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Mining industry

Global Metals Market Update: Key Developments and Trends

Strategic Insights

— 2 min read

China's state-owned NFC Africa plans to invest at least $500 million in developing the Chambishi South copper mine in Zambia's Copperbelt province. Meanwhile, Russia's aluminum exports fell by 2.24% in the first five months of the year, while copper exports increased by 19.62%. Xstrata PLC has completed a $1.47 billion investment in the Antapaccay project in Peru, positioning the company for a 50% increase in annual copper production by 2014. India's mines ministry has approved a copper-ore prospecting license for Hindustan Copper Ltd. in Rajasthan province.

Key Takeaways:

  • The planned iron ore joint venture between BHP Billiton Ltd. and Rio Tinto Ltd. has been suspended again to allow the miners to make further submissions.
  • NFC Africa, a unit of China Nonferrous Metals Co., plans to invest $500 million in the Chambishi South copper mine in Zambia.
  • Russia exported 1.40 million metric tons of aluminum between January and May, a 2.24% decrease from the same period last year.
  • Russia exported 210,300 metric tons of copper in January-May 2010, up 19.62% from the same period in 2009.
  • Russia exported 92,600 metric tons of nickel in January-May 2010, a 1.54% increase from the same period in 2009.
  • United Co. Rusal PLC, a Russian aluminum giant, intends to convene an extraordinary general meeting to discuss its stake in OAO Norilsk Nickel.
  • India's mines ministry has approved a copper-ore prospecting license for Hindustan Copper Ltd. in Rajasthan province.
  • China's refined copper imports are expected to decrease by 28% to 2.3 million metric tons in 2010.
  • Base metals on the London Metal Exchange fell on Wednesday as equity markets declined.

Statistics:

  • Russia exported 1.40 million metric tons of aluminum in the first five months of 2010.
  • Russia exported 210,300 metric tons of copper in January-May 2010, a 19.62% increase from the same period in 2009.
  • Russia exported 92,600 metric tons of nickel in January-May 2010, a 1.54% increase from the same period in 2009.
  • China's refined copper imports are expected to decrease by 28% to 2.3 million metric tons in 2010.
  • Xstrata PLC has completed a $1.47 billion investment in the Antapaccay project in Peru.
  • India's Hindustan Copper Ltd. has been granted a copper-ore prospecting license in Rajasthan province.

Sources:

  • Dow Jones Commodities News via Comtex
  • Dow Jones
  • China Nonferrous Metals Co.
  • Xstrata PLC
  • United Co. Rusal PLC
  • OAO Norilsk Nickel
  • Hindustan Copper Ltd.
  • Standard Chartered
  • London Metal Exchange
  • Dow Jones Newswires

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