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The UK-listed chemicals company said it would take action to reduce its cost base as sales in its speciality products division fell by 20% in Q3 on a reported basis and 7% on a constant currency basis as a number of factors, including currency exchange, China’s slowdown and the weak oilfield sector, adversely affected results.
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Profits and revenues fell in tandem for the UK-listed speciality chemicals maker, with low oilfield activity knocking 30% of its sales income in this area, while growth in coatings was undermined by weakness in Asia and Europe. Chromium chemicals sales dipped by 5% but operating profit remained flat year-on-year.
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The worst of the effects of the oil prices on oil exploration and thus industrial mineral demand from drilling activity appears to have passed. With high-cost rigs now removed from the demand equation, the decline in the drill rig count has slowed, a rare positive development in a depressed oilfield minerals market.
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The latest drill rig count data released by Baker Hughes gives an indication of the scale of the slowdown in shale exploration, which has occurred since the substantial reduction in oil prices which started in mid-2014.
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The global chemicals maker which supplies the coatings, oilfield and personal care markets recorded a 4% increase in pre-tax profits, despite uneven geographical growth in its main industrial end markets and difficulties in the oilfield sector, suggesting the resilience of Elementis’ innovation strategy.
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The US-based producer has been ramping up production of its organic clay product to meet demand from its US distributor, Raw Materials Corp. With the first delivery completed, Western Lithium is looking to grow its position in the oilfield market by supplying the industry with its speciality drilling additive, having already sent samples to prospective customers.
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Baker Hughes rig count data shows a sustained rise in oilfield drilling over the past year for the US. Despite strong geopolitical instability in large production regions, oil prices have fallen recently on the back of strong US domestic production and Japanese plans to restart nuclear reactors. This raises the question of whether can the US sustain the frac sand boom on lower oil and gas prices, and whether the rest of the world due a fall in rig counts as demand falters.
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The distribution agreement is significant for two reasons. Firstly, it underscores that the drilling mud product the company is producing is of a high enough quality to be distributed by the only trader for this market in the US. Secondly, it is only for part of the product and for five states, which leaves Hectatone ample opportunity to approach buyers directly.
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While striving to hold their consolidated business in the European market, the Italian ceramics machinery manufacturers are now looking at new opportunities in rapidly expanding ceramic markets — in particular China and other Asian countries. However, they first have some challenges to overcome.
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With all the required permits in place, the company can how begin excavating hectorite clay from its two open pit mines in Nevada, which will supply the US’ booming oil and gas drilling industry.
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Elementis is the world's only hectorite producer — a mineral which has attracted attention due to its use in oilfield applications. However, lagging sales in this market, down 18% year on year, has been attributed to cold weather, which has delayed many North American drilling operations
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Significance: Now that permission has been granted to proceed with development of the Kings Valley hectorite mine and accompanying organoclay project, the North American oil and gas market can look forward to new drilling mud supply
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Sales growth in speciality clays; chromium segment affected by temporary shutdown
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Community concerns continue to mount as a fracking frenzy sweeps across Europe
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Company speaks to IM about oilfield importance; looks to build lithium demo plant
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Oilfield sales rebound after H2 2012 weakness; cosmetics market biggest earner
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Antimony trioxide firming up; Bad news for TiO2
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OFM Dubai: deeper oilfield drilling targeted by Western Lithium USA Corp.
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Lithium not to fall by the wayside; mine plan submitted for Q1 2014 result
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IM Roundtable brings market together; “Shale gale” goes global
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