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China to Speed Launch of Rare Earth Futures Contracts, Shanghai

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China to Speed Launch of Rare Earth Futures Contracts, Shanghai China to speed launch of rare earth futures contracts, Australia. The metal is a key component of batteries used Shanghai exchange says in cell phones, electric vehicles and other consumer goods. China will accelerate the launch of futures contracts for SQM said late Wednesday profits had plunged in the third rare earths, used in devices such as mobile telephones quarter, ahead of the protests, on sagging prices for the and batteries, an official of the Shanghai Futures key battery metal and softer-than-expected demand this Exchange said on Friday. year from China. The exchange will also hasten its launch of alumina Profits sank 27.5% to $60.5 million in the third quarter, futures, Chen Ye, the head of its commodity department, from $83.5 million a year earlier, the company reported. told an industry conference, without saying which rare SQM said prices had fallen 28%, though sales volumes earth contract would be launched, or when. continued to grow, up 12% through September, and up China is the world's largest processor and producer of 6% over the second quarter. rare earths, a group of 17 elements. Lithium revenues fell 26.4% over the same quarter the After the May breakdown of trade talks with the United previous year, as falling prices continued to offset States, industry participants had speculated China might increasing sales volumes. exploit its dominant position as an exporter of the Ramos said 2019 demand growth would likely hit 14%, minerals. lower than the company´s long-term estimates of 16% to The Shanghai Futures Exchange has been discussing a 20%. The company said it nonetheless expected to meet possible futures contract with China's rare earth industry 2019 sales volume targets of 47,000 tonnes of lithium, since 2014. and remained "very positive about the long-term demand Last March it signed a pact with the Association of China fundamentals." Rare Earth Industry for research on the development of But a wave of new mine production even as China has rare earth futures and other derivatives, the exchange scaled back subsidies have pushed down prices in recent said on its website. months, prompting some miners to put near-term investments on ice in an industry already scrambling for Lithium miner SQM dodges impacts from Chile capital. protests, hit by lower prices Rio Tinto faces having to renegotiate terms of Chilean miner SQM, the world's No. 2 lithium producer, Mongolian copper project said a month of violent protests in the South American nation would not dent the company's sales or volume Rio Tinto faces renegotiating the terms of an agreement forecasts for 2019. underpinning its Mongolian copper mine project, after Protests over inequality paralyzed major cities in the lawmakers on Thursday approved plans to revise the South American nation for weeks, leaving at least 23 deal to make it more beneficial for Mongolia. The Oyu dead, hobbling public transportation networks and Tolgoi mine, Mongolia's biggest foreign investment causing around $1.5 billion in damages to private project, has already been subject to delays and business. ballooning costs, leaving Mongolian lawmakers impatient "We have had some issues with transit of our products, for income, while Rio Tinto says it has invested billions. workers and contractors," said SQM CEO Ricardo Ramos Rio Tinto-owned Turquoise Hill Resources has a 66% of the company's operations. stake in the multi-billion-dollar project and the Mongolian In late October, indigenous protesters said they had state owns 34%, with investment terms agreed in 2015 in blocked access to SQM's operations at Atacama. a deal known as the Dubai Agreement. "We are going to deliver our products to our customers Rio Tinto said in an email that it understood that the according to our previous forecast despite the situation in Mongolian parliament's vote on Thursday to revise the Chile," Ramos told investors on a conference call on deal needed to be finalised and it would provide a further Thursday. "I don't foresee that this will be a strong issue update once that happened. in our business goals in the medium and long term." Thursday's vote was the culmination of a two-year Albemarle, SQM´s top competitor and neighbor on Chile's process after a working group was set up to establish the Atacama salt flat, said earlier this month that unrest had benefits of the Dubai Agreement and submitted its report reduced Chilean production by about 500 tonnes but is to parliament. "For now, the Oyu Tolgoi agreement is not not expected to have a material impact on annual results. benefiting Mongolian citizens," Battumur Baagaa, a Chile is the world's No. 2 producer of lithium, behind member of the Mongolian parliamentary working group, (continued) said when he first presented the report in July. After four profit warnings and two failed attempts to "It is good to attract foreign investment but that doesn't restructure since July 2018, Thyssenkrupp is also aiming mean foreign investment should only benefit the foreign to slash 6,000 jobs and looking for new owners of side." businesses where it is clear it cannot catch up with rivals. In July, Rio Tinto announced a cost overrun of up to $1.9 "I ask you to be patient," Merz said in an investor call billion, saying total capital expenditure was expected to following results for the year to Sept. 30, which showed be in a range of $6.5 billion-$7.2 billion, and it expected a net losses widening to 304 million euros ($337 million) delay of up to 30 months at the Oyu Tolgoi underground from 62 million a year earlier. extension. "We will not leave any stone unturned," she added, The recommendations approved by parliament include warning any restructuring would need 2-3 years to fully replacing the 34% interest with a special royalty and take effect and pouring cold water on hopes for a quicker bringing forward the date - currently set at 2041 - when turnaround. The group's net loss is expected to widen Mongolia begins receiving dividends. again this fiscal year. The working group argued the Dubai agreement was At 1425 GMT, Thyssenkrupp shares, which dropped out never ratified by parliament and was not legally binding. of Germany's DAX 30 index in September, were down On Monday, Mongolia's Administrative Court ruled that 13.3% at 11.71 euros. They earlier touched an 11-week former prime minister Chimed Saikhanbileg had violated low of 11.54 euros. the law when he signed the Dubai Agreement. A non- Merz, who was appointed CEO last month for 12 months governmental organisation named Darkhan Mongol in an emergency move, said talks with investors, Nogoo Negdel had asked the court to check the legality of executives and employees had convinced her the steel-to Saikhanbileg’s approval of the agreement. -submarines group required substantial change. Turquoise Hill, which is 51%-owned by Rio Tinto, also "Some of what I've seen and heard has been sobering. said it would provide a further update once the We lag far behind our ambitions in many areas," she said. parliamentary resolution was finalised. Rio's difficulties in Mongolia have held back its share NO SHOOTING RANGE price, analysts say. Rio shares fell 1.2% on Thursday. Thyssenkrupp's adjusted earnings before interest and tax They have gained around 11% this year, but Turquoise tumbled 44% to 802 million euros and the company said Hill shares have shed around 74% this year. it expected a similar level for 2019/20. It reported negative free cash flow before mergers and Global nickel market deficit expands in Sept to 3,200 acquisitions of 1.1 billion euros in 2018/19 and warned T -INSG that would get worse this financial year. "Thyssenkrupp needs to focus on the comprehensive and The global nickel market deficit widened to 3,200 tonnes sustainable restructuring of the business areas, in the in September from a revised shortfall of 300 tonnes the interest of safeguarding the future of the company," said previous month, the International Nickel Study Group Michael Muders of Union Investment, a top-10 (INSG) said on Thursday. In the first nine months of the shareholder. year there was a global deficit of 50,800 tonnes, The conglomerate, whose activities include making car compared to a deficit of 122,800 tonnes in the same parts building fertiliser plants, proposed scrapping its period of 2018, Lisbon-based INSG added. dividend for the first time in six years, a move backed by top investor, the Alfried Krupp von Bohlen und Halbach Thyssenkrupp shares plunge as new CEO paints Foundation. bleak picture Hopes of easing pressure on the company's balance sheet now lie with efforts to sell the elevator business, Thyssenkrupp's new boss scrapped the German which could be valued at up to 17 billion euros. industrial group's dividend, warned of deeper losses and Thyssenkrupp, which had net financial debt of 3.7 billion asked investors for yet more patience over its turnaround, euros and pension liabilities of 8.7 billion at the end of sending shares in the conglomerate down as much as September, said it expected binding bids for the unit next 14.5% on Thursday. The moves immediately turned up year. In addition, management flagged further layoffs, the pressure on Martina Merz, who served as which are certain to draw opposition from labour chairwoman before taking over as CEO, to quickly sell the representatives, a powerful stakeholder group that company's elevators business - a prize asset it has put on controls half of Thyssenkrupp's 20-member supervisory the block to try to mend its finances.
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