This Morning in Metals: IMF Ups its 2019 Growth Forecast for China

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This morning in metals news, the International Monetary Fund (IMF) released a slightly more positive 2019 growth forecast for China, a fire led to damages at one of Rio Tinto’s Pilbara iron ore operations, and Polish copper producer KGHM said it may freeze operations in Canada and the U.S.

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IMF Sees 6.3% Growth in China This Year

The IMF has revised its 2019 growth forecast for China, up to 6.3% from 6.2%, CNBC reported.

The world continues to wait for some sort of resolution to the ongoing trade talks between the world’s preeminent economic powers, the U.S. and China.

Growth has been slowing around the world, and China was no exception, posting its lowest growth level in 28 years, CNBC reported.

Fire Hits Rio Tinto Iron Ore Mine

Miner Rio Tinto announced a fire had damaged one of its Pilbara iron ore operations in Australia, Reuters reported.

According to the report, the fire broke out Saturday night at the miner’s East Intercourse Island port operation.

Recently, Rio Tinto declared force majeure on some contracts after Tropical Cyclone Veronica battered the northwest Australian coast, damaging the Cape Lambert A port terminal.

KGHM Could Freeze U.S., Canada Mines

Polish silver and copper producer KGHM said it doesn’t have plans to sell its assets abroad, but it would consider freezing its mines in Canada and the U.S. if they require major investments, Reuters reported.

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“We are not currently thinking about selling foreign assets. We’re considering strategies for the next few years,” KGHM Chief Executive Marcin Chludzinski told Reuters.

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