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Tuesday, January 19, 2010
Today's News Headlines
* Copper exports down 18% in 2009, up 159% in December - Chile
* Doe Run achieved no improvements at La Oroya last year, reports Osinergmin - Peru
* Barclays ups 2010 base metal forecasts, supported by strong Q1 - Regional
* CSN prepares to incorporate GalvaSud - Brazil
* BNY Mellon increases stake in Iochpe-Maxion - Brazil
* Votorantim eyes Portuguese cement producer Cimpor - Brazil
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* Copper exports down 18% in 2009, up 159% in December - Chile
Chile's copper exports totaled US$26.9bn in 2009, 18% less than the year before, the country's central bank reported.
However, in December alone copper exports were worth US$3.17bn, up 159% on the same month of 2008, according to bank figures, given the rise in prices towards the end of the year.
Overall mining exports last year were US$29.9bn, or 21.7% less than in 2008. In December, total mining exports came in at US$3.47bn, up 57% compared to US$1.50bn in the same month of 2008.
Chile is the world's largest copper producer and a major producer of molybdenum.
By Business News Americas staff reporters
* Doe Run achieved no improvements at La Oroya last year, reports Osinergmin - Peru
US-owned Doe Run Perú was the only mining-metals company in Peru required to complete environmental works in 2009 that did not achieve any improvements, according to the country's energy and mining watchdog Osinergmin.
Doe Run Perú has been struggling to complete construction of a sulfuric acid copper circuit at its La Oroya polymetallic smelter.
Osinergmin officials are stationed in the town of La Oroya to supervise works and analyze samples that could show the effects of contamination from the smelter, the entity's president, Alfredo Dammert, was quoted as saying by state news agency Andina.
The supervision will continue through Doe Run's extended 30-month timeframe for finishing the environmental works, he added.
Osinergmin handed out fines totaling some 80mn soles (US$27.8mn) last year, with the bulk going to mining and hydrocarbons companies in the production or exploration phases, Andina reported.
By Business News Americas staff reporters
* Barclays ups 2010 base metal forecasts, supported by strong Q1 - Regional
Analysts at investment bank Barclays Capital have revised upward their forecasts for 2010 base metal prices to reflect potential upside in the short term, the bank reported.
Barclays sees copper averaging US$6,875/t in 2010, but starting off the year at US$7,900/t in Q1 and moving steadily downward to average US$6,000/t in Q4. The red metal would rise again to average US$7,000/t in 2011 and US$8,500/t in 2012, the forecast shows.
Zinc is seen at a mean US$2,300 for this year, with an average of US$2,700/t in Q1, US$2,500/t in Q2 and US$2,000/t in the second half. Prices could average US$3,000/t in 2011 and US$3,500/t in 2012.
Meanwhile, Barclays' lead price forecast puts the metal at US$2,188/t in 2010 with an average of US$2,750/t in Q1 and sinking to US$1,750/t by Q4.
"Base metals prices have made an encouraging start to the year," Barclays said.
Supporting higher prices are recent data showing improvements in global business confidence, signals from the Federal Reserve that interest rate hikes are not imminent and preliminary trade data showing China's continuing rebound in metals imports.
Negative factors for base metal prices - including selloffs by investors, stock increases at metal exchanges and the settlement of labor disputes that had threatened to disrupt supply - have all been outweighed by the positive factors, Barclays added.
However, a weaker macroeconomic outlook for the second half of 2010 could pose a downside risk to prices in the future, and price gains early in the year will be slow compared to the dramatic rebound registered in early 2009, the bank said.
By Business News Americas staff reporters
* CSN prepares to incorporate GalvaSud - Brazil
Brazilian steelmaker CSN (NYSE: SID) is setting the general conditions for the incorporation of galvanized products subsidiary GalvaSud, the former said in a filing with São Paulo stock exchange Bovespa.
The conditions will be evaluated at CSN's shareholders meeting scheduled for January 29.
The incorporation aims at simplifying operations and reducing costs by optimizing the current management structure, the statement read.
GalvaSud has been valued at 783mn reais (US$443mn) and the incorporation costs are being estimated at 30,000 reais, according to CSN.
CSN's capital will not be altered after the incorporation.
Located in Rio de Janeiro state's Porto Real city, GalvaSud began operating in December 2000.
One of the company's core products is Galvanneal, galvanized steel consisting of iron and zinc alloys.
The company has three production lines: one hot immersion galvanization line with capacity of 350,000t/y, a slitter line with 160,000t/y output and a blank line manufacturing 30,000t/y.
By Business News Americas staff reporters
* BNY Mellon increases stake in Iochpe-Maxion - Brazil
The Bank of New York Mellon (NYSE: BK), through subsidiaries Mellon Capital Management Corporation and BNY Mellon ARX Investimentos, has increased its stake in Brazilian metal transport and railroad parts manufacturer Iochpe-Maxion (Bovespa: MYPK3) to 2.39mn ordinary shares, the latter said in a filing with São Paulo stock exchange Bovespa.
The amount represents approximately 5.04% of Iochpe-Maxion's total ordinary shares, the statement said.
By Business News Americas staff reporters
* Votorantim eyes Portuguese cement producer Cimpor - Brazil
Brazilian conglomerate Votorantim is planning to make an offer to acquire cement manufacturer Cimentos de Portugal (Cimpor), according to Portuguese daily Jornal de Negócios.
Brazilian steelmaker CSN (NYSE: SID) is also interested in buying the Portuguese cement company, and in December filed a request with Portuguese securities commission CMVM to purchase Cimpor.
Earlier this month, CSN's offer - worth 3.86bn euros (US$5.5bn) - was rejected by Cimpor's board.
Brazilian construction firm Camargo Corrêa has also stated its interest in Cimpor. The company offered to purchase 15-25% of Cimpor and to merge both companies' cement operations, Reuters reported.
Cimpor is one of the world's largest cement companies with production capacity of 35Mt/y. It has operations in Portugal, Spain, Brazil, Peru, China, India, Mozambique, South Africa, Cape Verde, Egypt and Morocco, among others.
By Business News Americas staff reporters
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In-deph interview
* A brighter year ahead for São Paulo scrap processors
Valentin Aparicio Escamilla
President
Sindinesfa
Brazil
http://www.bnamericas.com/interviews/metals/Valentin_Aparicio_Escamilla_,Sindinesfa,/170505071
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Main companies covered in today's news
* Comisión Chilena del Cobre
http://www.bnamericas.com/company-profile/en/Comision_Chilena_del_Cobre-Cochilco/170505071
* C.V.G. Aluminio del Caroni S.A.
http://www.bnamericas.com/company-profile/en/C,V,G,_Aluminio_del_Caroni_S,A,-Alcasa/170505071
* GalvaSud S.A.
http://www.bnamericas.com/company-profile/en/GalvaSud_S,A,-GalvaSud/170505071
* Barclays PLC
http://www.bnamericas.com/company-profile/en/Barclays_PLC-Barclays/170505071
* Siderúgica de Orinoco
http://www.bnamericas.com/company-profile/en/Siderugica_de_Orinoco-Sidor/170505071
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