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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Meridian Energy, New Zealand's most significant renewable energy generator and Rio Tinto, the majority owner of the Tiwai Point aluminium smelter, have made predominantly positive comments about their anticipation of attaining a deal to keep the smelter open after 2024. In spite of the Electricity Authority's announcement last week that it would veto any supply deal that it considered unfair to other prospective power users, the deal looks to proceed regardless. The island country in the southwestern Pacific Ocean, New Zealand’s only aluminium smelter requires a new power supply deal if it desires to remain open after its current supply agreement expires at the end of 2024. On 24th August 2022, Neal Barclay, the CEO of Meridian Energy, said, "The power firm required a contract that would...
Last year South32 witnessed a rise in annual revenue, amounting to US$2.67 billion or AU$3.87 billion in total, owing to systematically augmenting prices of raw materials like metallurgical coal and aluminium. The diversified miner made the highest profit since its inception in 2015, owing to a collection of the residual assets discarded by BHP. South32 made US$1.03 billion from aluminium and US$1.54 million from industrial coal used for steel production. Higher realised prices are directly proportional to underlying earnings, which had a US$3.67 billion or AU$5.3 billion spike. Graham Kerr, the CEO of South32, explained that shareholders would be able to retrieve US$648 million or AU$936 million in final dividends for the second half of the year, along with special dividends worth US$139...
Researchers from iForest, Delhi are instigating policymakers to make a shift to a green energy-based economy in Odisha’s Angul region, one of India’s largest coal generating zones. This step is to ensure a circular economy for energy, steel, urea and aluminium production units so that the coal reserves stay preserved for a longer period of time. On August 24, the Delhi-based environmentalist organisation, International Forum for Environment, Sustainability and Technology (iFOREST), published a report showing how Odisha’s largest coal-producing industrial district, Angul, can have smooth transmit energy to build a green economy in the upcoming days. Analytical reports from iFOREST stated: “Coal production is expected to grow threefold over the next 10 years in Angul, from 96.7 million...
Hindalco Industries Limited has trimmed its aluminium ingot and aluminium products prices, with effect from Thursday, August 25, following a hike a day ago. The company has cut its aluminium ingot price by INR 1,750 per tonne to INR 225,250 per tonne. On August 24, the price was increased by INR 6,000 per tonne to INR 227,000 per tonne. Hindalco’s aluminium wire rod price has also been reduced by INR 1,750 per tonne to INR 236,350 per tonne after a hike on the previous day from INR 232,100 per tonne to INR 238,100 per tonne. Aluminium billets price has come in at INR 239,350 per tonne as of August 25, down by INR 1,750 per tonne from INR 241,100 on August 24. Hindalco Industries links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London...
The ongoing labour dispute between Industri Energi and Norsk Hydro ended on Wednesday, August 24. A resolution to the labour dispute over the amendment of the Electrochemical Agreement was reached between Industri Energi and Norsk Industri, which resulted in the cancellation of the strike at Hydro Sunndal. Norsk Hydro’s aluminium smelter in Sunndal western Norway is the largest in Europe and is also a producer of low-carbon aluminium. Around 655 members of the Industry Energi union, who was also a part of Hydro Sunndal, went on a strike on Monday, August 22, due to an ongoing labour dispute. However, as per the latest reports, following the announcement of the resolution between Industri Energi and Hydro, it is expected that the aluminium smelter in Sunndal will begin regular activities,...
Along with the month-on-month hike in the world primary aluminium production during July 2022, output in Africa has recorded an increase of 4,000 tonnes or 2.96 per cent to bounce back at 139,000 tonnes in the said month. According to the International Aluminium Institute, Africa’s primary aluminium production in June 2022 had a monthly fall from 139,000 tonnes to 135,000 tonnes. On a year-on-year basis, Africa’s primary aluminium output in July 2022 also edged higher by 4,000 tonnes from 135,000 tonnes, found IAI data. In the first seven months of the year (January-July), Africa produced 941,000 tonnes of primary aluminium in total, up by 25,000 tonnes or 2.73 per cent from 916,000 tonnes during the same period last year. According to IAI data, the daily average production during...
LME aluminium opened at US$2,405 per tonne on Wednesday and closed at US$2,426.5 per tonne, down US$1.5 per tonne or 0.06 per cent. On Wednesday, August 24, both LME aluminium cash bid price and LME aluminium official settlement price dropped by US$16.5 per tonne or 0.67 per cent to rest at US$2,421.50 per tonne and US$2,422 per tonne. 3-month bid price and 3-month offer price went down by US$3 per tonne or 0.12 per cent to close at US$2,413 per tonne and US$2,414 per tonne. December 23 bid price and December 23 offer price climbed down by US$5 per tonne or 0.20 per cent to peg at US$2,453 per tonne and US$2,458 per tonne. LME aluminium opening stock was recorded at 282075 tonnes. Live warrants and Cancelled warrants halted at 183475 tonnes and 98600 tonnes. LME aluminium 3-month Asian...
A00 aluminium ingot price has seen an RMB 50 per tonne rise to close at RMB 18,870 per tonne, as recorded by the Shanghai Metals Market on Thursday, August 25. The average prices are expected to range between RMB 18,850 per tonne and RMB 18,890 per tonne, with spot contracts trading at a discount price of RMB 40 per tonne. The provinces in China have witnessed an uneven aluminium price alteration today, with A00 aluminium ingot price rising the highest in Hangzhou by RMB 240 per tonne to RMB 18,850 per tonne, followed by RMB 230 per tonne hike in Wuxi to RMB 18,800 per tonne. The primary aluminium price in Linyi has escalated by RMB 50 per tonne to stop at RMB 18,870 per tonne. The primary aluminium prices in Gongyi and Chongqing have seen an RMB 40 per tonne spike to close at RMB 18,720...
Vedanta Limited has expanded its aluminium ingot and aluminium products prices for the two back-to-back days, with effect from Wednesday, August 24. The company has increased its aluminium ingot price by INR 4,500 per tonne or 2 per cent to INR 224,750- 254,250 per tonne. On the previous day, the price stood at INR 220,250- 249,750 per tonne, seeing a rise of INR 1,250 per tonne. Vedanta’s aluminium wire rod price has also experienced a hike of INR 4,500 per tonne on August 24 to stand at INR 232,250- 239,750 per tonne versus INR 227,750-235,250 per tonne on August 23. The latest rise has brought the company’s aluminium billets price to INR 233,750 per tonne, up INR 4,500 per tonne from the earlier day. Vedanta links its aluminium ingot and aluminium products prices to the three-month...
On Tuesday, August 23, Aluminium Stewardship Initiative (ASI) announced that Yunnan YunLv Yongxin Aluminium Co., Ltd. based in the Yangjie Industrial Park, Yunnan Province, China, received the ASI Chain of Custody Standard V1 (2017) Certification. In September 2021, the facility was granted the Performance Standard Certification by ASI. The application of ASI's CoC Standard establishes a connection between the goods made by ASI Certified Entities and verified processes at various supply chain stages that have been approved under the ASI Performance Standard. Based on hydropower, the plant has an annual production capacity of 300,000 tonnes of primary aluminium. The major products are electrolytic aluminium liquid, re-melted aluminium ingots, casting aluminium alloy, and aluminium bars....
Rising energy prices are affecting the aluminium industry more than ever. As a result, Speira, a significant European aluminium rolling firm, is thinking of reducing the production of its German aluminium smelter to 50 per cent of the total capacity. The final decision on the production cut is expected to be taken by September. As per the reports, Speira was once a part of Norsk Hydro ASA, one of the biggest manufacturers of aluminium in the world, which was later sold to KPS Capital Partners last year. Although the German Speira facility can manufacture roughly 160,000 tonnes of aluminium annually, it now only produces about 140,000 tonnes. Aluminium is a metal that consumes the highest amount of energy. However, the rising fuel prices have resulted in the shutting down of many aluminium...
On Wednesday, August 24, China’s A00 aluminium ingot price has hiked by RMB 250 per tonne to settle at RMB 18,820 per tonne. The average price for the same is expected to range between RMB 18,800 per tonne and RMB 18,840 per tonne, with spot contracts to be traded at a discount price of RMB 40 per tonne to a premium price of RMB 0 per tonne. The price in Foshan and Hangzhou settled at RMB 18,650 per tonne and RMB 18,850 per tonne after witnessing a rise of RMB 280 per tonne and RMB 240 per tonne. On the same day, the price in Gongyi and Wuxi has grown by RMB 230 per tonne to peg at RMB 18,680 per tonne and RMB 18,800 per tonne. As per the SMM data, the price in Chongqing and Tianjin has also increased by RMB 220 per tonne to score at RMB 18,740 per tonne and RMB 18,840 per tonne. The A00...
LME aluminium opened at US$2,392.5 per tonne on Tuesday and closed at US$2,428 per tonne, up US$39.5 per tonne or 1.65 per cent. LME aluminium cash bid price stopped at US$2,438 per tonne, with a 2.14 per cent or US$51 per tonne growth on Tuesday, August 23, while LME aluminium official settlement price rested at US$2,438.50 per tonne, experiencing a similar escalation. 3-month bid price witnessed a 1.51 per cent or US$36 per tonne elevation to stand at US$2,416 per tonne, while the 3-month offer price witnessed a US$36.50 per tonne or 1.53 per cent boost to close at US$2,417 per tonne. December 23 bid price and December 23 offer price inched up the chart by US$33 per tonne or 1.36 per cent to rest at US$2,458 per tonne and US$2,463 per tonne, respectively. LME aluminium opening stock...
Alcoa Intalco aluminum smelter sees a silver lining once again to restart its operation, as the climate and health care bill has been passed by Congress and signed by President Joe Biden with provisions that could help the resumption of the smelter’s operation. Already the reopening campaign for the smelter is in full swing since the rise of the aluminium spot price to a record high in March 2022. But what appears as a hurdle is the affordable source of electricity for energy-intensive aluminium production. So far, the smelter has been unable to reach an agreement with the Bonneville Power Administration, which sells electricity generated by federal Pacifica Northwest dams. As per the Seattle Times report, the climate and health care bill has dubbed the Inflation Reduction Act, which...
According to the International Aluminium Institute data, world primary aluminium production in July 2022 rose by 176,000 tonnes or 3.10 per cent month-on-month. From 5.672 million tonnes in June 2022, the world output escalated to 5.848 million tonnes in July. The average daily output in June 2022 was 189,100 tonnes, while the average daily production in July 2022 came in at 188,600 tonnes. The total production volume of primary aluminium in July 2021 was 5.730 million tonnes worldwide; thus, if considered on a year-on-year scale, the output grew by 118,000 tonnes or 2.06 per cent in July 2022. The Q4 2021 saw a total aluminium production rate of 16.637 million tonnes, which declined by 71,000 tonnes in Q1 2022. Here we see a quarter-on-quarter sluggish trend at the beginning of 2022,...
Despite several meetings with Industri Energi and Norsk Industri, the collective agreement between the two companies to secure a new labour deal failed, due to which some employees at Alcoa's Mosjøen aluminium smelter in Norway went on strike on Monday, August 22. However, Alcoa's Lista plant in Norway is not currently part of the ongoing strike. In a more considerable labour dispute that affects other areas of Norway's industrial sector, Alcoa said that 17 of the 550 employees at the Mosjøen smelter failed to report to work on Monday. If the strike continues on Wednesday, the number will rise to 35 members. A reduction agreement that applies to Alcoa's factory specifies what will happen if a strike gets out of control, including delivery halts, temporary output cutbacks at the smelter,...
Information & eGovernment Authority reported that in July 2022, Bahrain's exports of goods and services of domestic production surged by 29 per cent to BD421 million ($1.17 billion) from BD327 million recorded same month a year ago. Unwrought aluminium alloy, worth BD162 million, was the most exported commodity in July 2022, followed by unalloyed aluminium wire, worth BD18 million, and agglomerated iron ores and concentrates, worth BD89 million. In July 2022, the value of imports climbed by 12 per cent to BD468 million from BD418 million in the same month the year before. 68 per cent of the value of imports came from the top 10 nations, while 32 per cent came from the other nations. Brazilian imports to Bahrain were BD71 million; China came in second with BD67 million; and the UAE...
Emirates Global Aluminium (EGA), the biggest premium aluminium producer in the world, has announced its best-ever half-year results, driven by strong operational performance across the value chain resulting in robust earnings. EGA has reported a net profit of AED 5.9 billion for H1 2022, which exceeds the net profit of AED 5.5 billion in the entire year of 2021 and stands 247 per cent higher than AED 1.7 billion in H1 2021. Adjusted EBITDA was a record at AED 7.6 billion in the first half of 2022, compared to AED 3.5 billion during the same period last year. Revenue totalled AED 18.3 billion, up by 69.44 per cent from AED 10.8 billion a year ago. This record-breaking fiscal result could be attributed to increased sales, shipments, and production across the value chain. EGA has mentioned...
