Russia’s Norilsk Nickel will likely be selling its 50% stake in South African nickel and platinum producer Nkomati Nickel to partner African Rainbow Minerals (ARM).
According to Business Day, “Nkomati is a 50-50 joint venture between Norilsk and ARM and ARM spokeswoman Corne Dippenaar has confirmed that ARM has a right of first refusal on Norilsk’s 50% stake in the operation should it decide to sell out.”
Ives declared that his firm’s Nickel Rim South project in Sudbury, Canada, is “as good as it gets” .
Nickel pig iron prices in China are now above those for refined nickel, following a rally in August when stainless steel mills increased purchases.
Mainstream high-grade NPI (Ni content 10-15%) is being traded at 1,010-1,020 yuan ($164-166) per nickel unit, up nearly 10% from the level seen in early August, sources in China said. The price is around 4,000-5,000 yuan higher than the current refined nickel level, which is unusual for the market.
(Reuters) – Indonesia plans to relax a rule forcing foreign miners to sell majority stakes and allow those who make downstream investments to keep bigger holdings, a spokesman at the Energy and Mineral Resources Ministry said on Thursday.
http://www.reuters.com/article/2013/09/05/indonesia-mining-divestment-idUSL4N0H116D20130905
Indonesia remains the top destination in the Southeast Asian region for corporate expansion, according to a survey released on Thursday, despite the many challenges companies cited in conducting business here.
The survey, carried out by the American Chamber of Commerce in Singapore (AmCham Singapore) and the US Chamber of Commerce, said corruption was “overwhelmingly” identified as the greatest drawback in Indonesia.
http://www.thejakartapost.com/news/2013/08/23/indonesia-still-top-investment.html
Thirty tin smelters in Indonesia, the world’s largest exporter, agreed today to start trading the metal on a local exchange to comply with a government rule that comes into force this month.
The smelters will begin trading in early September with about 100 importers on the Jakarta Futures Exchange, which will introduce a dollar-denominated and electronically-traded contract on Aug. 28, said Tjahyono Mukmin, president director of the Serumpun Tin trading board. That will replace bilateral dealings between producers and importers.
Nickel pig iron prices have rebounded in China, after stainless steel mills pushed up their purchase prices on tight supply of the raw material.
Most stainless steel mills began to raise their NPI purchase prices from late last month, and have again increased their bids this month in order to secure more material for restocking. This week, major consumer Jiuquan Steel lifted its bid price by more than expected, giving the biggest boost yet to market sentiment.
Aug 7 (Reuters) – EMED Mining is making plans to restart Spain’s fabled Rio Tinto copper mine in early 2015, citing a mini-mining boom in the copper-rich Iberian Peninsula that is attracting foreign mining companies.
http://www.reuters.com/article/2013/08/07/australia-diggersdealers-emed-idUSL4N0G815620130807
It is believed that a total of eleven Indonesian companies are going to conduct an initial public offering (IPO) in the second half of 2013 on the Indonesia Stock Exchange (IDX). Up to July, 24 companies have already been listed on the IDX and raised a combined IDR 12,79 trillion (USD $1.25 billion) of funds. Of the eleven companies that are expected to conduct an IPO in Semester II-2013, three were actually planned to be conducted in Semester I-2013 but were postponed.
SINGAPORE/SYDNEY Aug 2 (Reuters) – Nickel miners are clinging to plans to maintain production, despite a growing supply glut and prices around four-year lows, raising the risk of more writedowns and losses being unveiled in the current financial reporting season.
http://www.reuters.com/article/2013/08/02/nickel-producers-idUSL6N0FM03E20130802
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