Following the “poorly timed” Rio Tinto Alcan acquisition, former CEO Tom Albanese seemingly has an appetite to offer more aluminum (and other mining) advice on the global stage.
According to the FT, Albanese agreed to “serve in an advisory role at the Indian resources conglomerate as chairman of Vedanta Resources Holdings…Vedanta is an even more diversified resources conglomerate than Rio, spanning zinc, lead, silver, copper, iron ore and aluminium. It also has substantial power and oil and gas operations, which generated more than half of earnings last year.”
Let’s hope Albanese gets a better track record with future deals for this company, for Vedanta’s sake…
Today’s Aluminum Price Trends
Meanwhile, the Indian aluminum cash price saw the biggest increase at 2.0 percent for Monday, September 16.
The 3-month price of aluminum is back up, rising by 0.2 percent on the LME yesterday to close at $1,795 per metric ton. After dropping for two days on the LME, the primary aluminum cash price flattened at $1,746.
Chinese aluminum closed mixed on Monday. The cash price of Chinese aluminum increased 0.3 percent. The price of Chinese aluminum scrap remained essentially flat. The price of Chinese aluminum billet remained steady. The price of Chinese aluminum bar was unchanged.