Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
BEIJING, Dec 7 (Reuters) – Tongling Nonferrous Metals Group , one of China’s top copper smelters, has reduced production by 20-30 percent to comply with winter output restrictions, a company official said on Thursday.
** Cutbacks started at the end of last month, and will remain in force until January, the official added.
** Tongling Nonferrous has copper smelting capacity of 900,000 tonnes per year and refining capacity of 1.3 million tonnes per year, official said.
** Its home city of Tongling in Anhui province had in September asked major cement, smelting, steel and chemical firms to cut capacity by 30 percent from October to December
** Tongling is not one of 28 northern Chinese cities ordered by the central government to impose strict curbs on industrial output this winter for environmental reasons.
** London copper edged up on Thursday but was still not far from two-month lows amid signs that growth in China’s property and power sectors is tapering into the year-end.
(Reporting by Tom Daly)
