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Zijin Mining, one of China’s biggest gold producers, announced on November 4 that it had entered into a share purchase agreement with Freeport-McMoRan (Freeport) to buy the latter’s copper-gold assets in Serbia. With the completion of the acquisition, Zijin will own essentially 100% of both zones of the Timok copper-gold mine.
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Sales of new-energy vehicles (NEVs) in China continue to show signs of stalling, given a series of negative factors including the prevailing softening economy, the county’s cooling automotive sector generally, and the reduction in subsidies for NEV purchases since late June, market sources said.
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Domestic production and sales of new-energy vehicles (NEVs) across China are showing signs of weakness, largely as a consequence of the central government’s move to reduce generous subsidies on NEVs that over the past few years had helped automakers to enjoy substantial growths in electric car sales.
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Production summary
Unless otherwise noted: percentage variance
relates to performance during the September 2019 quarter compared with the June
2019 quarter (QoQ); production and sales volumes are reported on an
attributable basis.
Source: South32, released on October 17
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The semi-annual reports released by some major Chinese automobile producers over the past few days showed that most witnessed declines in their H1 net profit from softening sales amid the overall weakness in the country’s auto industry, Mysteel Global has learned. However, some makers of new energy vehicles (NEVs) still earned good profits during the half.
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Shandong province in East China is still dealing with the damage after the Typhoon Lekima slammed the region on August 11-12, and industrial enterprises such as nonferrous smelters and steel mills have their operations affected, Mysteel Global understood from the local companies on Wednesday.
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Inspectors from the local government of North China’s Shanxi province have begun investigating complaints that alumina plants in the province are responsible for serious leaks from sludge dumps that are causing pollution. Thus, market sources fear alumina supplies could be significantly affected.
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Nickel and copper production at Brazilian mining giant Vale declined during this year’s January-March quarter from October-December, mainly due to lower mill processing rates and maintenance at some of its works, according to the company’s Q1 production report released on May 8.
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A shrewd tweak of its business plan last year saw China Hongqiao Group, the country’s leading privately-owned integrated aluminum producer, double the share that sales of alumina enjoyed in its overall business, the Shandong-headquartered company’s latest annual report shows.
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Jiangxi Copper, one of China’s leading copper smelters and headquartered in Southeast China’s Jiangxi province, plans to spend nearly Yuan 3 billion ($447.4 million) to acquire a 29.99% interest in China’s leading gold producer, Shandong Humon Smelting Co, to further expand its gold business, according to Jiangxi Copper’s latest announcement on March 5. Shandong Humon is based in Yantai city in East China’s Shandong province.
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Mines in North China, especially those producing non-ferrous metals, are bracing for disruptions to their operations fearing central and local government authorities will respond with vigour to last Saturday morning’s horrific accident in an underground silver mine in Xilin Gol League in North China’s Inner Mongolia.
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Hongkong-listed Zijin Mining Group, also a top gold and copper miner in China, will fully acquire Canada’s Nevsun Resource, a prospective nonferrous mining company with copper, zinc and gold resources in Africa and Serbia of Europe, at a cost of $1.39 billion, all in cash payment, according to a Zijin announcement on September 6.
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London-based global miner Rio Tinto confirmed on May 23 that it was in discussions to unwind its entire 40% interest in the Grasberg copper and gold mine in Indonesia for $3.5 billion.
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Six died and two were injured at a tunnel collapse at the US gold miner Newmont's Ahafo Mill expansion project in Ghana, West Africa, on April 7, according to a company notice.
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Australian gold miner Newcrest Mining will restart mining operations at Cadia East in New South Wales on March 27 after a 17-day halt following the tailing dam failure on March 9, the company disclosed.
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The Oyu Tolgoi mine in South Mongolia, which is majority held by Rio Tinto via Turquoise Hill, targets to produce 125,000-155,000 tonnes of copper and 240,000-280,000 ounces of gold, both in concentrates, in 2018, according to Turquoise Hill's fourth quarter report released on March 15.
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Zijin Mining Group, China's top nonferrous metals producer and refiner, expressed interest in investing in Rudarsko-topioni？arski Basen Bor (RTB Bor), a copper mining and smelting company, during a meeting which a visiting Zijin delegation had with Serbian President Aleksandar Vucin recently, according to a post on the Serbian Foreign Affairs Ministry website on March 13.
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Indonesian miner PT ANTAM (Persero) Tbk, is raising its annual production and sales targets for its main commodities, including ferronickel, gold, nickel ore and bauxite ore, for 2018, to improve its operational performance and maintain competitive cash cost, according to a recent company release on March 7.
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Newcrest Mining Ltd halted operations at its Cadia mine in New South Wales following a "breakthrough of tailings material at its northern tailings dam embankment", the miner announced on March 10. The breach occurred on last Friday, it noted.
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China's gold producers should be joining the other Chinese companies in actively exploring overseas investment opportunities in the countries under the "Belt and Road Initiative (BRI)", Song Xin, chairman of the China National Gold Group was reported saying in a group discussion when attending National People's Congress (NPC) meeting in Beijing.
