Turkish steel sector hit by US anti-dumping duties; Tax rules relaxed on Zambian copper exports; Impala profits fall; Intrepid launches bid offer for Blackthorn
Turkish steel exports hit by US anti-dumping duties
The US anti-dumping duties on steel pipes have raised concerns in the Turkish steel industry, which fear losing around $250m (£150m) in exports. This decision is influencing other nations to implement such a move. Canada may launch an investigation within this framework. There is an ongoing legal process in Australia. Morocco has re-opened the investigation into Turkish steel and decided to impose dumping duties.
Relaxed tax rules relief for Zambian copper miners
Zambia’s decision to relax tax norms on copper exports comes as a major relief to the country’s copper miners who seek more than $600m (£362m) in unpaid tax refunds. The rule, which needed them to produce import certificates from destination countries, could not be implemented as it involved documentation outside the country’s jurisdiction and also due to sometimes companies selling their minerals to middlemen.
The Wall Street Journal
Impala profit drops 74% following platinum strike
South Africa-based Impala Platinum Holdings’ full-year profits plummeted 74% due to lower prices and a five-month platinum strike. The company has initiated a programme to evaluate the impact of the strike and low platinum-group-metal prices on the profitability of the company. The programme will be completed by December 2014.
Intrepid Mines bids for Blackthorn Resources
Intrepid Mines has launched an all-share bid offer worth A$58.6m (£33m) for Blackthorn Resources that is planning to construct a copper mine in Zambian capital Lusaka. The capital investment would be used to help pay for pre-development work on Blackthorn’s A$680m Kitumba copper mining project.
Indian WEEE firm lands £10m in fresh equity funding
Indian WEEE waste management firm Attero Recycling has secured INR1bn (£10m) in the latest equity financing round, led by private equity firm Forum Synergies. The company is eyeing expansion in India and overseas.
The Economic Times
Nevis Island to get EfW unit worth $20m
Nevis Island has sealed an agreement with US-based renewable energy firm Omni-Alpha to build an energy-from-waste facility, with $20m (£12m) total capital injection. Construction is due to begin in the final quarter of this year and to come online within 12 months.
Waste Management World