Aluminum

Rio Tinto wins go-ahead for South of Embley bauxite project

By Matt Chambers

Rio Tinto bauxite mine in Cape York approved

By Robb M. Stewart

Alcoa boosted by strong aluminum demand, profit beats forecasts

Alcoa Inc. kicked off earnings season Monday by reporting a larger first-quarter profit than analysts expected, helped by strong demand for aluminum used to make airplanes and automobiles.

The company still sees demand for aluminum growing 7 per cent in 2013, with gains cutting across many industries. Read more

Aluminum, Zinc Gain From November Lows on Chinese Demand

By Agnieszka Troszkiewicz

Copper fell in London after higher production of the metal in China and expanding stockpiles indicated supply is ample.

Copper production in China increased 12 percent in the year’s first two months, according to the nation’s statistics bureau. Inventories tracked by the London Metal Exchange are the highest since 2010 and swelled today for a 19th session. Read more

China back on Cape York bauxite shortlist

By Sarah Elks

Aluminium surpluses and the price conundrum

By Geoff Candy

Aluminium prices are likely to trade close to the $2,000/tonne mark this year on the back of a 1.8 million tone surplus, Barclays says.

But, it says, while the above fundamental narrative is a simple one, it belies a number of significant distortions Read more

China-backed Citic takes 13pc chunk of Alumina for $452m

By Barry Fitzgerald

CHINA has moved to take advantage of the parlous state of the Australian aluminium industry by having state-owned Citic snap up a 13 per cent stake in Melbourne-based Alumina at $1.235 a share, or a total of $452 million.

The placement price is a modest 3 per cent premium to Alumina’s closing price yesterday but the move by China has seen Alumina – a 40 per cent partner in the AWAC global alumina alliance with Alcoa of the US – soar 19 cents to trade at $1.39 this morning. Read more

Hindalco acquires Brazilian alumina refinery, bauxite mines

By Shivom Seth

Mumbai-headquartered Hindalco Industries has finalised its arrangement for acquiring Alumina Refinery and Bauxite Mines from Novelis Do Brasil, a wholly owned subsidiary of Novelis Inc.

The agreement was executed between Novelis Do Brasil, Novelis Inc. and Read more

Alcoa’s healthy result boosts Alumina

SHARES in Alumina were sent to a six-month high yesterday as partner Alcoa kicked off the US earnings season with a report of higher alumina prices, lower costs and signs that the pair’s Victorian aluminium smelters had stopped losing cash.

Alcoa’s report, which came out on Tuesday night, was a strong one that tipped a more favourable manufacturing outlook Read more

Alcoa Profit Seen Recovering on Aluminum Price Gains

By Sonja Elmquist

Alcoa Inc. (AA), the largest U.S. aluminum producer, is set to record the strongest annual earnings growth in three years as the price of the commodity rebounds and after the company closed its most inefficient smelters.

Alcoa will today report fourth-quarter profit after one- time items of 6 cents a share, according to the average of 19 analysts’ estimates compiled by Bloomberg, compared with a year- earlier loss of 3 cents. Earnings in 2013 will more than double to 65 cents a share while the aluminum price will rise 6.4 percent, the estimates show. Read more

Higher prices will keep Alcoa in the black

By Peter Koven

As is tradition, Alcoa Inc. kicks off the fourth quarter earnings season next week, with results coming out after markets close on Tuesday. The company has struggled to stay much above breakeven in recent quarters due to weak aluminum prices, but a minor price uptick in Q4 should be good for the bottom line.

RBC Capital Markets analyst Fraser Phillips noted that prices were up by US6¢ a pound (on a 15-day lag basis), which should result in an earnings per share gain for Alcoa of US8¢ compared to the third quarter. Read more

Chalco Plans to Build Indonesian Alumina Plant for Supply

Aluminum Corp. of China Ltd., the country’s biggest producer, is seeking to tap bauxite resources and build processing plants abroad after Indonesia, the largest supplier to China, curbed exports.

The company plans to build an alumina facility with a capacity of 1 million metric tons a year in Indonesia as the first phase, President Luo Jianchuan said in an interview on Nov. 30 in Chongqing. Read more

Rio targets coal, aluminium in $7bn costs purge

By Barry Fitzgerald

Aurukun back in vogue as Newman seeks return to mining

By Andrew Fraser

Reef approval delays bauxite project a year

FIRST bauxite from Rio Tinto’s $1.4 billion South of Embley project near Weipa has been delayed by a year after federal Environment Minister Tony Burke sent the approvals process back to square one because of concerns over shipping through the Great Barrier Reef.

Rio will release its environmental impact statement today, eight months after Read more

Orbite Aluminae shares soar on technology hopes

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By Martin Mittelstaedt

Orbite Aluminae Inc. is a high flying Quebec-based junior miner hoping to strike it rich extracting alumina and rare earth elements from a vast deposit of mineral-rich clays in the Gaspé region.

If the technology works as hoped, Orbite could offer a low cost and environmentally superior alternative to bauxite, the current source of the world’s supply of alumina, Read more

Rusal to cut aluminum capacity

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By Wan Xu And Alison Leung

Russian group UC Rusal, the world’s largest aluminum producer, said it would cut capacity 3 per cent by year-end and was taking a charge on its investment in Africa, as it grapples with weak prices and rising power costs.

Rusal, which produces 9 per cent of the world’s primary aluminum, has been hurt by persistently weak prices for the metal used in drink cans, car parts, aircraft and iPads. Slack demand and overproduction have pushed prices close to two-year lows. Read more

Vedanta Lifts Hindustan Zinc, Balco Bid, Offers $3.93 Billion

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By Rajesh Kumar Singh

Vedanta Resources Plc. (VED), controlled by billionaire Anil Agarwal, will raise its offer to increase its stakes in Hindustan Zinc Ltd. (HZ) and Bharat Aluminium Co., seeking control of bauxite mines and India’s biggest zinc maker.

The company will ask for shareholder approval on Aug. 28 to offer as much as 15 percent more for Hindustan Zinc, it said in a note to investors. The offer price for Bharat Aluminium will be raised as much as 63 percent to $550 million. Read more

Rio Advances Sale of Diamond Mines as Aluminum Plan Stalls

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By Jesse Riseborough

Rio Tinto Group (RIO), the world’s third- largest mining company, said its plan to sell diamond assets is “well advanced,” while the divestment of aluminum operations has stalled after prices for the lightweight metal fell.

Rio is “looking at multiple options” for its diamonds division, Chief Financial Officer Guy Elliott told reporters yesterday on a conference call from London. Read more

S&P lowers 2012 nickel, aluminum price forecasts

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By Dorothy Kosich

Standard & Poor’s Ratings Services has lowered its price assumptions for nickel and aluminum for the rest of this year, noting that “most metals prices are unlikely to fall much further under our base-case scenario for 2012.”

“Our revised assumptions take into account the notable decline in spot prices for nickel and aluminum since our last update in January 2012, Read more

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