China's steel capacity likely to grow this year
(Minews) - Crude steel capacity in China, the world's top producing country, is likely to grow this year despite difficult market conditions as new projects are coming onstream, the Ministry of Industry and Information Technology (MIIT) said on Thursday.Long-standing overcapacity, slower growth in demand ...
Chinese farmer finds 7.85kg gold nugget worth $250,000 on the ground
(Minews) - A herdsman in China’s remote far west has struck gold after stumbling upon a huge nugget of the precious metal estimated to be worth at least $250,000, state media reported Thursday.The 7.85 kilo chunk was discovered “practically lying on bare ground”, the official Xinhua news ...
Rusal to keep idled plants shut regardless of aluminum price
(Minews) - United Co. Rusal, the world’s largest aluminum producer, will keep 700,000 metric tons of output it idled in 2013 and 2014 permanently shut, helping to buoy prices of the metal.“We cut production to 3.6 million tons last year and we are not planning to reopen the mothballed capacity,...
Holcim, Lafarge confirm asset-sale talks with CRH
(Minews) - Holcim Ltd. and Lafarge SA on Monday moved a step closer to completing their $40 billion merger, as the two companies said they are in exclusive talks to sell some of their assets to Irish building-materials company CRH PLC.In a joint statement, Holcim and Paris-based Lafarge said they entered ...
Around 12 million tonnes of iron ore stuck at Indian ports
(Minews) - Around 12 million tonnes of low-grade iron ore has been stuck at Indian ports for months, stranded as hefty export taxes and plunging prices make higher quality ore more appealing to buyers, said industry and government officials.Indian steel producers, many of which have been buying iron ...
Port Hedland iron ore shipments to China dip in January
(Minews) - Exports of iron ore to China through Australia's Port Hedland terminal slipped 1.3 percent in January from December, partly because of bad weather, official figures show.Shipments to China from Port Hedland, which handles about a fifth of the world's seaborne trade in iron ore, fell by around ...
Iran produces over 290,000 tons of aluminum in ten months
(Minews) - 293,595 tons of ingots were produced by three major Iranian aluminum companies in the first ten months of the current Iranian calendar year (March 21, 2014- January 20, 2015).The Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) announced on Tuesday that ...
As India opens up coal sector, global miners cool on investing
(Minews) - India's plans to attract badly needed foreign investment and technology to its coal sector are getting a cool response from some miners and trading houses, even though the country is one of the few bright spots for global coal demand.Seeking to curb a growing reliance on imports, Prime Minister ...
Tata Steel launches next-gen tube in UK
(Minews) - Indian steel major Tata Steel has launched an "innovative and stronger" structural steel tube product in Europe which can speed up the construction of new buildings and reduce the weight of machinery or large vehicles.Celsius 420, which is being described as the "next-generation ...
Aluminum industry body stops stocks data reports in blow to transparency
(Minews) - The International Aluminum Institute (IAI) has stopped reporting global inventory stocks, in another blow to transparency for a metal whose price, critics say, has been skewed by big banks and trading houses.In a statement, the IAI said the aluminum stocks numbers it receives from global ...
ICE to replace London Gold Fix
(Minews) - The Intercontinental Exchange will be administering the London Bullion Market Association (LBMA) gold fix in March 2015, when it will replace the London Gold Fix, which has been used since 1919.Previously announced in late 2014, the exchange’s ICE Benchmark Administration (IBA) will ...
Posco to use new steel-making technology in Iran projects
(Minews) - South Korea-based Pohang Iron and Steel Company (Posco) is set to use Finex, its new steel-making technology, in projects in Iran, according to a report.The company had launched two large plant last year - a two million-tonne plant and a 1.5 million-tonne plant, Mehdi Krbasian, managing director ...
Gold industry can replace oil in Iran economy
(Minews) - Vice chairman of Iran Gold, Jewels, Silver and Precious Stones Producers & Exporters Union says gold and jewels can replace the role oil plays in economy. He also believes Iran can improve its gold industry using its potential through holding international exhibitions.According to Mansour ...
JSW Steel calls for action against Chinese steel "dumping"
(Minews) - JSW Steel Ltd on Friday urged the government to address "dumping" of cheap steel by Chinese rivals and take steps to improve iron ore availability after lower steel prices led to a 30 percent drop in the company's third-quarter profit.Steel imports into India leapt by more than ...
Codelco seeks $1 bln cost cuts in face of falling copper price
(Minews) - World No.1 copper miner Codelco will look to slash costs by $1 billion in 2015, Chief Executive Nelson Pizarro said Friday, as the price of the base metal slumped to multi-year lows.It is seeking to cut direct cash costs by some $0.193 per pound of copper at its operations, Pizarro told journalists....
Iran welcomes South Korean cooperation in steel projects
(Minews) - Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) welcome cooperation with South Korean POSCO (Pohang Iron and Steel Company) in implementing new steel projects in southern Iran, deputy minister said Saturday.Deputy Industries, Mines and Commerce Minister ...
Is aluminum the new Doctor Copper?
(Minews) - When you’re ill, it often pays to get a second opinion.For many years now, investors have turned to ‘Doctor Copper’ for an indication as to the health of the global economy. The red metal is used in everything from construction to white goods to kitchenware, and so it’...
Lafarge SA, Holcim near deal to sell $7 billion in assets to CRH
(Minews) - Cement companies Lafarge SA and Holcim Ltd are nearing a deal to sell at least $7 billion worth of assets to Ireland's CRH PLC, the Wall Street Journal reported on Saturday, citing people familiar with the matter.The Journal noted that the sale of the assets in Europe, Canada and elsewhere ...
Mining deals reach decade low on slow private equity, E&Y Says
(Minews) - Mergers and acquisitions among mining assets declined to the lowest in a decade last year as companies shied away from large deals and private-equity funds were slow in execution, Ernst & Young LLP said.The value of mining mergers and acquisitions fell 49 percent to $44.6 billion, the ...
