Bell Bay Aluminium (BBA), Australia's oldest aluminium smelter, is reviewing its workforce and offering redundancies for a small number of positions, just over a month after receiving an AUD 200 million (USD 137.52 million) government support package aimed at securing the facility's future until at least 2031. Up to 10 roles are understood to have been affected by the review, although the smelter is expected to retain its existing workforce of approximately 550 full-time equivalent (FTE) employees. Some redeployment opportunities will also be available, while the positions identified are not understood to involve frontline services. The changes reportedly include some former participants in Bell Bay Aluminium's graduate programme. Rio Tinto, which operates the smelter near George Town in...
South32 expects the sale of its aluminium value chain assets to Alcoa to be completed in the six months ending June 2027. The proposed transaction covers its aluminium operations and related bauxite and alumina assets in South Africa, Australia and Brazil. The sale follows a binding conditional agreement signed by the two companies, under which Alcoa agreed to acquire the assets for up to USD 5.6 billion . The assets include South32's Hillside Aluminium smelter and the idled Bayside smelter in South Africa, its interests in the Boddington bauxite mine and Worsley alumina refinery in Australia, and the Mineração Rio do Norte bauxite mine and Alumar alumina refinery and aluminium smelter in Brazil. Explore the production, demand and consumption forecasts of bauxite and alumina in our...
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Aluminium and copper prices recovered from recent losses as the US dollar weakened against the euro and optimism grew over a Greek debt deal. However some analysts were cautious over whether gains could be sustained due to plentiful supplies. Most other base metals also rebounded from a recent downturn that had been partly due to a stronger US dollar, which makes commodities priced in the US currency more expensive to buyers using other currencies. The euro has gained against the dollar after Greece expressed confidence this week it will soon seal a cash-for-reforms deal. 'We've had a bit of a bounce this morning. One of the reasons is because the dollar has stopped appreciating, in the short term at least,' said Stephen Briggs, metals strategist at BNP Paribas in London. There was also...
Vedanta India will acquire up to 5.33 percent stake, worth over INR 2,200 crore, in its group concern Cairn India next week. Anil Agarwal-led Vedanta India, which changed the name from Sesa Sterlite last month, is a promoter in Cairn India. It will acquire up to 100 million shares of the company from another promoter Twin Star Mauritius Holdings Ltd. In a BSE filing, Vedanta said it will acquire up to 5.33 percent stake or 100,000,000 shares of Cairn India from Twin Star Mauritius Holdings on June 3, 2015 or within a period of 90 days for INR 220.40 per share. After the acquisition of the shares, Vedanta India's stake in Cairn India will grow from 18.73 percent to 24.06 percent, said the filing on Wednesday. Twin Star Mauritius Holdings held 39.41 percent stake in Cairn Indiaas of March...
Aluminium hit its weakest in a year yesterday on rising supplies amid fears that the market is headed for the worst period in three years. Aluminium is in oversupply with a huge stock overhang, and output has continued to rise this year, with the latest industry figures showing daily average production rising to 68,500 tonnes in April. Norwegian producer Norsk Hydro said it would increase aluminium output by 35,000 tonnes per year. "Although LME stocks are falling there's (still) a lot of aluminium around and (then) we see large increases in production. Aluminium needs a deficit to erode overhead stocks," Fastmarkets head of research William Adams said. London Metal Exchange aluminium hit its lowest since March last year at $1,731 a tonne, and traded down 0.7 per cent in official midday...
Aditya Birla Group’s flagship company Hindalco Industries Ltd on Thursday reported a 35.7% decline in its stand-alone net profit for the March quarter, thanks to higher power and fuel, and finance costs, and weaker prices in the international markets . Net profit was at INR.159.53 crore as compared with INR.248.15 crore a year ago. Net sales for the quarter rose 11.1% from a year ago to INR.9,371.55 crore. The Bloomberg poll of 21 analysts had expected the company to post a net profit of INR.284 crore on a net sales of INR.8,304.5 crore. Power and fuel expenses rose 54.87% year-on-year to INR.1,425.72 crore while finance costs rose 117.3% to INR.466.34 crore. “Profit is lower given the lower realization, higher depreciation and interest arising out of capitalization of the assets at Mahan...
Analysts fear another slump in aluminium as the metal price falls by 9.7 percent in May making it the biggest monthly drop since October 2012. For 10 straight sessions aluminium has seen a continuous drop – the longest slump since January and oversupply looks like the reason for the slide. China, already known for pumping more metal into the system than required, is being further bolstered by cheap coal prices. More metal is being produced and this excess aluminium is likely to leak into the wider aluminium market outside China as well, according to a Citigroup analyst. A stronger US dollar is also helping the Chinese economy as the cost of production calculated in local currency is being replenished through revenues earned in dollars. Aluminium for delivery in three months dropped 0.8...
And open new horizons regarding the technological opportunities and innovative solutions in aluminium for Qatar University students. Several opportunities have arisen whereby students from the Center for Advanced Materials (CAM) at QU and other departments supported engage in performing various levels of advanced research with regard to aluminium production. One of them is the ‘Aluminium Competence Project’, where students and faculty are engaged in research that embraces the whole value-chain, including recycling. Read more about the initiatives undertaken by Qatalum, Hydro and the University, in Dr. Bensalah article published in the Qatar University Research Magazine April 2015.
Norwegian metals producer Norsk Hydro has decided to go ahead with a previously planned increase of aluminium output at its Sunndal plant by 35,000 tonnes per year, starting in the middle of 2015, the company said on Wednesday. The increase is due to "recent market developments for aluminium", Hydro added.
Aluminium prices today rose 0.36 per cent to INR110.55 per kg in futures trade as speculators enlarged positions amid a rising trend overseas. Furthermore, increased demand at domestic spot markets influenced prices. At the Multi Commodity Exchange, aluminium for delivery in May rose 40 paise, or 0.36 per cent, to INR110.55 per kg in business turnover of 109 lots. Similarly, the metal for delivery in June traded higher by 35 paise, or 0.31 per cent, to INR112.25 per kg in 24 lots. Analysts said the rise in aluminium prices in futures trade was mostly attributed to a firming trend in the base metal pack at the London Metal Exchange (LME) as better- than-expected US new home sales and gains in Chinese industrial profits boosted the outlook for demand in the world's biggest metals consumers.
Aluminium major Hindalco Industries's fourth quarter profit may rise 18 percent year-on-year to INR 293 crore, according to a CNBC-TV18 poll. The company will announce its earnings on May 28. Aluminium major Hindalco Industries 's fourth quarter profit may rise 18 percent year-on-year to INR 293 crore, according to a CNBC-TV18 poll. The company will announce its earnings on May 28. In Q4FY14, the company had a tax credit of INR 46 crore, and exceptional loss of INR 396 crore (related to a liability of INR 324 crore under The UP Tax on Entry of Goods into Local Areas Act, 2007 and liability of INR 72 crore under The Madhya Pradesh Gramin Avsanrachna Tatha Sarak Vikas Adhiniyam). Total turnover for the quarter is seen declining 1 percent to INR 8,320 crore compared to INR 8,434.2 crore in...
Montenegrin officials may be called to testify in international courts over bankruptcy of aluminium plant Kombinat Aluminijuma Podgorica (KAP), RIA Novosti reported on Monday, citing a spokesperson for the Central European Aluminum Company (CEAC). CEAC, a subsidiary of Oleg Deripaska’s En+, managed the plant until July 2013 when Montenegrin officials initiated a bankruptcy due to debt in excess of 350 million euros. CEAC objected to the bankruptcy. The company launched arbitration proceedings in Vienna and turned to the International Centre for Settlement of Investment Disputes (ICSID) seeking some 900 million euros in damages. CEAC is expecting a trial on the merits and a final ruling by the end of 2016. The company claims that Montenegro broke the terms of an agreement on the Podgorica...
Vedanta Limited, Jharsuguda was awarded in the Challenger’s Category at the Green Manufacturing Excellence Award (GMEA) 2015 Summit in Mumbai. The prestigious national level award from M/s Frost & Sullivan on 22nd May 2015 was won by Vedanta’s Jharsuguda unit for its initiatives on Sustainable development practices. Vedanta Jharsuguda was short-listed among mega companies, for the assessment based on performance record of the year 2014-15. The nomination for the award included on site assessment, conducted by the team from Frost and Sullivan at Jharsuguda and subsequent evaluation by Executive Committee. Mr. Abhijit Pati, CEO Aluminium, Vedanta Limited, in his message congratulated the team and expressed that his surety to achieve more success in future owing to Vedanta’s committed team...
Noranda Aluminum Holding Corporation announced today that its Board of Directors has appointed Richard B. Evans to serve as the Chairman of the Company's Board of Directors. Mr. Evans has more than 40 years in the aluminum industry, having served in senior management positions at Rio Tinto, Alcan and Kaiser Aluminum & Chemical. His executive management experience encompasses engineering, operations, finance, sales and strategy. The Company also announced that the Board of Directors appointed its former Board Chairman, William H. Brooks, to serve as Chairman of the Nominating and Corporate Governance Committee. Mr. Brooks previously served as Chairman of the Board from March 2008 to May 2015. "Noranda is fortunate to have a proven, respected leader like Dick Evans to head a board that...
World Aluminium markets that showed record production numbers in the month of March 2014, depicted a marginal decline in the month of April 2015. The April month again indicated that the production trend is declining. Data estimates from International Aluminium Institute (IAI) showed that the total primary Aluminium production reached 4.73 million tonnes in the month of April 2015 from 4.77 million tonnes in the month of March 2014. On a year on year basis the production is still showing signs of improvement. The production increased 10.25% on a y-o-y basis in April 2015. Comparing it with previous month, production of Aluminium declined by 0.83%. The production of Aluminium in April 2014 was 4.29 million tonnes. China remained the major contributor to the production although the increase...
Mining spin-off South32 has received a positive response from institutional investors just weeks after the company was de-merged from its parent BHP Billiton. Brokers Jefferies and Deutsche Bank have slapped glowing recommendations on the company, which has a market value of around $10bn (£6bn). Deutsche Bank, which rates the stock as a hold, said: “The listing of South32 has created a $10bn diversified global mid-cap miner with a strong balance sheet and reasonable cash flow from what we think is a mixed asset base.” Jefferies was more bullish handing the company a buy recommendation and a price target of 145p per share. Share in South32 traded in London were down about 4pc at 112p yesterday. “All things considered, South32's financial strength and inexpensive valuation offset its asset...
Mining and minerals giant Vedanta today said it is operating its Jharsugda aluminium facility at a mere 25 per cent of installed capacity while putting the blame on state government for absence of power linkage policy and raw material crunch. The NRI-billionaire Anil Aggarwal-led company has set up one of the largest single location aluminium plants at an investment of Rs 52,000 crore. Lack of raw material linkage to run the Lanjigarh refinery and absence of a proper policy for drawing power from its own 2400 MW Independent Power Plant have affected the project, Abhijit Pati, CEO - Aluminium, Vedanta, said. Vedanta's Jharsuguda complex houses 1.75 MTPA capacity smelter, 1215 MW Captive Power Plant and 2400 MW Independent Power Plant (IPP). 1.25 MTPA smelting capacity is lying idle for...
Kazakhstan needs $3 billion to boost copper and aluminium output in Central Asian nation and seeks loans from China to build two new plants said Minister Albert Rau, Kazakh Deputy Investment and Development. ENRC Group, which delisted from the London Stock Exchange in 2013, wants to double its current aluminium out of 250,000 thousands and seeks a loan of around $2 billion for it. The company produces alumina and aluminium and also deals with iron ore although there main business is the production of ferroalloys. However they are now trying to double their aluminium capacity by launching two new production stages each with a capacity of 125,000 tons, said Rau. Kazakhstan also wants to boost processing of the metal along with the increase in production. "We are first and foremost...
The Delhi High Court on Monday asked the government to treat Bharat Aluminium Company’s (Balco) petition as its representation to it and decide whether it was to be “chosen as the succesful bidder” for a Chhattisgarh coal block within a month. Balco, a Vedanta Group firm, had challenged the government’s decision to cancel its bid, which was the highest, for Gare Palma IV/1 coal block and annulment of the tender process on the grounds of presumed cartelisation. Balco wanted the HC to declare the action of government to be arbitrary and direct allotment of the coal black in its favour. A bench of justices BD Ahmed and Sanjeev Sachdeva while directing the Centre to consider Balco’s plea within four weeks also allowed the company to file fresh petition in the event the decision went against...
Secretary of the Supreme Council of Free and Special Economic Zones Akbar Torkan announced that the council has approved the plan for the construction of an aluminum manufacturing plant in Arvand zone, in Southern Khuzestan province. "The project for the construction of an aluminum producing factory with the capacity of 4,700 tons per year…is on our agenda," Torkan, also Iran's senior presidential advisor, told FNA on Sunday. He underlined that the aluminum industry will help boost the Arvand zone's economy. In March, Torkan said Iran has paved the way for attracting more investments to the country's free trade zones through two scenarios. "There are two scenarios for attracting foreign investment to Iran's free zones; one is continuing our present moves despite the existing restrictions,...
