China’s non-ferrous metal output rose by 4 per cent in 2009 to hit 26.05 million tonnes, according to figures from the China Nonferrous Metals Industry Association.
Refined copper output was 4.11 million tons while virgin aluminium production stood at 12.85 million tons; in addition there was output of 3.71 million tons for lead, 4.36 million tons of zinc, 164,800 tons of nickel, 134,500 tons of tin, 165,800 tons of antimony, 500,800 tons of magnesium and 61,500 tons of titanium sponge.
However, the trade in non-ferrous metals fell in 2009 as a result of the crash in global commodities prices. Trade stood at US$83.2 billion, down 11.27% year on year.
Between them, ten regions of China, including Henan Province, Inner Mongolia Autonomous Region and Anhui Province, each produced more than one million tonnes of non-ferrous metals. Total output for these ten regions amounted to 18.78 million tonnes, 72.1% of the national total. Zhejiang Province plans to have five nonferrous metal producers with annual sales revenue exceeding RMB 10 billion each in the next three years.
Showing posts with label tin.. Show all posts
Showing posts with label tin.. Show all posts
Thursday, February 25, 2010
Wednesday, October 14, 2009
Wolf Talks Up UK Tungsten, Tin Development
Wolf Minerals is doing the rounds on the east coast, talking up interest in its Hemerdon tungsten and tin project.
Hemerdon will be the first sizeable new metals mine in Britain (Devon to be precise) in more than a decade.
After hanging on through the global financial crisis, Wolf recently raised $4 million to get through a feasibility study, which it hopes to have done in the second quarter of next year -- a year later than proscribed in its pre-GFC timetable.
According to managing director Humphrey Hale (a Brit himself), Hemerdon has an NPV of $US237m, which makes Wolf’s $14m market value look a little low if you buy the story of the mine and continued tungsten demand.
With China controlling 80 per cent of global tungsten production, Wolf is expecting European companies like Stanvik and H.C. Starck to want to tie up demand from the British mine.
Perth-based Wolf is looking to finance the L64m ($11.7m) start-up cost through a mixture of debt and equity and is chasing some lift in the share price to help it get some better terms for whatever amount of equity financing it settles on.
Hemerdon has fairly moderate grades, but a low strip ratio of 1.46:1, which Wolf says should keep a lid on costs.
Source: The Australian
Hemerdon will be the first sizeable new metals mine in Britain (Devon to be precise) in more than a decade.
After hanging on through the global financial crisis, Wolf recently raised $4 million to get through a feasibility study, which it hopes to have done in the second quarter of next year -- a year later than proscribed in its pre-GFC timetable.
According to managing director Humphrey Hale (a Brit himself), Hemerdon has an NPV of $US237m, which makes Wolf’s $14m market value look a little low if you buy the story of the mine and continued tungsten demand.
With China controlling 80 per cent of global tungsten production, Wolf is expecting European companies like Stanvik and H.C. Starck to want to tie up demand from the British mine.
Perth-based Wolf is looking to finance the L64m ($11.7m) start-up cost through a mixture of debt and equity and is chasing some lift in the share price to help it get some better terms for whatever amount of equity financing it settles on.
Hemerdon has fairly moderate grades, but a low strip ratio of 1.46:1, which Wolf says should keep a lid on costs.
Source: The Australian
Neyland Granted Laos Zinc, Tin Permission
Russia's Neyland Joint Stock Co has been granted permission to survey for tin and zinc ore in the south-eastern Lao province of Attapeu, state media reported Wednesday.
Under an agreement signed on Monday, the Russian company has the right to conduct land surveys in an area of 165 square kilometres in the Xaysethha district to estimate the extent of tin and zinc reserves, the Vientiane Times said.
The company was granted five years to conduct land surveys and collect data on the extent of mineral reserves in the district.
Neyland is the third Russian company to invest in mining in Laos.
Laos, one of the world's few remaining communist countries, was a member of the Soviet Bloc prior to the Soviet Union's collapse in the late-1980s.
Source: Deutsche Presse Agentur via Monsters and Critics
Under an agreement signed on Monday, the Russian company has the right to conduct land surveys in an area of 165 square kilometres in the Xaysethha district to estimate the extent of tin and zinc reserves, the Vientiane Times said.
The company was granted five years to conduct land surveys and collect data on the extent of mineral reserves in the district.
Neyland is the third Russian company to invest in mining in Laos.
Laos, one of the world's few remaining communist countries, was a member of the Soviet Bloc prior to the Soviet Union's collapse in the late-1980s.
Source: Deutsche Presse Agentur via Monsters and Critics
Tuesday, October 13, 2009
Rwanda Increases Mining Expectations
Rwanda has raised its expected earnings from mining this year by 33 percent to $75 million after a global rally in prices of tin and other metals, the government said on Tuesday.
Full story from Reuters
Full story from Reuters
Friday, July 24, 2009
Australia's Tin Output Being Bought By Chinese
Tin is one of the least fathomable base metals market at present, due partly to recent Chinese stockpiling of the metal.
The metal’s price, say some analysts, is way ahead of where it should be based purely on the demand factor.
But China is laying in heavy stocks of tin against future demand.
Now a good chunk of Australia’s present and future tin output is being tied up by Chinese buyers.
The country’s only tin producer Metals X is selling 60 per cent of its Tasmanian operations – the Renison Bell underground mine and the Mt Bischoff open pit mine along with the tin concentrator – the Yunnan Tin Group, the world’s largest tin producer.
MLX will be getting $60 million in cash for the transaction, a sum of money sufficient to the turn the head of any medium sized company. The decision by the Australian miner should also be seen against the background of the other focus at Metals X - tungsten.
The company also owns 48 per cent of Aragon Resources which is forming an alliance with up and coming tungsten play Vital Metals. And, back in February, Metals X was talking to Icon Resources about involvement in the latter’s Mt Carbine tungsten deposit. That $60 million will go a long way building other assets for MLX.
In another development this week, Consolidated Tin Mines said it had begun talks with potential Chinese off-take partners for its Mt Garnet tin project near Cairns.
Source: The Australian
The metal’s price, say some analysts, is way ahead of where it should be based purely on the demand factor.
But China is laying in heavy stocks of tin against future demand.
Now a good chunk of Australia’s present and future tin output is being tied up by Chinese buyers.
The country’s only tin producer Metals X is selling 60 per cent of its Tasmanian operations – the Renison Bell underground mine and the Mt Bischoff open pit mine along with the tin concentrator – the Yunnan Tin Group, the world’s largest tin producer.
MLX will be getting $60 million in cash for the transaction, a sum of money sufficient to the turn the head of any medium sized company. The decision by the Australian miner should also be seen against the background of the other focus at Metals X - tungsten.
The company also owns 48 per cent of Aragon Resources which is forming an alliance with up and coming tungsten play Vital Metals. And, back in February, Metals X was talking to Icon Resources about involvement in the latter’s Mt Carbine tungsten deposit. That $60 million will go a long way building other assets for MLX.
In another development this week, Consolidated Tin Mines said it had begun talks with potential Chinese off-take partners for its Mt Garnet tin project near Cairns.
Source: The Australian
Wednesday, May 13, 2009
Large Smelters Drive Up China Copper Production
China, the world's top consumer and maker of many base metals, produced more refined copper and tin in April than March as big smelters pushed up output after slowing earlier in the year, analysts said on Wednesday.
But a shorter month in April cut daily output of primary aluminium, lead and zinc from March, even though some smelters had also restarted capacity.
China's refined copper production rose 5.9 percent on the month to 338,300 tonnes in April, up 2.9 percent from a year earlier, the National Bureau of Statistics said.
"April's output was not as high as I had expected, given smelters have raised production in order to meet this year's output plans," said Zhu Yanzhong, analyst at Jinrui Futures, a subsidiary of top producer Jiangxi Copper.
But he predicted output would rise further in May, spurred on by strong domestic prices last month, and rising imports of copper concentrates and scrap.
Tight supply of scrap, an alternative for refined copper production, had cut smelters' output in the first quarter. But scrap imports rose 21 percent on the month in April, easing domestic tightness.
Tin production increased 17.5 percent on the month to 12,472 tonnes in April thanks to a resumption of production at top producer, Yunnan Tin <000960.SZ>.
"We restarted production in March and the output has been rising," an executive at Yunnan Tin said.
But he said tight supply of concentrate from domestic mines could limit its output rise in coming months. The firm has capacity to produce 70,000 tonnes of tin a year.
A monthly drop of 2.9 percent in primary aluminium production in April was a surprise, given Chinese smelters had restarted 1-1.5 million tonnes of smelting capacity in March-April, Heng Kun, Shanghai-based analyst at Essence Securities said.
The country produced 876,300 tonnes of primary aluminium in April, down from 902,300 tonnes in the previous month, the official data showed.
Heng said a shorter month in April had reduced the output versus March and the output should be higher at a daily basis.
The daily output was 29,210 tonnes in April versus 29,107 tonnes.
He said smelters had also used some of their molten aluminium to start up idled and new capacity, reducing metal output.
Output will rise in May from the restarted capacity, Heng and a smelter official predicted.
Lead production dropped to 302,300 tonnes in April versus 335,200 tonnes in March. Zinc was 334,900 tonnes versus 344,200 tonnes.
Nickel output also dropped to 14,092 tonnes in April after falling 6 percent in March.
Source: The Guardian
But a shorter month in April cut daily output of primary aluminium, lead and zinc from March, even though some smelters had also restarted capacity.
China's refined copper production rose 5.9 percent on the month to 338,300 tonnes in April, up 2.9 percent from a year earlier, the National Bureau of Statistics said.
"April's output was not as high as I had expected, given smelters have raised production in order to meet this year's output plans," said Zhu Yanzhong, analyst at Jinrui Futures, a subsidiary of top producer Jiangxi Copper.
But he predicted output would rise further in May, spurred on by strong domestic prices last month, and rising imports of copper concentrates and scrap.
Tight supply of scrap, an alternative for refined copper production, had cut smelters' output in the first quarter. But scrap imports rose 21 percent on the month in April, easing domestic tightness.
Tin production increased 17.5 percent on the month to 12,472 tonnes in April thanks to a resumption of production at top producer, Yunnan Tin <000960.SZ>.
"We restarted production in March and the output has been rising," an executive at Yunnan Tin said.
But he said tight supply of concentrate from domestic mines could limit its output rise in coming months. The firm has capacity to produce 70,000 tonnes of tin a year.
A monthly drop of 2.9 percent in primary aluminium production in April was a surprise, given Chinese smelters had restarted 1-1.5 million tonnes of smelting capacity in March-April, Heng Kun, Shanghai-based analyst at Essence Securities said.
The country produced 876,300 tonnes of primary aluminium in April, down from 902,300 tonnes in the previous month, the official data showed.
Heng said a shorter month in April had reduced the output versus March and the output should be higher at a daily basis.
The daily output was 29,210 tonnes in April versus 29,107 tonnes.
He said smelters had also used some of their molten aluminium to start up idled and new capacity, reducing metal output.
Output will rise in May from the restarted capacity, Heng and a smelter official predicted.
Lead production dropped to 302,300 tonnes in April versus 335,200 tonnes in March. Zinc was 334,900 tonnes versus 344,200 tonnes.
Nickel output also dropped to 14,092 tonnes in April after falling 6 percent in March.
Source: The Guardian
Monday, May 11, 2009
Yunnan Province Starts Second Round Of Metals Stockpiling
China's southwestern Yunnan Province has started a second round of nonferrous metals stockpiling in a bid to ensure steady growth of the local industry, according to a statement of the provincial government's industry and communications commission. The statement said the reserve plan covers copper, aluminium, lead, zinc, tin, germanium and industrial silicon.
The provincial government earlier in the first round purchased 552,000 tons of nonferrous metals from local nine enterprises in December of last year.
The nine nonferrous enterprises include Yunna Aluminium CO., Yunnan Coal Chemical Industry Group, Yunnan Tin Co. and Yunnan Luoping Zinc & Electricity Co.
Source: TMCNet
The provincial government earlier in the first round purchased 552,000 tons of nonferrous metals from local nine enterprises in December of last year.
The nine nonferrous enterprises include Yunna Aluminium CO., Yunnan Coal Chemical Industry Group, Yunnan Tin Co. and Yunnan Luoping Zinc & Electricity Co.
Source: TMCNet
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
Thursday, March 12, 2009
Vietnamese Company To Prospect For Ores In Laos
Vietnam's Thien Phu Co. will invest $3 million in minerals exploration in Laos, state media said on Thursday.
The Voice Of Vietnam radio reported that the company will explore for zinc, tin and lead ores over an area of 500 square kilometres in Houaphan province over the next five years.
Once the ores are found, the company will seek Laotian government approval for production.
Source: Voice Of Vietnam
The Voice Of Vietnam radio reported that the company will explore for zinc, tin and lead ores over an area of 500 square kilometres in Houaphan province over the next five years.
Once the ores are found, the company will seek Laotian government approval for production.
Source: Voice Of Vietnam
Tuesday, March 10, 2009
Indonesian Miners Aim For Increase In Production
Amidst the global economic downturn, Indonesian mining companies have set higher production targets this year primarily due to last year’s shortfalls.
Miners recently submitted production plans to the government with output increases seen in all commodities — including nickel, tin and copper whose prices have been hit hard by reduced demand.
Nickel ore production in 2009 is set at 14.6 million tons, up by 37 percent from last year. Tin output is estimated to reach 105,000 tons, up 46 percent, while copper is set at 826,370 tons, up 38 percent.
These figures are based on all miners’ production proposals submitted to the ministry last month, said Bambang Gator Ariyono, director of the Energy and Mineral Resources Ministry’s coal and mineral development division.
Despite significant increases, Bambang believes the target is nothing extraordinary.
“The figures seem to be high, but there is nothing too special about these targets. Many miners could not meet their 2008 production targets, which makes this year’s targets seem too high,” Bambang said recently.
Extreme weather and natural disasters in some big mining concessions last year were the main cause for miners’ failure to meet output targets, he said.
“Take Freeport, for example. The company could not meet its target last year because there were landslides in its mining concession,” Bambang said, adding that the government would monitor the performance of miners during the first quarter of this year for any plan to revise output targets.
Coal and minerals are expected to attract US$2.24 billion in investments this year, up from US$1.65 billion in 2008.
However, a recent study by mining industry consultants PricewaterhouseCoopers (PwC) suggests that large scale investment is unlikely to come immediately to Indonesia due in part to possible legal uncertainty following the passage of a new mining law.
“There is likely to be greater uncertainty around large-scale capital projects as the new law does not offer the long-term protection of the contract of work system,” PwC’s mining technical adviser Sacha Winzenried said on Feb. 26.
PwC found that the investment spending is mainly for replacement plants and equipment to maintain existing operations instead of greenfields exploration.
Coal and minerals production
Commodities Unit 2008 2009*
Coal million tons 229.18 230
Copper thousand tons 597.07 826.37
Gold tons 58.83 99.34
Silver tons 209.00 238.61
Tin thousand tons 71.61 105.00
Bauxite thousand tons 9,885.55 14,439.32
Nickel in matte thousand tons 73.36 86.18
Nickel ore thousand tons 10,634.45 14,660.14
Granite million m3 1.71 2.50
Diamond carat 27,668.00 96,000.00
Iron Ore tons 3,965,046.64 4,609,540.54
Source: Jakarta Post
Miners recently submitted production plans to the government with output increases seen in all commodities — including nickel, tin and copper whose prices have been hit hard by reduced demand.
Nickel ore production in 2009 is set at 14.6 million tons, up by 37 percent from last year. Tin output is estimated to reach 105,000 tons, up 46 percent, while copper is set at 826,370 tons, up 38 percent.
These figures are based on all miners’ production proposals submitted to the ministry last month, said Bambang Gator Ariyono, director of the Energy and Mineral Resources Ministry’s coal and mineral development division.
Despite significant increases, Bambang believes the target is nothing extraordinary.
“The figures seem to be high, but there is nothing too special about these targets. Many miners could not meet their 2008 production targets, which makes this year’s targets seem too high,” Bambang said recently.
Extreme weather and natural disasters in some big mining concessions last year were the main cause for miners’ failure to meet output targets, he said.
“Take Freeport, for example. The company could not meet its target last year because there were landslides in its mining concession,” Bambang said, adding that the government would monitor the performance of miners during the first quarter of this year for any plan to revise output targets.
Coal and minerals are expected to attract US$2.24 billion in investments this year, up from US$1.65 billion in 2008.
However, a recent study by mining industry consultants PricewaterhouseCoopers (PwC) suggests that large scale investment is unlikely to come immediately to Indonesia due in part to possible legal uncertainty following the passage of a new mining law.
“There is likely to be greater uncertainty around large-scale capital projects as the new law does not offer the long-term protection of the contract of work system,” PwC’s mining technical adviser Sacha Winzenried said on Feb. 26.
PwC found that the investment spending is mainly for replacement plants and equipment to maintain existing operations instead of greenfields exploration.
Coal and minerals production
Commodities Unit 2008 2009*
Coal million tons 229.18 230
Copper thousand tons 597.07 826.37
Gold tons 58.83 99.34
Silver tons 209.00 238.61
Tin thousand tons 71.61 105.00
Bauxite thousand tons 9,885.55 14,439.32
Nickel in matte thousand tons 73.36 86.18
Nickel ore thousand tons 10,634.45 14,660.14
Granite million m3 1.71 2.50
Diamond carat 27,668.00 96,000.00
Iron Ore tons 3,965,046.64 4,609,540.54
Source: Jakarta Post
Wednesday, March 4, 2009
Guanxi Government To Buy Metals Stocks
China's minerals-rich border region of Guangxi has completed a draft plan to buy metals as adhoc reserves to support local smelters that face weak demand, a local official said on Wednesday.
The official at the industry bureau of Baise city, the top aluminium producing area in Guangxi in southwestern China, said he expected the provincial government to finalise the volumes and prices for the buying plan in about two weeks' time.
The plan was disclosed by its party secretary Guo Shengkun in December last year after neighbouring Yunnan province said it would purchase up to 1 million tonnes of base metals and minerals and hold them for one year to help shore up prices.
Since then, the State Reserves Bureau (SRB), the commodity buyer for the central government, has bought 590,000 tonnes of primary aluminium ingots and 159,000 tonnes of refined zinc from local smelters as part of Beijing's plan to support the metal industry.
Chinese provinces are increasingly acting unilaterally to stave off unemployment, protect their local economy and prevent social and political unrest, as the global financial crisis hits China's export sector.
The government completed the draft after discussions lasting two months with county and city governments and local metals firms, including the Guangxi branch of Aluminum Corp of China Ltd (Chalco), Yinhai Aluminium Corp and zinc producer Nandan Nanfang Nonferrous Metals, according to a statement on the official website of the economic commission of the Guangxi government. (www.gxjmw.gov.cn).
"The draft is being reviewed by relevant authorities and companies," an official at the commission told Reuters.
The statement did not give details on the types of metals, prices, or the time of the purchases. Guangxi is an important producer of alumina, aluminium, tin, indium and other minor metals.
Though Guangxi's plan remains sketchy, industry sources say the metal purchases could support local prices and spur imports in the medium term.
The Guangxi government is expected to borrow from banks to buy the metals, the industry official said.
He said the Guangxi government might store the metals in sellers' yards or warehouses and sell the stocks once the market improved.
Source: Reuters
The official at the industry bureau of Baise city, the top aluminium producing area in Guangxi in southwestern China, said he expected the provincial government to finalise the volumes and prices for the buying plan in about two weeks' time.
The plan was disclosed by its party secretary Guo Shengkun in December last year after neighbouring Yunnan province said it would purchase up to 1 million tonnes of base metals and minerals and hold them for one year to help shore up prices.
Since then, the State Reserves Bureau (SRB), the commodity buyer for the central government, has bought 590,000 tonnes of primary aluminium ingots and 159,000 tonnes of refined zinc from local smelters as part of Beijing's plan to support the metal industry.
Chinese provinces are increasingly acting unilaterally to stave off unemployment, protect their local economy and prevent social and political unrest, as the global financial crisis hits China's export sector.
The government completed the draft after discussions lasting two months with county and city governments and local metals firms, including the Guangxi branch of Aluminum Corp of China Ltd (Chalco), Yinhai Aluminium Corp and zinc producer Nandan Nanfang Nonferrous Metals, according to a statement on the official website of the economic commission of the Guangxi government. (www.gxjmw.gov.cn).
"The draft is being reviewed by relevant authorities and companies," an official at the commission told Reuters.
The statement did not give details on the types of metals, prices, or the time of the purchases. Guangxi is an important producer of alumina, aluminium, tin, indium and other minor metals.
Though Guangxi's plan remains sketchy, industry sources say the metal purchases could support local prices and spur imports in the medium term.
The Guangxi government is expected to borrow from banks to buy the metals, the industry official said.
He said the Guangxi government might store the metals in sellers' yards or warehouses and sell the stocks once the market improved.
Source: Reuters
Tuesday, March 3, 2009
Chenzhou To Stockpile Metals
The central China city of Chenzhou in Hunan province plans to buy a selection of industrial metals to soak up surplus stock as commodity prices continue to slip, an official said Tuesday.
An official with Chenzhou City Economic Committee, who declined to be named, said the city authorities will stockpile silver, lead, zinc, tungsten, tin and bismuth.
He didn't give details on the planned prices or volumes to be purchased.
"We're currently carrying out the stockpile plan and expect to complete it within a year," the official said.
However, a China Mining news report Monday, citing an official city notice, said Chenzhou authorities were planning to buy 2,000 tons of silver, 50,000 tons of lead, 50,000 tons of zinc, 5,000 tons of tungsten, 5,000 tons of tin and 3,000 tons of bismuth this year.
Chenzhou is known to be rich in nonferrous metals, with more than 70 kinds of mineral resources, and reportedly has among the largest reserves of tungsten, bismuth, molybdenum, tin and zinc in China.
Source: Dow Jones
An official with Chenzhou City Economic Committee, who declined to be named, said the city authorities will stockpile silver, lead, zinc, tungsten, tin and bismuth.
He didn't give details on the planned prices or volumes to be purchased.
"We're currently carrying out the stockpile plan and expect to complete it within a year," the official said.
However, a China Mining news report Monday, citing an official city notice, said Chenzhou authorities were planning to buy 2,000 tons of silver, 50,000 tons of lead, 50,000 tons of zinc, 5,000 tons of tungsten, 5,000 tons of tin and 3,000 tons of bismuth this year.
Chenzhou is known to be rich in nonferrous metals, with more than 70 kinds of mineral resources, and reportedly has among the largest reserves of tungsten, bismuth, molybdenum, tin and zinc in China.
Source: Dow Jones
Thursday, February 26, 2009
Peruvian Copper Production Up 25 Percent In January
The Peruvian government's Mining Ministry has released the country's mineral production figures for 2009. Copper, zinc and silver all rose - copper by over a quarter - compared to January of last year. However, lead production fell slightly.
The government relies on minerals for most of its revenues.
The figures along with a comparison with January 2008 are as follows:
Copper: 106,796 tonnes (up 25.89 pct),
Zinc: 136,531 tonnes (up 5.22 pct),
Gold: 13,853,518 fine grams (down 4.04 pct),
Silver: 307,166 fine kg (up 9.04 pct),
Lead: 27,038 tonnes (down 4.34 pct),
Iron: 336,253 tonnes (up 14.12 pct),
Tin: 3,434 tonnes (up 0.91 pct),
Molybdenum: 1,474 tonnes (up 85.41 pct)
The government relies on minerals for most of its revenues.
The figures along with a comparison with January 2008 are as follows:
Copper: 106,796 tonnes (up 25.89 pct),
Zinc: 136,531 tonnes (up 5.22 pct),
Gold: 13,853,518 fine grams (down 4.04 pct),
Silver: 307,166 fine kg (up 9.04 pct),
Lead: 27,038 tonnes (down 4.34 pct),
Iron: 336,253 tonnes (up 14.12 pct),
Tin: 3,434 tonnes (up 0.91 pct),
Molybdenum: 1,474 tonnes (up 85.41 pct)
Monday, February 23, 2009
Indonesia Forecasting Big Rise In Tin Output
Indonesia's tin output for 2009 tin output is projected to rise to 105,000 tonnes - a 47 percent increase over last year, a document from the mines and energy ministry showed on Monday. The figure exceeds a government plan to cap output below 100,000 tonnes.
Last month a mining and energy ministry official said the government aimed to cut the target cap on tin output this year due to slowing global demand that has triggered falling prices.
The cap would reduce environmental damage and prolong the life of the tin mines, however Bambang Setiawan, director general of coal, minerals and geothermal said on 27 January that the government would assess market developments before deciding the new target.
Government officials were not immediately available for comment on Monday.
The ministry's document also forecast copper production would increase to 826,370 tonnes this year from 597,070 in 2008. Gold production was forecast to rise to 99.34 tonnes from 58.83 tonnes last year and nickel-in-matte output was projected to increase to 86,180 tonnes from 73,360 tonnes in 2009.
Coal production expected to be flat at 230 million tonnes in 2009 against 229.18 million tonnes a year ago.
Last month a mining and energy ministry official said the government aimed to cut the target cap on tin output this year due to slowing global demand that has triggered falling prices.
The cap would reduce environmental damage and prolong the life of the tin mines, however Bambang Setiawan, director general of coal, minerals and geothermal said on 27 January that the government would assess market developments before deciding the new target.
Government officials were not immediately available for comment on Monday.
The ministry's document also forecast copper production would increase to 826,370 tonnes this year from 597,070 in 2008. Gold production was forecast to rise to 99.34 tonnes from 58.83 tonnes last year and nickel-in-matte output was projected to increase to 86,180 tonnes from 73,360 tonnes in 2009.
Coal production expected to be flat at 230 million tonnes in 2009 against 229.18 million tonnes a year ago.
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