Impact Minerals Limited has raised approximately AUD 2.2 million (USD 1.56 million) before costs through a renounceable rights issue, providing additional funding to advance its two high-purity alumina projects in Australia. The company issued nearly 69 million new shares and approximately 46 million options under the capital raising, which was launched in August. Impact Minerals said the offer received strong participation from existing shareholders, including full take-up by its major German family office investor. Any remaining shortfall shares may be placed within three months, subject to the allocation policy outlined in the offer. Funding targets pilot and customer qualification work The fresh capital will support development of Impact Minerals’ Lake Hope and Alluminous high-purity...
The USD 4 billion Oklahoma aluminium smelter project planned by Emirates Global Aluminium (EGA) and Century Aluminum is facing a new hurdle in Inola, where the city council has extended a moratorium on smelter permits and called a referendum on the proposed facility. The 750,000-tonne-per-year aluminium smelter, announced in January, is expected to more than double current US primary aluminium production and would be the first new primary aluminium smelter in the country in almost 50 years. It would also become the largest source of primary aluminium in the Western Hemisphere. The project has taken on added importance as the US imports roughly 60 per cent of the primary aluminium it uses. Aluminium is essential to transportation, defence, aerospace and electrical infrastructure, making...
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Beck Aluminum, a global pioneer in selling aluminium worldwide, joined Aluminium Stewardship Initiative (ASI) as a General Supporter member. Through its network of authorised suppliers, Beck Aluminum offers aluminium ingot and RSI products of the highest calibre at cost-effective prices throughout North America, providing supply certainty that is unmatched in the industry. “Beck Aluminum joined ASI because its membership will enhance its corporate mission to support its global supply base, diverse market segments and long-term customer relationships in the best way possible. ASl’s performance standards further support Beck Aluminum’s market objectives to responsibly access new markets and forge stronger partnerships in the aluminium recycling industry,” said Geoffrey Beck, Manager at Beck...
On Tuesday, August 30, China’s A00 aluminium ingot price dropped by RMB 400 per tonne to settle at RMB 18,560 per tonne. The average price for the same is expected to range between RMB 18,540 per tonne and RMB 18,580 per tonne, with spot contracts to be traded at a discount price of RMB 60 to RMB 20 per tonne. The price in Wuxi and Hangzhou has declined by RMB 400 per tonne, scoring at RMB 18,540 per tonne and RMB 18,590 per tonne. In Foshan and Linyi, the price descended by RMB 370 per tonne to record at RMB 18,420 per tonne and RMB 18,590 per tonne. As per the SMM data, the price in Gongyi and Chongqing plunged by RMB 360 per tonne and RMB 340 per tonne to reside at RMB 18,470 per tonne and RMB 18,540 per tonne. The A00 aluminium ingot price in Tianjin and Shenyang went down by RMB 330...
One year after its merger with Mecfor and Advanced Dynamics, EPIQ Machinery is concluding a successful first year that has seen solid growth for the company. Over the last twelve months, the company has recorded a 30% increase in sales and a 25% increase in its workforce in Québec. EPIQ Machinery's goal is to become the leader in providing global solutions for innovative equipment dedicated to the aluminium, pulp, paper, and rail industries to improve production processes and handling. The Quebec company established in Saint-Bruno and Saguenay builds its success from its strategy of constant innovation, multiple product lines, and the development of strategic partnerships. Innovation at the service of growth Through its versatility and the diversity of its activities in strategic...
Four GT13E2 gas turbines and four generators placed at Sohar Aluminium's facility in the Sultanate of Oman will get repairs, maintenance, and components for ten years thanks to a services agreement inked with GE Gas Power (NYSE: GE). For the duration of the deal, GE Digital will also supply its Asset Performance Management (APM) software. Sohar Aluminium's smelter is powered by the electricity generated from the four units, which have a 696 megawatts (MW) capacity. The GE solutions are anticipated to boost unit reliability, expand gas turbine availability, lower costs, and lower operational risks, eventually increasing smelting productivity. “Stable electricity supply is a key input for our manufacturing processes and essential for continuous operations at Sohar Aluminium. The GT13E2...
According to the International Aluminium Institute, primary aluminium production in North America during July 2022 continued to decline month-on-month by 6,000 tonnes or 1.92 per cent standing at 306,000 tonnes. The output in June plunged by 13,000 tonnes from 325,000 tonnes in May to 312,000 tonnes. On a year-on-year calculation, North America’s primary aluminium production in July’22 stood down significantly by 8.10 per cent from 333,000 tonnes. In the first seven months of the year (January-July), aluminium output in North America totalled 2.195 million tonnes, after being slipped by 5.10 per cent from 2.313 million tonnes during the same period last year. IAI data also showed a 4.81 per cent monthly drop in the daily average production of primary aluminium in North America from 10,400...
LME aluminium opened at US$2,430 per tonne last Friday and closed at US$2,490 per tonne, an increase of US$54.5 per tonne or 2.24 per cent. Rising energy prices are affecting the aluminium industry more than ever. As a result, aluminium smelter production costs are also on the rise, which in turn affects aluminium prices. As per the data, both LME aluminium cash bid price and LME aluminium official settlement price had augmented by US$51.5 per tonne or 2.10 per cent and US$52.5 per tonne or 2.14 per cent on Friday, August 26. The former closed at US$2,493 per tonne, while the latter settled at US$2,495 per tonne. 3-month bid price and 3-month offer price surged by US$58 per tonne to record at US$2,484.50 per tonne and US$2,485.50 per tonne. On the same day, December 23 bid price and...
A00 aluminium ingot price has faced an RMB 100 per tonne expansion to close at RMB 18,960 per tonne, as recorded by the Shanghai Metals Market on Monday, August 29. The average prices are expected to range between RMB 18,940 per tonne and RMB 18,980 per tonne, with spot contracts trading at a discount price of RMB 50 per tonne and RMB 10 per tonne. The provinces in China have witnessed a hike in aluminium prices today, with A00 aluminium ingot price rising the highest in Foshan by RMB 110 per tonne to RMB 18,790 per tonne. The primary aluminium prices in Chongqing, Shenyang, Tianjin and Linyi escalated by RMB 100 per tonne to close at RMB 18,880 per tonne, RMB 18,900 per tonne, RMB 18,910 per tonne and RMB 18,960 per tonne. The primary aluminium price in Gongyi has gained RMB 90 per tonne...
This week the global primary aluminium segment witnessed a lot of essential changes. European aluminium smelters have once more increased their output cutbacks. According to Citi analysts, the 4.5 million tonnes of total aluminium production capacity in Europe have decreased by 1 million tonnes since 2021, and another 500,000 tonnes are in jeopardy. Next in line is the European aluminium rolling company Speira, planning to lower the output of its German aluminium smelter to 50 per cent of its maximum capacity by September. Not only this, Talum, a prominent Slovenian firm that specializes in alumina and aluminium products, has lowered its primary aluminium output by 20 per cent of its smelting capacity. However, on a positive note, on Wednesday, August 24, Norsk Hydro announced that the...
Hindalco Industries Limited has added on INR 2,000 per tonne to its aluminium ingot and aluminium products prices, with effect from Friday, August 26. This brings the company’s aluminium wire rod price to INR 238,350 per tonne, compared with INR 236,350 per tonne on August 25. Hindalco’s aluminium wire rod price on August 25 was deducted by INR 1,750 per tonne. Hindalco’s aluminium billets price has come in at INR 241,350 per tonne, with effect from August 26, versus INR 239,350 per tonne on August 25. Aluminium ingot price has amounted to INR 227,250 per tonne as against INR 225,250 per tonne on the previous day. Hindalco Industries links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which rose by US$53 per tonne...
The LME aluminium benchmark price has reflected an upswing movement through the week by US$107.50 per tonne, with only an intermittent downfall. Both LME aluminium cash bid price and LME aluminium official settlement price started the week with a rise of US$11.50 per tonne or 0.48 per cent to settle at US$2,387 per tonne and US$2,387.50 per tonne. The prices grew on Tuesday by 2.14 per tonne to US$2,438 per tonne and US$2,438.50 per tonne but decreased the next day by US$16.50 per tonne to rest at US$2,421.50 per tonne and US$2,422 per tonne, respectively. On Thursday, August 25, LME aluminium cash bid price and LME aluminium official settlement price experienced a rise of US$20.50 per tonne or 0.85 per cent to settle at US$2,441.50 per tonne and US$2,442.50 per tonne. On Friday, August...
According to the Shanghai Metals Market, primary aluminium inventories in China witnessed a decrease of 1,000 tonnes week-on-week across eight major consumption areas, including SHFE warrants. Therefore, on Thursday, August 25, the inventories totalled 679,000 tonnes, which in comparison with the month’s third Monday, August 15, shrunk by 19,000 tonnes. As of now, the inventories in August dropped by 75,000 tonnes as recorded in the same period last year, while adding 9,000 tonnes in comparison with July’s end. The inventory has witnessed stagnancy on a week-on-week basis showing only minor changes along the border of activity. Some of the sources were carried on to Sichuan and Chongqing, following rigid production cuts in these areas. The inventories in Wuxi and Shanghai refrained from...
National Aluminium Company Limited (NALCO) has increased its aluminium ingot and aluminium products prices for the first time this month on August 26, following two consecutive cuts on August 1 and August 18. NALCO has raised its aluminium ingot price by INR 4,100 per tonne or 1.8 per cent to INR 226,050-229,550 per tonne. On August 18, the price stood at INR 221,950- 225,450 per tonne, down by INR 4,700 per tonne from the previous day. NALCO’s aluminium wire rod price has also seen a hike of INR 4,100 per tonne over a week, reaching INR 229,550-233,900 per tonne on August 26 versus INR 225,450- 229,800 per tonne on August 18. Aluminium billets price has come in at INR 230,500-233,150 per tonne, accumulating the same amount over a week from INR 226,400- 229,050 per tonne. NALCO has...
European aluminium smelters have once again ramped up their production cuts owing to soaring electricity prices. Since 2021, 1 million tonnes of total 4.5 million tonnes of Europe’s aluminium production capacity has been reduced, while another 500,000 tonnes is under threat, according to Citi analysts. A few weeks ago, a dramatic rise in natural gas prices was reported, showing no possibility for Europe’s inflation battle to ease. In August, gas prices have increased by almost 40 per cent and nearly 30 per cent throughout the year so far. Reuters has identified the smelters affected by the electricity price surge, mentioning their output capacity and their rate of production cut. In late December 2021, Alcoa’s San Ciprian aluminium smelter in Spain reached an agreement aimed at resolving...
Talum, the major Slovenian company specializing in alumina and aluminium products, has reduced its primary aluminium production by 20 per cent of its smelting capacity due to exorbitant energy prices. Power prices in Europe have been rising since the beginning of 2021, making some production sites unviable due to the high energy requirements of aluminium smelting. Reduced production can result in more significant deficits and higher costs for European customers purchasing aluminium for building, packaging, and transportation use. However, this year's predicted recession in Europe will reduce demand, and Chinese smelters have increased production to make up for European losses. Reports suggest that Talum had already curtailed output by 50 per cent while having the capacity to generate...
On Friday, August 26, China's A00 aluminium ingot price went up by RMB 10 per tonne to rest at RMB 18,860 per tonne. The average prices are likely to range between RMB 18,840 per tonne and RMB 18,880 per tonne, with spot contracts to be traded at a discount price of RMB 40 per tonne. As per the SMM data, the A00 aluminium ingot price has changed in only three areas. In Gongyi, the price has drifted downwards by RMB 20 per tonne to settle at RMB 18,740 per tonne, followed by Tianjin and Linyi, where the prices have fallen by RMB10 per tonne to rest at RMB 18,810 per tonne and RMB 18,860 per tonne. However, the price in other provinces has shown no chance. Like in Foshan, the price has stood the same at RMB 18,680 per tonne, followed by in Wuxi, where the price has shown no change to settle...
LME aluminium opened at US$2,624.6 per tonne on Thursday and closed at US$2,435.5 per tonne, an increase of US$9 per tonne or 0.37 per cent. LME aluminium cash bid price stopped at US$2,441.50 per tonne, with a 0.82 per cent or US$20 per tonne hike on Thursday, August 25, while LME aluminium official settlement price rested at US$2,442.50 per tonne, experiencing an increase of US$20.50 per tonne or 0.85 per cent. 3-month bid price witnessed a 0.56 per cent or US$13.50 per tonne elevation to stand at US$2,426.50 per tonne and the 3-month offer price also had a similar percentage added to it, arriving at US$2,427.50 per tonne. December 23 bid price and December 23 offer price expanded by US$12 per tonne or 0.49 per cent to rest at US$2,465 per tonne and US$2,470 per tonne, respectively. LME...
Malaysian aluminium giant Press Metal Aluminium Holdings Bhd. has reported that its net profit for the second quarter of the financial year ended June 30, 2022 (Q2 FY2022) escalated by 60.1 per cent to RM409.17 million against RM255.58 million in the same quarter previous, boosted by enhanced revenue and contribution from subsidiary companies. A filing on the stock exchange revealed Press Metal's revenue increased by 51 per cent to RM4.01 billion from RM2.64 billion in Q2 FY 2021, primarily due to an increase in metal prices and production output as its Phase 3 smelter became operational in October 2021. With three decades of experience in the aluminium industry chain, Press Metal stated, "The strengthening of the US dollar also contributed to the increase as the group's revenue is mainly...
Ghana Integrated Aluminum Development Corporation (GIADEC) believes it can raise nearly US$6 billion in private finance to achieve a unified aluminium sector. It also hopes that the integrated aluminium development plan would help Ghana's packaging, pharmaceutical, electric cable manufacturing, and construction industries reach their full potential. GIADEC is now stepping up efforts to develop a comprehensive aluminium industry in line with the country's renewed commitment to use its bauxite endowments to become an automobile and industrial hub within the continent. The nation initially envisioned an integrated industry shortly after independence. “So, what we have done is that we have broken this up into four projects to make sure that we can bring investors who can take the risk. So we...
