China to subsidise import of niobium concentrates – Globe
JOHANNESBURG (miningweekly.com) – Africa-focused Globe Metals & Mining on Tuesday stated that the Chinese National Development and Reform Commission would subsidise the import of niobium concentrates, used mostly in alloys, into China. This subsidy would also apply to other commodities such as tantalum and titanium.
A representative of the China Nonferrous Metal Industry Association was quoted as saying that the Chinese government would use its foreign exchange reserves to subsidise these importers by charging them less when they exchange renminbi into other currencies, or to buy nonferrous mineral products on overseas markets.
“This decision reflects both the strategic importance of niobium to the Chinese economy, as a critical additive into sophisticated steel products, as well as the desire to reduce their dependency on imports of the finished product, being ferroniobium,” said Globe’s MD Mark Sumich.
“At present, while China consumes between 20% and 25% of all ferroniobium produced, a negligible amount is produced domestically.”
Globe has recently reported that multi-disciplinary engineering firm Thuthuka Group had agreed to enter into formal joint venture agreement to invest around $10,6-million into the Kanyika niobioum project, to earn a 25% interest in the project. The $10,6-million by Thuthuka would fund around 85% of the estimated cost of the bankable feasibility study into the project, which started immediately.
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