ASIAN MORNING BRIEF 06/12: Vale hails iron ore derivative contract; Rio Tinto hits Amrun milestone; China Molybdenum takes control of IXM

The latest news and price moves to start the Asian day on Thursday December 6.

Base metals prices on the London Metal Exchange were mixed at the close of trading on Wednesday December 5, with most of the three-month prices trading in narrow ranges while impervious to broad strength in the US dollar. Read more here in our live futures report.

Here is how prices looked at the close of trading:

Brazilian miner Vale has hailed the launch of a derivative contract by the Singapore Exchange as a positive development for the high-grade iron ore market.

Rio Tinto has reached another milestone in the development of its Amrun project in Queensland, Australia, shipping its first bauxite cargo six weeks ahead of schedule, the company announced.

China Molybdenum Co will take direct control of metals trader IXM in a $495-million buyout of a fund it set up to originally purchase the firm from Louis Dreyfus, according to a notice issued on the Hong Kong Stock Exchange.

Lithium-focused Wealth Minerals has signed letters of intent to acquire stakes in two Chilean copper projects, which will be held by newly formed subsidiary Wealth Copper.

Vale will invest an additional $500 million in VNC, its nickel operations in the South Pacific country of New Caledonia on expectations of increased demand from rising electric vehicle output, chief executive officer Fabio Schvartsman said.

Sumitomo Metal Mining Co and Sumitomo Corp have agreed to buy a 30% indirect stake in the company that owns the Quebrada Blanca Phase 2 copper project in northern Chile, according to majority owner Teck Resources Ltd.

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