HudBay Minerals Inc. and Skye Resources Inc. announced that they have entered into a definitive agreement to combine their respective businesses.
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Zinc was trading on weak note as rising inventory and heavy surplus from the beginning of the year weighed on metal prices.
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Strong growth shown by China, major consumer of base metals, led to sharp rise in zinc till the mid of the year 2008. Prices started climbing as restocking by metal traders, rise in industrial activity supported metal prices.
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Sumitomo Metal Mining Co., Ltd. announced that it has decided to establish a holding subsidiary in the Netherlands in October 2008.
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Zinc made small gains, the level of $US1230/t will put extra pressure on companies that mine the base metal.
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Base metals plunged as LME inventory continued piling up. Zinc increased to $1,110 a tonne.
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Dcember zinc ended at 53.20 rupees per kg and December lead closed at 50.30 rupees per kg.
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Zinc prices tumbled from $1 per pound to less than 50 cents over the past six months.
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HudBay Minerals Inc. and Skye Resources Inc. announced that they have entered into a definitive agreement to combine their respective businesses.
For full story, click here
Three-month zinc eased to $1,195 a tonne from $1,200.
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Monday, January 5, 2009
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