News

China showing interest in $20 billion nuclear energy deal with Westinghouse

Source: www.chinamining.org  Citation:powersource.post-gazette.com  Date: July 30, 2014

A containment building under construction at Sanmen on China’s eastern coast, the site of Westinghouse`s first AP1000 reactor. It is now expected to be online by the end of next year.

Westinghouse Electric Co. may be close to a $20 billion deal with China, according to its president and CEO Danny Roderick.
   
Following a meeting July 21 with Chinese government nuclear leaders, Mr. Roderick walked away "with a really clear message" - China wants to commission 26 more plants using Westinghouse technology.
   
The company estimates that each new AP1000 reactor comes with 20,000 direct and indirect jobs, many in the Pittsburgh region, which the Cranberry-based nuclear company calls home.
   
Discussions about the new plants were still preliminary, cautioned Westinghouse spokeswoman Sheila Holt, but Mr. Roderick said China would be ready to pull the trigger "as soon as we can show the final plan for how to finish Sanmen."
   
Westinghouse is building two of its first four AP1000 reactors in Sanmen, on China`s eastern coast. The units originally were scheduled to go online in late 2013 but have been delayed twice, partly because of post-Fukushima safety inspections and partly for technical reasons. The Fukushima Daiichi nuclear accident that followed a devastating earthquake and tsunami in Japan in March 2011 put on pause many nuclear ventures, forcing governments and companies to re-examine their safety protocols.
   
Westinghouse wouldn`t comment on the specifics of the delays but noted these were "first of a kind" reactors, the lessons of which would be applied to all current and future AP1000 projects around the world.
   
A two-year delay is more the norm than not in the nuclear industry, where construction times can take up to a decade.
   
"Fukushima has disrupted a lot of schedules," said Bob Percopo, an energy finance consultant who advises nuclear companies on risk.
   
"Every time there`s a hiccup on a nuclear project around the world, you`re going to wind up with time delays," he said. "It`s a natural reaction. But the one thing about the Chinese is when they decide they`re going to move from point A to point B, they`re going to get there."
   
Mr. Roderick said Westinghouse will be able to finish Sanmen Unit 1 by the end of 2015. That`s what he shared with a group of nearly 20 Chinese dignitaries that visited Westinghouse July 21, including the chief administrator for China`s National Energy Administration and the chairman of the State Nuclear Power Technology Corp., which is building the Westinghouse plants.
   
"We`re at the cusp of having a big wave of units authorized," Mr. Roderick said. "What they wanted to share with us is they really want to accelerate these programs. The premier wants to accelerate nuclear to reduce coal."
   
The 26 new plants, which would be slated for inland sites, would be in addition to eight coastal plants currently being negotiated between Westinghouse and China.
   
In May, experts cast doubt on those negotiations after a group of Chinese government officials were charged by the U.S. government with hacking into Westinghouse computers, stealing product specifications and intercepting correspondence between senior executives about how to negotiate with China.
   
Westinghouse was one of six companies targeted by the hackers, but the only one that had agreed to transfer its technology to its Chinese business partners.
   
Mr. Roderick said the allegations haven`t soured Westinghouse`s relationship with its single biggest customer.
   
"We`ve had a lot of very serious discussions with them about intellectual property," Mr. Roderick said. "This is new for China." The traditional attitude toward intellectual property in the country has been that "if someone has it, everyone should have it."
   
Westinghouse was notified of the charges the night before the FBI publicly announced them to the world, he said.
   
"China did exactly what we thought they would," Mr. Roderick said. That is, the country`s officials denied the charges then launched an internal investigation.
   
"We got a lot of confirmation from the companies we work with that it wasn`t them," Mr. Roderick said. "I don`t know that it has distracted our business."

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2014. We invite you to join the event and to celebrate the 16^th anniversary of CHINA MINING with us. For more information about CHINA MINING 2014, please visit: www.chinaminingtj.org.

China`s 10 nonferrous metal output up 5.4% in H1

Source: www.chinamining.org  Citation: China Knowledge  Date: July 29, 2014

The combined output of the ten nonferrous metals rose 5.4% year on year to 20.89 million tons in the first half of this year, according to the latest statistics released by the National Development and Reform Commission.
   
The output of aluminum electrolytic rose 7.4% year on year to 11.54 million tons in the six-month period. The output of copper and alumina oxide see a growth of 8.1% and 6.5%, respectively.
   
The output of lead dropped 2.8% year on year in the period, and the output of zinc went up 1.2% from a year earlier in the first six months.
   
In Jun, the prices of major nonferrous metals reflect a growth from May 2014. The average prices of copper and zinc futures on the Shanghai Futures Exchange stood at RMB 49,475 and RMB 15,277 per ton, up 2.3% and 1.1% from a month earlier, respectively. The average price of aluminum electrolytic was stood at RMB 13,322 per ton, up 0.7% from May or declined 9.5% from a year earlier.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year.  As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2014. We invite you to join the event and to celebrate the 16^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2014, please visit: www.chinaminingtj.org.

Output quotas rise 10% for rare earth firms

Source: www.chinamining.org  Citation: China Daily  Date: July 28, 2014

The government will increase exploration and production quotas for rare earth companies by 10 percent this year to bring output in line with the sector`s capacity, a senior official said.
  
Huang Libin, an official at the Ministry of Industry and Information Technology, gave the figure during Thursday`s half-year briefing.
  
The increase is also a response to rapid industrial development in the country, including rare earth-based new materials and environmental protection and conservation products, which are spurring longer-term demand for rare earths, he said.
  
Rare earths are a group of minerals that have many uses in high-technology sectors such as defense and renewable energy. China supplies 90 percent of the global demand.
  
Consolidation and reform in the domestic rare earth industry over the past three years have led to the closure of unlicensed producers and those who were violating regulations, said the official.
  
It also drove smaller refiners into mergers with large ones such as Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co.
  
Giving more quotas to the large companies will allow them to replace those that have closed.
  
Huang said that quotas might grow further as regulation of the industry improves amid growing market demand. But he said the industry is still too large.
  
Nationwide, the total quota for production is 105,000 metric tons this year. BaoSteel, the country`s largest producer, got a production quota of 59,500 metric tons for light rare earths, an increase of nearly 20 percent from last year.
  
Du Shuaibing, an analyst at natural resources consultancy BaiChuan Information, said that the quota increase is mostly intended to allow surviving companies to use their production capacity.
  
The World Trade Organization in late March ruled that China had acted inconsistently with WTO rules with regard to export measures imposed on rare earths.
  
Du said China`s export quota system would remain in place until 2015. In the past few years, global demand for rare earths was relatively low, and many quota allocations were not used.
  
Earlier this month, the Ministry of Commerce announced the second batch of rare earth export quotas for 2014. So far, it has not shown any signs of expanding the quotas this year.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year.  As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2014. We invite you to join the event and to celebrate the 16^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2014, please visit: www.chinaminingtj.org.

US to keep antidumping duty orders on steel threaded rod,
malleable iron pipe fittings from China

Source: www.chinamining.org  Citation: Xinhua  Date: July 24, 2014

The US government determined on Tuesday it would maintain the existing antidumping duty orders on steel threaded rod and malleable iron pipe fittings from China, despite Beijing`s repeated calls for Washington to drop protectionism.
   
The US International Trade Commission (ITC) concluded in a ruling that revoking the current antidumping duty orders on these products from China would be likely to lead to continuation or recurrence of material injury within a reasonably foreseeable time.
   
It is the first "sunset review" for the antidumping duty order on imports of steel threaded rod from China, which was introduced in 2009. The antidumping duty margin on this product runs from 47. 37 percent to 206 percent.
   
This is the second "sunset review" for the antidumping duty order on imports of malleable iron pipe fittings from China, which was first issued in 2003. The antidumping duty margin on the product runs up to 111.36 percent.
   
A "sunset review" was conducted every five years after anti- dumping and countervailing duties were introduced. The Uruguay Round Agreements Act requires the US Department of Commerce to revoke an anti-dumping or countervailing duty order, or terminate a suspension agreement, after five years unless the department and the ITC determine that revoking the order or terminating the suspension agreement would likely lead to the continuation or recurrence of dumping or subsidies and of material injury within a reasonably foreseeable time.
   
The Chinese Ministry of Commerce has repeatedly urged the United States to abide by its commitment against trade protectionism and work together with China and other members of the international community to maintain a free, open and just international trade environment. 

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year.  As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2014. We invite you to join the event and to celebrate the 16^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2014, please visit: www.chinaminingtj.org.

China to provide Venezuela loan for mineral survey

Source: www.chinamining.org  Citation: Xinhua  Date: July 24, 2014

The Bank of China (BoC) announced on Tuesday that it will lend 691 million US dollars to Venezuela`s top oil producer to finance the survey of mineral deposits in the country.
   
According to a deal signed by BoC, CITIC Group and Petroleos de Venezuela S.A.(PDVSA), the money will fund CITIC Group to conduct geological surveys and study the feasibility of developing gold and copper ores in the country.
  
Details of the agreement have not been unveiled.
  
The deal came after China and Venezuela vowed to enhance cooperation in finance and mining among other fields in a joint declaration issued on Monday during Chinese President Xi Jinping`s two-day visit to the country.
  
PDVSA is the biggest state-owned enterprise in Venezuela as well as the largest company in Latin America. The oil giant raked in 121 billion U.S. dollars in sales revenue last year.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year.  As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2014. We invite you to join the event and to celebrate the 16^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2014, please visit: www.chinaminingtj.org

World`s three largest iron ore producers compete for Chinese market

Source: www.chinamining.org  Citation: People`s Daily Online  Date: July 21, 2014

Just a few years ago, the world`s three biggest iron ore producers threatened to cut the supply of iron ore to China with the intention to rising prices. But with a market swing from sellers to buyers, they now have to find every way to compete for the Chinese market and lower the costs.

Brazil`s mining giant Vale has launched a series of publicity campaigns to woo Chinese customers. Like its Australian counterpart, it has also begun to offer discounts on shipments to China. Prior to this, Anglo-Australian mining company Rio Tinto and Australian Fortescue Metals Group had increased their discounts on low-grade iron ore.

As well as reducing prices and stepping up public relations activities, the world`s three largest iron ore producers have been forced to cut costs in a search for competitive advantage.

According to ABC reports, due to the sharp decline in iron ore prices, the world`s largest mining company BHP Billiton may lay off up to 3,000 employees in Australia. These are not the company`s first job cuts: 500 employees have been cut in recent months including 100 at its headquarters Perth.

Market power is undergoing a rapid swing from sellers to buyers and competition between iron ores is intensifying, insiders said.

It is understood that due to the increase in global supply and slowing demand growth in China, this year Platts 62 percent iron ore index dropped from 134.50 US dollars per ton at the beginning of the year to 95.28, a decline of more than 30 percent.

The latest statistics from the China Iron and Steel Industry Association show that at the end of June, China`s iron ore price index (CIOPI) stood at 326.85 points, down 7.32 points from the previous month. The domestic iron ore price index was 286.14 points, down 20.12 points, while the imported iron ore price index was 345.28 points, down 1.52 points.

As a downstream industry, the steel sector`s market situation is not favorable. From January to May, 26 of the nation`s 88 key large and medium steel mills suffered losses amounting to 8.9 billion yuan. In addition, with the gradual tightening of bank lending the steel industry is finding increasing difficulty in obtaining long-term loans, and the risk that capital strands might break has increased.

"Because of this mills have adjusted their strategy, and their purchases have become very cautious."

Iron ore prices will continue to fall, perhaps to below 80 U.S. dollars, said Xu Xiangchun, consulting director of maysteel.com. From the current situation, the global supply of iron ore will further increase. At the same time, the market situation of the worlds` largest consumer, China, continues to deteriorate. For the three iron ore producers, the Chinese market has become their only resort and competition will become more intense.

The article is edited and translated from: People.cn, author: Yang Ye

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year.  As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2014. We invite you to join the event and to celebrate the 16^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2014, please visit: www.chinaminingtj.org.

China issues 15,500 tons of rare earth`s exports quota

Source: www.chinamining.org  Citation: China Knowledge  Date: July 21, 2014

China, the world`s largest rare-earth producer, has released the second export quota of rare earth for 2014 at 15,500 tons, according to a statement released by the Ministry of Commerce.
   
On Dec 2013, the country released the first quota for 2014 at 15,110 tons.
   
The ministry said in a statement that the quota comprised 13,691 tons for light rare earths and 1,809 tons for medium and heavy rare earths.
   
In the first five months of this year, China exported 12,544 tons of rare earth, up 60.9% year on year, China Knowledge reported earlier.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year.  As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2014. We invite you to join the event and to celebrate the 16^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2014, please visit: www.chinaminingtj.org.

China oil demand hits highest in 17 mths, still doubts on strength

Source: www.chinamining.org  Citation: Reuters  Date: July 17, 2014

China`s implied oil demand rose in June to its highest level since January 2013 as crude runs hit a record high, although there were still doubts that the numbers reflected a healthy economy.
   
Analysts remain cautious about the broad economic outlook in the world`s second largest oil consumer, noting that faster-than-expected growth in the second quarter was driven more by government support than by genuine momentum.   

China consumed roughly 10.2 million barrels per day (bpd) of oil last month, according to Reuters calculations based on preliminary government data, the highest level in 17 months and up 8.4 percent from May.
   
The record-high refinery throughput in June did not convince analysts a robust recovery was under way.
   
"I don`t think that should be a cause to celebrate from an economic activity perspective," said Simon Powell, head of Asian oil and gas research for CLSA in Hong Kong.
   
"It`s China`s car owners that are keeping demand growing."
   
The strong demand for gasoline compares with weak demand for diesel, which is used in everything from power generators and factories to trains and usually has a stronger correlation to economic growth.
   
Even with the driving boom, implied oil demand in the first half of the year inched up only 0.5 percent to 9.87 million bpd from a year ago, according to Reuters calculations.
   
June oil consumption was up 2.6 percent from a year earlier, the calculations showed.
   
China`s economic growth in the second quarter quickened to 7.5 percent as a burst of government stimulus paid dividends, but analysts said Beijing will likely need to offer further support to meet its growth target for 2014.
   
IEA LOWERS FORECAST
   
The International Energy Agency (IEA) revised down this month its forecast for China`s oil demand for 2014 on lower estimates of industrial fuel use, predicting implied oil demand would rise just 3.3 percent for the year.
   
The IEA also lowered its estimate for consumption growth in diesel and heavy gas oils by 55,000 bpd.
   
"I think the implications are that the Chinese economy isn`t growing as fast as people say it is," said Powell of CLSA, adding that he expects China`s oil growth to fall short of the IEA forecast.
   
Reuters calculates implied oil demand using official refinery throughput data plus net imports of the main refined products, excluding changes in fuel stocks, which China rarely reports.
   
China`s daily crude throughput in June rose 7 percent from the previous month to a record-high 41.83 million tonnes, or 10.18 million bpd, as refineries emerged from the peak maintenance season in April and May, data from the National Bureau of Statistics (NBS) showed.
   
Crude throughput was up 5.8 percent from a year ago, the statistics bureau data also showed. Analysts cite an increase in refining capacity as one reason for the growing crude runs.
   
China has begun exporting more refined fuels, but became a net fuel importer again in June.
   
Net fuel imports in June were 110,000 tonnes, or 25,667 bpd, compared to net exports of 410,000 tonnes in May and 1.29 million tonnes a year earlier, customs data showed earlier.
    
China imported 5.66 million bpd of crude oil in June, down 7.8 percent from May. Crude imports for the first half of the year rose 10.2 percent to 6.13 million bpd compared with the same period last year. 

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year.  As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2014. We invite you to join the event and to celebrate the 16^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2014, please visit: www.chinaminingtj.org.