SHANGHAI, Apr. 22 (SMM) –
Citi Lowers Forecasts for Average Zinc Price in 2013 by 3.2%
Citi Research lowered its forecasts for the average zinc price in 2013 by 3.2%, to USD 1,995/mt. The institution also cut the forecasts for the average zinc price in 2014 and 2015 by 3.5% and 5.4%, respectively, to USD 2,050/mt and USD 2,100/mt.
Chinese Enterprise Invests in Zinc Mine Development in Russia
MBC reached an agreement with China Non-ferrous Metal Industry's Foreign Engineering and Construction Company (NFC) recently that they will jointly explore the zinc mine in Buryatia. Experts consider the cooperation a breakthrough between Sino-Russian cooperation in the resource field.
ILZSG: Global Zinc Surplus 50,000 Mt January-February
The ILZSG announced its monthly report last Monday showing global zinc market is in 50,000 mt of surplus during January-February 2013.
China Polymetallic Mining Output to Double in 2013
China Polymetallic Mining CFO Li Tao said recently the company's lead concentrate and zinc concentrate output in 2013 is expected to reach 73,000 mt. Output at the Hong Kong-listed company reached 34,400 mt last year, and daily output at its Shizishan polymetallic mine was 2,000 mt last year, with lead and zinc concentrate output reaching 60, 000 mt. Despite the fact that China's lead and zinc concentrate supply increased in 2012, the leadership of China Polymetallic Mining is still optimistic towards the market in 2013. He said: "Concentrate market will remain in surplus this year, and will balance in 2014, but run short in 2015, especially zinc concentrate market, will fall short of demand significantly."
Additional 4.58 Million Mt Reserves Found at a Lead & Zinc Mine in Chifeng
A lead and zinc mine in Chifeng was proved to have additional 4.58 million mt of lead and zinc ore reserves. Inner Mongolia Chifeng Institute of Geology and Mineral Exploration and Development cooperated with Chifeng Baiyinnuoer Lead and zinc Mining to explore into old mines, with total investments of over RMB 60 million. 4 mineralized spots and many blind ore bodies were discovered, and 11 mine deposits with significant potential have been under control, which added 4.58 million mt of lead and zinc ore reserves. The mine's serving period will extend for 10 years, with 1,500 jobs added.