China will scrap or cut export taxes on a range of grains, metals and other materials from 1 July. The move is aimed at boosting exports from domestic producers. Export taxes for wheat, rice, soybeans, and sulphuric acid will be eliminated.
Export taxes on some steel products will be halved to 5 percent, and the taxes for indium and molybdenum will also be cut from 15 to 5. The tax on some tungsten products will also be cut to 5 percent from 10. The country will also extend the low-season taxes for some fertilisers.
Source: CCTV
Showing posts with label iridium. Show all posts
Showing posts with label iridium. Show all posts
Tuesday, June 23, 2009
Tuesday, April 14, 2009
Hunan Nonferrous To Buy Metal Stocks
China's top zinc producer, Hunan Nonferrous Metals Corp Ltd plans to spend 1.2 billion yuan ($176 million) to build up metal reserves at its smelters as prices slump, the official regional paper Hunan Daily reported.
Hunan Nonferrous plans to ask banks for a loan to buy lead, zinc, tungsten, antimony and indium from its smelters, and will sell down the stockpiles when their prices recover, the newspaper said in a report carried on the website of the official Xinhua News Agency.
The Hunan Province's treasury will offer interest subsidies to help the company implement the purchases, the newspaper quoted Mei Kebao, vice secretary of Hunan's party committee, as saying.
Hunan Nonferrous Metals Corp controls China's largest zinc producer, Zhuzhou Smelter Group Ltd.
Source: Reuters
Hunan Nonferrous plans to ask banks for a loan to buy lead, zinc, tungsten, antimony and indium from its smelters, and will sell down the stockpiles when their prices recover, the newspaper said in a report carried on the website of the official Xinhua News Agency.
The Hunan Province's treasury will offer interest subsidies to help the company implement the purchases, the newspaper quoted Mei Kebao, vice secretary of Hunan's party committee, as saying.
Hunan Nonferrous Metals Corp controls China's largest zinc producer, Zhuzhou Smelter Group Ltd.
Source: Reuters
Wednesday, April 8, 2009
Over 10 Million Tonnes At New Brunswick Mineral Project
Adex Mining Inc. has released the results of a mineral resource estimate of the north zone of Mount Pleasant, 80 kilometres south of Fredericton in the Canadian province of New Brunswick. The report showed 10.88 million tonnes of tin-indium-zinc based on sample analysis and geologic projections and another 7.6 million tonnes of the resources from projections alone.
Based on "back of envelope calculations," the company said the partially sample-based resources estimates could be worth about $900 million and the projected resources could be worth $600 million.
"The results from our drill program, a 43-101 compliant mineral resource estimate, has not only significantly increased the size of the resource but it also has upgraded the quality of the resource," Adex president and chief executive Kabir Ahmed said. A 1997 report had estimated 3.65 million tonnes of resources in the north zone.
"Because of the dramatic increase in the size of the resource we have most likely increased the economic viability of this project," Ahmed said.
But Adex is holding back on development given the current low metal prices and tight credit markets.
"We are sort of taking a wait-and-see approach," Ahmed said. "The moment we see a revival of metal prices and a relaxing of the capital markets we would then proceed to feasibility, because feasibility would cost anywhere between three and five million dollars."
He said a 20 to 30 per cent increase on the current prices would be enough incentive to move ahead.
Tin is currently trading just under $11 per kilogram on the London Metal Exchange but last spring was at a high of $26 per kilogram. Indium is currently trading at around $300 per kilogram but was at about $700 per kilogram last spring.
When Adex came up with the $1.5 billion estimation it was based on a $12 per kilogram tin price and a $500 per kilogram indium price, which the company believed to be conservative given the prices were $17 and $675, respectively, at the time.
Though current prices are below Adex's estimates University of New Brunswick economic geology professor David Lentz said the company had the right approach considering "metal prices are still fluctuating much more than they ever have before."
Once prices increase to a stable level again, Adex's first course of action will be to have an economic assessment done to provide a more scientific estimate. In December Adex announced the results of a similar assessment of its Fire Tower zone, also at Mount Pleasant. That zone was said to have 13.5 million tonnes of resources, mainly tungsten, worth $1 billion over a thirteen year mine life.
Australian mining company BHP Billiton Ltd. (NYSE:ADR) had extracted a tonne of tungsten from the Fire Tower zone in the 1980s, but stopped mining because of low prices. Adex bought the Mount Pleasant site in 1997 and looked to mine the north zone as well.
With a possible $2.5 billion in resources Lentz said Adex is well positioned.
"It's not money in the bank but it's wealth in the ground," he said. "When we compare this world wide, Mount Pleasant is a very significant resource. One of the biggest indium resources in the world."
"We're looking at something that is going to be economically viable in high times and low times," Lentz said.
Indium is used in plasma, LCD and touch screens as well as solar panels, where as most of the other resources under Adex's land, like tin and tungsten, are used in various construction materials.
Source: Saint John Telegraph-Journal, Canada
Based on "back of envelope calculations," the company said the partially sample-based resources estimates could be worth about $900 million and the projected resources could be worth $600 million.
"The results from our drill program, a 43-101 compliant mineral resource estimate, has not only significantly increased the size of the resource but it also has upgraded the quality of the resource," Adex president and chief executive Kabir Ahmed said. A 1997 report had estimated 3.65 million tonnes of resources in the north zone.
"Because of the dramatic increase in the size of the resource we have most likely increased the economic viability of this project," Ahmed said.
But Adex is holding back on development given the current low metal prices and tight credit markets.
"We are sort of taking a wait-and-see approach," Ahmed said. "The moment we see a revival of metal prices and a relaxing of the capital markets we would then proceed to feasibility, because feasibility would cost anywhere between three and five million dollars."
He said a 20 to 30 per cent increase on the current prices would be enough incentive to move ahead.
Tin is currently trading just under $11 per kilogram on the London Metal Exchange but last spring was at a high of $26 per kilogram. Indium is currently trading at around $300 per kilogram but was at about $700 per kilogram last spring.
When Adex came up with the $1.5 billion estimation it was based on a $12 per kilogram tin price and a $500 per kilogram indium price, which the company believed to be conservative given the prices were $17 and $675, respectively, at the time.
Though current prices are below Adex's estimates University of New Brunswick economic geology professor David Lentz said the company had the right approach considering "metal prices are still fluctuating much more than they ever have before."
Once prices increase to a stable level again, Adex's first course of action will be to have an economic assessment done to provide a more scientific estimate. In December Adex announced the results of a similar assessment of its Fire Tower zone, also at Mount Pleasant. That zone was said to have 13.5 million tonnes of resources, mainly tungsten, worth $1 billion over a thirteen year mine life.
Australian mining company BHP Billiton Ltd. (NYSE:ADR) had extracted a tonne of tungsten from the Fire Tower zone in the 1980s, but stopped mining because of low prices. Adex bought the Mount Pleasant site in 1997 and looked to mine the north zone as well.
With a possible $2.5 billion in resources Lentz said Adex is well positioned.
"It's not money in the bank but it's wealth in the ground," he said. "When we compare this world wide, Mount Pleasant is a very significant resource. One of the biggest indium resources in the world."
"We're looking at something that is going to be economically viable in high times and low times," Lentz said.
Indium is used in plasma, LCD and touch screens as well as solar panels, where as most of the other resources under Adex's land, like tin and tungsten, are used in various construction materials.
Source: Saint John Telegraph-Journal, Canada
Subscribe to:
Posts (Atom)