Anglo American plc has announced that it has entered into a conditional agreement to sell its interests in five undeveloped coal assets in Australia for A$580 million (approximately US$500 million) in cash.
Following constructive discussions with the mining industry, Australia's newly appointed prime minister, Julia Gillard, has moved to scrap the controversial Resource Super Profits Tax (RSPT), replacing it with a Mineral Resource Rent Tax (MRRT).
Indian cement manufacturers have released their shipment and production figures for June. A range of results – both increases and decreases – have so far been reported.
Cement production in India is forecast to increase by 10% this fiscal year, reaching 300 million t.
The strongest stock market in the Asia-Pacific region in global terms is not China or India, but Indonesia.
15 000 t of clinker has left the Cam Pha plant in Vietnam, bound for the Middle East.
Cement prices in India are expected to drop 8 – 10% by the end of the week as producers feel the effects of weakening demand in the nation.
China Shuangji has secured a US$3.7 million loan that will be used to complete construction of its new plant.
Birla Corporation, India, has announced that it will invest Rs.2400 crore over the coming years in a bid to expand its cement operations.
Lafarge, CRH, HeidelbergCement and Italcementi are in a race to acquire Murli Industries in Maharashtra, India.
China Resources Cement Holdings has reached an agreement with Universal Cement Corp. to acquire six affiliate cement companies.
Indian cement producers displayed a positive performance in May as shipments were on the increase.
Jaiprakash Associates has announced that it will invest around Rs 10 000 crore over the next three years.
The zero tariff on imports of cement to the Philippines is worrying producers there, despite only two shipments having come in since the tariff was reduced in February. With price hikes on the horizon, cement companies fear dumping will undervalue local cement.
Cemex’s bid to take over Hyderabad-based Penna Cement hangs in the balance as both companies have been unable to arrive at an acceptable valuation.