Alcoa ends 50-year Adbri contract

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Adbri subsidiary Cockburn Cement is expected to cut up to 50 jobs after Alcoa of Australia did not renew its contract to purchase about $70 million of lime each year.

South Australia-based Adbri said it was too early to assess the full financial impact of the loss of the contract, which was due to expire on June 30 next year.

However, between 40 and 50 Cockburn Cement jobs including contractors are likely to be affected.

Adbri chief executive Nick Miller said the group had supplied lime product to Alcoa for almost 50 years.

“We are disappointed with Alcoa’s decision to displace locally manufacture product with imports from multiple sources,” Mr Miller said in an ASX announcement.

“We will work quickly to mitigate the impact on local jobs supporting our lime business and we remain committed to supplying our WA resources sector customers.”

Adbri, formerly known as Adelaide Brighton, recently said in an investor presentation that the Western Australian market for cement and lime was expected to grow in 2020 driven by demand from the resources sector, particularly in nickel and gold.

The WA alumina sector also represented around 70 per cent of the state’s lime demand, Adbri said.

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FinMin may review capital requirement of PSU banks after second quarter

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The may assess the capital requirement of public sector banks after the September quarter as there would be greater clarity about a spike in bad loans by that time, sources said.


There is widespread fear that non-performing assets (NPAs) of the banks will witness a surge due to the economic slowdown triggered by the Covid-19 outbreak and resultant lockdowns.


This will need higher provisioning by banks as per the Reserve Bank of India (RBI) guidelines. However, there could be a silver lining if RBI accepts request of loan restructuring for sectors hit badly by the coronavirus pandemic, sources said.


The pain of NPA will surface only after the extended moratorium ends in August, the sources said, adding it will be appropriate to assess capital requirement only after the second quarter numbers are finalised.


CII President Uday Kotak had said the PSBs would need financial support from the government to drive the economy, while private sector banks need to raise capital from various sources to meet the future challenges.


“While the government is facing the risk of higher fiscal deficit, the banking sector urgently needs the recapitalisation to the tune of

Mercedes-Benz to recall more than 660,000 vehicles in China for oil leak

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will recall more than 660,000 vehicles in later this year for a possible oil leak.


A seal between a high-pressure fuel pump and a low-pressure fuel pipe could weaken over time, allowing oil to leak when the engine starts in cold weather, according to a notice published last week on the website of China’s State Administration for Market Regulation.



The official Xinhua Agency reported the recall Sunday. The recall of 668,954 vehicles will begin on Dec. 18. It includes several models made between February 2013 and June 2017 including C-class, E-class, V-class, GLK-class, CLS-class, SLC-class, GLC SUV and VS20 VITO vehicles.


Most of the vehicles were made in by Beijing Benz Automotive Co. About 12,500 were built by Fujian Benz Automotive Co. and about 36,000 were imported.


Dealers will replace faulty parts free of charge.


The announcement follows another recall that began last month of 4,653 imported Mercedes G-class sedans that had incorrect child-safety lock labels, Xinhua said.


Those vehicles were manufactured between Feb. 14, 2018, and Sept. 24, 2019.

Italy To Allow 180 Migrants To Leave Ship: Charity

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Italy has authorised charity vessel Ocean Viking to disembark 180 migrants rescued in the Mediterranean in Sicily, ship operator SOS Mediterranee said on Sunday.

“We have received instructions from the Italian maritime authorities to disembark those on board in Porto Empedocle,” a spokesman for the charity told AFP, which has a correspondent on board.

The Ocean Viking is now heading for the port where it expects to arrive by Monday.

Italy said on Saturday that medics were testing the migrants before they would be transferred to a quarantine vessel in Sicily.

They have been on the Ocean Viking for over a week, with fights and suicide attempts on board prompting the charity to declare a state of emergency on Friday.

After the coronavirus tests, the migrants are expected to be transferred to the Moby Zaza quarantine ship in Porto Empedocle.

The Ocean Viking, which has been in limbo in the Mediterranean south of Sicily, has been waiting for permission from Italy or Malta to offload the migrants at a safe port.

Tensions have risen in the past week, as witnessed by an AFP reporter, with the migrants increasingly desperate to reach land. Others have become distraught at not being able

Ora Banda to raise $55m for Davyhurst gold

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Gold developer Ora Banda Mining has launched a $55 million equity raising following the completion of a definitive feasibility study (DFS) at its flagship Davyhurst project in Western Australia’s Eastern Goldfields. 

The raising comprises of a two-tranche placement of up to 174 million new shares equating to about $40m, as well as the issue of about 66 million new shares in a 1-for-9 underwritten entitlement offer for a further $15m. 

All new shares under the offer will be issued at a price of 23 cents per share, representing a 9.8 per cent discount to the last traded price of 25.5 cents on 2 July this year. 

The Perth-based company said the proceeds of the capital raise would be utilised for the final-phase development and recommencement of the mine; including the kick-start of the previously shuttered 1.2 million tonnes per annum (mtpa) processing plant, associated site infrastructure and accommodation, as well as future exploration within the 112 tenement, 1,336sqkm project area.

Davyhurst, which includes Mt Ida, contains a total mineral resource of 23.7 million tonnes at 2.8 grams per tonne for 2.1 million ounces of contained gold.

Ora Banda managing director David Quinlivan said the capital raising was a significant step

Govt approves Rs 574 crore annual plan for national highway works in J&K

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The central government has approved an annual plan worth Rs 574.16 crore for works in for 2020-21, an official spokesperson said on Saturday.


The major works incorporated in the approved annual plan included construction of 3.23 km three fly-overs in Srinagar on NH-44 (Jammu-Srinagar highway) at Bemina, Sanatnagar and Nowgam with Rs 220.68 crore, the spokesman said.



Quoting a communication from the Centre, he said the Union Ministry of Road Transport and Highways has asked for preparation of estimates for the proposed works in the approved annual plan, incorporating the technical parameters and designs as per IRC codal provisions or latest circulars of the ministry, and submission to it for consideration.


The other works incorporated in the approved annual plan included expressway, four laning, construction of 6 km 3rd bypass on NH-444 Shopian bypass with Rs 120 crore, and construction of 13.60 km bypasses in Pulwama and Kulgam with Rs 62.98 crore, the spokesperson said.

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