China`s coal output hit 3.7 billion tons in 2013
Source: www.chinamining.org Citation: China Knowledge Date: Jan.17, 2014

China saw its coal output amount to nearly 3.7 billion tons in 2013, 50 million tons more than it realized in 2012, according to data from the China National Coal Association.

Last year, the country`s coal consumption reached about 3.61 billion tons, reflecting a year on year increase of 2.6%.

By the end of 2013, China`s coal inventory hit 84 million tons, 700,000 tons more than a year earlier.

According to an earlier statistic from the General Administration of Customs, China imported 330 million tons of coal in 2013, up 13.4% year on year, while its coal export for last year hit 7.51 million tons, 19.1% less than in the previous year, China Knowledge reported earlier.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on October 20th -23rd , 2014. We invite you to join the event and to celebrate the 16th anniversary of CHINA MINING with us. For more information about CHINA MINING 2014, please visit: m.balanzskin.com.

Rare earth firms `encouraged` to form themselves into 6 groups
Source: www.chinamining.org   Citation: China Daily   Date: Jan.06, 2014

                                             Rare earth minerals being loaded at Lianyungang harbor, Jiangsu province. In China, which
                                             produces more than 90 percent of the world`s rare earth metals, industry consolidation is
                                             underway

Rare earth producers nationwide are being encouraged by the government`s economic authorities to consolidate into six groups, according to industry leaders.

Chen Zhanheng, deputy secretary-general of the China Rare Earths Industry Association, said the plan, formulated by the Ministry of Industry and Information Technology, has been approved by the State Council.

The six   
would-be
industrial
groups are:
Rare earth
firms
`encouraged`
to form
themselves

 into 6 groups

The North Rare Earth Group;

China Minmetals Corp;

Aluminum Corp of China;

Ganzhou Rare Earth Group Co Ltd;

China National Nonferrous Metals Industry Guangzhou Corp; and

Xiamen Tungsten Co Ltd.

The North Rare Earth Group mainly comprises Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech Co Ltd.

The six groups are mainly based in major manufacturing areas in Baotou in the Inner Mongolia autonomous region, Ganzhou in Jiangxi province, Guangdong province and Fujian province.

Inner Mongolia Baotou, the country`s largest rare earth producer, said on Friday that it has acquired nine rare earth mining companies in the Inner Mongolia autonomous region.

Industry and Information Technology Minister Miao Wei said previously that it is important to avoid consolidations that go against the will enterprises by forcing companies into alliances.

The minister also called for fairness during the process of acquisition and mergers.

China produces more than 90 percent of the world`s rare earth metals. The government has said the industry is fragmented and plagued by smuggling.

Rare earths are a group of 17 elements used in a wide range of applications in sectors such as renewable energy, telecommunications and defense.

According to the government, large groups will consolidate the sector`s resources and restructure industrial chains. Government policies regarding production quotas and mining permits will favor large groups.

The Ministry of Commerce has released the first batch of export quotas for 2014.

The 2014 export quota of 15,110 metric tons, which is slightly lower than last year, includes 13,314 metric tons of light rare earths and 1,796 metric tons of medium and heavy rare earths.

As of October, Chinese producers had used only 57.8 percent of the 2013 export quota, because of sluggish global demand for the minerals.

Industry experts said the export quota system might be dropped or modified in the future.

Du Shuaibing, an analyst with Baichuan Information, said China might end export quotas on light rare earths but keep those for medium and heavy rare earths, which have smaller production volumes.

He said the opening up of the market will have a positive effect on rare earth pricing in China, where prices have been heavily affected by government policies.

China began to dominate the rare earth trade about two decades ago.

Experts believe China has about 36 percent of the world`s reserves.

Because it costs a lot of money to initiate a rare earth mine, China possesses substantial advantages in terms of prices.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on October 20th -23rd , 2014. We invite you to join the event and to celebrate the 16th anniversary of CHINA MINING with us. For more information about CHINA MINING 2014, please visit: m.balanzskin.com.

Steel firms should go abroad
Source: www.chinamining.org Citation: Global Times Date: Dec.25, 2013

China will encourage Chinese steel enterprises suffering from overcapacity to transfer their businesses to overseas markets where the steel market is still very big, a top official was quoted in a statement published on the website of the Ministry of Land and Resources Tuesday.

"The global steel industry is developing unevenly with some regions like Southeast Asia and Africa still having a big space to develop, and some nations such as China confronting overcapacity," said Miao Changxing, deputy director of the industrial policy division of the Ministry of Industry and Information Technology (MIIT).

Miao suggested that the Chinese enterprises push forward development of the steel industry in Central Asia, Southeast Asia and Africa through ways such as supporting these regions` infrastructure construction, setting up joint venture enterprises and distribution centers overseas.

"For the Chinese steel companies, there will be big business opportunities in emerging markets such as some countries in Southeast Asia," Wang Guoqing, a senior analyst with Beijing Lange Steel Information Research Center, told the Global Times Tuesday.

Leading Chinese steel enterprises have already entered into foreign markets. Baosteel Howa Trading Co under Baosteel Co, China`s leading iron and steel complex, and South Korean GNS Co signed a foreign investment introduction memorandum in April 2012, to invest and build a new steel processing and distribution center in South Korea`s Gyeonggi Province.

Wuhan Iron and Steel Co, China`s largest flat-rolled alloy steel producer, announced in April this year that it will set up a joint venture with an India-based energy company, and also invest in an India-based silicon steel processing and delivery center, according to a Reuters report.

"Expanding our businesses overseas has become one of the development strategies for our company," Sun Jin, director of the publicity office at Wuhan Iron and Steel, told the Global Times Tuesday.

To meet the environmental protection standards set up by the foreign countries, only Chinese companies with high technological capabilities and strong capital strength could enter into the foreign markets, said Wang of Lange Steel.

Meanwhile those domestic companies with backward technological levels will be shut down or consolidated according to the central government`s measures of combating steel overcapacity, Wang noted.

Miao from the MIIT also said that the Chinese government will raise the standards for pollutant emission and energy consumption for the steel industry, and severely punish those companies which violate the environmental protection law, so as to eliminate the backward production capacity.

The growth of China`s total output of crude steel in November slowed down, with the growth rate declining by 9.5 percentage points to 4.2 percent year-on-year, official data showed Tuesday.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on October 20th -23rd , 2014. We invite you to join the event and to celebrate the 16th anniversary of CHINA MINING with us. For more information about CHINA MINING 2014, please visit: m.balanzskin.com.

Chinese Nov copper ore, concentrate imports rise 11% on year to 920,000 mt
Source: www.chinamining.org Citation: Platts Date: Dec.24, 2013

China will encourage Chinese steel enterprises suffering from overcapacity to transfer their businesses to overseas markets where the steel market is still very big, a top official was quoted in a statement published on the website of the Ministry of Land and Resources Tuesday.

"The global steel industry is developing unevenly with some regions like Southeast Asia and Africa still having a big space to develop, and some nations such as China confronting overcapacity," said Miao Changxing, deputy director of the industrial policy division of the Ministry of Industry and Information Technology (MIIT).

Miao suggested that the Chinese enterprises push forward development of the steel industry in Central Asia, Southeast Asia and Africa through ways such as supporting these regions` infrastructure construction, setting up joint venture enterprises and distribution centers overseas.

"For the Chinese steel companies, there will be big business opportunities in emerging markets such as some countries in Southeast Asia," Wang Guoqing, a senior analyst with Beijing Lange Steel Information Research Center, told the Global Times Tuesday.

Leading Chinese steel enterprises have already entered into foreign markets. Baosteel Howa Trading Co under Baosteel Co, China`s leading iron and steel complex, and South Korean GNS Co signed a foreign investment introduction memorandum in April 2012, to invest and build a new steel processing and distribution center in South Korea`s Gyeonggi Province.

Wuhan Iron and Steel Co, China`s largest flat-rolled alloy steel producer, announced in April this year that it will set up a joint venture with an India-based energy company, and also invest in an India-based silicon steel processing and delivery center, according to a Reuters report.

"Expanding our businesses overseas has become one of the development strategies for our company," Sun Jin, director of the publicity office at Wuhan Iron and Steel, told the Global Times Tuesday.

To meet the environmental protection standards set up by the foreign countries, only Chinese companies with high technological capabilities and strong capital strength could enter into the foreign markets, said Wang of Lange Steel.

Meanwhile those domestic companies with backward technological levels will be shut down or consolidated according to the central government`s measures of combating steel overcapacity, Wang noted.

Miao from the MIIT also said that the Chinese government will raise the standards for pollutant emission and energy consumption for the steel industry, and severely punish those companies which violate the environmental protection law, so as to eliminate the backward production capacity.

The growth of China`s total output of crude steel in November slowed down, with the growth rate declining by 9.5 percentage points to 4.2 percent year-on-year, official data showed Tuesday.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on October 20th -23rd , 2014. We invite you to join the event and to celebrate the 16th anniversary of CHINA MINING with us. For more information about CHINA MINING 2014, please visit: m.balanzskin.com.

China tightens rules for coal industry
Source: www.chinamining.org Citation: Global Times Date: Nov.29, 2013

                                                    Trucks load imported coal at the port of Lianyungang in East China`s Jiangsu Province

                                                                                                China`s coal imports 2013

China will tighten approvals of new coal mines and ban imports of low-quality coal in order to curb the disorderly growth of coal production and promote sustainable development of the coal industry, according to a guideline released Thursday by the State Council.

New coal mines with annual output of below 300,000 tons will no longer gain approval. Existing coal mines with an output of less than 90,000 tons will be gradually eliminated from the industry, and coal mines that fail to meet safety standards will be shut down, the guideline said.

China`s coal producers have been struggling with problems such as high levels of inventories, falling prices and thinner profit margins since 2012, according to the guideline, which further explained that these problems are mainly caused by industrial overcapacity, heavy tax burdens and rising production costs.

The State Council intends to crack down on illegal charges for coal firms, strengthen regulation of coal imports and exports, and create a favorable environment for the industry.

Currently, tax and other administrative charges account for 25 to 35 percent of coal firms` annual revenue. Some illegal charges levied by local governments will be cleared by the end of 2013, the guideline said.

"Elimination of illegal charges will have an immediate effect on domestic coal companies by helping them reduce operational costs," Zeng Hao, an analyst at Shanxi-based Fenwei Energy Consulting Co, told the Global Times on Thursday.

Boosted by the news, shares in major coal firms including Anyuan Coal Industry Group, China Shenhua Energy Co and Yanzhou Coal Mining Co rose by as much as 10 percent on the Shanghai and Shenzhen stock exchanges on Thursday.

"Other measures will affect market supply in the long term and help stabilize the coal market," Zeng said.

Imports of low-quality coal have risen rapidly in recent years due to a lack of regulations, not only impacting the domestic market but also causing environmental problems, the guideline said, noting that the authorities are also considering differentiating tariffs to encourage high-quality coal imports and banning coal imports with high ash and sulfur content.

The use of low-quality coal is seen as a major reason for air pollution in China`s northern regions, including Beijing and neighboring Tianjin.

Beijing aims to replace 4.3 million tons of low-quality coal stored by residents in suburban areas with higher-quality coal through a subsidy program over five years starting from this year, People`s Daily Overseas Edition reported on Tuesday.

"Last year, China imported 289 million tons of coal, of which low-quality coal accounted for more than 22 percent," Zhang Min, an industry analyst at commodity consultancy Sublime China Information, told the Global Times on Thursday.

"The guideline is good news for domestic coal producers, as they will have the opportunity to grab more market share," Zhang said.

China is the world`s largest coal producer in terms of output, but the country`s annual coal imports have outpaced its exports since 2009.

This year, its coal imports are expected to hit a record high of 320 million tons, the China National Coal Association said in a report published on Saturday.

"Coal imports from the US, Indonesia and Australia will be affected by China`s tougher import regulations," Zeng said.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year.  As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on October 20th -23rd , 2014. We invite you to join the event and to celebrate the 16th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2014, please visit: m.balanzskin.com.

                                                                 China`s iron ore imports up 20.2% in Oct    
                                                                        Source: www.chinamining.org Citation: China Knowledge Date: Nov.12, 2013

China, the world`s largest steel maker, imported 67.83 million metric tons of iron ore and concentrate in Oct this year, reflecting an increase of 20.2% from the same month of last year, according to the latest statistics released by the General Administration of Customs.

The iron ore imports last month were 9.05% less than in Sep.
 
The average import price was at US$128.57 per metric ton in Oct, up 1.89% from the previous month.
 
In the first ten months of this year, the country`s iron ore imports rose 10.1% year on year to 668.35 million metric tons, with the average import price falling 2.3% year on year to US$129.1 per metric ton.

China exported 5.07 million metric tons of steel products last month, taking its total exports of steel products to 51.97 million metric tons in the first ten months, and reflected a growth of 13.6% year on year.

The administration also said that its coke exports skyrocketed 257% year on year to 3.24 million metric tons from Jan to Oct.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year.  As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on October 20th -23rd , 2014. We invite you to join the event and to celebrate the 16th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2014, please visit: m.balanzskin.com.

 

 

China will outweigh rest of world for base metals demand by 2017: WoodMac
Source: www.chinamining.org Citation: Platts Date: Oct.21, 2013

China is on track to exceed the rest of the world in demand for base metals by 2017, becoming the single largest consumer, research consultancy Wood Mackenzie said Friday.

In its latest base metals demand forecasts, Wood Mackenzie expects China to account for 52% of base metals demand by 2017, compared with 46% of the 96 million mt global base metals market it will account for in 2013.

Head of Wood Mackenzie`s base metals markets research, Helen Matthews said: "Our forecasts for the next five years show that across all of the base metals -- aluminium, copper, lead, nickel and zinc -- growth in demand will come predominately from China."

According to the consultancy, China will maintain its global dominance and the outlook for Chinese base metals demand is "slower" not "lower."

"Demand growth has slowed from the double digits we saw from 2008 to 2013 to single digits -- ranging from 5% to 8% -- however, it`s important to note that in absolute tonnage terms we still see significant numbers," Matthews said.

Wood Mackenzie says that the global base metals market is set to grow to 122 million mt in 2018 from 96 million mt in 2013.

It notes that a huge shift in demand is set to occur in 2017.

"Today, the rest of the world, excluding China, accounts for 54% of the global base metals market, however, as we`re seeing with many other commodities, China`s rampant appetite will overtake the rest of the world, growing to 52% of demand in a 117 million mt market."

Senior economist for Wood Mackenzie, Jonathan Butcher, sees a number of drivers for China`s demand growth.

He notes that a key theme for China is continued urbanization and rising domestic wealth.

"Wood Mackenzie`s proprietary China activity index tracks a number of factors, and gives us confidence that economic growth will remain strong in the short term. Looking out to 2030, we see a bright future for Chinese commodity demand. Urbanization rates will reach 70%, compared to just under half of the population in 2013. This will have a widespread impact on the economy over the next 20 years," Butcher said.

"Our analysis shows that the outlook for key demand drivers is positive, with a firm emphasis on Asia," Matthews added.

Data released Friday by China`s national statistics bureau showed that China`s economy expanded 7.8% year on year in the third quarter of 2013, reversing a first half slowdown.

China`s growth for the first nine months of 2013 came it at 7.7%, above the government`s target of 7.5% for the full year

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year.  As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2013 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 2-5, 2013. We invite you to join the event and to celebrate the 15th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2013, please visit: m.balanzskin.com..

 

 

Chinese mining giant prepares for a US$800m project in Myanmar
Source: www.chinamining.org Citation: www.elevenmyanmar.com Date: Oct.14, 2013

                                              Equipment for Tagaungtaung project being transported to the project site (Photo: cn15mcc)

China Non-ferrous Metal Mining Company (CNMC) and Myanmar`s Ministry of Mines are working to prepare for a major operation of the US$800 million joint-venture nickel project in Tagaungtaung area, central Myanmar, according to the Ministry of Mining.

The ministry officials and CNMC have formed the central supervisory committee and related sub-committees including that of quality control and that of testing full-blown operation of the mine and refinery plant, the Ministry of Mines said in a press statement.

Located in Tagaung area of Mandalay and Sagaing Regions, Tagaungtaung Nickel and Ferro-Nickel Mine is the largest mining project China has cooperated with Myanmar government in the mining industry, and it is also the largest projects China has invested in neighbouring countries, according to CNMC.

CNMC and the No. 3 Mining Enterprise, under Myanmar`s Ministry of Mines signed the agreements for exploration and feasibility survey of the Tagaungtaung project in 2004.  After completion of geological survey and feasibility study, the two sides signed the production sharing agreement of the project with an annual output of 85,000 tonnes of ferro-nickel.

Established since 1983, CNMC is one of the large commercial entities under the control of Chinese government.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2013 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 2-5, 2013. We invite you to join the event and to celebrate the 15th anniversary of CHINA MINING with us. For more information about CHINA MINING 2013, please visit: m.balanzskin.com.

Chinese Steelmaker Considers Canadian Iron-Ore Deal
Source: www.chinamining.org Citation: wsj.com Date: Sept.27, 2013

Wuhan Iron & Steel (Group) Corp. is in a thinning field of bidders for Rio Tinto PLC`s Canadian iron-ore assets, raising the possibility it would be the first Chinese state-owned firm to make a large Canadian acquisition since a controversial oil-sands deal last year.

The Chinese steel giant is looking to buy, potentially with partners, the 59% stake in Iron Ore Co. of Canada that Rio Tinto put up for sale in March, according to people familiar with the matter. Wuhan`s interest underscores China`s continued appetite for metal assets, including iron ore, around the world.

In Canada, such a deal would be the first test of new rules Prime Minister Stephen Harper`s government applied to state-owned bidders in the wake of Cnooc Ltd.`s $15.1 billion takeover of Canadian oil-sands operator Nexen Inc. Though Canada approved the Cnooc-Nexen tie-up, it effectively blocked state-owned companies from acquiring oil-sands assets in the future, and signaled that attempts by state-owned firms to seek control of other Canadian assets would face higher scrutiny.

Earlier this year, analysts estimated that Rio Tinto`s stake in Iron Ore of Canada was worth around $4 billion, valuing the entire business at roughly $7 billion. Currently, any bid for a Canadian company, or a controlling stake in one, exceeding 344 million Canadian dollars ($333.6 million) has to be judged on whether it produces a "net benefit" to the Canadian economy. This year, Chinese companies have made a handful of investments below that threshold, but none above.

Some bankers say state-owned firms in China and elsewhere have been put off from bidding for Canadian assets by Ottawa`s tightened rules and by the furor that surrounded Cnooc`s acquisition and the roughly $5.2 billion acquisition of Progress Energy Resources Corp. by Malaysia`s Petroliam Nasional Bhd that occurred around the same time.

But there is Chinese interest in Rio Tinto`s Canadian iron-ore assets, people familiar with the matter say. China is the world`s largest steel-producing country and depends on imported ore for 60% of its steelmaking. Hebei Iron & Steel Co. mulled making a bid at one stage, according to people familiar with the matter. And China Minmetals Corp. said earlier this year that it was interested in bidding.

A representative for Hebei said they were unaware of any involvement in bidding. Minmetals didn`t respond to requests for comment. Representatives from Wuhan and Rio Tinto also declined to comment.

Though increasingly choosy, Chinese companies remain in the market for global metal assets, including iron ore. On Thursday, Tianjin Minerals and Equipment Group Corp. said it would pay $990 million for a 16.5% stake in a Sierra Leone iron-ore mine.

Rio Tinto`s Canadian iron-ore assets initially attracted wide interest, but many potential bidders dropped out of contention, saying the sellers were asking too high a price that, for instance, didn`t reflect the assets` complexity. Iron Ore Co. of Canada has two other owners and owns transport infrastructure, such as a rail line and port facilities.

Rio Tinto in June dropped plans to sell a different Canadian asset-a majority interest in a diamond mine-after that stake and the company`s other diamond properties failed to attract enough investor interest. Like other global miners, Rio Tinto has been trying to shed assets to shore up its finances during a slump in commodities prices and as investors demand greater returns.

Two of Canada`s largest pension funds, Canada Pension Plan Investment Board and Caisse de d¨¦pot et placement du Qu¨¦bec, were also at times mulling separate bids for the iron-ore assets, as were U.S. private-equity funds Blackstone Group LP and Apollo Global Management LLC. These funds have since dropped out, according to people familiar with the matter.

Canadian miner Teck Resources Ltd. has also shown interest, according to a person familiar with the matter. It is unclear where the Vancouver-based firm currently stands on bidding. The company-in which China Investment Corp, owns a 17% stake-declined to comment

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2013 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 2-5, 2013. We invite you to join the event and to celebrate the 15th anniversary of CHINA MINING with us. For more information about CHINA MINING 2013, please visit: m.balanzskin.com.

More Articles …

Baidu
map