Portugal’s mining strategy may favour copper over lithium
Portugal already has the largest copper mine in the European Union, operated by Lundin Mining.
UC Rusal, the world’s largest aluminum producer, said on Monday that it had net profit of US$1.085 million for the first half of 2011, a decrease of 20.5% compared to net profit of US$1.365 million for the first half of 2010, due to certain non-cash items, mainly increase in the effective interest charges on restructured debt and decrease in net share in results of Norilsk Nickel.
Revenue increased by 18.8% to US$6.323 million in the first half of 2011, as compared to US$5.321 million for the first half of 2010, mainly due to increased prices and improved product mix.
Total aluminium output was only 1% higher than the first half of 2010.
The company says the outlook for aluminum is strong.
“UC RUSAL continues to see strengthening demand for aluminium through increased penetration in the consumer markets as well as further price support based on cost inflation in aluminium inputs, including raw materials (alumina, pitch and tar), power (coal and oil) and labour, which are significant cost items in the aluminium production process.
“Looking at the key consumer segments, automotive remains a key driver of aluminium demand growth. Despite the decline of vehicle production in the US in the second quarter of 2011, an 8% growth in North America is expected for the full year. Similarly, increasing car production in Europe is forecasted by UC RUSAL at 5% for 2011, with the highest growth expected in Germany (9.5%) and Turkey (10%), according to UC RUSAL internal projections. Heavy trucks and trailers applications are maintaining record growth rates in North America and Europe. UC RUSAL believes that demand from other consuming segments, including aviation, electronics and packaging remains strong.”
