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OEUK estimates only nine exploration and appraisal wells be drilled this year, down from around 60 in 2010.

Its July-September production fell by 77pc from a year earlier to 30,000t.

Orion Minerals partners up at Okiep

Looking ahead, we believe economic growth will be a crucial priority for China, as the country has emphasized the importance of economic development, focusing on high-quality, balanced and inclusive growth.

Freight volume has seen stable monthly growth, with October hitting a high of 1.35 million tons, it said. Trade along the railway covers countries such as Laos, Thailand, Malaysia, Vietnam, Cambodia and Singapore.

At present, of the 17,244 tonnes of on-warrant nickel in LME warehouses in Rotterdam, briquette accounts for more than 92%.

The sites receiving ResponsibleSteel certification were POSCO’s Pohang and Gwangyang Steelworks in South Korea and Tata Steel’s Jamshedpur site in India.

A high backwardation continued to dampen import appetite, leading to thin liquidity, although offers were quoted higher.