Copper market’s biggest whale fuels speculation of a major shift
The world’s single biggest buyer of copper, State Grid Corp. of China, has slowed its purchases of copper wire this year.
Australia’s federal government approved Rio Tinto’s $1.4 billion bauxite mine in Queensland Wednesday, reports the Courier Mail.
The country’s environment minister approved the plan — after five years — with conditions related to the environment, including the Great Barrier Reef and other marine habitats.
Rio Tinto’s South of Embley project includes a mine and a port on the Cape York peninsula.
The company said this approval was a “significant milestone.”
According to Reuters, the project could produce up to 50 million tonnes of bauxite per year.
China’s demand for bauxite for alumina production has risen and major mining companies want to increase exports to the nation.
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