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Fiji’s bauxite export affects due to volatile nature of mining
Fiji’s Director Mineral Development Dr Raijeli Taga said that the bauxite export has been affected from the shores of Bua due to volatile nature of the mining business. She pointed out that the nation confirmed only one shipment of bauxite to China so far this year.
In March, Fiji announced that its vessel, the MV Ocean Merry, at the port of Galoa in the province of Bua, loaded the first shipment of 70,000 tons of bauxite ore for 2017.
Raijeli Taga said, "The number of bauxite export cannot be estimated for 2017 due to volatile nature of the mining business. Further exports will be purely a business decision of the tenement holder which will depend on the market price in terms of profitability and sustainability of their operations.”
"If the export price is not feasible then the tenement holder would continue with the mining activity and export when the price is right."
XINFA Aurum Exploration Fiji Ltd will keep the mining operations running in order to stockpile for later export. They would export bauxite when the commodity price improved.
She further stated that bauxite export dropped in 2016 because of low commodity price in China. China buys a substantial amount of Fijian bauxite.
She added: "Since the bauxite from Fiji is not of premium grade, it has to compete with bauxite from countries such as Australia, Mongolia and Indonesia which are of superior grade."
"According to the quarter one update of 2017 from the Bauxite Index, the Chinese domestic alumina prices have fallen from recent highs in January, as supply was ramped up to take advantage of the higher prices.”
"Subsequently, it assumed that the bauxite export would be very similar to 2016 unless the price improves."Get fresh Aluminium data and insights
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