查看更多>>摘要：Base metals failed to capitalise on improving technical picture against a background of shaky capital markets world over. US equities were once again made to suffer by over zealous accountants and CEOs, giving a new definition to "creative accounting". However, the weekly closes for copper and aluminium were satisfactory at just under 1670 dollars/ton (3 Months) and 1390 dollars /ton (3 Months) respectively. Friday's massive rally by US Equities was helpful, but market is likely to remain cautious as large amount of smart money may exit equities if rallies are not backed by substance. US dollars has rebounded from just under parity with euro but continues to come under pressure from Japanese yen which is proving to be a major headache for Japan that has after a longtime reported signs of economic recovery. Good news from Japan is a pleasant surprise and this is one story that is likely to be very closely watched. Western investors are still quite sceptical of Japan's ability to restructure it's ailing financial sector, sometimes due to cultural reasons. However, every one believes that it will be foolish to write-off the Japanese yet.
查看更多>>摘要：Indal is planning to focus more on efficiency and costs to counter the likely threat of cheaper imports to the region, its president SK Tamotia said in the company's annual report for 2001-02. Tamotia said Indal would strive to reduce costs and increase efficiency by greater 'sweating' of existing physical and infrastructure assets optimally. He said the company would also achieve better consumption norms matching the global standards.
查看更多>>摘要：Indal, the Aditya Birla Group company, will raise its stake to 55 per cent in Utkal Alumina Limited, a greenfield project, company reports suggest. The two promoters of Utkal Alumina, Alcan and Indal, have broadly agreed upon that they would buy out Norwegian company's stake following the exit of Norsk Hydro from the project. According to reports, after the buyout, Indal's share would rise to 55 per cent, while Alcan's share would increase to 45 per cent. Before Hydro's exit, the three promoters' equity contribution was in the ratio 45 (Hydro), 35 (Alcan) and 20 (Indal).
查看更多>>摘要：Indian Aluminium Company has entered into a long-dated forward contract (LDFC) for 20 million dollars of its 40 million dollars worth of euro-currency bonds, aiming at containing the rupee depreciation on the loan. The contract was executed for the entire tenure of the loan, which is repayable in five semi-annual installments of 4 million dollars each from February 2004. In another move to restructure its debt, the 10.60 per cent secured non-convertible debentures (SNCD) for Rs 300 million, which is due for a bullet repayment in February 2004, has since been redeemed prematurely to reduce future interest costs. Incidentally, during 2001-02, the company raised 5-year SNCD for Rs 500 million with a bullet repayment at the end of the fifth year.
查看更多>>摘要：State Bank of Travancore (SBT) has been appointed as the new operating agency (OA) to rehabilitate the ailing Aluminium Industries Ltd (Alind). At its last hearing, the Board for Industrial and Financial Reconstruction (BIFR) had asked SBT to take over as the operating agency. Befoore the BIFR decision, Industrial Investment Bank of India (IIBI) was the QA.
查看更多>>摘要：Global base metals and energy giant BHP-Billiton will concentrate on bedding down expansions at its existing southern African operations before pursuing other aluminium opportunities, a spokesman said. The company, which in February announced a 449 million dollars expansion at the Hillside smelter in South Africa, will show journalists progress at its 860 million dollars upgrade of the Mozal aluminium smelter outside Maputo, Mozambique. The two expansions will add around 382,000 metric tons a year to the company's current aluminium output of around 800,000 tons a year in southern Africa. "We need to get Mozal II and Hillside III completely bedded before we can consider any other aluminum projects," said BHP-Billiton spokesman Campbell.
查看更多>>摘要：Low treatment and refining charges have made things difficult for Chinese copper producers, and some may suffer losses if the charges drift any lower, China's major copper producers said. "The current charges are the lowest that Jiangxi Copper can afford," said Du Xinmin, chief finance officer of Jiangxi Copper Co., China's biggest copper producer. TCs, at Jiangxi stand at 400 yuan a metric ton, while refining charges are around CNY150/ton, according to Du. He didn't provide comparative figures. "Jiangxi will suffer losses if the two charges fall further," Du added. Lower TCs and RCs are the result of mine output cutbacks by major global producers in the wake of weak prices. The charges, levied on miners, are the main staple for refined copper producers. Jiangxi plans to source around 140,000-1 50,000 tons of concentrates this year from mines in Chile, Australia and the Philippines. Imported concentrate usually accounts for around 40 percent of the company's total demand. The remainder comes from its own domestic mines. Jiangxi will produce around 220,000 tons of refined copper this year, down 20,000 tons from last year due to a minor disruption in production as a result of its capacity expansion to 300,000 tons/year. Jinlong Copper Co., China's second biggest producer, is facing the same problem.
查看更多>>摘要：China Minmetals Nonferrous Metals Co. Ltd. plans to increase its copper concentrate imports to 1.5 million metric tons in 2007, from 800,000 tons targeted this year, the company's vice president Xu Feng said. By 2007, copper import business of state-owned Minmetals, now China's biggest metals trading company, will be in the hands of China United Copper Co., its new joint venture with five copper producers in China, Xu said. Minmetals currently has a 25 percent stake in China United Copper. "With that target, we also plan to increase the import ratio by Minmetals to slightly over 50 percent, from about 40 percent of national imports now," Xu said. Last year, Minmetals imported about 800,000 tons of copper concentrates, about 40 percent of China's total imports of 2 million tons. In 2007, China's total imports of concentrates should reach 3 million tons, according to Xu. This year's import target remains unchanged from last year because of supply tightness of copper concentrates in the world market, Xu said. "We always want to increase imports, but it's not possible," he said. The world copper concentrate market is seeing a shortage with major copper producers like Phelps Dodge Corp. and BHP Billiton Ltd. cutting mine output this year in response to price weakness. China is the world's second largest copper consumer but remains a net importer of the metal due to insufficient supplies of local copper concentrates. As such, Minmetals is trying to ensure China's concentrate supplies by other means apart from direct imports.
查看更多>>摘要：After meeting federal air quality standards for the first time ever earlier this year, the nation's largest lead smelter was out of compliance during the second quarter. Doe Run Co. said that one of seven air monitors at its Herculaneum plant measured lead in the air above the national standard. If the plant exceeds the standard again, officials say Doe Run will face more expensive restrictions, including possible limits on production.
查看更多>>摘要：Sterlite Industries Chairman, Anil Agarwal is now working on a plan to double the capacity of yet another new acquisition, Hindustan Zinc. According to reports, the Sterlite group is working on the nitty-gritties of a blueprint that will almost double its zinc capacity from the present 1.69 lakh tons. It is learnt that the plan is a long-term one and no official decision has been taken on the issue. The eventual goal of the company is to take the operations of HZL on a global scale.
NSTL