Short news minerals
May 30, 2013 Category Automotive Metals & Minerals, Short news minerals
- China and ASEAN countries signed seven mining cooperation agreements valued at about CNY16.3 billion during the China-ASEAN Mining Cooperation Forum and Exhibition in Nanning, capital of Guangxi. The event attracted more than 800 representatives from China and ASEAN countries. The China-ASEAN Mining Talent Exchange and Training Center was founded and is expected to play an important role in training mining talents for ASEAN countries.
- Caterpillar and China-based Mining Machinery said they have settled outstanding issues related to Caterpillar’s acquisition of mining equipment firm ERA and its Siwei unit through a reduction in the purchase price. As part of the deal announced, Caterpillar’s outstanding payment obligations to Mining Machinery were reduced by USD135 million to USD29.5 million. Caterpillar reported in January that it had found “deliberate, multi-year, coordinated accounting misconduct” at Siwei. The world’s largest maker of construction equipment had acquired ERA for USD653.4 million from Mining Machinery last June.
- China’s coal imports will continue from a more diversified number of sources over the long-term, exerting a major influence on international coal prices, according to James O’Connell, Editor-in-Chief of Platts’ Coal Trader International. The U.S., Indonesia, Australia and Russia are all expected to export more coal to China. In the past year, 40% of China’s coal imports were from Australia and 34% were from Indonesia. China imported 290 million tons of coal in 2012, a 59% rise year-on-year, ranking it as the world’s biggest coal importer.
- Chinese steelmakers are questioning the reliability of the main industry price index for ore provided by Platts, expressing concerns about transparency and trading volume. “We are skeptical because we don’t know the size of the deal samples and how they work out the indexed prices,” said Wang Liqun, Deputy General Secretary of the China Iron & Steel Association (CISA).” Shen Wenming, Vice President of Jiangsu Shagang, said: “We found the indices often dropped slower when the spot market falls, while it always rises quicker when the spot rates move up. Indexed pricing dominates the market. Steelmakers don’t have a say but to follow.”
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