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 Shanghai Metals Market, primary aluminium inventories in China have decreased this week by 34,000 tonnes or 11 per cent across eight major consumption areas, including SHFE warrants. Thus, compared to 1.02 million tonnes last Thursday, April 21, primary aluminium inventories have come in at 987,000 tonnes as of April 28. The chart below indicates the current status of primary aluminium inventories across China in more details: In Wuxi, primary aluminium inventories have decreased by 25,000 tonnes week-on-week to 490,000 tonnes as delivery recovered in the region. Shipments from Wuxi were mainly delivered to surrounding areas. Gongyi received a very few due to tight truck transportation capacity and restricted cross-province transport. Gongyi’s primary aluminium...
According to a report released on Wednesday, April 27, Vedanta Aluminium has built up an Extended Reality (XR) experience zone to increase safety training for its employees and partners. The zone is comprised of Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR) technologies that will help the company conduct simulation-based training for an immersive, engaging and safe learning experience of the workforce. This initiative reflects Vedanta’s enthusiasm in remodelling its business with advanced digital solutions, intelligent automation and in-house innovations to improve manufacturing efficiency and excellence. Other advanced technologies deployed by Vedanta Aluminium for safety excellence are: Deep Learning algorithms and sophisticated modelling techniques that help the...
A00 aluminium ingot price in China has climbed up by RMB 120 per tonne, following four consecutive days of decline until April 27, found the Shanghai Metals Market. Data shows the hike has brought the ingot price at RMB 20,850 per tonne, with average prices estimated to range between RMB 20,830 per tonne and RMB 20,870 per tonne. The spot contract is likely to be traded at a premium price of RMB 50-10 per tonne. The Chinese province Linyi has also witnessed a rise of RMB 120 per tonne to RMB 21,000 per tonne, followed by the increase of RMB 110 per tonne in Hangzhou to RMB 20,960 per tonne and RMB 105 per tonne in Wuxi to RMB 20,835 per tonne. In Gongyi and Shenyang, A00 aluminium ingot price has expanded by RMB 100 per tonne to RMB 21,090 per tonne and RMB 20,870 per tonne, respectively,...
LME aluminium opened at US$3,071.5 per tonne on Wednesday and closed at US$3,116 per tonne, an increase of US$36 per tonne or 1.17 per cent. On 27 th April, the LME aluminium cash bid price stood at US$3,099 per tonne, with a 0.10 per cent or US$3 per tonne decline. LME aluminium official settlement price halted at US$3,100 per tonne, falling 0.08 per cent or US$2.5 per tonne. 3-month bid price stopped at US$3,115 per tonne, losing 0.06 per cent or US$2 per tonne. The 3-month offer price came in at US$3,117 per tonne, dropping US$1 per tonne or 0.03 per cent. On the same day, December 23 bid price and December 23 offer price settled at US$2,998 per tonne and US$3,003 per tonne, respectively, both with a 0.27 per cent or US$8 per tonne hike. LME aluminium opening stock continued to...
The initial aluminium smelter in the Middle East region, which commenced its journey with a production of 120,000 tonnes per annum in 1971, Aluminium Bahrain B.S.C. (Alba), at present, is the world’s largest single-site aluminium smelter ex-China has evolved as the first Bahraini Company to have successfully achieved sustainability-linked refinancing for its US$1,247,475,000 syndicated loan facility in connection to the Line 6 Expansion Project. The US$1,247,475,000 senior-unsecured Conventional and Islamic Facility carries an interest margin of 235 basis points per annum over the sum of the Secured Overnight Financing Rate (SOFR) and the Credit Adjustment Spread (CAS). However, this new facility comes up with an 8-year tenor and the principal amount will be repaid in 16 semi-annual...
The heightened demand for heavy industry products has instigated Coates Industrial Solutions from Australia to release a white paper on how companies might address the resource question, keeping safety and performance in mind during planned shutdowns and maintenance events. During the above mentioned period, businesses certainly go through a few open challenges but first, there is the need to improve operational efficiencies and site safety with fewer resources and a broader skills gap. The Covid pandemic adds to the situation making it one of the toughest times in the history of mankind. After examining these pain points, the white paper titled, ‘ Mining for efficiency in the heavy industry’ serves businesses with data on how to address them. The prime advocacy consists of: · Experienced...
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The Chief Executive Officer of Aluminium Bahrain B.S.C. (Alba), Ali Al Baqali rolled out the company’s approved Environment, Social and Governance (ESG) Roadmap by the Board of Directors, to underline the company’s strong commitment to Bahrain’s, an island country in Western Asia towards the objective of ‘Net Zero Emissions by 2060’ under the leadership of HRH the Crown Prince and Prime Minister of Bahrain as well as the United Nations Sustainable Development Goals (SDGs). On 27 th April 2022, the first aluminium smelter in the Middle East region, Alba’s CEO held a presentation on the company’s ESG Roadmap in a hybrid format -- both in-person and via the virtual platform. It was attended by Company’s Executives, Directors, and Management team as well as numerous employees and contractors’...
In March 2022, primary aluminium production in Russia & Eastern Europe stood at 350,000 tonnes, reflecting a month-on-month hike of 11.46 per cent from 314,000 tonnes. However, in February, the output was down by 10.03 per cent or 35,000 tonnes month-on-month from 349,000 tonnes. On a year-on-year calculation, Russia & Eastern Europe’s primary aluminium production in March 2022 stood down by only 3,000 tonnes from 353,000 tonnes. In Q1 2022 ended March 31, primary aluminium production in Russia & Eastern Europe totalled 1.013 million tonnes – 2.78 per cent less than 1.042 million tonnes in Q4 2021. On a year-on-year basis, the output registered a drop of 1.17 per cent from 1.025 million tonnes. In the entire year 2021, primary aluminium production in Russia & Eastern Europe amounted to...
LME aluminium opened at US$3,087per tonne on Tuesday and closed at US$3,080 per tonne, down US$2 per tonne or 0.06 per cent. On 26 th April, the LME aluminium cash bid price stood at US$3,102 per tonne, increasing by 0.42 per cent or US$13 per tonne. LME aluminium official settlement price halted at US$3,102.50 per tonne, rising by 0.40 per cent or US$12.50 per tonne. 3-month bid price stopped at US$3,117 per tonne, taking a leap of 0.45 per cent or US$14 per tonne. The 3-month offer price came in at US$3,118 per tonne, gaining US$13 per tonne or 0.42 per cent. On the same day, December 23 bid price and December 23 offer price settled at US$2,990 per tonne and US$2,995 per tonne, respectively, both with a 0.84 per cent or US$25 per tonne hike. LME aluminium opening stock continued to...
On Wednesday, April 27, China’s A00 aluminium ingot price has closed at RMB 20,730 per tonne, after witnessing a decrease of RMB 10 per tonne. The average price for the same is expected to hover between RMB 20,710 per tonne and RMB 20,750 per tonne. For today the spot contract is likely to be traded at a discounted price of RMB -50 to RMB -10 per tonne. Fears over Covid Zero's economic impact have shaken financial markets, which are yearning for further policy help. President Xi Jinping of China called for all-out efforts to boost infrastructure expenditure on Wednesday. Even so, it's possible it won't be enough to lift metal. It may remain at current low levels due to a "mismatch" in China's demand and supply of the metal, according to Huatai Futures in a note released on Wednesday....
The report has turned out that French police officials have raided the Sanjeev Gupta’s GFG Alliance Paris offices and a previously owned aluminium manufacturing unit in a widening of a criminal investigation into the metal tycoon’s establishment. In 2021, the Paris Prosecutor’s Office rolled out an investigation into Sanjeev Gupta’s business operations in France over a claim for the “misuse of corporate assets” and “money laundering”, reduplicating a separate probe by the Serious Fraud Office (SFO), a non-ministerial government department of the Government of the United Kingdom that investigates and prosecutes serious or complex fraud and corruption in England, Wales and Northern Ireland. The CEO and Founder of GFG Alliance, Sanjeev Gupta, who once was complemented by the politicians as...
On Tuesday, April 26, CME group, the world’s biggest derivatives marketplace announced that it will debut an option contract on its physically-delivered aluminium features on May 23. The new aluminium option contract will be listed on COMEX and will be governed by its regulations. "Our new option contract is the latest example of CME Group's decade-long track record of helping the aluminum community to manage risk as their needs evolve. Clients are increasingly turning to our Aluminum markets, with a record 4,888 Aluminum futures contracts traded on April 19 and average daily volume in April currently around 1,300 contracts, up over 100% from last year. We look forward to continuing to work with our clients and the industry to provide enhanced solutions across this important global...
LME aluminium opened at US$3,230 per tonne on Monday and closed at US$3,082 per tonne, down US$162.5per tonne or 5.01 per cent. On 25 th April, LME aluminium cash bid price stood at US$3,089 per tonne, facing a 4.76 per cent or US$154.50 per tonne decline, while LME aluminium official settlement price halted at US$3,090, plunging down 4.75 per cent or US$154 per tonne. 3-month bid price stood at US$3,103 per tonne, plummeting 4.79 per cent or US$156, and 3-month offer price came in at US$3,105 per tonne, losing US$156 per tonne or 4.78 per cent. On the same day, December 23 bid price and December 23 offer price settled at US$2,965 per tonne and US$2,970 per tonne, respectively, both with a 3.88 per cent or US$120 fall. LME aluminium opening stock continued to decrease by 0.33 per cent or...
A00 aluminium ingot price in China has decreased for the third day in a row by RMB 210 per tonne on Tuesday, April 26, to stand at RMB 20,740 per tonne, found the Shanghai Metals Market. The average prices are estimated to range between RMB 20,720 per tonne and RMB 20,760 per tonne, with spot contract likely to be traded at a discount price of RMB -50 to -10 per tonne. In Shenyang, A00 aluminium ingot price has plummeted by RMB 240 per tonne to come in at RMB 20,800 per tonne, followed by the downfall of RMB 230 per tonne in Foshan to RMB 20,850 per tonne. In Wuxi and Hangzhou, primary aluminium ingot price has slumped by RMB 210 per tonne to rest at RMB 20,740 per tonne and RMB 20,860 per tonne, respectively, while the price in Linyi, Tianjin, and Gongyi has dwindled by RMB 160 per...
ICSOBA, the International Committee for Study of Bauxite, Alumina & Aluminium, has announced the 40th International Conference and Exhibition ICSOBA 2022. The five-day event, scheduled from 10th to 14th of October will take place in Athens, Greece, in association with Mytilineos as the host sponsor. ICSOBA, with the vision and commitment to serve the entire value chain of aluminium, has also partnered with other conference such as the 4th International Bauxite Residue Valorisation and Best Practices Conference (BR2022) and the Final RemovAL Cross-Fertilisation Conference. Hence, the event will host sessions on bauxite, alumina, as well as aluminium production. To expand the offerings of knowledge, ICSOBA also proposes a plant tour of Aluminium of Greece, Agios Nikolaos complex, which...
According to a recent report, Emirates Global Aluminium, the largest industrial company outside oil and gas in the UAE, has agreed to a revolving credit facility tied to the Term Secured Overnight Funding Rate (SOFR).It will provide EGA an access to $137.5 million, with a term extended by 12 months. SOFR is a benchmark interest for dollar-denominated derivatives and loans that replace the London interbank offered rate (LIBOR). EGA is one of the first in the Middle East to agree to conduct transactions through syndicated corporate credit facilities in accordance with Term SOFR as the benchmark pricing, using the Chicago Mercantile Exchange SOFR forward rate. SOFR offers a benchmark interest rate based on data from observable transactions, while LIBOR relies on disclosures from selected...
LME aluminium opened at US$3,301 per tonne last Friday and closed at US$3,244.5 per tonne, down US$58 per tonne or 1.76 per cent. On 22nd April, LME aluminium cash bid price stood at US$3,243.50 per tonne, facing a 0.54 per cent or US$17.50 decline, while LME aluminium official settlement price halted at US$3,244, falling by 0.55 per cent or US$18. 3-month bid price stood at US$3,259 per tonne, going down by 0.49 per cent or US$16, and 3-month offer price came in at US$3,261 per tonne, losing US$15 per tonne or 0.46 per cent. On the same day, December 23 bid price and December 23 offer price settled at US$3,085 per tonne at US$3,090 per tonne, respectively, both with a 1.28 per cent or US$40 fall. LME aluminium opening stock continued to decrease by 0.63 per cent or 3,725 tonnes from...
On March 25, Monday, China’s A00 aluminium ingot price has settled at RMB 20,950 per tonne after witnessing a drop of RMB 850 per tonne, found the Shanghai Metals Market. The average price for the same day is expected to orbit between RMB 20,930 per tonne and RMB 20,970 per tonne, with spot contract to be traded at a discount price of RMB -70 to RMB -30 per tonne. The price in Gongyi and Shenyang has also descended by RMB 780 per tonne to stop at RMB 21,080 per tonne and RMB 21,040 per tonne. As of today, the price in Foshan and Wuxi has been recorded at RMB 21,080 per tonne and RMB 20,950 per tonne, after witnessing a slump of RMB 860 per tonne and RMB 840 per tonne. As per the SMM data, the price in Hangzhou and Chongqing has plummeted by RMB 850 per tonne and RMB 870 per tonne to peg...
