Sterlite Industries India Ltd., the nation’s leading copper and zinc producer, a dip in profit for the third straight quarter after copper-refining fees failed to offset a dip in zinc prices. For full story, click here
Broken Hill based mining company Perilya announced that it has incured a loss of AUD 77.2 million for the last six months of 2008 due to a steep decline in zinc prices by 51 percent in the six-month period. For full story, click here
By Leia Michele Toovey- Exclusive to Zinc Investing News Positive sentiment that spread through the markets during the week edged up most of the base metals. The U.K. benchmark FTSE 100 Index jumped 0.9 per cent and Japan’s Nikkei 225 Stock Average closed 2.7 per cent higher in Tokyo. Pessimistic data still came out of [...]
Zinc prices may not recover until 2010 at the earliest, according to a recently held London Metal Exchange seminar. Gayle Berry, analyst at Barclays Capital, said: In zinc, the short and long term fundamentals were very different. In the short term, the market surplus is rising, stocks are rising and the demand outlook looks pretty gloomy — [...]
Zinc is expected to further decline on oversupply. Giles Lloyd of industry consultants CRU Group said: We would need very, very, very significant production losses to bring the market back to balance” in 2009. For full story, click here
Rapidly declining global zinc prices have claimed a fourth Australian mining casualty in three months with the closure of another mine costing 50 jobs. Intec managing director and chief executive officer Philip Wood said: The return on metals is at an all-time low in Australia. For full story, click here
Treatment charges for spot zinc concentrates paid by global miners to Chinese smelters may decline in coming months due to stronger demand from the country and lower supplies from the global market. A trade manager at Zhuzhou Smelter said: Some smelters have imported more concentrates because of lower international prices. For more information, click here
Diversified miner Xstrata reported an 8% decline in attributable profit for the first six months of its financial year to $2,75-billion. The contribution of zinc was down from 18% in 2007, to 8% in the interim period this year. For full story, click here
Zinc was down $55 to $1,870 per tonne on LME, as most base metals declined due to strengthening of US dollar. For full news, click here
Inmet Mining reported a steep decline in its second-quarter profit by 51 percent, as lower zinc prices reduced its second quarter sales by C$53-million. For full news, click here
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