Venezuela’s state aluminum smelters operated normally on Monday despite the commencement of a strike by workers demanding the government address industry problems they blame on outmoded equipment and insufficient investment. For full story, click here
Venezuela’s state aluminum smelters operated normally on Monday despite the start of a strike by workers demanding the government address industry problems they blame on outmoded equipment and insufficient investment. For full story, click here
Rio Tinto, the world’s third- leading mining company, has run up a bill of about $1 billion after it scrapped an investment from Aluminum Corp. of China in favor of a rights offer. For full story, click here
Aluminum producer’s cutbacks have done little to stabilize the metal’s free fall. In London, the price of aluminum fell to $1,321 per tonne from $1,345. In New York, it was selling for 59 cents per pound. Six months ago, the metal’s going rate was $1.50 per pound.
Aluminium for delivery in three months on the London Metal Exchange fell to a low of $1,279 a tonne – the lowest level since November, 2001. Record high stocks were responsible for the overwhelming downward pressure. Aluminium LME warehouse inventories leapt by 13,125 tonnes to stand at 3.17 million tonnes, their highest ever.
Rusal will significantly revise its investment plans and cap investment expenditure at $500 million this year. For full story, click here
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