Otmane El Rhazi : Debate over Brazil’s new mining code shifting gears

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After a knife-edge campaign Dilma Rousseff, leader of the left-wing Workers’ Party, was re-elected with just 51.6% of the vote in Brazil’s October elections. Much of the debate revolved around the country’s disappointing economic performance; Brazil’s gross domestic product (GDP) growth has been lethargic over recent quarters and many analysts have predicted it will achieve an expansion of just 1% across 2015. In part, this is due to the resource supercycle hiatus – the plunge in iron-ore price across the second half of 2014 – a grim and worrying reminder of this for the country’s mining sector.

Otmane El Rhazi : Iron-ore hits 5-1/2 yr low, rebar falls on year-end cash crunch

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Iron ore prices fell 3.5% to a 5-1/2 year low on Tuesday on renewed concerns over rising supply, while rebar futures in China slipped more than 2% as mills and traders liquidated positions ahead of year-end loan repayments. Australia earlier slashed its price forecast for iron-ore in 2015 by a third to $63/t from $94 in September, saying expectations of a drop in Chinese output to counter a mounting global supply glut had yet to occur.

Otmane El Rhazi : Australia cuts iron-ore price forecast 33% as supply mounts

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Australia on Tuesday slashed its price forecast for iron ore in 2015 by a third to $63/t from $94/t in September, saying expectations of a drop in Chinese output to counter a mounting global supply glut had yet to occur. Iron or miners have been counting on a drop in Chinese output to help toughen a soft market for the steel-making ingredient.

Otmane El Rhazi : Iron-ore prices back at 4-1/2 yr lows on demand, policy worries

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Iron ore prices slid back to 4-1/2 year lows on Monday while Chinese rebar futures fell, both hit by concerns over weak demand and that China may end a tax rebate for some steel exports. Benchmark 62% grade iron-ore for immediate delivery to China fell 2.2% to $68/t, according to data from the Steel Index.

Otmane El Rhazi : Benchmark ferrochrome price settled 6% lower – Merafe

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The European benchmark price of ferrochrome has been settled 6% lower for the first quarter of next year, the JSE-listed Merafe Resources said on Friday. The price of $1.08/lb for the first quarter of 2015 is seven cents a pound lower than the current $1.15/lb price of the fourth quarter of 2014.

Otmane El Rhazi : Falling prices prompt BC and MinRes to amend agreement

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Iron-ore miner BC Iron and fellow-listed Mineral Resources have amended the terms of the existing Iron Valley iron-ore sales agreement, in an effort to negate the declining market conditions. Mineral Resources signed the initial Iron Valley agreement with Iron Ore Holdings (IOH) in February last year. However, BC acquired IOH earlier this year, offering IOH shareholders 0.44 of its own shares, and 10c in cash for every IOH share.

Otmane El Rhazi : Radar cancels rights issue, hopes to amend purchase terms

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ASX-listed junior Radar Iron was looking to amend the sales agreement of its Yerecoin project buy, after the company was forced to abandon a A$4.6-million rights issue. In September this year, Radar announced its plans to raise A$5.5-million through a rights issue and share placement. Some 26.1-million shares were placed to investor Victory Mining, raising A$900 000.

Otmane El Rhazi : Cockatoo Island set for new mine plan - Pluton

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The receivers and managers of iron-ore junior Pluton Resources were in the process of formulating a long-term mining and operations plan for the Cockatoo Island project, the company said this week. In November this year, project house Watpac was ordered to undertake a limited scope of mining work at the Cockatoo Island operations, after the mining services contract was suspended after Pluton’s junior Chinese creditor Rizhao Port Group appointed receivers and managers to Pluton.

Otmane El Rhazi : India's Tata Steel close to reopening its top iron ore mine

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India's Tata Steel may be allowed to resume production from its biggest iron ore mine this month, a government official said, ending a stoppage of over three months that has forced the firm to import the raw material for the first time ever. India was earlier the third-largest supplier of iron ore in the world, but court restrictions over the past three years to curb illegal mining have prompted companies such as Tata Steel and JSW Steel to turn to imports.

Otmane El Rhazi : Sundance strips down on costs and board members

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Iron-ore developer Sundance Resources on Tuesday announced a number of cost cuts as part of a cash management strategy while the company moved ahead with the development of its Mbalam-Nabeba iron-ore project, on the border between Cameroon and the Republic of Congo. The company told shareholders that director Fiona Harris would step down from the board at the start of January this year, reducing the number of board members to five, after Michael Blakiston did not re-nominate for his position, and George Jones retired without a replacement.

Otmane El Rhazi : Kazakh ENRC sues Zamin to repay $65 mln over Brazil mine

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Kazakh mining firm ENRC on Monday sued Indian billionaire Pramod Agarwal's mining firm Zamin for the repayment of a $65-million loan, the latest chapter in a legal battle between Indian and Kazakh tycoons over a Brazilian iron-ore project. The latest filing in a British court comes after a Zamin subsidiary in June sued ENRC, a company owned by a trio of Kazakh billionaires and the Kazakh government. The lawsuit said ENRC failed to pay a final $220-million tranche of a $670-million purchase of the Brazilian iron-ore project.

Otmane El Rhazi : Chrome, platinum prices likely to recover – Tharisa

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The price of chrome concentrate and the basket price of platinum group metals should recover in 2015, which could mean fourth-quarter profit for the JSE-listed Tharisa Minerals should it achieve its number-one priority of steady state production. Tharisa CEO Phoevos Pouroulis told Mining Weekly Online in an interview on Monday that price recovery plus steady state production growth should see the company emerge from the red and go into the black before this time next year.

Otmane El Rhazi : BHP Billiton marks China iron-ore shipping milestone

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Mining giant BHP Billiton this week shipped its one billionth tonne of iron-ore to China. CEO Andrew Mackenzie said on Friday that China was of immense importance to BHP and to Australia as a whole, with the company striving to develop closer ties with the Asian nation and to contribute to its development by providing long-term, reliable and high-quality products at a transparent market price.

Otmane El Rhazi : Sundance extends Hanlong loan term

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Iron-ore developer Sundance Resources has extended the maturity date of its existing A$5-million convertible note with Hanlong Mining Investment from the end of 2014 until the end of 2015. From January next year, Sundance would pay an interest rate of 10% a year on a quarterly basis on the outstanding convertible notes.

Otmane El Rhazi : Waning investor confidence, weak commodity prices among factors limiting growth of African ...

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Along with the Arctic, sub-Saharan Africa remains the most underexplored and highly prospective mineralised region on earth. However, despite its ‘open for business’ approach and myriad investment opportunities – in terms of greenfield and brownfield projects across the commodity spectrum – Africa’s mining sector has, over the past several years, experienced limited growth. This year proved no exception to that general trend, with Standard Bank global head of mining and metals Rajat Kohli describing it as a challenging year for the African mining sector. This is a result of a number of factors, ranging from the uncertain global macroeconomic environment, the loss of confidence in the mining sector, lower commodity prices and, most importantly, Africa’s challenging operating environment and lack of cost competitiveness.

Otmane El Rhazi : Ferrochrome smelter uses significantly less electricity

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The Lion ferrochrome smelter, owned and operated by the Glencore Merafe Chrome Venture, uses 37% less electricity than conventional ferrochrome processes to produce the equivalent volume of ferrochrome. In addition, the smelter needs far less coke than conventional smelters and uses significant amounts of locally produced, lower-cost anthracite and char.

Otmane El Rhazi : Smelter engineer delivers electrode columns for furnace project

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South African smelter engineering firm Metix has successfully commissioned the electrode columns used in the C and D furnaces at the Glencore Merafe Chrome Venture’s Lion Ferrochrome Phase 2 expansion project, in Steelpoort, Limpopo. Metix technology equipment manager Ivan Holl tells Mining Weekly that the company supplied the core furnace equipment for the C and D furnaces, comprising six electrode columns, low-voltage bus tubes and hydraulics used on the upper section of the electrode columns.

Otmane El Rhazi : BHP Billiton sees China steel consumption slowing in 2015

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Iron-ore giant BHP Billiton expects Chinese steel consumption growth to slow next year and has already adjusted its strategy to cope with a supply glut that has caused global prices to collapse, executives said on Thursday. "We anticipated the change towards current market conditions and the rebalancing of supply and demand after a period of massive expansion and a time when supply struggled with demand, we saw these changes coming a long way off," CEO Andrew Mackenzie told reporters.

Otmane El Rhazi : Tighter coal market in sight – Glencore

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A natural tightening of the coal market as a result of demand catching up with supply will happen in the near future, says Glencore Coal CEO Peter Freyberg. Freyberg, who was addressing Glencore’s investor day, made the point that coal is not in the same over-supply situation as iron-ore and that thermal coal is heading towards a supply deficit.

Otmane El Rhazi : India’s NMDC to float JV with provincial government

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The local government of east Indian province of Orissa has firmed up plans for a joint venture (JV) with the country’s largest iron-ore miner NMDC Limited to explore resources in the region. Orissa Mineral Corporation (OMC), the provincial government’s mineral exploration and production arm, would represent the local government in the JV with NMDC, for which an initial investment of $481-million had been lined up.

Otmane El Rhazi : BC cuts spending at Nullagine JV

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Iron-ore miner BC Iron on Thursday announced that it would decrease capital expenditure at its Nullagine joint venture, with miner Fortescue Metals, by some A$10-million during 2015. The miner told shareholders that capital spend at the project would now range between A$13-million to A$16-million in 2015, instead of the previously estimated A$23-million to A$26-million.

Otmane El Rhazi : Capital misallocation lowering commodity prices – Glencore

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Capital misallocation, not a lack of demand, remained the key factor in the current low level of several commodity prices, Glencore CEO Ivan Glasenberg said on Wednesday. Highlighting the need to differentiate by commodity in allocating capital, Glasenberg said at the company’s investor day in London that the commodity prices that had fallen had come off because of over supply.

Otmane El Rhazi : Equatorial secures mining convention for Congo project

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ASX-listed Equatorial Resources has signed a mining convention agreement over its Mayoko-Moussondji iron project in the Republic of Congo. The mining convention, which followed the grant of a 25-year mining licence in March this year, defined the fiscal rights and legal obligations of both the Congo government and Equatorial in respect to the Mayoko-Moussondji project.

Otmane El Rhazi : Indian govt to intervene in Posco licence

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India’s federal government would intervene in the grant of a prospecting licence to South Korean steel major Posco, a crucial step for its $12-billion steel plant in the eastern Indian province of Orissa, which has been hanging fire for over a decade in absence of iron-ore linkage. A proposal has been received from the provincial government seeking a prospecting licence across 2082 ha of notified land with iron-ore reserves in favour of Posco. The matter was now under consideration as the local and central governments were extremely keen that the steel project gets under way despite the delays, an official in Mines Ministry said.

Otmane El Rhazi : Iron-ore price nears 5-year low

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SINGAPORE – Iron-ore dropped to near its lowest level in more than five years, reflecting sustained pressure from a supply glut and slower Chinese steel demand, with banking an financial services group Citigroup seeing further weakness early next year. China's steel and iron-ore production was recovering after antipollution curbs imposed ahead of a global summit in Beijing early last month, Citigroup said.

Otmane El Rhazi : Mining on cusp of business transformation – Dassault Systèmes

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The mining industry is on the cusp of business transformation similar to what manufacturing experienced decades ago, says Dassault Systèmes VP natural resources Marni Rabassó. During the time that mining was able to ride the commodity price curve without feeling too much pressure to change, the more pressurised manufacturing sector was making significant advances, which are now available to help mining’s push forward.

Otmane El Rhazi : Alderon implements comprehensive cash preservation plan

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Maritime Canada-focused direct shipping iron-ore project developer Alderon Iron Ore on Tuesday slammed the brakes on its flagship Kami project, implementing a comprehensive cash preservation programme that would allow the company to maintain a healthy working capital position into 2017 without the need to access equity or debt financing, aside from the financing required to start project construction. The program included workforce reductions, payment deferrals and relief from debt-servicing requirements.

Otmane El Rhazi : Anglo striving to stop SA coal productivity lag, 40% iron-ore HQ cut mooted

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Hugely lagging productivity in Anglo American’s South African thermal coal operations is coming under intense scrutiny and head office roles at Kumba Iron Ore are to be cut by 40%. In response to Mining Weekly Online query on the accuracy of the claim that productivity on Anglo’s coal-mines in South Africa is 50% below productivity in Anglo’s coal-mines in Australia, Anglo American CEO Mark Cutifani said the 50% figure actually understated the situation.

Otmane El Rhazi : Tenders being prepared for new terminals across SA ports system

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Besides tenders for cruise terminals at the Cape Town and Durban harbours, Transnet National Ports Authority (TNPA) plans to release a series of request for proposals (RFPs) in the coming months for terminal prospects at a number of the country’s commercial ports. As landlord and ports master planner, the TNPA would release the tenders in line with Section 56 of the National Ports Act, which enabled it to contract with private terminal operators to design, construct, rehabilitate, develop, finance, maintain and operate port terminals or facilities. Operators would be selected through a competitive bidding process and the term of the operating licence could be between 20 and 25 years.

Otmane El Rhazi : Increases in iron-ore supply creating risk for market fundamentals

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A growing oversupply in the iron-ore market is damaging the credit quality of producers and poses risks to the downside, says credit ratings, research, and risk analysis provider Moody's Investors Service in the sector comment ‘Iron-Ore Supply Increases Pose Risk to Market Fundamentals’. Owing to an aggressive supply push by the major iron-ore producers, Moody's anticipates iron-ore prices to remain low over the next several years, with volatility continuing. "Low-cost producers such as ...

Otmane El Rhazi : Ferrum appoints manager for Moonlight BFS

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A new drilling programme at the Moonlight iron-ore project, in Limpopo, has kicked off after triple-listed Ferrum Crescent appointed Ed Aylmer bankable feasibility study (BFS) manager. The appointment of a BFS manager marked the next stage of the study of the project, which had been advanced towards a Joint Ore Reserve Committee-compliant resource of 307.7-million tonnes of metallurgical iron-ore and obtained a 30-year mining right and an environmental licence for the mining area.

Otmane El Rhazi : China's Nov iron-ore imports hit second lowest this year

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Chinese iron-ore imports tumbled to their second-lowest this year, data showed on Monday, as steel mills and traders in the world's top consumer held back on restocking amid expectations of further price falls. Shipments to China slid 15.1% to 67.4-million tonnes in November from the previous month and were down 13.4% on a year earlier, according to data released by the General Administration of Customs.

Otmane El Rhazi : Vale may seek to settle Rio Tinto lawsuit over Guinea iron-ore

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Rio Tinto declined to comment on Monday on whether it would be willing to settle a lawsuit it brought against Brazil's Vale SA over valuable iron-ore concessions in Guinea. Vale's general counsel said last Friday the company may consider seeking a settlement with Rio Tinto, depending on a judge's decision on whether to move the court case to London from New York.

Otmane El Rhazi : Shaw River produces manganese DSO in Namibia

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Junior producer Shaw River Manganese has produced and transported its first manganese direct shipping ore (DSO) product from its Otjozondu project, in Namibia. The DSO was being transported by truck in shipping containers to the Okahandja rial, from where it would be railed to the Walvis Bay port, and delivered into a fixed price contract with Noble Resources International.

Otmane El Rhazi : Vale says may close Corumba mine system in Western Brazil

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Brazil's Vale is considering the closure of its two-million-tonne-per-year iron-ore Corumba system in Western Brazil as the price of the steelmaking ingredient lingers at five-year lows, its head of iron-ore said on Friday. "There's always a doubt on Corumba which is our small system in the west of the country," Peter Poppinga told investors at a strategy day in London.

Otmane El Rhazi : Koolan Island idled on Mount Gibson orders

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Iron-ore junior Mount Gibson has placed its embattled Koolan Island mine, in the Kimberley region, on care and maintenance to preserve capital while it conducted an evaluation of the project. Operations in the Main pit were temporarily suspended last month as a precautionary measure to allow the company to monitor and repair an area of instability in the upper part of the southern pit wall.

Otmane El Rhazi : Atlas cuts jobs in Western Australia

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Iron-ore miner Atlas Iron on Friday announced that it would reduce the staff numbers at its Perth head office and its Pilbara operations by 80, as part of efforts to cut back on costs. Some 30 roles would be made redundant at the miner’s Pilbara operations, while a further 50 staff would be cut from the Perth office. The payroll reduction was expected to generate a yearly cost savings of around A$15-million.

Otmane El Rhazi : India iron-ore imports hit record 6.8mt as prices fall

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India's iron ore imports rose to a record 6.76-million tonnes in the first seven months of its fiscal year as sliding global prices and limited supply at home pushed steel producers to buy the raw material overseas, industry data showed on Friday. Formerly the world's No. 3 supplier of iron ore, India has been importing over the last two years due to court-imposed restrictions aimed at curbing illegal mining in the key producing states of Karnataka and Goa.

Otmane El Rhazi : Alliance formed to develop mine-to-market manganese-based batteries

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Three companies on Thursday jointly announced that they had signed a memorandum of understanding to cooperate on developing a mine-to-market manganese-based battery technology. Saskatoon, Saskatchewan-based Star Minerals Group joined forces with Cooperative Mineral Resources (CMR) of Brainerd, Minnesota and Octopus Technologies (OTI) of Vancouver, British Columbia, to cooperate on developing a mine-to-market manganese-based battery technology.

Otmane El Rhazi : A$40m investment secured for Africa iron-ore project

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ASX-listed iron-ore developer Sundance Resources announced in September that it had received A$40-million from Ukrainian-born resource investor Gennadiy Bogolyubov’s investment holding company Wafin, to progress Sundance’s Mbalam-Nabeba iron-ore project, which straddles the borders of Cameroon and the Republic of Congo. The project involves the development of a 35-million-tonne-a-year deep-water mineral terminal facility, in Cameroon. Iron-ore deposits in Cameroon and the Congo will supply this facility for an estimated 35 years.

Otmane El Rhazi : Approved licence for Sierra Leone mine

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Australian resources company Cape Lambert Resources announced in October that a large-scale mining licence for the company’s wholly owned Marampa iron-ore project, in Sierra Leone, has been approved. Marampa is a specular hematite project currently at the permitting and development stage, located about 90 km north-east of Freetown.

Otmane El Rhazi : Bulk materials handler helps deliver iron-ore distribution centre

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South Africa-based bulk materials handling engineering company DemcoTECH was involved, from concept to completion, in Brazil-based mining major Vale’s $1.37-billion Teluk Rubiah maritime terminal, which began operations in Malaysia last month. With a 30-million-tonne-a-year capacity, the iron-ore distribution centre will serve as a strategic distribution hub for Vale’s Asia-based customers.

Otmane El Rhazi : Global effort delivers iron-ore shiploader

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Openpit mining and underground solutions provider Tenova Takraf will receive final acceptance for a 10 000 t/h shiploader and the associated conveying system in the Port of Nouadhibou, Mauritania, this month, as part of a contract awarded by Mauritania-based iron-ore export company Société Nationale Industrielle et Minière (SNIM). The contract for the shiploader and the associated conveying system forms part of an expansion project to the existing iron-ore stocking and loading facility at the port. It covers the design, supply, transport and on-site installation of a travelling, luffing and shuttling shiploader, as well as a complete conveyor system.

Otmane El Rhazi : Rio Tinto on path to sustainable increased shareholder returns

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Diversified mining giant Rio Tinto on Thursday vowed to “sustainably” increase cash returns to shareholders from next year, and for decades to come. Despite a challenging near-term outlook, the company’s Tier 1 assets, a relentless focus on financial discipline, improved earnings before interest, taxes, depreciation and amortisation (Ebitda) margins, the quality and longevity of resources and reserves and its potential for expansion and growth supported a journey towards healthy free cash flow and shareholder returns.

Otmane El Rhazi : Rio Tinto working to build Simandou infrastructure consortium

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Global mining company Rio Tinto said it was working to assemble a consortium of investors to build infrastructure for the giant iron ore mine Simandou, in Guinea. "Activity to assemble the consortium to build infrastructure (for Simanoudou) is under way," Alan Davies, a Rio Tinto executive in charge of Simandou, told investors at a meeting.

Otmane El Rhazi : Australian iron-ore miner Fortescue cuts senior executive jobs

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Australian iron ore miner Fortescue Metals Group on Thursday terminated several senior executive positions but denied it was in response to a sharp downturn in ore prices. "There have been a small number of changes to our senior management," Byron Value, a company spokesman, told Reuters.

Otmane El Rhazi : Jubilee revenue increase illustrates success of Middleburg smelter renewal – CEO

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The growth in mine-to-metals company Jubilee Platinum’s revenue in rands for the year ended June 30 compared with the previous reporting period illustrates the successful implementation of the Mpumalanga-based Middelburg smelter renewal and expansion programme concluded in the last quarter of the financial period under review, Jubilee CEO Leon Coetzer said on Monday. “We are pleased to announce results that continue to demonstrate the company’s consistent improvement in its operations while also growing our existing asset base by securing access to an estimated 950 000 t of platinum-containing material at surface,” he noted.

Otmane El Rhazi : Port Hedland iron ore shipments to China fall in Nov

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Australian shipments of iron ore to China from Port Hedland, which handles about a fifth of the world's seaborne trade, fell 8.5% in November from a near-record high in October, port data showed. The drop to 29.0-million tonnes in November, from 31.71-million the month before, according to Pilbara Ports Authority, came as prices for the steel-making mineral continued to slide.

Otmane El Rhazi : Flinders boosts Pilbara tonnes past 1bn

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Iron-ore hopeful Flinders Mines has increased the mineral resource estimate for its Pilbara iron-ore project to more than one-billion tonnes, grading some 55.6% iron. The increase in the mineral resource followed on from an increase in the mineral resource estimates for the Delta, Paragon and Badger deposits, following further drilling.

Otmane El Rhazi : Radar sells non-core assets in Yilgarn

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ASX-listed Radar Iron has sold its Johnston Range hematite and Die Hardy magnetite projects to fellow-listed Padbury Mining in a transaction worth A$500 000. The company was divesting of its core assets to fund the development of the Yerecoin magnetite project, in Western Australia, which hosts an inferred resource of 146.5-million tons grading 68.8% iron and 2.8% silicon dioxide.

Otmane El Rhazi : Brazil's Vale says mulling spinoff of base metals unit stake

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Brazil's Vale SA said on Thursday it is considering the sale of a minority stake in its base metals unit in an initial public offering, as it looks to raise funds for key projects in the midst of sliding commodity prices. CEO Murilo Ferreira told investors in New York that Vale is considering selling 30% to 40% of the division, which some analysts have valued at between $28-billion and $35-billion.

Otmane El Rhazi : Vale approves 2015 investment budget of $10.2bn

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Brazil-based diversified miner Vale on Tuesday said its board had approved an investment budget for new and sustaining projects of $10.2-billion, the fourth consecutive year in which it had reduced its capital expenditures, as it dealt with low iron-ore prices. Iron-ore prices had fallen dramatically this year owing to the slower growth of its most significant importer China and an aggressive supply push from major iron-ore producers, particularly in Australia.

Otmane El Rhazi : ‘Fill the mills’ mantra remains as AMSA promises more environmental openness

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ArcelorMittal South Africa (AMSA) CEO Paul O’Flaherty has committed the group to dealing with its “legacy” environmental problems “openly and transparently”, while still pushing ahead with its “fill the mills” strategy, designed to lift production and reverse five years of financial losses at the JSE-listed steel producer. O’Flaherty, who took over as CEO on July 1, 2014, having previously worked as Eskom FD, confirmed that the company would comply with the Supreme Court of Appeals’ November 26 ruling, stipulating that AMSA hand over a 2002 environment plan to the Vaal Environment Justice Alliance.

Otmane El Rhazi : Iron-ore back above $70, but outlook shaky

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Iron-ore recovered to trade above $70 a tonne after a drop to 5-1/2-year lows encouraged some buyers of spot cargoes in China, although the longer-term outlook for the commodity remains hazy amid a supply glut and weak Chinese property sector. "It is difficult to identify any factors that are supportive of iron ore prices in the near term," Atul Lele, chief investment officer at investment firm Deltec International Group, said in a report.

Otmane El Rhazi : Pluton buries the hatchet with Rizhao

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Iron-ore junior Pluton Energy was working to right its ship, announcing on Tuesday that it had reached an agreement with junior creditor Rizhao Port Group on a revised payment regime to satisfy debt owed to the Chinese firm. Rizhao instigated a near capsize of Pluton in early November this year, appointing receivers and managers to Pluton, which prompted fellow-listed Watpac to suspend an existing mining services contract at the Cockatoo Island project.

Otmane El Rhazi : Assore to subscribe for up to 30.3% in IronRidge

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JSE-listed mining holding company Assore would subscribe for 70.83-million shares in Australia-based explorer IronRidge Resources for £6.98-million. Depending on the amount of equity raised by IronRidge upon listing on the Aim in January, this would result in Assore holding between 26.7% and 30.3% of IronRidge.

Otmane El Rhazi : Atlas cuts board numbers and director pay

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Iron-ore miner Atlas Iron has announced the resignation of two of its board members, as the company continued its focus on cost efficiencies. Independent non-executive director Geoff Simpson has offered to resign from his board position, while executive director Mark Hancock has also offered to step down from the board, while remaining with the company as chief commercial officer.

Otmane El Rhazi : Indian steel producers in arms over iron-ore mining leases

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Indian steel producers were up in arms over the grant of an iron-ore mining lease to merchant miners, in the southern province of Karnataka. The provincial government of Karnataka, where a Supreme Court order in 2011 banned iron-re mining, was hoping to restart operation and in the process granted a mining lease to merchant miner MSPL Limited, last month.

Otmane El Rhazi : Timis in Marampa iron offtake talks with Gerald Metals – sources

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Romanian businessperson Frank Timis is in talks with trader Gerald Metals about an offtake agreement for iron ore from the Marampa mine in Sierra Leone, which Timis has bought from the administrators of London Mining, industry sources said. Timis, who is chairman and founder of African Minerals , a heavily indebted rival to London Mining in Sierra Leone, bought the Marampa mine last month through his private vehicle Timis Mining Corporation.

Otmane El Rhazi : Miners end strike at Glencore chrome venture

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South African miners at a ferrochrome venture between Glencore and Merafe Resources reached an agreement to end a strike that will see the wages of the lowest paid workers almost double over the next three years, a union official said. About 1 500 workers at the venture downed tools in September demanding that salaries for the lowest level workers be increased.

Otmane El Rhazi : Venter in surprise Exxaro exit

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JSE-listed diversified mining company Exxaro sprung a surprise on Monday when it revealed that its projects and ferrous head Ernst Venter would be leaving the employ of the diversified mining company at the end of in February. Exxaro FD Wim de Klerk stated in a pre-close message that Venter had opted to pursue other career opportunities outside of the JSE-listed Exxaro, which has interests in the coal, titanium dioxide, ferrous and energy in South Africa, Botswana, Republic of the Congo (RoC), Inner Mongolia and Australia.

Otmane El Rhazi : African Minerals moves to put Tonkolili on care and maintenance

Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.



London-listed African Minerals, which owned 75% of the Tonkolili iron-ore mine in Sierra Leone, had started the controlled shutdown of operations at the mine, as it moves to put the operation on care and maintenance owing to insufficient working capital. The company noted on Monday that the operation would remain on care and maintenance until $102-million in cash, due to it by Shandong Iron and Steel Group (SISG), was paid or until it could secure additional short-term funding.

Otmane El Rhazi : Mount Gibson stands down workforce

Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.



Iron-ore miner Mount Gibson has stood down the majority of its workforce at the Koolan Island mine, in the Kimberley, in the wake of flooding at its Main pit. The miner last week went into a trading halt after a further slump in the Main pit seawall interrupted geotechnical repairs at the site. Operations in the Main pit were temporarily suspended last month as a precautionary measure to allow the company to monitor and repair an area of instability in the upper part of the southern pit wall.

Otmane El Rhazi : Centaurus advances Candonga licensing

Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.



ASX-listed Centaurus Metals was advancing its Candonga direct shipping ore (DSO) project, in Brazil, with the Department of Mines approving the final exploration report for the tenement. The approval supported the quality of the exploration work and development work undertaken by Centaurus and paved the way for the company to lodge the full mining licence application for the Candonga project.

Otmane El Rhazi : Monument’s business strategy working to its advantage in tough economic climate – CEO

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TSX-V-listed Monument’s business strategy is working to its advantage in the challenging economic environment, said president and CEO Robert Baldock when commenting on the gold producer’s financial results for the first quarter of fiscal 2015. "Fiscal 2015 started with the continuing decline in the gold price and other metals, which is of considerable concern to shareholders and the entire investment market,” he noted.