Aluminium is an essential component of the global economy, and this week, the upstream sector witnessed some significant events. Top events like LME aluminium registered its first rise of the month on Tuesday, August 6, following two consecutive days of downfall by a total of US$61.50 per tonne. Vedanta recorded a 37 per cent rise in its net profit for Q1 FY2025, contributed by the aluminium business. Apart from this, a lot of new appointments like Ravi Paliwal joining as the new CEO of Ash Management at Vedanta Aluminium, Ricardo Fontes Santana joining Aluminium Bahrain as the new Chief Financial Officer (CFO), Louis Langlois was appointed as the new Senior Vice President of Treasury and Capital Markets at Alcoa Corporation. To know more about how the week went by, read below:
On Tuesday, August 6, billionaire Anil Agarwal's Vedanta Limited announced its financial results for the first quarter ending June 30, 2024, highlighting a rise in net profit and revenue from operations due to higher metal prices. In Q1 FY2024-25, Vedanta reported a consolidated net profit of INR 3,606 crore, marking a 36.59% increase from INR 2,640 crore in the same period last year. The company's revenue from operations grew by 5.6% year-on-year to INR 35,239 crore, compared to INR 33,342 crore.
To know more: https://www.alcircle.com/news/vedanta-ltd-posts-a-37-rise-in-net-profit-for-q1-fy2025-contributed-by-aluminium-business-111638
The LME aluminium price started the week with a decline by US$47.5 per tonne to settle at US$2,167 per tonne, followed by a surge of US$38 per tonne to settle at US$2,205 per tonne. The growth on Tuesday was the first rise of the month following two consecutive days of downfall. On Wednesday, the prices inched down by US$1 per tonne to dock at US$2,202.50 per tonne. And on Thursday, the price stood at US$2,204.50 per tonne, after moving up by US$2 per tonne.
To know more: https://www.alcircle.com/news/lme-aluminium-benchmark-price-moves-up-by-us2-t-shfe-price-adds-us3-t-111657
Vedanta Aluminium, India's largest aluminium producer, has announced the appointment of Ravi Paliwal as CEO of Ash Management. In this role, Ravi will oversee ash management operations, concentrating on using technology and processes to improve resource efficiency and explore innovative uses for the significant by-product of thermal power generation, thereby promoting circular economy initiatives.
To know more: https://www.alcircle.com/press-release/vedanta-aluminium-appoints-ravi-paliwal-as-ceo-ash-management-111637
On August 6, 2024, Alcoa Corporation announced a change in its Investor Relations leadership, appointing Louis Langlois, the Senior Vice President of Treasury and Capital Markets, as the new head, effective September 1, 2024. Louis Langlois will take over responsibility for the company’s investor relations and pension investment functions from Jim Dwyer, the Vice President of Investor Relations and Pension Investments, who will retire on September 1 after over 30 years of service.
To know more: https://www.alcircle.com/press-release/investor-relations-leadership-transition-at-alcoa-louis-langlois-named-senior-vp-111640
Aluminium Bahrain B.S.C., the world’s largest single-site smelter, announced the appointment of Ricardo Fontes Santana as its new Chief Financial Officer (CFO) on August 6. The appointment will take effect on August 15, 2024. Mr. Ricardo brings extensive expertise in the metals and mining industry, with over 25 years of global experience. He was most recently the CFO at Sohar Aluminium and served as a non-executive director. Mr. Ricardo has also worked with companies such as South32, ESSILOR, BHP Billiton, and Shell across Brazil, Australia, Singapore, The Netherlands, Portugal, and Oman.
To know more: https://www.alcircle.com/news/aluminium-bahrain-appoints-ricardo-fontes-santana-as-new-cfo-from-sohar-aluminium-111643
In a rare joint statement, Catherine Cobden, President and CEO of the Canadian Steel Producers Association, and Jean Simard, President and CEO of the Aluminium Association of Canada, expressed concerns about the increasing impact of Chinese overcapacity on Canadian markets. They emphasized the urgent need for decisive policy measures to address the influx of excess capacity, especially from China, which they argue presents a significant threat to Canada's steel and aluminium industries.
To know more: https://www.alcircle.com/news/canada-must-stand-firm-no-room-for-dumped-steel-and-aluminium-111659
Mitsui & Co., a leading Japanese trading company, has strategically increased its stake in Nippon Amazon Aluminium (NAAC) as part of its forward-thinking strategy to expand its decarbonisation and metal business portfolio. This strategic move will significantly enhance Mitsui's access to low-carbon aluminium ingots produced in Brazil, potentially reshaping the aluminium industry.
Qatar Aluminium Manufacturing Company Q.P.S.C. (QAMCO), a 50% joint venture partner in Qatar Aluminium Company (Qatalum), reported a net profit of QR237 million for the six months ending June 30th, 2024, with earnings per share (EPS) at QR0.042. Following a volatile 2023 and early 2024, the aluminium market began to stabilize in the second quarter of 2024.
India's imports of alloyed aluminium ingots soared by 60 per cent in the first half of 2024, reaching approximately 112,158 tonnes compared to 70,780 tonnes during the same period in 2023. In the first half of 2024, alloyed ingots constituted a significant portion of the country's aluminium semi-finished imports, accounting for 62 per cent of the total 196,482 tonnes.
To know more: https://www.alcircle.com/news/disrupted-global-trade-routes-fuel-indias-aluminium-ingot-import-by-60-111645
Admir Šahmanović, Montenegro's Minister of Mining, Oil, and Gas, met with former employees of the bauxite mine on the Seoca plateau, who have been waiting for a decade to receive their claims from the bankruptcy estate. In a statement from the Ministry, Šahmanović assured the workers that he is committed to resolving the issue through legal and institutional channels.
For years, the residents of Nanar in Maharashtra's Ratnagiri district have been united in opposition to the environmental threat posed by a proposed oil refinery project. Now, they are preparing for another major battle against bauxite mining. The Maharashtra Pollution Control Board (MPCB) has scheduled a public hearing for August 29, 2024, to discuss the environmental impact of the proposed Nanar Bauxite Block, which covers 362 acres.
To know more: https://www.alcircle.com/news/maharashtra-india-nanar-community-unites-to-oppose-bauxite-mining-111615
Utkal Alumina, a subsidiary of Hindalco Industries Limited, hosted an Annual Entrepreneurship Conclave under Project Udyamee on July 27, 2024, in Rayagada. The event focused on empowering communities and promoting inclusive growth. Approximately 283 entrepreneurs participated, demonstrating strong enthusiasm and commitment to entrepreneurial development in the tribal hinterland.
According to the Statistical Institute of Jamaica (STATIN), Jamaica's Mining and Quarrying industry saw a notable 33.6 percent increase in export earnings during the first quarter of 2024. The sector's earnings rose to US$148.7 million, compared to US$111.3 million in the same period last year.
To know more: https://www.alcircle.com/news/jamaicas-alumina-export-value-rises-to-us132-2-million-in-q1-111660
Alcoa has announced plans to modernise its Poços de Caldas (MG) plant from August to December this year, focusing on enhancing operational excellence and energy efficiency. The investment will involve replacing two ageing Ingersoll-Rand compressors, which have been used since 1975, with five new, state-of-the-art Gardner models.
To know more: https://www.alcircle.com/news/alcoa-invests-r9-million-to-upgrade-pocos-de-caldas-plant-with-new-compressors-111636
Residents from several communities in south-west Western Australia have united in opposition to South32's planned mining projects, citing increasing concerns about Worsley Alumina. Locals from the Shires of Boddington, Wandering, and Williams, situated about 130 kilometers southeast of Perth, are represented by Locals for Environmental Action and Protection (LEAP).
To know more: https://www.alcircle.com/news/south32-faces-community-opposition-over-worsley-alumina-project-expansion-111642
Alpha HPA has officially commenced the development of its Gladstone project, which aims to become one of the largest single-site ultra-high-purity alumina refineries globally. On August 8, 2024, Managing Director Rimas Kairaitis announced that site preparations have begun and significant funding has been secured to advance toward full-scale production.
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