Novelis signs co-operation agreement with ThyssenKrupp Tailored Blanks
   

Atlanta-based aluminium rolling and recycling specialist Novelis has signed a co-operation agreement with customised steel solutions company ThyssenKrupp Tailored Blanks for the development of tailored aluminium blanks. In essence, tailored aluminium blanks is the joining together of individual aluminium sheets of different grades, thicknesses and coatings to produce customised stamping blanks that are used by car manufacturers to make lightweight body parts. According to Novelis, the targeted use of materials in tailored aluminum blanks eliminates the need for reinforcements and overlapping joints, thus saving material, reducing weight and cutting cost. Gains in process efficiency and vehicle weight reduction further contribute to reduced CO2 emissions and improved fuel economy. Tailored aluminium blanks can also contribute to improved crash performance through the selective use of high-strength aluminium alloys . "The product range of tailored aluminium blanks connects for the first time the extensive potential of lightweight aluminum with the engineering service of tailoring the body and chassis design on a mass scale," explained Rudolf Helldobler, CEO for ThyssenKrupp Tailored Blanks Roland Harings, Novelis' vice president for global automotive, said that tailored aluminium blanks extend the growing possibilities for advanced and economical lightweight solutions in vehicles. “Material expertise with aluminium and know-how in tailoring of lightweight solutions are coming together in a unique way to provide this cost-effective technology on a global scale.”

Beijing returns to global metals market
   

China's powerful stockpiling agency has purchased base metals on the international market for the first time since prices crashed during the global financial crisis as Beijing takes advantage of the recent price slide. According to two people familiar with the deal, the Chinese State Reserves Bureau has bought about 30,000 tonnes of nickel, equivalent to one sixth of the stocks in London Metal Exchange warehouses. In recent weeks it has also been making enquiries about copper.
The SRB is one of the most influential movers in the global metals markets. In early 2009, its buying helped put a floor under prices setting the stage for a surge over the next 2 years. But since a peak in 2011 metals prices have fallen sharply with copper, nickel and aluminium all touching their lowest levels in years last month in part as a result of worries about slowing growth in China. Traders said that the SRB's purchases may be interpreted as a bullish sign that China has confidence in its future consumption. China has destocked to quite a large degree and prices are at a level where the SRB is buying commodities. If you had bought copper every time the SRB bought copper you would have made a fortune. They said that while the agency has bought other metals such as aluminium and zinc domestically in the past year as a means of supporting struggling local producers, the nickel imports marked the first time it has come to the international market since a buying spree after the 2008 to 2009 financial crisis. The purchases were executed several months ago but have not been made public.
The price of nickel, an alloy used in stainless steel production, has tumbled 50% since early 2011 and last month hit its lowest in nearly 4 years at USD 14,609 per tonne. Although supplies are plentiful globally, China is heavily reliant on imports of low grade nickel ore from Indonesia which Jakarta has threatened to ban from next year. Copper prices have also fallen this year, although they remain at more than double their 2008 lows. Copper, used in almost all electric wiring is considered a strategic metal for China since the country requires the metal for its industrialization but must import a large proportion of its needs. Some traders believe the SRB is seeking to buy as much as 200,000 to 300,000 tonnes of copper.

Hindustan Tin quarterly profit more than doubles
   

Hindustan Tin Works reported a sharp rise in standalone net profit for the quarter ended March 2013. During the quarter, the profit of the company rose 2.54 times to INR 16.55 million from INR 6.50 million in the same quarter last year. Net sales for the quarter rose 21.46% to INR 611.51 million when compared with the prior year period. Earnings of per share for the quarter stood at INR 1.59 per share during the quarter registering 2.52 times rise over previous year period.

Shanghai copper faces resistance at CNY 53040
   

Shanghai copper faces a resistance at CNY 53,040 per tonne, a break above which will lead to a further gain to CNY 53,180. The resistance is provided by the 61.8% Fibonacci retracement on the fall from the May 22 high of CNY 53,810 to CNY 51,790. Copper has briefly pierced above this barrier but failed to stand firm above it, so the barrier is considered as intact. A rise above CNY 53,210 will confirm a valid break above CNY 53,040 and a bullish target at CNY 53,810 will be established. Support is at CNY 52,500 a break below which will signal the completion of the rebound from CNY 51,790.

Freeport mine in Indonesia seen shut for 2 months
   

Freeport McMoRan Copper and Gold Inc said it cannot resume production at its huge copper mine until the result of an investigation into an accident is complete adding to doubt about how long the company can supply the metal. The investigation is expected to take two months. Freeport suspended operations at its remote Grasberg complex in eastern Indonesia on May 15, a day after a training tunnel collapsed killing 28 people in one of Indonesia's worst mining accidents.
Another worker is in serious condition after an accident prompting a union leader to tell members to stop work at the world's second largest copper mine. Mr Dede Suhendra Energy and Mineral Resources Ministry director of minerals said ,"Freeport must stop all production activities except for maintenance until the results of the independent investigation are completed." A Freeport spokeswoman confirmed that an independent investigation had begun and that the company was not allowed to resume production until after the investigation was complete. Ms Daisy Primayanti chief of Freeport Indonesia Corporate Communications said , "The investigation team formed by the government arrived in Tembagapura yesterday morning and I hear reports from the site that they have started by going to ground zero and doing investigations there. They are indicating to us that they will be completing the investigation in two months.”

China zinc output drops 3 percent in April
   

The China Nonferrous Metals Industry Association reported domestic zinc output in April was 446,500 MT down 3.02% MoM. YTD output through April was 1.723 million tonnes up 8.6% YoY. Zinc prices extended declines into April with spot zinc prices between CNY 14,500 per tonne to CNY 14,600 per tonne. Falling zinc prices bite into margins of mines but they did not contract discounts of TC due to ample zinc concentrate supply.
Domestic TC was between CNY 4,800 per tonne to CNY 5,200 per tonne in early Q2 down CNY 50 per MT to CNY 100 per MT from Q1 but some mines maintained TC stable to maintain good relationship with customers. Despite zinc prices plunged, smelters rarely cut or suspend production because they had depleted inventories last year's end when zinc prices rose. Most of smelters maintaining zinc ingot inventories low in April were holding back goods. 45,000 MT in zinc reserves was delivered to the SRB in April, so output in the smelters sold reserves to the SRB grew which is also a result of the 13% growth in output in Inner Mongolia. Output in Hunan, Yunnan, Shaanxi, Inner Mongolia and Guangxi was the highest. Output in Gansu and Guangxi dropped most sharply in April by 11.8% and 9.2% respectively.

Blackthorn Resources expects to ship first Perkoa zinc concentrate Q3 2013
   

Blackthorn Resources is in the final stages of commissioning the Perkoa Mine process plant and expects to make the first zinc concentrate shipment from the Burkina Faso project in the Q3 of 2013.
Notably, ore throughput and concentrate quality are approaching design specifications for a single ball mill operation. The ongoing training of operators and fine tuning of the plant are continuing to further improve plant performance. Improvements to the lead circuit, including the commissioning of the Flash Flotation Cell has also significantly improved concentrate quality close to budget expectations. The plant milled 42,168 tonnes of ore at an average grade of 4.8% zinc and 0.39% lead in April 2013 with plant availability approaching 90%. About 12,000 tonnes of concentrate with a grade of about 53% zinc is now stockpiled at the mine. This is available for transport to the port of Abidjan in Ivory Coast for shipping to market. Transport of concentrate has been timed to coincide with completion of civil works at the port. Blackthorn added the second ball mill to take throughput up to 1 million tonnes is expected to be delivered in June, with the second stage ramp-up in production to start during the fourth quarter. Mr Scott Lowe MD of Blackthorn Resources said that “We are pleased with the progress being made at Perkoa and seeing the project move into the production phase.”

Deminar on measurements & tests in aluminium foundry
   

Arkey conference service cell, organised unique programme "deminar on measurements & tests in aluminium foundry on 3rd & 4th may 2013 at arkey conference hall, pune. This is first of its kind of training programme where measuring instruments & testing equipments manufacturer not only gave the technical background, do's and don'ts while using but also many of them demonstrated. All the participants took very much active part. Every one appreciated and demanded such programmes on other areas. Another novel idea implemented was every participant wrote on a sheet "what i learnt" after each presentation. Organizers have agreed to compile all the points and will be circulated to every participant. There were around 20 participants who attended the programme from various organisations.

Codelco Q1 copper output rises about 3pct but profit falls
   

Codelco copper output rose around 3% in the Q1 to about 385,000 tonnes due to improvements at the Chuquicamata, Radomiro Tomic and El Teniente deposits. Mr Thomas Keller CEO of Codelco said that the state owned miner expects record production this year boosted by its new slice of the coveted Los Bronces deposit and the launch of its Ministro Hales mine. But Codelco, which produces roughly 11% of the world's red metal, is battling slumping ore grades in its tired deposits soaring costs and an uptick in labor unrest as it fights to meet ambitious expansion targets.
Mr Ivan Arriagada CFO of Codelco said that company has flagged between USD 500 million and USD 600 million in minor investments that could be postponed though this would not affect the miner's mega projects. Including Codelco's slice of El Abra and Anglo American's Los Bronces, the miner's Q1 output jumped roughly 9.4%.
Codelco said profits before tax and extraordinary items slumped 43% during the January to March period from a year earlier to USD 867 million stung by a near Chile wide port strike and lower copper prices.
Codelco had said the extended strike cost it nearly 60,000 tonnes of its copper, equivalent to around USD 500 million in revenue. Copper prices have fallen 9% so far this year on worries over growth in China, the world's top metals consumer. Prices have been pegged for the past month between USD 7,100 per tonne and USD 7,500 per tonne. In the first three months of the year, direct cash costs skyrocketed 31% to USD 1.70 per pound of copper. Rising prices are a major headache for miners in Chile.

Indian aluminium production down 17pct against target in FY2013
   

India's aluminium production was lower by 16.5% at 1.72 million tonne in 2012 to 2013 fiscal as against the target of 2.06 million tonne. However, it was 3% up compared to 1.67 million tonne produced in 2011 to 2012. A senior official of the Department of Mines said that there are various reasons for not achieving target. Non availability of bauxite on time for some of the units has crippled production and falling global prices also contributed to non-achieving targets. He said that aluminium prices at London Metal Exchange have fallen by 15% to 20%. We expect the prices to go up by the latter half of the year. It is common for the countries. The more they produce now, the higher the losses they incur.
Major producers of the metal in the country include state owned National Aluminium Company Limited and private sector units Bharat Aluminium Company Limited, Hindustan Aluminium Company Limited and Vedanta Aluminium Company Limited. A senior NALCO official had earlier said the aluminium maker may operate its sole smelter at 75% capacity until global prices of the metal recover or availability of cheap domestic coal increases. The 0.46 tonne per annum capacity of the NALCO plant at Angul in eastern Odisha has been operating at a reduced capacity since May 12 after its coal supplier Mahanadi Coalfields Limited shut a mine following an accident on April 21.
Mr SS Mohapatra production director of NALCO had said that the company may review the situation and consider using imported coal to increase the output if the LME prices are up beyond USD 2,200 per tonne.” The official said that BALCO with 0.345 tonne per annum capacity, has closed down its old smelter of 1 LTPA capacity and hence the present installed capacity of the company is 0.245 million tonnes. BALCO had achieved 0.247 million tonne production against target of 0.36 million tonne during 2012 to 2013.
Hindalco and Vedanta produced 0.575 million tonne and 0.433 million tonne as against target of 0.607 million tonne and 0.666 million tonne respectively. Mr KSS Murthy honorary general secretary of Aluminium Association of India said that the metal demand in India is expected to grow at 10% to 12% per annum and this will be driven by growth in sectors like electricity, transport, building and construction and packaging. Mr Murthy said that with the expansions lined up by primary producers which will be operationalized during 2013 to 2014 the fresh production availability in India can cater to the domestic demand. The total aluminium import during 2012-13 in India was 1.32 million tonne.

Beijing forced sale of Glencore Peru mine may play into China hands
   

Beijing's demand that Glencore Xstrata Plc sell a copper mine in Peru may bring rich dividends for China Inc as two companies linked to Chinese state backed groups are weighing rival bids for the USD 5 billion plus project. Interest from Chinese state companies in Glencore's Peruvian mine is a rare case of an asset sale forced by a government as a condition of merger approval working in favor of its own national champions and underscores China's new found clout in regulating global takeovers. Chinalco Mining Corporation International and Hong Kong listed MMG Limited both linked to a Chinese state owned enterprises are considering offers for Glencore Xstrata's Las Bambas mine less than 3 months after Beijing blessed Glencore's USD 35 billion purchase of Xstrata. Under the deal struck with Beijing's Ministry of Commerce in April, Glencore has 3 months to begin the process of selling Las Bambas, one of the group's biggest development projects with the expectation of finding a buyer by the end of August 2014. If the company does not get a binding sale and purchase agreement by the deadline and have a transfer of ownership by the end of June 2015, Glencore has the option to sell other project sites. People familiar with the matter said that Glencore intends to explore a sale and has hired BMO Capital Markets and Credit Suisse to advise on the process. No deadlines for the auction have been set. Chinalco Mining Corp International, a unit of China's state run aluminum group and MMG Limited controlled by China's Minmetals are in talks with banks to advise them on bids for Las Bambas, which is slated to produce a minimum of 440,924 tonnes a year.

The Gulf : Fives Group in talks with Emal/Kizad over state-of-the-art anode technology
   

Having supplied equipment to all of the big Gulf smelters except Emirates Aluminium (EMAL) Fives Group has approached the primary aluminium producer – and the head of the Khalifa Industrial Zone Abu Dhabi (Kizad) – with a view to supplying state-of-the-art equipment as part of a multi-Euro partnership that could create up to 100 high-tech jobs for Emirati nationals. Fives Group CEO Frederic Sanchez, in discussions with Khaled Salmeen, CEO of Kizad, has proposed setting up a new operation with Kizad to provide Emal with cutting edge equipment to manufacture anodes as well as technology for reducing smelter emissions. Sanchez claims that Fives' technology is 'much more efficient' than that currently employed by Emal. He wants to train Emirati nationals in high-tech engineering processes used to manufacture anodes for aluminium smelting. For a EUR4 million investment, Sanchez believes he can create 100 jobs for nationals and, in the process, lessen the 'big gap' in Fives' portfolio by supplying Emal. Fives hopes to play a major role in Emal's phase lll development. Kizad's Salmeen said discussions were at an early stage, but very positive in nature, adding that high-tech jobs for Emirati nationals was very appealing. On completion of Emal's phase ll development, the smelter will be the world's fifth largest aluminium producer in the world with a production capacity of 1.3Mt/yr.

Alcoa boffins develop new low cost technology to reduce smelter emissions
   

The Alcoa Technical Center (ATC) has developed technology that uses 50% less water and 30% less energy and will reduce emissions at a fraction of the cost of current technology in the field. ATC will complete commissioning and on-site testing of its In-Duct Scrubber in August 2014 and plans to commercialise the technology, says Ray Kilmer, Alcoa's executive vice president and chief technology officer. The new In-Duct scrubber is currently under construction as part of a commercial-scale demonstation project at Alcoa's Lake Charles, Louisiana-based baked anode and calcined coke facility in the USA.
Alcoa's Lake Charles plant makes baked carbon anodes and calcined coke for use in smelting operations. The plant has an annual production capacity of 283kt of calcined coke and 138kt of carbon anodes, and employs 182 people. The In-Duct Scrubber pilot project will create 40 construction jobs over the next 12 months. Compared to traditional wet scrubbers originally developed to reduce emissions at power plants and large industrial facilities, Alcoa's pantented technology has the ability to dramatically reduce scrubber installation costs and reduce operating costs by approximately one-third, claims the company. This is due to improved processes and increased energy efficiencies. The new system is claimed to use 50% less water and consumes 30% less energy.
According to Kilmer, "Alcoa's experts have extended the boundary of traditional scrubbing equipment, enabling a more cost effective, robust and sustainable alternative for reducing industrial emissions."
Conventional scrubbers, suitable primarily for large power plants, are 100-to-150ft tall towers and require significant capital to construct and energy to operate. They pump a limestone or sodium-based solution to the top of the tower and spray it onto flue gas, which is then propelled from the bottom to the top of the building and uses 50% more water and 30% more energy than Alcoa's new technology.
The In-Duct Scrubber was designed to reduce sulfur dioxide and particulate matter emissions generated from smelters and moves flue gas from the smelter into a horizontal chamber prior to spraying a sodium-based solution onto the gas stream in the same direction as the gas flow. The sodium-based solution reacts with the sulfur dioxide in the flue gas and turns it into water and sodium sulfate. When mixed with lime, sodium sulfate produces a gypsum by-product, which can be used to make various products such as wallboard and additives for cement making.
The new process allows up to three times more gas to be treated than in an equivalent conventional scrubber space and treats upwards of 90% of sulfur dioxide in less than one-fifth of a second compared to traditional wet scrubbers, which could take 10-15 seconds. The modular technology requires less physical space than conventional systems.

NALCO awaits rise in global prices to resume full operations
   

National Aluminium Company Limited may operate its sole smelter at 75% capacity until global prices of the metal recover or availability of cheap domestic coal increases. The 460,000 tonne per annum capacity plant at Angul in eastern Odisha state has been operating at reduced capacity since May 12 after its coal supplier Mahanadi Coalfields Limited shut a mine following an accident on April 21.
Mr SS Mohapatra production director at NALCO said that the smelter has been receiving 12,000 tonnes of coal daily on an average since April 24, about three fourths of its requirement. NALCO does not want to operate the plant on expensive imported coal at a time when global aluminium prices at the London Metal Exchange are at their lowest level in three years at about USD 1,800 per tonne.
Mr SS Mohapatra said , "We would have purchased imported expensive coal to resume full production but if we do that we would incur a loss of INR 20,000 for every tonne of aluminium.”
He said that NALCO has also been cutting local prices of its aluminium products in recent months in line with global trends. The company may review the situation and consider using imported coal to increase the output if the LME prices are up beyond USD 2,200 per tonne.

London copper underpinned by Freeport hopes for more bond buys
   

London copper climbed for a second session underpinned by a shutdown at the world's second biggest copper mine during seasonally strong April and June demand. Hopes for an extension of the United States' bond buying program after weaker than expected US manufacturing data also underpinned prices. Mr Judy Zhu analyst at Standard Chartered in Singapore said that the reason why prices have been well supported is because of the accident at Grasberg it looks like it will take longer than expected to get back to life. Freeport McMoRan Copper and Gold Inc's Grasberg copper mine in Indonesia will not be able to resume output until a probe into a deadly tunnel collapse is completed in about three months adding to worries over metal supplies. Three month copper on the London Metal Exchange edged up by 0.18% to USD 7,353.50 per tonne by 0307 GMT from the previous session when it closed up 0.3%. Copper prices climbed by 3.6% in May for the first monthly advance since January.
The most traded September copper contract on the Shanghai Futures Exchange was little changed at CNY 52,980 per tonne. Despite a rash of middling reports on the global manufacturing sector, Standard Chartered expects demand improvement in the H2 after China's seasonal Q2 restocking dies down. Mr Zhu said that "This is almost the end of the peak season but that doesn't mean there will be zero orders for copper in the next 3 months.” Manufacturers in the United States, China and Europe struggled last month as demand fell suggesting an ailing world economy that still needs a steady diet of central bank support.

Alcoa falls Prey to aluminium price slump
   

Moody's Investors Service has downgraded New York based Alcoa Inc citing weak aluminium prices amidst global oversupply. Moody's said that it had lowered Alcoa's senior unsecured debt ratings to Ba1 from Baa3, which qualifies the company's debt as junk in the fixed income world. The credit ratings agency highlighted however that the outlook for the miner was stable, indicating the rating would not be downgraded again soon. Alcoa's USD 8.6 billion debt quality has slipped six levels since 2002. Over that period, the company has lost its position as the world's most valuable raw materials company to Australia's BHP Billiton while Rio Tinto Group as well as Russian and Chinese aluminium producers increased their shares of the global aluminium market. In order to meet Moody's criteria for investment grade with USD 3 billion of annual earnings before interest, taxes, depreciation and amortization, Alcoa would need to reduce its debt by USD 2.8 billion.
Alcoa is working to pay off debt and reduce costs by closing smelters, expanding profitable segments and finding ways to operate more efficiently. Helped by these measures, the group reported earlier this month that its Q1 profit had risen 59%. Moody's had acknowledged Alcoa's advance but said that key debt metrics were likely to fall short of investment grade standards through 2013 and 2014 in part because of weakness in the aluminium industry the group's core business. While pockets of strength are evidenced, most notably in the automotive and aerospace industries, these are not viewed sufficient for a broad-based global recovery in the aluminium industry and significant profitability recovery.

Canadian Zinc raises USD 10 million via Sandstorm deal
   

Canadian Zinc Corporation is navigating a challenging market with the advanced stage developer raising USD 10 million via the sale of a 1.2% net smelter return royalty from the company's 100% owned Prairie Creek mine to Sandstorm Metals & Energy. Under the transaction, which does not dilute shares, the Vancouver-based exploration and development company has also granted Sandstorm a right of first refusal on any future royalty or stream financing for the project. In addition, as part of the agreement, Sandstorm has granted Canadian Zinc the option to repurchase the NSR for its purchase price in the next 30 months, if the company enters into a metal stream agreement with Sandstorm under which Sandstorm would provide Canadian Zinc with an upfront deposit of at least USD 90 million for use in financing the capital costs of development of the mine.
The Prairie Creek mine is an advanced staged zinc, silver and lead project located in the Northwest Territories of Canada and is known to contain a mineral reserve of 5.2 million tonnes averaging 9.4% zinc, 9.5% lead and 151 grams per ton of silver. A pre feasibility study from June 2012 estimated a capex of USD 193 million for the project, which is in the final stages of permitting with issuance of Water Licence and Land Use Permits anticipated within a few weeks. It is expected that the mine will generate average annual production of 60,000 tonnes of zinc concentrate containing 76 million pounds of zinc, and 60,000 tonnes of lead concentrate, containing 90 million pounds of lead. Estimates put the two concentrates as containing more than 2 million troy ounces of silver. Mr John F Kearney president and CEO of Canadian Zinc Corporation said , "We are very pleased that Sandstorm has committed to participate in the financing of the development of the Prairie Creek Mine and has already made an upfront investment of USD 10 million. We are also very pleased to have successfully raised USD 10 million in a weak market for resource companies and without diluting our share capital.”

Glencore Xstrata McArthur River mine expansion plan approved
   

Glencore Xstrata passed the final hurdle for a USD 360 million expansion of its Australian McArthur River zinc and lead mine securing local government approval for a development that will more than double he amount of zinc and lead produced at the site. According to Faxts Media, the phase three development project will make of McArthur River Mine the largest zinc resource in the world. Glencore Xstrata had already received federal authorization but was waiting for the final approval from Australia's Northern Territory Government. The extension of the mine located about 1,000 kilometers South West of Darwin, is expected to create 300 additional jobs as well as income for the region's mining services industry.

Peru sol slumps to one year low as copper decline curbs demand
   

Peru's sol dropped to its weakest level in a year as slower Chinese growth damped the outlook for the Andean nation's copper exports. The currency slid 0.8% to 2.7010 per US dollar at today's close, the weakest since June 4th 2012. The Finance Ministry said that copper fell after the International Monetary Fund cuts its 2013 growth forecast for China, the biggest buyer of industrial metals to 7.75% compared with its April projection of 8%. Lower prices for copper and gold, Peru's top exports will reduce the country's trade surplus this year to the narrowest since 2002. Mr Hugo Perea chief economist at BBVA Banco Continental said , “A smaller surplus is consistent with a weaker currency.” Mr Antonio Diaz a trader at Banco Internacional del Peru in Lima said , “The squeeze on dollar supply as local companies reduce their sol holdings may lead the central bank to intervene to stem further weakness in the local currency. Someone has to provide liquidity and the central bank may be the one to provide it.”

Ms Sujata Prasad appointed as director on board of Hindustan Zinc
   

Hindustan Zinc has been appointed Ms Sujata Prasad as Joint Secretary and Financial Adviser to the Ministry of Mines as government nominee director on the company's board with immediate effect. Mr Prasad has been appointed in place of Mr Anjali Anand Srivastava. She belongs to the 1983 batch of the Indian Civil Accounts Service. She has spent 5 years with the Government of Bihar and an equal number of years as Senior Financial Adviser of the All India Institute of Medical Science.

Mubadala and ICD merge to create USD 15 billion aluminum entity
   

Mubadala Development Company of Abu Dhabi and the Investment Corporation of Dubai have announced the creation of USD 15 billion worth Emirates Global Aluminum, which will be the fifth largest global aluminum company by production once Emal Phase II is complete in H1, 2014. The new move, a jointly held equal-ownership company, will integrate the businesses of Dubai Aluminum and Emirates Aluminum with plans for significant local growth and international expansion. Both companies were discussing the merger of their smelters for more than 6 years. Chairmen of the 2 shareholding companies Mr Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai and General Mr Sheikh Mohamed bin Zayed Al Nahyan, crown prince of Abu Dhabi and deputy supreme commander of the UAE Armed Forces, witnessed the signing of the agreement. Mr Mohammed Al Shaibani CEO of ICD said that the announcement builds on what these 2 outstanding organizations have created and reflects the UAE's long term industrial strategy. Emirates Global Aluminum will accelerate employment with 2,000 direct jobs being created by 2020, adding to more than 6,200 direct jobs already in existence. We also conservatively estimate that a further 6,000 indirect jobs will be generated, delivering total employment of over 33,000 people by the UAE aluminum sector through the end of this decade.
He said, “Pending required approvals, the formal commencement of joint operations is expected to be completed within the first half of 2014, at which stage further announcements will be made.”
EMAL will look to expand along the value chain, from aluminum smelting to alumina refining and bauxite mining overseas. Given its scale, Emal will also continue to attract downstream manufacturing and ancillary businesses related to aluminum smelting and alumina refining as it grows, thereby indirectly creating additional jobs. The new company will be managed by a board of directors that will be chaired by Mr Khaldoon Khalifa Al Mubarak, current chairman of Emal, while Mr Saeed Mohammed Ahmed Al Tayer, vice chairman of DUBAL, will become its vice-chair. The board will also include Mr Sultan Al Jaber, Mr Abdulla Kalban, Mr Khaled Al Qubaisi, Mr Ahmed Yahia Al Idrissi, Mr Abdul Wahed Mohammad Al Fahim and Mr Khalid Al Bakhit. Mr Al Mubarak CEO of Mubadala said, “The creation of a new global industrial champion anchored in the UAE is an important step toward realizing our vision for a diversified and sustainable economy. It is especially inspiring that the UAE technology contributed to the success of this business and that it will continue to be led by the UAE nationals as it grows locally and globally.” Mr Mohamed Al Shamsi acting CEO of Abu Dhabi Port Company welcomed the news that Mubadala and Investment Corporation of Dubai have merged to create the new entity. Emal is an important anchor tenant for Kizad industrial zone. The site already includes a 2,000 MW power plant, a carbon plant, flexible cast house and the world's biggest aluminum smelter.

Chile April copper output down 1pct on strikes and operational woes grades
   

Chile produced 441,668 tonnes of the red metal in April, 1.2% drop from a year earlier on strikes problems with productive lines and lower ore grades in some deposits. Chile, which produces a third of the world's copper is struggling with dwindling ore grades in many of its aging deposits although new mines have helped increase output this year.

China zinc imports up by 117pct in April
   

China imported 160,300 MT of zinc concentrate in April up 116% MoM and up 29.5% YoY. YTD imports through April were 580,000 MT down 11.35% YoY. Zinc imports soared to a high in April due mainly to steady demand and import profits. Although zinc prices remained weak at the end of Q1, a recent SMM survey shows the average operating rate at domestic smelters remained high at 73% with only a small number of enterprises cutting or suspending production. Meanwhile, the SHFE and LME zinc price ratio rose to 7.9 in mid April and importers did not lower TC. SMM understands import TC in Q1 was concentrated between USD 125 per MT to 135 per MT flat with early this year. As a result, domestic smelters interest in purchasing imported ore strengthened. India was the largest supplier with 54,400 MT. Imports from Australia was 52,500 MT. The SHFE and LME zinc price ratio in May remained profitable but since demand for zinc concentrate was refrained by increasing smelters cutting or suspending production import growth should be limited.

Novelis goes into expansion mode
   

Novelis Inc is expanding its Korean operations to meet growing industrial demand for a variety of aluminum sheets. Using its success here as a springboard it has made inroads into China and Southeast Asia to become an industry leader in rapidly growing areas. Novelis, which is based in Atlanta, is one of few multinational companies that operate its Asia Pacific headquarters out of Korea. The company entered Asia's fourth largest economy more than 20 years ago and currently runs two plants in the southeastern part of the country, employing nearly 1,400 workers.
Mr Shashi Maudgal CEO of Novelis Asia said, “We have been in Korea for over two decades operating an aluminum rolling plant in Ulsan and an aluminum can recycling plant in Yeongju.” Mr Shashi Maudgal said, “The nation is a key market for us with a significant portion of our products consumed in the domestic market. For the past three years, we invested a total of USD 700 million in Korea to increase our presence and hire new workers.”

Indian copper prices rise on global cues as spot demand
   

Buoyed by a firm global trend and increased domestic demand, copper prices rose 0.91% to INR 415.60 per kilogram in futures trade. At the Multi Commodity Exchange, copper for delivery in June traded higher by INR 3.75 or 0.91% to INR 415.60 per kilogram in business turnover of 5,774 lots. Copper for delivery in August edged up by INR 3.50 or 0.84% to INR 420.70 per kilogram in 391 lots. Globally, copper for delivery in three months climbed 1% to USD 7,380 per tonne on the London Metal Exchange. At Shanghai Futures Exchange, the metal for September delivery rose 0.6% to CNY 53,020 per tonne. Market analysts said that besides increased demand from consuming industries, a firming overseas trend, amid signs of stabilizing growth in China, the world's biggest buyer and a fall in stockpiles, mainly influenced copper prices at futures trade here. Meanwhile, copper stockpiles monitored by the LME fell to 608,450 tonnes on May 31, marking the first monthly decline since September.

NALCO raises aluminium prices after global jump
   

National Aluminium Company Limited has raised aluminium prices by INR 4,500 per tonne in the domestic market. Now prices of standard aluminium ingots stand at INR 134,700 per tonne.
NALCO revises prices of its products to reflect global prices. It had last increased domestic prices of aluminium by INR 3,500 on May 9th 2013.

BALCO appoints Mr Ramesh Nair as CEO
   

Bharat Aluminium Company, a Vedanta Group company, has appointed Mr Ramesh Nair as its Chief Executive Officer. Prior to joining BALCO, Mr Nair was with Jindal Stainless as President and Executive Director. He has over 20 years of experience in the metals industry and has also worked with Vedanta group for 11 years in past including as Chief Operating Officer of Sterlite Copper. Mr Anil Agarwal group chairman of Vedanta said that “I am glad to have Ramesh Nair as BALCO CEO and have strong belief that he will be able to steer BALCO to its full potential.”

Chinalco to issue CNY 6 billion bills
   

Aluminum Corporation of China the parent of China's largest aluminum producer Chalco will issue CNY 6 billion in super short term bills with a maturity of 270 days on the interbank market from June 3rd through June 4th 2013. The company said that the bills will be issued at face value and the coupon rate determined in the process of book building. Both value and payment due date have been set for June 5th 2013 and the to be issued bills tradable as of June 6th 2013. China Chengxin International Credit Rating Company Limited has rated bills AAA. China Construction Bank Co has been hired as lead underwriter and book runner. Bank of Beijing Company Limited will be the joint lead underwriter for the offering. This will be the second issue of super short term bills by the company for this year.