Xi’s green drive heralds speedy end to aluminum’s era of plenty

25-fold investment jump in less than a decade. That's how fast China's gaining control over Africa’s mining industry. And Beijing's only pushing harder now. 

The pain for iron ore producers is not expected to let up anytime soon, as numbers out of China indicate that steel demand is dropping.

On November 30th the International Monetary Fund (IMF) announced that it would admit China's Renminbi currency, commonly known as the Yuan, to the select basket of reserve currencies that make up its Special Drawing Rights (SDR's).

Analysts from McKinsey and Co. warn the U.S. is currently home to a collection of “zombie mines” that cannot turn a profit, but are too costly to close.

In volume terms Chinese imports of commodities led by iron ore and copper surged 17% in November, the best month in nearly two years.

Once again the world's second largest mining company has cut its spending forecast for 2016, as iron ore hit new lows.

The company will start cutting nearly 80% of its workforce at its Collinsville coal mine in March next year, as it dials back mining at the site.

It hit $39.40 a tonne, the lowest price ever recorded by price assessor The Steel Index (TSI), which began compiling data in 2008.

That is more than double the profits reaped in 2014.