November, 05 2006
Induction furnace industry calls for reduction in import duty for scrap
It is reported that Mr Surinder Singla finance minister of Punjab, while attending the annual general meeting of All India Induction Furnace Association, promised to lead a delegation of North India Induction Furnace Owners to meet the advisors at the PMO office to find a solution to the problems of furnace owners.
Mr Kumar Arvind Singh Deo joint secretary with the ministry of steel while attending the meeting said that We are taking feedback from the industry and will recommend to the Finance Ministry that custom duty on imported scrap be reduced from 5% to 0%. Mr Deo said that the duty should be reduced as steel made from scrap is has less intensive processes as compared to virgin steel and is more environmental friendly.
Induction furnace owners in Punjab have been demanding reduction of excise duty on steel from 16% to 12%, reduction of custom duty on imported scrap from 5% to 0% and that tax free zones should not be allowed to sell their product outside that state. The other demands are increase in import duty of defective items which is currently at 5%.
Caparo setting up facility at Sriperumbudur for auto segment
Business Standard has reported that Caparo group plans to invest about Rs 400 crore in an engineering complex at Sriperumbudur near Chennai as a part its strategy to have a presence across four regions in India to build regional capabilities. It would also be Groups the hub for R&D center.
The complex, comprising a stamping facility, research and development centre, tool room, aluminium foundry and steel forgings, is expected to have 1,000 employees. While the stamping facility is expected to start production by April 2007, the other facilities are expected to be operational by the first quarter of 2008.
The facility will cater to truck and car manufacturers, both in India and abroad.
Kalyani inks JV with ST Kinetics
Indian auto component major Kalyani Group has signed a JV agreement with Singapore Technologies Kinetics Ltd. The JV will be engaged in the design, engineering and manufacture of high technology and critical systems for the Indian defense market.
ST Kinetics is one of Asia's largest defense companies with a growing portfolio of products and services for the defense, homeland security and commercial markets. ST Kinetics' capabilities include design and development, systems integration, production, operation and support, and life cycle management of a wide range of specialty vehicles and defense equipment.
A company statement said It will offer the Kalyani Group access to ST Kinetics' portfolio of products and services for the defense market, while the Kalyani Group will leverage its full service supply capability on the basis of its technology, product design and product development expertise.
Ramsarup Industrys Shyamnagar expansion to finish in December
It is reported that Ramsarup Industries Ltd will complete its ongoing expansion program in the TMT and wire segments by December and start offering steel products from the expanded capacity from December or from January. Ramsarups INR 520 million expansion project at Shyamnagar in West Bengal will have capacity to produce about 80,000 tonnes of TMT and wires.
Its another INR 240 million expansion project at Kalyani in West Bnegal, which will produce an additional 24,000 tonnes of wires, is likely to start production of up to 50% of the additional capacity is also expected to commence by January 2007.
It is also reported that construction at Ramsarup Industrys another project, for additional wire capacity of 60,000 tonnes at an investment of INR 980 million, at Durgapur has started.
MSPL registers with UNFCC for sale of carbon credits
It is reported that MSPL Limited has been registered with the United Nations Framework Convention on Climate Change for sale of about 2.5 million certified emission reductions from its 125MW wind power projects at Chitradurga, Davangere and Bellary in Karnataka with Ernst and Young being the project advisor.
The green project activity will replace conventional energy equivalent to 356.83 million units and cut carbon dioxide emissions by 2,532,400 tonnes over a 10 year crediting period. Each CER stands for one tonne of carbon dioxide reduction and can be traded globally.
Mr Shrenik Baldota ED of MSPL said "We intend to sell carbon credits valued at Rs 200 to Rs250 crore in the international market to boost revenue.
According to the Kyoto Protocol, developed countries that are unable to curtail their emissions have to purchase CERs through the CDM
Everest Kanto allots stake to Brightwill Ltd
Everest Kanto Cylinder Ltd has announced that its board of directors at a meeting held on November 03rd 2006 has approved allotment of 18,96,900 equity shares of the face value Rs 10 each, fully paid up at a price of Rs 485 per share by way of private placement on preferential allotment basis to Brightwill Ltd.
The release also mentions resignation of Mr Shyam Sunder Khurana as the whole time director of the company and appointment of Ms Josephine Price representative of Brightwill Ltd, as an additional director of the company.
Dabhol power project restarts
It is reported that the Dabhol power project has been re started after a gap of nearly four months. Mr Sushilkumar Shinde union minister for power told reporters on the sidelines of a conference that "The Dabhol project was re started on Wednesday. It is generating about 150 MW at present, but this will go up slowly.
The plant was initially started in May this year to meet the shortage in Maharashtra but was shut down in early July after the onset of the monsoon.
The 740 MW Block II of the project is being run on imported naptha as the new promoters GAIL and NTPC Ltd have not been able to tie-up natural gas. With naptha, the cost of generation is likely to be more than Rs 5 per unit.
NTPC announces Q2 results
National Thermal Power Corporation Ltd has posted a net profit after tax of INR 14739 million for the July to September 2006 as compared to INR 11635 million for July to September 2005 quarter.
Its total Income net of excise has increased from INR 65559 million for the Q2 of 2005-06 to INR 74643 million for the Q2 of 2006-07.
Lanco to set up a 1,320MW power plant in Orissa
Lanco Infratech has decided to set up a 1,320MW power plant at Talcher in Orissa at an investment of nearly Rs 5,000 crore.
Mr DV Rao joint MD of the Lanco Group told reporters "The proposed plant will have two units of 660MW each. Lanco Infratech is mulling the possibility of locating it in Talcher. Cost of power generation is likely to be in INR 2.30 to INR 2.40 per unit range. We have signed a 25 year power purchase agreement with the Orissa government. Under the PPA, the Orissa government, through Power Grid Corporation of India will buy about 26% of power generated by the plant.
Lanco Group operates power plants with a total installed capacity of 518MW. It is also in various stages of implementing an additional 3,275MW of generation capacity by 2010 including a 600MW coal based plant in Chattisgarh, two 1000MW thermal plants each in Karnataka and Uttar Pradesh and a 500MW hydel station in Sikkim.
Lanco group has interests in power generation, construction and property development and comprises of 18 entities with Lanco Infratech being the flagship company.
USs weekly crude steel output lowest in 2006
According to statistics released Tuesday by the American Iron and Steel Institute USs crude steel production was 1.899 million short tons during the week ending October 28, lowest so far during 2006. Output for last week was down 0.5% from the 1.91 million short tons produced a week earlier. The latest week's production also represents a sizable 6.4% decrease from the same time a year ago, when production was 2.04 million short tons in the week ending October 28, 2005. The industry's capability utilization rate was 81.2% most recently, as compared with 89.3% during the same period a year ago.
According to the AISI, adjusted year to date production through October 28th 2006 was 86.7 million short tons, at a capability utilization rate of 86.7%. That's a 4.7% up from the 84.7 million short tons during the same period last year, when the capability utilization rate was 85.6%.
Mr John P Surma chairman and CEO of US Steel last week had said that only some of the industry's production curtailments are beginning to be reflected in the AISI data hinting that upcoming weekly output figures may still show some decline.
According to most steel industry analysts the downward trend in output supports the notion that steel mill executives are now exercising greater market discipline than ever before.
MMK secures Prioskolskoye iron ore deposit
It is reported that Magnitogorsk Iron and Steel Works has won the right to develop its first major iron ore deposit by paying RB630 million ($23.6 million) at an auction for the Prioskolskoye deposit in the Belgorod region of southern Russia. The results of the auction need to be confirmed within 30 days by Russias Federal Agency for Subsoil Use.
Under the conditions of the auction, as stated by Alfa Bank, MMK must begin building infrastructure in three years, start mining in six years and have mined 21.8 million t of ore in 10 years. MMK will require about $1 billion in investment to begin production at the deposit within 6 years.
The Prioskolskoye deposit contains 45.17 million tonnes of high grade ore reserves and 2 billion tonnes of unoxidised iron quartzite, to Russian standards.
MMK, in a statement released after the auction said "One of the mills basic goals is to secure non stop supply of raw materials at the right volumes and quality."
MMK, unlike other major Russian steel makers Severstal and Evraz Group, currently relies on imports from the Sokolov-Sarbai Mining and Production Union in Kazakhstan for 70% of its iron ore as its own mines supply only 10% of the mills needs.
China's steel industry needs tough policy for consolidation
On the road of consolidation, China's steel industry still fails to break through essential encumbrances aroused from conflicts in interest allocation between central and local governments and that among the leadership. It's believed only the nation's volition can push forward the steel consolidation progress, perhaps make it much faster than the pace for global players.
What's worth to note is this power force should base on fairness and reorganization of capital should go first by market pricing, while paying attention to correlation of central and local government interests.
What favors this way is most domestic big steelworks have listed on the market with a majority already realized reform of non-tradable shares. This suggests there is no big problem about asset evaluation and when the combination is done, shareholders will also be pleased upon settlement of conflicts about tradable and non-tradable shares.
Arrangement of the corporate leadership, directorate and the management layers will be crucial. According to modern corporate system, the shareholders' meeting can help form a smooth and balanced leadership structure. The state asset administration and supervision commission and local governments can execute their rights as shareholders in the new corporation.
About the taxation, it seems more reasonable to be collected on a geographic basis. At any rate, it's called that a tough policy is needed in order to promote the steel sector's consolidation in China.
(Sourced from Mysteel.net)
Kumba shareholders approve split in Exxaro & Kumba Iron Ore
Kumba shareholders agreed overwhelmingly on last Thursday that South Africa's largest black controlled company will be listed as Exxaro Resources Limited on November 27. It had taken two years and nine months since the unbundling began in March 2004.
Dr Con Fauconnier CEO of Exxaro said that Exxaro was expected to have a market capitalization of R22 billion or R54.70 a share and the separately listed Kumba Iron Ore a market capitalization of R24 billion or R69 a share.
Exxaro would immediately be one of the biggest coal-mining companies in South Africa. Dr Fauconnier said that Exxaro would include the Eyesizwe Coal assets and Anglo American's Namakwa Sands as well as acquire a 26% interest in Black Mountain lead-zinc operation and the Gamsberg zinc deposit, which could be a good source of zinc concentrate for Exxaro, which is the owner of South Africa's only zinc refinery in Springs. Exxaro would also retain a 20% share in Kumba Iron Ore.
Kumba Iron Ore would be controlled by Anglo American and led by Mr Ras Myburgh as its CEO. Kumba Iron Ore would focus its operations around local brownfields and greenfields projects, but added that the company would have to find a growth platform offshore. Its initial focus, outside South Africa, would be on the Faleme project, in Senegal.
Shanxi Huanhai puts new SS line into production
Shanxi Huanhai Stainless Steel's 200,000 tonnes per year HR stainless steel line has started production. Monthly output will increase steadily in the future but when to reach designed capacity is still in the air.
The line began trial production three months ago for 200 series, 300 series and 400 series stainless steel.
Besides, stainless steel annealing and pickling line will be resumed later this year. In addition, stainless cold rolling coil & plate line and stainless cold drawing wire rod line are in the company's plan for the next two years.
(Sourced from Mysteel.net)
US Steel elects Mr Lipton on its board
United States Steel Corporation announced that MrJeffrey M Lipton has been elected to the company's board of directors effective November 1st 2006 to serve as a Class III director until the next Annual Meeting of Stockholders, which is expected to be held on April 24, 2007.
Mr Lipton is president and CEO of NOVA Chemicals Corporation. He joined NOVA Chemicals in 1994 as senior VP and CFO and was elected to his current position in 1998. Prior to joining NOVA Chemicals, he was employed by E. I. DuPont for almost 30 years.
In addition to serving as a director of NOVA Chemicals, Mr Lipton serves as chairman of the board of Trimeris Inc and as a director of Hercules Incorporated. He is chairman of the board of directors of the American Chemistry Council and serves as past chairman of the board of the Society of Chemical Industry, America Section.
Mr Lipton graduated from Rensselaer Polytechnic Institute with a Bachelor of Chemical Engineering degree and obtained an MBA from Harvard University.
Steel consumption forecast for Chinese manufacturing sector
This article is extracted from a speech by Mr Li Shijun deputy secretary general of China Iron & Steel Association.
I. Automobile Industry
China's automobile outputs go up continuously with average rise in automobile sales volume of over 10% per year. In 2005, the nation totally manufactured 5.8 million vehicles of various automobile, needing 10.98 million tons of steel products. By 2010, the nation will pride itself on demands for automobile of 9 million to 11 million vehicles, calling for 15.2 million tonnes to 18.4 million tonnes of steel products, including 10.1 million tonnes to 12.2 million tonnes of sheet & plate products.
II. Shipbuilding Industry
China's shipbuilding industry has made great progress during recent years. The nation held 18.11% shipbuilding market shares internationally. During 11th Five Year Period, among total steel products consumed in shipbuilding industry, 66% steel products will be applied to shipbuilding, 12% to ship repairing, 2%, to ocean engineering manufacturing and 20%, to block construction. China National Offshore Oil Corporation is expected to set up 76 ocean platforms, lay 1400km submarine pipe line, 6 RPSO/SPM and 8 field terminals by then. By 2010, 8.82 million tonnes of shipbuilding plate will be required, of which sheet & strip accounts for 85%. The nation's shipbuilding industry will show annual demands of 10.35 million tonnes of steel products.
III. Container Industry
China now is the top container maker in the world. In 2005, with 3.9 million tonnes of steel plate, 45 Chinese container makers accumulatively manufactured 2.32 million tons TEU, accounting for 93.55% of global outputs. Among these 3.9 million tonnes of steel plate, 2.2 million tonnes of steel plates were produced by domestic steel makers accounting for 56% and 1.7 million tonnes of steel plates were imported from foreign countries accounting for 44%. By now, China's dry cargo container capacity has already reached some 4.5 million TEU. By 2007, the nation's container capacity is likely to surge to some 5.8 million TEU. It is expected that the nation will consumer about 5.3 million tonnes of steel plate to produce 3.08 million TEU containers by 2010.
IV. Light Industry
In 2005, 27 million tonnes of steel products were applied to China's light industry. It is expected that the industry will consume 36 million tonnes of steel products by 2010.
1. Home appliance segment
By now, China has realized localization ratio of some 60% for CR sheet applied to its home appliance industry. The nation relies heavily on imported CR sheet of high superficial quality. Its domestic capacity can basically meet demands for HDG except 0.3mm HDG. China is also able to meet domestic demands for electro galvanized steel products with a few imports. 70% Himac steel plate is made from imported base plate by Chinese steel maker with the rest of 30% imported from other countries. Besides, color-coated sheet and galvanized sheet are generally imported ones. By 2010, China's home appliance industry's demands for steel products will reach 7.2 million tonnes with average growth of 5% to 7% per year during 2006-2010, which is much lower than the average growth of over 10% during 10th Five-Year Period. And Chinese steel makers should pay more attention on how to improve steel product quality and their services. During 11th Five-Year Period, China's domestic market for small home appliance will skyrocket up by 120 billion Yuan at least. Thus, small home appliance will boast greater demands for steel products during next five years although steel applied to small home appliance production only accounts for 10% of total steel products consumed in home appliance industry.
2. Bicycle segment
China's bicycle output was elevated to 92.54 million vehicles in 2005 and is expected to be lifted up to some 120 million vehicles. The nation's bicycle exports hold 70% global market shares. By 2010, China's bicycle production, consuming about 2 million tonnes of steel products, will ask for 2.6 million tonnes of steel products, containing 1.29 million tonnes of narrow strip steel, accounting for 50%. Aluminum alloy nave boss will be employed during almost 50% bicycles' production. Aluminum alloys, magnesium alloys and titanium alloys are used to make frame of minute-quantity bicycles.
3. Hardware segment
In 2005, about 14 million tons of steel products were used to produce hardware, up 8% to 10% year on year, including more than 7.5 million tonnes of wire rod and over 3 million tonnes of sheet/plate products, among which 95% are homemade steel products. By 2010, about 18.5 million tonnes of steel products will be used to make hardware.
4. Groceries production
China totally contributed 1.5 million tonnes to 2 million tonnes of steel products to daily groceries production, which is forecasted to have need of 2 million tonnes to 2.5 million tonnes by 2010.
5. Umbrella segment
Among the total, about 300,000 tonnes to 400,000 tonnes of steel products were needed for making umbrella in 2005 and the volume is probably to balloon up to some 400,000 tonnes to 500,000 tonnes by 2010. Among the total, the electro galvanized steel products regarded as materials for producing stick for umbrella are made from full hard coil imported from Taiwan region and S. Korea.
6. Others
In addition, the rest of 1.2 million tonnes to 1.5 million tonnes of steel products are applied to household ware production in 2005 and the volume is anticipated to boom up to some 1.6 million tonnes to 2 million tonnes.
From the above, it can be concluded that some small scale steel makers should change their minds and adjust product mix according to actual demands in order to sharpen their own competitive capability.
(Sourced from Mysteel.net)
Ukrainian SPF threatens Mittal Steel with penalties
Ukrainian Forum has reported that State Property Fund will apply penalties to Mittal Steel if the company does not react on remarks of SPF commission on fulfillment of investment obligations before November 10th.
Ms Valentina Semenyuk head of USPF told a press conference on Friday that the commission recognized as unexecuted two items of purchase and sale contract of Kryvorizhstal. In particular, the matter concerns payment of employees bonus and transfer of dividends to the state budget for 2005.
According to her, in case of failure of meeting investment obligation, SPF will apply penalties to Mittal Steel in accordance with regulations on control of investment obligations. Ms Semenyuk said We will impose fine and will oblige to pay off 13th salary and dividends. But this issue will be considered in court.
Nippon Steel to divest Kimitsu coke
Nippon Steel Corporation announced that Nippon Steel Chemical Group has agreed to separate Nippon Steel Chemical's Kimitsu coke business and transfer to Nippon Steel Corporation as of July 1st 2007.
The Kimitsu coke business produces approximately 4.12 million tonne of cokes and has revenue of approximately JPY 65 billion.
Ruukki to set up a steel component unit in Romania
It is reported that Rautaruukki will invest about Euro 35 million in building a steel components plant in Romania, as a part of its strategy to invest Euro 50 million in Romania and Ukraine. The facility will start production at the end of next year.
A release of the group said "When these investments are completed, the deliveries of components and integrated systems for commercial and industrial construction to Romanian, Ukrainian and Bulgarian customers will see a significant rise.
Poltavsky GOKs pallet production up by 8% YoY in 10 months
Ukraines largest producer of iron pellets Poltavsky GOK has increased output by 8% YoY during January to October 2006. It produced 7.025 million tonnes of pellets in this period as compared with 6.496 million tonnes in January to October 2005.
It restarted its fourth palletizing line last year, boosting annual capacity to 10 million tonnes and plans to increase output of iron pellets to 12 million tonnes over the next five years.
Poltavsky, located in central Ukraine, is owned by Ukraine based Ferrexpo Poltava Mining. It had produced 7.757 million tonnes of pellets in 2005 and 7.367 million tonnes in 2004. Exports account for almost 99% of its production.
JP Morgan sees cooling in nickel
According to analyst Jon Bergtheil at the JP Morgan Securities offices in London, the nickel market has been tight in the second half of 2006 because of vigorous stainless steel capacity additions in China and significant nickel production losses. Inventories have dropped from 35,742 metric tons in January to 6,834 metric tons in late October.
Mr Bergtheil suggests that investors have a passion for the metal at the moment which has kept prices high but sees seasonal slippage ahead.
Mr Bergtheil while looking at 2007 sees the average annual price dropping to $6.80. Nickel production growth is expected to increase 5.9% in 2007 versus demand growth of 5%, creating a small price depressing surplus. Also, sustained high prices for nickel through 2007 will exert downward pressure on the direct demand for the metal in 2008 and beyond with use of nickel per metric ton of stainless steel anticipated to decline.
Yamal chrome rights to be auctioned on December 15th
Interfax has reported that the natural resources agency for the Yamalo Nenets Autonomous District will hold auctions on December 15 for the rights to explore and mine the Yuzhny and Yugo Zapadny chromite sections. The deadline for submitting bid applications is November 15 and the auction fee is 172,000 rubles.
The licenses to both properties will be valid 25 years. The 9.97 square kilometer Yuzhny or Southern property contains P1 resources of 2.94 million tonnes and P2 of 20 million tonnes. The bidding increment is 950,000 rubles.
The Yugo-Zapadny or Southwestern property is 55.24 square kilometer and holds 4.97 million tonnes P1 and 4.68 million tonnes P2. The bidding increment is 850,000 rubles.
China Shipping to buys 42 bulk carriers
Chinas biggest oil carrier China Shipping Development Co plans to buy 42 dry bulk cargo ships from its parent company China Shipping (Group) Co to expand shipments of coal, cement, iron ore and other materials. It will pay RMB 2.47 billion ($314 million) for the ships and issue RMB 2 billion in convertible A-share bonds to help fund the acquisition.
The ships include 32 China registered and 10 foreign registered dry bulk carriers, representing about 1.4 million DWT. The acquisition will increase China Shipping's fleet by 53% to 121 bulk carriers.
Mr Li Shaode chairman said in an interview in Shenzhen "The acquisition will put all of the parent's dry bulk business into the company.
China Shipping is expanding its fleet as growth in the Chinas economy fuels demand for raw materials.
Mr Pannel joins Teck Cominco
Teck Cominco has announced the appointment of Mr Derek G Pannell as a director of Teck Cominco Limited.
Mr. Pannell was the CEO of Falconbridge Limited from June 2002 to October 2006. Mr. Pannell is a metallurgical engineer with over 35 years of experience in the mining and metals industry. He holds a Bachelor of Science degree from Imperial College in London, England. Mr Pannell is a former Chair of the Mining Association of Canada and Board member of the International Council on Mining and Metals.
Dr Norman B Keevil chairman of Teck Cominco said "We are delighted to welcome Derek as a director and look forward to the contribution he will make to the company as we move forward."
Vietnam to clear old vessels imported prior to November 1st
Vietnams ministry of natural resources and the environment has officially asked the Government to allow the clearance of old vessels that docked in Vietnams ports before November 1st 2006. However the contracts for imports of these vessels must have been signed prior to July 1st 2006 the date when the Law on Environmental Protection came into effect and must have docked at Vietnams ports before November 1st 2006.
The Law on Environmental Protection prohibits importing used vehicles for demolishment. Vietnams ministry of natural resources and the environment has imposed ban on old vessels as their demolishment of releases toxic substances into the environment. Therefore, Vietnamese enterprises are allowed to demolish old domestic vessels only.
Indonesia seeks foreign investment for infrastructure building
Mr Susilo Bambang Yudhoyono president of Indonesia at the opening of the 3 day Indonesian Infrastructure Conference 2006 appealed to foreign investors last week to pump $22 billion per year into the country's dilapidated roads, power plants and ports, saying the vast capital injection is needed to tackle widespread poverty and unemployment.
Mr Yudhoyono said "Of all the challenges that we face, infrastructure development stands very much at the top of the list. It will help to avoid rising inequality and social conflict. In all, more than $19 billion in infrastructure works will be on the table over the next three days. The county needs $22 billion of investment annually to reverse the trend during the crisis years.
Indonesia, the world's 4th most populous country, is pitching 111 infrastructure projects, the largest being a $1.5 billion fiber optic network and two coal fired power plants worth nearly $2.48 billion. It hopes to attract money for dozens of ports, toll roads, water processing facilities, electricity plants and transportation routes neglected for decades.
South Korean consortium to in talks for $10b Nigeria project
Reuters has reported that POSCOs construction arm POSCO Engineering & Construction Co as a part of a consortium consisting of state run Korea National Oil Corp and power monopoly Korea Electric Power Corp, is in talks to upgrade a railway and build a gas plant in Nigeria in a deal worth about $10 billion.
In return for building facilities, South Korea is seeking to get an advantage in buying oil licenses from Africa's top oil producer in the future.
The project would modernize a railway that stretches 1,500 kilometer from Port Harcourt in Nigeria's west coast to Maiduguri in the east. It would also build a 2,200MW gas based power plant in the African state's capital Abuja.
Steel Joist Institute releases updated technical guide
Steel Joist Institute has released a 90 pages new updated Technical Digest #9 to serve as a step by step guide for the proper loading, shipping, receiving, unloading, storing and erection of steel joists.
It is a must have for steel joist manufacturers, building inspectors, contractors, erectors and other building professionals in US.
Expanded chapters include detailed information about field inspection, panelized erection, and an extensive new chapter on proper bridging. Proper bridging safely braces the joists against unanticipated horizontal movement during erection or when placing construction loads. This is critically important to meeting the latest Occupational Safety and Health Administration standards.
The Steel Joist Institute, a non profit organization, works closely with major building code bodies throughout US helping to develop code regulations regarding steel joists and joist girders. The Institute also invests thousands of dollars in ongoing research related to steel joists and joist girders and offers a complete library of publications and other training and research aids.
Thai Padaeng signs zinc exploration contract in Laos
Thai zinc mining firm Padaeng Industry PCL announced signing of a zinc exploration contract with the government of Laos. The contract will allow Padaeng to conduct exploration for four years in a 800 square kilometer land in Vientiane.
Padaeng runs its mining businesses in Laos through wholly owned unit Padaeng Industry (Laos) Co.
