China’s largest metals trader, China Minmetals Corp, will set up a joint venture with its controlled company Hunan Nonferrous Metals Holding Group (HNG) to consolidate its domestic nonferrous metals business.
Minmetals will inject most of its nonferrous mining assets into the new venture and use it as a platform to acquire domestic mining assets domestic. The new joint venture will be based in Central China's Hunan province.
Details of shareholdings in the new venture have not been disclosed, nor have details of the enterprise’s leading executives.
In February Zhou Zhongshu, president of Minmetals, said that his company was seeking to acquire more mining assets both at home and abroad during the course of this year and that Minmetals aims to become one of the world's leading miners. The company would focus on State-owned mines because the government is encouraging mergers and acquisitions in the mining sector to build up scale and competitiveness.
"We aim to be the world's largest rare earth supplier and the leading producer of tungsten, antimony, lead and zinc," he said.
Minmetals took control of HNG after taking its shareholding to 51 percent in the Hong Kong-listed State-run miner in December. Last year Minmetals bought Australian zinc and mining company Oz Minerals for $1.4 billion to shore up its overseas presence.
Analysts expect to see more mergers and acquisitions among miners as the Chinese government strives to streamline the fragmented sector. Central State-owned enterprises are no longer required to get permission from local governments to acquire local State-owned enterprises.
Showing posts with label non-ferrous metals. Show all posts
Showing posts with label non-ferrous metals. Show all posts
Thursday, March 4, 2010
Friday, January 22, 2010
China To Eliminate Outdated Production Capacity
The government will step up efforts to eliminate outdated production capacity, said a statement issued by the State Council on Wednesday.
Eliminating outmoded production capacity was imperative to transform the economic growth pattern, boost economic growth quality and fight the global downturn, said the statement issued after a State Council executive meeting chaired by Premier Wen Jiabao.
Eliminating outdated production capacity was also necessary to promote energy efficiency and emissions cuts and address global climate change, the statement said.
China had made positive progress in eliminating outdated production capacity, but the proportion of outdated capacity was still too high in certain key fields, said the statement.
The problems should be tackled through the law, economics, technology and necessary administrative methods.
The State Council discussed specific targets to eliminate outdated capacity in fields such as electricity, coal, coke, ferroalloy, calcium carbide, iron and steel, non-ferrous metals, construction materials and light industry and textile industry.
To realize the targets, efforts should be made to improve market admission requirements, use market mechanisms, strengthen law enforcement, promote stimulus mechanisms and step up supervision, according to the decision reached at the meeting.
Source: Xinhua
Eliminating outmoded production capacity was imperative to transform the economic growth pattern, boost economic growth quality and fight the global downturn, said the statement issued after a State Council executive meeting chaired by Premier Wen Jiabao.
Eliminating outdated production capacity was also necessary to promote energy efficiency and emissions cuts and address global climate change, the statement said.
China had made positive progress in eliminating outdated production capacity, but the proportion of outdated capacity was still too high in certain key fields, said the statement.
The problems should be tackled through the law, economics, technology and necessary administrative methods.
The State Council discussed specific targets to eliminate outdated capacity in fields such as electricity, coal, coke, ferroalloy, calcium carbide, iron and steel, non-ferrous metals, construction materials and light industry and textile industry.
To realize the targets, efforts should be made to improve market admission requirements, use market mechanisms, strengthen law enforcement, promote stimulus mechanisms and step up supervision, according to the decision reached at the meeting.
Source: Xinhua
Tuesday, January 19, 2010
Fall In Kazakhstan Non-Ferrous Metals Output
Crude lead output by Kazakhstan enterprises in 2009 decreased by 16.96% YoY to 87829 tonnes. At the same time crude zinc output decreased by 10.05 % to 328,834 tonnes and refines copper output decreased by 7.6% to 368,133 tonnes.
Copper ore extraction decreased by 4.12 % to 31,225 tonnes, copper-zinc ore extraction decreased by 4.09 % to 5034 tonnes. Zinc concentrate extraction grew by 8.05 % to 418,600 tonnes.
Kazakhstan has rich non-ferrous metals ores deposits such as lead, zinc, chromium, gold, bismuth, molybdenum, aluminium, manganese, rare-earth elements, and non-metallic deposits such as coal and phosphorites, etc.
Source: Steel Guru
Copper ore extraction decreased by 4.12 % to 31,225 tonnes, copper-zinc ore extraction decreased by 4.09 % to 5034 tonnes. Zinc concentrate extraction grew by 8.05 % to 418,600 tonnes.
Kazakhstan has rich non-ferrous metals ores deposits such as lead, zinc, chromium, gold, bismuth, molybdenum, aluminium, manganese, rare-earth elements, and non-metallic deposits such as coal and phosphorites, etc.
Source: Steel Guru
Friday, March 6, 2009
Non-ferrous Metals On A Roll In Shanghai
Futures contracts of non-ferrous metals traded on the Shanghai Future Exchange soared on Thursday on reports that China is building up a copper stockpile for the economic stimulus plan.
After hitting the exchange-imposed daily limit of 5 percent in Shanghai on Wednesday, the price of copper futures contracts surged another 2.39 percent yesterday. Contracts for aluminum edged up 0.77 percent, while zinc rose 1.72 percent.
Jiang Hai, analyst, Brilliant Futures Investment Study, said non-ferrous metal prices rose in the past few days on reports that the State Reserve Bureau (SRB) is building up its inventory of copper, aluminum and zinc in anticipation of strong demand.
Traders expected that the SRB's buying spree would help push up commodity prices in the futures markets.
Zhang Xiaohan, analyst, Essence Securities, said the SRB shopping list includes 700,000 tons of copper, which would increase China's copper inventory to about 1 million tons.
Zhang linked the futures price rise to the falling inventories of copper on the London Metals Exchange (LME) over the past week. During the week between Feb 23 and Mar 1, copper stockpiles on LME dropped 0.6 percent. During the same period, copper futures contracts rose 3 percent to close at 28,640 yuan per ton on SHFE.
"The price gap between overseas and domestic markets has sparked a rush by speculators to buy copper futures on the LME," said Zhang.
The nation's stimulus program, including infrastructure projects and promotion campaign of automobiles and home appliances in rural areas, will call for a huge supply of nonferrous metals. "This will help restore market confidence and facilitate deals in the futures market," said Zhang.
In his report to the ongoing National People's Congress session, Premier Wen Jiabao said China will expand purchases of important resources. In a separate statement, the National Development and Reform Commission (NDRC), the country's top planner, said China would increase strategic stockpiles for emergencies.
However, analysts noted that the recent surge might end soon as China cannot turn the tide single-handedly when facing a global economic recession.
"Although prices of copper and zinc will show stronger resilience in the near future, nonferrous metal futures will all face a price cap in the foreseeable future," said Jiang.
Source: China Daily
After hitting the exchange-imposed daily limit of 5 percent in Shanghai on Wednesday, the price of copper futures contracts surged another 2.39 percent yesterday. Contracts for aluminum edged up 0.77 percent, while zinc rose 1.72 percent.
Jiang Hai, analyst, Brilliant Futures Investment Study, said non-ferrous metal prices rose in the past few days on reports that the State Reserve Bureau (SRB) is building up its inventory of copper, aluminum and zinc in anticipation of strong demand.
Traders expected that the SRB's buying spree would help push up commodity prices in the futures markets.
Zhang Xiaohan, analyst, Essence Securities, said the SRB shopping list includes 700,000 tons of copper, which would increase China's copper inventory to about 1 million tons.
Zhang linked the futures price rise to the falling inventories of copper on the London Metals Exchange (LME) over the past week. During the week between Feb 23 and Mar 1, copper stockpiles on LME dropped 0.6 percent. During the same period, copper futures contracts rose 3 percent to close at 28,640 yuan per ton on SHFE.
"The price gap between overseas and domestic markets has sparked a rush by speculators to buy copper futures on the LME," said Zhang.
The nation's stimulus program, including infrastructure projects and promotion campaign of automobiles and home appliances in rural areas, will call for a huge supply of nonferrous metals. "This will help restore market confidence and facilitate deals in the futures market," said Zhang.
In his report to the ongoing National People's Congress session, Premier Wen Jiabao said China will expand purchases of important resources. In a separate statement, the National Development and Reform Commission (NDRC), the country's top planner, said China would increase strategic stockpiles for emergencies.
However, analysts noted that the recent surge might end soon as China cannot turn the tide single-handedly when facing a global economic recession.
"Although prices of copper and zinc will show stronger resilience in the near future, nonferrous metal futures will all face a price cap in the foreseeable future," said Jiang.
Source: China Daily
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