Australia

Metro Mining Inks Deal to Substantially Increase Stake in Gulf Alumina

Metro Mining Inks Deal to Substantially Increase Stake in Gulf Alumina

Australia’s Metro Mining Limited announced yesterday that it has signed agreements to increase its stake in Gulf Alumina Limited to roughly 39% of the latter’s issued capital. Metro Mining says that the agreement means acquiring the shares held by four long-term Gulf...

Events

Alcoa and Alumina Ltd Agree to New Terms on AWAC, Ending Litigation

Alcoa and Alumina Ltd announced an agreement to changes in the terms of the agreement that underlies the joint venture Alcoa World Alumina and Chemicals (“AWAC”). The agreement means the end of litigation begun earlier this year between the parties. Litigation began after representatives of Alumina made comments regarding the “serious concerns” it has for […]

Metro Mining Ltd Shareholders Approve Bauxite Hills Financing

Australia’s Metro Mining Limited announced on Tuesday that it has obtained shareholder approval to issue shares to Greenstone Metro Holdings LP. The move is part of Metro’s strategic funding arrangement, allowing it to go forward on its Bauxite Hills project in Queensland. The US$6.7 million in shares issued to Greenstone makes the firm Metro’s largest […]

South32 Not Planning to Restart Idled Aluminium Capacity Before 2018

Australian metals miner South32 indicated on Thursday that it does not expect to reopen idled capacity at its aluminium and manganese operations in southern Africa in the course of the next two years. The firm idled the capacity in question due to a combination of depressed prices and an unreliable power supply in the region. […]

ABx Increases Bauxite Estimate at Fingal Rail by Over Five Times

Sydney’s Australian Bauxite Limited announced a significant resource increase at its Fingal Rail Bauxite Project yesterday. The firm’s new estimate is over five times the number given according to initial data. ABx said that when the data was examined at the project’s outset, the initial projection was that the project area contained approximately 1.18 million […]

Alumina Ltd’s First-Half Numbers Lower Due to Rough Commodities Market

Australian firm Alumina Ltd. published its half-year results yesterday. Though still in the black, their first-half numbers reflect the continued challenging commodities market. Alumina reported an after-tax net profit of US$8 million for the half, which is down year-on-year from US$122 million. The firm took a US$5 million hit from the restructuring of Alcoa Worldwide […]