Dec 2 (Reuters) – Brazilian iron ore miner Vale SA said on Monday its board approved a 2014 investment budget of $14.8 billion, with 80 percent going to develop new iron ore project and logistics.
The company said in a statement it remained committed to developing its Mozambique coal project and its Salobo copper and gold project.
Read more at: http://www.reuters.com/article/2013/12/02/vale-brazil-budget-idUSE5N0EN00H20131202
VERKHNYAYA-SALDA, Russia, Dec 2 (Reuters) – Russia’s VSMPO-Avisma, the world’s biggest producer of titanium, expects profits to rise 25 percent to some $250 million this year due to robust demand from the aerospace industry, the firm’s key customer.
While industrial metals-producing peers struggle with rock-bottom prices, business is booming for VSMPO with the recent signing of potentially lucrative deals with U.S. firms Boeing Co and Alcoa.
Read more at: http://in.reuters.com/article/2013/12/02/titanium-vsmpo-idINL5N0J71Q120131202
London (Platts)–2Dec2013/957 am EST/1457 GMT
Vale plans to produce 289,000 mt of nickel and 405,000 mt of copper in 2014, the Brazilian miner said Monday.
In the first nine months of this year, nickel production reached 192,000 mt, up from 173,000 mt in January-September 2012. Copper production stood at 275,000 mt, up from 211,000 mt in the year-earlier period.
Vale has approved an investment budget of $2.052 billion for its base metals operations for next year, up 13.9% from 2013, the company said. The total comprises $790 million for project execution, $1.023 billion to sustain existing operations and $239 million for research and development.
The company plans to spend $332 million next year to complete the $1.7 billion Salobo II expansion at the copper-gold mining operation in Para state.
Read more at: http://www.platts.com/latest-news/metals/london/brazils-vale-targets-289000-mt-nickel-405000-26507146
Rio Tinto will suspend production at its Gove alumina refinery in Arnhem Land in the Northern Territory. Around 1,100 jobs will go at the bauxite mine and plant which is one of the Territory’s biggest private sector employers.
Read more at: http://www.abc.net.au/news/2013-11-29/rio-tinto-to-shelve-alumina-refinery-putting-over/5125974
Legislator Dito Gainduto of the House Commission VII on energy and mineral resource affairs said the government must enforce regulations on the development of smelters as required by law.
“The government must be firm and not change its stance because of pressures or threats from businesses,” Guinduto added.
He said the government should be consistent in adhering to the Law on Mineral and Coal Development, which was drafted in coopertaion with the DPR.
“The government should not seek excuses. If there is a company that does not abide by the law, the government should halt its exports,” the legislator added.
He said that several countries had banned exports of raw minerals, forcing the development of smelters at home. “So, why cant we do the same thing?” he asked.
Read more at:
http://www.antaranews.com/en/news/91615/indonesia-to-ban-mineral-ore-exports
urquoise Hill Resources, the Rio Tinto Group unit that operates the Oyu Tolgoi copper mine in Mongolia, will proceed with a $2.4-billion rights offer to repay credit facilities.
Investors will get one right for each Turquoise Hill share, entitling them to buy another share for $2.40 US, the Vancouverbased company said Tuesday. That represents a discount of 42 per cent to Monday’s closing prices in New York and Toronto respectively.
Read more at: http://www.vancouversun.com/business/going+ahead+with+billion+rights+offer+Mongolia+mine/9218079/story.html#ixzz2lrZF9Jzy
Nusa Dua, Bali (ANTARA News) – Indonesia has asked Japan, China and South Korea to be transparent about their mineral import requirements and provide guidance on the outlook for minerals to ensure market stability.
“Guidance on the outlook, such as the guidance for energy, is very important to maintain balanced supply and demand in the regions mineral and metal markets,” chairman of the ASEAN Plus Three Senior Officials Meeting on Minerals (ASOMM+3) R Sukhyar said here on Wednesday.
Read more at: http://www.antaranews.com/en/news/91606/indonesia-urges-nations-to-be-transparent-about-mineral-requirements
Nov 27 (Reuters) – Indonesia has reached a deal on the price to pay Japanese owners for Southeast Asia’s only aluminium smelter, a senior government official said on Wednesday, avoiding arbitration that threatened to hurt relations between the two countries.
Read more at: http://in.reuters.com/article/2013/11/27/indonesia-inalum-idINL4N0JC1C220131127
Nov 25 (Reuters) – Chinalco, the largest aluminium producer in China, has dropped out of the race for Glencore Xstrata’s $5.9 billion Las Bambas copper mine in Peru, leaving rival Minmetals as the front-runner, sources familiar with the matter said.
Commodities trader Glencore agreed this year to sell Las Bambas to secure approval from China’s competition authorities for its takeover of miner Xstrata, as Beijing feared the merged group would have too much power over the copper market.
Read more at: http://www.reuters.com/article/2013/11/25/chinalco-lasbambas-idUSL5N0JA1Q420131125
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