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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In a mutual decision, two senior executives at United Company Rusal International PJSC decided to acquire the U.S. facility of the Russian aluminium giant. Presently known as Rusal America, the unit will be renamed PerenniAL. Previous chief executive officer and president of Rusal America, Brian Hesse and once a senior vice president at the company, Andrey Donets are going to preside as the owners of Rusal America, as was confirmed by the former in an email. All the contracts belonging to Rusal America will automatically transfer to PerenniAL. PerenniAL will pick up the threads on Rusal’s metal. The company will also harbour aluminium from other suppliers. Both primary and secondary products such as billets, primary foundry alloy and slabs will be offered. This alteration in the course...
One of the leading commodity exchanges in Asia, IHOFX announced on 29 th April 2022, that the new Aluminium Premium Duty-Unpaid (Metal Bulletin) futures contracts were being traded in larger volumes this month. IHOFX or Incheon Option and Futures Exchange has successfully anchored into a path-changing technology for industries and with a developed infrastructure can provide the consumers with price-time allocation and a maker-taker pricing model. Hwang Eun, Head of Commodities and Global Markets, remarked: "We are pleased to see early support for our new Aluminium Premium Futures, which is an outgrowth of our existing suite of aluminium risk management tools. Based on the success of our premium futures, we worked closely with the aluminium industry to develop these contracts that enable...
Vedanta Limited continued to reduce its aluminium ingot and aluminium products prices for the fourth time in a row since April 21. With effect from April 30, 2022, Vedanta cut its aluminium ingot price by INR 3,000 per tonne or 1.11 per cent to INR 266,500--302,200 per tonne. A day before, the price stood at INR 269,500-305,200 per tonne, seeing a downfall of INR 2,500 per tonne or 0.9 per cent. Vedanta’s aluminium wire rod price also experienced a cut of INR 3,000 per tonne to INR 274,000- 281,500 per tonne. On April 29, the price was at INR 277,000- 284,500 per tonne, down by INR 2,500 per tonne from the previous day. Vedanta’s aluminium billet price came in at INR 274,500 per tonne, with effect from April 30, seeing a cut of INR 3,000 per tonne as well. The three-month futures of...
On 29 th April, LME aluminium cash bid price stood at US$3,038 per tonne, witnessing a 0.88 per cent or US$27 per tonne decline, while LME aluminium official settlement price halted at US$3,039, diving down by 0.86 per cent or US$26.50 per tonne. 3-month bid price stood at US$3,043 per tonne, dropping 1.30 per cent or US$40 per tonne. The 3-month offer price came in at US$3,044 per tonne, losing US$39.50 per tonne or 1.28 per cent. On the same day, December 23 bid price and December 23 offer price settled at US$2,932 per tonne and US$2,937 per tonne, respectively, both with a 0.78 per cent or US$23 per tonne fall. LME aluminium opening stock continued to decrease by 0.27 per cent or 1,525 tonnes from 571,625 tonnes to 570,100 tonnes as of 29 th April. Live warrants totalled 375,575...
Mining major Vedanta is taking multiple steps this year to upgrade its margins, from increasing its portfolio of value-added products to sourcing raw materials from captive mines. During its recently completed fiscal year, the company had an EBITDA margin of almost 35%. The Indian multinational mining company, Vedanta has lately secured two iron ore mines in Odisha through auctions. As per the statement of Sunil Duggal, the Chief Executive Officer of Vedanta Limited, “Once these mines get operational, they will not only secure its iron ore supplies for its steel arm ESL Steel and reduce the raw material cost, but also provide a consistent quality.” The CEO further stressed by saying that the Vedanta has three coal mines which are anticipated to functionalize one after the other in the...
One of the fastest-growing mining companies in the world, the Saudi Arabian Mining Company (Ma’aden) has booked a net profit of SR2.9 billion ($772.2 million) for Q1 2022, reflecting a growth of 246% in comparison to the same phase previous, a benchmark of its own created. An announcement of its financial results for the first quarter resulted on 31 st March 2022, Ma’aden stated, “Our sales scaled up by 64% to SR8.9 billion from the same phase existing year, while EBITDA stood at SR4.4 billion, soared by 101% compared to the previous year.” The group ranked among the global top ten mining companies by market value, Ma’aden indicated that the company’s phosphate business contributed 70% to the group's EBITDA for Q1 2022, accordance by aluminium 24% and gold segment contributed 6%...
Aluminium Bahrain B.S.C. (Alba), the world’s single-site largest aluminium smelter outside China embellished new records in safety on 30 April 2022 as it excelled 25 million safe working hours without Lost Time Injury (LTI) for the first time in the history of its commercial operations. However, this landmark is achieved apace with exceeding 25 million metric tonnes (MT) in overall production since the Bahraini aluminium company initiated its operations in 1971. Ali Al Baqali, the Chief Executive Officer of Alba, while commenting on this highest-ever safety performance said, “Alba is the author of its destiny. Achieving 25 million-milestone, in both Safety and Production, allowed us to sign up in history books for our Golden Jubilee of Operations.” “Safety and Production are mutually...
On April 25, the benchmark aluminium price for SHFE declined by US$145 per tonne to US$3,239 per tonne, then falling another US$68 per tonne to US$3,171 per tonne on April 26. The price fell further on Wednesday, April 27, to US$3,168 per tonne, before rising by $5 per tonne the next day to US$3,173 per tonne. On the other hand, A00 aluminium ingot price opened the week on Monday, April 25, with a plunge to record at RMB 20,950 per tonne, which further declined the next day by RMB 210 per tonne to settle at RMB 20,740 per tonne. Due to the stable power supply in Yunnan province, Henan Shenhuo Coal & Power Co Ltd announced this week that it plans to increase output to 900,000 tonnes, the unit's full capacity, by the end of this month. Shenhuo is a well-known Chinese aluminium manufacturer....
Hindalco Industries Limited has further decreased its aluminium ingot and products prices, with effect from Saturday, April 30. This marks the fourth consecutive cut since April 21. As per the revised prices revealed, Hindalco has cut its aluminium ingot price by INR 2,750 per tonne or 1.02 per cent to INR 266,750 per tonne. On a day earlier, April 29, the price stood at INR 269,500 per tonne, seeing a trim of INR 2,500 per tonne. Hindalco’s aluminium wire rod price has come in at INR 277,850 per tonne, down by INR 2,750 per tonne from INR 280,600 per tonne on the previous day. Aluminium billets price is hovering at INR 280,850 per tonne, witnessing a downfall of 0.97 per cent from INR 283,600 per tonne on April 29. Hindalco links its aluminium ingot and products prices to the three-month...
LME aluminium prices further shrank this week, with LME aluminium cash bid price and LME aluminium official settlement price starting at US$3,089 per tonne and US$3,090 per tonne on Monday, April 25, and ending at US$3,038 per tonne and US$3,039 per tonne on Friday, April 29. That was a decline of US$51 per tonne through the week. After facing nosedive by US$154.50 per tonne and US$154 per tonne on Monday, LME aluminium cash bid price and LME aluminium official settlement price increased by US$13 per tonne and US$12.50 per tonne on Tuesday, April 26, to come in at US$3,102 per tonne and US$3,102.50 per tonne. But on the next day, the prices slipped by US$3 per tonne and US$2.50 per tonne to stand at US$3,099 per tonne and US$3,100 per tonne. On Thursday, April 28, both the LME aluminium...
Henan Shenhuo Coal & Power Co Ltd declared this week that it is planning to amplify its production to achieve 900,000 tonnes which is the maximum capacity of the unit by the end of this month owing to the steady power supply in Yunnan province. Shenhuo is a renowned aluminium producer from China. The power grid in Yunnan is yielding an ample amount of electricity to fully serve the aluminium smelters in the area after a soaring ratio of rainfall so far this spring; as reported by local news providers. Coal is the most important catalyst in the aluminium smelting industry without which, the melting of alumina to produce aluminium wouldn’t have been possible. But the alternative to coal can be Hydro-power which is a sustainable source of energy with the least carbon footprint. Yunnan...
Vedanta Limited has further reduced its aluminium ingot and products prices, with effect from Friday, April 29, in line with back-to-back LME aluminium price drop. Vedanta has cut its aluminium ingot price by INR 2,500 per tonne or 0.9 per cent to INR 269,500-305,200 per tonne on April 29, while the price on April 26 was at INR 272,000-307,700 per tonne, seeing a steep fall of INR 11,250 per tonne. Vedanta’s aluminium products prices have also seen a cut of INR 2,500 per tonne, which brought the company’s aluminium wire rod price to INR 277,000- 284,500 per tonne on April 29 versus INR 279,500- 287,000 per tonne on April 26. Vedanta’s aluminium billet price has come in at INR 277,500 per tonne compared to INR 280,000 per tonne. Vedanta Limited links its aluminium products and aluminium...
Century Aluminum Company, a US-based primary aluminium producer, has announced its first quarter 2022 operation and financial results, revealing that shipments in the same period ended March 31 increased by 5 per cent quarter-on-quarter from 200,961 tonnes to 211,411 tonnes, bolstered by the resumption of a project at Mt. Holly. Backed on the rise in shipments, net sales in 1Q2022 improved 14 per cent sequentially from US$659.1 million to US$753.6 million. But net income recorded a decrease of US$42.7 million from US$60.4 million to US$17.7 million. First quarter results were negatively impacted by US$42.3 million of net exceptional items, in particular US$39 million of unrealised losses on derivative instruments and US$3.3 million in share-based compensation costs. However, adjusted net...
LME aluminium opened at US$3,107 per tonne on Thursday and closed at US$3,040 per tonne, down US$76 per tonne or 2.44 per cent. On 28 th April, LME aluminium cash bid price stood at US$3,065 per tonne, facing a 1.10 per cent or US$34 per tonne decline, while LME aluminium official settlement price halted at US$3,065.50, plunging down 1.11 per cent or US$34.50 per tonne. 3-month bid price stood at US$3,083 per tonne, dropping 1.03 per cent or US$32, and the 3-month offer price came in at US$3,083.50 per tonne, losing US$33.50 per tonne or 1.07 per cent. On the same day, December 23 bid price and December 23 offer price settled at US$2,955 per tonne and US$2,960 per tonne, respectively, both with a 1.43 per cent or US$43 per tonne fall. LME aluminium opening stock continued to decrease by...
In February 2022, domestic primary aluminium production in the United States was at 75,000 tonnes, reflecting a downfall of 7,000 tonnes or 8.54 per cent month-on-month, following an increase in the previous month. In January 2022, the output grew by 3,000 tonnes or 3.8 per cent from 79,000 tonnes in December 2021. However, despite the monthly downfall in production, the daily average output in February grew slightly than the previous month from 2,650 tonnes to 2,670 tonnes. On a year-on-year basis, it stood 8.10 per cent higher than 2,470 tonnes, and so was the monthly production by 6,000 tonnes or 8.7 per cent than 69,000 tonnes. Total aluminium recovered from scrap in February 2022 was 284,000 tonnes, 6.77 per cent more than 266,000 tonnes in January and 14.52 per cent than 248,000...
China’s A00 aluminium ingot price has slipped by RMB 40 per tonne on Friday, April 29, after witnessing a hike the previous day, found the SMM. The price for Friday, April 29 closed at RMB 20,810 per tonne, with average prices likely to range between RMB 20,790 per tonne and RMB 20,830 per tonne. The spot contract for today is likely to be traded at a discount price of RMB -60 to RMB-20 per tonne. In Tianjin the price has augmented by RMB 1010 per tonne to record at RMB 21,840 per tonne. For the same day in Linyi, the price climbed up by RMB 10 per tonne to settle at RMB 21,010 per tonne. Amidst the increase in A00 aluminium ingot prices, province like Gongyi and Chongqing witnessed a slump of RMB 20 per tonne. The price for the same has been recorded at at RMB 21,070 per tonne and RMB...
The European Aluminium discussed with industry experts and policymakers the future of Europe’s energy infrastructure following the ongoing energy crisis during its annual Spring Meetings 2022, where both the industry and energy sector stressed the need to facilitate affordable and low-carbon energy uptake for industrial users to support navigate the current crisis while meeting the EU’s target for climate neutrality. European Aluminium commenced its 2022 Spring Meetings with a cross-industry stakeholder debate on “Fit for net-zero: Industrial decarbonisation in an energy-sensitive environment”. The event, bringing together Europe’s aluminium players from more than 600 facilities in 30 European nations, welcomed officials and industry experts from the energy sector, including the...
National Aluminium Company Limited has slashed its aluminium ingot and aluminium products prices by INR 10,000 per tonne or 3.5 per cent on April 28, in line with the continued decrease in LME aluminium benchmark price since April 22. With the latest cut, NALCO’s aluminium ingot price has come in at INR 272,650 – 276,150 per tonne compared to INR 282,650-286,150 per tonne on April 21. NALCO is currently selling its aluminium wire rod at INR 275,150 – 279,500 per tonne versus INR 285,150-289,500 per tonne a week ago. Aluminium billets price is hovering around INR 276,100 – 278,750 per tonne, facing a downfall of INR 10,000 per tonne from INR 286,100-288,750 per tonne. NALCO links its aluminium ingot and aluminium products prices to the three-month future price of aluminium on the London...
