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Hottest news review on Chinamining.org in May, 2014

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Updated: 2014-06-05 10:09
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    Comprehensive news

    China's CISA creates team to lobby Beijing to cut iron ore mining taxes
    
    
    The China Iron & Steel Association has created a lobbying team to urge the government to relax taxes on Chinese iron ore mine operators, an official with the group said Wednesday.

    Iron ore surplus seen shuttering China mines
    
    Surging global supplies of seaborne iron ore will challenge Chinese producers of the raw material for steel, probably forcing some higher-cost capacity in the country to close, according to BHP Billiton Ltd.

    China Targets 70 Gigawatts of Solar Power to Cut Coal Reliance
    
    China, the world's biggest carbon emitter, plans to speed up solar power development, targeting a more than tripling of installed capacity to 70 gigawatts by 2017 to cut its reliance on coal.


    Market

    China refined copper output falls 1.6 percent on month in April
    
    China's production of refined copper inched down 1.6 percent on-month in April after maintenance cut production at two smelters and insufficient supply of scrap raw material drove down smaller plants' output.

    China's crude steel output up 2.4% in Q1    
    
  
    China, the world's largest steel producer, saw its crude steel output increase 2.4% year on year to 202.7 million tons in the first quarter of this year, according to the latest statistics released by the National Development and Reform Commission.

    China's domestic iron ore concentrate prices fall 5.7% on week
    
    
    Domestic iron ore concentrate prices in north China's Hebei province have declined further by an average 5.7% or Yuan 55/dmt ($11) over the week, in response to both lower domestic steel prices as well as weakening imported iron ore prices, market sources said Friday.


    Merge and acquisition

    China's Baosteel, Aurizon offer $1 billion for Aquila Resources
    
    China's Baosteel Resources Australia Pty Ltd (Baosteel) and Australia's Aurizon Holdings Ltd launched a $1 billion bid for an Australian resources firm in a move that could break the stranglehold of giant miners Rio Tinto and BHP Billiton on the country's iron ore exports.

    China Hongqiao Eyes African Bauxite as Indonesia Supplies Dry Up
    
    
    China Hongqiao Group Ltd., the nation's largest non-state aluminum producer, is in talks to buy a bauxite mine in Africa to secure raw material.


    Companies

    China's Minmetals to start work on new Hunan copper project by July
    
    China's Minmetals Resources Copper Co is expected to start construction of its 100,000 mt/year core copper cathode project at Hengyang city in Hunan province by July this year, according to a report by the Hunan government posted on its website Friday


 

 

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