Shares of Minara Resources jumped 36% today on news of a takeover bid by Swiss-based commodities trader Glencore Resources. Glencore, which went public in May with an astonishing $11 billion IPO, is seeking to buy a minority position in Minara, of which it already owns 73.4%, for AU$268 million.
Standard & Poor's has kept its BBB- long term corporate credit and ruAA+ Russia national scale ratings on Russian mining and metal group MMC Norilsk Nickel on CreditWatch with negative implications.
International Nickel Indonesia sees its output at 71,000 tonnes in 2011, lower than its average annual output at 73,000 tonnes.
Indonesian Adisuryo Prasetio & Co Law Firm indicated that Indonesian government may ban the exports of low grade nickel products, according to a draft of the law released by the Indonesian government in a week ago.
Tsingshan Holding Group said that China is expected to raise its nickel pig iron output by between 25% and 50% to 250,000 to 300,000 tonnes in 2011 from 200,000 tonnes in 2010.
Finland's Talvivaara missed Q2 earnings expectations and produced 3,951 tonnes of nickel in the quarter adding that its nickel output for the year will be towards the lower end of its 22,000 to 28,000 tons guidance. The miner warned that the short term outlook for nickel – which has declined to its lowest level in 2011 at around USD 21,000 per tonne – is uncertain and volatility across the base metals complex is likely to remain high. On the other hand, the global nickel market has remained in a deficit throughout the first half of the year with LME nickel stocks currently around their lowest levels since early 2009.
Reuters reported that deteriorating demand from stainless steel mills and rising mine production are likely to push the nickel market into surplus in the second half of the year and put modest pressure on prices.
OJSC Norilsk Nickel Mining and Metallurgical Co. (NILSY.PK: News ) Friday said it has proposed to buy back 15 percent of its stake held by Russian aluminium firm UC Rusal for $8.75 billion. As per the offer, Norilsk Nickel, Russia's largest
Uncertainties with regard to global growth are pressuring the base metal prices. However Nickel especially faces huge downside pressure due to a weakening Steel demand and prospects of new mine operations that will Lead to a supply surplus.
Reuters reported that ferronickel output at Indonesia's state owned nickel miner Aneka Tambang rose by 6% YoY in the first half of 2011 as compared with the same period of 2010. Mr Alwinsyah Lubis CEO of PT Antam said that ferronickel production in the
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