Short news metals
March 7, 2013 Category Automotive Metals & Minerals, Short news metals
- Sibanye Gold will seek Chinese investors and look to acquire other gold assets in South Africa, Neal Froneman, its Chief Executive said, on its first day as a listed company. “There are benefits to Chinese partners such as being able to access capital,” Froneman said.
- Leshan Heima Mining Co, a privately-owned mining company in Leshan city, Sichuan province, has spent €15 million on a 75% stake in Lisa Airplanes, a French aircraft builder. “The acquisition was achieved in early February and the company plans to move the production lines to China in two or three years,” said Deng Gang, Director of the Foreign Economic Cooperation Division of the Leshan Commerce Bureau. Leshan Heima Mining Co is in the phosphate rock-trading business. Lisa Airplanes was established in 2004 and focuses on light-sports aircraft manufacture.
- Australia’s Fortescue Metals Group, the world’s No 4 iron ore producer, reported a 40% fall in first-half profit to USD478 million due to weak iron ore prices, but flagged resurgent demand from Chinese steel makers.
- China is requiring its non-ferrous metals industry to improve energy efficiency by 18% by the end of 2015 to conserve resources and reduce pollution. The Ministry of Industry and Information Technology (MIIT) said that the country will be able to save energy equivalent to 7.5 million tons of standard coal if energy use per unit of industrial output in the non-ferrous metals industry were to meet the target. The energy use per unit of industrial output fell 19.6% in the non-ferrous metals industry in the five years through 2010. The Ministry also required the industry to slash emissions of sulfur dioxide, which contributes to the production of acid rain, by 10% during the period. The non-ferrous metals industry used energy equivalent to 151.38 million tons of standard coal in 2011, or 4.4% of China’s total energy consumption.
- Finnish engineering firm Metso has strengthened its presence in China with the acquisition, for an undisclosed amount, of the manganese steel foundry owned by Quzhou Juxin Machinery Co in Zhejiang province. The transaction covers the acquisition of Juxin’s assets as well as Quzhou Chixin Machinery Co, which will be transferred to Metso along with the jobs of 275 workers. The transaction is expected to be completed within six months.
- China’s aluminum inventories reached a record high in February, caused by rapidly growing supply and weak demand in the country, resulting in sharp price drops. The main reason for the increasing stockpiles is the new production capacity in western areas of China. In 2011, China’s 3.4 million tons of new production capacity for electrolytic aluminum was mainly located in Xinjiang. The aluminum sector saw a 92.7% decline in profit to CNY930 million in the past year.
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