By Matt Chambers
FEDERAL Environment Minister Tony Burke has finally given Rio Tinto the go-ahead for the $1.4 billion South of Embley bauxite expansion near Weipa on Cape York Peninsula, more than a year after the miner was sent back to the approvals drawing board to deal with Great Barrier Reef shipping concerns. Read more
By Robb M. Stewart
AFTER a delay of more than a year, Rio Tinto has received environmental approval for a $US1 billion-plus bauxite mining project in Queensland, although it must meet conditions imposed by the federal government aimed at protecting marine wildlife and the Great Barrier Reef from shipping. Read more
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
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
By Sarah Elks
CHINA’S biggest aluminium-maker will revive its controversial bid for rich bauxite deposits on Cape York Peninsula, pitching it against mining giant Rio Tinto and five other contenders.
Chalco has moved after Queensland’s Liberal National Party government dropped a condition Read more
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
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
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
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
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
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
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
By Barry Fitzgerald
RIO Tinto has set out to slice $US7 billion from its cost base in the next two years, with the knife to cut most deeply at its ailing global aluminium business and its Australian coal operations.
The attack on costs is a response to what Rio chief executive Tom Albanese said was the “unsustainable cost increases of the past few years”. He said that in addition to the “tough action” Read more
By Andrew Fraser
SOME 37 years after bauxite leases at Aurukun on the western side of Cape York were granted to a mining company the Newman government is trying yet again to find a company willing to mine there.
Queensland Deputy Premier Jeff Seeney yesterday declared the Queensland government would take expressions of interest in developing the deposits until February 15, after which it intended Read more
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
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
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
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
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
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