DP World Highlights for 2013

2013 was a remarkable year for global marine terminal operator DP World. Despite challenging market conditions and uncertainties that impacted the industry, the company maintained its focus on improving efficiencies, expanding capacity, enhancing its position as one of the top industry leaders globally and driving profitability.

As a premier partner in the UAE’s successful bid to host Expo 2020 in Dubai, DP World played, through its global portfolio, an instrumental role in taking the message across the world.

The year began and ended on a positive note for the company:

January

– DP World launched ‘Dreams of the Sea’, a major interactive project that for the first time ever collects the stories of those involved in Dubai and the UAE’s maritime history into an on-line archive available to all.

“Dreams of the Sea: The Dubai Maritime History Project” is centred on a bilingual interactive website (www.dreamsofthesea.ae) that holds video interviews, photos and first-hand accounts of people involved in the city and the nation’s maritime history – from pearl divers and fishermen to historians and business leaders.

The project was officially launched on January 14 with the formal opening of an exhibition at the Dubai Heritage Village in the Shindaga Historical Area.

It also includes the launch of a book in Arabic and in English capturing the dreams and memories of those who witnessed and were part of the development of Dubai from a shelter for ships to a vibrant modern city that is the centre for trade for the region and an active player on the world stage.

DP World set a new milestone when its Dubai ports handled their 100 millionth container in the decade 2003 to 2013.

The 100 million TEU (twenty foot equivalent container units) record was achieved between January 2003 and January 2013 and covered all container boxes handled in both Mina Rashid and Jebel Ali Port. DP World, UAE Region’s annual container throughput increased more than 150% over the decade, from around five million TEU in 2003 to 13.3 million TEU in 2012.

In all, the two container ports have handled 135 million TEU since the opening of Jebel Ali Port in 1979, around 75% of it since 2003.

DP World’s flagship Jebel Ali Port, the largest man-made harbour in the world, welcomed the maiden visit of the world’s largest containership at the time, CMA CGM Marco Polo, owned by the CMA CGM Group.

This milestone reinforces Dubai’s and the port’s role as a regional gateway for the new generation of mega vessels.

March

Giant cranes taller than the London Eye sailed into the Thames Estuary and berthed at the UK’s new global shipping port, DP World’s London Gateway, at the end of a two-month sea voyage from China. The London Eye could be rolled underneath the three new cranes, which measure 138 metres tall at full height.

Weighing 2,000 tonnes each, the cranes are taller than Wembley Stadium’s arch and two-and-a-half times the height of Nelson’s Column. They are the first in the UK to be able to lift four containers at once, which means the world’s largest ships will be loaded and unloaded more efficiently in future.

DP World’s Vallarpadam terminal received its first transhipment mainline service, becoming India’s first and only transhipment hub.

This followed the Indian government waiving cabotage regulations for the terminal, which until then had prevented mainline services transhipping at Vallarpadam, instead making lines transfer to local carriers. The law was changed based on DP World’s efforts to make Vallarpadam a hub port for India and the region.

The International Container Transhipment Terminal (ICTT), also known as DP World Cochin, will be part of the new port rotation of the Asia-Indian Subcontinent-East Med (AME) service connecting China to the Mediterranean via the Indian subcontinent, with Cochin being the first port of call in India from China.

April

DP World announced the successful completion of the largest dredging programme at its flagship Jebel Ali Port in 10 years as part of the expansion project of Terminal 2.

In total, 477,000 cubic metres of soil have been dredged from 2900 metres of quay wall at the roll-on roll-off (roro) vehicle carrier terminal, the tanker terminal and three container berths. The dredging deepened the draught of the roro and tanker berths from -10.5 to -11.5 metres while container berths 14, 16 and 17 were extended from -14 to -16 metres.

June

Opening of the new extension to Container Terminal 2 (T2) at flagship Jebel Ali Port

The expansion adds 1 million TEU to take capacity at Jebel Ali Port to 15 million TEU, extending the T2 quay wall by 400 metres to 3,000 metres. This allows the simultaneous handling of six mega ships. Together with Container Terminal 3, which is now under construction, Jebel Ali Port will reach 19 million TEU capacity in 2014 and will be able to handle 10 of the giant new generation vessels at the same time – the only port in the region able to do so.

Marks & Spencer (M&S) and DP World London Gateway jointly announced that M&S will build a major new distribution centre at the new deep-sea container port and logistics park on the Thames in South Essex, just 25 miles from central London

The announcement marked a major milestone in the development of the 1,500-acre site located adjacent to DP World London Gateway. It provides a unique port centric logistics platform which will simplify supply chains for cargo and freight forwarders reducing costs and carbon emissions.

DP World and Jawaharlal Nehru Port held a ceremonial signing of the concession awarded to DP World to construct and operate a new container terminal at the port.

The new 330 metre berth with 27 hectares of yard will add 800,000 TEUs of container capacity and help ease congestion at Jawaharlal Nehru Port. DP World will invest around US$200 million to build the terminal adjacent to the Nhava Sheva International Container Terminal (NSICT), which DP World currently operates.

October

DP World, UAE Region officially rolled out a new initiative that uses smartphone mobile applications to integrate its entire range of customer services at Jebel Ali Port.

The smart new approach to boost productivity and enhance operational efficiencies for imports and exports passing through the DP World flagship facility was unveiled on the opening day of the GITEX Technology Week in Dubai.

November

DP World and Kazakhstan Temir Zholy (KTZ), Kazakhstan’s national railway company, signed an agreement that will see DP World provide management advisory services for the development of the Khorgos Special Economic Zone (SEZ) and Inland Container Depot (ICD). DP World will also provide similar services under a separate contract at the Port of Aktau, Kazakhstan’s main cargo and bulk terminal on the Caspian Sea.

The two agreements support Kazakhstan’s plans to transform and modernise its transport and logistics infrastructure to develop its strategic position as part of a New Silk Way rail-land bridge between the manufacturing hubs of China, and consumer markets in Central Asia and Europe.

DP World London Gateway deep-sea port celebrated the arrival of first scheduled vessel, the ‘MOL Caledon’ from South Africa after more than a decade of planning and construction across three square miles of development.

Providing British exporters and importers with a more efficient way to ship globally, at less cost, DP World London Gateway is located closer to major population centres of London, Birmingham and Manchester than other ports that are capable of handling the world’s biggest ships. Once fully operational, London Gateway will create 36,000 jobs and contribute £3.2bn to UK GDP annually (Source: Oxford Economics).

2013 also saw initial volumes handled at Embraport terminal located within Brazil’s largest port, Santos, near Sao Paulo The one million TEU capacity Empresa Brasileira de Terminais Portuários (Embraport) is the largest private multi-modal marine terminal in the city of Santos. It has been built adjacent to Porto de Santos, which is the biggest Brazilian container port with 90% of its cargo destined for the local São Paulo market. There is excellent road and rail connectivity to the site.

Thought leadership

In April DP World announced the launch of the TURN8 seed accelerator programme designed to encourage innovative entrepreneurship worldwide, starting with Dubai.

TURN8 looks for people with ingenious ideas that can be refined and brought to market through a “seed accelerator,” a programme that selects start-up teams with marketable ideas and supports them with funding, mentoring and training in exchange for a stake in any resulting business.

In October Turn8 unveiled the final 10 innovative ideas bidding to be developed into commercially-viable businesses.

The 10 teams of two are being supported with funding, mentoring and training in Dubai in exchange for a stake in any resulting business under TURN8, the region’s only programme that offers cradle-to-commercialisation support for innovative start-ups.

In October, Turn8 organised a 1-day seminar on start-up funding options led by Brent Traidman, a Venture Partner with Fenox Venture Capital of San Jose, California.

In November TURN8 embarked on a second round of its programme looking for entrepreneurship and innovation.

CSC Leaders for Students

In September DP World joined forces with international leadership development organisation, Common Purpose in hosting the four-day CSCLeaders for Students, an international leadership development conference.

More than 90 students from 25 countries took part in the conference. The group included 18 UAE nationals drawn from universities across the UAE.

CSCLeaders for Students is a series of student conferences held in major cities where significant numbers of students from across the Commonwealth study. They bring together young people studying in the host city to tackle a significant challenge and build networks for the future.

Counter Piracy Conference

In September DP World joined hands with the UAE Ministry of Foreign Affairs and Abu Dhabi Ports Company to co-convene the 3rd public-private international counter-piracy conference.

It was attended by around 750 government and industry leaders, including more than 20 minister-level government officials, who pledged their continued support for sustainable capacity building in Somalia that would lead to meaningful, long term solutions to eradicate maritime piracy, who pledged their continued support for sustainable capacity building in Somalia that would lead to meaningful, long term solutions to eradicate maritime piracy.

The conference, held for the first time in 2011, is a reflection of the commitment of the UAE to bring together all stakeholders affected by piracy. Forging this important dialogue involving governments and industry is an important vehicle to strengthen public-private partnership in the common fight against maritime piracy.

AWARDS

In February: DP World, UAE Region was for the second time recognised in the prestigious Dubai Awards for Sustainable Transport (DAST) initiated by the Roads and Transport Authority (RTA).

For the second consecutive year, the largest regional port operator was honoured for its work in improving the efficiency of the supply chain and the environment, winning the second prize in the Environmental Protection category for its “Sustainable Port Transport Fleet” project, which aims to reduce energy and fuel consumption, CO2 emissions, and waste.

In March: DP World, UAE Region won the UAE’s Terminal Operator Company of The Year category from Frost & Sullivan

DP World, UAE Region also won the Best Sea Port of the year at the first Trade and Export Middle East Excellence Awards.

In May: DP World won the prestigious Golden Peacock Award for Business Excellence for 2013 for its professionalism and quality operations across its five marine terminals in India.

The annual award was presented at a ceremony in Dubai in recognition of DP World’s business practices in India. It marks the third year running that the company has won a Golden Peacock Award.

Also in May, DP World’s flagship Jebel Ali Port was named “Shipping Port of the Year” at the prestigious annual Supply Chain and Transport Awards (SCATA) 2013.

It is Jebel Ali’s fifth SCATA award in seven years. Organised by ITP, the annual SCATA awards are a celebration of the Middle East logistics industry’s achievements over the past 12 months. They recognise outstanding regional and international companies, in 16 categories covering the logistics, sea freight and air cargo sectors.

In November: DP World was named the Best Performing Company in the UAE and awarded the prestigious Mohammed Bin Rashid Al Maktoum Business Award for Most Outstanding Performance for 2013.

DP World, UAE Region was one of the 16 recipients of the Mohammed Bin Rashid Al Maktoum Business Award presented this year, in addition to the Outstanding Performance Award.

Also in November DP World won the award for Best Investor Relations Team for Corporate Governance – Middle East

The award was presented at the fifth Middle East Investor Relations Society (ME-IR Society) Annual Conference and Awards Ceremony held in Dubai and supported by Dubai Financial Market and Abu Dhabi Securities Exchange. The Annual Conference and Awards ceremony is the Society’s flagship event and recognizes the efforts of those regional companies and IR professionals who play a critical role in developing IR.

In November DP World, UAE Region won the prestigious Container Terminal Operator Award for a fifth consecutive year at the Seatrade Middle East & Indian Subcontinent Awards 2013 in Dubai.

The judging panel chose the operator of Jebel Ali Port for its all-round operational excellence, a dynamic approach to creating a smart port, throughput performance, efficient automation systems and other value-adding services.

In December DP World won the coveted “Excellence in Financial Reporting” Award at the Middle East Accountancy & Finance Excellence Awards.

The Middle East Accountancy & Finance Excellence Awards are organised by the Institute of Chartered Accountants of England & Wales (ICAEW) – a world leader in the accountancy and finance profession with over 140,000 members across the globe. The awards were launched in 2011 to celebrate the very best in the accountancy and finance profession in the Middle East.

Also in December DP World operated Mina Rashid in Dubai was voted the World’s Leading Cruise Port for the sixth consecutive year at the prestigious World Travel Awards 2013, acknowledged as the ultimate travel industry accolade.

Mina Rashid, which began life as the region’s first modern container port more than 40 years ago, competed and won against cruise ports from around the world, including Singapore, the Seychelles, Turkey, Mexico, Jamaica, Brazil, South Africa and the United States.

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Africa to standardise mining policies

PLANS are underway to standardise mining policies in Africa to enable countries fully reap from their mineral resources, Minister of Mines, Energy and Water Development Christopher Yaluma said.
Mr Yaluma said African countries are expected to form an alliance that will standardise the mining system to deter some companies from exploiting mineral-rich nations.
“Zambia, like many other countries, has not maximised benefits from the mineral resource. We have come together to look into ways of ensuring that the same mining standards are applied everywhere so that, if say, Zambia turns down a mining prospector, [the investor] will not go to Zimbabwe or Angola because the standards will be the same,” he said.
Mr Yaluma said in an interview recently that the development will enable citizens benefit from mineral wealth because mining companies will abide by the set standards.
He said Government remains committed to putting in place measures that will ensure a win-win situation for mining firms and citizens.
“Local content should be at play where investors use locally manufactured equipment and engage locals as suppliers of goods and services,” he said.
Mr Yaluma said the recently revised mineral resources development policy will go a long way in increasing participation of Zambians in the mining sector.
The mineral resources development policy, which replaced the 1995 mining policy, will increase participation of Zambians in the sector as mine owners, suppliers and employees.
He said the mineral resources development policy will re-orient the sector to create a competitive, thriving and sustainable industry that will benefit both the investors and people of Zambia.

Mintails commits to limiting impact of mining activities on communities

ASX-listed Mintails has committed to further limiting the impact of its mining activities on local communities, while a task team has been established to determine the cause of damage to houses near the West Rand-based mine.

Mintails said over the weekend that a meeting with Mineral Resources Minister Susan Shabangu on Friday had led to measures, including the implementation of enhanced noise and dust control and improved safety systems, being put in place to address complaints emerging from nearby communities.

Community members of Kagiso Extension One, near the mine, in Gauteng, have accused Mintails of undertaking blasting and other mining activities – without community consultation – that had resulted in dust fallout, noise and structural damage to houses and roads.

The Department of Mineral Resources (DMR) would appoint an independent team of technical experts to ascertain the cause of the damage and to what extent this was the result of mining activities.

“We are pleased that a scientific route will be used to make an objective determination in this regard,” the company said in a statement, reiterating its commitment to “make good on any impairment found to have been caused by the mining operations”.

In the interim, Mintails would halt blasting during overcast weather, which exacerbated dust and noise for nearby residents, cease percussion drilling between 20:00 and 07:00 and divert load-bearing trucks through alternative routes to stockpiles.

The company also promised to install a siren, similar to those used in other mining communities, alerting residents to imminent blasting activities.

Further, the safety berm currently surrounding the mining operations would be heightened to augment the safety of community members inadvertently entering the mining area and reduce the amount of noise emerging from the mining operations.

Video documentation and the capturing of seismic data for each blast would also be undertaken to ensure compliance and determine the potential of blasting to cause damage to permanent structures such as houses.

“Inspectors from the DMR regularly inspect Mintails’ operations and compliance and, as part of [its] regulatory monitoring, will ensure that the above measures are undertaken,” the company said.

The mine had not been asked by the DMR to cease operations while the investigations were under way.

Analysis: Social media empowers anti-mining activists

(Reuters) – Facebook and other social networks are making it easier for anti-mining activists to derail projects, helping them get their message out and organize more quickly against an industry that is already struggling with high costs and volatile prices.

From Romania to Peru to Canada, protest movements have disrupted projects in recent years, in part because activists have harnessed the power of social media and mobile technology, parties on both sides of the disputes say.

Civil unrest can spell disaster for mining projects at any stage, even after billions have been invested. That is not new. What has changed is activists’ ability to mobilize, a trend that echoes political upheavals that social media have helped fuel across the Middle East and North Africa.

The saga of Rosia Montana, the Romanian region where Canada’s Gabriel Resources Ltd wants to build Europe’s biggest open-pit gold mine, offers a clear illustration of how social media has shifted the balance of power.

Gabriel’s push to get the project approved suffered a series of setbacks in the autumn after activists used Facebook to organize demonstrations across the country.

“Our experience in Romania is not unique, but certainly the take-away is that the best project in the world can be portrayed as the worst unless the host government stands up to the vocal minority,” Chief Executive Jonathan Henry said of the impact of the Facebook campaigns against Rosia Montana.

The project has been in the works for nearly 15 years, and until Romania’s government backed it in late August, years had passed without major protests. But activists mobilized quickly on Facebook after the government showed support for the mine, and within days thousands hit the streets.

In November a parliamentary commission rejected a draft bill that would have allowed the project to proceed. A second attempt to approve the project as part of a new mining law failed in December.

With the support of many members of parliament from the governing coalition, Gabriel is still fighting for Rosia Montana, its only advanced project. But its shares have fallen by nearly half since large-scale protests started.

Without social media the protests would not have been as well-organized, Henry said.

VULNERABLE TO PROTESTS

Gabriel’s experience in Romania parallels what many other mining companies have encountered around the world. The industry is under pressure to meet stricter environmental standards and share more revenue with host countries and nearby communities.

In a report on risks to the mining industry last month, accounting and consulting firm Deloitte flagged intensifying demands from local communities, which it said have been “elevated” by social media. It said the mining industry’s access to new resources is “at risk like never before”.

It is difficult to measure the impact of the new activism because comprehensive data on project costs and the reasons for delays is not readily available, but examples abound.

In the past year, protests have hit Eldorado Gold Corp in Greece, Centerra Gold Inc inKyrgyzstan, HudBay Minerals Inc in northern Manitoba, and De Beers’ Victor mine in northern Canada, to name just a few.

The nature of the mining industry makes it vulnerable to protests. It takes years of work and millions of dollars to secure permits and begin construction, and legislators can stall approvals or impose new taxes before the investment pays off.

Forging ahead with a troubled project is often much cheaper than starting from scratch somewhere else, so in many cases, companies bend to public pressure.

In December, Centerra reached a tentative deal that could give the government ofKyrgyzstan a much bigger stake in its Kumtor gold mine, following riots and calls for nationalization in the Central Asian county.

In September, Anglo American pulled out of the Pebble copper-gold project in Alaska, which had been targeted by protesters and criticized by environmental regulators.

Newmont Mining Corp halted construction at its massive Conga copper-gold mine in Peru in 2011 after violent protests, and the company is still working to win the support of nearby communities.

Jamie Sokalsky, chief executive of Barrick Gold Corp, said in an autumn interview that social networks can help stir up social unrest, and that, in turn, emboldens governments in their dealings with mining companies.

“We have to do a better job of not only describing the true costs, but also the benefits, than we have,” he said.

Barrick’s recently mothballed Pascua-Lama project, on the border of Chile and Argentina, was unpopular with environmentalists from the start because of its proximity to glaciers. Nearby communities have staged street protests, and some activists have organized online.

LONG HISTORY

Rosia Montana was first a mining district more than 2,000 years ago. An abandoned open cast mine sits at the center of Gabriel’s site, but the company has proposed a much larger operation. It would dig four open pits and fill much of a nearby valley with tailings. Some local villagers would have to move; others already have.

Memories of a 2000 cyanide spill from a gold tailings pond in northern Romania are still fresh, and some want an outright ban on the toxic chemical, which Gabriel would use to process ore, a normal industry practice. For its part, Gabriel says it would abide by tough environmental standards, and tailings that contain small amounts of cyanide would be safely contained.

All sides agree that social media has played a pivotal role in the conflict over the project.

“The protests and text messages and emails that my colleagues have received created a certain pressure on those who voted,” said Florin Iordache, a lower house member of the governing Social Liberal Union, who was part of the commission that rejected in November a draft bill to allow the project to proceed.

Gabriel also uses Facebook: its Romanian-language page has been “liked” more than 700,000 times. The company says it has the support of many local people, and mine supporters have staged some of their own protests over the years, though nowhere near the scale of those of their opponents.

GLOBAL NETWORKS

Social media is becoming a more powerful tool because more people, even in the less developed economies where many mining projects are located, have access to the Internet.

Stephen Letwin, chief executive of Iamgold Corp, a mid-tier miner based in Canada, said he now gets “friend” requests from his workers in Suriname and Burkina Faso.

“You go out to some of these villages … and see people with iPhones, riding their camels,” said Letwin, who believes social networks have helped Iamgold maintain good relationships with local communities and governments.

To be sure, social media is not an organizing tool in every conflict. Many who live in developing and emerging economies do not have reliable connections. And parallel trends, such as the spread of democracy, have likely played a role in heightening conflict over resource development.

But even where access is spotty, a quick phone call to someone who is online can get protesters’ messages to more political leaders, voters and investors than ever before.

Activists opposing Newmont’s Conga project phone in reports for local websites, which then share them widely. They believe the publicity has helped them win crucial support in Lima, Peru’s capital, and make demonstrations safer for protesters.

Marco Arana, a former Catholic priest and founder of Peru’s left-leaning Tierra y Dignidad party, said he was at a protest in March when several hundred armed police ordered activists to clear out.

He posted photos online and others called local radio stations, and the police backed off. He says that without the public scrutiny, “things could have gotten really ugly”.

“I joined Twitter because I’d been told it’s a good tool for showing the world what is going on and could prevent dangerous situations,” he said. “I never thought it would be so important.”

(Additional reporting by Mitra Taj in Lima, Peru and Alexandra Ulmer in Santiago; Editing by Jeffrey Hodgson and Peter Galloway)

Canada looking to break into ‘critical’ rare earth elements mining

OTTAWA — Canada is quietly staking its claim to being a global leader in a growing multibillion-dollar industry largely unknown to most Canadians but deemed by the government as “critical” to the country’s economy.

Canadian extractive companies, in collaboration with the federal government and other groups, have launched more than 200 exploration projects targeting what are called rare earth elements (REE).

These potentially lucrative rare earths — which include the 15 lanthanide metals on the periodic table plus scandium and yttrium — are increasingly sought after by several major industries for manufacturing their products.

The rare earth elements are split into “light” or “heavy” depending on their atomic number. Rare earths, especially the “heavy” ones, are considered to be critical for manufacturing new technology, clean energy, aerospace, automotive, defence and many other industrial products because of their luminous, magnetic, catalytic and other characteristics.

For example, the materials have become imperative for wind turbines, hybrid and electric cars, cellphones, laptops, LCD screens, medical imaging equipment, rechargeable batteries and many other products.

Canadian deposits often contain much higher proportions of the valuable “heavy” rare earths, meaning Canada is poised to capitalize on extracting rare earth elements, say briefing notes prepared for Natural Resources Minister Joe Oliver as part of last summer’s cabinet shuffle.

“Rare earth elements (REE) have been categorized by the government as being critical to Canada’s economy,” say the briefing notes, titled “Secret” and obtained by Postmedia News under access to information legislation.

“Canada could become a significant producer of rare earths over the medium term.”

Rare earths actually aren’t that rare. They are abundant around the world, but very rarely in concentrations that are economically recoverable.

A group of exploration companies, in cooperation with Natural Resources Canada, research centres and other partners, have just established the Canadian Rare Earth Elements Network — an industry-led group whose aim is to secure 20 per cent of the global supply market for critical rare earth products by 2018.

The critical rare earth elements especially sought after by industry — and defined by some governments as crucial — include europium, terbium, dysprosium, yttrium and neodymium.

The House of Commons natural resources committee has just launched a study of the rare earths industry in Canada, while CREEN officials say they have asked the federal government, as part of its 2014 budget considerations, for research and development funding focused on rare earths.

Until 2013, China produced 97 per cent of the world’s supply of rare earths (and 100 per cent of the “heavy” supply).

Canada has more than 200 exploration projects searching for rare earth elements, representing more than half of the world’s exploration projects on REE.

While Canada does not currently produce any rare earths, it could be a key player over the next four to six years, the briefing notes say.

Eleven of the Canadian projects are considered to be at an advanced stage of development, according to federal officials, with seven containing elevated concentrations of the valued “heavy” rare earths.

“Everything green has a little black in it,” said Ian London, chair of the Canadian Rare Earth Elements Network, explaining the importance of rare earths to clean-tech and high-tech industries.

“All of these green technologies that people are talking about are based on products that come out of the ground and/or are processed.”

Like with any extractive project, there are environmental challenges. Many of the REE mines are open pit, while rare earths are generally accompanied by uranium and thorium — radioactive elements, albeit in low quantities.

Building and opening a rare earth mining and processing operation costs between $1.5 billion to $2 billion per mine, London said, although the downstream production value would be tens or hundreds of billions of dollars due to the importance of rare earths in manufacturing new technology.

At least one of the advanced projects, from Avalon Rare Metals, is expected to begin production in 2017, with four other projects potentially starting production between 2017 and 2019, explain the briefing notes.

Avalon’s flagship mine is in the Northwest Territories, while other companies like Quest Rare Minerals and Matamec Explorations are proceeding with projects in Quebec.

“Canada may become a major producer of the valued “heavy” rare earth elements by the 2017 to 2020 time period,” say the briefing notes.

Natural Resources Canada (NRCan) is working closely with industry and academia to develop a rare earth industry in Canada, including the training of needed workers.

Any foreign investment in rare earth elements is subject to a national security review under the Investment Canada Act to ensure potential acquisitions don’t pose national security risks.

“NRCan will continue to closely monitor the global rare earth industry and cooperate with other departments to manage future production and shipments of these resource materials consistent with the government’s strategic objectives.”

METALS-Copper climbs to 6-month top on hopes of Chinese demand

* LME copper jumps 1 pct to highest since June

* Global economic optimism fuels price gain

(Adds details, quotes)

SINGAPORE, Jan 2 (Reuters) – London copper kicked off the new year on a positive note on Thursday, rising to its highest since June on expectations that economic recovery in top consumer China will drive demand.

Copper on the London Metal Exchange (LME) rose more than 4 percent in December, its biggest monthly gain since September, 2012, riding on the hopes of economic optimism.

Three-month LME copper was trading 1 percent higher at $7,432.25 a tonne on Thursday, its highest since June 6. The most-traded March copper contract on the Shanghai Futures Exchange added 0.5 percent to 52,560 yuan a tonne.

China has said industrial output may have grown 9.8 percent in 2013, and economic growth could come in at 7.6 percent, just above the official target of 7.5 percent and slightly below the 7.7 percent pace in 2012.

In addition to Chinese demand prospects, shortages of refined copper are also supporting prices.

“Robust demand continues to draw down on stocks, not just on LME but globally on all exchange warehouses,” said Joyce Liu, an investment analyst at Phillip Futures Singapore.

“Demand outlook is particularly optimistic because much of the social and environmental reforms that China is looking at are copper-intensive.”

The rally in copper came even as China’s factory activity expanded at the slowest pace in three months in December, weighed down by shrinking export orders, a private survey showed on Thursday.

The final HSBC/Markit manufacturing Purchasing Managers’ Index (PMI) slipped to 50.5 in December from 50.8 in November, unchanged from a preliminary reading.

China’s official manufacturing PMI, released on Wednesday, also showed growth in factories slowed slightly in December as export orders and output weakened.

Copper fell 7.2 percent in 2013 but the decline was more modest than many expected as an anticipated surge in new mine production faced processing backlogs, creating delays for refined product such as cathodes used in high grade applications.

LME copper stocks <MCUSTX-TOTAL> extended their decline on Tuesday to 366,425 tonnes, the lowest since January.

PRICES

Three month LME copper

Most active ShFE copper

Three month LME aluminium

Most active ShFE aluminium

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Three month LME tin

(Reporting by Naveen Thukral; Editing by Richard Pullin)

Turkey’s gold imports reach new record high in 2013

ANKARA, January 3 (Xinhua) — Turkeys gold imports hit a new record high in 2013 because of the ongoing gold-for-gas trade with Iran and the slump of the gold price in the year

Turkey imported 302.3 tons of gold in the past year, data from Borsa Istanbul indicated a 150 percent rise from the previous years level of 120.78 tons

As for the monthly data, Turkey imported 31.65 tons of gold last December, increased by 64 percent compared to the previous month

During the past year, Turkey imported natural gas from Iran while paying it by gold. However, since Turkey did not produce much gold itself, it had to import more gold from other countries, according to analysts

Moreover, the sharp drop in gold prices, which fell 23 percent through 2013, also fueled Turkeys gold import.