Tag: Chilean Copper

China’s Crude Steel Output Falls, Glencore Will Keep Chilean Copper Mine

China’s crude steel output fell in July and Glencore has shelved plans to sell a copper mine in Chile.

Chinese Steel Output Falls

China’s average daily crude steel output fell in July from a record, government data showed on Friday, providing some respite to overseas rivals angered by a torrent of cheap steel from Chinese mills in the past year.

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The output decline reflected China’s efforts to address a chronic glut, and analysts predict production may shrink further in the months ahead as more mills shutter. Some analysts predict output may shrink further in the months ahead as more mills shut in a sector undergoing its most significant — and painful — restructuring in two decades.

Glencore Rethinking Chilean Mine Sale

Glencore has shelved plans to sell a copper mine in Chile that was expected to fetch about $500 million, after failing to achieve a high enough price, according to people familiar with the situation.

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Along with other big mining companies, Glencore has been seeking to offload a range of assets to reduce debt following a commodities price crash, but a rally in raw materials markets and in the value of share prices of mining companies this year has taken away the need for urgent sales at any price.

Obama Signs 40% Gov’t Emissions Cut, Chilean Copper Output Falls 1%

Today in MetalCrawler we’re hoping that if we don’t acknowledge the Monday, the Monday won’t acknowledge us. President Obama signed an executive order limiting carbon dioxide emissions for the federal government, Chilean copper production went down and Federal Reserve Chairwoman Janet Yellen warned of economic stagnation.

Federal Government Emissions Limit Cut

President Obama signed an executive order calling for the federal government to cut its greenhouse gas emissions 40% from 2008 levels over the next decade.

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The action also calls for an increase in the share of renewable energy in the federal government’s electricity supply to 30% during that same period. In step with the President’s action, federal suppliers including Honeywell, IBM, General Electric, and other major US firms are pledging to reduce their own carbon footprint by 5 million metric tons over the next 10 years compared with 2008 levels.

Chilean Copper Production Falls

World No. 1 copper producer Chile produced 447,810 tons of copper in February , a 1.1% decrease from a year earlier, due to plant maintenance at a key project, the government said on Monday.

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