GENEVA (Reuters) – The London Metal Exchange (LME) may have to return to the drawing board as enthusiasm wanes for its third attempt in as many years to head off a crisis over its warehouse system.
Storage firms owned by big banks and trade houses have made money by building stocks in LME-registered warehouses and allowing queues to grow for clients seeking to withdraw material, all the time charging rent.
GENEVA (Reuters) – Iran plans to invest around 8.5 billion euros ($11.4 billion) in its aluminium industry as part of plans to nearly quadruple production by 2025, an official at mining group Imidro said on Thursday.
Iran is the 20th largest producer of aluminium in the world, according to the Iranian Mines and Mining Industries Development and Renovation Organisation (Imidro), and needs the extra supplies to meet demand which is growing by 10 percent a year.
GENEVA, Sept 19 (Reuters) – Russia’s United Company Rusal
, the world’s biggest producer of aluminium, wants to fix the
price for some of its aluminium supply contracts for next year, the company’s
marketing chief executive said on Thursday.
Rusal last year broke with tradition to switch term supply deals for 2013 to
a floating premium, the amount paid on top of the London Metal Exchange (LME)
price for physical delivery of metal.
GENEVA, Sept 18 (Reuters) – Leading global aluminium
producers are feeling the pinch of low metal prices in an
oversupplied market and see little choice but to cut capacity,
further eroding already thin margins.
Proposed rule changes for industrial metals warehousing
could erode the profitability of financing deals that have
locked up metals in London Metal Exchange (LME) depots, leaking
metal onto an oversupplied market and putting pressure on
GENEVA, Sept 18 (Reuters) – The world’s top aluminium
producers and consumers are at loggerheads over the thorny issue
of what price, or premium, should be paid to secure metal
deliveries, and will conclude fewer fixed term supply deals this
year, industry sources said.
Producers Rusal , Alcoa and Rio
Tinto are descending on Geneva for an industry
gathering that marks the start of annual supply negotiations
with aluminium product makers.
LONDON, Sept 13 (Reuters) – Addax Petroleum, owned by top
Chinese refiner Sinopec , has lost a ruling
at an international tribunal as part of a $1 billion legal
battle over an oilfield in Gabon, a confidential document
The International Chamber of Commerce’s arbitration court,
in its first decision in the dispute, rejected a request by
Addax to resume operations at the field and prevent Gabon from
selling the licence to a third party.
LONDON/GENEVA, Aug 29 (Reuters) – Libya’s crude oil exports
have shrunk to just over 10 percent of capacity from three
ports, out of a possible nine, as armed groups have tightened
their grip on its major industry.
Exports are down to only around 145,000 barrels per day,
compared with a capacity of close to 1.25 million bpd, according
to one industry source with close ties to Libya.
GENEVA, Aug 19 (Reuters) – French oil major Total
said it had discovered gas condensate in deep waters off the
coast of Gabon, raising hopes for other explorers in the region.
The discovery, made in a layer of the ocean bed referred to
as pre-salt, follows other regional finds in Ghana and Ivory
Coast, where Total struck oil earlier this year.
GENEVA/ZURICH, Aug 7 (Reuters) – The Swiss authorities are
interrogating the extended family of Mukhtar Ablyazov, a Kazakh
oligarch arrested last week in France on fraud charges after 18
months on the run, and have effectively frozen some assets, a
A Swiss prosecutor said Kazakhstan had accused Swiss-based
Viktor Khrapunov, a former Kazakh government minister, mayor and
father-in-law of Ablyazov’s eldest daughter Madina – along with
his wife Leila – of using public money for property investments.
GENEVA, July 31 (Reuters) – Gabon has told the World Trade
Organization (WTO)that it will hold a licensing round for
offshore oil blocks later this year, and that it will bring in
new transparency requirements for its natural resources sector.
In a confidential document circulated during a two-day trade
policy review that ended on Wednesday, Gabon said it was
adopting a new hydrocarbon code which would provide a basis for
the new bid round.