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Vale SA will raise output at its Clydach nickel refinery in Wales to full capacity taking semi-processed metal from a Canadian facility that has been hit by a labour strike, reports said.
Clydach is already operating at more than 90 percent of capacity and will raise production to 7.9 million pounds of nickel a month. Vale had said on March 12 that the refinery was operating at a rate of 2.5 million pounds a month. The plant is taking semi-processed nickel matte from Vale's Sudbury operations in Ontario. Sudbury workers walked out on July 13 after contract talks with the company broke down, leading to the longest strike in Vale's 67-year history. In early October, Rio de Janeiro-based Vale restarted the plant's Clarabelle mill with non-striking workers to produce copper concentrates. The Sudbury smelter has operated at 50 percent capacity since January. Vale, the fourth-biggest nickel producer in 2009, operates six mines, a mill, a smelter and refinery in Sudbury. It will restart the Creighton and Coleman mines to ensure an uninterrupted supply of feed for the single furnace operation at the Sudbury smelter. Nickel matte is material that has been smelted, though not refined, and has about 50 percent nickel content. |
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Nalco may see disinvestment |
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Aluminium producer National Aluminium Company (Nalco) may see a 10 percent equity dilution to divest government's stake. Currently, the government holds 87.15 per cent stake in the world's lowest cost aluminium major while the public holds the rest. However, the company board is yet to take its view on the proposed divestment which may raise around Rs 2,000 crore for the government. The Navratna firm's CMD A K Srivastava had earlier said that the government plans to dilute equity on only those companies in which it holds more than 90 percent. Hence, there is no question for a stake sale in Nalco. But, the recent statement by Mines Secretary Santha Sheila Nair clarified the government stand. Now, the company board will take a final view on the proposal soon. Recently, the Department of Disinvestment had written a letter to the Ministry of Mines to consider 10 percent disinvestment in Nalco. The letter has been forwarded to Nalco board which is yet to take a final decision in this regard. Earlier this month, Mines Minister B K Handique said that the Ministry of Finance had evinced interest in selling 10 percent stake in the firm, but the administrative ministry was yet to take a view on it. Nalco may not raise any fresh equity along with the proposed stake sale, its CMD A K Srivastava said last month. The Ministry of Mines is currently considering a further public offer (FPO) in PSU Hindustan Copper Ltd, to raise an estimated about Rs 4,500 crore for each - the miner and the government. The Centre is likely to go ahead with divestment in 12-15 public sector units, including SAIL, Coal India, Hindustan Copper, SJVNL and EIL among others in the current fiscal to raise about Rs 40,000 crore. |
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Higher copper prices accelerate
Zambia's economic growth |
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Zambia's economic growth is expected to accelerate to 6 percent in 2010, boosted by a rebound in copper prices, reports said. Africa's biggest copper producer's economy should expand by a median 6 percent this year and 6.1 percent in 2011, a poll of 10 economists showed, in line with the consensus forecasts of a similar survey in January. Zambia has averaged 5 percent growth over the last six years, drivesn mainly by a rebound in copper production, which had declined for nearly three decades until 2004. Despite challenging external demand conditions, the Zambian economy has proven surprisingly resilient to the global economic downturn. The key underlying reason for this has been a rebound in global copper demand, and the resultant rally in global copper prices. The Bank of Zambia said copper production rose slightly in the first quarter compared with a year ago, helping sustain a surplus on the country's trade account. The correlation between copper prices and the volume of exports is substantial, and should continue to sustain trade surpluses in the medium-term. The fiscal balance was forecast at a deficit of 2.4 percent of GDP for 2010 and two percent next year. |
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Arbitration on sale in
Balco reaches final lap |
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Arbitration on sale of the residual government stake in Bharat Aluminium Company (Balco) has reached the final lap, in the hearing by a bench of three retired judges. According to the company executives, the final decision will be taken in this regard by August this year. The judgement is expected in the following fortnight. The arbitration started at the end of last year and has already had two hearings in December and February, in which former Union Law Minister Shanti Bhushan represented Sterlite Industries, the majority owner in Balco, and Senior Counsel A K Ganguli represented the government's case. Sterlite, a subsidiary of London-listed Vedanta, bought 51 percent of Balco in March 2001 for Rs 552 crore, when the National Democratic Alliance government decided to divest the government's stake in the public sector company. Sterlite was given the right to buy the remaining stake after a three-year period. So, in March 2004, Sterlite sent the government a call notice and a cheque of Rs 1,099 crore for Balco's residual stake, in accordance with the shareholders' agreement. But, differences in the value of the government's residual stake came up after the United Progressive Alliance came to power in May 2004. The issue was referred to the Attorney General, who then termed the call option invalid under Section 111A of the Companies Act. He said, however, that the residual stake could be sold at the market price. In 2006, Sterlite moved the Delhi High Court for interim relief, to ensure the government did not sell the stake to anyone else. The high court asked for reconciliation and arbitration. The government then directed a committee of secretaries to explore ways to reconcile the issue. In May 2008, the committee recommended that to discover the correct price of the stake in the unlisted company, the government should sell 10 percent in an initial public offer (IPO). That July, the Cabinet Committee on Economic Affairs approved the IPO after the ruling UPA parted ways with the Left parties. Sterlite, however, rejected the IPO; it said it had the right to buy the entire residual stake. |
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Lundin Mining turns black |
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Canada's Lundin Mining rebounded to a profit in the first quarter from a year-before loss, due to rising metals prices and new production from the Tenke-Fungurume copper mine in the Democratic Republic of Congo. The Toronto-based miner earned US$38 million, or 7 cents a share, in the quarter ended March 31. That compared with a loss of US$8.6 million, or 2 cents a share, in the year-before quarter. Revenue rose to US$141.7 million from US$123.4 million as higher prices of copper, zinc, and nickel more than made up for lower production. |
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Southern Copper's
profit quadruples |
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Southern Copper posted a first-quarter net profit of US$383.2 million, nearly four times more than in the same period a year earlier as global markets improved. In a statement to Peru's securities regulator, the company, one of the world's biggest copper miners, said it was mulling an investment of US$3.8 billion to boost output at its Cananea mine in Mexico after the end of a long labour conflict. Southern said the investment could boost Cananea's output to 460,000 tons a year from 180,000 tons. |
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Kazakhmys, Jinchuan plan to raise US$2 billion |
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Kazakhmys Plc, Kazakhstan's biggest copper mining company and China's Jinchuan Group Ltd. plan to raise US$1.5 billion to US$2 billion for the Aktogay mining project after they conclude a joint venture accord, reports said. Kazakhmys has raised US$2.7 billion mainly for its Bozshakol project and other expansion plans. The Kazakh miner recently agreed to sell 49 percent of Aktogay for US$120 million in cash to Jinchuan, a producer of copper and nickel, and jointly develop the site to feed growing consumption in China. World copper demand is expanding and Kazakhmys signed contracts with customers to sell 90 percent of its production for 2010. First-quarter output of copper cathodes, or finished plates, was 78,400 tons compared with 85,600 tons a year earlier. Production in 2010 will mainly depend on ore extracted this year whereas output last year benefited from stockpiles brought forward from 2008. Kazakhmys will receive US$20 million in June from the dividend of its 26 percent stake in Kazakh ferroalloy producer Eurasian Natural Resources Corp. |
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Global zinc
market to be
surplus this year |
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The global zinc market will be in a surplus of 418,000 tons this year, the Lisbon-based International Lead and Zinc Study Group (ILZSG) said. The group anticipates refined zinc supply to increase at a similar rate to demand this year resulting in a global market surplus of 418,000 tons. At the last meeting in October, the ILZSG had forecast the market would be in a surplus of 227,000 tons this year. Restarts of production idled or cut back last year and expansions in China and India will help global refined zinc output rise by 10.3 percent this year to 12.46 million tons. World demand for zinc is expected to grow by 11.3 percent to 12.05 million tons in 2010. Consumption in Europe is forecast to rise by 21.6 percent this year after a 24.5 percent fall last year. Chinese demand is expected to rise by 8.9 percent due to continued expenditure on infrastructure projects combined with strong growth in the construction and automotive sectors. The ILZSG expects global zinc mine production to rise by 6.3 percent this year to 12.05 million tons. Meanwhile, global refined lead consumption is projected to rise 7.3 percent this year to 9.3 million metric tons. Refined lead production will increase 7.5 percent to 9.41 million tons. Refined zinc production will rise 10.3 percent to 12.46 million tons, outpacing consumption of 12.05 million tons. |
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China's nickel pig iron
output rises |
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Production of nickel pig iron in China, the world's largest consumer of nickel, jumped to a record in the first quarter after prices more than doubled in the past year, according to a research firm, reports said. Output of nickel contained in pig iron, a low-cost substitute for the refined metal, more than tripled to 44,000 tons in the first three months. March output reached a record 17,400 tons. Nickel pig iron producers ramped up output as it has become quite profitable following such a large increase in prices. Restocking by stainless steel producers has also driven demand. Nickel for three-month delivery on the London Metal Exchange is the best-performing commodity this year, climbing 39 percent as stainless steel producers, the biggest users of the metal, increased output as the global economy recovers. It advanced to a 23-month high of US$27,595 a ton on April 16. China's production of nickel pig iron is expected to exceed 50,000 tons in the second quarter, driven by demand from domestic stainless steel mills. Nickel is used to make the alloy more resistant to corrosion. Output of refined nickel in China grew 25 percent to 47,400 tons in the first quarter from a year earlier. Total nickel output may rise to 313,000 tons this year from 278,000 tons. The 300-series of stainless steel products contains about 8 percent nickel compared with the 200-series, which contains about 1 percent, and the 400-series, which contains hardly any. China's output of nickel-based stainless steel fell 24 percent in February from last year, while output of chromium-based stainless steel rose 71 percent. |
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Chelyabinsk Zinc Plant turns black |
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Russia's top zinc producer Chelyabinsk Zinc Plant returned to profit last year and it plans upgrades to raise capacity. The producer of the anti-corrosive metal reported net profit of 643 million roubles (US$21.9 million) in 2009 compared to a loss of 3.52 billion in 2008. The main reasons for this improvement are the decreased cost of sales and substantially lower one-off adjustments (asset write-downs and impairment charges) compared to the previous year. Earnings before interest, depreciation and amortisation (EBITDA) were 2.07 billion roubles last year compared to 10 million roubles a year before. Total revenue rose to 10.17 billion roubles from 9.97 billion roubles. Chelyabinsk, which is controlled jointly by Russia's Urals Mining and Metals Co (UMMC) and the Russian Copper Company, had to cut output last year along with other Russian metal producers because of the economic downturn, which reduced demand and lowered metals prices. The company proposes to raise capacity to 160,000 tons by the end of current year from 153,000-154,000 tons now. The output could be enhanced further to 175,000 tons by the end of 2011. Chelyabinsk produced 119,900 tons of zinc and its alloys in 2009, down from 150,000 tons in 2008. |
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Steel Cast 2010 conference
to discuss foundries issue |
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A one day conference on Steel and Alloy Steel Casting - Steel Cast 2010 - will be held at Hotel Sea Princess on May 28, 2010 by the Institute of Indian Foundrymen-Greater Mumbai Chapter.
The conference is held at a time as infrastructure and industrial growth are going to be the prime driver for economic development of the country, and steel castings are used in vital sectors like railways, mining, power generation, chemical and fertiliser, defence etc. Eminent speakers in the field of manufacturing will share their knowledge and experience in this seminar. For small foundries, this seminar will provide useful and interesting tips. Delegates will have ample opportunities to interact with experts.
The event will be attended by steel and alloy steel castings foundry owners, senior and middle level management personnel of foundry operations, foundry input suppliers, casting consumers, users and exporters and all those who are associated with steel castings production and applications.
Some of the invited presentations are as follows : High Manganese Wear Resistant Castings by V Rajkumar, Consultant, Bangalore; Gating System for Steel Castings and Co- Silicate Moulding Process in Steel Foundries by Subrata Chakrabartti, Consultant, Kolkata; Occurrence of Defects in Steel Castings and Remedial Measures by SK Maulik, Kolkata; Defect Analysis of Steel Castings from 3D Models-Real Life Demonstration by Prof. B Ravi, IIT, Mumbai; Innovation in Induction Melting Furnace for Quality Melts in Steel Foundries by P D Chaubal, Inductotherm (I) P. Ltd, Ahmedabad; New Generation Super Duplex Stainless Steels for Pump Castings by J V Patankar, Kishore Pumps, Pune and Useful Tips for Production of Quality Steel Castings in Small-Scale Foundries by S P Oudhia, Metallurgist and Foundry Technologist, Mumbai. |
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Chinalco forms JV with
Jiangxi Rare Earth |
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Aluminum Corporation of China (Chinalco), the country's largest maker of the metal, said it formed a joint venture with Jiangxi Rare Earth and Rare Metals Tungsten Group Corp. to develop nickel and cobalt materials. Chinalco will hold 51 percent of the venture, the state-owned company said. The venture will invest 1.8 billion yuan (US$264 million) to make refined metals and high-end products, it said. China Minmetals Corp. acquired a controlling stake in Hunan Nonferrous Metals Group Co. in December to gain zinc and tungsten assets. The government is encouraging producers to merge to gain pricing power. This project is an important step in building strategic cooperation between the two companies. The venture will have 40,000 metric tons of capacity initially, the company said, without giving details. An expansion may take capacity to 100,000 tons. |
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Sterlite net up
130 pct on
higher prices |
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Sterlite Industries said its consolidated net profit for the quarter ended March 31, 2010 rose 130 per cent to Rs 1,380 crore on the back of higher metal prices and stronger sales figures. Net sales for the company in the period grew 63.9 percent to Rs 7,110 crore. Revenue from the zinc and lead businesses doubled, while copper sales rose 68 percent, said the company. The company also announced a bonus share issue and a stock split that moved the stock by six percent to Rs 842.5 a share. Sterlite controls Bharat Aluminium Company (Balco) and Hindustan Zinc which last month started production from a 210,000 metric tons capacity smelter in Rajasthan, a quarter ahead of schedule. On the issue of the government's residual stake sale in Balco, the company said last week's hearing by arbitration panel remained inconclusive. Revenue from the power business (net of transmission and wheeling charges) for the quarter were Rs 164 crore and Rs 658 crore respectively compared with Rs 16 crore and Rs 77 crore in the corresponding prior periods. The company plans to bring an initial public offer for its power business subsidiary Sterlite Energy. |
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Dubal saves
over $3 ml
from staff ideas |
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Dubai Aluminium (Dubal), a top aluminium smelter with a captive power station, has saved Dh11.89 million (US$3.24 million) in 2009 by implementing suggestions from its employees, said a top executive.
“For any organisation to succeed, its employees must be involved and engaged,” said Abdulla Kalban, president and CEO of Dubal speaking at the company's annual suggestion scheme awards ceremony.
“The resulting empowerment enriches the work experience and brings out the best in every person — which in turn leads to improvements in quality, safety, cost, environment, through-put and customer service,” he added.
Dubal's suggestion scheme received 11,890 suggestions last year, of which 9,447 were implemented and awarded.
Moreover, the overall employee participation rate reached the 100 percent mark for the fourth consecutive year (i.e., each employee had at least one suggestion implemented and awarded suggestion during 2009).
The audited savings potential of the suggestions implemented in 2009 brought the total savings achieved by Dubal through the scheme to almost Dh97 million over the last 29 years.
“The scheme has become synonymous with Dubal's corporate positioning as a leader in every aspect of our business and our commitment to excellence without compromise,” said Kalban.
“Indeed, the scheme has become one of the key differentiators that set our company apart in the market place, giving us a competitive advantage over our competitors,” he concluded. |
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Nyrstar may buy
mining project |
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Nyrstar NV, the world's largest zinc producer, may buy a mining project in two or three months and is looking at sites in South America, Australia and Europe. The company has potential acquisitions in the 'pipeline' beyond its current bid for CBH Resources Ltd. Nyrstar, which cut production 23 percent last year, resumed full output at its Balen smelter in March as world economies revived. The company, owner of six smelters on three continents, is also ramping up output at idled mines it bought last year that are able to feed about 21 percent of its raw-material needs. The average price of zinc for three-month delivery in London rose 91 percent in the first quarter from a year earlier. Nyrstar's first-quarter output of zinc, used to protect steel from corrosion, rose 48 percent to 265,000 tons after restarting its largest smelter. Output is 'ahead of our first-half forecast of 510,000 tons and with further volumes to come from the Balen smelter'. A 2010 agreement on treatment charges, the fees that mining companies pay to have their semi-processed ore turned into finished metal, will give smelters a 36 percent share of zinc revenues, down from about 42 percent in 2009. Nyrstar said it agreed to a 23 percent jump in the charges to about US$250 a ton, based on a zinc price of US$2,000 a ton. Smelters are paid an extra 5 cents for every dollar the market moves above that price and 9 cents for every dollar above US$2,500 a ton. For every dollar drop, smelters receive 6 cents less. |
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Hindustan Zinc
net profit surges |
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Vedanta Resources group company Hindustan Zinc said its net profit surged over two-fold to Rs 1,238.99 crore for the fourth quarter ended March 31, 2010.
Income from operations rose to Rs 2,498.47 crore for the fourth quarter ended March 31 compared to Rs 1,262.68 crore for the same period last fiscal, Hindustan Zinc said in a filing to the Bombay Stock Exchange (BSE).
For the year ended March 2010, the country's largest zinc producer posted a net profit of Rs 4,041.41 crore compared to Rs 2,727.61 crore in the last fiscal. The company recommended a dividend of 60 per cent or Rs 6 per share. |
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Kazakhmys concludes copper
sales contract for 2010 |
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Kazakh copper miner Kazakhmys has concluded all of its sales contracts for the year, signalling strong copper demand, after it posted better than expected output and said it would meet its annual target. "The contracts are all signed for 2010, there's been good demand," said John Smelt, Head of Corporate Communications.
The sales contracts account for about 90 percent of expected output of Kazakhmys, the world's eighth biggest copper producer.
Investors are keenly watching for signs of healthy underlying demand as global recovery takes hold in the West as well as China, the world's biggest copper consumer.
The London-listed firm said copper cathode output for the first three months of the year from its own material fell 4.3 percent to 78,400 tons because last year's production was boosted by the processing of stockpiles of ore.
"Production has gone well in Q1 2010 and we remain on target to produce just over 300,000 tons of copper cathode during the year," Chief Executive Oleg Novachuk said in a statement.
Credit Suisse analyst Liam Fitzpatrick said the production figure beat his estimate of 70,000 tons.
"In our view the market attaches very limited value to some of the non-core assets and longer term growth projects ... and KAZ remains an attractively priced stock," he said in a note. |
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DUBAL, EMAL raises customer awareness in Europe |
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UAE-based Dubai Aluminium Company Limited (DUBAL) and Emirates Aluminium (EMAL) have raised customer awareness of the UAE's growing primary aluminium sector in Europe by participating in the biennial 8th Metef International Aluminium Exhibition (Metef 2010), which took place at the Garda Exhibition Centre, Brescia, Italy. DUBAL and EMAL participated jointly at the exhibition with a view to promoting the two companies' individual facilities and joint product portfolio to delegates, participants and other visitors to the exhibition.
DUBAL also took advantage of the opportunity to promote its advanced, proprietary DX Reduction Technology that DUBAL has licensed to EMAL.
Sultan Al Sabri, General Manager Marketing and Sales, Europe and North America reported that the event was successful. “Many of our existing customers visited our stand, giving us the opportunity to continue building on our long-standing relationships and to discuss business-related matters,” he said. “The substantial size of the stand, complemented by eye-catching design and graphics, reinforced the fact that the UAE aluminium sector already has a strong presence in Europe, and will continue to be a major player in the market for years to come. These factors attracted the interest of potential new customers, who took advantage of the opportunity to meet the officials who manned the stand and obtain information first-hand.”
Al Sabri remarked that Europe is a strategically important market for DUBAL. “In terms of geographic, economic and freight perspectives, the Middle East is ideally located to serve Europe. He added that DUBAL has been active in the region since 1996 and maintains a comprehensive infrastructure of discharge port facilities and warehouses that, together, enable timely deliveries to end-users across Europe.
In terms of a contractual agreement, DUBAL will be responsible for marketing EMAL products. This will allow EMAL to benefit from the long-standing relationships built by DUBAL across the world as well as the existing systems, structures and services established by DUBAL over the years.
The joint participation of DUBAL and EMAL at Metef 2010 is part of a strategy to position both companies to pursue opportunities in the European market. Having experienced a reduction in the production shipped to Europe in 2009, as a result of the global economic recession, DUBAL expects that the levels of metal it has historically sold into the region to be restored. |
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Orissa govt. asks Nalco consent to float SPV |
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The Orissa government has asked the public sector National Aluminium Company Ltd (Nalco) to give its consent for floating a Special Purpose Vehicle (SPV) for local area development of the Potangi bauxite project area in Koraput district, reports said. The steel and mines department of the Orissa government has already written a letter to the Chairman and Managing Director of Nalco in this regard. Sources said the proposed SPV would be in line with the one formed by the Vedanta Aluminium Ltd (VAL) for the peripheral development of the Lanjigarh bauxite mines area. This follows the in-principle approval by the state government to recommend Potangi for mining of bauxite by Nalco. However, the approval has been made conditional to fulfillment of certain conditions. First, Nalco would have to agree for the formation of a SPV for the local area development. Second, it would have to spend five percent of the net profit or Rs 10 crore, whichever is higher, for peripheral development of this area. The chairman of the proposed SPV would be a government nominee and Nalco would have to contribute fund to the SPV from April 1, 2010. Potangi bauxite mines, for the purpose of SPV, would encompass both Potangi bauxite mines and Nalco's refinery located at Damanjodi. However, the final ML would be granted after obtaining the prior approval of the Union government and subject to the company obtaining all the statutory clearances. Nalco had applied for bauxite mining lease over an area of 2618 hectares in August 1992. Subsequently, the Union Ministry of Mines reserved 1738.04 hectares for the company in April 2007. |
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Japanese aluminium shipment rises |
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Japanese shipments of aluminium products rose 50.3 percent in March from a year earlier to 186,714 tons, the fourth straight month of year-on-year climbs, Japan Aluminium Association data showed. That was up 13.7 percent from February, the second month-on-month gain, but still 3.5 percent below levels in March 2009 before the global economic crisis hit demand. The association has said that shipments for the fiscal year that began on April 1 are expected to reach 1.975 million tons, up from 1.854 million tons estimated for this financial year. Japan is Asia's largest importer of primary aluminium. The global economic crisis reduced demand for the metal as automakers and other manufacturers cut output after late 2008, but Japanese aluminium shipments have been recovering thanks to a pick up in demand in the electronics and food sectors. The recovery was also underpinned by prospects for an increase in demand in India and China for the metal, used widely in products ranging from computers to planes. But aluminium industry officials remain cautious about the pace of recovery this year as Japan's economy faces persistent deflation and with notable weakness in the construction sector. Aluminium stocks held at three major Japanese ports came to 192,800 tons at the end of March, down 7,900 tons or 3.9 percent from a month earlier, trading house Marubeni Corp said earlier this month. Japan's exports held firm in March in a sign that solid growth in Asia and a rebound in the US economy is fuelling Japan's export-driven recovery, boding well for first-quarter growth. But the strength in exports has been slow to spill over to the domestic economy, with many companies struggling to deal with deflation. Mazda Motor Corp and Mitsubishi Motors Corp, Japan's No.5 and No.6 automakers, forecast a more than trebling in annual operating profit counting on new models to ride a sales recovery in the US and other markets. |
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Western Mining and
Shaanxi Nonferrous
bid For Lead and
Zinc mine |
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Western Mining and Shaanxi Nonferrous Metals Holding Group are bidding for the largest lead and zinc mine in Sichuan province, according to a report.
The report said that the reserve price was fixed at 2.04 billion yuan. At a bidder selection meeting held on April 27, the price was raised to 2.1 billion yuan. The targeted mine has an exploration area of 0.588 square kilometre.
According to the rules, bidders are required to have a registered capital of one billion yuan and net asset of two billion yuan. They must not have recorded losses in the previous three years. |
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Miners contribute to EPF in Zambia |
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Mining companies operating in Zambia have responded to government's statutory requirement to contribute towards protecting the environment in their areas of mining and have paid more than US$ 70 million.
Konkola Copper Mine Plc has emerged as the largest contributor to the Environmental Protection Fund (EPF) under the Ministry of Mines, having paid ZMK 3.3 billion for the first five years.
Mopani Copper Mines, JV between First Quantum Mining Limited and AG of Switzerland is second with contributions amounting to US$25 million for operations in Kitwe and Mufulira. First Quantum Minerals Limited has further paid US$10 million for its Bwana Mkubwa and Kansanshi operations while China Non Ferrous Company Africa Mining paid the government US$5 million for its Chambishi Mining.
Peter Sinkamba, ED of Citizens for a Better Environment said that of the major mines, KCM was the biggest contributor to the fund with US$68 million for its operations in Kitwe, Chingola, Chililabombwe and Nampundwe mines. He added that the mines were supposed to make five equal instalments of the amounts every year for five years from 2008. The government would hold the contributions in trust until the mines closed and the same would go towards addressing any environmental impact.
Citizens for a Better Environment have also expressed happiness that most major mining companies have taken the initiative to comply with the statutory requirement to contribute to the EPF. |
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China Armco Metals secures
scrap metal supplies till 2010 |
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China Armco Metals, a distributor of imported metal ore and metal recycler with a new state of the art scrap metal recycling facility in China, announced that Armet Renewable Resourced Co., Ltd. the company's wholly-owned subsidiary has entered into contracts with several domestic suppliers to secure an ongoing supply of scrap metal of up to 37,000 tons per month for the remainder of 2010.
The scrap metal will be processed at China Armco's new facility in Lianyungang. As previously announced, China Armco secured a contract to deliver approximately 23,000 metric tons of processed scrap metal per month for a period of 10 months to a major steel producer in 2010 valued at approximately US$100 million based on the spot price of scrap metal in March of 2010. These new sourcing contracts will provide China Armco with the raw materials to meet its commitment to this major steel producer as well as provide additional inventory to support its sales efforts to other customers.
Commenting on the supply contracts, Kexuan Yao, CEO and Chairman of China Armco Metals stated, "We are very pleased to have secured a sizable and consistent scrap metal supply. This is an important step forward as we ramp up production at our newly constructed metal recycling facility in Lianyungang.“
He commented that the infusion of capital from our recent equity raise coupled with the exercise of options and warrants, has provided us with the added financial flexibility to secure favorable long-term supply contracts to accelerate our growth plans for 2010 and beyond. We now have the ability to look to take advantage of numerous opportunities before us and intend to work diligently to aggressively expand our operations for the benefit of our shareholders.
China Armco Metals is engaged in the sale and distribution of metal ore and non-ferrous metals throughout the PRC and has entered the recycling business with the recent launch of operations of a 1-million ton per year shredder and recycler of metals located on 32 acres of land acquired by China Armco. The company maintains customers throughout China which includes the fastest growing steel producing mills and foundries in the PRC. Raw materials are supplied from global suppliers in India, Hong Kong, Nigeria, Brazil, Turkey, and the Philippines. China Armco's product lines include ferrous and non-ferrous ore, iron ore, chrome ore, nickel ore, magnesium, copper ore, manganese ore and steel billet. The recycling facility is expected to be capable of recycling one million metric tons of scrap metal per year which will position China Armco as one of the 10 largest recyclers of scrap metal in China. China Armco estimates the recycled metal market at 70 million metric tons. |
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