Ruling on US-Indian steel dispute; Australian food wastage; Buyer expected for Candelaria Copper Mine; China’s support policy ups cotton prices
WTO panel rules on Indian challenge over US steel duties
India and the US are assessing a series of judgements from the World Trade Organisation over Indian complaints about US duties imposed on certain steel imports from India. Either party in a WTO dispute can appeal, which typically takes six to 12 months. Duties remain in place in the meantime.
Australian households throw out 40% of edible food
According to research by RMIT University’s Centre for Design and Society in Melbourne, households in Australia are wasting an estimated 40% or 2.7m tonnes of the edible food they buy each year. The Districts, Lifestyles and Avoiding Food Waste study estimated that about 50% of household waste in council garbage bins is food, with fresh fruit, vegetables, pre-prepared meals, bread and cereals being the most common items wasted. The main reasons for the food wastage include forgotten leftovers, food that’s past its use-by date, bad storage and buying excess food than required.
Beaulieu International to establish US headquarters
Belgium-based Beaulieu International Group will set up its new textile plant in Georgia’s Cartersville in a bid to boost its production and to better supply the US market. The US headquarters will create 350 employment opportunities in the next five years. The facility will be built on 120 acres of land and, in the initial phase, will design and produce 47m square yards of cushion vinyl for commercial and residential application.
Lundin to buy Freeport-McMoRan’s Chilean copper mine
Canada-based Lundin Mining has reportedly agreed to acquire Freeport-McMoRan Copper & Gold’s Candelaria copper mine in Chile, in a deal worth C$2m (£1.1m). The mining company will pair with Franco-Nevada, which will pay for a stream of the mine’s future gold production. If the report is true, the buyout will increase Lundin’s copper production significantly.
Barrick Gold to work with Ma’aden on Saudi Arabian copper project
Barrick Gold is setting up a joint venture with Saudi Arabian Mining Co (Ma’aden) to operate its Jabal Sayid copper mine in Saudi Arabia. This move will perhaps see the long-delayed mine finally commence production in late 2015. Ma’aden will pay $210m (£123m) to own half of the project that is located some 120 km southeast of Medina. The partnership is likely to close in the fourth quarter of 2014. The asset is likely to produce 45,000 tonnes of copper in concentrate annually in the first five years.
Business News Network
Internal market prices for cotton raised in China
Chinese price support policy has hiked internal market prices for cotton considerably above world prices. Chinese mill use has plunged, while it has increased outside of China. The fall in the mill use in China is due to larger imports of lower priced cotton yarn, which has supported mill use around the world. USDA predicts Chinese mill use increasing faster than the rest of the world. Meanwhile, in Vietnam, USDA is foreseeing a slight drop.
High-quality waste treatment key to achieve recycling rate in Singapore
Singaporean local companies can leverage the new opportunities created by the growth in the Asian waste management sector, according to Deputy Prime Minister Tharman Shanmugaratnam. Shanmugaratnam added that the companies operating in the industry should seize on technology and skills to boost productivity in addressing growing constraints on land and foreign manpower. He added that maintaining adequate, high-quality waste treatment capacity locally is key to achieving the nation’s target of a 70% recycling rate by 2030.