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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On Saturday, July 23, Hindalco’s aluminium products prices, as well as aluminium ingot price saw a rise of INR 2,750 per tonne or 1.12 per cent, following a cut of the same amount on the previous day. Thus, Hindalco’s aluminium ingot price rebounded to INR 228,750 per tonne, with effect from July 23, from INR 226,000 per tonne on July 22. Hindalco’s aluminium wire rod price came in at INR 239,850 per tonne on July 23 versus INR 237,100 per tonne on July 22. Aluminium billets price amounted to INR 242,850 per tonne, seeing an increase of INR 2,750 per tonne from INR 240,100 per tonne on July 22. Hindalco Industries links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which increased by US$34 per tonne on Friday, July...
On Sunday, July 24, 2022, Shaikh Daij bin Salman bin Daij Al Khalifa, the Chairman of the Board of Directors (BOD) of Aluminium Bahrain B.S.C. (Alba), paid a field visit to Alba's Casthouse 4 (CH4). He was joined by Chief Executive Officer Ali Al Baqali, Director Casthouse A. Rasool Ahmed as well as other senior officials. Casthouse 4 was put into service in December 2018 and is an important part of Alba's Line 6 Expansion Project. It has an internal capacity of 530,000 mtpa per year for Value-Added Products. During his field visit, Shaikh Daij bin Salman bin Daij Al Khalifa also met with shop floor workers to express his gratitude for helping the company set a new standard for safety performance and for recording more than 28 million safe working hours without LTI. Alba is the biggest...
The Scottish government ministers are under fire for lack of transparency after it alleged that metal tycoon Sanjeev Gupta is under investigation for deceit and paid only £5 towards acquiring a Highlands smelting plant, with taxpayers financing the rest of the £330 million deal. In 2016, the CEO and Chairman of GFG Alliance, Sanjeev Gupta, took possession of the Lochaber aluminium smelter and its two hydropower plants. The Scottish Government has guaranteed loans worth £586 million for the smelter and the hydropower plants. GFG Alliance is currently under investigation for alleged fraud and money laundering. In a recent move, the UK Government ceased guaranteeing £400 million of loans Greensill Capital made to Gupta's companies. It has been urged that the Scottish Government follow suit...
Shares of Aluminum Corporation of China Limited (Chalco) have elevated on Monday, July 25, following the company’s decision to increase its stake in Yunnan Aluminium Co. According to analysts at Citigroup, this acquisition will make Chalco the world’s largest aluminum producer, with a smelting capacity of about 7.5 million tonnes a year. Shanghai-listed shares of Chalco have advanced as much as 5.5 per cent in early trade, while the Hong Kong-listed stocks have risen 8.2 per cent to trade at HK$2.83, up 1.4 per cent. However, so far this year, the Hong Kong-listed shares have lost 34 per cent. Yunnan Aluminium’s stocks were recently 2.7 per cent higher at CNY9.84. As per the report, Chalco will pay RMB 6.66 billion to purchase a 19 per cent stake in Yunnan Aluminium, which will bring its...
China’s A00 aluminium ingot price opened the week on Monday, July 25, with a drop of RMB 150 per tonne, after witnessing a hike on Friday, July 22. As per the SMM data, the price for July 25 closed at RMB 17,840 per tonne, with average prices expected to range between RMB 17,820 per tonne and RMB 17,860 per tonne. The spot contracts price is expected to trade at a discount price of RMB 30 per tonne to a premium price of RMB 10 per tonne. The price of aluminium ingot has experienced a downfall in all the major Chinese provinces. In Shenyang, the price has plunged the highest by RMB 180 per tonne to settle at RMB 17,840 per tonne. In Tianjin and Linyi, the price has slumped by RMB 170 per tonne to halt at RMB 17,870 per tonne and RMB 17,900 per tonne. In Gongyi and Wuxi, the price has...
LME aluminium opened at US$2,437 per tonne last Friday and closed at US$2,459 per tonne, an increase of US$19.5 per tonne or 0.8 per cent. LME aluminium cash bid price stopped at US$2,459 per tonne, with a 1.44 per cent or US$35 per tonne escalation on Friday, July 22, while LME aluminium official settlement price rested at US$2,460 per tonne, experiencing a price hike of 1.40 per cent or US$34 per tonne. The 3 month bid price grew by US$33 per tonne or 1.36 per cent to USD2,457 per tonne, while the offer price grew by US$32.50 per tonne or 1.34 per cent to USD2,457.50 per tonne. December 23 bid price and December 23 offer price climbed up the graph by US$37 per tonne or 1.5 per cent to rest at US$2,495 per tonne and US$2,500 per tonne, respectively. LME aluminium opening stock continued...
According to the Shanghai Metals Market, primary aluminium inventories in China witnessed a steep downfall of 29,000 tonnes week-on-week across eight major consumption areas, including SHFE warrants. Therefore, on Thursday, July 21, the inventories totalled 668,000 tonnes, which in comparison with the month’s second Monday, July 11, shrunk by a substantial 55,000 tonnes. As of now, the inventories in July have shrunk by 161,000 tonnes in comparison with the same period last year. The ingot social inventory has suddenly begun declining in July. Delayed arrivals and shipments added with transportation stagnancy due to the pandemic are gradually cutting down the ingot volume in Wuxi. While in Gongyi, the main issue seems to be the intake by local consumers which is heightening regional...
The primary aluminium industry witnessed a lot of significant incidents this week. From the LME aluminium price opening the week with an escalation to the news of Rio Tinto resolving tax disputes with the Australian taxation office, the metal market as a whole had been going through lots of ups and downs. Because aluminium as a metal is one of the most popular metals in the industry, it is always under the radar. To begin with Ford Motor Company and Rio Tinto are establishing a non-binding Memorandum of Understanding (MoU) to work together to create supply chains for batteries and low-carbon components used in Ford cars that are more secure and sustainable. Aditya Aluminium, a subsidiary of Hindalco that runs a smelter and power plant complex at Lapanga in Sambalpur, had been given the...
National Aluminium Company Limited has escalated its aluminium ingot and aluminium products prices by INR 11,300 per tonne or 2.6 per cent, since the last cut on July 15. With effect from Thursday, July 21, NALCO’s aluminium ingot price has come in at INR 227,650-231,150 per tonne versus INR 221,750-225,250 per tonne on July 15. NALCO’s aluminium wire rod price has also been heightened by INR 11,300 per tonne from INR 218,850-223,200 per tonne on July 15 to INR 230,150- 234,500 per tonne on July 21. Experiencing the same amount of hike, NALCO’s aluminium billets price is standing at INR 231,100- 233,750 per tonne, as against 219,800-222,450 per tonne on July 15. NALCO links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal...
The LME aluminium price on Thursday opened at US$2,427 per tonne, closed at US$2,439.5 per tonne, and increased by US$17.5 or 0.72 percent. On Thursday, July 21, the LME aluminium cash bid price slipped by US$32 per tonne or 1.30 per cent to settle at US$2,424 per tonne after witnessing a hike the previous day. LME aluminium official settlement price slumped by US$30.5 per tonne or 1.24 per cent to halt at US$2,426 per tonne. 3-month bid price and 3-month offer price declined by US$22 per tonne or 0.89 per cent and US$23 per tonne or 0.93 per cent to peg at US$2,424 per tonne and US$2,425 per tonne. On the same day, December 23 bid price and December 23 offer price settled at US$2,458 per tonne and US$2,463 per tonne, after witnessing a drop of US$12 per tonne or 0.48 per cent. LME...
A00 aluminium ingot price has seen an RMB 150 per tonne rise to close the week at RMB 17,990 per tonne, as recorded by the Shanghai Metals Market on Friday, July 22. The average prices are expected to range between RMB 17,970 per tonne and RMB 18,010 per tonne, with spot contracts trading at a discount price of RMB 30 per tonne and a premium price of 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 Gongyi and Linyi by RMB 180 per tonne to RMB 17,990 per tonne and RMB 18,070 per tonne, followed by RMB 170 per tonne augmentation in Tianjin to RMB 18,040 per tonne. The primary aluminium price in Shenyang escalated by RMB 160 per tonne to close at RMB 18,020 per tonne. The primary aluminium prices in...
A non-binding memorandum of understanding (MoU) is being signed between Ford Motor Company and Rio Tinto to jointly develop more sustainable and secure supply chains for batteries and low-carbon materials used in Ford vehicles. As part of the multi-material partnership, Ford, one of the world's largest automakers, will receive lithium, low-carbon aluminium, and copper. Rio Tinto is an international mining and metals company committed to helping customers decarbonize their value chains. The agreement undertakes Ford to explore becoming the foundation customer for Rio Tinto's Rincon lithium project in Argentina. Presently Rio Tinto is progressing through detailed planning to bring Rincon into production and will work with Ford toward a significant lithium off-take agreement to support its...
The response to IBAAS 2022 conference and exhibition is overwhelming as about 60 companies/organizations have already confirmed their participation. More than 50 abstracts and about 30 technical papers have been received so far for this mega bauxite, alumina and aluminium event. Organizers are expecting about 250 delegates from all over the world and arrangements are being made at Courtyard Marriott in Raipur for the 4 days conference and exhibition. Apart from the primary and secondary aluminium producers, technology suppliers, and equipment manufacturers, organizations like the International Aluminium Institute (IAI), Aluminium Stewardship Initiative (ASI), Jawaharlal Nehru Aluminium Research Development and Design Centre (JNARDDC) and Material Recycling Association of India (MRAI) are...
Rio Tinto has acknowledged and managed disputes with the Australian Taxation Office (ATO) over all the impending tax issues. This decree will put a cap on the duel over interests on singular loans utilised to settle payments for an intragroup dividend in 2015. This agreement also eases the tension regarding some transactions between Rio Tinto units operating in Australia and the group’s commercial centre in Singapore from 2010 to 2021, along with securing a safe five-year plan. Rio Tinto has arrived at a truce to relocate prices simultaneously with the Inland Revenue Authority of Singapore (IRAS). Rio Tinto’s agreement with both the authorities confirms that the company won’t be under pressure of double taxation. To honour the agreement, Rio Tinto will pay a conjugal A$613 million in tax...
According to the recent data revealed by the International Aluminium Institute, world primary aluminium production in the second quarter of 2022 totalled 17.102 million tonnes, brought by the output of 5.651 million tonnes in June. IAI data also shows that the world's primary aluminium production in Q2 stood 3.24 per cent higher than 16.566 million tonnes in Q1 2022 and 2.79 per cent more than 16.637 million tonnes in Q4 2021. The above data represents that the global primary aluminium output in 2Q2022 grew quarter-on-quarter after a dip in the previous three-month time. However, world primary aluminium production in June recorded a month-on-month drop of 3.05 per cent from 5.829 million tonnes, following M-o-M rise in May by 3.68 per cent from 5.622 million tonnes. Total production...
China’s A00 aluminium ingot price has dropped by RMB 40 per tonne to close at RMB 17,840 per tonne as of Thursday, July 21. The average price for the same is expected to range between RMB 17,820 per tonne and RMB 17,860 per tonne, with spot contract to be traded at a discount price of RMB 30 per tonne and a premium price of RMB 10 per tonne. The price of A00 aluminium ingot has decreased in all the major Chinese provinces. As per the SMM data, the price in Wuxi and Chongqing has descended by RMB 40 per tonne and RMB 60 per tonne to peg at RMB 17,840 per tonne. On the same day, the price in Gongyi and Foshan has also fallen by RMB 10 per tonne and RMB 30 per tonne to halt at RMB 17,810 per tonne and RMB 17,780 per tonne. The A00 aluminium ingot price in Hangzhou and Shenyang has dropped by...
LME aluminium opened at US$2,389 per tonne on Wednesday and closed at US$2,422 per tonne, up US$37 per tonne or 1.55 per cent. LME aluminium cash bid price stopped at US$2,456 per tonne, with a 1.84 per cent or US$44.50 per tonne escalation on Wednesday, July 20, while LME aluminium official settlement price rested at US$2,456.50 per tonne, experiencing a similar price hike. 3-month bid price grew by 1.09 per cent or US$26.50 per tonne to stand at US$2,446 per tonne, while the 3-month offer price witnessed a US$27.50 per tonne or 1.14 per cent boost to US$2,448 per tonne. December 23 bid price and December 23 offer price climbed up the graph by US$20 per tonne or 0.8 per cent to rest at US$2,470 per tonne and US$2,475 per tonne, respectively. LME aluminium opening stock continued to...
Vedanta Limited has expanded its aluminium ingot and aluminium products prices for the second day in a row, with effect from Wednesday, July 20. Vedanta’s aluminium ingot price has witnessed an increase of INR 3,250 per tonne to INR 222,750-254,250 per tonne on July 20. On July 19, the price stood at INR 219,500-251,000, seeing a rise of INR 5,000 per tonne from July 16. Vedanta’s aluminium wire rod price has come in at INR 230,250- 237,750 per tonne as of July 20, up by INR 3,250 per tonne from INR 227,000-234,500 per tonne on July 19. Aluminium billet price has also experienced an increase of INR 3,250 per tonne to INR 231,750 per tonne, following a rise of INR 5,000 per tonne on the previous day. Vedanta Limited links its aluminium ingot and aluminium products prices to the three-month...
