Citigroup cuts copper forecast on tariffs risk, China outlook
The bank has cut its short-term outlook for copper prices by 11% to $8,500 a ton over the next three months.
About 700 workers at a China National Nuclear Corporation uranium mine (Sino-U) have gone on a 72-hour strike in northern Niger, demanding better salaries and bonus payments, reports Press TV.
Sino-U and its partners own the majority of the Somina uranium mine, which began production in 2011 and produces 700 tonne-per-year.
The West African nation is the top supplier of uranium to France’s nuclear power industry. The European nation is heavily reliant on nuclear power; 78% of the country’s power is produced from nuclear reactors- the highest percentage in the world.
Another major project, Areva’s Imouaren, was also affected by a major strike last year. The mine, still under construction, is expected to come online in 2014 with an expected output of 5,000 tonnes per annum. When it does, Niger would rival Canada as the world’s second largest uranium producer behind Kazakhstan.
