Aluminium gets $6,5bn boost from Obama's new-energy stimulus plan

JOHANNESBURG (miningweekly.com) - Aluminium was receiving a $6,5-billion boost from US President Barack Obama's economic stimulus expenditure on more electricity transmission lines that enable new renewable sources of clean wind and solar energy to be connected to the transmission grid, the US Aluminium Association said on Friday. Allowing wind to provide 20% of the energy needs of eastern US by investing in the power grid would save consumers R12-billion a year, the American Wind Energy Association said. Eventually the grid could also help to make electric vehicles a reality and reduce US dependence on imported oil. Reuters reports that widespread economic stimulus packages by governments could also help generate higher global copper demand in coming months. Norddeutsche Affinerie CEO Bernd Drouven told Reuters in Hamburg that, because of low stocks held by market participants, an increase in copper demand could be rapid should the economic stimulus and infrastructure programmes already agreed or proposed worldwide enter the implementation phase. Drouven also told shareholders on Thursday that the company would undertake a major investment project and expected a positive result in its current financial year despite the global economic slowdown.