Orica places focus on mining
GLADSTONE explosive company Orica has decided to concentrate on the mining industry by dumping most other portfolios.
Orica Ltd says it has seen a modest recovery in demand for mining services and explosives as the global economy slowly lifts itself out of the doldrums. Orica managing director Graeme Liebelt said last week Orica was seeing a bit of improvement “by and large”.
“Latin America continues to grow. We’ve seen a few months now of growth in the US,” Mr Liebelt said. “Europe has been okay, but it’s been a little weaker in the last month or two and I think we’re seeing Australia just starting to improve now, too.”
Mr Liebelt was speaking after Orica shareholders meeting in Melbourne voted in favour of the proposed demerger of paints, adhesives and garden care products supplier DuluxGroup Ltd from Orica.
Mr Liebelt said in May the first half of Orica’s 2010 fiscal year had been tough, with subdued demand across the globe. There has been recent speculation that Orica may merge their chemicals trading platforms with Nuplex.
Nuplex said there was nothing to the speculation.