This week, notable developments have surfaced in the upstream aluminium sector, covering bauxite, alumina, and primary aluminium. To begin with, India has secured a significant global position as the second-largest aluminium producer. The rise in aluminium production indicates robust economic activity across industrial sectors like energy, infrastructure, building and construction, automotive, and machinery. On July 31, 2024, Vedanta Ltd. announced that it had obtained clearance from the BSE and NSE for its proposed demerger. This approval is a pivotal step in Vedanta's strategy to split into six independent, publicly listed entities, including those in the aluminium, oil, and gas sectors. Apart from this, following a month of unabated decline, the LME aluminium benchmark price witnessed significant growth of US$90.50 per tonne on July 31. The hike in price was mainly due to increased market liquidity after China lowered its deposit rates and Canada's rate cut met expectations.
India has continued to see an increase in metals and minerals production during the first quarter of FY2024-25, following a record output level in FY2023-24, according to a statement by the Ministry of Mines on Thursday, August 1. Data from the Ministry revealed that India's primary aluminium production in the June quarter of FY2024-25 rose by 1.2 per cent year-on-year to 10.43 lakh tonnes, up from 10.28 lakh tonnes.
On July 31, 2024, Vedanta Ltd. announced that it had received clearance from the leading stock exchanges, BSE and NSE, for its proposed demerger. This approval marks a significant step in Vedanta's plan to split into six independent listed companies, including those focused on aluminium, oil, and gas.
To know more: https://www.alcircle.com/news/vedanta-s-demerger-gets-the-go-ahead-from-india-s-leading-stock-exchanges-111597
Global mining and metal giant Rio Tinto has delivered strong results in aluminium and copper, offsetting declining iron ore earnings and rising labour costs in Australia. For the six months ending June 30, the company reported a profit after tax (PAT) of $US5.8 billion ($A8.9 billion), a modest increase from $US5.1 billion the previous year.
To know more: https://www.alcircle.com/news/rio-tinto-s-aluminium-and-copper-division-strengths-offset-decline-in-iron-ore-earnings-111576
Egyptian Prime Minister Mostafa Madbouly met with Minister of Public Enterprise Sector Mohamed Shimi to review the progress of industrial projects in the textile, aluminium, and automotive sectors. Shimi provided a comprehensive update on the initiatives within the Holding Company for Spinning, Weaving, and Ready-Made Garments.
Due to the high demand for local suppliers of steel, aluminium, and its alloys, the Ministry of Economy of Nuevo León and the Chain of Industry Producers in Mexico (CAPIM) are collaborating to improve the value chain. Nuevo León, officially known as the Free and Sovereign State of Nuevo León, is a state located in northeastern Mexico.
Emirates Global Aluminium, the largest industrial company in the United Arab Emirates outside oil and gas, welcomed over 25 UAE National high school and university students considering careers in industry for summer training. EGA’s summer training programme has been running for more than two decades.
Ukraine's State Property Fund has announced an auction on August 6 to sell its 97.5458 percent stake in JSC Zaporozhye Aluminium Plant. The auction will take place on the Prozorro.Sales electronic trading platform, with a starting price of nearly UAH 151.9 million ($3.7 million). Bidders must submit their applications by August 5.
To know more: https://www.alcircle.com/news/ukraine-to-auction-state-owned-stake-in-zaporozhye-aluminium-plant-on-august-6-111600
Data from the International Aluminium Institute indicates a year-on-year increase in North and South America's primary aluminium production during the first half of 2024. Even amid occasional declines in some months, primary aluminium output in North America rose by 4.35 per cent, while South America saw an increase of 4.74 per cent by the end of H1 2024.
On Friday, August 2, the market for aluminium ingot alloy showcased a notable trend. The aluminium ingot market experienced a major adjustment across various regions of China. According to the Shanghai Metal Market (SMM), the price of A00 aluminium ingot closed at RMB 19,000 per tonne, reflecting a dip of RMB 170 per tonne following a RMB 200 per tonne increase the day before. This decline is attributed to weaker market sentiment and increased inventories.
Following a growth the previous day, both LME aluminium cash bid price and LME aluminium official settlement price slumped by US$22 per tonne or 0.97 per cent and US$23.5 per tonne or 1.04 per cent. The prices as of August 1 (Tuesday) stood at US$2,228 per tonne and US$2,228.50 per tonne.
China's primary aluminium imports in June 2024 saw a 23.22 per cent decline month-on-month but a 35.61 per cent increase year-on-year, reaching 121,200 tonnes, according to a survey by the Shanghai Metals Market. In May 2024, the import volume was 158,000 tonnes, down 27.8 per cent from the previous month. This data indicates a higher rate of decline in China's primary aluminium imports in June 2024.
Saudi Arabia’s mining sector is poised for transformation as the Kingdom aims to become a global leader in the industry. Rich in minerals crucial for various global sectors, Saudi Arabia is shifting towards becoming a prominent exporter of diverse energy types, moving beyond its traditional role as an oil producer.
To know more: https://www.alcircle.com/news/future-of-saudi-arabias-mining-bauxite-and-phosphate-remain-key-priorities-111548
Guinea's military leadership has proposed a draft constitution to reduce presidential terms and limit the number of terms a president can serve in the West African nation, which holds the world's largest bauxite reserves. The changes, announced by Jean-Paul Kotembedouno, spokesperson for the National Transition Council's constitution commission, include shortening the presidential term from six years to five and restricting any individual to a maximum of two terms as president over their lifetime.
To know more: https://www.alcircle.com/news/bauxite-rich-guinea-redrafts-political-landscape-with-new-constitution-111574
Canyon Resources Limited formally signed a mining convention for the Minim-Martap Bauxite Project in Cameroon. This pivotal agreement grants Canyon's subsidiary, Camalco Cameroun SA, the right to mine and export bauxite contingent upon the issuing of a mining permit for the project area.
To know more: https://www.alcircle.com/news/canyon-resources-secures-mining-convention-for-minim-martap-bauxite-project-in-cameroon-111571
Arrow Minerals Limited is excited to announce a major advancement in its expansion strategy through the entry into a Share Purchase Option Agreement to acquire the Niagara Bauxite Project located in Guinea. Guinea, the world’s largest exporter of high-grade, low-impurity bauxite, presents a significant opportunity for Arrow Minerals.
To know more: https://www.alcircle.com/news/arrow-minerals-expands-presence-with-acquisition-of-niagara-bauxite-project-111587
World alumina output in the first half of 2024 scaled up 2.34 per cent year-on-year, owing to enormous production above 12 million tonnes in March and May 2024. Almost all the leading alumina-producing regions, except for Oceania, drove the worldwide alumina production hike in H1.
Alcoa, a Pittsburgh-based industrial corporation and the global industry leader in bauxite, alumina, and aluminium products, has announced the successful completion of its acquisition of Alumina Limited. This strategic move enhances Alcoa's position as a leading pure-play upstream aluminium company, reinforcing its market leadership. The binding Scheme Implementation Deed with Alumina Limited was signed on March 11, 2024.
To know more: https://www.alcircle.com/news/alcoa-completes-acquisition-of-alumina-limited-bolstering-industry-presence-111599
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