1 MONGOLIA-CHINA AGREE TO COLLABORATE IN INCREASING MEAT EXPORT WWW.MONTSAME.MN PUBLISHED:2018/09/21      2 U.S. AND MONGOLIA SEEK TO STRENGTHEN ECONOMIC RELATIONSHIP WWW.STRTRADE.COM PUBLISHED:2018/09/21      3 MONGOLIA, U.S. LEADERS DISCUSS BILATERAL TIES WWW.XINHUANET.COM PUBLISHED:2018/09/21      4 BELT AND ROAD SIGNIFICANT TO MONGOLIA, PEOPLE AROUND WORLD -- ACADEMIC WWW.ENG.YIDAIYILU.GOV.CN PUBLISHED:2018/09/21      5 PETRO MATAD UPDATES MONGOLIA EXPLORATION WWW.OGJ.COM PUBLISHED:2018/09/21      6 RIO TINTO’S EXIT FROM COAL PAYS OFF, TO RETURN $3.2B FROM SALES PROCEEDS TO SHAREHOLDERS WWW.MINING.COM PUBLISHED:2018/09/21      7 OPENING CEREMONY OF SAINSHAND SALKHIN PARK HELD WWW.MONTSAME.MN PUBLISHED:2018/09/21      8 ALIBABA’S MA SAYS TRUMP’S TRADE WAR ‘DESTROYED’ HIS PROMISE TO CREATE JOBS FOR 1MN AMERICANS WWW.RT.COM  PUBLISHED:2018/09/21      9 LEGAL DISPUTE OVER EMC OWNERSHIP COMES TO AN END WWW.ZGM.MN PUBLISHED:2018/09/20      10 ERDENES TAVAN TOLGOI REVENUE SURGES DUE TO HIGHER COAL PRICES WWW.NEWS.MN PUBLISHED:2018/09/20      НУРАХ ДӨХСӨН БАЙРУУДЫГ ШИНЭЧЛЭХ КОМПАНИ ОЛДОХГҮЙ БАЙНА WWW.ZGM.MN НИЙТЭЛСЭН:2018/09/21     МОНГОЛ УЛС ВАШИНГТОН, ПЁНЬЯНЫ ХЭЛЭЛЦЭЭРТ ЗУУЧЛАХАД БЭЛЭН ГЭДГЭЭ ЗАРЛАЛАА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/09/21     УЛСЫН ХЭМЖЭЭНД 85.3 МЯНГАН ТОНН ТӨМС ХУРААН АВААД БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/09/21     ЗГ: БУЦАЛТГҮЙ ТУСЛАМЖИЙГ УСНЫ НӨӨЦИЙГ САЙЖРУУЛАХ, ХЭРЭГЛЭСЭН УСЫГ БУЦААН АШИГЛАХАД ЗАРЦУУЛНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/21     ҮСХ: УЛААНБААТАРТ АЖИЛЛАГЧДЫН САРЫН ДУНДАЖ ЦАЛИН УЛСЫН ДУНДЖААС 121.7 МЯНГАН ТӨГРӨГӨӨР ИХ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/21     МОНГОЛ УЛСЫН ИХ ХУРАЛ, ЕВРОПЫН ПАРЛАМЕНТ ХООРОНДЫН XII УУЛЗАЛТААР ХАМТАРСАН МЭДЭГДЭЛ ГАРГАЛАА WWW.DNN.MN НИЙТЭЛСЭН:2018/09/21     ТӨРИЙН АЛБАНЫ УДИРДАХ АЖИЛТНЫ УЛСЫН ЗӨВЛӨГӨӨН БОЛЖ БАЙНА WWW.UNUUDUR.MN НИЙТЭЛСЭН:2018/09/21     2019 ОНЫГ МОНГОЛ, АМЕРИКИЙН ЗАЛУУЧУУДЫН ЖИЛ БОЛГОНО WWW.EAGLE.MN НИЙТЭЛСЭН:2018/09/21     УУРХАЙЧДЫН АЖЛЫН БАЙР НЭМЭГДЭЖ, ЦАЛИН ӨСЧ БАЙНА WWW.GOGO.MN НИЙТЭЛСЭН:2018/09/20     “ЭРДЭНЭТ”-ИЙН 49 ХУВИЙН ӨМЧЛӨЛ ТОЙРСОН ХУУЛЬ ЗҮЙН МАРГААН ЭЦЭС БОЛЛОО WWW.ZGM.MN НИЙТЭЛСЭН:2018/09/20    

Events

Name organizer Where
Frontier's "Invest Mongolia Tokyo 2018" Frontier Securities Tokyo Japan
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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European standards to be introduced in road and transportation sectors www.mongolia.gogo.mn

Ulaanbaatar /MONTSAME/ B.Tsogtgerel, the Vice Minister of Road and Transportation Development met Thursday a delegation led by Oldrzych Zaychek, the first secretary of the Czech Embassy in Mongolia.

The sides exchanged views on upgrading Mongolian auto transport logistics by using Czech practices and on European standard projects for improving the auto traffic control.

At the meeting, the Vice Minister said Mongolia intends to cooperate with the Czech Republic in bringing the road and transportation sectors into a new level in frames of certain projects on traffic control stations accorded with European standards and on establishing mobile laboratories of technical examination facilities and tools.

The Czech delegation appreciated outcomes of a visit to the Czech Republic paid by authorities of the National Center for Auto Road, and hopes that the above projects will be realized successfully within the cooperation.

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World’s largest, newest diamond mine to inject $5.2bn into Canada’s economy www.mining.com

 
Gahcho Kué, the world’s largest new diamond mine due to begin production later this month, is expected to contribute $5.2 billion (Cdn$6.7 billion) to Canada’s economy and provide 1,200 new jobs, a report released Thursday by majority owner De Beers shows.
 
Situated almost 300 kilometres east of Yellowknife, in Canada’s Northwest Territories, the mine — a joint venture between De Beers Canada (51%) and Mountain Province Diamonds (49%) — has so far provided a $341 million (Cdn$440 million) boost to the NWT economy, the reports says. It has also contributed a further $272 million (Cdn$350 million) to the rest of Canada, according to the figures released by De Beers.
 
But what makes the mine especially important is the fact that two of Canada's major diamond mines — Diavik and Ekati — are approaching the end of their productive lives, and —although it's smaller— Gahcho Kué would be able to offset the production drop-off.
 
The report, which looks into the socio-economic impact of the Anglo American-owned diamond company in Canada, also highlights De Beer’s contribution to the country’s economy over the past 10 years:
 
More than Cdn$7 billion to Canada’s gross value added (GVA), with exports supported by DeBeers mining operations bringing Cdn$4 billion in foreign currency into the country’s economy. In 2015, they represented 28% of Canada’s export earnings from diamonds.
Cdn$55 million in support to First Nations through Impact Benefit Agreements (2006-2015).
An expected Cdn$24 million contribution to Alberta’s economy by the recent move of headquarters from Toronto to Calgary.
Cdn$750 million in exploration across Canada since 1961, supporting almost 100 jobs each year on average.
Responsible for the discovery of more than 170 kimberlites to date.
“In the 50 years we have been in Canada, we have seen how our business can be a catalyst for delivering both economic and social value, locally, regionally and across the country,” De Beers Canada's chief executive Kim Truter said in a statement.
 
He noted that, only last year, De Beers’ activities contributed Cdn$1.2 billion ($930 million) to the Canadian economy.
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“Mongolia is attracting foreign investments and reviving its economy” www.en.montsame.mn

Ulaanbaatar /MONTSAME/ The government of Mongolia is focusing on reviving economy and attracting foreign investments as the governmental actions priority, said J.Erdenebat, the Prime Minister of Mongolia at a courtesy call he paid Thursday on Geoff Regan, the Speaker of the House of Commons (lower house) of the Canadian Parliament on an official visit to Mongolia.
 
The Premier said the Mongolia-Canada relations and cooperation have been expanding year by year in all spheres, and emphasized that the investment and economic sectors are the major spheres of bilateral bilateral relations, therefore are contributing to their deepening.
 
“Canada is one of the Third Neighbors of Mongolia and is an important partner in North America. So, Mongolia aspires to progress the ties on a comprehensive partnership level,” the Premier underlined. He added that the Mongolia-Canada intergovernmental agreement on promotion and protection of investments established today will open Mongolia's door broader to Canadian investors.
 
“Canada is leading today among other counties by the size of investments made to Mongolia. I thank Canada for rendering official developmental assistance to Mongolia on behalf of the government. I will focus my attention to making the Canadian aid more fruitful and adequate,” he said. J.Erdenebat PM then expressed the willingness to learn Canadian experiences in boosting important sectors such as agriculture, infrastructure, renewable energy, finance, environmentally-friendly industries, science, technology, education, health, tourism and green development.
 
The Canadian Speaker believes that the intergovernmental agreement will contribute to broadening bilateral cooperation, and thanked the Mongolian government for taking actions to create a favorable condition for foreign investors.
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From steaks to furniture, Hanjin Shipping collapse to raise freight costs www.reuters.com

The collapse of Hanjin Shipping (117930.KS) will boost the cost to U.S. businesses and consumers of a wide range of imported goods, from furniture and clothing to fresh fruit and frozen meat, according to federal agencies, shippers and retailers.
 
With Hanjin's future in doubt, carriers have announced they will hike container freight rates by as much as 50 percent beginning next month as retailers scramble to secure shipping ahead of the peak year-end holiday season, industry sources said.
 
United Parcel Service Inc (UPS.N) said on Thursday it is seeing a bump in demand for its freight services and is working with customers in Asia to shift goods from Hanjin containers to other ocean freight operators or air freight services. About $14 billion worth of cargo was stranded by the collapse of the seventh largest container carrier in the world.
 
"Right now, there is much more (freight) demand than there is supply. People are scrambling to find a carrier with space," said Peter Friedmann, executive director of the Agriculture Transportation Coalition shipping industry group.
 
"But the biggest challenge right now is for people with cargo on Hanjin ships," he said.
 
Cargo shippers have been forced to pay thousands of dollars in fees to terminal owners and truckers to reclaim their goods from Hanjin ships to prevent perishable foods from spoiling and to avoid losing sales because goods are not available when customers want them.
 
Hanjin would normally pay the fees for port usage and container handling as part of its freight services. With the South Korean shipper in receivership, it is unclear if shippers would recoup any added costs they pay out of pocket to retrieve their goods.
 
Singapore-based crop shipper Agrocorp International said that DP World, terminal operator at Port Metro Vancouver, last week held 24 containers, or 600 tonnes, of its Canadian lentils that were bound for India and Bangladesh, demanding a release fee of $450 per container.
 
Industry analysts expect the freight increases to be short-lived as more shipping capacity comes on line.
 
"The Hanjin ships are going to be off the market for the holiday seasons. It will take several months to sort through the legalities, but any rate increase will be temporary," said David St. Amand, president of Navigistics Consulting.
 
In the short term, retailers are likely to take hits to their profit margins as they try to shield customers from any more price rises in a hyper-competitive retail market.
 
"We believe that (the Hanjin collapse) will likely increase our short to medium term ocean freight costs which will minimally impact product cost in all of our operating segments to varying degrees. However, inventory availability is good," Paul Toms, CEO of Hooker Furniture (HOFT.O), said on an earnings conference call on Thursday.
 
The American Apparel and Footwear Association said it expects gross margins to be pressured in the near term by the higher shipping prices and additional unloading fees.
 
Hanjin's collapse could wreak havoc on port operations and shipping lines over the next two to three months and could impact trade between the United States and South Korea, the U.S. Department of Agriculture said in a report published on Thursday.
 
Container freight charges have more than doubled since May and could appreciate further, the agency said. The average cost to move goods in 40-foot containers from the U.S. West Coast to Asia was quoted at $1,700 this month, up from $788 in May.
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Passengers warned not to use Samsung Galaxy Note 7 on planes www.cnn.com

Air travelers are being warned not to use their Samsung Galaxy Note 7 smartphones on planes after the company recalled the devices over complaints the batteries can catch fire.
"In light of recent incidents and concerns raised by Samsung about its Galaxy Note 7 devices, the Federal Aviation Administration strongly advises passengers not to turn on or charge these devices on board aircraft and not to stow them in any checked baggage," the FAA said late Wednesday.
The unusual warning adds to the headache for Samsung (SSNLF), the world's biggest smartphone marker, as it scrambles to replace millions of Note 7 phones around the world.
Some international airlines have already taken steps to stop people from using the devices on their aircraft. Qantas (QABSY) and Virgin Australia have both said they are telling passengers not to turn on Note 7s or charge them on flights.
samsung galaxy note 7 fire
A Galaxy Note 7 owner in South Korea shared photos of his melted phone.
"On board announcements are being made prior to departure to inform all guests," Virgin Australia said in a statement.
It wasn't immediately clear how major U.S. airlines would respond to the FAA announcement.
Earlier Wednesday, Delta (DAL), JetBlue (JBLU), Spirit (SAVE), United (UAL) and Virgin America (VA) didn't respond to requests for comment on the Galaxy Note 7. American (AAL) and Southwest (LUV) both referred questions on the phone to the FAA. American said it hadn't changed its policies.

Korean Air, the flag carrier in Samsung's home market of South Korea, said it doesn't so far have any plans to restrict use of the Note 7 on its planes. It said South Korean transportation ministry officials had met Wednesday with Samsung representatives and didn't issue any guidance regarding the phone afterward.
The transportation ministry didn't respond to a request for comment on the matter.
Samsung said a week ago that it was halting sales of the Note 7 and would recall 2.5 million devices in 10 countries, including South Korea and the U.S. The company will replace them with new Note 7 phones.

Samsung was responding to dozens of complaints from customers that their phones had caught fire while charging. It said it had investigated the issue and found a problem with the batteries in a small number of Note 7 devices.
The embarrassing announcement came just two weeks after the flagship phone's release and days ahead of the unveiling of rival Apple (AAPL, Tech30)'s iPhone 7.
Samsung didn't immediately respond to a request for comment on the use of the Note 7 on airplanes.

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US bank Wells Fargo fined $185m for opening illegal accounts www.bbc.com

The US' biggest bank Wells Fargo has been fined $185m for illegally opening accounts to boost sales targets.
The cash will go to regulators while the bank will also hand back $5m to customers.
The regulator accused it of "widespread illegal practice" around account openings, sales targets and compensation incentives.
"We regret instances where customers may have received a product that they did not request," the bank said.
The US Consumer Financial Protection Bureau (CSFB) announced the fine and said the bank must also hire an independent consultant for a review.
"Because of the severity of these violations, Wells Fargo is paying the largest penalty the CFPB has ever imposed," said Richard Cordray, director of the regulator.
Its investigation found that to meet sales targets and possibly gain more compensation bank workers had "illegally" signed up customers for more than 2 million deposit and credit-card accounts.
Employees also issued debit cards without customers' knowledge, even creating fake email addresses to unknowingly sign up consumers to online-banking services, the regulator said.
Wells Fargo said it set up an independent review of its sales practices dating back to 2011 and had taken "disciplinary actions, including terminations of managers and team members who acted counter to our values".
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Air pollution costs global economy over $5tn annually – World Bank www.rt.com

Premature deaths due to air pollution cost the global economy $5.1 trillion annually which is roughly twice the economic output of the UK, according to a World Bank report released on Thursday.
 
In a major study of the economic costs of indoor and outdoor pollution, the bank said air pollution prematurely kills 5.5 million people a year, or one in ten deaths worldwide.
 
According to the survey, air pollution significantly hampers the economic development of China and other growing economies in Asia. The bank found that in 2013 (the latest year for which global data is available) China lost nearly ten percent of its GDP, India over seven percent, Sri Lanka and Cambodia roughly eight percent.
 
“The health risk posed by air pollution is the greatest in developing countries,” said the report. “In 2013 about 93 percent of deaths and non-fatal illnesses attributed to air pollution worldwide occurred in these countries, where 90 percent of the population was exposed to dangerous levels of air pollution.”
 
Rich countries are also losing tens of billions of dollars a year through lost work days and welfare costs from premature deaths, the study showed. Dirty air was found to cost the UK $7.6 billion (£5.6 billion) a year, the US $45 billion and Germany $18 billion.
 
The World Bank also calculated that in 2013, premature deaths alone cost the global economy about $225 billion in lost work days. The estimates do not include the costs of treating illnesses linked to pollution.
 
Even with welfare costs, which are based on what people, were prepared to pay in order to avoid dying from air pollution, the calculated $5 trillion may not reflect the full cost, economists said.
 
“The figure could be very much more if it included health costs. We did not include the costs of [morbidity] illnesses caused by pollution,” said lead author and senior environmental economist for the World Bank, Urvashi Narain. “The scale of the problem is truly daunting. The poor are more likely to live in polluted areas and are less able to access healthcare,” she added.
 
The study also drew a link between economic development and air pollution. From 1990 to 2013, welfare losses nearly doubled and labor income losses increased by 40 percent. That happened even despite the fact that countries had made great gains in economic development and health outcomes.
 
 
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UK tech firm swoops on HP software unit in £6.6bn deal www.bbc.com

UK tech firm Micro Focus is buying the software business of a division of Hewlett-Packard for $8.8bn (£6.6bn).
The deal makes Micro Focus one of the UK's biggest tech companies, with total annual revenues of $4.5bn (£3.4bn).
It is acquiring assets from Hewlett Packard Enterprise (HPE), including former UK tech champion Autonomy which HP bought in an ill-fated deal in 2011.
Micro Focus was promoted to the FTSE 100 last week, replacing ARM after it was bought by Japan's Softbank.
A string of acquisitions has turned Micro Focus, based in Berkshire, England, from being a relatively small player to being worth over £5bn, with revenues doubling in 2015.
Shares in Micro Focus closed 14.5% higher at £22.38 after jumping as much as 21%, making it the biggest riser on the FTSE 100.
The rise and rise of Micro Focus
Kevin Loosemore, Micro Focus executive chairman, said the deal marked a significant milestone for the company.
Mr Loosemore said he approached Hewlett Packard Enterprise in February about a deal and was not put off by the market turbulence that followed the Brexit vote in the UK.
HPE has more than 50,000 customers including many of the biggest US companies.
Analysis: Dominic O'Connell, Today business presenter
We are accustomed to headlines bemoaning another UK industrial champion falling to a foreign predator. This morning the tide, if only briefly, is flowing the other way.
Micro Focus, a fast-growing technology firm based in Newbury, Berkshire, is merging with a division of the original Silicon Valley titan, Hewlett-Packard.
Although the combination will have a slim majority of shareholders from the US company, this is a British takeover. The new Micro Focus will keep its listing on the London Stock Exchange, and the management will be British.
The new entity should have a stock market value north of £10bn - about twice the market cap of Sainsburys.
While it is tempting to see this as a swallow that might herald a golden summer of takeovers by ambitious British companies, it has more to do with the weakness of an ageing tech giant rather than a resurgence of appetite on this side of the Atlantic.
Hewlett-Packard is rightly credited with having founded Silicon Valley, nurturing a string of high-tech entrepreneurs and technology companies that went on to conquer the world.
In 1968, it put the first personal computer on sale - a snip at $5,000. Only two years ago it still employed 210,000 people; after today's deal, that number falls to 50,000.
Turnaround
For Hewlett-Packard it is part of a dramatic downsizing from having been a giant of the computer industry with annual revenues of more than $100bn.
Under chief executive Meg Whitman the group has been stripped down to what she believes is its core strengths.
HPE was one part of Hewlett-Packard which split into two last year. The other part, HP Inc, focuses on computers and printers.
The software spinoff follows HPE's announcement of the sale of its business services division to CSC for $8.5bn.
"We are taking another important step in achieving the vision of creating a faster-growing, higher-margin, stronger cash flow company well positioned for our customers and for the future," said Ms Whitman.
'A good thing'
The sale is also being seen as a way for Hewlett-Packard to finally shed itself of its ill-fated purchase of Autonomy.
After the takeover, Hewlett-Packard wrote off about three-quarters of Autonomy's value, claiming that "accounting misrepresentations" had led it to overpay for the firm.
Autonomy denied that, and a slew of legal action then followed.
Its founder, Mike Lynch, told the Financial Times that the deal "was a good thing".
"They can't really screw it up any more than it was. Hopefully there are still some gems in there," he told the paper.
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Apple weighs on Wall St; energy shares a boost www.reuters.com

U.S. stocks dipped on Thursday, pulled lower by Apple after its latest iPhone failed to impress Wall Street, but gains in energy shares limited the decline.

The Nasdaq broke a four-day streak of gains, led by declines in Apple (AAPL.O). The stock fell 2.6 percent to $105.52 in its biggest daily percentage decline since June 24, when Britain's vote to leave the European Union unleashed a massive sell-off.

The company also said it would not release first-weekend sales of the new iPhone, limiting analysts' early visibility on the popularity of the device unveiled on Wednesday.

The S&P 500 information technology index .SPLRCT fell 0.9 percent and led sector losses, while the S&P energy index .SPNY was up 1.7 percent following sharp gains in oil prices.

U.S. stocks have been trading in a tight range in recent months as investors try to assess the outlook for U.S. interest rates and the health of the U.S. economy.

"People are wondering when and if the Fed is going to move again," said John Carey, portfolio manager at Pioneer Investment Management in Boston.

"There's anxiety about that because of what happened the last time. Even though they raised rates just a quarter of a percent, that seemed enough to trigger a sale of stocks. There's worry there could be a similar reaction."

Recent weak economic data has underscored views the Federal Reserve may hold off on raising rates at its policy meeting this month. The European Central Bank held interest rates steady, as expected, on Thursday.

The Dow Jones industrial average .DJI fell 46.23 points, or 0.25 percent, to 18,479.91, the S&P 500 .SPX lost 4.86 points, or 0.22 percent, to 2,181.3 and the Nasdaq Composite .IXIC dropped 24.44 points, or 0.46 percent, to 5,259.48.

Hewlett-Packard Enterprise (HPE.N) shares fell 3.2 percent after it agreed to sell its software business to Micro Focus in a $8.8 billion deal.

Shares of SuperValu slid 9.5 percent to $4.95 after it gave a disappointing outlook, a day after Sprouts Farmers Market (SFM.O) warned on its profit.

After the bell, shares of Restoration Hardware (RH.N) jumped 10.1 percent while Zumiez (ZUMZ.O) was up 5.4 percent, both following results.

About 6.8 billion shares changed hands on U.S. exchanges, above the 6.0 billion daily average for the past 20 trading days, according to Thomson Reuters data.

Declining issues outnumbered advancing ones on the NYSE by a 1.20-to-1 ratio; on Nasdaq, a 1.03-to-1 ratio favored decliners.

The S&P 500 posted 13 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 109 new highs and 29 new lows.

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China cargoes keep copper price positive www.mining.com

 
In European trade on Tuesday copper for delivery in December consolidated at a two-week high after strong year-to-date imports from top consumer China remained broadly in line.
 
Copper futures exchanged hands for $2.1025 per pound ($4,635 a tonne), less than a penny above yesterday's closing which was the highest since August 23. While other industrial metals and steelmaking raw materials have jumped in value this year, industry bellwether copper is trading flat year to date following a 26% decline in 2015.
 
China is responsible for more than 45% of copper demand and according to customs data released yesterday the country's imports of unwrought copper and copper products were 350,000 tonnes during August.
 
That's a 10,000 tonne decline from July which was mostly ascribed to seasonal factors but shipments were still broadly in line with summer 2015 . For the first eight months refined imports are up by more than 15% after hitting a record 570,000 tonnes in March.
 
Compared to August last year concentrate imports surged to close to 1.5 million tonnes. For the first eight months imports are up 34.6% at 10.86 million tonnes. Concentrate imports hit an all-time high in December.
 
MetalBulletin reports China’s ten largest copper producers have agreed to cut production by 350,000 tonnes in 2016, although similar statements from the country's non-ferrous industry association concerning aluminum production downscaling have had little impact.
 
Any announcement about output reductions are welcome however since the copper market is set stay in surplus despite some cutbacks by top copper mining companies as new mines and expansions, particularly in Peru, ramp up to capacity and disruptions come in below historical levels.
 
While top producer Chile settled into a gentle decline, Peruvian copper production surged by more than 50% to just under 741,000 tonnes in the first half of the year.
 
Additional supply includes increased production from Freeport’s Cerro Verde mine and the ramp-up of the Chinese-backed Las Bambas mine, both in Peru. Cerro Verde pumped out 260,000 tonnes during the first half of the year after Freeport completed a project to add 270,000 tonnes annual capacity at the mine.
 
Operator MMG's Las Bambas ramp-up is ahead of schedule and the new mine is expected to produce 250,000 – 300,000 tonnes this year and 400,000 in 2017. Hudbay's Constantia is also hitting its stride with 63,800 tonnes unearthed so far this year while Glencore's Antamina and Antapaccay mines both upped output substantially.
 
Add to Peru's success increased output at Vale's Salobo mine and the ramping up of Southern Copper Corp’s Buenavista mine in Mexico. BHP Billiton last month also announced increased guidance at Escondida, the world's largest copper mine by some margin.
 
Goldman Sachs came out with a particularly bearish forecast last month and the investment bank now predicts double digit declines for the metal to a low of $1.80 per pound 12 months from now, citing the "wall of new supply from Chile, Peru and Zambia".
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