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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Hindalco Industries Limited has further slashed its aluminium ingot and aluminium products prices, with effect from Thursday, August 18, following a dip last week, August 13. Hindalco’s aluminium ingot price has been reduced by INR 5,500 per tonne or 2.4 per cent to INR 223,500 per tonne. On August 13, the price stood at INR 229,000 per tonne, down by INR 1,750 per tonne from the previous day. Hindalco’s aluminium wire rod price has also experienced a cut of INR 5,500 per tonne on August 18 to come in at INR 234,600 per tonne versus INR 240,100 per tonne on August 13. The current price cut has brought the company’s aluminium billets price to INR 237,600 per tonne, down by INR 2.26 per cent from INR 243,100 per tonne last week. Hindalco Industries links its aluminium ingot and aluminium...
LME aluminium opened at US$2,400 per tonne on Wednesday and hit a high of US$2,440.5 per tonne before closing at US$2,413.5 per tonne, up US$17 per tonne or 0.71 per cent. LME aluminium cash bid price stopped at US$2,413.50 per tonne, with a 1.09 per cent or US$26.50 per tonne plunge on Wednesday, August 17, while LME aluminium official settlement price rested at US$2,414 per tonne, experiencing a decline of US$28 per tonne or 1.15 per cent. 3-month bid price dropped by 1.19 per cent or US$29 per tonne to stand at US$2,412 per tonne, while the 3-month offer price stooped by US$30 per tonne or 1.23 per cent to come in at US$2,413 per tonne. December 23 bid price and December 23 offer price decreased by US$28 per tonne or 1.12 per cent to rest at US$2,457 per tonne and US$2,462 per tonne,...
This year India has celebrated ‘Azadi ka Amrit Mahotsav’, commemorating the completion of 75 years of its independence. This milestone in our national history has paved the way for an Industrial Revolution within our nation, founded on the dreams of the architects of independent India to make it one of the leading countries in the field of science and technology. This has resulted in the establishment of numerous industrial units through the support and partnership of different countries. The genesis of BALCO is written in this journey of India’s Industrial Revolution. BALCO is one of the earliest industries conceived as an agent of change in making India self-reliant by the country’s first Prime Minister, Pandit Jawaharlal Nehru. Bharat Aluminium Company Limited (BALCO), India’s iconic...
Following the disparity between the labour Union, Industry Energi, and employers’ organisation, around 655 members of the Industry Energi union who also work at Hydro Sunndal will go on a strike on Monday, August 22, if employers don’t start wage talks. Norsk Hydro’s aluminium smelter in Sunndal western Norway is the largest in Europe and is also a producer of low-carbon aluminium. In addition to the 1,422 workers that went on strike on August 15 after discussions with employers collapsed last weekend, the union said that 1,115 more workers planned to walk off the job. Production at the significant metal plant will be impacted by the Hydro Sunndal strike. "We are putting increased pressure on employers to start the negotiation process again," said Frode Alfheim Industri Union's leader. A...
After two consecutive cuts on August 13 and August 16, Vedanta Limited has raised its aluminium ingot and aluminium products prices on Wednesday, August 17. The company’s aluminium ingot price has accumulated INR 4,500 per tonne to hover around INR 224,500-254,000 per tonne versus INR 220,000-249,500 per tonne on August 16. Vedanta’s aluminium wire rod price has also witnessed an increase of INR 4,500 per tonne to stand at INR 232,000-239,500 per tonne. On August 16, the company's billet price was reduced by INR 6,750 per tonne to INR 227,500-235,000 per tonne. With today’s hike, Vedanta’s aluminium billet price has come in at INR 233,500 per tonne, compared to INR 229,000 per tonne on the previous day. Vedanta links its aluminium ingot and aluminium products prices to the three-month...
Slovalco Aluminium, Slovakia’s only aluminium producer, is about to terminate its primary aluminium production line by the end of September 2022. Hydro owns majority stakes at the aluminium plant and has declared that the regular recycling operations will continue. The head of Hydro’s primary production and chair of Slovalco’s Board of Directors, Ola Sæter, exclaimed: “Slovalco is a well-run and modern primary aluminium plant, well placed to serve European customers with high-quality aluminium products. I regret that it has not been possible to secure continued operation of the primary production at the plant.” “Slovakia has not implemented a competitive EU CO2 compensation framework. This has prevented Slovalco from entering long-term power contracts, and the plant’s current contract...
LME aluminium opened at US$2,409 per tonne on Tuesday and hit a high of US$2,459 per tonne before closing at US$2,396.5 per tonne, a drop of US$7 per tonne or 0.29 per cent. On Tuesday, August 16, both LME aluminium cash bid price and LME aluminium official settlement price augmented by US$51 per tonne or 2.13 per cent and US$52.5 per tonne or 2.19 per cent to halt at US$2,440 per tonne and US$2,442 per tonne. 3-month bid price and 3-month offer price were hiked by US$58 per tonne or 2.43 per cent to settle at US$2,441 per tonne and US$2,443 per tonne. December 23 bid price and December 23 offer price soared up by US$60 per tonne or 2.47 per cent and 2.46 per cent to peg at US$2,485 per tonne and US$2,490 per tonne. LME aluminium opening stock for the same day closed at 275625 tonnes....
A00 aluminium ingot price has seen an RMB 350 per tonne augmentation to close at RMB 18,480 per tonne, as recorded by the Shanghai Metals Market on Wednesday, August 17. The average prices are expected to range between RMB 18,460 per tonne and RMB 18,500 per tonne, with spot contracts trading at a discount price of RMB 20 per tonne and a premium price of RMB 20 per tonne. The provinces in China have witnessed a hike in aluminium prices today, with A00 aluminium ingot price rising the highest in Wuxi by RMB 360 per tonne to RMB 18,470 per tonne, followed by RMB 350 per tonne rise in Hangzhou to RMB 18,510 per tonne. The primary aluminium prices in Gongyi, Foshan and Linyi escalated by RMB 330 per tonne to close at RMB 18,420 per tonne, RMB 18,350 per tonne and RMB 18,530 per tonne. The...
In May 2022, the United States domestic primary aluminium production stood at 84,000 tonnes, reflecting a month-on-month increase of 2,000 tonnes or 2.44 per cent, found the US Census Bureau data. On a year-on-year calculation, the output in May 2022 edged 12 per cent or 9,000 tonnes higher than 75,000 tonnes. The average daily production in May 2022 was 2,700 tonnes, essentially unchanged compared to 2,740 tonnes in the previous month but 12.03 per cent higher than 2,410 tonnes during the same period last year. Total aluminium recovered from scrap in May 2022 was 292,000 tonnes, 1.4 per cent or 4,000 tonnes more than 288,000 tonnes in April 2022 and 13.62 per cent or 35,000 tonnes higher than 257,000 tonnes in May 2021. Of this, 162,000 tonnes of aluminium was recovered from new scrap...
Nusantara is set to replace Jakarta as the capital of Indonesia, and an analyst panel has discovered that there are many potential clientele bases around Malaysian states, Sabah and Sarawak. The research arm of Kenenga Investment Bank Bhd (Kenenga Research) stated that these two states are strategically positioned distant from China and provide an indestructible intra-Asia trade route. Kenanga Research quoted after its Sarawak and Sabah field trip: “In addition, they have also been earmarked as part of China’s Belt-and-Road Initiative.” “Many global smelters are cutting their production as their operations have become barely profitable amidst elevated energy costs.” “Press Metal Aluminium Holdings Bhd (Press Metal) and OM Holdings Ltd (OM Holdings) are spared given the stable cost of...
The Finance Secretary of Scotland has been approached by the Scottish Liberal Democrat economy speaker, Willie Rennie, as she and other individuals are concerned as to what will be the financial guarantee that the Scottish Government might provide in the event of a complete shutdown of the Lochaber aluminium smelter or its auction by the owner Sanjeev Gupta. Her letter is an outburst after the latest release of the unaudited accounts of Alvance British Aluminium, where Gupta had notified "material uncertainties that cast significant doubt on the company's ability to continue as a going concern". The biggest revelation was that the firm had lost £4 million the previous year, and since accounts were unaudited for sixteen months, the truth is coming out so late, causing a lot of uncertainty....
According to the Shanghai Metals Market, China’s social inventories of primary aluminium ingot across eight major consumption areas, including SHFE warrants, accumulated 5,000 tonnes over the weekend to stand at 698,000 tonnes as of Monday, August 15. But compared to the same period last year, the inventories edged 44,000 tonnes lower, found the SMM data. On Thursday, August 11, inventories stood at 693,000 tonnes across China, building up 15,000 tonnes over a week and 6,000 tonnes from Monday, August 8. The chart below indicates the current status of primary aluminium inventories across China in more details: In Gongyi, primary aluminium inventories rose 15,000 tonnes over the weekend ended August 15 to stand at 105,000 tonnes, while inventories in Tianjin inched up by 1,000 tonnes to...
The Sichuan Province in China, also known as the lithium hub, will curtail the electricity supply to factories until August 20, as was reported by the state media. Extreme heat waves have been urging more people to use a lot of energy, gradually drying up the reservoirs. Usually, huge enterprises producing aluminium or lithium require a continuous electricity supply. Once the operations are active, they cannot be shut down until a substantial amount of heat is generated through the energy to melt the metal. The demand for air conditioning has augmented in China owing to increasing temperatures in the province which is home to 84 million people. The last week the temperatures have ranged between 104° Fahrenheit or 40°-42° Celsius, as the Meteorological Administration of China reported....
In an effort to conserve biodiversity, RUSAL, one of the world's eminent aluminium producers, approved its first corporate policy. Rusal biodiversity conservation policy emphasizes the importance of conserving biological species, especially those under protection and their habitats. The new policy introduces a risk-based approach, where risk assessment is mandatory to preserve biodiversity when planning and implementing operational activities. As part of the policy, the Company will assess how well its efforts affect ecosystem services, i.e. the benefits humanity derives from a healthy environment and functioning ecosystems. Responsible management of biodiversity is at the heart of the policy. Rusal's forestry projects, for example, have already positively impacted environmental, social...
LME aluminium opened at US$2,439.5 per tonne on Monday and closed at US$2,403.5 per tonne, down US$29.5 per tonne or 1.21 per cent. LME aluminium cash bid price stopped at US$2,389 per tonne, with a 3.2 per cent or US$79 per tonne degradation on Monday, August 15, while LME aluminium official settlement price rested at US$2,389.50 per tonne, experiencing the exact same price decline. 3-month bid price dropped by 3.35 per cent or US$82.50 per tonne to stand at US$2,383 per tonne, while the 3-month offer price plunged US$81 per tonne or 3.28 per cent to come in at US$2,385 per tonne. December 23 bid price and December 23 offer price slithered down the chart by US$75 per tonne or 3 per cent to rest at US$2,425 per tonne and US$2,430 per tonne, respectively. LME aluminium opening stock...
Mozal SA, a primary aluminium smelter, has bagged the Aluminium Stewardship Initiative Performance Standard Certification with Provisional status for its smelting operation and related port facilities at Maputo. The smelter, located just outside the capital Maputo, a major industrial place in Mozambique, is operated by South32 and has an annual output of over a half a million tonnes. South32 owns 47.1 per cent of Mozal Aluminium, Mitsubishi Corporation Metals holds 25 per cent, Industrial Development Corporation of South Africa Limited 29 per cent, and the Government of the Republic of Mozambique 3.9 per cent. The ASI Performance Standard sets environmental, social and governance principles and criteria, with the aim to address sustainability issues in the aluminium value chain. It...
A00 aluminium ingot price in China has declined by RMB 100 per tonne to settle at RMB 18,130 per tonne as of August 16. The average price for the same is likely to range between RMB 18,110 per tonne to RMB 18,150 per tonne, with spot contracts to be traded at a discount price of RMB 20 per tonne and a premium price of RMB 20 per tonne. As per the SMM data, the price in Foshan and Wuxi slumped by RMB 110 per tonne and RMB 100 per tonne to rest at RMB 18,020 per tonne and RMB 18,110 per tonne. On the same day, the prices in Hangzhou, Chongqing and Linyi descended by RMB 80 per tonne to score at RMB 18,160 per tonne, RMB 18,150 per tonne and RMB 18,200 per tonne. The SMM data for Tuesday, August 16, states that the A00 aluminium ingot price in Shenyang and Tianjin has gone down by RMB 70 per...
Mike Fuge, the CEO of Contact Energy, New Zealand's largest electricity provider, predicts that Rio Tinto's Tiwai Point aluminium smelter might remain open beyond 2024 with investments in wind farms on the lower South Island. The wind energy resource at the country's South Island is presently largely unexplored, as the wind farms predominance is moreover at the lower North Island. On 15th August 2021, while communicating following the company's annual result, where Contact Energy also declared an investment of $300 million in a new geothermal plant, the CEO said, "The undeveloped wind resource in Southland and Otago had been conservatively estimated at between 3 and 5 terawatt-hours (TWh) a year." "All of that could come into play if the smelter stayed open. The country's total...
