China Nonferrous Metal Industry’s Foreign Engineering and Construction Co said on Monday that it would increase its stake in Australian miner Terramin Australia Ltd in a deal worth 32.35 million yuan ($5 million).

Terramin will sell 12.3 million shares to China Nonferrous Metal at A$0.37 ($0.406) apiece in a private placement that would increase the holdings of the Chinese developer of non-ferrous metal resources to 19.86 percent from 14.38 percent, according to a statement to the Shenzhen Stock Exchange.

Terramin will use the share sale proceeds to develop two zinc and lead mining projects, the statement said.

Terramin posted a loss of A$9.875 million last year and its assets totalled A$147 million.

Chinese companies have been eager to secure supply of raw materials through overseas acquisitions to meet rising domestic demand in the world’s fastest-growing major economy. ($1 = 6.437 Yuan) ($1 = 0.910 Australian Dollars)

The Shanghai Composite Index rose 0.76 percent or 20.47 points to close at 2,723.49 points today on transaction value of 92.08 billion yuan.

The Shenzhen Component Index was up 0.90 percent or 108.33 points to close at 12,116.86 points today on transaction value of 77.08 billion yuan.

The non-ferrous metals sector extended yesterday’s increase. The share prices of aluminum stocks rose on rising aluminum prices. Two aluminum stocks, Yunnan Aluminium (000807, 9.96, +10.06%) and Jilin Liyuan Aluminum (002501, 29.38, +10.00%) surged by their daily limits. Fujian Minfa Aluminium (002578, 15.40, +7.17%), Shandong Nanshan Aluminium (600219, 9.61, +5.37%) Jiangsu Alcha Aluminium (002160, 15.43, +5.32%) all rose above 5 percent. Aluminum Corporation of China (601600, 10.69, +2.99%) said it will make full impairment provision for the entire carrying value of approximately 340 million yuan in expenditure incurred for the Aurukun development project in its 2011 Semi-Annual report.

Gold stocks all finished with gains today, such as Zhongjin Gold (600489, 29.02, +0.87%), Shandong Gold Mining (600547, 49.84, +1.01%) and Henan Yuguang Gold & Lead (600531, 27.72, +2.02%). Guangdong Orient Zirconic Industry Science and Technology (002167, 43.50, -0.68%) dipped reporting a 184.77 percent year-on-year rise in first half 2011 net profit attributable to shareholders to 58.7 million yuan.

Beijing Trust & Far Technology (300231, 31.12, +10.00%) and Guomai Technologies (002093, 16.47, +10.02%) led gainers from the information technology sector today. Many stocks from this sector rose more than 5 percent, including Beijing Venustech (002439, 39.60, +7.03%), Beijing TRS Information Technology (300229, 20.73, +6.86%), Fiberhome Telecommunication Technologies (600498, 27.74, +5.36%) and China Kejian (000035, 9.82, +5.03%). Zhejiang Dahua Technology (002236, 47.40, +4.87%) reported a 64.32 percent year-on-year increase in net profit to 129 million yuan in the first half 2011.

Suzhou Electrical Apparatus Science Academy (300215, 106.70, +10.00%) surged by its daily limit after it posted a 72.18 percent year-on-year increase in first half 2011 net profit to 43.56 million yuan.

Several rail-related companies stopped declining. Beijing Jiaxun Feihong Electrical (300213, 19.11, +4.08%), Qingdao Tgood Electric (300001, 20.58, +1.48%), CSR Corporation (601766, 5.85, +0.52%) and China CNR Corporation (601299, 5.69, +1.07%) all ended with increases today. Meanwhile, Beijing Century Real Technology (300150, 26.90, -0.96%) and China Railway Group (601390, 3.75, -0.56%) fell less than 1 percent.

Airlines did not continue gains made in the last two days. Air China (601111, 10.07, -2.89%), China Southern Airlines (600029, 8.51, -1.96%), and China Eastern Airlines Corporation (600115, 5.56, -0.71%) all fell today.

Banks continued to fall. China Merchants Bank (600036, 12.26, -0.73%), Bank of Communications (601328, 4.79, -0.62%), China Construction Bank Corporation (601939, 4.71, -0.42%) and the heavyweight Industrial and Commercial Bank of China (601398, 4.28, -0.23%) all traded lower. Shares of Hua Xia Bank (600015, 10.23, -0.68%) had not increased for 8 straight trading days.

It is reported that Chinese Ministry of Industry and Information Technology has finished drafting of the “Specific Plan for Utilization of Secondary Nonferrous Metals in 2009-2015,” which is ready for soliciting public opinions.

The plan says that the country will produce 11 million tons of secondary nonferrous metals by 2015, almost double the current amount, according to Wang Gongmin, an official of China Nonferrous Metals Industry Association.

By 2015, the plan determines that secondary product outputs of refined copper, aluminum, and lead should amount to over 40 percent, 30 percent, and 30 percent of that the yearly outputs of refined copper, electrolytic aluminum, and refined lead.

According to the plan, the country will also launch some demonstration projects, industrial parks, and markets, which will benefit from the government’s capital and policy supports.

China’s secondary nonferrous metals total output was 2.51 million tons in the first half of this year, including secondary copper of 950,000 tons and secondary aluminum of 1.2 million tons, down 16 percent and 7.6 percent respectively on year.

China’s producers of secondary nonferrous metals are mostly private companies. According to Wang, the industry has seen excessive production capacity. Therefore, the plan will establish new access threshold for establishment of new companies, so as to optimize the industry’s structure.

In 2008, China produced 5.3 million tons of secondary nonferrous metals, with an overall output value of over 220 billion yuan. As a number of enterprises launched new projects with low costs during the financial crisis, the country is expected to add a new production capacity of 1.2 million tons this year.

China is the largest importer of nonferrous scrap metals in the world, with two thirds of the country’s demand being imported from abroad.

Wang warned that producers should remain prudent in expanding production capacities, since nonferrous scrap metals are of a limited amount in the world.

The production of secondary metals is more environmental friendly than that of primary metals. For example, the energy consumed in producing secondary aluminum only requires 5 percent of that in producing primary aluminum.

According to information released at a press conference of the 9th Secondary Metals International Forum/Exhibition & Trade Fair, China nonferrous metalshas scrap stockpiled over 200 million tons, a precious resource for the secondary nonferrous metal industry.

China’s output of secondary nonferrous metals reached 5.3 million tons in 2008, taking 21 percent of the country’s total nonferrous metal output. The industrial output value exceeded 220 billion yuan during the same year, said Wang Gongmin, chairman of the Recycling Metal Branch under the China Nonferrous Metals Industry Association (CMRA).

Development of the secondary nonferrous metal industry can help save energy, reduce emissions and develop the recycling economy of China. Compared with directly produced metals, CMRA data shows that China’s secondary nonferrous metal industry saved 202 million tons of standard coal and 9.3 billion tons of water from 2001 to 2008, with a discharge reduction of 5.6 billion tons of solid wastes and 2.55 million tons of sulfur dioxide.

In China, the majority of secondary nonferrous metal enterprises are private companies, which provide over 1.5 million jobs for the country.

On November 3 to 5, in southern China’s Guangzhou city, the Secondary Metals International Forum/Exhibition & Trade Fair is to be held.

It is said from a nonferrous market information provider on Wednesday that China’s copper stocks could approach a record high of 1.2 million tons, including copper both from the government reserves and market stocks.

According the report, such large stocks are enough for domestic consumption for about 80 days.

The country’s copper stocks were estimated at 670,000 tons in May and 735,000 tons in July. That means the stocks have increased by almost six times in August and September, mainly due to large imports in July and August.

Within the 1.2 million tons of copper stocks, the government reserves are 235,000 tons.  Antaike has raised its forecast for China’s copper consumption from 5.3 million tons to 5.5 million tons this year. However, the domestic copper consumption hasn’t yet improved substantially.

In the face of high stocks, some copper enterprises say they may try to promote sales or add short positions in the futures market before the National Day Holiday at the beginning of October.

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It is said from a commercial banker on Tuesday that China is more likely to keep purchasing gold from its domestic producers rather on the global markets if it decides to increase its stockpile.

The State Administration of Foreign Exchange, an arm of the central bank, disclosed in April that it had raised its gold reserves to 1,054 tonnes from 600 tonnes since 2003 — but by buying from local producers and on the domestic market.

“China has no need at all to buy gold from the international markets,” Lila Lu, head of precious metals at Minsheng Bank Corp, told Reuters.

“Because China is a large gold producer, it can source gold directly from its domestic makers, most of which are state-run enterprises,” she said.

Minsheng, a medium-sized commercial bank based in Beijing, is China’s first listed non-state lender.

Analysts expect China to add to its gold holdings as a hedge against dollar depreciation, and speculation is swirling that Beijing will buy some of the bullion being offered for sale by the International Monetary Fund.

“It’s possible. It would be normal if we did buy, but it may also be a rumour,” Lu said.

Chinese officials have said they are keen to diversify the country’s $2.13 trillion of official currency reserves, some 70 percent of which are invested in dollar-denominated securities.

But Lu said there was no reason for China to dip into its reserves to buy gold.

“China has many other ways to invest its foreign exchange reserves. Why should we use dollars to buy gold? We can use yuan instead to purchase gold from domestic producers,” she said.

China surpassed South Africa in 2007 to become the world’s largest gold producer and output reached a record high of 282 tonnes in 2008. In the first half of this year, production rose by 13.5 percent from a year earlier to 146.5 tonnes.

Lu said she saw growing Chinese investment demand for gold, especially gold-linked products that can be more easily traded than bullion. These include “paper gold” sold through banks and margin trading on the Shanghai Gold Exchange.

“While I don’t see much change in physical gold trading, I feel that paper gold and margin trading will see big growth in China in coming years,” Lu said.

She said she expected turnover on Shanghai’s gold bourse to fall this year because of reduced price volatility.

Minsheng traded 208.3 tonnes of gold, or 13.3 percent of the exchange’s total, in 2008.

She said global economic uncertainty and the prospect of further dollar weakness could push gold up to $1,200 an ounce by the end of this year. The metal rose about $9 on Tuesday at $1,011.55.

According to two government officials, China may purchase gold from the International Monetary Fund in order to diversify foreign reserves and increase its influence in the international organization.

President Hu Jintao will put the idea forward while attending the G20 summit to be held in Pittsburgh this month, the sources said.

China’s gold reserve increased to 1,054 tons by the end of 2008 from 600 tons in 2003, Hu Xiaodong, head of China’s State Administration of Foreign Exchange, said early this year.

The country has been seeking ways to diversify its foreign reserves away from the current majority held as US dollar assets.

China’s foreign reserves totaled 2.13 trillion dollars at end-June this year, adding 185.6 billion dollars from beginning of this year.

On September 19, the IMF announced that it will offload 403.3 tons of gold reserve to relieve financial pressures and provide more loans to poor and developing countries.

Currently, the International Monetary Fund, the third largest gold holder next only to the US and Germany, holds about 3,200 tons of gold reserves.

According to the data from the General Administration of Customs showed on Tuesday, China’s imports of refined copper fell for a second straight month to 219,731 tonnes in August from 292,226 tonnes in July.

Imports of primary aluminium to China, the world’s top copper and aluminium consumer, dropped to 117,213 tonnes in August from 131,724 tonnes in July.

Chinese copper and aluminium prices stayed lower than the cost of imports last month following increased domestic stocks resulting from record inflows in the first half of the year, cutting spot buying from merchants and speculators.

It is said from Xiong Weiping, chairman of Chinalco, parent of Chalco, at the World Economic Forum concluded in the last weekend that about 20-30 percent of China’s aluminum production capacity is periodically in excess.

Production capacity of both alumina and electrolytic aluminum is surplus by between 20 to 30 percent in China, but the surplus is not caused by last year’s economic slowdown and decreased demand, Xiong noted.”It is periodical,” Xiong said, “As Chinese economy recovers, and its urbanization and industrialization speed up, the country will definitely demand more base metals.”

Xiong is optimistic about the aluminum prices in the long run. “The aluminum industry is a sunrise industry. Aluminum will be widely used in energy saving, clean production, environmental protection and circular economy.”

But the short-term price trend still depends on whether China’s economy will come to real stabilization soon, according to Xiong.

Xiong negotiations with power generators for direct power supply will continue and there is still no exact timetable.

It is also said that the companies will stick to its policy of investing in rich resources and following the market closely, though Chinalco’s investment in Rio Tinto fell halfway.