ChinaRealNews

Sino-Platinum Metals’ subsidiary to resume operations in late May

2009-05-22 Kunming

Sino-Platinum Metals announced that its Yunnan province-based subsidiary would resume operations in late May this year, with initial output of 120 tons of nickel per month. The subsidiary had shuttered its production lines on October 1, 2008 due to the significant drop in the price for nickel and the increasing cost for raw materials such as vitriol and sodium sulphide. In view of positive turnaround in the Chinese nickel market, the board decided to resume operations in a move to prepare for further development.

Sichuan, China’s nonferrous metal sector warms up in first quarter

2009-05-07 Chengdu

The nonferrous metal sector in Sichuan province, China has warmed up in the year to date with prices rebounding given the policies put in place by the Chinese government to boost domestic demand, despite a significant impact of the global financial crisis on the sector. According to statistics from Sichuan Bureau of Statistics, combined production of 10 non-ferrous metals amounted to 62,200 tons in March, a growth of 13.6 percent from the previous month. In addition, average price for electrolytic aluminium was RMB13,880 (approx. US$2,041) per ton in April, an increase of RMB 1,180 (approx. US$173) from late March.

International mining companies eyeing China expansion with cost advantage

2009-04-27 Beijing

As the import prices for iron ores have been falling, China’s Tangshan Ganglu Iron and Steel Co., Ltd. has recently decided to further enhance the share of imported minerals used in its manufacturing process. The privately held steel maker, with a production capacity of 3 million tons of steel a year, has raised the share to 100 per cent from 70 per cent at the beginning of this year. Given the weakening demand in markets outside of China, the world’s top three mining companies, Companhia Vale do Rio Doce, BHP Billiton and Rio Tinto, are seeking to grab a larger share in the Chinese market with their cost advantage.

China's Yunnan Aluminium posts massive loss in first quarter

2009-04-23 Kunming

China’s Yunnan Aluminium Co., Ltd. recently reported that the company posted a net loss of 129 million yuan (approx US$19 million) in the first quarter of this year, compared to 136 million yuan (approx US$20 million) in net loss for the fourth quarter of the previous year. The Shenzhen-listed company plans to raise up to 1.2 billion yuan (approx US$176 million) to fund an alumina project through a private placement of domestically listed A-shares. Yunnan Aluminium plans to issue up to 200 million shares to no more than 10 select investors, with its parent, Yunnan Metallurgical Group Co Ltd, claiming at least 50 per cent.

China’s state-owned enterprise Chongqing International plans to acquire

2009-04-21 Chongqing

Chongqing International Group, a major state-owned enterprise based in Chongqing, China, will acquire an Australian iron ore mine with reserves totaled 1.6 billion tons for billions of yuan, according to a source from Chongqing State-owned Assets Supervision and Administration Commission. Some industry analysts believe that now is the best time for Chinese enterprises to acquire overseas mining resources as some western companies, which have been badly hit by the global financial crisis, may have to increase their liquidity by selling assets to get through the difficult times.

China's Sino-Platinum Metals posts losses of US$12.5m for full year 2008

2009-04-07 Beijing

China-based Sino-Platinum Metals recently posted losses of RMB85.4 million (US$12.5 million) and inventory write-downs of RMB119 million (US$17.4 million) for the full year 2008. The losses were mainly brought about by sharp declines in prices for metals.

China Nonferrous Metal Industry's Foreign Engineering & Construction to buy 12.29% stake in TZN

2009-04-03 Beijing

China Nonferrous Metal Industry's Foreign Engineering and Construction Co. recently announced that it has entered into an agreement with Terramin Australia Limited (TZN), an Australia-based public mining company, to acquire 15,500,000 TZN common shares at a price of AUD 0.65 per share. The deal will enable the Chinese company to become the largest shareholder of TZN with a stake of 12.29 percent.

Chinese copper producers eye overseas assets

2009-04-03 Beijing

Chinese copper producers need to acquire overseas copper assets in order to solve the problem of supply tightness, said Wang Guansu, an analyst at Sinolink Securities, a leading securities house in China. The comparatively lower copper prices at present make it a good opportunity for Chinese producers to purchase mines overseas, said analysts.

China Nonferrous Metal Industry's Foreign Engineering & Construction to buy 12.29% stake in TZN

2009-04-01 Beijing

China Nonferrous Metal Industry's Foreign Engineering and Construction Co. recently announced that it has entered into an agreement with Terramin Australia Limited (TZN), an Australia-based public mining company, to acquire 15,500,000 TZN common shares at a price of AUD 0.65 per share. The deal will enable the Chinese company to become the largest shareholder of TZN with a stake of 12.29 percent.

Zijin Mining reports net profit of US$454 million in 2008

2009-03-25 Fuzhou

Zijin Mining, a leading Chinese gold mining company, reported operating revenue for the full year 2008 of RMB17 billion (approx US$2.5 billion), a year-on-year increase of 11.3 percent. Net profit grew 20.3 percent from a year earlier to RMB3.1 billion (approx US$454 million). The company plans to pay a dividend of RMB0.1 (approx US$0.015) per share to its shareholders.