October 2013

Aluminium market to soar after 2014, economist says

Aluminium companies should use a slow 2014 to upgrade, expand and hire new staff to gear up for boom times in the following years, an economist has said.

CLOSE TO CLOSE: Base metal prices down as Fed gets more bullish

Base metal prices fell during kerb trading on the London Metal Exchange on Thursday October 31, after a slightly more bullish than expected announcement from the US Federal Reserve, sources said.

Nickel output up 7% in Q3 at Norilsk

Norilsk Nickel recorded consolidated nickel production of 72,400 tonnes in the third quarter of this year, up 7% compared with the previous quarter, the company said.

HOTLINE: Standard Bank retreats in ‘land of Genghis Khan’

In a blog posting from 2011 entitled “In the land of Genghis Khan”, Standard Bank noted that over the course of a decade it has become recognised as the country’s leading foreign bank.

LME OFFICIALS: Base metals prices drift down on stronger US dollar

London Metal Exchange base metals prices drifted lower in official trading on Thursday October 31 as the US dollar firmed up.

HOTLINE: Major players take aim at minor metals

Hotline knows the worth of minor metals, both financial and industrial: cobalt, $12.30-13.30 per lb, and an essential element in high-tech batteries; selenium, $28-32 per lb, and used in electronic applications.

Antofagasta shares drop 3.9% as cost escalation continues across mining ops

Antofagasta’s shares dropped as much as 3.9% on Thursday October 31, after it reported a 34% year-on-year increase in net cash costs.

Standard Bank launches case against Erdenet to reclaim $120m loan

Standard Bank has launched legal proceedings against Just Group and Erdenet Mining Corp in the UK courts, the South African bank has confirmed.

ASIAN BAUXITE & ALUMINA CONF: Key challenges for sourcing bauxite for Indian alumina refineries

Two alumina refineries located in the Eastern Ghats mountains in India are not able to mine their nominated bauxite deposits as a result of forest and tribal issues, Dr Ashok Nandi, secretary of International Bauxite, Alumina and Aluminium Society said on Thursday October 31.

Indonesia likely to opt for phased export ban – UBS

Indonesia is more likely to cancel its raw material export ban than enforce it fully, and the most likely scenario is that a ban will be phased in, meaning that supply levels will not be immediately affected and nickel prices will drift lower in 2014, analysts at UBS said.