WEEKLY NEWS ROUND-UP October 19th 2013
China's biggest iron ore customer says mining boom not over: Robb
CHINA's largest iron ore customer has told Trade Minister Andrew Robb in Shanghai the Australian mining boom is not over and demand for ore will remain strong.Mr Robb, the first Coalition minister to visit China since the September election, said yesterday Baosteel president He Wenbo was positive about tax changes proposed by the new government.Mr Robb, who met Mr He at the start of a three-day trip, said the Baosteel chief was pleased with the Coalition's promise to roll back the carbon and mining taxes put in place by Labor.There is currently $150 billion worth of mining projects still to be developed in Australia."Our first legislative move is to reduce the cost of doing business in Australia," Mr Robb said.
China's coal barons set sights on new jobs
As the cool-down of China's domestic coal industry continues, coal mine owners made rich by the industry are now looking to new profitable careers."We are seeking ways out," said Zhao Cunfa, a former coal mine owner in the city of Shenmu in northwest China's Shaanxi Province, a center for the nation's vibrant mining industry."Coal prices currently are near their lowest point in the past few years," said Zhao.Zhao, 55, a pioneer of the industry who began running private coal mines in 1992, said he used to fly to the provincial capital city of Xi'an for a single meal or spend extravagantly "without batting an eye."
China to pursue steady industrial output growth
The Chinese government will pursue steady growth in industrial production to pave the way for realizing its annual growth target set for the year, an official said on Thursday. Xiao Chunquan, spokesman for the Ministry of Industry and Information Technology, said at a press conference that although there have been some positive signs in the third quarter, China's industrial sector still faces many difficulties. China's industrial production rose 10.1 percent in the third quarter of the year, compared with 9.1 in the second quarter and 9.5 percent in the first, official data showed. Industrial growth in the first three quarters stood at 9.6 percent, lower than the full-year target of 10 percent set by the ministry.
Cnooc Quarterly Sales Gain on Nexen-Acquisition Boost
Cnooc Ltd., China's biggest offshore oil and gas producer, posted a 16 percent increase in third-quarter sales after output was boosted by the acquisition of Canada's Nexen Inc.Oil and natural gas sales were 56.1 billion yuan ($9.2 billion) in the three months ended Sept. 30, compared with 48.4 billion yuan a year earlier, the Beijing-based company said in a statement to the Hong Kong stock exchange yesterday.
Vale expects iron ore sales of 1.1b tons over 6 years
Brazilian miner Vale SA expects to sell 1.1 billion tons of iron ore to China in the next six years which, incidentally, is the same volume it has sold since the arrival of the first cargo in Tianjin four decades ago.The world's largest ore producer is certain of meeting that target because China's demand will remain strong enough to justify Vale's huge expansion plan despite a slowing economy and government efforts to tackle overcapacity in the steel industry."Cutting capacity doesn't mean cutting production," Jose Carlos Martins, executive director for ferrous and strategy, said in an interview Saturday in Shanghai. "Production in China will not decline but be more efficient."
Greenland ends “zero tolerance” on uranium and rare earths
Greenland’s parliament voted by the narrowest of margins to end its longstanding ban on the mining of uranium and other radioactive materials. It also approved the mining of rare earths, which are made up of 17 metallic elements and used in a range of modern technologies such as mobile phones, hybrid cars and wind turbines.
Regions failing pollution test face punishment
Regions that fail the 2012 water pollution control examination will have their project approvals suspended for one year, according to a notification released by the Environmental Protection Ministry on Wednesday.Regions that will be examined include around 20 districts and counties in Hefei and Liu'an city of Anhui province, Kunming of Yunnan province, and Siping of Jilin province, which are responsible for the water quality of Chaohu Lake, Dianchi Lake, and Liaohe River.
U.S. energy-related carbon pollution at lowest since 1994
Carbon dioxide emissions from energy production in the United States fell to 5.29 billion metric tons in 2012 - its lowest level since 1994 - despite a growing economy and rising population, according to government data released on Monday.The Energy Information Administration, the statistics arm of the Department of Energy, said there was a 3.8 percent drop from the previous year.That marked the largest decline in a non-recession year since EIA started tracking the data.The latest decline came amid a large drop in energy intensity, the amount of energy consumed relative to GDP.