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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According to the data released by the National Bureau of Statistics on Monday, August 15, China’s primary aluminium output rose 5.6 per cent year-on-year to reach a monthly high at 3.43 million tonnes in July 2022. The previous high was 3.42 million tonnes achieved in May. The new milestone could be attributed to the ramping up of production on the ease of power restrictions. In China, both production and consumption activities at primary aluminium smelters have picked up in recent months. Also, in provinces like Yunnan and Gansu, new capacities have come in to operations. The picture was different last year when Yunnan province and other southern regions limited power usage due to severe dearth of supply and to reduce pollution. Outside of China, aluminium production was cut amid a surge...
Dynamic Concept and EPIQ Machinery are proud to announce a breakthrough in robotic solutions. Indeed, the two Quebec-based equipment manufacturers have combined their forces to co-create robotic equipment that will improve the maintenance operations of molten metal furnaces for primary and secondary aluminium smelters. The critical elements of the complete system, for which the technology is patent-pending, were developed and manufactured by Dynamic Concept. The company has enlisted the help of the EPIQ MECFOR team, a brand known in the industry for its mobile equipment and Smart Casthouse Solutions. EPIQ MECFOR contributed to the components' engineering and manufacturing, providing the equipment's required mobility and tools for working in molten aluminium. This innovative,...
New York Stock Exchange-listed Chinese state-owned companies whose audits are being scrutinized by the US securities regulator are delisting voluntarily. The Aluminum Corporation of China (Chalco), the oil giant Sinopec, China Life Insurance, PetroChina, and Sinopec Shanghai Petrochemical Co have announced they will delist their American Depository Shares this month. However, they will keep their listings in Hong Kong and mainland China. Chalco is a leading company in the Chinese non-ferrous industry sector, with a strong portfolio of assets among global competitors. It is the world's largest alumina producer and one of the leading aluminium producers by volume, with mining operations in bauxite and coal. The US Securities and Exchange Commission flagged the five companies and many others...
LME aluminium opened at US$2,522.5 per tonne last Friday and closed at US$2,433 per tonne, down US$84 per tonne or 3.34 per cent. On Friday, August 12, LME aluminium cash bid price closed the week with a slip of US$28 per tonne or 1.12 per cent to settle at US$2,468 per tonne. On the same day, LME aluminium official settlement price also went down by US$29.5 per tonne or 1.18 per cent to rest at US$2,468.50 per tonne. 3-month bid price and 3-month offer price fell by US$25.5 per tonne or 1.02 per cent and US$27 per tonne or 1.08 per cent to close at US$2,465.50 per tonne and US$2,466 per tonne. December 23 bid price and December 23 offer price dropped by US$27 per tonne or 1.06 per cent to score at US$2,500 per tonne and US$2,505 per tonne. LME aluminium opening stock stood at 277225...
This week, the global primary aluminium segment was about top companies announcing their financial results. To begin with, Aluminium Bahrain B.S.C. (Alba) reported that during Q2 and H1 2022, the aluminium smelter outside China reported a 97 per cent increase in net profit to BD181.9 million compared to BD92.7 million during the same time last year. National Aluminium Company (Nalco) registered a consolidated net profit increase of 60.6 per cent to approximately $70 million (INR 557.91 crore) in Q1 FY23 over Q1 FY22 on the strength of a 52.9 per cent increase in net sales to $475.33 million (INR 3783.32 crore). Hindalco industries reported that its consolidated profit after tax (PAT) surpassed record performance in 4QFY2022, rising to an all-time high of INR 4,119 crore. Hindalco...
The LME aluminium benchmark price moved high this week by US$33 per tonne but started the week with a decline and also displayed an intermitted drop. LME aluminium cash bid price and LME aluminium official settlement price decreased by US$12 per tonne on Monday, August 8, to stand at US$2,435 per tonne and US$2,435.50 per tonne, respectively. Next day, on August 9, the prices climbed up by 2 per cent and rested at US$2,487 per tonne and US$2,488 per tonne. On Wednesday, August 10, LME aluminium cash bid price shrank by US$25 per tonne to stand at US$2,462 per tonne, while LME aluminium official settlement price slipped by US$25.50 per tonne to settle at US$2,462.50 per tonne. On August 11, the prices built-up by US$34 per tonne and US$35.50 per tonne to come in at US$2,496 per tonne and...
Vedanta Limited has revised its aluminium products and aluminium ingot prices for the three consecutive days this week since August 10. Following the price growth on Wednesday, August 10, Vedanta trimmed its aluminium ingot price by INR 2,500 per tonne the next day, August 11, to INR 225,750-255,250 per tonne. But on August 12, the company again raised the price by INR 3,000 per tonne to INR 228,750-258,250 per tonne. Vedanta’s aluminium wire rod price also witnessed a hike of INR 3,000 per tonne on Friday, August 12, to come in at INR 236,250- 243,750 per tonne, following a cut of INR 2,500 per tonne to INR 233,250-240,750 per tonne on August 11. Aluminium billet price came in at INR 237,750 per tonne on Friday, up by INR 3,000 per tonne from INR 234,750 per tonne on August 11. Vedanta...
On Friday, August 12, Rusal, the Russian aluminium giant announced its H1 2022 operational and fiscal results ended June 30, reporting a 1.2 per cent increase in primary aluminium output to 1.89 million tonnes versus 1.87 million tonnes during the same period last year. But the sales of primary aluminium and aluminium alloys declined by 11.9 per cent year-on-year from 2 million tonnes to 1.76 million tonnes. As far as the production of raw materials is concerned, both bauxite and alumina output has registered a decline for H1 2022 by 11.8 per cent and 19.6 per cent, respectively. According to the data released by Rusal, bauxite production decreased year-on-year from 7.64 million tonnes to 6.74 million tonnes, while alumina output shrank from 4.1 million tonnes to 3.3 million tonnes....
Aluminium Bahrain B.S.C. (Alba), the world’s largest aluminium smelter outside China, announced its Q2 and H1 2022 fiscal results on Thursday, August 11, reporting a 97 per cent surge in net profit to BD181.9 million versus BD92.7 million during the corresponding period of the previous year. Gross profit for Q2 was BD208 million, compared to BD123.7 million a year ago. The total comprehensive income for Q2 also elevated by 123 per cent year-on-year from BD90.7 million to BD201.9 million, and the revenue grew by 41 per cent from BD370 million to BD520.4 million. In the first half of 2022, Alba’s net profit registered a hike of 127 per cent Y-o-Y to stand at BD328.7 million versus BD144.8 million for the same period in 2021. Gross profit escalated by 89 per cent from BD204.2 million to...
The most significant clean energy company in India, delivering 17 billion units, Greenko Group, and one of the world's aluminium producers Hindalco Industries, have agreed to build a green energy project in Odisha with a capacity of 375 MW-400 MW. On 11th August 2022, Greenko stated that the project would institute wind and solar capacity and supply power to Hindalco's aluminium smelter in Odisha. "Hindalco Industries Limited and Greenko Energies Private Limited have entered into a commercial arrangement to set up a renewable energy (RE) project to supply 100 MW round-the-clock carbon-free power. The arrangement covers the development of 375-400 MW of solar and wind capacity," Greenko added. "As part of the agreement, we will design, construct, partly own and operate the solar and wind...
LME aluminium opened at US$2,495.5 per tonne on Thursday and closed at US$2,517 per tonne, an increase of 0.83 per cent. LME aluminium cash bid price stopped at US$2,496 per tonne, with a 1.38 per cent or US$34 per tonne escalation on Thursday, August 11, while LME aluminium official settlement price rested at US$2,498 per tonne, experiencing a price hike of US$35.50 per tonne or 1.44 per cent. 3-month bid price grew by 1.76 per cent or US$43 per tonne to stand at US$2,491 per tonne, while the 3-month offer price witnessed a US$44 per tonne or 1.8 per cent boost to US$2,493 per tonne. December 23 bid price and December 23 offer price climbed up the graph by US$44 per tonne or 1.77 per cent to rest at US$2,527 per tonne and US$2,532 per tonne, respectively. LME aluminium opening stock...
On Friday, August 12, A00 aluminium ingot price in China slipped by RMB 100 per tonne to close at RMB 18,670 per tonne. The average price for the same is expected to range between RMB 18,650 per tonne and RMB 18,690 per tonne, with spot contracts to be traded at a discount price of RMB 370 per tonne to RMB 330 per tonne. Wuxi and Hangzhou prices have slipped by RMB 120 per tonne to rest at RMB 18,630 per tonne and RMB 18,680 per tonne. In Gongyi, the price has gone down by RMB 100 per tonne to close at RMB 18,510 per tonne. On the same day, in Shenyang, the price slumped by RMB 90 per tonne to score at RMB 18,620 per tonne, followed by Foshan, where the price descended by RMB 70 per tonne to stand at RMB 18,560 per tonne. As per the SMM data, in Linyi, the price has decreased by RMB 60...
Hindalco Industries Limited has raised its aluminium ingot and aluminium products prices for the second time in a row, with effect from Thursday, August 11. The company’s aluminium ingot price has accumulated INR 2,250 per tonne to come in at INR 227,750 per tonne, following a hike of INR 4,500 per tonne to INR 225,500 per tonne on August 6. Hindalco’s aluminium wire rod price has also been raised by INR 2,250 per tonne, with effect from August 11, to be sold at INR 238,850 per tonne. On August 6, the product saw an increase of INR 4,500 per tonne from INR 232,100 per tonne to INR 236,600 per tonne. Aluminium billets price stands no exception but also seen a raise of INR 2,250 per tonne to INR 241,850 per tonne, with effect from August 11. On August 6, the price stood at INR 239,600 per...
On Wednesday, August 10, Hindalco Industries Limited announced its first quarter results ended June 30, posting the highest net profit once again. The company’s consolidated profit after tax (PAT) reached an all-time high at INR 4,119 crore, exceeding record performance in 4QFY2022. On a year-on-year calculation, it recorded a 48 per cent hike, while on a quarter-on-quarter 7 per cent rise. The company’s revenue from operations in the April-June period jumped to INR 58,018 crore from INR 41,358 crore during the same period last year, and consolidated EBITDA grew 27 per cent over the year to stand at INR 8,640 crore. These robust financial results were driven by an excellent operational performance by Novelis, a subsidiary of multinational aluminium manufacturing company Hindalco. Novelis’...
The company engaged in the mining and trading metallurgical coal, PT Adaro Minerals Indonesia Tbk (ADMR) stock value zoomed on 11th August 2022, after reportedly the news floated the possibility of investment from the giant South Korean automotive company, Hyundai. Citing data from the Indonesia Stock Exchange, ADMR's shares rose 4.27 per cent or 70 points to 1,710. Throughout 2022, the issuer, just listed on the stock exchange on 3rd January 2022, has recorded growth of up to 1,600 per cent. Share prices of the company increased after it reported that Hyundai, a leading automotive company from South Korea, was planning to invest in a Greenfield aluminium smelter project in Indonesia. Garibaldi Thohir serves as Chairman of the Green Industrial Estate Consortium, building the industrial...
Aluminium Stewardship Initiative (ASI) announced on Wednesday, August 10, that the London Metal Exchange (LME) had conditionally accepted ASI's Performance Standard V3 (2022) as a recognised alignment-assessed standard for Track A of its Responsible Sourcing Requirements. ASI's 2022 Performance Standard is OECD-Aligned, according to an independent examination of standard alignment. Aluminium LME Brands may employ ASI Certification by the 2022 Performance Standard to show that they have complied with LME Responsible Sourcing criteria. Following the conclusion of the alignment assessment's implementation phase, the alignment will be evaluated with complete, unqualified acceptance. “ASI has done an excellent job translating the text of the OECD Guidance into practices for the aluminium value...
Vedanta Limited has once again added INR 4,750 per tonne to its aluminium ingot and aluminium products prices, with effect from Wednesday, August 10. On August 6, the company’s aluminium ingot and products prices also saw a rise of INR 4,750 per tonne. With the latest hike, Vedanta’s aluminium ingot price is standing at INR 228,250-257,750 per tonne versus INR 223,500- 253,000 per tonne on August 6. Experiencing a raise of INR 4,750 per tonne as well, Vedanta’s aluminium wire rod price has come in at INR 235,750- 243,250 per tonne as of August 10 against INR 231,000- 238,500 per tonne on August 6. Aluminium billet price is currently at INR 237,250 per tonne versus INR 232,500 per tonne last week. Vedanta links its aluminium ingot and aluminium products prices to the three-month futures of...
Vedanta Limited, one of the leading oil to metals organisations, has planned to invest $2 billion in aluminium, zinc, oil and gas for FY23. Anil Agarwal, the chairman of Vedanta, stated during a speech at the firm's Annual General Meetings (AGM) that the business is entering the strategic manufacturing of semiconductor fab and display fab. “Not only are semiconductors in short supply globally, but India is also 100% import dependent,” said Agarwal. According to him, domestic semiconductor consumption may reach $110 billion by 2030 and surpass $80 billion by 2026. Therefore, Vedanta and Foxconn, one of the biggest electronics manufacturers in the world, inked a MoU to establish an integrated semiconductor manufacturing plant in India. “I truly hope this is only the beginning of the...
