(Reuters) – China shares closed higher on Friday, buoyed by strong financials and a surge in rare earths, as investors speculated in growth in the sector, following surges in the recently opened rare earths exchange.
Read more at: http://in.reuters.com/article/2014/04/04/markets-china-stocks-close-idINH9N0MM02120140404
(Reuters) – China’s Baoshan Iron and Steel Co Ltd (Baosteel) plans to issue 4 billion yuan ($644.05 million) of bonds which can be exchanged for a portion of New China Life Insurance’s 01336.SS shares, the steel maker said on Friday.
Baosteel, which owns 15.11 percent of the insurer, said in a statement that the exchangeable bond will help to reduce its borrowing costs, diversify its financing channels and revitalize its financial assets.
Under Chinese regulation, firms can issue bonds with an embedded option to exchange the bond for another company’s stock a year after the issuance.
Read more at: http://www.reuters.com/article/2014/04/04/us-china-baosteel-idUSBREA3301N20140404
Jakarta. Bumi Resources, the coal mining unit of the Bakrie Group, has finally secured shareholder approval for its debt-to-share swap deal with China Investment Company after two previous attempts failed.
Dileep Srivastava, a director at Bumi Resources, told reporters that shareholders representing a 63 percent voting rights had agreed to the three resolutions needed to proceed with the CIC deal, in the third extraordinary shareholder meeting seeking approval for the deal.
He added that a minimum of 40 percent of shareholders’ votes was required for the resolutions.
To pay a portion of its $1.3 billion debt to CIC, Bumi will relinquish a 19 percent stake in the company’s coal miner Kaltim Prima Coal and a 42 percent stake in Bumi Resource Minerals.
Read more at: http://www.thejakartaglobe.com/business/indonesias-bumi-resources-debt-share-swap-given-clear/
(Reuters) – A copper smelter venture between diversified Indonesian miner Aneka Tambang (Antam) and Freeport McMoRan Copper & Gold Inc may not be ready before a ban on concentrate exports takes effect in 2017, the state-owned firm said.
The two firms began studying the feasibility of a copper smelter project in January soon after Indonesia halted exports of unprocessed minerals and ruled that miners must refine metals domestically by 2017 as well as pay an escalating export tax that reaches 60 percent in 2016.
Read more at: http://www.reuters.com/article/2014/04/04/freeportmc-smelter-deadline-idUSL4N0MW1ZQ20140404
SHANGHAI, Apr. 4 (SMM) – Jinchuan Group Ltd. started trial running a 300,000-tpy copper processing project after one year of construction, reported the local media in Gansu province where the company is based.
The project, which uses continuous casting and rolling production line introduced from Southwire Company in the U.S., would increase Jinchuan’s production capacity for making copper rods to 450,000 tpy, the report said.
The electrochemical reactions inside the porous electrodes of batteries and fuel cells have been described by theorists, but never measured directly. Now, a team at MIT has figured out a way to measure the fundamental charge transfer rate—finding some significant surprises.
The study found that the Butler-Volmer (BV) equation, usually used to describe reaction rates in electrodes, is inaccurate, especially at higher voltage levels. Instead, a different approach, called Marcus-Hush-Chidsey charge-transfer theory, provides more realistic results—revealing that the limiting step of these reactions is not what had been thought.
Read more at: http://phys.org/news/2014-04-analysis-probes-porous-battery-electrodes.html#jCp
PERTH (miningweekly.com) – Mining giant BHP Billiton has sold its West Musgrave nickel project, in Western Australia, to ASX-listed junior Cassini Resources.
The miner had been divesting its noncore assets, and had sold projects in Australia, the US, Canada, South Africa and the UK in the last two years, over several commodities, including petroleum, copper, coal, uranium and diamonds.
Cassini reported on Thursday that the West Musgrave project was a natural acquisition for the company, as the company owned a nearby tenement area and had experience operating in the region.
Read more at: http://www.miningweekly.com/article/cassini-buys-bhp-nickel-project-2014-04-03
“China is the largest producer of metallurgical coal but it’s still expected to remain a significant importer,” he told the event in Brisbane. “However, most future demand growth is likely to come from outside China, with the likes of India, a country not overly endowed with metallurgical coal, anticipated to be the most significant source of new demand.”
Read more at: http://newsen.steelhome.cn/2014/04/03/n876956.html
SHANGHAI, April 2, SinoCast — Jilin Jien Nickel Industry Co., Ltd.(SHSE: 600432) reported operating revenue of about CNY 2.37 billion for 2013, down 5.06% from a year ago. Net profit attributable to shareholders was CNY 98.54 million, compared to loss of CNY 20.63 million a year earlier. It plans to distribute cash bonus of CNY 0.5 to every 10 shares.
Nickel from Russia, the world’s second-largest producer of the refined metal, would be shipped toChina in the event of U.S. and European Union trade sanctions, according to a survey by Bloomberg News.
Russian companies selling to Europe and the U.S. would switch to buyers in China, the largest consumer of nickel, said eight out of 12 nickel producers, traders and analysts in the Asia-Pacific region. Punitive measures would increase global prices at least in the short-term, said eight respondents.
Read more at: http://www.bloomberg.com/news/2014-04-03/russia-would-divert-nickel-sales-to-china-on-sanctions.html
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