In its last report, Baosteel said profits had doubled while Newmont Mining, apparently, is still interested in its Indonesian copper assets.
Baoshan Iron & Steel Co. Ltd. (Baosteel), China’s biggest listed steelmaker, reported its nine-month net profit more than doubled as an oversupply in the sector showed signs of improving due to capacity cuts.
Net profit at Baosteel, a bellwether of China’s steel firms rose 148.3% to 5.6 billion yuan ($827.06 million) in January to September from a year earlier, it said on Monday.
Newmont Asks Indonesia for Permit Renewal
Indonesia is reviewing a request by the local unit of Newmont Mining Corp. to renew its permit to export copper and gold concentrate, a mining ministry official said on Tuesday.
The ministry is considering Newmont’s request for the permit, which would run through to Jan. 11, 2017, Coal and Minerals Director General Bambang Gatot told reporters.