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Category Archives: Metals

World Bank eyes $1 billion African resource mapping fund in July

Posted on February 6, 2014 by Nanthakumar Victor Emmanuel, P.Eng Leave a comment

(Reuters) – The World Bank wants to launch a $1 billion fund in July to map the mineral resources of Africa, using satellites and airborne surveys to fill geological gaps across the continent where a lack of adequate data hampers mining investments.

The World Bank has committed $200 million to the five-year fund, and was meeting with mining companies and governments from sub-Saharan Africa who have expressed interest, a senior bank official told Reuters on Wednesday.

Metals

Rio seeks partners for $US18 billion project

Posted on February 6, 2014 by Nanthakumar Victor Emmanuel, P.Eng Leave a comment

Rio Tinto is in talks with potential partners from the Middle East and China to seek finance for an $US18 billion mine project in Guinea, in what could be a model for miners to fund the soaring cost of developments.

The Anglo-Australian miner has been in discussions with groups including Mubadala, oil-rich Abu Dhabi’s active investment vehicle, as well as the sovereign wealth funds of Kuwait and Qatar over possible investment in a 650 kilometre railway and port needed to unlock Rio’s development of Simandou, an iron ore deposit in the west African country.

CVD Receives Multi-Million Dollar Coating System Order

Posted on February 5, 2014 by Nanthakumar Victor Emmanuel, P.Eng Leave a comment

CVD Equipment Corporation (Nasdaq: CVV) announced today that it received a multi-million dollar order from a major aviation component supplier.

Leonard A. Rosenbaum, President and Chief Executive Officer stated, “We have been working with this customer since 2010 in developing their next generation of equipment to manufacture their composite products. We are pleased to have now been awarded this order for a multi-chamber CVD coating system and look forward to also meeting their future production needs.

Metals

Newmont Mining Corp downgrade on Indonesia fears

Posted on February 4, 2014 by Nanthakumar Victor Emmanuel, P.Eng Leave a comment

Since Newmont’s Batu Hijau project is expected to be its top cash-flow generator in 2015/2016 as the company accesses the high grade core of the deposit, the threat is prompting caution from J.P. Morgan analyst John Bridges.

“This cash flow improvement has been a key advantage for Newmont compared with other large gold producers,” he told clients, lowering his rating on the stock to neutral from overweight and cutting his price target to US$26 from US$28. “What’s worrying is that the country has made the investment climate very uncertain and this will likely reduce new investment in the country’s mineral industry.”

Indonesian govt must offer incentives to build smelters-PT Indosmelt

Posted on February 4, 2014 by Nanthakumar Victor Emmanuel, P.Eng Leave a comment

JAKARTA, Feb 4 (Reuters) – Indonesia’s government must provide tax holidays and other financial incentives to convince companies to invest hundreds of millions of dollars to build copper smelters amid weak global prices, said the head of smelting firm PT Indosmelt.

President Susilo Bambang Yudhoyono last month imposed new mining policies, including a controversial mineral ore export ban and progressive export taxes, aimed at forcing miners to build smelters and process their raw materials in Indonesia.

Cuba to cut nickel plant output for major overhaul

Posted on February 3, 2014 by Nanthakumar Victor Emmanuel, P.Eng Leave a comment

Feb 3 (Reuters) – Cuba will reduce production at one of its two nickel plants this year so it can carry out maintenance and capital improvements to make the plant competitive at low international prices.

A report on the evening government newscast on Sunday said the Ernesto Che Guevara processing facility in eastern Holguin province would be given a major overhaul.

The state-owned plant, built with Soviet technology and opened in 1986, has a capacity of about 30,000 tonnes of unrefined nickel plus cobalt a year at a cost of more than $12,000 a tonne.

Read more at: http://in.reuters.com/article/2014/02/03/metals-cuba-nickel-idINL2N0L812L20140203

Metals

Anglo American takes a leaf from Glencore’s book, sets up trading and logistics division set to contribute $400m to profits within two years

Posted on February 3, 2014 by Nanthakumar Victor Emmanuel, P.Eng Leave a comment

Diversified mining group Anglo American (LON:AAL) surprised markets and ended 2013 on an exceptional note, as the turnaround plan under new CEO Mark Cutifani gathers pace.

The London-listed giant reported robust increases in iron ore, copper, coal and platinum production and long-suffering investors – the company’s shares remain 28% cheaper than this time last year – duly rewarded it.

Apart from cost-cutting, rationalization and a renewed profit over growth focus, Cutifani who took the reins of the company last year, also signalled a new approach to the business of mining to differentiate Anglo from its peers, which have become increasingly dependent on iron ore for profits.

Metals

Indonesian minerals ban bites as well as barks

Posted on February 3, 2014 by Nanthakumar Victor Emmanuel, P.Eng Leave a comment

The really big surprise, though, is just how total the ban is. Right up until the Jan. 12 deadline the consensus view was that the Indonesian authorities would fudge the issue, most likely in the form of wide-ranging exemptions to companies that had displayed a minimum level of commitment to building processing plants.

Not so, however. Such exemptions may come with time but for now this ban bites as well as barks.

Indonesia outlines approvals needed for exports of mining products

Posted on February 3, 2014 by Nanthakumar Victor Emmanuel, P.Eng Leave a comment

Indonesia has outlined conditions and approvals that are needed before mining companies can export refined products and processed minerals, according to a ministry of trade regulation cited by international law firm O’Melveny & Myers LLP on their website.

Companies can export mining products like silver and gold with 99% purity and processed minerals such as copper concentrate of between 15% and 98% purity after obtaining recognition as a registered exporter of processed and purified mining products from the ministry of trade, the international law firm said.

Source: http://www.metalbulletin.com/Article/3304680/Indonesia-outlines-approvals-needed-for-exports-of-mining-products.html

Metals

Mining and metals companies raised $272 billion of capital last year – Ernst & Young LLP

Posted on February 3, 2014 by Nanthakumar Victor Emmanuel, P.Eng Leave a comment

Mining and metals companies raised $272 billion of capital last year, up 9 percent, mainly because of “some exceptional loan refinancing, but remain well below 2011’s peak of $340 billion,” E&Y said.