Rio Tinto is all set to embark on a new Chinese joint venture and expand an existing one in place with Sinosteel. The Sinosteel deal involves extending the existing Channar iron ore joint venture in Australia. The expansion will help produce an extra 50 million tonnes of iron ore.
The Saudi Arabian mining joint venture of Ma'aden-Alcoa announced plans to create the first fully integrated aluminium smelter and food grade sheet rolling mill in the kingdom. There are sixteen financial institutions which will provide the $1.9 billion funding required for the project.
The world's biggest aluminium and alumina producer, RUSAL has partnered with Indian company Gujarat Foils Ltd. to set up an alumina refinery and aluminium smelter in the Kutch district of Gujarat state, India. The total investment in this endeavour will add up to 140 billion rupees.
Alcoa Inc, the world’s largest producer of alumina, has set some of its long term supply contracts using a new pricing scheme which ties the price of alumina to the aluminium metal price.
The mining industry is the largest generator of jobs in Queensland with more than 130,000 jobs being created directly and indirectly by the industry in the last year in Brisbane alone, according to a Queensland Resources Council report released this week. The Queensland mining industry has also generated around $3.8 billion in income tax in the last financial year as well.
The federal treasurer Wayne Swan predicted that Australia would move into its biggest mining boom phase in October, possibly the largest since the 1850s.
The European Union is seeing the shortage of raw materials as a major risk for the global economy as demand begins to exceed supply. European Union trade chief Karel De Gucht said that no country possessed all the raw materials that it needed.
Rio Tinto Alcan says that it will invest $10 million in the expansion of the Vaudreuil Works alumina refinery in Jonquière, Quebec.
Vedanta Resources (LSE: VED) has posted a 79% growth in net profit to $337 million for the first half ending on September 30, 2010 as compared to $188.2 million in the corresponding period last year. The operating profit was also higher for the company.
Rio Tinto Alcan will invest US$10 million in the expansion of the bauxite residue containment site at its Vaudreuil Works alumina refinery in Jonquière, Quebec, Canada.
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