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HO CHI MINH: PetroVietnam is setting up a new company to manage its biofuel production and distribution, according to local media reports. The new company, PetroVietnam Biofuel Joint Stock Co. will have an initial capital of about US$2.7 million. PetroVietnam General Services Joint Stock Corp. (Petrosetco) will hold 51 per cent of the company. PetroVietnam Oil Corp. will hold 29 per cent, Binh Son Refining and Petrochemical Co. Ltd., 15 per cent, and PetroVietnam Finance Joint Stock Corp. (PVFC), five per cent. The new company will produce ethanol from cassava. The output will be blended with gasoline sold at the local petrol pumps to help reduce the country's fossil fuel dependence.

Following announcements from Aurubis and Revere about planned rises in their US fabrication charges, Olin Brass Corp. and Hussey Copper Corp. have also unveiled their plans to increase fabrication conversion prices. Olin Brass Corp. intends to increase charges by 5¢/lb on all alloy orders shipped from 1st March. Hussey Copper Corp. will increase charges by up to 10% on its copper products, including sheet, strip, bar and plate on shipments from 1st March. Olin Brass attributed the rise in its prices to escalating inflationary costs related to supplies, maintenance, energy and healthcare. Hussey stated that the charge increases were essential for ensuring continued investment in its equipment, products and people.

General Motors Corp., along with a consortium of more than 30 utilities and a non-profit electric industry research group, has struck a deal to forestall potential problems when the company introduces its new electric vehicle to the nation's showrooms. An EPRI official also emphasized the grid aspects of the collaboration. Said Arshad Mansoor, the organization's vice president of power delivery: "Seemless integration of [plug-in hybrid electric vehicles] into the electric grid will require close collaboration between the automobile and electric sectors." The statements from EPRI and the car company also address safe and convenient vehicle charging, public education and other public policies, including codes and standards. Among the utility participants in the collaboration are Consolidated Edison of New York, Duke Energy, First Energy Corp., Pacific Gas & Electric Co. and Southern California Edison Co. Others are listed as part of the EPRI statement. The research organization last year released a report along with the Natural Resources Defense Council that concluded plug-in hybrids had the potential to lower greenhouse gas emissions. GM, meanwhile, emphasized the cost benefit of the new vehicles, saying consumers could find that the per-mile expense of an electric vehicle would be about one-fifth that of a gas-powered car.

Sony Corp will invest $369 million (40 billion yen) to power up its lithium-ion battery production operations, adding new facilities and augmenting existing lines. The infusion, which Sony said is the first phase of investment in lithium-ion batteries the company is undertaking as part of efforts to reinforce core areas of its component and semiconductor business over the next three years, will be used to construct new production facilities and to enhance existing lines at Sony's lithium-ion battery production sites in Japan, the Motomiya Technology Center and Tochigi Technology Center of Sony Energy Device Corp. Sony said it is making the investment in response to the growing demand for lithium-ion batteries and that the new production facilities will focus on electrodes, battery cell production lines, and charge and discharge equipment, among other technologies. Sony further reminded its expanding lithium-ion battery production in Singapore and China, and said that in total its monthly production capacity will increase from the current level of 41 million cells per month to 74 million cells in 2010. Sony's $369 million investment will start in its current fiscal year and continue through the second half of its fiscal year 2010. Sony's fiscal Q1 2008 concluded in June. Meanwhile, Matsushita Electric Industrial Co recently committed $923 million (100 billion yen) to build a plant in Osaka, Japan, that is expected to bring its cell production to about 75 million a month from its current 25 million cells per month. Sanyo Electric Co has also reportedly announced plans to invest, promising $1.15 billion (125 billion yen) to develop its rechargeable-batteries business over the next three years. That investment is expected to increase cell output to 90 million per month from Sanyo's current 70 million cells per month. All three of the Japan-based companies last year suffered from loses brought on by their battery operations. Sony-made lithium-

Murchison has sold its 9.2% stake in Midwest Corp to Sinosteel for $107 million following Sinosteel's takeover of Midwest. Posted: Thursday , 11 Sep 2008 SYDNEY (Reuters) - Australian iron ore prospector Murchison Metals Ltd has sold its 9.2 percent stake in fellow Australian firm Midwest Corp to China's Sinosteel for about A$135 million ($107 million). The move follows Sinosteel's $1.3 billion takeover of Midwest earlier this year, which defeated a plan by Murchison to merge with Midwest. The two Australian firms are neighbours in the as-yet undeveloped Yilgarn iron ore mining region of west Australia. Murchison said in a statement on Thursday the sale of the Midwest shares is in the best interests of the company, especially given significant changes in world financial markets over the past three months. "The cash raised through the sale gives Murchison greater flexibility in relation to both developing existing projects and in pursuing fresh opportunities," Murchison Executive Chairman Paul Kopejtka said in the statement.

Like Inca Pacific, Southern Copper Corp, Candente Resources, Strike Resources Ltd and Newmont Mining Corp (NEM.N: Quote, Profile, Research, Stock Buzz) have complained of having to reexamine or delay their projects in Peru because of the global crisis. Southern Copper has said plans for its Los Chancas would be evaluated, and that it may consider dipping into dividends for project funding.

As China's economic lifeline, the iron and steel industry used to be a black smoke maker and blue-sky killer in the eyes of many people. In 2007, SO2 emissions by China's large and medium-sized steel and iron enterprises were estimated at 756,368 tons, down 0.51 percent year-on-year. And the discharge of industrial coal ash was 382,275 tons with a 2.79 percent decline. Otherwise, soot discharges increased 3.02 percent, totaling 156,648 tons. The Long March of environmental protection and energy efficiency for China's steel and iron enterprises is still challenging, though many in the iron and steel industry have launched a green revolution in order to improve their old image. Wuhan Iron and Steel (Group) Corp (WISCO) is one such environmental protection warrior. As China's thrid largest steel and iron manufacturer, WISCO used to be a major polluter in Wuhan, capital of Hubei province. Many residents complained and criticized the firm, joking that sparrows would turn black after flying over WISCO's mills.

It looks ordinary, like a razor-thin metal ribbon. But the high-temperature superconductor power transmission cable the Long Island Power Authority recently installed in Ronkonkoma revolutionizes how electricity is delivered, utility and federal officials said. The cable -- which is a fraction of the size of a traditional copper wire but can carry three times the power -- made its ceremonial debut yesterday with officials from LIPA, the U.S. Department of Energy and officials from the company that makes the cable. It went online April 22, the world's first use of the new technology in a commercial power grid. Utilities around the world are looking at superconductivity to improve efficiency of their grids and make them less vulnerable to blackouts. LIPA has buried three 2,000-foot wires in its right-of-way, and it will be installing a second generation of the wire in the same area as a test. "We view superconductor power cables as an important option that will help us further enhance the reliability of our grid as we meet our customers' increasing demands for electric power," LIPA chief executive Kevin Law said. He said the new cable allows the utility to increase capacity where its system has bottlenecks while increasing reliability and longevity and lowering costs. The wire, manufactured by American Superconductor Corp., conducts 150 times the electricity of the same sized copper wires, strand-for-strand. This means transmission cables can be far smaller and still conduct as much as three to five times more power in a smaller right-of-way.

General Cable Acquires Majority Position in Philippine Joint Venture

An 18.34% stake in Phelps Dodge Philippines Inc (PDPI), which is the largest wire and cable manufacturer in the Philippines, has been sold to General Cable Corp by A Soriano Corp (Anscor). This raises General Cable's stake in the cable manufacturing firm from 40% to 60%, with the remaining 40% remaining under the ownership of Anscor. Under the terms of the deal, Anscor has sold 1.081 million shares for P641.49 million ($14.2 million). PDPI was established in 1995 as a joint venture by Anscor and Phelps Dodge International Corp, which General Cable acquired in Q4 2007.

Founded in 2005, LeDi is located in China near Shanghai in Zhejiang province, a hub of transportation, trading and communications. The company has three copper wire production lines with total annual capacity of approximately 36,000 tons. In April 2009, LeDi received a license to import scrap metal directly from foreign countries, making it one of the only copper processing companies in China that is licensed to import scrap copper directly from the USA, thereby decreasing raw materials costs and providing a meaningful competitive advantage.

NEW YORK--(BUSINESS WIRE)--Bay Acquisition Corp. (formerly known as SecureLogic Corp.) (OTCBB: SLGI) ("Bay Acquisition"), announced that it has entered into an agreement to acquire Zhejiang Ledi Electronic Technology Co., LTD. ("LeDi"), a copper processing enterprise located in China, which produces electrical copper wires in the wire and cable industries. The transaction is structured as an acquisition of LeDi's Samoan-based holding company.

TataAutoComp Ltd announced on 5th November that it is exiting its wire harness joint venture Tata Yazaki Autocomp. The Pune-based manufacturer of wiring harnesses, the second largest producer in the Indian market with a share of 16%, generates the largest portion of its revenue from sales to Tata motors. Japanese based Yazaki Corp, the joint venture partner, will now purchase the outstanding 50% of the company held by TataAutoComp.

Physical copper consumers, including AmRod Corp., Southwire Co and Encore Wire Corp are setting the stage for another confrontation with the SEC over the controversial approval of JP Morgan's physically-backed copper ETF. In an open letter to the SEC from the group's lawyers, they reiterated claims that the ETF would leave less copper in the market for manufacturers, creating shortages and boosting prices. The group branded the decision from the SEC as "not based on substantial evidence" and "arbitrary and capricious." The consumers also said it was surprising that senior SEC executives met with JP Morgan's head of commodities days before the SEC announced their decision, whilst refusing to meet with representatives of the copper consumers. According to a report from the Financial Times, it is now thought likely that the group of consumers will appeal the SEC decision.

\n\nNEW YORK - ITT Corp. handed in a 3% higher second-quarter profit Friday, with a weak dollar and strong overseas demand for its pump, valves and electronics systems shielding the company's bottom line from the economic downturn at home. During the quarter, ITT won a major contract to provide filtered seawater to Esperanza, a large new copper-gold mining project in Chile's Atacama Desert.

LIMA, Peru -- Peru's Southern Copper Corp. on Thursday said second-quarter \nprofit fell 24 percent from the year-ago period amid strikes and higher fuel and \nproduction costs.

Newmont Mining Corp. posted a sharply higher second-quarter profit Thursday, with record-high gold prices and production gains pumping revenue past most analysts' expectations. Newmont (NEM:Newmont Mining Corporation News, chart, profile, more Last: 49.02+0.25+0.51% 2:30pm 07/25/2008 Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: NEM 49.02, +0.25, +0.5%) shares rose $1.82, or 3.9%, to close at $48.77. The stock is up 12% over the past 12 months. Newmont reported net income for the three months ended June 30 swung to $277 million, or 61 cents a share, from a year-ago loss of $2.06 billion, or $4.57 a share. The year-ago numbers were heavily skewed by a $1.67 billion write-down tied to the company's exit from merchant banking and a $460 million charge for settling price-capped forwards contracts. Adjusted earnings from ongoing operations more than doubled to $230 million, or 51 cents a share, from $103 million, or 23 cents, a year earlier. Gold sales during the quarter totaled 1.27 million equity ounces, fetching on average $900 an ounce, as the precious metal rode a huge spike in commodity prices. Gold prices were averaging about $600 an ounce a year ago. Costs per ounce rose, however, to $440 an ounce from $417 a year ago. Copper sales accounted for $183 million during the quarter, down from $340 million a year earlier. Newmont stood by its earlier 2008 production forecast of 5.1 million to 5.4 million ounces of gold, with production cost expected to range from $425 to $450 per ounce.