January 2013

Freeport, Lundin will finance Gecamines' 20% stake in Kokkola cobalt refinery

Freeport-McMoRan Copper & Gold and Lundin Mining Corp will finance Gécamines' purchase of a 20% stake in the recently established joint venture that bought the Kokkola cobalt refinery in Finland.

CLOSE TO CLOSE: Base metals prices down on poor US, Japanese data

Base metals prices lost some ground during kerb trading on the London Metal Exchange on Thursday January 31, as the market digested news of poor industrial production in Japan and disappointing jobless figures from the USA.

Nigeria pushes ahead with Alscon sale to BFI; Rusal contests

Nigeria’s privatisation authority is pushing ahead with the controversial sale of the Aluminium Smelting Co of Nigeria (Alscon) to BFI Group, upholding a July decision by the country’s Supreme Court revoking the plant’s ownership by UC Rusal.

MEIR ON METALS: Metals prices hovering at high levels ahead of Friday’s US jobs report

Analyst Ed Meir looks at what is moving the metal markets on Thursday January 31.

LME OFFICIALS: Base metals prices strong on continuing dollar weakness

Base metals prices remained strong during official trading on the London Metal Exchange on Thursday January 31, as US dollar weakness continued.

Ebitda up 43% at Vedanta in nine months to December 31

India-based miner Vedanta recorded a 43% year-on-year increase in earnings before interest, taxation, depreciation and amortisation (Ebitda) in the nine months ended December 31 2012, on improved contributions from its aluminium and power divisions.

MILLING ABOUT: Enami's director resigns

Chilean national mining corporation Enami announced that it had accepted the resignation of its director José Pedro Undurraga Izquierdo, according to a statement sent to the country's stock exchange.

Rio Tinto counters claim it will stop work at Oyu Tolgoi in protest against mining law

The Oyu Tolgoi copper-gold mine in Mongolia is on track to achieve commercial production in the first half of the year, Rio Tinto said on Thursday January 30, in response to a media report stating that it is considering halting work at the mine.

Brazil’s processed aluminium consumption down 2.3% in 2012

Brazil’s domestic aluminium product consumption fell 2.3% year-on-year in 2012, mainly on slow economic growth, according to preliminary figures from Abal, the Brazilian aluminium association.

China cites compliance with WTO raw materials ruling

China has told the World Trade Organisation (WTO) that it has fully complied with a WTO dispute ruling striking down Chinese export restrictions on raw materials exports.