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US speciality brass mill Ansonia Copper and Brass Inc. has announced that it will lay off 85 of the 102 employees at its Liberty Street, Ansonia, factory in Connecticut. The plant manufactures copper alloy rod and wires. Company President Raymond McGee said "it's a very, very difficult situation". He blamed the redundancies, on top of 76 employees laid off in April 2007, on the company's struggle with escalating costs. Since 2002 electricity costs have soared 239%, natural gas 200%, fuel oil 125%, and copper and nickel 500% apiece. Ansonia's other facility in Waterbury, CT, which manufacturers copper alloy tube is unaffected by the announcement.

Further evidence of the impact of the North American economic slowdown on copper demand has recently been published by the ABMS and government statistical bodies. North American copper wirerod production plummeted 9.6% year-on-year to 174,000 tonnes in April. Output had been on a downward trend but the magnitude of the deterioration in April has still come as something of a surprise. A year-on-year increase of 2.0% in North American output January had been followed a 1.0% fall in February and a 2.7% drop in March. In April Canadian output was flat year-on-year due to improving export sales to the US, while US production fell 9.8% year-on-year and Mexican shipments slumped by 17.5%. On a year-to-date basis North American wirerod production was 2.9% lower in the four months to April 2008. Weakening demand from the automotive industry, coupled with a resurgance in copper prices and the return of Russian wirerod imports has clearly led to a deteriorating market situation for domestic mills.

Mueller Industries second quarter results highlight the tough times that the US brass mill industry is facing, but that companies can still operate profitably in a challenging market environment. The company's plumbing and refrigeration segment saw sales fall 11% to US$404m, while its operating profits dropped 32% to US$35m. The company blamed lower shipment volumes and lower spreads for the weaker performance. Sales at the company's OEM division, which includes its brass rod activities, rose 10% year-on-year to US$354m, while its operating profits rose 5% to US$19m. The improvement here is due to acquisition of Extruded Metals. Commenting on the results Harvey Karp, Chairman of Mueller Industries said "Mueller's earnings for the first half of 2008 were achieved despite the continuing decline in the housing industry, the sub-prime mortgage meltdown, the turbulence in the financial markets, rising metal costs, sky-high energy prices and a slowing national economy. Considering these adverse circumstances, we are pleased with the results."

Thin-film solar company Nanosolar has been sitting on a big secret for much of this year, it turns out: The company took a $300 million financing this March, and has remained mum ever since, only detailing it on the company's blog this morning after VentureWire reported the funding. While Nanosolar hasn't been entirely secretive about its technology, with chief executive Martin Rosencheisen showing off a rapid manufacturing technique early in summer, but apparently it didn't want details leaking on this giant-sized investment until necessary. Word slipped out in April about $50 million of the total, but at the time, Nanosolar didn't want to talk - and it's now clear why. The race for funds, and ever-larger production targets, is definitely on for thin film. Secretive thin-film silicon company Optisolar has raised over $200 million this year, and Nanosolar's thin-film CIGS competitor Miasole is trying to close on a similar amount. And while dozens of other startups are also on the hunt, large companies like Oerlikon Solar and Applied Materials are pouring money into ventures of their own. In many ways, it looks like an overheated sector. But on the other hand, Optisolar's recent deal with PG&E to provide 550 megawatts of electricity suggests that the potential for thin film panels is larger than previously expected, even when considering one analyst firm's prediction earlier this year that the sector will grow at 45 percent annually. That figure could now be much higher, especially for a few big winners - of which Nanosolar will likely be one. The company will be doing some utility-scale projects of its own, Rosencheisen tells us, with experienced partners. It also has a panel built specifically for use by utilities. And one of the backers of this funding, AES Corp., is also one of the world's biggest power companies. At the moment, Nanosolar is still working toward a gigawatt of annual manufacturing capacity, but it will grow be

Xinxing Zhunguan, a Zhejiang-based manufacturer of copper wirerod, plans to increase production at its facility to 165,000t in 2013, up by 10% from 150,000t in 2012. Despite low profitability at Chinese wirerod producers, an official at the company said Xinxing Zhunguan still plans to increase output in 2013 in order to enhance competitiveness. The company said it expects orders to be subdued in the run up to the Chinese Lunar New Year, but then expects a strong rebound after the holiday period. This is consistent with another report on 11th January from Reuters which cited several Chinese copper traders as expecting the period between now and the holiday to be quiet, followed by a strong rebound.

According to an official from Chinalco Kunming Copper Co., the Chinese wirerod manufacturer, the company produced 10,000t of copper wirerod in March, up from 7,000t in February. The official said that March's output of wirerod had risen because of a week-long shutdown in February for the Chinese New Year. However, output had still fallen short of the company's 13,000t target. Chinalco Kunming plans to produce 150,000t of wirerod in 2013, utilising around 68% of its 220,000t/y capacity. According to a report from Asian Metal, the company has recently settled its long-term charges for processing 8.0mm wirerod at RMB1,150/t (US$183/t).

Wirerod production at Hebei Dawufeng Copper has been temporarily suspended since early April in order to carry out maintenance. The company elected to halt production for a month in order to carry out equipment maintenance, owing to the currently sluggish wirerod market. Production at the plant, which has a wirerod production capacity of 100,000 t/y is scheduled to re-start in early May.

Hitachi Cable Ltd., has set out its new medium-term management plan known as the Renewed Plan "BRIDGE" with additional management measures. The company said under the new plan, key measures for business structure reforms included; the consolidation of its domestic sales companies, regional offices and branch offices, with the consolidated company taking operational control of all its existing manufacturing companies; the withdrawal from the optical submarines cable business, restructuring of its telecommunications cable business, review of packaging materials operations and a review of its copper tubes business; consolidations and eliminations of group companies in southeast Asia and consolidation of group companies in Europe and North America by country. This is in addition to a reduction in staff at domestic companies which is expected to involve some 1200 staff. The company will also implement measures to reduce fixed expenses. This includes a review of the company's pension system, an operational review of employee facilities including company dormitories, company housing, etc., and the sale of some of these facilities. The Hitachi Group aims to boost sales in priority target areas as a percentage of net sales from 55% in fiscal 2011 to 65% in fiscal 2016.

LDK Solar (NYSE: LDK) said Monday it expects to generate between $2.8 billion and $3 billion in revenue and ship between 1.45 gigawatts and 1.55 gigawatts of silicon wafers in 2009. The Chinese company also said its wafer manufacturing plant has reached 1 gigawatt of annual capacity. It's a noteworthy milestone on the way to production capacity targets of 1.2 gigawatts by the end of the year, 2.2 gigawatts by the end of 2009 and 3.2 gigawatts by 2010 that the company announced earlier this month. LDK shares rose more than 8 percent to reach $49.63 per share in recent trading. The wafer maker's stock has climbed since it posted blockbuster second-quarter earnings on Aug. 11. LDK's net income grew more than fivefold year-over-year to reach $149.5 million, or $1.29 per share. Second-quarter sales more than quadrupled to $441.7 million from $99.1 million from the year-ago period (see LDK 2Q Profit Triples, Margin Falls). Strong demand for its wafers has prompted the company to expand its production capacity quickly. LDK also plans to start making it own polysilicon, in addition to buying the raw material for making the wafers. Production at LDK's first polysilicon plant is expected to begin soon and produce between 100 metric tons and 350 metric tons by December. The company is also building a second plant (see LDK Silicon Confirms Plant Is on Track). LDK CEO Xiaofeng Peng told analysts two weeks ago that the company had a backlog of more than 12 gigawatts of wafer orders. LDK expects to generate between $1.65 billion and $1.75 billion in revenue and ship between 750 megawatts and 770 megawatts of wafers for the whole of 2008.

The solar industry and semiconductor industry are intimately connected. Both industries rely on silicon and both use much of the same processing technology and supply chain to produce their products. Nowhere has this connection been on better display than last week at the Moscone Center in San Francisco California, where the Intersolar North America made its debut in conjunction with SEMICON West 2008. The show provided an opportunity for those in the two industries to connect and allowed those companies that work in both spaces to showcase their collective efforts. According to Chris O'Brien, Head of Market Development and Government Relations for North America for Oerlikon Solar, holding the two conferences together gave companies greater exposure and showed the promise of the U.S. solar market. In recent months a number of traditional semiconductor companies including Intel and National Semiconductor have made announcements that they are making plans to enter the solar industry in one way or another. Intel spun off it's solar research area into a new solar company called SpectraWatt. National Semiconductor announced that it will be introducing it's first solar product, SolarMagic, that could raise the efficiency of residential and industrial solar systems. Kevin Kayser, Senior Marketing Manager at National said that he product will be targeted at installers and integrators and much planning went into the company's decision to enter the solar space. "Photovoltaics currently has less than 1% of the energy market, but we think it has potentially one of the fastest growth rates of any alternative energy source. Now certainly we're looking at wind, we're looking geothermal, we're looking at other sources, but from an electronics point of view we saw that we had the most immediate potential impact in solar photovoltaics," Kayser said.

BOSTON (Reuters) - U.S. conglomerate General Electric Co (GE.N: Quote, Profile, Research, Stock Buzz) and Abu Dhabi investment agency Mubadala Development Co said on Tuesday they have entered into an $8 billion joint venture with an initial focus on providing commercial finance in the Middle East and Africa.The two companies also plan to work together in the clean energy and water, aviation, and oil and gas sectors, they said."This partnership is consistent with our global growth initiatives and builds on our long-term relationships in a high-growth region like the Middle East," said Jeff Immelt, chief executive of GE, the second-largest U.S. company by market value.The companies said Mubadala "plans over time" to become one of the Fairfield, Connecticut-based company's ten largest shareholders, by acquiring shares in the open market.They also aim to establish a clean energy technology center in Masdar City, a new city in Abu Dhabi that aims to be carbon neutral. GE plans to commit up to $50 million for Masdar's second clean-tech fund.Growth in the Middle East has been a major thrust for GE in recent years. Last year the company generated $5 billion in revenue in the region, up 50 percent from the prior year.

Mainstream Renewable Power, a renewable energy company led by Airtricity founder Eddie O'Connor, has announced the successful closing of a €40 million [US $59.6 million] equity fundraising in which Barclays Capital have invested €20 million [US $29.8 million] for a 14.6% stake in the company. The board, management and staff of Mainstream, as well as close associates of the company, have invested an additional €20 million [US $29.8 million]. Together with the initial seed capital of €32 million [US $47.75 million], this brings the total equity raised to date to €72 million [US $107.43 million]. The company is also planning a major fundraiser later this year, with Barclays Capital committing to invest a further substantial amount at that stage. As part of the deal, Mark Brown, head of Barclays Capital Commodities Principal Investment team has been appointed to the board of Mainstream. The money will be used to fund the company's international expansion plans across Europe, North and South America and Australia and will be used to secure the supply of turbines to be delivered in 2009, 2010 and 2011. In June, Mainstream announced its plans to build an initial pipeline of 240 megawatts of projects in Chile with its partner Andes Energy.

South African smelting technology developer Tenova Pyromet is increasing its presence around the globe through a growing number of large projects and the continual development and improvement of its technologies. Formerly known as Pyromet, Tenova Pyromet is now part of the multinational Tenova group of industrial companies, with which Tenova Pyromet has the advantage of being closely networked. When Italian holding company Tenova bought Pyromet in September 2006, the company changed its name and acquired the benefit of having Tenova stand surety for the company's credit line. This allowed for growth within Tenova Pyromet at a rate previously unexperienced by the company, owing to the unfreezing of large sums of financial resources.

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.

Earlier this week Google.org, the philanthropic arm of web technology company Google (Nasdaq: GOOG), announced its first two investments under its RechargeIT initiative, which aims to accelerate the adoption of plug-in electric vehicles. Google.org's official blog stated that RechargeIT, which released a request for proposals last Septmber, invested a combined $2.75 million into ActaCell, an Austin, Texas-based battery developer, and Aptera Motors, a Carlsbad, California-based electric car maker. In the blog posting Karl Sun, an investments principal Google.org, said, "Both of these innovative companies and their capable teams are working to develop technology that is crucial to helping us realize the RechargeIT vision: millions of plug-in vehicles on the road." The ActaCell investment was part of a larger Series A funding round that raised $5.8 million for the company, which began at the University of Texas at Austin. Funders included DFJ Mercury, Good Energies and Applied Ventures, the venture capital arm of Applied Materials (Nasdaq: AMAT).

An official from SDI La Farga LLC's said on 11th December that the company is producing limited amounts of wirerod at its new US $39M plant in New Haven, Indiana. The new facility, a joint venture between Spain's La Farga Group and Steel Dynamics Inc, produces wirerod from number 2 scrap copper rather than cathode. The company official said "we've produced quality rod and are in the process of getting approval of customers and we have done so with several customers." He added that plant officials are "waiting for more customer orders to start producing more".

Anhui Jincheng, the Shanghai-listed producer of copper PSSF, said on 26th March that it produced 93,872t of copper PSSF in 2012, a 13% y-o-y increase from 2011. Despite the increase in output, the company made a net loss of RMB57M in 2012 from a profit of RMB24M in 2011 (loss of US$9M from a profit of US$3.8M). Remarking on the results the company said that "uncertainties in the global economy, the euro debt crisis, plus the weak Chinese economy, has negatively impacted demand by the downstream processing sector last year."

Talking at the annual CESCO/CRU World Copper Conference, CRU Principal Consultant Vivienne Lloyd said that up to 2Mt of copper demand could be lost over the next five years due to substitution and consolidation amongst Chinese semis producers. Lloyd said that the areas under the greatest threat from substitution are the automotive wiring harness sector and the HVAC sector. However, CRU believes that the aluminium/copper price ratio is likely to have peaked in 2012 at around 4:1, and will fall back gradually to 2017 reaching 3:1, which should relieve some of the substitution pressures.

A strike planned to start on Monday at Southern Copper's Peruvian mine Cuajone has been temporarily suspended pending mediation, officials from the company and union said. Southern, one of the world's largest copper producers, has been hit by strikes this year in Peru as workers demand a larger slice of the country's economic boom. Union leaders had planned to go on strike again because the company had threatened to fire about a dozen workers for participating in recent walkouts. But Roman More, head of the union at Cuajone, said the strike slated for Monday was called off as the company agreed to sit down with workers and the government for talks on Tuesday. Unions from the company's Ilo smelter and Toquepala mine were also expected to participate. "We are going to meet on Tuesday to see if we can reach an agreement about the firings. The meetings were requested by the government," More said. Alberto Giles, the company's human resources director, said the strike plans were scrapped. "In the case of Cuajone ... they suspended the strike plan," he said. "With regards to Ilo, the strike was supposed to start on Wednesday, but I don't think there will be a strike. I think the strike will also be canceled at Ilo." Cuajone, which produced some 148,939 tonnes of copper last year, is Southern's biggest mine in Peru, the world's No. 2 copper producer.

African Eagle Resources (AIM: AFE; AltX: AEA) today announced a 20% resource increase at its first copper project, Mkushi in Zambia, that will extend the life of the mine by two years. The project is the company's most advanced project and will generate first revenue for African Eagle over the next three to five years. Mark Parker, managing director of African Eagle, told Mineweb today the Mkushi project's feasibility study was scheduled to be completed by the fourth quarter of this year and the company plans to be in open pit production here by 2010. A full mining licence for the project has also been approved. The project's larger resource of 18.5mt at a grade of 0.83% copper has been upgraded to the indicated category which gives the company and investors greater confidence in it. The bigger resource has extended the life of the mine from six to about eight years, while its profitability level will still be further refined. Parker said the feasibility study has not produced any unwanted surprises at this stage and the company has covered any "unknown unknowns" around the project. Mkushi will produce about 30,000t of contained copper annually once the project is up and running.

TORONTO, July 28 (Reuters) - Copper Mountain Mining Corp (CUM.V: Quote, Profile, Research, Stock Buzz) plans to spend C$402 million ($394 million) to revive a copper mine in British Columbia that it expects will produce nearly 100 million pounds of the metal per year, the company said on Monday. The company said production at its Copper Mountain open pit mine should begin at the end of 2010 with a 35,000 tonne-per-day mill. The project would have an an initial mine life of 15 years, according to a feasibility study. The news drove the junior miner's shares up by nearly 6 percent. The construction decision has not formally been approved by the company's board of directors, but the company has already ordered equipment, said Don Graham, director of Copper Mountain's investor relations.

There is no consensus among the analysts on Inmet Mining Corp.'s (IEMMF.PK) C$345-million hostile bid to take out its junior partner Petaquilla Copper Ltd. (PTQLF.PK). On the positive side, Raymond James analyst Tom Meyer wrote that by moving its stake in the Petaquilla copper project from 48% to 74%, Inmet would gain "important strategic flexibility" and lower the risk profile on the project. If Petaquilla Copper was bought out, Inmet and Teck Cominco Ltd. (TCK) would be the sole remaining partners and the legal action between Petaquilla Copper and Teck would presumably end. In a note, Mr. Meyer wrote: With two shareholders in the project as opposed to three, we believe it is safe to say that rational decision-making may likely become less of a bottleneck and the project can move forward at a faster rate. He added that by going to a 74% interest, Inmet could be in a position to potentially buy Teck Cominco's stake as well. Analyst Greg Barnes from TD Newcrest presents the negative view. He wrote that the economics of the Petaquilla project are "marginal" and figures that it would need a long-term copper price above $2.25 a pound for it to work. He also noted a "lack of clarity" on how Inmet could optimize value from the project. He wrote: Until Inmet is able to verify improved project parameters, we feel that the company is overpaying for a project that has less than compelling economics. Over at UBS Securities, analyst Onno Rutten's opinion is a little more mixed. He thinks that Inmet's C$2.00-a-share offer for Petaquilla Copper is "a steep premium," but would accelerate the project's development if it is successful. That could unlock value for Inmet. However, Mr. Rutten shares Mr. Barnes' concerns about the risks of the project; he pointed out that Inmet, a C$3-billion company, is trying to build a project that costs close to C$4-billion. He also said that Petaquilla needs strong copper prices to be economic. But he wrote that the financi

Honda Motor Company (NYSE: HMC) may begin exporting solar modules after completing the planned expansion of it's solar manufacturing facility later this year, according to a Reuters report. The company intends to increase its annual capacity to 27.5 megawatts (MW). Honda's solar subsidiary Honda Soltec Co. began producing photovoltaic solar modules in October 2007. The solar modules incorporate copper, indium, gallium and selenium, as opposed to traditional panels produced from silicon. The company reportedly has sold 3-kilowatt systems domestically to about 100 households for 3 million yen--the equivalent of about US$18,200. Honda also intends to use solar cells in a U.S. test project for next-generation gas stations that would use solar power to produce hydrogen from water for powering fuel cell vehicles, such as Honda's FCX Clarity.

H1 reports from China's metal companies have revealed difficult operating conditions as rising energy prices, investment in environmental protection and an increase in resource tax have squeezed margins. Shares in the metal index fell 58.6% in the first half of the year, underperforming the SSE Composite Index which saw a 48% decrease. Copper companies fared better than most as the copper price remained at historically high levels and prices of sulphuric acid - a byproduct of the copper treatment process - soared. Jiangxi Copper, China's biggest producer, reported strong results with a 55% surge in revenues year-on-year. Net profit grew at the slower rate of 32.8%, reducing the company's profit margin to 10.4%, from 12.1% in the first half of 2007. The company has a slightly bearish outlook for the rest of this year, as the continued slowdown in the global economy takes its toll on copper demand and the appreciation of the dollar puts downward pressure on copper prices. However, it suspects copper supply will remain tight, which should support prices on the downside. Yunnan Copper Company struggled in the first half as revenue fell 18.9% and net profit plunged 29.5% y-o-y. The companies profit margin was cut to 3.8%, from 4.4% in the first half of 2007. A 45-day machine overhaul was blamed for the poor sales figures as output remained flat, whilst high energy prices pushed up production costs. Tongling Nonferrous Metals saw similar problems to Yunnan as rising raw material prices and fluctuations in the copper price cut the gross margin in the firm's copper unit to just 0.59%. Company-wide results were improved greatly by the strong performance of sulphuric acid, where gross margin increased to 71.6%, bringing Tongling's profit margin to 2.9%, up from 2.0% in H1 2007.

SMS Meer GmbH, a company within the SMS Group, has recently taken over Schumag AG's machinery segment. Since the product ranges of the two companies are complementary, no jobs will be endangered as a consequence of the purchase, a member of the executive board of Schumag said. About 300 of the total 1,000 of Schumag employees will work for the new company, SMS Schumag GmbH & Co. KG. Through the purchase of the Schumag Machinery Segment SMS Meer is expanding its product range and opening up further potential for growth of the SMS group as part of its global presence.

KME Group SpA, a leading copper and copper alloy semis maker based in Italy, will buy 30% of Sigimet SpA, an Italian ferrous and non-ferrous metals trader. The company also bought 30% of Italian scrap metals trader Metalbuyer in February. In both cases, KME holds the option to raise its share. Considering that the company relies on scrap for more than 50% of its metal input, the acquisitions will lead to a reduction in supply costs. The company said that the acquisitions will benefit industrial activity, however, the main objective was diversification rather than integration.