000 tons of lead smelting capacity in Jiyuan and owns a 49 percent stake in a 100,000-ton-a-year lead smelter in the northwestern province of Qinghai. Yuguang phased out a 50,000-ton-a-year sintering smelting system permanently in the first half of the year due to pollution issues and built a 100,000 tons a year of environmentally-friendly lead smelting capacity, which started production in April. The firm is also working on a project to build 50,000 tons a year of capacity to produce metals with copper the majority. The capacity would use lead and zinc dross, waste from primary lead and zinc production, as feed.
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National Aluminium Company Limited (Nalco) has issued a tender to export 6,000 tons of aluminium ingots.
They said that the last date to submit bids is July 5, 2010. The metal would be supplied to the buyer in six batches of 1,000 tons each from August to January.
Nalco, whose tenders serve as an international benchmark, earlier this month sold aluminium ingots to Switzerland based Metcom International at a premium of US$ 88.10 per ton including cost and freight over the average LME cash price.
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Vedanta's listing plan on hold |
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Vedanta Resources has put its latest plan to hive off its aluminium business under Vedanta Aluminium on hold.
This comes after a sustained campaign from environmentalists, non profit bodies and investors such as the Church of England, who have been opposing the company's plans to mine bauxite in Orissa. London listed Vedanta hired Morgan Stanley to prepare the plan which would have seen Vedanta Aluminium getting listed.
This is the second time the group has to put off a restructuring. Two years earlier, the group wanted to unbundle its aluminium, zinc, copper and mining businesses but back tracked after facing opposition from institutional shareholders.
The company, which has operations in Orissa has US$ 7.8 billion investment plan that includes expanding its refining capacity at Lanjigarh to 5 million tons (MT) from the current 1 MT and expansion of the smelting capacity at Jharsuguda to 1.75 MT from the current 0.25 MT. Two Group Company Sterlite Energy is also coming up with a 2,400 MW power project in Orissa, while Vedanta was planning 6,000 acre university complex with a planned investment of Rs15,000 crore.
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Marmota Energy stake rises |
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Marmota Energy has moved to 51 percent share of the high grade uranium prospect on the Junction Dam uranium project in north eastern South Australia, now having the right to earn 51 percent interest in the uranium rights from JV partners Teck Australia Private Limited, PlatSearch NL and Eaglehawk Geological Consulting Private Limited.
Marmota has satisfied the full 51 percent earn in commitment on the project as part of its agreement with Teck and its partners through its planned exploration expenditure during the H1 of 2010.
Junction Dam is strategically located less than 50 kilometres from the outback centre of Broken Hill and has excellent access to major road and rail infrastructure. The company continues to report outstanding grades from drill holes completed at Junction Dam as part of its phase two drilling campaign scheduled to continue until September 2010.
Marmota said that downhole gamma readings indicating high grade uranium mineralization, comparable to other existing uranium resources in South Australia, continue to be returned from what has been interpreted as Eyre Formation carbonaceous and pyritic sands.
These sands offer an ideal environment for sandstone hosted uranium. The Eyre Formation hosts the nearby Honeymoon Uranium Mine and Beverley Four Mile uranium project to the north of Junction Dam.
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Norilsk completes loan repayment |
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Russian metals giant Norilsk Nickel has completed the repayment of a US$1.5 billion three-year syndicated loan secured to buy foreign assets, Norilsk said. The loan was provided by several major banks to back the purchase of Canadian nickel mining company LionOre Mining International in 2007. Norilsk returned to profit in 2009, as it cut costs and avoided a repeat of one-off charges. Its shareholders have voted for a payout of US$1.325 billion, or 50 percent of its net profit as dividend. Norilsk, the world's top producer of nickel and platinum group metal palladium, has said it planned to issue 100 billion roubles of bonds as part of its long-term borrowing strategy.
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Epimax Mining to produce manganese |
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Epimax Mining Limited has decided to invest US$ 500 million in the production of manganese in Central region of Zambia.
Site foreman Shadreck Kalima said that the mining company had 400 hectares of land that would be utilised for manganese mining before its licence elapses by the end of 2010.
He said that the company was expected to employ more than 200 local people depending on the availability of materials.
Meanwhile, Maxwell Mwale, Mines and Minerals Development Minister of Zambia cautioned foreign investors not to engage in illegal mining activities.
Mwale said that Epimax Mining had a legal mandate to mine manganese at the site because it possessed appropriate mining documentation. He said that foreign investors should respect and adhere to Zambia's laws on who should be engaged in small scale mining.
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