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.
Trimet, a family-run aluminum producer in Germany, agreed to run two unprofitable aluminum plants in France that were owned by Rio Tinto (NYSE:RIO).
The Australian integrated miner will be unloading a aluminum smelter in Saint-Jean-de-Maurienne and a aluminum wire manufacturer in Castelsarrasin. About 500 jobs will be saved.
Trimet will take 65% ownership and a French utility, Electricite de France (EDF.FR), will take the remaining 35%.
Negotiation with Rio Tinto about the closures was protracted. The French government officials were keen to keep the plants open as the country copes with high unemployment.
