Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Brazilian miner Vale said on Friday it launched a public offering for 1.35-billion reais ($352-million) of debentures. The money will be used to help fund the expansion of the Carajas railway as part of its S11D project, a huge new mine in the Amazon that is currently the world's largest iron-ore project.
Friday 11 September 2015
Otmane El Rhazi : Iron Road signs infrastructure MoUs
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Junior developer Iron Road on Friday signed four non-binding memorandum of understanding (MoUs) and an indigenous land use agreement over its Central Eyre iron-ore project, in South Australia. The MoUs were signed with infrastructure investors allowed Iron Road to progress funding for the infrastructure components of its Centrale Eyre project.
Junior developer Iron Road on Friday signed four non-binding memorandum of understanding (MoUs) and an indigenous land use agreement over its Central Eyre iron-ore project, in South Australia. The MoUs were signed with infrastructure investors allowed Iron Road to progress funding for the infrastructure components of its Centrale Eyre project.
Thursday 10 September 2015
Otmane El Rhazi : Moody’s cuts commodity price assumptions on ‘extraordinarily adverse’ conditions, dimmed ...
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The contraction in base metal prices and related commodities, which have shown a declining trend since 2013, has accelerated in recent months thanks to a culmination of macro and industry specific factors, prompting risk management firm Moody's Investors Service to lower its commodity price assumptions. The firm on Thursday explained that a perceived sharper than expected slowing of the Chinese economy, limited supply response from commodity producers, overcapacity in global steel markets, reduced energy costs and the strong dollar were creating “unprecedented adverse” conditions for these commodities, driving prices down to levels close to those seen in the 2008/09 financial crisis, but with more drawn-out recovery prospects.
The contraction in base metal prices and related commodities, which have shown a declining trend since 2013, has accelerated in recent months thanks to a culmination of macro and industry specific factors, prompting risk management firm Moody's Investors Service to lower its commodity price assumptions. The firm on Thursday explained that a perceived sharper than expected slowing of the Chinese economy, limited supply response from commodity producers, overcapacity in global steel markets, reduced energy costs and the strong dollar were creating “unprecedented adverse” conditions for these commodities, driving prices down to levels close to those seen in the 2008/09 financial crisis, but with more drawn-out recovery prospects.
Otmane El Rhazi : ‘Sectional block model’ launched in China
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
South Africa and Singapore-based commodity trader Sail Group in conjunction with integrated chrome producer Afarak Group and trade services company Chinalight Resources launched the Sectional Block model – an approach to mine development that serves both the mine developer as well as the Chinese end-user – last month in Shangai, China.
South Africa and Singapore-based commodity trader Sail Group in conjunction with integrated chrome producer Afarak Group and trade services company Chinalight Resources launched the Sectional Block model – an approach to mine development that serves both the mine developer as well as the Chinese end-user – last month in Shangai, China.
Otmane El Rhazi : Mining output expected to decline as platinum recovery slows
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Despite a marginal hike in mining production in July, proponents expect output to track downwards during the second half of the year as the recovery effect after last year's platinum mining strike starts to wane. Annual mining production growth increased from a revised 5.4% in June to 5.6 % in July, on the back of a 71.8 % year-on-year increase in platinum group metals (PGM) output, which added 7.9 percentage points.
Despite a marginal hike in mining production in July, proponents expect output to track downwards during the second half of the year as the recovery effect after last year's platinum mining strike starts to wane. Annual mining production growth increased from a revised 5.4% in June to 5.6 % in July, on the back of a 71.8 % year-on-year increase in platinum group metals (PGM) output, which added 7.9 percentage points.
Otmane El Rhazi : Grange confident of meeting FY output target
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Pellet producer Grange Resources is optimistic about its targeted production for the full 2015, despite a 65-day downtime at one of its two mills. The company said on Thursday that owing to the highly successful refurbishment of the mill, which delivered increased production rates and greater efficiency, Grange was on track to produce some 2.5-million tonnes of magnetite concentrate for the full-year, which was on par with that produced in 2014.
Pellet producer Grange Resources is optimistic about its targeted production for the full 2015, despite a 65-day downtime at one of its two mills. The company said on Thursday that owing to the highly successful refurbishment of the mill, which delivered increased production rates and greater efficiency, Grange was on track to produce some 2.5-million tonnes of magnetite concentrate for the full-year, which was on par with that produced in 2014.
Otmane El Rhazi : Atlas beefs up margins as it reaches export targets
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Not only has iron-ore miner Atlas achieved its targeted export rate of 14-million to 15-million tonnes a year some four months ahead of schedule, margins during August were stronger on the back of increased realised prices. The ASX-listed miner noted that tonnes shipped during August were up 33% on the July figures, reaching 1.18-million tonnes, while average realised prices were higher at A$61/t, compared with the A$57/t reported in July.
Not only has iron-ore miner Atlas achieved its targeted export rate of 14-million to 15-million tonnes a year some four months ahead of schedule, margins during August were stronger on the back of increased realised prices. The ASX-listed miner noted that tonnes shipped during August were up 33% on the July figures, reaching 1.18-million tonnes, while average realised prices were higher at A$61/t, compared with the A$57/t reported in July.
Otmane El Rhazi : Atlas beefs up margins as export targets are reached
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Iron-ore miner Atlas Iron on Thursday told shareholders that not only had the company achieved its targeted export rate of 14-million to 15-million tonnes a year some four months ahead of schedule, margins during the month of August were also stronger on the back of increased realised prices. The ASX-listed miner noted that tonnes shipped during the month of August was up 33% on the July figures, reaching 1.18-million tonnes, while average realised prices were higher at A$61/t, compared with the A$57/t reported in July.
Iron-ore miner Atlas Iron on Thursday told shareholders that not only had the company achieved its targeted export rate of 14-million to 15-million tonnes a year some four months ahead of schedule, margins during the month of August were also stronger on the back of increased realised prices. The ASX-listed miner noted that tonnes shipped during the month of August was up 33% on the July figures, reaching 1.18-million tonnes, while average realised prices were higher at A$61/t, compared with the A$57/t reported in July.
Wednesday 9 September 2015
Otmane El Rhazi : Pluton placed under administration again
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
ASX-listed Pluton Resources has, again, been placed under administration after its board accepted a recapitalisation and restructuring plan from shareholder General Nice Recursos Commercial Offshore De Macau (GNR). The recapitalisation proposal would see GNR provide significant financial support to Pluton over the coming months, including a A$28-million finance facility that would be advanced by way of a 36-month convertible loan.
ASX-listed Pluton Resources has, again, been placed under administration after its board accepted a recapitalisation and restructuring plan from shareholder General Nice Recursos Commercial Offshore De Macau (GNR). The recapitalisation proposal would see GNR provide significant financial support to Pluton over the coming months, including a A$28-million finance facility that would be advanced by way of a 36-month convertible loan.
Otmane El Rhazi : Iron Road tempts Chinese mills
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Junior Iron Road has inked separate non-binding memorandum of understandings (MoUs) with Chinese steel companies to support offtake agreements at its Central Eyre iron project, in South Australia. Under the MoUs, the steel companies would conduct technical evaluations of the iron concentrates from the Central Eyre project, to verify the commercial and technical merits of the product as a precursor to entering discussions towards a letter of intent for the long-term supply of concentrate.
Junior Iron Road has inked separate non-binding memorandum of understandings (MoUs) with Chinese steel companies to support offtake agreements at its Central Eyre iron project, in South Australia. Under the MoUs, the steel companies would conduct technical evaluations of the iron concentrates from the Central Eyre project, to verify the commercial and technical merits of the product as a precursor to entering discussions towards a letter of intent for the long-term supply of concentrate.
Monday 7 September 2015
Otmane El Rhazi : BHP mine gets enviro nod
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The Western Australian Environmental Protection Authority (EPA) has given diversified miner BHP Billiton the go-ahead to develop its Orebody 31 iron-ore mine, in the Pilbara. The mine, which was scheduled for decommissioning in in 2018, would produce around 30-million tonnes a year of iron-ore and would make use of existing facilities, including primary crusher, stockpiles and train load-out facilities.
The Western Australian Environmental Protection Authority (EPA) has given diversified miner BHP Billiton the go-ahead to develop its Orebody 31 iron-ore mine, in the Pilbara. The mine, which was scheduled for decommissioning in in 2018, would produce around 30-million tonnes a year of iron-ore and would make use of existing facilities, including primary crusher, stockpiles and train load-out facilities.
Otmane El Rhazi : Japanese buyers circle ATC product
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Tungsten miner Hazelwood Resources has moved to secure offtake partners for its ATC ferrotungsten operation, in Vietnam. The company reported on Monday that the ATC operation had signed long-term contracts with three Japanese ferrotungsten buyers, with the contracts scheduled in six-month periods with monthly call-offs.
Tungsten miner Hazelwood Resources has moved to secure offtake partners for its ATC ferrotungsten operation, in Vietnam. The company reported on Monday that the ATC operation had signed long-term contracts with three Japanese ferrotungsten buyers, with the contracts scheduled in six-month periods with monthly call-offs.
Otmane El Rhazi : Glencore in R2.5bn equity raising, $10bn capital preservation, debt cutting
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Global commodities mining and marketing company Glencore on Monday announced a fully committed proposed equity capital raising of up to $2.5-billion alongside additional $10.2-billion capital preservation and debt reduction measures, portfolio optimisation and cost cutting actions, to lower net debt to the low $20-billion range by the end of 2016. Some 78% of the proposed $2.5-billion equity issuance, to reduce debt and increase financial strength, will be underwritten by Citi and Morgan Stanley.
Global commodities mining and marketing company Glencore on Monday announced a fully committed proposed equity capital raising of up to $2.5-billion alongside additional $10.2-billion capital preservation and debt reduction measures, portfolio optimisation and cost cutting actions, to lower net debt to the low $20-billion range by the end of 2016. Some 78% of the proposed $2.5-billion equity issuance, to reduce debt and increase financial strength, will be underwritten by Citi and Morgan Stanley.
Friday 4 September 2015
Otmane El Rhazi : Miners increasingly looking to renewable energy sources to drive operational savings
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Current pressures on the mining sector is driving increased interest in the cost savings and power security advantages that renewables could provide mining operations. To this end, a record number of mining leaders would meet with renewable energy and finance experts to network and share knowledge at the third yearly Energy and Mines Toronto Summit, to be held on October 22 and 23.
Current pressures on the mining sector is driving increased interest in the cost savings and power security advantages that renewables could provide mining operations. To this end, a record number of mining leaders would meet with renewable energy and finance experts to network and share knowledge at the third yearly Energy and Mines Toronto Summit, to be held on October 22 and 23.
Otmane El Rhazi : ARM FY profit down 58% on lower prices
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
African Rainbow Minerals, led by CEO Mike Schmidt, posted a 58% fall in annual headline earnings on Friday reflecting lower commodity prices which forced it to shut down several manganese alloy furnaces. It said above-inflation cost increases, especially for electricity and labour, made manganese alloy operations "unprofitable".
African Rainbow Minerals, led by CEO Mike Schmidt, posted a 58% fall in annual headline earnings on Friday reflecting lower commodity prices which forced it to shut down several manganese alloy furnaces. It said above-inflation cost increases, especially for electricity and labour, made manganese alloy operations "unprofitable".
Thursday 3 September 2015
Otmane El Rhazi : Free-trade pact to offer Australian miners improved access to Chinese market
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
While commodity prices were in a downward slump, causing resource firms to slash costs, and in some cases curb output, Australia’s recent free trade agreement (FTA) with China was expected to offer up some relief. In June this year, the Australian government inked an FTA with its largest trading partner, which accounted for some A$160-billion worth of exports in 2013/14.
While commodity prices were in a downward slump, causing resource firms to slash costs, and in some cases curb output, Australia’s recent free trade agreement (FTA) with China was expected to offer up some relief. In June this year, the Australian government inked an FTA with its largest trading partner, which accounted for some A$160-billion worth of exports in 2013/14.
Otmane El Rhazi : Permanent operating licence granted for R8bn Ngqura manganese terminal
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Freight logistics company Transnet Port Terminals (TPT) has been granted a permanent operating licence by Cabinet for the manganese terminal at the Port of Ngqura to develop a bulk minerals terminal estimated at R8-billion.
Freight logistics company Transnet Port Terminals (TPT) has been granted a permanent operating licence by Cabinet for the manganese terminal at the Port of Ngqura to develop a bulk minerals terminal estimated at R8-billion.
Otmane El Rhazi : Australia's Port Hedland iron ore exports to China soar 15% in Aug
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Iron-ore exports to China from Australia's Port Hedland rose 15% to 33.9-million tonnes in August from July, as BHP Billiton and Fortescue Metals Group operated at maximum production rates despite a softening market, figures released on Thursday showed. The August increase over July sent total iron ore exports from the world's biggest iron ore export terminal to 39.2-million tonnes in August, a record for a single month and an 11 percent rise over July.
Iron-ore exports to China from Australia's Port Hedland rose 15% to 33.9-million tonnes in August from July, as BHP Billiton and Fortescue Metals Group operated at maximum production rates despite a softening market, figures released on Thursday showed. The August increase over July sent total iron ore exports from the world's biggest iron ore export terminal to 39.2-million tonnes in August, a record for a single month and an 11 percent rise over July.
Wednesday 2 September 2015
Otmane El Rhazi : Rio targets further cost cuts in the Pilbara
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Mining giant Rio Tinto on Thursday revealed a push to further drive down operational cost across its Pilbara iron-ore operations. Speaking in Sydney, Rio Tinto iron-ore CEO Andrew Harding said that more than 400 initiatives were underway across the Pilbara operations to identify further cost savings and improve productivity.
Mining giant Rio Tinto on Thursday revealed a push to further drive down operational cost across its Pilbara iron-ore operations. Speaking in Sydney, Rio Tinto iron-ore CEO Andrew Harding said that more than 400 initiatives were underway across the Pilbara operations to identify further cost savings and improve productivity.
Otmane El Rhazi : Trafigura buys iron mines from MMX, ships first ore from Sudeste
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Swiss trading house Trafigura said on Wednesday it has agreed to buy two iron-ore mines from MMX Sudeste Mineracao, the Brazilian mining firm run by fallen tycoon Eike Batista and under bankruptcy protection. Trafigura did not give the price, but said in an email that under the deal, it would acquire the Tico-Tico and Ipe iron-ore mining and processing assets, which have a capacity of about six-million tonnes per year according to MMX's website.
Swiss trading house Trafigura said on Wednesday it has agreed to buy two iron-ore mines from MMX Sudeste Mineracao, the Brazilian mining firm run by fallen tycoon Eike Batista and under bankruptcy protection. Trafigura did not give the price, but said in an email that under the deal, it would acquire the Tico-Tico and Ipe iron-ore mining and processing assets, which have a capacity of about six-million tonnes per year according to MMX's website.
Otmane El Rhazi : Evraz inches closer to revealing preferred bidder
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Vertically integrated steel producer Evraz Highveld Steel and Vanadium is one step closer to announcing a preferred bidder to buy the business, which is currently under business rescue. The company’s creditors’ committee met on Tuesday to consider three final binding offers and expected to announce a successful bidder during the course of the week. Evraz further said its business rescue plan would be published by mid-September, whereafter creditors would formally vote on the plan at the creditors’ meeting to be convened within ten days from the date of publication. All the bids were also associated with a large number of conditions precedent, mostly related to Highveld’s environmental liabilities, resolution of which would depend on it receiving a new dispensation from South Africa’s authorities.
Vertically integrated steel producer Evraz Highveld Steel and Vanadium is one step closer to announcing a preferred bidder to buy the business, which is currently under business rescue. The company’s creditors’ committee met on Tuesday to consider three final binding offers and expected to announce a successful bidder during the course of the week. Evraz further said its business rescue plan would be published by mid-September, whereafter creditors would formally vote on the plan at the creditors’ meeting to be convened within ten days from the date of publication. All the bids were also associated with a large number of conditions precedent, mostly related to Highveld’s environmental liabilities, resolution of which would depend on it receiving a new dispensation from South Africa’s authorities.
Tuesday 1 September 2015
Otmane El Rhazi : Brazil's Vale says receives $1.08bn for MBR stake sale
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Brazilian mining firm Vale said on Tuesday that it has received $1.08-billion from the sale of a 36.4% stake in its Minerações Brasileiras Reunidas subsidiary, which was announced in July.
Brazilian mining firm Vale said on Tuesday that it has received $1.08-billion from the sale of a 36.4% stake in its Minerações Brasileiras Reunidas subsidiary, which was announced in July.
Otmane El Rhazi : Iberian advances Cehegin project as iron-ore continues to face strong headwinds
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Iron-ore producers continued to batten down the hatches on low-cost oversupply, an overhang in steel inventories and, at the macro level, weakened Chinese manufacturing data. Many medium- or small-scale iron-ore projects had also been mothballed, shuttered or divested, while few commentators had been positive about the commodity’s immediate price prospects.
Iron-ore producers continued to batten down the hatches on low-cost oversupply, an overhang in steel inventories and, at the macro level, weakened Chinese manufacturing data. Many medium- or small-scale iron-ore projects had also been mothballed, shuttered or divested, while few commentators had been positive about the commodity’s immediate price prospects.
Otmane El Rhazi : Atlas exec shuffle saves A$1m a year
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Iron-ore miner Atlas Iron on Tuesday announced another board shuffle as part of its ongoing strategy to reduce costs. Ken Brinsden, who was appointed as an executive director in June, after standing aside as MD, had now been appointed as nonexecutive director.
Iron-ore miner Atlas Iron on Tuesday announced another board shuffle as part of its ongoing strategy to reduce costs. Ken Brinsden, who was appointed as an executive director in June, after standing aside as MD, had now been appointed as nonexecutive director.
Otmane El Rhazi : Wolf produces first tungsten from UK mine
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
ASX-listed Wolf Minerals has started tungsten concentrate production at its Drakelands openpit mine, at the Hemerdon tungsten and tin project, in the UK. “We are very pleased to announce that as part of the commissioning process, we have now produced tungsten concentrate to the required specification. We look forward to shipping our first tungsten concentrate to Global Tungsten and Powders in the US, and to Wolfram Bergbau und Hutten in Austria,” said Wolf MD Russell Clark.
ASX-listed Wolf Minerals has started tungsten concentrate production at its Drakelands openpit mine, at the Hemerdon tungsten and tin project, in the UK. “We are very pleased to announce that as part of the commissioning process, we have now produced tungsten concentrate to the required specification. We look forward to shipping our first tungsten concentrate to Global Tungsten and Powders in the US, and to Wolfram Bergbau und Hutten in Austria,” said Wolf MD Russell Clark.
Monday 31 August 2015
Otmane El Rhazi : Preferred Highveld bidder could be named this week
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Three formal bids have been received by the practitioners presiding over the business rescue of steel producer Evraz Highveld Steel and Vanadium and a preferred bidder could be named by as early as Wednesday. Business rescue practitioner Piers Marsden told Engineering News Online on Monday that all three bids were received by the August 28 deadline, but that not all of the offers were necessarily capable of conclusion. Nevertheless, he remained optimistic that at least one bid could be accepted.
Three formal bids have been received by the practitioners presiding over the business rescue of steel producer Evraz Highveld Steel and Vanadium and a preferred bidder could be named by as early as Wednesday. Business rescue practitioner Piers Marsden told Engineering News Online on Monday that all three bids were received by the August 28 deadline, but that not all of the offers were necessarily capable of conclusion. Nevertheless, he remained optimistic that at least one bid could be accepted.
Otmane El Rhazi : AMSA moves ahead with job cuts, says recent protection will help only in longer term
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Steel producer ArcelorMittal South Africa (AMSA) announced on Monday that processes had been initiated “with immediate effect” that could result in the retrenchment 400 people at the Vereeniging meltshop and the forge, in southern Gauteng. An “industrial footprint review” had also been initiated for its far larger Vanderbijlpark works, which remained unprofitable – the review would be completed by the end of October and could also result in job losses.
Steel producer ArcelorMittal South Africa (AMSA) announced on Monday that processes had been initiated “with immediate effect” that could result in the retrenchment 400 people at the Vereeniging meltshop and the forge, in southern Gauteng. An “industrial footprint review” had also been initiated for its far larger Vanderbijlpark works, which remained unprofitable – the review would be completed by the end of October and could also result in job losses.
Otmane El Rhazi : Mineralogy seeks $10bn in damages from Citic
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Australian miner Mineralogy has launched yet another court battle against Chinese government-owned Citic, this time launching a $10-billion claim for damages in the Supreme Court of Western Australia. “The simple fact is that Citic continues to export iron-ore concentrate from Western Australia and refuses to pay Mineralogy the royalty, which even Citic announced to its shareholders was the commercial basis of Mineralogy granting Citic its right to mine two-billion tonnes of magnetite iron-ore on Mineralogy mining leases,’’ Mineralogy chairperson Clive Mensink said on Monday
Australian miner Mineralogy has launched yet another court battle against Chinese government-owned Citic, this time launching a $10-billion claim for damages in the Supreme Court of Western Australia. “The simple fact is that Citic continues to export iron-ore concentrate from Western Australia and refuses to pay Mineralogy the royalty, which even Citic announced to its shareholders was the commercial basis of Mineralogy granting Citic its right to mine two-billion tonnes of magnetite iron-ore on Mineralogy mining leases,’’ Mineralogy chairperson Clive Mensink said on Monday
Friday 28 August 2015
Otmane El Rhazi : Price, jobs, investment conditions placed on beneficiaries of first round of steel duties
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The first applications for protection on several steel products were approved on Friday, with Trade and Industry Minister Dr Rob Davies confirming that duties across eight tariff subheadings would be increased to the World Trade Organisation (WTO) bound rate of 10%. However, government insisted that there could be no price increases for the steel products in question and placed conditions on job cuts and future investments at beneficiary companies.
The first applications for protection on several steel products were approved on Friday, with Trade and Industry Minister Dr Rob Davies confirming that duties across eight tariff subheadings would be increased to the World Trade Organisation (WTO) bound rate of 10%. However, government insisted that there could be no price increases for the steel products in question and placed conditions on job cuts and future investments at beneficiary companies.
Otmane El Rhazi : BHP Billiton still bullish on China
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Creamer Media's Shannon de Ryhove speaks to Mining Weekly editor Martin Creamer about BHP Billiton's bullishness on China, as well as the demerged South 32's opportunity to work with Eskom on additional coal supply.
Creamer Media's Shannon de Ryhove speaks to Mining Weekly editor Martin Creamer about BHP Billiton's bullishness on China, as well as the demerged South 32's opportunity to work with Eskom on additional coal supply.
Otmane El Rhazi : S Africa's trade Minister imposes steel tariffs with conditions
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
South Africa will introduce a new 10% customs duty on certain steel products, Trade and Industry Minister Dr Rob Davies said on Friday, aimed at protecting the local manufacturing industry from cheaper Chinese steel imports. Following complaints from ArcelorMittal and SAFAL Steel, Davies approved recommendations from the International Trade Administration Commission of South Africa (Itac) that the rate of customs duty on zinc-coated/galvanised steel, aluminium-zinc coated steel and colour coated steel be increased from free of duty to 10%.
South Africa will introduce a new 10% customs duty on certain steel products, Trade and Industry Minister Dr Rob Davies said on Friday, aimed at protecting the local manufacturing industry from cheaper Chinese steel imports. Following complaints from ArcelorMittal and SAFAL Steel, Davies approved recommendations from the International Trade Administration Commission of South Africa (Itac) that the rate of customs duty on zinc-coated/galvanised steel, aluminium-zinc coated steel and colour coated steel be increased from free of duty to 10%.
Otmane El Rhazi : Atlas shares rise as it reports lower costs
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The share price of iron-ore miner Atlas Iron shot up by 19% on Friday on news of lower costs and increased cash flows. Atlas told shareholders that cash costs during July fell to A$55/t, from the A$66/t reported in the June quarter, as the contractor collaboration agreements implemented at its Pilbara operations delivered results.
The share price of iron-ore miner Atlas Iron shot up by 19% on Friday on news of lower costs and increased cash flows. Atlas told shareholders that cash costs during July fell to A$55/t, from the A$66/t reported in the June quarter, as the contractor collaboration agreements implemented at its Pilbara operations delivered results.
Otmane El Rhazi : Ramatlhodi mired in new mine rights row – newspaper
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Aquila Resources‚ a subsidiary of China’s state-owned Baosteel‚ which has had a long-running battle with the Department of Mineral Resources over a manganese deposit‚ is poised to approach the courts to seek a judicial review if a resolution is not reached‚ Business Day reported. If the legal challenge is launched‚ it would be the third major case brought against the department this year.
Aquila Resources‚ a subsidiary of China’s state-owned Baosteel‚ which has had a long-running battle with the Department of Mineral Resources over a manganese deposit‚ is poised to approach the courts to seek a judicial review if a resolution is not reached‚ Business Day reported. If the legal challenge is launched‚ it would be the third major case brought against the department this year.
Thursday 27 August 2015
Otmane El Rhazi : Technology can assist in preventing mining fraud
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Technology is increasingly being used in the mining industry to reduce fraudulent activities, says software development company Dariel. Dariel MD Malcolm Rabson notes that while illegal mining is a significant challenge, it is not only these undertakings that result in fraud, as “much of it happens on the road between the mine and the processing plant”.
Technology is increasingly being used in the mining industry to reduce fraudulent activities, says software development company Dariel. Dariel MD Malcolm Rabson notes that while illegal mining is a significant challenge, it is not only these undertakings that result in fraud, as “much of it happens on the road between the mine and the processing plant”.
Otmane El Rhazi : Pan African yet to determine impact of IFM SA business rescue
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
JSE-listed Pan African Resources’ wholly-owned Phoenix Platinum Mining subsidiary will work closely with the business rescue practitioner for International Ferro Metals’ South African subsidiary to ensure that Phoenix’s interests are safeguarded. London-listed IFM on Wednesday announced that its IFM SA subsidiary, which operates the Lesedi underground mine and ferrochrome-smelting operations, had entered into business rescue, owing to deteriorating business conditions, including unsustainably low ferrochrome prices, rising costs, including labour and electricity costs, and interruptions in power supply and the resultant production losses.
JSE-listed Pan African Resources’ wholly-owned Phoenix Platinum Mining subsidiary will work closely with the business rescue practitioner for International Ferro Metals’ South African subsidiary to ensure that Phoenix’s interests are safeguarded. London-listed IFM on Wednesday announced that its IFM SA subsidiary, which operates the Lesedi underground mine and ferrochrome-smelting operations, had entered into business rescue, owing to deteriorating business conditions, including unsustainably low ferrochrome prices, rising costs, including labour and electricity costs, and interruptions in power supply and the resultant production losses.
Wednesday 26 August 2015
Otmane El Rhazi : IFM subsidiary enters business rescue
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Deteriorating business conditions have pushed London-listed International Ferro Metals’ (IFM’s) South African subsidiary into business rescue proceedings. The financially distressed IFM SA, which operates the Lesedi underground mine and ferrochrome-smelting operations, had been battling a downward trend in its operations and profitability that had proved more “deep-seated and sustained than anyone expected”.
Deteriorating business conditions have pushed London-listed International Ferro Metals’ (IFM’s) South African subsidiary into business rescue proceedings. The financially distressed IFM SA, which operates the Lesedi underground mine and ferrochrome-smelting operations, had been battling a downward trend in its operations and profitability that had proved more “deep-seated and sustained than anyone expected”.
Otmane El Rhazi : Assore earnings nosedive amid weak iron, steel environment
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
“Substantially” lower iron-ore and manganese prices and challenging operating conditions have contributed to JSE-listed Assore posting lower headline earnings and profit for the 2015 financial year. Headline earnings were down 53.3% to R2-billion, compared with R4.2-billion in the 2014 financial year, while profit fell 68% to R1.3-billion, compared with R4-billion in the comparative period.
“Substantially” lower iron-ore and manganese prices and challenging operating conditions have contributed to JSE-listed Assore posting lower headline earnings and profit for the 2015 financial year. Headline earnings were down 53.3% to R2-billion, compared with R4.2-billion in the 2014 financial year, while profit fell 68% to R1.3-billion, compared with R4-billion in the comparative period.
Otmane El Rhazi : BC Iron faces losses as iron-ore price falls
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The falling iron-ore price has resulted in junior miner BC Iron's revenues nearly halving for the financial year ended June, pushing the miner into a loss. BC Iron on Wednesday reported a net loss after tax of A$158.5-million, compared with a net profit of A$71.8-million in 2014, while revenues declined from the A$471.4-million reported in 2014 to A$281.2-million.
The falling iron-ore price has resulted in junior miner BC Iron's revenues nearly halving for the financial year ended June, pushing the miner into a loss. BC Iron on Wednesday reported a net loss after tax of A$158.5-million, compared with a net profit of A$71.8-million in 2014, while revenues declined from the A$471.4-million reported in 2014 to A$281.2-million.
Tuesday 25 August 2015
Otmane El Rhazi : June mining production up 4% y/y
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
South Africa’s mining production rose 4% year-on-year in June, mainly owing to higher platinum-group metal (PGMs), manganese ore, diamonds and chromium ore production. Speaking to Mining Weekly Online, Statistics South Africa (Stats SA) deputy director-general of economic statistics Joe de Beer attributed the rise mainly to the recovery of production following strikes in the first half of 2014.
South Africa’s mining production rose 4% year-on-year in June, mainly owing to higher platinum-group metal (PGMs), manganese ore, diamonds and chromium ore production. Speaking to Mining Weekly Online, Statistics South Africa (Stats SA) deputy director-general of economic statistics Joe de Beer attributed the rise mainly to the recovery of production following strikes in the first half of 2014.
Otmane El Rhazi : Evraz Highveld bidders given week’s extension to make binding offers
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Embattled steel producer Evraz Highveld Steel and Vanadium has granted potential bidders a week’s extension for the submission of binding offers. An initial deadline of August 21 had been set, which has now been extended to August 28 at the request of the bidders. The company as well as the associated Mapochs mine have been in business rescue since April and “several” potential bidders had paid the $10-million fee stipulated to gain access to the information required to complete a due diligence investigation.
Embattled steel producer Evraz Highveld Steel and Vanadium has granted potential bidders a week’s extension for the submission of binding offers. An initial deadline of August 21 had been set, which has now been extended to August 28 at the request of the bidders. The company as well as the associated Mapochs mine have been in business rescue since April and “several” potential bidders had paid the $10-million fee stipulated to gain access to the information required to complete a due diligence investigation.
Otmane El Rhazi : Barrambie PFS delivers positive results
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
A prefeasibility study (PFS) into the Barrambie titanium project, in Western Australia, has highlighted the potential for the project to be a low-cost producer of titanium dioxide, vanadium pentoxide and iron-oxide. Owner Neometals on Tuesday reported that the project would produce an average of 98 000 t/y of titanium dioxide, 2 000 t/y of vanadium pentoxide and 234 000 t/y of iron-oxide over a mine life of nearly 20 years.
A prefeasibility study (PFS) into the Barrambie titanium project, in Western Australia, has highlighted the potential for the project to be a low-cost producer of titanium dioxide, vanadium pentoxide and iron-oxide. Owner Neometals on Tuesday reported that the project would produce an average of 98 000 t/y of titanium dioxide, 2 000 t/y of vanadium pentoxide and 234 000 t/y of iron-oxide over a mine life of nearly 20 years.
Monday 24 August 2015
Otmane El Rhazi : EY’s Mining Eye index climbs first time in a year
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
ofessional services firm EY’s Canadian Mining Eye index has gained 4% during the three months ended June, recording a gain for the first time since the second quarter of 2014, compared with a 1% decline in the first quarter. The index outperformed the S&P/TSX Composite index, which slipped 2% during the quarter, while the London Metal Exchange index (LMEX) declined 5% over the quarter. EY’s AIM-based Mining Eye rose 13% during the second quarter.
ofessional services firm EY’s Canadian Mining Eye index has gained 4% during the three months ended June, recording a gain for the first time since the second quarter of 2014, compared with a 1% decline in the first quarter. The index outperformed the S&P/TSX Composite index, which slipped 2% during the quarter, while the London Metal Exchange index (LMEX) declined 5% over the quarter. EY’s AIM-based Mining Eye rose 13% during the second quarter.
Otmane El Rhazi : Govt, business, labour in rare show of unity amid threat of steel jobs ‘bloodbath’
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
In a rare show of collective force, labour and business in the steel sector appear to have successfully lobbied government to back efforts to raise protection for the embattled sector by hiking import duties on steel imports to the 10% “bound rate” allowed for under South Africa’s World Trade Organisation commitments. Several processes were currently under way, including several International Trade Administration Commission of South Africa (Itac) investigations that had been instituted following the submission of applications for protection on a range of steel products. It is understood that Itac deliberations on the first few applications are at an advanced stage and that a determination should be delivered soon to the relevant Ministers for final approval.
In a rare show of collective force, labour and business in the steel sector appear to have successfully lobbied government to back efforts to raise protection for the embattled sector by hiking import duties on steel imports to the 10% “bound rate” allowed for under South Africa’s World Trade Organisation commitments. Several processes were currently under way, including several International Trade Administration Commission of South Africa (Itac) investigations that had been instituted following the submission of applications for protection on a range of steel products. It is understood that Itac deliberations on the first few applications are at an advanced stage and that a determination should be delivered soon to the relevant Ministers for final approval.
Otmane El Rhazi : India scrambles to maintain Posco investment
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
In a last ditch effort to salvage South Korean steel major Posco’s Indian project, the Prime Minister’s Office (PMO) has convened a high level meeting this week to explore every option for the grant of iron-ore resources to the steelmaker. According to an official in the Steel and Mines Ministry, the meeting would be held under the aegis of the PMO with the direct intervention of Prime Minister Narendra Modi, and attended by officials in the Steel and Mines Ministries, representatives from the Odisha provincial government and PMO officials tasked with monitoring megaprojects under implementation across the country.
In a last ditch effort to salvage South Korean steel major Posco’s Indian project, the Prime Minister’s Office (PMO) has convened a high level meeting this week to explore every option for the grant of iron-ore resources to the steelmaker. According to an official in the Steel and Mines Ministry, the meeting would be held under the aegis of the PMO with the direct intervention of Prime Minister Narendra Modi, and attended by officials in the Steel and Mines Ministries, representatives from the Odisha provincial government and PMO officials tasked with monitoring megaprojects under implementation across the country.
Otmane El Rhazi : Fortescue profit falls 88% amid lower iron-ore prices
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
ron-ore major Fortescue Metals has reported an 88% fall in net profits for the financial year ended June, as lower iron-ore prices ate into profit margins. Net profit after tax for the year reached $316-million, compared with the $2.7-billion reported in 2014, while underlying earnings before interest, taxes, depreciation and amortisation were down to $2.5-billion, from the $5.6-billion reported in the 2014 financial year.
ron-ore major Fortescue Metals has reported an 88% fall in net profits for the financial year ended June, as lower iron-ore prices ate into profit margins. Net profit after tax for the year reached $316-million, compared with the $2.7-billion reported in 2014, while underlying earnings before interest, taxes, depreciation and amortisation were down to $2.5-billion, from the $5.6-billion reported in the 2014 financial year.
Friday 21 August 2015
Otmane El Rhazi : KWG gains strategic Ring of Fire claims
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Junior project developer KWG Resources has clinched a deal to acquire five strategic claims straddling Ontario’s nascent Ring of Fire (RoF) mining district. The company planned to issue seller MacDonald Mines Exploration with about $100 000 in scrip to acquire the Hornby property, located in an area dominated by Noront Resources.
Junior project developer KWG Resources has clinched a deal to acquire five strategic claims straddling Ontario’s nascent Ring of Fire (RoF) mining district. The company planned to issue seller MacDonald Mines Exploration with about $100 000 in scrip to acquire the Hornby property, located in an area dominated by Noront Resources.
Otmane El Rhazi : Diamond producer Alrosa to supply Norilsk with X-ray slurry analysers
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
A subsidiary of Russian diamond major Alrosa has won a tender to supply nickel miner Norilsk with five X-ray slurry analysers. The X-ray AR-31-NM analysers would be installed at the Talnah concentration mill, in Russia, to determine nickel, copper and iron concentrations in concentrates and tailings from the flotation process.
A subsidiary of Russian diamond major Alrosa has won a tender to supply nickel miner Norilsk with five X-ray slurry analysers. The X-ray AR-31-NM analysers would be installed at the Talnah concentration mill, in Russia, to determine nickel, copper and iron concentrations in concentrates and tailings from the flotation process.
Otmane El Rhazi : Rio Tinto to ship 20% more iron-ore to China in 2015
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Australian mining giant Rio Tinto expects to deliver 240-million tonnes of iron ore to China this year, up from 200-million tonnes in 2014, the company's China managing director told reporters on Friday. Ren Binyan said at a press briefing that the company had driven down its production costs to $16.20/t this year, down $2 from last year, enabling it to cope with falling prices.
Australian mining giant Rio Tinto expects to deliver 240-million tonnes of iron ore to China this year, up from 200-million tonnes in 2014, the company's China managing director told reporters on Friday. Ren Binyan said at a press briefing that the company had driven down its production costs to $16.20/t this year, down $2 from last year, enabling it to cope with falling prices.
Otmane El Rhazi : Labour, business in bid to stop steel jobs bloodbath
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Labour and business were scheduled to meet with government representatives in Pretoria on Friday in a bid to stem massive job losses the steel sector faces in the coming months. "The meeting was requested by labour and business amidst the looming jobs loss bloodbath" in the steel sector, said the National Union of Metalworkers of South Africa (Numsa) in a statement issued on Friday.
Labour and business were scheduled to meet with government representatives in Pretoria on Friday in a bid to stem massive job losses the steel sector faces in the coming months. "The meeting was requested by labour and business amidst the looming jobs loss bloodbath" in the steel sector, said the National Union of Metalworkers of South Africa (Numsa) in a statement issued on Friday.
Otmane El Rhazi : Rio Tinto says to ship 240mt iron-ore to China in 2015
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Australian mining giant Rio Tinto expects to deliver 240-million tonnes of iron ore to China this year, up from 200-million tonnes in 2014, the company's China managing director told reporters on Friday. Ren Binyan said at a press briefing that the company had driven down its production costs to $16.20/t this year, down $2 from last year, enabling it to cope with falling prices.
Australian mining giant Rio Tinto expects to deliver 240-million tonnes of iron ore to China this year, up from 200-million tonnes in 2014, the company's China managing director told reporters on Friday. Ren Binyan said at a press briefing that the company had driven down its production costs to $16.20/t this year, down $2 from last year, enabling it to cope with falling prices.
Otmane El Rhazi : Fortescue reserves inch up
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Iron-ore major Fortescue Metals has reported an increase in its iron-ore reserves, which included a maiden magnetite ore reserve. Hemattie reserves increased from the 2.37-billion tonnes reported in June 2014, to 2.4-billion tonnes, while hematite reserves decreased slightly from 5.44-billion tonnes to 5.42-billion tonnes.
Iron-ore major Fortescue Metals has reported an increase in its iron-ore reserves, which included a maiden magnetite ore reserve. Hemattie reserves increased from the 2.37-billion tonnes reported in June 2014, to 2.4-billion tonnes, while hematite reserves decreased slightly from 5.44-billion tonnes to 5.42-billion tonnes.
Thursday 20 August 2015
Otmane El Rhazi : The roles of aviation in supporting mining
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Mining depends on infrastructure. So much so that mining companies sometimes have to build and operate their own railways, ports and power stations, in parts of the world in which such essentials are non-existent or woefully inadequate. And those parts of the world tend to be rather isolated or remote. Which brings another form of infrastructure into play, one rarely thought of in relation to mining projects – aviation.
Mining depends on infrastructure. So much so that mining companies sometimes have to build and operate their own railways, ports and power stations, in parts of the world in which such essentials are non-existent or woefully inadequate. And those parts of the world tend to be rather isolated or remote. Which brings another form of infrastructure into play, one rarely thought of in relation to mining projects – aviation.
Wednesday 19 August 2015
Otmane El Rhazi : Bauba Platinum delivers positive FY earnings
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
JSE-listed Bauba Platinum has entered into positive earnings territory as it transitioned from a junior platinum explorer to a cash-generating chrome producer in the financial year to June 30. The company on Wednesday posted headline earnings a share of 2.65c, a positive turnaround on the headline loss a share of 4.4c in the prior year.
JSE-listed Bauba Platinum has entered into positive earnings territory as it transitioned from a junior platinum explorer to a cash-generating chrome producer in the financial year to June 30. The company on Wednesday posted headline earnings a share of 2.65c, a positive turnaround on the headline loss a share of 4.4c in the prior year.
Otmane El Rhazi : Important that Optimum Coal issue is resolved – Glencore
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
It was important that the Optimum Coal issue was resolved well so that the coal-mining company could become operational once more, Glencore CEO Ivan Glasenberg said on Wednesday. Responding to media questions after the mining and marketing company’s presentation of half-year (H1) results, Glasenberg said that Optimum’s business rescue practitioners working with Eskom needed to find a solution at Optimum.
It was important that the Optimum Coal issue was resolved well so that the coal-mining company could become operational once more, Glencore CEO Ivan Glasenberg said on Wednesday. Responding to media questions after the mining and marketing company’s presentation of half-year (H1) results, Glasenberg said that Optimum’s business rescue practitioners working with Eskom needed to find a solution at Optimum.
Otmane El Rhazi : Evraz Highveld looks to sell Mapochs mine for $10m
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Integrated steel and vanadium slag producer Evraz Highveld Steel & Vanadium is seeking to sell its subsidiary Mapochs Mine for $10-million to a buyer that will facilitate the rescue of the Limpopo-based mine. A number of preferred bidders were selected in July and due diligence would be finalised and closed by August 21.
Integrated steel and vanadium slag producer Evraz Highveld Steel & Vanadium is seeking to sell its subsidiary Mapochs Mine for $10-million to a buyer that will facilitate the rescue of the Limpopo-based mine. A number of preferred bidders were selected in July and due diligence would be finalised and closed by August 21.
Otmane El Rhazi : Glencore maintains dividend on 29% lower earnings
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Diversified marketing and mining major Glencore on Wednesday reported 29% lower first-half (H1) earnings of $4.6-billion on weaker commodity prices. The board of the London-, Hong Kong- and Johannesburg-listed company declared an interim dividend of $0.6 a share, consistent with the 2014 interim distribution, “reflecting confidence in the prospects and strength of underlying operations, commodities mix and sustainable cash flow profile”.
Diversified marketing and mining major Glencore on Wednesday reported 29% lower first-half (H1) earnings of $4.6-billion on weaker commodity prices. The board of the London-, Hong Kong- and Johannesburg-listed company declared an interim dividend of $0.6 a share, consistent with the 2014 interim distribution, “reflecting confidence in the prospects and strength of underlying operations, commodities mix and sustainable cash flow profile”.
Otmane El Rhazi : Arrium swings to net loss
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Falling iron-ore prices have resulted in ASX-listed Arrium Mining and Materials reporting a net loss after tax of A$1.9-billion for the financial year ended June, compared with a net profit of A$205.4-million in 2014. The net loss included a A$1.79-billion asset impairment and restructuring costs, the company said.
Falling iron-ore prices have resulted in ASX-listed Arrium Mining and Materials reporting a net loss after tax of A$1.9-billion for the financial year ended June, compared with a net profit of A$205.4-million in 2014. The net loss included a A$1.79-billion asset impairment and restructuring costs, the company said.
Otmane El Rhazi : Mt Gibson pummeled in FY2015
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Junior iron-ore miner Mount Gibson Iron swung into red during the 2015 financial year, as iron-ore prices fell and the miner was forced to cut back production following the failure of a seawall at its Koolan Island operation, in December 2014. An underlying loss of A$13.9-million was reported, before impairment, for the full year ending June, compared with a gross profit of a$173-million in 2014. A net loss after tax of A$911.4-million included an impairment charge of A$945.2-million, and compared with a net profit of A$96.4-million in 2014.
Junior iron-ore miner Mount Gibson Iron swung into red during the 2015 financial year, as iron-ore prices fell and the miner was forced to cut back production following the failure of a seawall at its Koolan Island operation, in December 2014. An underlying loss of A$13.9-million was reported, before impairment, for the full year ending June, compared with a gross profit of a$173-million in 2014. A net loss after tax of A$911.4-million included an impairment charge of A$945.2-million, and compared with a net profit of A$96.4-million in 2014.
Tuesday 18 August 2015
Otmane El Rhazi : Tawana submits scoping, ESIA terms of reference reports
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Dual-listed Tawana Resources has submitted a scoping report and terms of reference report for an environmental- and social-impact assessment (ESIA) for its Mofe Creek project to the Liberia Environmental Protection Agency (EPA) for review. Once the terms of reference report was approved by the EPA, Tawana could “fully progress” the Mofe Creek project’s ESIA studies.
Dual-listed Tawana Resources has submitted a scoping report and terms of reference report for an environmental- and social-impact assessment (ESIA) for its Mofe Creek project to the Liberia Environmental Protection Agency (EPA) for review. Once the terms of reference report was approved by the EPA, Tawana could “fully progress” the Mofe Creek project’s ESIA studies.
Otmane El Rhazi : Lack of takers for Goa iron-ore clogs all stockyards
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
While iron-ore mining in the western Indian province of Goa was poised to resume within a month, there were no takers for the raw material, leading to stockpiling- of old inventories and a space crunch for new production. According to a Goa government official, of the total 15-million tonnes of old iron-ore fines inventory occupying stockyards and ports only six-milion tonnes have been liquidated through seven rounds of auctions, but in the absence of large volume overseas buyers, local traders were refusing to transport the stocks.
While iron-ore mining in the western Indian province of Goa was poised to resume within a month, there were no takers for the raw material, leading to stockpiling- of old inventories and a space crunch for new production. According to a Goa government official, of the total 15-million tonnes of old iron-ore fines inventory occupying stockyards and ports only six-milion tonnes have been liquidated through seven rounds of auctions, but in the absence of large volume overseas buyers, local traders were refusing to transport the stocks.
Otmane El Rhazi : Fortescue shares rise amid media speculation of Chinese deal
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Iron-ore miner Fortescue Metals saw a slight increase in its share price on Tuesday as media reports emerged that the miner was considering a A$2-billion deal over its Chichester hub, in the Pilbara region. It was reported that two State-owned Chinese entities were in separate talks with the iron-ore major.
Iron-ore miner Fortescue Metals saw a slight increase in its share price on Tuesday as media reports emerged that the miner was considering a A$2-billion deal over its Chichester hub, in the Pilbara region. It was reported that two State-owned Chinese entities were in separate talks with the iron-ore major.
Otmane El Rhazi : Brockman warns of massive impairments
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
ASX-listed Brockman Mining on Tuesday warned of an asset impairment of some HK$1.26-billion for the year ended June, owing to the falling prices of iron-ore. The impairment charged related to both the company’s Western Australian iron-ore assets, as well as its mining right in China
ASX-listed Brockman Mining on Tuesday warned of an asset impairment of some HK$1.26-billion for the year ended June, owing to the falling prices of iron-ore. The impairment charged related to both the company’s Western Australian iron-ore assets, as well as its mining right in China
Monday 17 August 2015
Otmane El Rhazi : West Pilbara capex estimate cut by A$1.5bn
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The joint venture (JV) partners over the West Pilbara iron-ore project had identified a A$1.5-billion, or 25%, reduction in preliminary capital costs required for the development of the project. A 2012 study estimated that the Stage 1 operation would require a capital investment of A$5.7-billion.
The joint venture (JV) partners over the West Pilbara iron-ore project had identified a A$1.5-billion, or 25%, reduction in preliminary capital costs required for the development of the project. A 2012 study estimated that the Stage 1 operation would require a capital investment of A$5.7-billion.
Otmane El Rhazi : Mt Gibson reserves tumble
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Iron-ore miner Mount Gibson has reported a massive decline in its iron-ore reserve estimates, following a seawall failure at its Koolan Island operation, in December of last year. Mount Gibson’s ore reserves were now estimated to be 7.1-million tonnes, grading 58.4% iron, compared with the previous reserve estimate of 44.3-million tonnes, at 62% iron.
Iron-ore miner Mount Gibson has reported a massive decline in its iron-ore reserve estimates, following a seawall failure at its Koolan Island operation, in December of last year. Mount Gibson’s ore reserves were now estimated to be 7.1-million tonnes, grading 58.4% iron, compared with the previous reserve estimate of 44.3-million tonnes, at 62% iron.
Friday 14 August 2015
Otmane El Rhazi : Brazil court orders Vale to halt Amazon nickel-mine operation
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
A Brazilian federal court on Friday ordered Vale to halt activity at its Onça Puma nickel mine, in Brazil's Amazon state of Pará, until it can demonstrate what actions it has taken to compensate indigenous communities in the region. Vale's operations in Pará face regular legal and protest action by native Brazilian groups seeking better schools, health care and other public services.
A Brazilian federal court on Friday ordered Vale to halt activity at its Onça Puma nickel mine, in Brazil's Amazon state of Pará, until it can demonstrate what actions it has taken to compensate indigenous communities in the region. Vale's operations in Pará face regular legal and protest action by native Brazilian groups seeking better schools, health care and other public services.
Otmane El Rhazi : Atlats swings to FY loss
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Embattled iron-ore miner Atlas Iron has reported a net loss after tax of nearly A$1.4-billion dollars for the financial year ended June, as iron-ore prices nearly halved and the miner was forced to shut down production. The massive loss reported in 2015 compared with a net profit after tax of A$17-million in 2014.
Embattled iron-ore miner Atlas Iron has reported a net loss after tax of nearly A$1.4-billion dollars for the financial year ended June, as iron-ore prices nearly halved and the miner was forced to shut down production. The massive loss reported in 2015 compared with a net profit after tax of A$17-million in 2014.
Otmane El Rhazi : Mineralogy to appeal Citic court judgment
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Mining personality Clive Palmer has vowed to appeal a court decision to dismiss Mineralogy’s efforts to terminate Chinese miner Citic Pacific’s right to export iron-ore from the Sino project through the port at Cape Preston. Mineralogy had claimed that Citic was in breach of an agreement with Mineralogy to hand over control of port facilities, once they were built.
Mining personality Clive Palmer has vowed to appeal a court decision to dismiss Mineralogy’s efforts to terminate Chinese miner Citic Pacific’s right to export iron-ore from the Sino project through the port at Cape Preston. Mineralogy had claimed that Citic was in breach of an agreement with Mineralogy to hand over control of port facilities, once they were built.
Otmane El Rhazi : Equatorial divests of Congo iron project
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
ASX-listed junior Equatorial Resources on Friday announced that it had entered into a conditional sales agreement with a subsidiary of European commodities trader Interalloys Trading to divest of its Mayoko-Moussondji iron project, in the Republic of Congo. Interalloys subsidiary Midus Global would acquire the project for A$5-million in cash, as well as a 2% royalty over all iron-ore produced and sold at the Mayoko-Moussondji operation.
ASX-listed junior Equatorial Resources on Friday announced that it had entered into a conditional sales agreement with a subsidiary of European commodities trader Interalloys Trading to divest of its Mayoko-Moussondji iron project, in the Republic of Congo. Interalloys subsidiary Midus Global would acquire the project for A$5-million in cash, as well as a 2% royalty over all iron-ore produced and sold at the Mayoko-Moussondji operation.
Thursday 13 August 2015
Otmane El Rhazi : TPT gets go-ahead to operate manganese terminal
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Cabinet has approved the issuing to Transnet Port Terminals (TPT) of a permanent operating licence to operate the manganese container terminal at the Port of Ngqura, near Port Elizabeth. This was in line with government priorities relating to Operation Phakisa on growing the country’s oceans economy and would result in relocating manganese operations from the ports of Port Elizabeth and Saldanha to the Port of Ngqura.
Cabinet has approved the issuing to Transnet Port Terminals (TPT) of a permanent operating licence to operate the manganese container terminal at the Port of Ngqura, near Port Elizabeth. This was in line with government priorities relating to Operation Phakisa on growing the country’s oceans economy and would result in relocating manganese operations from the ports of Port Elizabeth and Saldanha to the Port of Ngqura.
Otmane El Rhazi : IFM fights low ferrochrome price, higher input costs
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
International Ferro Metals’ (IFM’s) financial performance and cash flows will likely remain under pressure unless there is a “sustained improvement” in the ferrochrome price, which has been hovering at the same level for three consecutive quarters. The European Benchmark Price remained at a five-year low of $1.08/lb by the end of June, following a $0.07/lb drop in the March quarter, with no indications of improving market conditions, the company noted in its quarterly production report for the three months to June 30 on Thursday.
International Ferro Metals’ (IFM’s) financial performance and cash flows will likely remain under pressure unless there is a “sustained improvement” in the ferrochrome price, which has been hovering at the same level for three consecutive quarters. The European Benchmark Price remained at a five-year low of $1.08/lb by the end of June, following a $0.07/lb drop in the March quarter, with no indications of improving market conditions, the company noted in its quarterly production report for the three months to June 30 on Thursday.
Otmane El Rhazi : Optimum rescue chance reasonable if Eskom deal renegotiated – Glencore
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The directors of Optimum are of the view that there is a reasonable prospect of rescuing Optimum Coal if the supply agreement with Eskom can be renegotiated, Glencore said on Thursday. In releasing its half-year (H1) production figures, the diversified major reported 3% higher South African coal production at 22.3-million tonnes, mainly on coal discard reprocessing at iMpunzi and the ramp-up of opencast operations and continued underground productivity improvements at its Tweefontein colliery in Mpumalanga.
The directors of Optimum are of the view that there is a reasonable prospect of rescuing Optimum Coal if the supply agreement with Eskom can be renegotiated, Glencore said on Thursday. In releasing its half-year (H1) production figures, the diversified major reported 3% higher South African coal production at 22.3-million tonnes, mainly on coal discard reprocessing at iMpunzi and the ramp-up of opencast operations and continued underground productivity improvements at its Tweefontein colliery in Mpumalanga.
Otmane El Rhazi : NSL secures $5m loan
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Junior iron-ore producer NSL Consolidated has secured a $5-million commercial loan from New York investment firm MG Partners to finance the construction of the Phase 2 wet plant, at the Kurnool project, in India. Under the terms of the agreement, NSL would receive a direct loan of A$600 000 to immediately start Phase 1 dry lump production and to attain domestic sales of up to 10 000 t of lump iron, at an average profit margin of at least 25%.
Junior iron-ore producer NSL Consolidated has secured a $5-million commercial loan from New York investment firm MG Partners to finance the construction of the Phase 2 wet plant, at the Kurnool project, in India. Under the terms of the agreement, NSL would receive a direct loan of A$600 000 to immediately start Phase 1 dry lump production and to attain domestic sales of up to 10 000 t of lump iron, at an average profit margin of at least 25%.
Otmane El Rhazi : Atlas buys Sheffield tenements
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Embattled iron-ore miner Atlas Iron has acquired three exploration tenements from fellow-listed Sheffield Resources, located near its Abydos and Mt Webber operations, in the Pilbara. Atlas would pay A$150 000 for the tenements, payable in shares base don a 15% discount to the company’s five-day volume weighted average price.
Embattled iron-ore miner Atlas Iron has acquired three exploration tenements from fellow-listed Sheffield Resources, located near its Abydos and Mt Webber operations, in the Pilbara. Atlas would pay A$150 000 for the tenements, payable in shares base don a 15% discount to the company’s five-day volume weighted average price.
Wednesday 12 August 2015
Otmane El Rhazi : Steel protection cannot lead to price hikes, govt warns
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Department of Trade and Industry (DTI) director-general Lionel October has confirmed that various processes are at an advanced stage to offer greater protection to the domestic primary steel industry, as well as to specify the use of locally produced steel in public infrastructure projects. He stresses, though, that government will not act in a way that undermines the integrity of independent processes, highlighting that it is up to International Trade Administration Commission of South Africa (Itac) to assess the case for raising duties to the 10% bound levels allowed for under South Africa’s World Trade Organisation (WTO) commitments.
Department of Trade and Industry (DTI) director-general Lionel October has confirmed that various processes are at an advanced stage to offer greater protection to the domestic primary steel industry, as well as to specify the use of locally produced steel in public infrastructure projects. He stresses, though, that government will not act in a way that undermines the integrity of independent processes, highlighting that it is up to International Trade Administration Commission of South Africa (Itac) to assess the case for raising duties to the 10% bound levels allowed for under South Africa’s World Trade Organisation (WTO) commitments.
Otmane El Rhazi : Alderon expects further delays to Kami project
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Maritime Canada-focused project developer Alderon Iron Ore on Tuesday announced that it expected to have further delays in completing its financing plan and to start construction of its flagship Kami direct shipping iron-ore project, in western Labrador, citing the current depressed state of the iron-ore market and changes in ownership and management of assets in the Labrador Trough. The TSX- and NYSE MKT-listed company also revealed a reshuffling of senior management, which would undertake a rescope of the capital and operating costs of the Kami project to identify project savings and to evaluate strategic alternatives for the company.
Maritime Canada-focused project developer Alderon Iron Ore on Tuesday announced that it expected to have further delays in completing its financing plan and to start construction of its flagship Kami direct shipping iron-ore project, in western Labrador, citing the current depressed state of the iron-ore market and changes in ownership and management of assets in the Labrador Trough. The TSX- and NYSE MKT-listed company also revealed a reshuffling of senior management, which would undertake a rescope of the capital and operating costs of the Kami project to identify project savings and to evaluate strategic alternatives for the company.
Tuesday 11 August 2015
Otmane El Rhazi : Alderon expects further delays to Kami DSO project
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Maritime Canada-focused project developer Alderon Iron Ore on Tuesday announced that it expected to have further delays in completing its financing plan and to start construction of its flagship Kami direct shipping iron-ore project, citing the current depressed state of the iron-ore market and changes in ownership and management of assets in the Labrador Trough. The TSX- and NYSE MKT-listed company also revealed a reshuffling of senior management, which would undertake a re-scope of the capital and operating costs of the Kami project in order to identify project savings and to evaluate strategic alternatives for the company.
Maritime Canada-focused project developer Alderon Iron Ore on Tuesday announced that it expected to have further delays in completing its financing plan and to start construction of its flagship Kami direct shipping iron-ore project, citing the current depressed state of the iron-ore market and changes in ownership and management of assets in the Labrador Trough. The TSX- and NYSE MKT-listed company also revealed a reshuffling of senior management, which would undertake a re-scope of the capital and operating costs of the Kami project in order to identify project savings and to evaluate strategic alternatives for the company.
Thursday 6 August 2015
Otmane El Rhazi : Commodity slump forces Aus mines to seek specialised labour
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
To relieve operational strain, drive process improvements and effectively implement cost-reduction strategies, Australia’s mining companies are increasingly employing specialised and highly skilled contract staff, says LSE-listed recruitment company Hays resources and mining regional director Chris Kent. He adds that many of the country’s mining operations are undergoing significant structural changes to remain profitable during the current low commodity-price market.
To relieve operational strain, drive process improvements and effectively implement cost-reduction strategies, Australia’s mining companies are increasingly employing specialised and highly skilled contract staff, says LSE-listed recruitment company Hays resources and mining regional director Chris Kent. He adds that many of the country’s mining operations are undergoing significant structural changes to remain profitable during the current low commodity-price market.
Otmane El Rhazi : Increased production sees Australia mining through tough market
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Despite a depressed global commodity price market, Australia’s iron-ore industry, even at prices of A$60/t to A$70/t, remains lucrative for the most part, says professional services company KPMG Australia head of mining Carl Adams. “Operations have never needed more people or spent more money. Iron-ore production has risen more than four-fold from about 160-million tons a year in 2000 to about 700-million tons a year at present,” he points out.
Despite a depressed global commodity price market, Australia’s iron-ore industry, even at prices of A$60/t to A$70/t, remains lucrative for the most part, says professional services company KPMG Australia head of mining Carl Adams. “Operations have never needed more people or spent more money. Iron-ore production has risen more than four-fold from about 160-million tons a year in 2000 to about 700-million tons a year at present,” he points out.
Otmane El Rhazi : Pilot refinery testwork confirms positive results
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Australian exploration company and emerging strategic metals producer TNG has successfully completed the pilot metallurgical testwork programme for the Tivan downstream refinery of its flagship Mount Peake vanadium-titanium-iron project in the Northern Territory, the company announced last month, noting that the results of the testwork met or exceeded expectations in all areas. The Tivan testwork programme was carried out at Australia’s national science agency, the Commonwealth Scientific and ...
Australian exploration company and emerging strategic metals producer TNG has successfully completed the pilot metallurgical testwork programme for the Tivan downstream refinery of its flagship Mount Peake vanadium-titanium-iron project in the Northern Territory, the company announced last month, noting that the results of the testwork met or exceeded expectations in all areas. The Tivan testwork programme was carried out at Australia’s national science agency, the Commonwealth Scientific and ...
Otmane El Rhazi : Rio Tinto CEO rejects fears over China growth, demand
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Demand for commodities is healthy on the ground in top consumer China despite worries about an economic slowdown that has weighed on prices, the head of mining group Rio Tinto said on Thursday. It was unclear, however, when China will cut back excess output in aluminium that has led to heavy exports and a glut on world markets, CEO Sam Walsh said.
Demand for commodities is healthy on the ground in top consumer China despite worries about an economic slowdown that has weighed on prices, the head of mining group Rio Tinto said on Thursday. It was unclear, however, when China will cut back excess output in aluminium that has led to heavy exports and a glut on world markets, CEO Sam Walsh said.
Otmane El Rhazi : TFR gears up for R176m manganese line shutdown
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Railways utility Transnet Freight Rail (TFR) reports that it will spend R176-million during the annual maintenance shutdown of the manganese line, which will begin on August 11 and continue until August 20. The 965 km railway line spans two provinces, running between Swartkops and De Aar, in the Eastern Cape, and between De Aar and Postmasburg, in the Northern Cape.
Railways utility Transnet Freight Rail (TFR) reports that it will spend R176-million during the annual maintenance shutdown of the manganese line, which will begin on August 11 and continue until August 20. The 965 km railway line spans two provinces, running between Swartkops and De Aar, in the Eastern Cape, and between De Aar and Postmasburg, in the Northern Cape.
Otmane El Rhazi : Aus Tin buys new project
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
ASX-listed junior Aus Tin Mining has signed a non-binding heads of agreement to acquire privately held McDermott Mining in order to gain ownership of the Granville tin project, in Tasmania. Under the terms of the agreement, Au Tin Mining would pay A$1.3-million for the unlisted McDermott Mining, subject to the completion of a due diligence and the receipt of all necessary approvals.
ASX-listed junior Aus Tin Mining has signed a non-binding heads of agreement to acquire privately held McDermott Mining in order to gain ownership of the Granville tin project, in Tasmania. Under the terms of the agreement, Au Tin Mining would pay A$1.3-million for the unlisted McDermott Mining, subject to the completion of a due diligence and the receipt of all necessary approvals.
Otmane El Rhazi : Metals X suspends tin plant
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Metals miner Metals X this week reported that mining in three of its four underground production areas at the Renison tin mine, in Tasmania, have been resumed. Operations at Renison were suspended on August 2, following a seismic event at the 50% held operation, Metals X said. No injuries or damages to equipment were reported.
Metals miner Metals X this week reported that mining in three of its four underground production areas at the Renison tin mine, in Tasmania, have been resumed. Operations at Renison were suspended on August 2, following a seismic event at the 50% held operation, Metals X said. No injuries or damages to equipment were reported.
Wednesday 5 August 2015
Otmane El Rhazi : Brazil's Vale plans debt sale to expand Carajas railway
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The board of Vale, the world's largest iron-ore producer, on Wednesday approved plans to raise one-billion reais ($287-million) from the sale of debt notes to expand the railway system at the Carajas ore mine. Vale plans to file Thursday a request before securities industry watchdog CVM to approve the sale of the so-called infrastructure notes in two portions, according to a securities filing. The notes will have maturities of five and seven years and could be increased by 350-million reais pending certain conditions, the filing said.
The board of Vale, the world's largest iron-ore producer, on Wednesday approved plans to raise one-billion reais ($287-million) from the sale of debt notes to expand the railway system at the Carajas ore mine. Vale plans to file Thursday a request before securities industry watchdog CVM to approve the sale of the so-called infrastructure notes in two portions, according to a securities filing. The notes will have maturities of five and seven years and could be increased by 350-million reais pending certain conditions, the filing said.
Otmane El Rhazi : Brazil's Vale estimates 2015 investment of $8bn to $8.5bn
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Brazilian miner Vale expects to invest $4-billion in the second half of 2015 and sees total investments of between $8-billion and $8.5-billion in the full year, according to a presentation on Wednesday. Vale had estimated investments of between $8-billion and $9-billion in 2015 on June 24, as it tries to reduce capital spending in the midst of a price slump in iron-ore.
Brazilian miner Vale expects to invest $4-billion in the second half of 2015 and sees total investments of between $8-billion and $8.5-billion in the full year, according to a presentation on Wednesday. Vale had estimated investments of between $8-billion and $9-billion in 2015 on June 24, as it tries to reduce capital spending in the midst of a price slump in iron-ore.
Otmane El Rhazi : AMSA makes yet more submissions to Itac for steel protection
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Steel producer ArcelorMittal South Africa (AMSA) has confirmed the submission of seven new applications to the International Trade Administration Commission of South Africa (Itac) for an increase of customs duties on certain steel products to 10%. The new submissions cover plate, hot-rolled coil, cold-rolled coil, tin plate, sections, bars and rods and semi-finished products such as slabs, blooms and billets.
Steel producer ArcelorMittal South Africa (AMSA) has confirmed the submission of seven new applications to the International Trade Administration Commission of South Africa (Itac) for an increase of customs duties on certain steel products to 10%. The new submissions cover plate, hot-rolled coil, cold-rolled coil, tin plate, sections, bars and rods and semi-finished products such as slabs, blooms and billets.
Otmane El Rhazi : Despite gold remaining under pressure, niche opportunities surface – Resource Maven
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Gold bugs have had good reason to be gloomy of late: the yellow metal’s price sunk to five-year lows when it reached $1 080.20/oz on the London PM fix on July 24. It clawed back some of the loss last week and stood at $1 092.60/oz on Tuesday. Speculation thrived about a future descent to $1 000/oz, with some arguing that gold would breach this and fall to further depths. Few commentators predicted a revival in the yellow metal’s fortunes any time soon – even if gold bears covered overly strong short positions.
Gold bugs have had good reason to be gloomy of late: the yellow metal’s price sunk to five-year lows when it reached $1 080.20/oz on the London PM fix on July 24. It clawed back some of the loss last week and stood at $1 092.60/oz on Tuesday. Speculation thrived about a future descent to $1 000/oz, with some arguing that gold would breach this and fall to further depths. Few commentators predicted a revival in the yellow metal’s fortunes any time soon – even if gold bears covered overly strong short positions.
Otmane El Rhazi : R50m mine design centre opens
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The University of Pretoria’s new virtual and augmented reality mine design centre, which is set to revolutionise both surface and underground mine design, was officially opened on Tuesday evening. A total of R50-million has been invested in the centre, which has come out of a highly successful test phase ahead of its public launch. The University of Pretoria has itself invested R32-million in the 1 600 m2 complex and Anglo American group company Kumba Iron Ore R18.8-million. Professor Ronny ...
The University of Pretoria’s new virtual and augmented reality mine design centre, which is set to revolutionise both surface and underground mine design, was officially opened on Tuesday evening. A total of R50-million has been invested in the centre, which has come out of a highly successful test phase ahead of its public launch. The University of Pretoria has itself invested R32-million in the 1 600 m2 complex and Anglo American group company Kumba Iron Ore R18.8-million. Professor Ronny ...
Sunday 2 August 2015
Otmane El Rhazi : India’s Supreme Court directs auction of 15 Karnataka iron-ore mines
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
India’s Supreme Court has directed that 15 iron-ore mines in the southern province of Karnataka will have to be put up for auction and the process completed within the next 32 weeks. The apex court order would impact even those mines that had been brought back into production in 2013 after the court had imposed a two-year ban on mining operations in the province. The resumption of mining was on condition of a cap in total production of 30-million tons a year.
India’s Supreme Court has directed that 15 iron-ore mines in the southern province of Karnataka will have to be put up for auction and the process completed within the next 32 weeks. The apex court order would impact even those mines that had been brought back into production in 2013 after the court had imposed a two-year ban on mining operations in the province. The resumption of mining was on condition of a cap in total production of 30-million tons a year.
Friday 31 July 2015
Otmane El Rhazi : ‘Fair’ steel pricing model will cap good-times upside, offer bad-times collar
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Embattled South African steel producer ArcelorMittal South Africa (AMSA) has offered insight into the “fair pricing model” it has tabled before government in return for tariff protection and a government stipulation that locally manufactured steel be designated for used public infrastructure projects. The model, CEO Paul O’Flaherty revealed at the weekend, would be premised on an “efficient” cost of production, plus a reasonable, but capped, margin for the “good and bad times” – the JSE-listed company was expecting excessive global steel capacity, low global iron-ore prices and depressed steel markets to prevail for four the five years.
Embattled South African steel producer ArcelorMittal South Africa (AMSA) has offered insight into the “fair pricing model” it has tabled before government in return for tariff protection and a government stipulation that locally manufactured steel be designated for used public infrastructure projects. The model, CEO Paul O’Flaherty revealed at the weekend, would be premised on an “efficient” cost of production, plus a reasonable, but capped, margin for the “good and bad times” – the JSE-listed company was expecting excessive global steel capacity, low global iron-ore prices and depressed steel markets to prevail for four the five years.
Otmane El Rhazi : AMSA flags iron-ore import plan as it seeks new pricing deal with Kumba
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Steel producer ArcelorMittal South Africa (AMSA) signalled on Friday that it was aiming to reopen historically fraught iron-ore pricing negotiations with Kumba Iron Ore, with CEO Paul O’Flaherty describing the current cost-plus arrangement as unsustainable in light of dramatic declines in iron-ore and steel prices. O’Flaherty even reported that AMSA was seriously investigating iron-ore importation options, which could be introduced as early as this year, starting with its Saldanha Steel mill, in the Western Cape. But he stressed that importation was not AMSA’s preferred option.
Steel producer ArcelorMittal South Africa (AMSA) signalled on Friday that it was aiming to reopen historically fraught iron-ore pricing negotiations with Kumba Iron Ore, with CEO Paul O’Flaherty describing the current cost-plus arrangement as unsustainable in light of dramatic declines in iron-ore and steel prices. O’Flaherty even reported that AMSA was seriously investigating iron-ore importation options, which could be introduced as early as this year, starting with its Saldanha Steel mill, in the Western Cape. But he stressed that importation was not AMSA’s preferred option.
Otmane El Rhazi : South Africa's ArcelorMittal reports wider H1 loss
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Africa's largest steelmaker ArcelorMittal South Africa said on Friday its half-year losses widened amid lower international demand and a weak economy in its home market. Its headline loss per share rose to nearly 25 cents per share for the six months ended 30 June from 2 cents a year earlier, the unit of ArcelorMittal said in a filing on the Johannesburg Securities Exchange.
Africa's largest steelmaker ArcelorMittal South Africa said on Friday its half-year losses widened amid lower international demand and a weak economy in its home market. Its headline loss per share rose to nearly 25 cents per share for the six months ended 30 June from 2 cents a year earlier, the unit of ArcelorMittal said in a filing on the Johannesburg Securities Exchange.
Thursday 30 July 2015
Otmane El Rhazi : Resources Watch
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
This week: South Africa’s new JSE-backed oil and gas code is globally aligned. And, low iron-ore prices are killing jobs at Kumba.
This week: South Africa’s new JSE-backed oil and gas code is globally aligned. And, low iron-ore prices are killing jobs at Kumba.
Wednesday 29 July 2015
Otmane El Rhazi : Kenya's senate passes mining law
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Kenya's mining ministry on Wednesday said the country's senate had passed a mining bill which will give the government a 10% stake in new projects, taking it a step closer becoming law. The bill was approved by the national assembly last year and now needs to be signed by President Uhuru Kenyatta, which is usually a formality.
Kenya's mining ministry on Wednesday said the country's senate had passed a mining bill which will give the government a 10% stake in new projects, taking it a step closer becoming law. The bill was approved by the national assembly last year and now needs to be signed by President Uhuru Kenyatta, which is usually a formality.
Otmane El Rhazi : Brazil's Vale resumes Amazon rail expansion after suspension
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Brazilian miner Vale said on Wednesday it had resumed work on the expansion of a rail line which is part of its giant Carajas iron-ore project in the Amazon after a court suspension was lifted. Work had been partially stopped since July 9, due to the potential impact on a nearby indigenous community. Construction was resumed on July 27, after the court lifted the suspension, Vale said in a statement.
Brazilian miner Vale said on Wednesday it had resumed work on the expansion of a rail line which is part of its giant Carajas iron-ore project in the Amazon after a court suspension was lifted. Work had been partially stopped since July 9, due to the potential impact on a nearby indigenous community. Construction was resumed on July 27, after the court lifted the suspension, Vale said in a statement.
Otmane El Rhazi : Despite iron-ore headwinds, Cliffs is back in the black
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Global miner Cliffs Natural Resources has in the past 12 months managed a return to profitability despite the price of iron-ore sinking to its lowest since at least 2009 earlier month, as the largest producers such as Rio Tinto Group and BHP Billiton boosted output into an oversupplied market. For the second quarter ended June, Cliffs, which was a significant supplier of iron-ore pellets to the US steel industry, recorded net income attributable to common shareholders of $60-million, or $0.39 per diluted share, compared with a net loss of $2-million, or $0.02 per diluted share recorded in the same period of 2014.
Global miner Cliffs Natural Resources has in the past 12 months managed a return to profitability despite the price of iron-ore sinking to its lowest since at least 2009 earlier month, as the largest producers such as Rio Tinto Group and BHP Billiton boosted output into an oversupplied market. For the second quarter ended June, Cliffs, which was a significant supplier of iron-ore pellets to the US steel industry, recorded net income attributable to common shareholders of $60-million, or $0.39 per diluted share, compared with a net loss of $2-million, or $0.02 per diluted share recorded in the same period of 2014.
Otmane El Rhazi : Study shows 20-yr mine life potential at Sable’s Nimba play
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Detailed mine scheduling conducted as part of metallurgical testwork at the Plateau 2 area of Sable Mining Africa’s 205.2-million-ton Nimba iron-ore project, in Guinea, has indicated a life-of-mine of more than 20 years and highlighted the operation’s ability to sustain production of high-quality premium-grade lump and fines products over the initial ten years. The study pointed to the potential production of lump product grades of 63.33% iron and fines product grades of 62.11% iron, while a third medium-grade fines product was being considered, with grades of 58.58% iron returned.
Detailed mine scheduling conducted as part of metallurgical testwork at the Plateau 2 area of Sable Mining Africa’s 205.2-million-ton Nimba iron-ore project, in Guinea, has indicated a life-of-mine of more than 20 years and highlighted the operation’s ability to sustain production of high-quality premium-grade lump and fines products over the initial ten years. The study pointed to the potential production of lump product grades of 63.33% iron and fines product grades of 62.11% iron, while a third medium-grade fines product was being considered, with grades of 58.58% iron returned.
Tuesday 28 July 2015
Otmane El Rhazi : NRW wins A$140m Rio contract
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Project house NRW Holdings has been awarded a A$140-million contract from mining major Rio Tinto at the Nammuldi iron-ore mine, in Western Australia. The scope of the contract included the construction of mine haul roads, ore stockpiles, waste dumps and other mine infrastructure, as well as production mining, the haulage of ore from the mine area to the existing Nammuldi plant site, and the supply, installation and operation of two five-million-tonne-a-year crushing plants.
Project house NRW Holdings has been awarded a A$140-million contract from mining major Rio Tinto at the Nammuldi iron-ore mine, in Western Australia. The scope of the contract included the construction of mine haul roads, ore stockpiles, waste dumps and other mine infrastructure, as well as production mining, the haulage of ore from the mine area to the existing Nammuldi plant site, and the supply, installation and operation of two five-million-tonne-a-year crushing plants.
Monday 27 July 2015
Otmane El Rhazi : Speculators show global commodities rout still not over
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Speculators have confirmed what everyone else has been thinking: expect more falls in commodities, as worries about China and higher interest rates combine with waning sentiment to suggest markets are heading further south. But while more losses are certain, their scope could be limited because a large number of speculators have already made bets that prices will fall.
Speculators have confirmed what everyone else has been thinking: expect more falls in commodities, as worries about China and higher interest rates combine with waning sentiment to suggest markets are heading further south. But while more losses are certain, their scope could be limited because a large number of speculators have already made bets that prices will fall.
Otmane El Rhazi : Weak commodities to weigh on rand, current account and growth
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The sharp decline in commodity prices is, on balance, negative for the outlook for the South African rand, new bank research shows, with lower oil prices being more than offset by lower mineral and metals prices. Standard Bank head of South African research Walter de Wet highlights that crude oil and petroleum imports make up about 20% of total physical-goods imports, which is far less than the proportion of commodity exports in South Africa’s total export basket. Metals and mineral commodity exports, such as coal, gold, iron-ore and platinum, account for around 53% of the country’s physical-goods exports.
The sharp decline in commodity prices is, on balance, negative for the outlook for the South African rand, new bank research shows, with lower oil prices being more than offset by lower mineral and metals prices. Standard Bank head of South African research Walter de Wet highlights that crude oil and petroleum imports make up about 20% of total physical-goods imports, which is far less than the proportion of commodity exports in South Africa’s total export basket. Metals and mineral commodity exports, such as coal, gold, iron-ore and platinum, account for around 53% of the country’s physical-goods exports.
Otmane El Rhazi : Australia's Roy Hill iron ore mine said to be facing short delay
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The start-up of the $10-billion Roy Hill iron ore mine under construction in Australia has been postponed until the second week of October because of bad weather and safety problems earlier this year, according to a media report. The mine, 70% owned by Australian billionaire Gina Rinehart's private Hancock Prospecting and the last of the mega-projects planned during a boom that is now over, was originally targeting a September start.
The start-up of the $10-billion Roy Hill iron ore mine under construction in Australia has been postponed until the second week of October because of bad weather and safety problems earlier this year, according to a media report. The mine, 70% owned by Australian billionaire Gina Rinehart's private Hancock Prospecting and the last of the mega-projects planned during a boom that is now over, was originally targeting a September start.
Otmane El Rhazi : Odisha government submits new plans to salvage Posco investment
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
South Korean steel major Posco might be packing up its $12-billion steel mill project in India; however, the provincial government of Odisha is making a last ditch effort to prevent it, offering the Korean company raw iron-ore material. The provincial government had been in frantic communications with the federal government over the past week, pushing for iron-ore linkages to the Posco steel project from government-controlled mining companies like Odisha Mining Corporation (OMC) or even the formation of a new joint venture (JV) between OMC and Posco, a senior government official said.
South Korean steel major Posco might be packing up its $12-billion steel mill project in India; however, the provincial government of Odisha is making a last ditch effort to prevent it, offering the Korean company raw iron-ore material. The provincial government had been in frantic communications with the federal government over the past week, pushing for iron-ore linkages to the Posco steel project from government-controlled mining companies like Odisha Mining Corporation (OMC) or even the formation of a new joint venture (JV) between OMC and Posco, a senior government official said.
Otmane El Rhazi : Atlas shares fall 70% as trading resumes
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The share price of iron-ore miner Atlas Iron tumbled nearly 70% on Monday as the company resumed share trading after more than three months. Atlas in April suspended share trading shortly before announcing the suspension of its operations in the Pilbara, as the iron-ore price crashed and operations became uneconomical.
The share price of iron-ore miner Atlas Iron tumbled nearly 70% on Monday as the company resumed share trading after more than three months. Atlas in April suspended share trading shortly before announcing the suspension of its operations in the Pilbara, as the iron-ore price crashed and operations became uneconomical.
Friday 24 July 2015
Otmane El Rhazi : With metals slumping, investors seek miners that can weather storm
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
A slump in metals prices this week and worries over China's growth prospects have heightened investor scrutiny of whether mining companies have the ability to weather the storm ahead. China accounts for almost half of global copper demand, 70% of iron-ore consumption and vies with India to be the top gold consumer. China's economy is seen growing at 7% this year, the slowest in a quarter of a century.
A slump in metals prices this week and worries over China's growth prospects have heightened investor scrutiny of whether mining companies have the ability to weather the storm ahead. China accounts for almost half of global copper demand, 70% of iron-ore consumption and vies with India to be the top gold consumer. China's economy is seen growing at 7% this year, the slowest in a quarter of a century.
Otmane El Rhazi : Jobs decline on commodity prices, mechanisation
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Creamer Media's Shannon de Ryhove speaks to Mining Weekly editor Martin Creamer about Kumba Iron Ore's job cuts as well as Anglo American Platinum's results.
Creamer Media's Shannon de Ryhove speaks to Mining Weekly editor Martin Creamer about Kumba Iron Ore's job cuts as well as Anglo American Platinum's results.
Thursday 23 July 2015
Otmane El Rhazi : China continues to drive iron-ore demand
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Despite the likely weakening of China’s demand for iron-ore, owing to the continuing decline of its real estate market and overall lower pace of urbanisation, the country’s lower projected 2015 gross domestic product was still expected to increase its mineral-demand base by about $1-trillion, multinational professional services network PwC South Africa CEO Dion Shango said at the South Africa Junior Mining Indaba last month.
Despite the likely weakening of China’s demand for iron-ore, owing to the continuing decline of its real estate market and overall lower pace of urbanisation, the country’s lower projected 2015 gross domestic product was still expected to increase its mineral-demand base by about $1-trillion, multinational professional services network PwC South Africa CEO Dion Shango said at the South Africa Junior Mining Indaba last month.
Otmane El Rhazi : Company pushing to bring closed lubrication system into iron-ore space
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Over the next 18 months oil and lubrication company Shell will target the iron-ore market and introduce its bulk grease customer value proposition (CVP) through the Shell Grease Truck to various iron-ore mines in South Africa, says Shell South Africa technical manager Hentie Spangenberg.
Over the next 18 months oil and lubrication company Shell will target the iron-ore market and introduce its bulk grease customer value proposition (CVP) through the Shell Grease Truck to various iron-ore mines in South Africa, says Shell South Africa technical manager Hentie Spangenberg.
Otmane El Rhazi : Expected mine tonnage increases at Guinea project
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Aim-listed exploration company Sable Mining Africa in February announced an increase in the total Joint Ore Reserves Committee- (Jorc-) compliant resource for its Nimba iron-ore project, in south-east Guinea, from 181.8-million tonnes to 205.2-million tonnes.
Aim-listed exploration company Sable Mining Africa in February announced an increase in the total Joint Ore Reserves Committee- (Jorc-) compliant resource for its Nimba iron-ore project, in south-east Guinea, from 181.8-million tonnes to 205.2-million tonnes.
Otmane El Rhazi : Investors can consider the next generation of iron-ore, says expert
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Once demand starts to improve and the oversupplied market corrects itself, investors may start to think about where the next generation of iron-ore will come from as gaps for future demand begin to emerge, says Sahaj Capital MD Antony Rayment.
Once demand starts to improve and the oversupplied market corrects itself, investors may start to think about where the next generation of iron-ore will come from as gaps for future demand begin to emerge, says Sahaj Capital MD Antony Rayment.
Otmane El Rhazi : Iron-ore forward-price strategies help miner manage price tumble
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Australian iron-ore company Atlas Iron announced this month that forward sales arrangements are providing it with a measure of near-term protection against iron-ore price falls while retaining some exposure to price upside.
Australian iron-ore company Atlas Iron announced this month that forward sales arrangements are providing it with a measure of near-term protection against iron-ore price falls while retaining some exposure to price upside.
Otmane El Rhazi : Iron-ore surplus will persist – consultancy
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Australian iron-ore miners’ intentions to increase their production, slow demand from India and China, and displaced high-cost miners will continue to contribute to the long-term global surplus of iron-ore, which has halved the price of the commodity over the past two years, says mining consultancy Core Consultants MD Lara Smith.
Australian iron-ore miners’ intentions to increase their production, slow demand from India and China, and displaced high-cost miners will continue to contribute to the long-term global surplus of iron-ore, which has halved the price of the commodity over the past two years, says mining consultancy Core Consultants MD Lara Smith.
Otmane El Rhazi : Kumba to relocate VIU facility to Joburg
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Mining major Kumba Iron Ore, a business unit of Anglo American, will start moving its value-in-use (VIU) facility, in the west of Pretoria, to the Anglo American technical solutions facility, near Crown Mines, in the south of Johannesburg, by the end of the year, with commissioning at the new location scheduled to begin in the first quarter of next year.
Mining major Kumba Iron Ore, a business unit of Anglo American, will start moving its value-in-use (VIU) facility, in the west of Pretoria, to the Anglo American technical solutions facility, near Crown Mines, in the south of Johannesburg, by the end of the year, with commissioning at the new location scheduled to begin in the first quarter of next year.
Otmane El Rhazi : Pakistan steel company receives 73 000 t of iron-ore
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
In June two cargo vessels delivered a total of 73 000 t of iron-ore to Pakistan Steel Jetty for State-owned Pakistan Steel Mills (Paksteel).
In June two cargo vessels delivered a total of 73 000 t of iron-ore to Pakistan Steel Jetty for State-owned Pakistan Steel Mills (Paksteel).
Otmane El Rhazi : Struggling iron-ore, Ebola hurt Sierra Leone
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
A report by professional services business Adam Smith International, released in June, reveals that a struggling iron-ore sector and Ebola-related quarantine restrictions severely damaged Sierra Leone’s economy.
A report by professional services business Adam Smith International, released in June, reveals that a struggling iron-ore sector and Ebola-related quarantine restrictions severely damaged Sierra Leone’s economy.
Otmane El Rhazi : Brazil's Vale hits second-quarter iron-ore record
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Brazilian mining company Vale said on Thursday it produced 85.3-million tonnes of its own iron-ore in the second quarter, a record for the quarter and second highest ever for the firm. The total was 7.4% higher than the same period last year as the world's largest iron-ore producer continues to ramp up output despite a falling price for the mineral, which recently touched a decade low. Vale's all-time quarterly record for the main steel-making ingredient was 85.7-million tonnes in the third quarter of 2014.
Brazilian mining company Vale said on Thursday it produced 85.3-million tonnes of its own iron-ore in the second quarter, a record for the quarter and second highest ever for the firm. The total was 7.4% higher than the same period last year as the world's largest iron-ore producer continues to ramp up output despite a falling price for the mineral, which recently touched a decade low. Vale's all-time quarterly record for the main steel-making ingredient was 85.7-million tonnes in the third quarter of 2014.
Otmane El Rhazi : ‘Poor citizen’ AMSA promises to mend ways as it seeks support to save Vereeniging and company
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
South Africa’s largest steel producer ArcelorMittal South Africa (AMSA) gave notice on Thursday that it was weighing the partial or full closure of its Vereeniging Works, in southern Gauteng, and would make a decision of the plant’s future by the end of August. At the same time, CEO Paul O’Flaherty acknowledged that AMSA had been a “poor citizen” and that it would need to change its ways if it was to receive the government support it required to survive the prevailing hostile market conditions. The Vereeniging mill is the country’s oldest steel plant having begun operations in 1911 as Union Steel Corporation of South Africa and employs 1 200 people, of whom 840 are permanent employees.
South Africa’s largest steel producer ArcelorMittal South Africa (AMSA) gave notice on Thursday that it was weighing the partial or full closure of its Vereeniging Works, in southern Gauteng, and would make a decision of the plant’s future by the end of August. At the same time, CEO Paul O’Flaherty acknowledged that AMSA had been a “poor citizen” and that it would need to change its ways if it was to receive the government support it required to survive the prevailing hostile market conditions. The Vereeniging mill is the country’s oldest steel plant having begun operations in 1911 as Union Steel Corporation of South Africa and employs 1 200 people, of whom 840 are permanent employees.
Otmane El Rhazi : AMSA H1 loss seen up to 14-fold wider
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Africa's biggest steel maker ArcelorMittal South Africa flagged as much as 14-fold wider half-year loss on Thursday, citing tough trading conditions and higher finance costs. Steel makers across the world are suffering from weak prices due to a global oversupply of the metal.
Africa's biggest steel maker ArcelorMittal South Africa flagged as much as 14-fold wider half-year loss on Thursday, citing tough trading conditions and higher finance costs. Steel makers across the world are suffering from weak prices due to a global oversupply of the metal.
Otmane El Rhazi : Tech savvy O’Neill streaks up Anglo ladder
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Technical fundi Tony O’Neill, who put his imprimatur on game-changing technology during his short spell in South Africa, has been appointed with immediate effect to the board of Anglo American as an executive director, less than two years after taking over the company’s technology, business performance and safety responsibilities. O’Neill, who joined Anglo as group director technical in September 2013 after seeing to AngloGold Ashanti’s new mechanical-cutting mining technology passing its tests at the TauTona mine, is currently a director of Anglo American Platinum, where most platinum ounces produced in the next ten years will come from mechanised mining, and Kumba Iron Ore, where major mine rejigging has had to take place in line with falling prices. He postulates increased mining productivity through a stable operating model facilitated by technology and the implementation of “disruptive technologies that can change the game”.
Technical fundi Tony O’Neill, who put his imprimatur on game-changing technology during his short spell in South Africa, has been appointed with immediate effect to the board of Anglo American as an executive director, less than two years after taking over the company’s technology, business performance and safety responsibilities. O’Neill, who joined Anglo as group director technical in September 2013 after seeing to AngloGold Ashanti’s new mechanical-cutting mining technology passing its tests at the TauTona mine, is currently a director of Anglo American Platinum, where most platinum ounces produced in the next ten years will come from mechanised mining, and Kumba Iron Ore, where major mine rejigging has had to take place in line with falling prices. He postulates increased mining productivity through a stable operating model facilitated by technology and the implementation of “disruptive technologies that can change the game”.
Otmane El Rhazi : Fortescue targets further $1.4bn in cost savings for 2016
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Iron-ore major Fortescue Metals hopes to cut a further $1.4-billion in costs during 2016, by delivering on improvements in mining productivity and efficiencies. This target was in addition to the $1.6-billion of total delivered cost savings achieved between 2003 and the end of the 2015 financial year.
Iron-ore major Fortescue Metals hopes to cut a further $1.4-billion in costs during 2016, by delivering on improvements in mining productivity and efficiencies. This target was in addition to the $1.6-billion of total delivered cost savings achieved between 2003 and the end of the 2015 financial year.
Otmane El Rhazi : BC Iron sets sights on cost reductions
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
ASX-listed BC Iron on Thursday told shareholders that the company would strongly focus on cost reductions in the near-term, in order to combat the volatile iron-ore price environment. During the three months to June, the Nullagine joint venture (JV), in the Pilbara, delivered 1.46-million tonnes of ore, which was in line with the previous quarter’s production.
ASX-listed BC Iron on Thursday told shareholders that the company would strongly focus on cost reductions in the near-term, in order to combat the volatile iron-ore price environment. During the three months to June, the Nullagine joint venture (JV), in the Pilbara, delivered 1.46-million tonnes of ore, which was in line with the previous quarter’s production.
Wednesday 22 July 2015
Otmane El Rhazi : All commodity price indices to decline in 2015 – World Bank
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
A new World Bank report forecasts that all main commodity price indices will decline in 2015, owing to “abundant supplies and, in the case of industrial commodities, weak demand”. The July Commodity Markets Outlook is particularly pessimistic in the outlook for metals prices, which are now projected to decline 17%, instead of the 12% forecast in April; a result of capacity increases and slowing Chinese demand.
A new World Bank report forecasts that all main commodity price indices will decline in 2015, owing to “abundant supplies and, in the case of industrial commodities, weak demand”. The July Commodity Markets Outlook is particularly pessimistic in the outlook for metals prices, which are now projected to decline 17%, instead of the 12% forecast in April; a result of capacity increases and slowing Chinese demand.
Otmane El Rhazi : Ferrum Crescent yet to receive R2m financing for BFS
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Triple-listed iron-ore developer Ferrum Crescent has not yet received the first R2-million payment by Principle Monarchy Investments (PMI) to advance work on a bankable feasibility study (BFS) for its Moonlight Iron project, in Limpopo. It reported on Wednesday that PMI had concluded a financing agreement which would enable it to fulfil all of its stated immediate commitments under the BFS financing agreement.
Triple-listed iron-ore developer Ferrum Crescent has not yet received the first R2-million payment by Principle Monarchy Investments (PMI) to advance work on a bankable feasibility study (BFS) for its Moonlight Iron project, in Limpopo. It reported on Wednesday that PMI had concluded a financing agreement which would enable it to fulfil all of its stated immediate commitments under the BFS financing agreement.
Otmane El Rhazi : Transnet sees record iron-ore exports in 2015/16
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
South African logistics group, Transnet, said on Wednesday lower global iron-ore prices had not hurt its rail business and it was on track to export a record 62-million tonnes of iron-ore in 2015/16. "We railed some 15.7-million tonnes against a budget (target) of 15.66-million tonnes in quarter one. We are still in quarter two so there is no figure yet. But yes, we are on track (to reach record)," Mike Asefovitz told Reuters in an emailed response to questions.
South African logistics group, Transnet, said on Wednesday lower global iron-ore prices had not hurt its rail business and it was on track to export a record 62-million tonnes of iron-ore in 2015/16. "We railed some 15.7-million tonnes against a budget (target) of 15.66-million tonnes in quarter one. We are still in quarter two so there is no figure yet. But yes, we are on track (to reach record)," Mike Asefovitz told Reuters in an emailed response to questions.
Tuesday 21 July 2015
Otmane El Rhazi : Evraz Highveld sets Aug 21 target date for binding buy-out offers
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Embattled South African steel producer Evraz Highveld Steel and Vanadium reports that it has received a number nonbinding expressions of interest from potential investors and that “several” preferred bidders have been identified to participate in a more detailed bidding phase, which is designed to culminate in the receipt of binding offers by August 21. Business rescue practitioner Piers Marsden told Engineering News Online in an interview that the need for a strategic investor had been identified early on in the business-rescue process, which officially began on April 13.
Embattled South African steel producer Evraz Highveld Steel and Vanadium reports that it has received a number nonbinding expressions of interest from potential investors and that “several” preferred bidders have been identified to participate in a more detailed bidding phase, which is designed to culminate in the receipt of binding offers by August 21. Business rescue practitioner Piers Marsden told Engineering News Online in an interview that the need for a strategic investor had been identified early on in the business-rescue process, which officially began on April 13.
Otmane El Rhazi : Heads roll as low iron-ore price cuts swathe through Kumba
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
South African iron-ore major Kumba Iron Ore has taken the knife to 1 772 jobs as low iron-ore prices cut a swathe through the industry. In presenting 61% lower headline earnings for the six months to June 30, Kumba CEO Norman Mbazima said the company was now targeting a decreased break-even cash iron-ore price of $45/t, which was down from the heady average of $135/t in 2013.
South African iron-ore major Kumba Iron Ore has taken the knife to 1 772 jobs as low iron-ore prices cut a swathe through the industry. In presenting 61% lower headline earnings for the six months to June 30, Kumba CEO Norman Mbazima said the company was now targeting a decreased break-even cash iron-ore price of $45/t, which was down from the heady average of $135/t in 2013.
Otmane El Rhazi : Evraz Highveld moves to cut half its workforce
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
After earlier this week confirming that it had temporarily ceased steel production at its steelworks, citing working capital constraints and reduced domestic demand, Evraz Highveld Steel and Vanadium on Tuesday said it had issued a proposed restructuring notice in terms of Section 189 that could see the country’s second-largest steelmaker potentially cutting half of its workforce. The group, which initiated voluntary business rescue proceedings in April, would now enter a 60-day Commission for Conciliation, Mediation and Arbitration-facilitated consultation process with employees and trade unions.
After earlier this week confirming that it had temporarily ceased steel production at its steelworks, citing working capital constraints and reduced domestic demand, Evraz Highveld Steel and Vanadium on Tuesday said it had issued a proposed restructuring notice in terms of Section 189 that could see the country’s second-largest steelmaker potentially cutting half of its workforce. The group, which initiated voluntary business rescue proceedings in April, would now enter a 60-day Commission for Conciliation, Mediation and Arbitration-facilitated consultation process with employees and trade unions.
Otmane El Rhazi : Kumba Iron Ore earnings plunge, dividend dumped, mines rejigged
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The earnings of South African iron-ore major Kumba plummeted in the six months to June 30 accompanied by a shattering of the iron-ore price, the closing of Thabazimbi mine, a rejigging of the remaining mines and a decision not to declare an interim dividend in a company that has been a long-standing dividend play. Headline earnings were 61% lower at R2.5-billion, compared with R6.5-billion in the corresponding six months of 2014.
The earnings of South African iron-ore major Kumba plummeted in the six months to June 30 accompanied by a shattering of the iron-ore price, the closing of Thabazimbi mine, a rejigging of the remaining mines and a decision not to declare an interim dividend in a company that has been a long-standing dividend play. Headline earnings were 61% lower at R2.5-billion, compared with R6.5-billion in the corresponding six months of 2014.
Otmane El Rhazi : BHP spends $240m on Pilbara tug harbour
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Mining giant BHP Billiton on Tuesday approved a $240-million spend to upgrade facilities at Port Hedland. The miner told shareholders that the funds would purchase six additional tugs and would fund the construction of a new eight pen tug harbor at Hunt Point, in the Port Hedland port.
Mining giant BHP Billiton on Tuesday approved a $240-million spend to upgrade facilities at Port Hedland. The miner told shareholders that the funds would purchase six additional tugs and would fund the construction of a new eight pen tug harbor at Hunt Point, in the Port Hedland port.
Monday 20 July 2015
Otmane El Rhazi : Prices, expenses drive 48% dip in Merafe H1 earnings
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Black-managed Merafe Resources is bracing for an up to 48% slump in basic earnings per share (BEPS) for the six months ended June 30, informing the market on Monday that the decrease in net ferrochrome prices and an increase in expenses was expected to narrow BEPS from 9c apiece in the first half of the prior year to between 4.7c and 5.3c in the six months under review. Similarly, headline earnings a share were expected to drop by between 40% and 47% to between 4.7c and 5.3c in the first half of this year.
Black-managed Merafe Resources is bracing for an up to 48% slump in basic earnings per share (BEPS) for the six months ended June 30, informing the market on Monday that the decrease in net ferrochrome prices and an increase in expenses was expected to narrow BEPS from 9c apiece in the first half of the prior year to between 4.7c and 5.3c in the six months under review. Similarly, headline earnings a share were expected to drop by between 40% and 47% to between 4.7c and 5.3c in the first half of this year.
Otmane El Rhazi : Atlas raising falls short
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Embattled iron-ore miner Atlas Iron has fallen nearly more than A$90-million short in its capital raising plans. The miner in June this year announced plans to raise up to A$180-million a share placement and a participation offer.
Embattled iron-ore miner Atlas Iron has fallen nearly more than A$90-million short in its capital raising plans. The miner in June this year announced plans to raise up to A$180-million a share placement and a participation offer.
Friday 17 July 2015
Otmane El Rhazi : Watershed gains momentum as Jogmec hunts for partner
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Tungsten developer Vital Metals on Friday told shareholders that its strategic partner Japan Oil, Gas and Metals National Corporation (Jogmec) has formally started a tender process to secure a long-term partner for the Watershed project, in North Queensland. Under its investment mandate, Jogmec, which holds a 30% stake in the Watershed project, would arrange for the transfer of its interest to a Japanese company, which would participate and help fund the project’s development.
Tungsten developer Vital Metals on Friday told shareholders that its strategic partner Japan Oil, Gas and Metals National Corporation (Jogmec) has formally started a tender process to secure a long-term partner for the Watershed project, in North Queensland. Under its investment mandate, Jogmec, which holds a 30% stake in the Watershed project, would arrange for the transfer of its interest to a Japanese company, which would participate and help fund the project’s development.
Otmane El Rhazi : Production at Cockatoo Island halted
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Junior miner Pluton Resources has suspended operations at its Cockatoo Island iron-ore mine, as commodity prices continue to fall. The miner had halted operations following the departure of an iron-ore shipment in June, allowing for the design of a new mine plan to deliver cash cost reductions from operations.
Junior miner Pluton Resources has suspended operations at its Cockatoo Island iron-ore mine, as commodity prices continue to fall. The miner had halted operations following the departure of an iron-ore shipment in June, allowing for the design of a new mine plan to deliver cash cost reductions from operations.
Thursday 16 July 2015
Otmane El Rhazi : Kumba starts Thabazimbi closure procedures, 1 200 jobs on the line
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Kumba Iron Ore has started a Section 189 consultation process with unions regarding the closure of its Thabazimbi mine, in Limpopo, which will affect about 800 employees and 360 contractors. The mine was more than 80 years old and its closure had been postponed six times over the past 15 years through mine life extension plans.
Kumba Iron Ore has started a Section 189 consultation process with unions regarding the closure of its Thabazimbi mine, in Limpopo, which will affect about 800 employees and 360 contractors. The mine was more than 80 years old and its closure had been postponed six times over the past 15 years through mine life extension plans.
Otmane El Rhazi : Anglo to take up to $4bn impairment hit
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Mining giant Anglo American was preparing to take a $3-billion to $4-billion write-down for the first half of the year amid continued persistent price weakness and volatility of the bulk commodities, particularly iron-ore and metallurgical coal. The impairment followed a mid-year review of Anglo’s near- and longer-term commodity price assumptions, the company said in its half-year report on Thursday.
Mining giant Anglo American was preparing to take a $3-billion to $4-billion write-down for the first half of the year amid continued persistent price weakness and volatility of the bulk commodities, particularly iron-ore and metallurgical coal. The impairment followed a mid-year review of Anglo’s near- and longer-term commodity price assumptions, the company said in its half-year report on Thursday.
Wednesday 15 July 2015
Otmane El Rhazi : ‘Holistic’ steel solution involves ‘fair pricing’ versus protection trade-off
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
ArcelorMittal South Africa (AMSA) CEO Paul O’Flaherty says he is optimistic that a “holistic” solution will be found by September this year to the sustainability challenges currently being experienced by the domestic steel industry. He confirmed in an interview with Engineering News Online that the industry was seeking greater protection from steel imports, which had risen to historical highs of between 35% and 40%, as well as for regulations stipulating that locally made steel be used in public infrastructure projects. In return, the industry would subject itself to a new “fair” pricing model and would make investment and employment commitments.
ArcelorMittal South Africa (AMSA) CEO Paul O’Flaherty says he is optimistic that a “holistic” solution will be found by September this year to the sustainability challenges currently being experienced by the domestic steel industry. He confirmed in an interview with Engineering News Online that the industry was seeking greater protection from steel imports, which had risen to historical highs of between 35% and 40%, as well as for regulations stipulating that locally made steel be used in public infrastructure projects. In return, the industry would subject itself to a new “fair” pricing model and would make investment and employment commitments.
Otmane El Rhazi : Iron-ore price decline hits Kumba H1 earnings
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The significant drop in the export iron-ore price, which led to the derecognition of a R617-million deferred tax asset, has depressed Kumba Iron Ore’s first-half earnings. The JSE-listed mining company on Wednesday said it expected its headline earnings to fall from R6.5-billion in the first half of 2014 to between R2.4-billion and R2.58-billion in the six months to June 2015.
The significant drop in the export iron-ore price, which led to the derecognition of a R617-million deferred tax asset, has depressed Kumba Iron Ore’s first-half earnings. The JSE-listed mining company on Wednesday said it expected its headline earnings to fall from R6.5-billion in the first half of 2014 to between R2.4-billion and R2.58-billion in the six months to June 2015.
Otmane El Rhazi : Mount Gibson sees sales hike in June quarter
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Iron-ore junior Mount Gibson Iron has increased its sales for the three months to June 30, while continuing its focus on reducing operating costs. Sales for the quarter rose to 1.7-million tonnes , compared with the 1.1-million tonnes sold in the previous quarter, while iron-ore sales for the full year reached 5.8-million tonnes, generating revenue of A$325-million.
Iron-ore junior Mount Gibson Iron has increased its sales for the three months to June 30, while continuing its focus on reducing operating costs. Sales for the quarter rose to 1.7-million tonnes , compared with the 1.1-million tonnes sold in the previous quarter, while iron-ore sales for the full year reached 5.8-million tonnes, generating revenue of A$325-million.
Tuesday 14 July 2015
Otmane El Rhazi : Transnet says take-or-pay contracts offer volume ‘cover’ in weak commodity climate
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
State-owned freight logistics group Transnet is budgeting for continued growth in coal and iron-ore export volumes in 2015/16, despite weak commodity market conditions. The group railed 76.3-million tons of export coal last year, a material 12% increase on the 68.2-million tons achieved in 2013/14. It also reported a 10% rise in iron-ore export volumes to 54.3-million tons.
State-owned freight logistics group Transnet is budgeting for continued growth in coal and iron-ore export volumes in 2015/16, despite weak commodity market conditions. The group railed 76.3-million tons of export coal last year, a material 12% increase on the 68.2-million tons achieved in 2013/14. It also reported a 10% rise in iron-ore export volumes to 54.3-million tons.
Otmane El Rhazi : Indian iron-ore miners rush to steelmaking sector
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
ndia’s stand-alone miners have been galvanized to make take a slice of the domestic steel making pie. All large government-owned and managed miners with large iron-ore portfolios been in touch with their respective controlling authorities seeking to spread their strategic investments into steel production, an official in Ministry of Steel said.
ndia’s stand-alone miners have been galvanized to make take a slice of the domestic steel making pie. All large government-owned and managed miners with large iron-ore portfolios been in touch with their respective controlling authorities seeking to spread their strategic investments into steel production, an official in Ministry of Steel said.
Otmane El Rhazi : WA govt will continue to support iron-ore sector - Minister
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The Western Australian state government has vowed to support iron-ore miners in the region, as commodity prices continued to fall. Mines and Petroleum Minister Bill Marmion this week said that the state government was doing everything possible to back mining businesses and help them to maintain employment during the commodity downturn.
The Western Australian state government has vowed to support iron-ore miners in the region, as commodity prices continued to fall. Mines and Petroleum Minister Bill Marmion this week said that the state government was doing everything possible to back mining businesses and help them to maintain employment during the commodity downturn.
Monday 13 July 2015
Otmane El Rhazi : Brazil's Vale starts replacing higher-cost production
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Vale's head of iron-ore said on Monday the Brazilian miner is replacing 25-million tonnes per year of higher-cost iron-ore production with new, cheaper tonnes, which should lower Vale's costs as it battles a slump in the price of iron-ore. Despite removing higher-cost production, Vale is maintaining its 2015 output target of 340-million tonnes, executive Peter Poppinga said on the sidelines of a steel conference in Sao Paulo.
Vale's head of iron-ore said on Monday the Brazilian miner is replacing 25-million tonnes per year of higher-cost iron-ore production with new, cheaper tonnes, which should lower Vale's costs as it battles a slump in the price of iron-ore. Despite removing higher-cost production, Vale is maintaining its 2015 output target of 340-million tonnes, executive Peter Poppinga said on the sidelines of a steel conference in Sao Paulo.
Otmane El Rhazi : Govt ready to back steel industry’s bid for tariff protection
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The South African government confirmed on Monday that it would support an application by domestic steel companies for across-the-board tariff protection of 10% – South Africa currently had no duties in place on primary steel imports. The International Trade Administration Commission of South Africa (Itac) had already received the application and an adjudication process was under way.
The South African government confirmed on Monday that it would support an application by domestic steel companies for across-the-board tariff protection of 10% – South Africa currently had no duties in place on primary steel imports. The International Trade Administration Commission of South Africa (Itac) had already received the application and an adjudication process was under way.
Otmane El Rhazi : Atlas extends capital raise deadline
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Iron-ore miner Atlas Iron has extended the closing date of its capital raise from July 13 to July 16, as the company hoped to attract more interest. “The last few days have by far been the strongest period of uptake in the shareholder participation offer (SPO) to date. Atlas has decided to extend the closing date for the SPO and general public placement in light of this recent uptake,” said MD David Flanagan.
Iron-ore miner Atlas Iron has extended the closing date of its capital raise from July 13 to July 16, as the company hoped to attract more interest. “The last few days have by far been the strongest period of uptake in the shareholder participation offer (SPO) to date. Atlas has decided to extend the closing date for the SPO and general public placement in light of this recent uptake,” said MD David Flanagan.
Otmane El Rhazi : NUM threatens to strike over Kumba lay-offs
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
South Africa's National Union of Mineworkers (NUM) said on Monday its members would stop work at Kumba Iron Ore if the company went ahead with plans to cut up to 175 jobs, most of them at its Sishen mine. "The NUM will engage with Kumba Iron Ore management to halt the retrenchments and if the engagements do not work, we will definitely embark on a strike," the union said in a statement.
South Africa's National Union of Mineworkers (NUM) said on Monday its members would stop work at Kumba Iron Ore if the company went ahead with plans to cut up to 175 jobs, most of them at its Sishen mine. "The NUM will engage with Kumba Iron Ore management to halt the retrenchments and if the engagements do not work, we will definitely embark on a strike," the union said in a statement.
Otmane El Rhazi : Goa iron mines get pollution nod but low iron costs delay restarts
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Some 57 iron-ore mines in the western Indian coastal province of Goa have been granted pollution clearance, allowing for the resumption of mining activities. However, operations were unlikely to restart immediately as there were no takers for the raw material in the wake of the crash in international prices. According to a provincial government official, the local mines and geology department had issue environmental approvals to the 57 mines but imposed stricter conditions relating to water and air monitoring systems.
Some 57 iron-ore mines in the western Indian coastal province of Goa have been granted pollution clearance, allowing for the resumption of mining activities. However, operations were unlikely to restart immediately as there were no takers for the raw material in the wake of the crash in international prices. According to a provincial government official, the local mines and geology department had issue environmental approvals to the 57 mines but imposed stricter conditions relating to water and air monitoring systems.
Friday 10 July 2015
Otmane El Rhazi : Quebec First Nation warns private firms to consult before starting project development
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The future of the the multipurpose port in Sept-Iles, Quebec and the land situated in Pointe-Noire, Sept-Iles, depended on an agreement with the Takuaikan Uashat makMani-utenam (ITUM), which must give free, prior and informed consent for any development project on their lands, the First Nation warned on Friday. "All involved parties must acknowledge that the Innus of Uashat mak Mani-utenam hold ancestral rights and title to the land. Regardless of the project or the key players, we have a say and we intend to play an active role in any development on our territory," chief Mike McKenzie said.
The future of the the multipurpose port in Sept-Iles, Quebec and the land situated in Pointe-Noire, Sept-Iles, depended on an agreement with the Takuaikan Uashat makMani-utenam (ITUM), which must give free, prior and informed consent for any development project on their lands, the First Nation warned on Friday. "All involved parties must acknowledge that the Innus of Uashat mak Mani-utenam hold ancestral rights and title to the land. Regardless of the project or the key players, we have a say and we intend to play an active role in any development on our territory," chief Mike McKenzie said.
Thursday 9 July 2015
Otmane El Rhazi : All three Atlas mines up and running as Mount Webber resumes operations
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Iron-ore miner Atlas Iron has restarted mining operations at its Mount Webber mine, in the Pilbara, and said on Wednesday that processing would resume in mid-July. Mount Webber was the last Atlas mine to resume operations in the Pilbara and with all three its mines now back in production, the company was confident of meeting its targeted year-end production rate of between 14-million tonnes and 15-million tonnes a year.
Iron-ore miner Atlas Iron has restarted mining operations at its Mount Webber mine, in the Pilbara, and said on Wednesday that processing would resume in mid-July. Mount Webber was the last Atlas mine to resume operations in the Pilbara and with all three its mines now back in production, the company was confident of meeting its targeted year-end production rate of between 14-million tonnes and 15-million tonnes a year.
Otmane El Rhazi : Australian junior starts Gabon exploration
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Australia-based iron-ore junior IronRidge in May hired exploration consultancy firm SRK Exploration Services to conduct exploration on its flagship Tchibanga project, in south-west Gabon, and the Belinga Sud project in the north-east of Gabon, states IronRidge CEO Vincent Mascolo.
Australia-based iron-ore junior IronRidge in May hired exploration consultancy firm SRK Exploration Services to conduct exploration on its flagship Tchibanga project, in south-west Gabon, and the Belinga Sud project in the north-east of Gabon, states IronRidge CEO Vincent Mascolo.
Otmane El Rhazi : Solidarity concerned about possible retrenchments at Kumba
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
JSE-listed Kumba Iron Ore will soon start with a large-scale restructuring process at its Sishen and Kolomela mines, trade union Solidarity said on Thursday. The union was invited to participate in the consultation process on the restructuring of Kumba’s support divisions. “Around 190 employees are affected by the process, including 151 employees at the company’s Sishen mine. The company says the restructuring process is aimed at achieving better efficiency and to reduce the company’s running costs,” noted Solidarity energy industry head Deon Reyneke. He said Solidarity was concerned about the high incidence of retrenchments in the mining industry.
JSE-listed Kumba Iron Ore will soon start with a large-scale restructuring process at its Sishen and Kolomela mines, trade union Solidarity said on Thursday. The union was invited to participate in the consultation process on the restructuring of Kumba’s support divisions. “Around 190 employees are affected by the process, including 151 employees at the company’s Sishen mine. The company says the restructuring process is aimed at achieving better efficiency and to reduce the company’s running costs,” noted Solidarity energy industry head Deon Reyneke. He said Solidarity was concerned about the high incidence of retrenchments in the mining industry.
Wednesday 8 July 2015
Otmane El Rhazi : Chile approves Capstone’s Santo Domingo EIA
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Base metals miner Capstone Mining has received approval of the environmental impact assessment (EIA) for its 70%-owned Santo Domingo iron oxide/copper/gold project, located in Region III, Chile. The approved project included the mine, related infrastructure, copper and iron processing facilities, the development of a greenfield port and iron concentrate and seawater supply pipelines, as outlined in the July 2014 feasibility study.
Base metals miner Capstone Mining has received approval of the environmental impact assessment (EIA) for its 70%-owned Santo Domingo iron oxide/copper/gold project, located in Region III, Chile. The approved project included the mine, related infrastructure, copper and iron processing facilities, the development of a greenfield port and iron concentrate and seawater supply pipelines, as outlined in the July 2014 feasibility study.
Otmane El Rhazi : Tawana discovers high-grade shipping ore targets at Mofe Creek
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Dual-listed iron-ore miner Tawana Resources has identified four additional high-priority target areas at its Mofe Creek project, in Monrovia, Liberia, following the discovery of high-grade direct shipping ore (DSO) hematite mineralisation, averaging 62.8% iron and reaching up to 66% iron. Located a short trucking distance from the operating port of Freeport, Monrovia, the new zone of DSO hematite mineralisation occurred in the Goehn South East prospect, within a broader 550 m strike length of friable, coarse-grained itabirite, with potential for additional strike extensions.
Dual-listed iron-ore miner Tawana Resources has identified four additional high-priority target areas at its Mofe Creek project, in Monrovia, Liberia, following the discovery of high-grade direct shipping ore (DSO) hematite mineralisation, averaging 62.8% iron and reaching up to 66% iron. Located a short trucking distance from the operating port of Freeport, Monrovia, the new zone of DSO hematite mineralisation occurred in the Goehn South East prospect, within a broader 550 m strike length of friable, coarse-grained itabirite, with potential for additional strike extensions.
Otmane El Rhazi : Atlas announces forward pricing strategies
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Iron-ore miner Atlas Iron on Wednesday told shareholders that its forward sales arrangements were providing the company with a measure of near-term protection against the falling iron-ore price. Currently, some 2.06-million tonnes of production during the September quarter, and 0.4-million of production for the December quarter were subject to some form of price insulation. This equated to about 70% of the targeted production in the September quarter, and 10% of the targeted production in the December quarter.
Iron-ore miner Atlas Iron on Wednesday told shareholders that its forward sales arrangements were providing the company with a measure of near-term protection against the falling iron-ore price. Currently, some 2.06-million tonnes of production during the September quarter, and 0.4-million of production for the December quarter were subject to some form of price insulation. This equated to about 70% of the targeted production in the September quarter, and 10% of the targeted production in the December quarter.
Otmane El Rhazi : Centaurus sells Candonga as it searches for new opportunities
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
ASX-listed Centaurus Metals on Wednesday announced that it would divest of its Candonga direct shipping ore (DSO) project in Brazil to a private investor in a deal worth A$1.7-million In April this year, the metals developer announced that it would explore for opportunities to diversify its asset base in Brazil, while also hunting for joint venture or outright buyers for the Candonga project, in an effort to reposition the company outside of the bulk commodities sector.
ASX-listed Centaurus Metals on Wednesday announced that it would divest of its Candonga direct shipping ore (DSO) project in Brazil to a private investor in a deal worth A$1.7-million In April this year, the metals developer announced that it would explore for opportunities to diversify its asset base in Brazil, while also hunting for joint venture or outright buyers for the Candonga project, in an effort to reposition the company outside of the bulk commodities sector.
Tuesday 7 July 2015
Otmane El Rhazi : Iron-ore to boost Australia economy by A$600bn in next decade – report
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
New research commissioned by the Minerals Council of Australia (MCA) has revealed that despite the severe fall in iron-ore prices, the Australian iron-ore sector was expected to contribute more than A$600-billion to the economy over the next decade. In the new report, titled ‘Iron Ore; The Bigger Picture’, consulting firm Port Jackson Partners noted that the Australian iron-ore sector benefited significantly from the resources boom, and ended the commodities boom in a stronger position than which it entered it.
New research commissioned by the Minerals Council of Australia (MCA) has revealed that despite the severe fall in iron-ore prices, the Australian iron-ore sector was expected to contribute more than A$600-billion to the economy over the next decade. In the new report, titled ‘Iron Ore; The Bigger Picture’, consulting firm Port Jackson Partners noted that the Australian iron-ore sector benefited significantly from the resources boom, and ended the commodities boom in a stronger position than which it entered it.
Monday 6 July 2015
Otmane El Rhazi : Northern Iron subsidiary gets a lifeline
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Iron-ore junior Northern Iron on Monday announced that its Norwegian subsidiary Sydvaranger Gruve AS (SVG) has instigated a number of initiatives to improve the company’s financial position and to ensure the continuation of the group’s operations. SVG earlier this year admitted to its economic struggles owing to the continued low market price environment for iron-ore, with the company saying that its working capital position has been negatively impacted.
Iron-ore junior Northern Iron on Monday announced that its Norwegian subsidiary Sydvaranger Gruve AS (SVG) has instigated a number of initiatives to improve the company’s financial position and to ensure the continuation of the group’s operations. SVG earlier this year admitted to its economic struggles owing to the continued low market price environment for iron-ore, with the company saying that its working capital position has been negatively impacted.
Otmane El Rhazi : Oil, steel, base metals fall on Greek 'no' vote, China market turmoil
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Most commodity prices suffered falls on Monday, compounding worries about oversupply, after Greece rejected terms for a bailout and top consumer China unleashed emergency measures over the weekend to prevent a full-blown stock market crash. Brent crude fell below $60 per barrel on Monday, to levels last seen in April, reacting to worries about the global economy as the euro slid on news Greeks had rejected terms for a bailout, putting in doubt its continued place in the single currency.
Most commodity prices suffered falls on Monday, compounding worries about oversupply, after Greece rejected terms for a bailout and top consumer China unleashed emergency measures over the weekend to prevent a full-blown stock market crash. Brent crude fell below $60 per barrel on Monday, to levels last seen in April, reacting to worries about the global economy as the euro slid on news Greeks had rejected terms for a bailout, putting in doubt its continued place in the single currency.
Friday 3 July 2015
Otmane El Rhazi : Metals investors look for miners to cut supplies to lift prices
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Investors in industrial metals will keep a close watch on miners' results in coming weeks for possible announcements of production cutbacks that could bolster weak prices. "What will be very important over the next few weeks is whether we start to see some supply responses emerging during the corporate results period," said Nicholas Snowdon, metals analyst at Standard Chartered in London.
Investors in industrial metals will keep a close watch on miners' results in coming weeks for possible announcements of production cutbacks that could bolster weak prices. "What will be very important over the next few weeks is whether we start to see some supply responses emerging during the corporate results period," said Nicholas Snowdon, metals analyst at Standard Chartered in London.
Otmane El Rhazi : Bohm to join Tawana board, expects to add value to Mofe Creek
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
JSE-listed Tawana Resources appointed Michael Bohm to its board as an independent nonexecutive director, effective August 1. “We are delighted that Bohm has joined the board and recognise the extensive corporate and project development skills he brings to the role, with the particular emphasis of continuing to add value to the Mofe Creek iron-ore project, in Liberia,” said Tawana CEO and chairperson Wayne Richards.
JSE-listed Tawana Resources appointed Michael Bohm to its board as an independent nonexecutive director, effective August 1. “We are delighted that Bohm has joined the board and recognise the extensive corporate and project development skills he brings to the role, with the particular emphasis of continuing to add value to the Mofe Creek iron-ore project, in Liberia,” said Tawana CEO and chairperson Wayne Richards.
Otmane El Rhazi : Bohm to join Tawana board, expected to add value to Mofe Creek
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
JSE-listed Tawana Resources appointed Michael Bohm to its board as an independent nonexecutive director, effective August 1. “We are delighted that Bohm has joined the board and recognise the extensive corporate and project development skills he brings to the role, with the particular emphasis of continuing to add value to the Mofe Creek iron-ore project, in Liberia,” said Tawana CEO and chairperson Wayne Richards.
JSE-listed Tawana Resources appointed Michael Bohm to its board as an independent nonexecutive director, effective August 1. “We are delighted that Bohm has joined the board and recognise the extensive corporate and project development skills he brings to the role, with the particular emphasis of continuing to add value to the Mofe Creek iron-ore project, in Liberia,” said Tawana CEO and chairperson Wayne Richards.
Otmane El Rhazi : China to lift ban on entry of miner Vale's mega-ships
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
China said on Friday it will allow 400 000-deadweight tonne ships to dock at its ports, officially ending a more than three-year ban that had effectively shut out Brazilian miner Vale SA's giant vessels. Four domestic ports - Qingdao, Dalian, Tangshan Caofeidian and Ningbo - will be allowed to receive the carriers after they meet technical standards, China's state planner, the National Development & Reform Commission, said in a joint statement with the Ministry of Transport.
China said on Friday it will allow 400 000-deadweight tonne ships to dock at its ports, officially ending a more than three-year ban that had effectively shut out Brazilian miner Vale SA's giant vessels. Four domestic ports - Qingdao, Dalian, Tangshan Caofeidian and Ningbo - will be allowed to receive the carriers after they meet technical standards, China's state planner, the National Development & Reform Commission, said in a joint statement with the Ministry of Transport.
Otmane El Rhazi : Australia mining shares tumble as iron ore price at two-month low
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Shares in Australia's biggest iron ore miners tumbled on Friday, after the price of the steel making raw material hit the lowest in more than two months amid further evidence of growing shipments to China. Iron ore for immediate delivery to China stood at $55.80 a tonne, its weakest since late April, Reuters data showed.
Shares in Australia's biggest iron ore miners tumbled on Friday, after the price of the steel making raw material hit the lowest in more than two months amid further evidence of growing shipments to China. Iron ore for immediate delivery to China stood at $55.80 a tonne, its weakest since late April, Reuters data showed.
Otmane El Rhazi : Australia mining shares tumble as iron ore price at two-month low
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Shares in Australia's biggest iron-ore miners tumbled on Friday, after the price of the steel making raw material hit the lowest in more than two months amid further evidence of growing shipments to China. Iron ore for immediate delivery to China stood at $55.80/t, its weakest since late April, Reuters data showed.
Shares in Australia's biggest iron-ore miners tumbled on Friday, after the price of the steel making raw material hit the lowest in more than two months amid further evidence of growing shipments to China. Iron ore for immediate delivery to China stood at $55.80/t, its weakest since late April, Reuters data showed.
Otmane El Rhazi : China to lift ban on entry of miner Vale's mega-ships
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
China said on Friday it will allow 400 000-deadweight tonne (dwt) ships to dock at its ports, officially ending a more than three-year ban that had effectively shut out Brazilian miner Vale SA's giant vessels. Four domestic ports - Qingdao, Dalian, Tangshan Caofeidian and Ningbo - will be allowed to receive the carriers after they meet technical standards, China's state planner, the National Development & Reform Commission, said in a joint statement with the Ministry of Transport.
China said on Friday it will allow 400 000-deadweight tonne (dwt) ships to dock at its ports, officially ending a more than three-year ban that had effectively shut out Brazilian miner Vale SA's giant vessels. Four domestic ports - Qingdao, Dalian, Tangshan Caofeidian and Ningbo - will be allowed to receive the carriers after they meet technical standards, China's state planner, the National Development & Reform Commission, said in a joint statement with the Ministry of Transport.
Thursday 2 July 2015
Otmane El Rhazi : Iron-ore portfolio expanded with highly prospective project
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Iron-ore company Centaurus Metals announced it has taken the first step towards expanding its direct shipping ore (DSO) business in south‐east Brazil, after securing an option to acquire 100% interest in a portfolio of highly prospective tenements with extensive DSO mineralisation.
Iron-ore company Centaurus Metals announced it has taken the first step towards expanding its direct shipping ore (DSO) business in south‐east Brazil, after securing an option to acquire 100% interest in a portfolio of highly prospective tenements with extensive DSO mineralisation.
Otmane El Rhazi : NUM, Samancor conclude 3-yr wage deal
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The National Union of Mineworkers (NUM) and chrome miner Samancor Chrome have concluded a three-year wage agreement for employees at the Samancor Western Chrome and Samancor Eastern Chrome mines in Rustenburg. Employees would receive wage increases ranging from 10.7% to 14%, depending on the category, for the current financial year.
The National Union of Mineworkers (NUM) and chrome miner Samancor Chrome have concluded a three-year wage agreement for employees at the Samancor Western Chrome and Samancor Eastern Chrome mines in Rustenburg. Employees would receive wage increases ranging from 10.7% to 14%, depending on the category, for the current financial year.
Otmane El Rhazi : Rejected mine water plan deprived 7 000 of jobs – Robinson
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The rejection of a still-workable mine water and slimes dam plan at the stricken Grootvlei gold mine on Gauteng’s East Rand deprived 7 000 squatter camp dwellers of employment and set the mine on its downward trajectory, which has arguably ended up as the harshest aspect of the Aurora liquidation debacle. Veteran researcher Dr RE (Robbie) Robinson this week recalled in the attached Creamer Media video that an economically viable plan to clean Grootvlei’s polluted mine water and at the same time provide work in urban agriculture would have blazed the trail for other acid-mine-drainage (AMD) gold mines to follow by treating AMD at zero cost to the mines and providing ongoing employment in this job-starved region.
The rejection of a still-workable mine water and slimes dam plan at the stricken Grootvlei gold mine on Gauteng’s East Rand deprived 7 000 squatter camp dwellers of employment and set the mine on its downward trajectory, which has arguably ended up as the harshest aspect of the Aurora liquidation debacle. Veteran researcher Dr RE (Robbie) Robinson this week recalled in the attached Creamer Media video that an economically viable plan to clean Grootvlei’s polluted mine water and at the same time provide work in urban agriculture would have blazed the trail for other acid-mine-drainage (AMD) gold mines to follow by treating AMD at zero cost to the mines and providing ongoing employment in this job-starved region.
Otmane El Rhazi : ArcelorMittal Mexico unit to slash 2 800 jobs
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
ArcelorMittal, the world's largest producer of steel, will cut 2 800 jobs at its Mexico unit as global prices slump, it said in a joint statement with local competitors on Wednesday, while accusing Russia, China and Turkey of dumping steel on markets at levels below production costs. Altos Hornos de Mexico (AHMSA), DeAcero and ArcelorMittal warned in the statement that if Mexico continues to import steel products at what it called dumping prices, the number of job cuts will rise.
ArcelorMittal, the world's largest producer of steel, will cut 2 800 jobs at its Mexico unit as global prices slump, it said in a joint statement with local competitors on Wednesday, while accusing Russia, China and Turkey of dumping steel on markets at levels below production costs. Altos Hornos de Mexico (AHMSA), DeAcero and ArcelorMittal warned in the statement that if Mexico continues to import steel products at what it called dumping prices, the number of job cuts will rise.
Wednesday 1 July 2015
Otmane El Rhazi : Work with govt to simplify mining policy – Rossouw
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The time had come for the private sector to start making it clear that it wished to work with government to simplify mining policy and collaborate towards less regulation and greater implementation. “Step up and get involved in providing meaningful information and honest comment,” thought leader Mike Rossouw urged in his keynote address at the Renewables & Mining Summit in Johannesburg on Wednesday.
The time had come for the private sector to start making it clear that it wished to work with government to simplify mining policy and collaborate towards less regulation and greater implementation. “Step up and get involved in providing meaningful information and honest comment,” thought leader Mike Rossouw urged in his keynote address at the Renewables & Mining Summit in Johannesburg on Wednesday.
Otmane El Rhazi : All three Atlas mines up and running as Mount Webber resumes operations
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Iron-ore miner Atlas Iron has restarted mining operations at its Mount Webber mine, in the Pilbara, and said on Wednesday that processing would resume in mid-July. Mount Webber was the last Atlas mine to resume operations in the Pilbara and with all three its mines now back in production, the company was confident of meeting its targeted year-end production rate of between 14-million tonnes and 15-million tonnes a year.
Iron-ore miner Atlas Iron has restarted mining operations at its Mount Webber mine, in the Pilbara, and said on Wednesday that processing would resume in mid-July. Mount Webber was the last Atlas mine to resume operations in the Pilbara and with all three its mines now back in production, the company was confident of meeting its targeted year-end production rate of between 14-million tonnes and 15-million tonnes a year.
Otmane El Rhazi : Cameroon govt to fund Mbalam-Nabeba port, rail infrastructure
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
ASX-listed Sundance Resources has entered into a transition agreement with the Cameroon government that would see the government fund the port and rail infrastructure required for the Mbalam-Nabeba iron-ore project in that country. The Mbalam-Nabeba project, which included the Mbarga and Nabeba mines, was on the border of Cameroon and the Republic of Congo.
ASX-listed Sundance Resources has entered into a transition agreement with the Cameroon government that would see the government fund the port and rail infrastructure required for the Mbalam-Nabeba iron-ore project in that country. The Mbalam-Nabeba project, which included the Mbarga and Nabeba mines, was on the border of Cameroon and the Republic of Congo.
Otmane El Rhazi : Flinders and Balla Balla JV to scrap alliance agreement at year-end
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The alliance agreement between iron-ore developer Flinders Mines and members of the Balla Balla joint venture (JV), Rutila Resources and Todd Minerals, will not be extended beyond the end of the year. The agreement, which was signed in March 2014, would have provided Flinders’ Pilbara Iron Ore Project (PIOP) access to the JV’s proposed port and rail infrastructure facilities.
The alliance agreement between iron-ore developer Flinders Mines and members of the Balla Balla joint venture (JV), Rutila Resources and Todd Minerals, will not be extended beyond the end of the year. The agreement, which was signed in March 2014, would have provided Flinders’ Pilbara Iron Ore Project (PIOP) access to the JV’s proposed port and rail infrastructure facilities.
Tuesday 30 June 2015
Otmane El Rhazi : Mine mechanisation linked to local equipment retains jobs – Jourdan
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Resource development strategist Dr Paul Jourdan this week called for the local manufacture of mechanised mining equipment to neutralise job losses during the switch to machines. The former Mintek president says that even though mechanisation “massively” increases the quality of work in mines and dramatically enhances mine safety, it is often resisted because of job-loss fears. (Also watch Creamer Media video attached).
Resource development strategist Dr Paul Jourdan this week called for the local manufacture of mechanised mining equipment to neutralise job losses during the switch to machines. The former Mintek president says that even though mechanisation “massively” increases the quality of work in mines and dramatically enhances mine safety, it is often resisted because of job-loss fears. (Also watch Creamer Media video attached).
Otmane El Rhazi : Assore warns of lower FY earnings amid lower iron, manganese prices
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
JSE-listed mining holding company Assore expects its attributable earnings for the year to June 30 to decline to between R1.23-billion and R1.5-billion, from R4.01-billion in the prior financial year. Headline earnings were expected to fall to between R1.7-billion and R2.08-billion, from R4.23-billion in the 2014 financial year.
JSE-listed mining holding company Assore expects its attributable earnings for the year to June 30 to decline to between R1.23-billion and R1.5-billion, from R4.01-billion in the prior financial year. Headline earnings were expected to fall to between R1.7-billion and R2.08-billion, from R4.23-billion in the 2014 financial year.
Otmane El Rhazi : KWG acquires 100% chromium IP
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Chromite explorer KWG Resources reported on Monday that it had acquired 100% ownership rights in two US provisional patent applications relating to the production of chromium iron alloys directly from chromite ore and the production of low carbon chromium iron alloys directly from chromite concentrates. KWG president Frank Smeenk said support from the Canadian government and the scientists of Natural Resources Canada demonstrated that owning the intellectual property (IP) would put the company in a better position to further investment in testing and commercialisation.
Chromite explorer KWG Resources reported on Monday that it had acquired 100% ownership rights in two US provisional patent applications relating to the production of chromium iron alloys directly from chromite ore and the production of low carbon chromium iron alloys directly from chromite concentrates. KWG president Frank Smeenk said support from the Canadian government and the scientists of Natural Resources Canada demonstrated that owning the intellectual property (IP) would put the company in a better position to further investment in testing and commercialisation.
Otmane El Rhazi : South32 secures ICMM membership
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
BHP Billiton spin-off South32 has successfully joined the International Council on Mining and Metals (ICMM), a move that is expected to deliver long-term benefits for the new globally diversified metals and mining company and its stakeholders. An independent expert review panel had recommended South32 for membership following a five-stage process scrutinising the company’s capacity to fully adhere to ICMM standards of responsible social and environmental performance in mining and metals operations.
BHP Billiton spin-off South32 has successfully joined the International Council on Mining and Metals (ICMM), a move that is expected to deliver long-term benefits for the new globally diversified metals and mining company and its stakeholders. An independent expert review panel had recommended South32 for membership following a five-stage process scrutinising the company’s capacity to fully adhere to ICMM standards of responsible social and environmental performance in mining and metals operations.
Monday 29 June 2015
Otmane El Rhazi : Australia cuts 2015 iron-ore price forecast by 10%
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Australia on Tuesday cut its price forecast for iron-ore in 2015 by 10% to $54.40/t, citing a weak outlook for the commodity's main market, China's steel sector. The forecast by the Department of Industry and Science is a sharp decrease from the $60.40/t predicted three months ago and is way off the $94/t touted in January.
Australia on Tuesday cut its price forecast for iron-ore in 2015 by 10% to $54.40/t, citing a weak outlook for the commodity's main market, China's steel sector. The forecast by the Department of Industry and Science is a sharp decrease from the $60.40/t predicted three months ago and is way off the $94/t touted in January.
Otmane El Rhazi : Urgent govt, business cooperation needed to end South Africa’s crisis – Turok
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The time had come for government and business to find ways and means of working together to end South Africa’s current economic stagflation crisis, mineral value chain lead consultant, struggle veteran and former ANC MP Ben Turok said on Monday. Turok, who was speaking at an economic policy dialogue in Pretoria – hosted by The Department of Trade and Industry and attended by Creamer Media’s Mining Weekly Online – said South Africa’s sometimes aggressive and hostile legislation was preventing co-operation between government and business, which was essential for the functioning of the economy. (Also watch attached Cramer Media video).
The time had come for government and business to find ways and means of working together to end South Africa’s current economic stagflation crisis, mineral value chain lead consultant, struggle veteran and former ANC MP Ben Turok said on Monday. Turok, who was speaking at an economic policy dialogue in Pretoria – hosted by The Department of Trade and Industry and attended by Creamer Media’s Mining Weekly Online – said South Africa’s sometimes aggressive and hostile legislation was preventing co-operation between government and business, which was essential for the functioning of the economy. (Also watch attached Cramer Media video).
Otmane El Rhazi : Afarak to start Vlakpoort production in 2016
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Chromite miner Afarak Group has started bulk sampling at its Vlakpoort openpit mine, in South Africa. The dual-listed company on Monday reported that it expected the project to ramp up to full production in 2016, with measured, indicated, and inferred resources estimated at 1.9-million tonnes of chromite.
Chromite miner Afarak Group has started bulk sampling at its Vlakpoort openpit mine, in South Africa. The dual-listed company on Monday reported that it expected the project to ramp up to full production in 2016, with measured, indicated, and inferred resources estimated at 1.9-million tonnes of chromite.
Otmane El Rhazi : Chamber of Mines’ Sangqu appointed to Kumba board
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Anglo American South Africa executive head Andile Sangqu has been appointed as a nonexecutive director of Kumba Iron Ore, effective Monday. Representing shareholder Anglo American, the current Chamber of Mines VP would serve as a member of Kumba’s risk committee and the social, ethics and transformation committee.
Anglo American South Africa executive head Andile Sangqu has been appointed as a nonexecutive director of Kumba Iron Ore, effective Monday. Representing shareholder Anglo American, the current Chamber of Mines VP would serve as a member of Kumba’s risk committee and the social, ethics and transformation committee.
Otmane El Rhazi : Creamer Media publishes Real Economy Insight: Iron-Ore 2015 brief
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
This six-page brief is a synopsis of key developments in the iron-ore sector over the past 12 months, including details of the global and South African iron-ore markets, as well as prospects for the secto
This six-page brief is a synopsis of key developments in the iron-ore sector over the past 12 months, including details of the global and South African iron-ore markets, as well as prospects for the secto
Friday 26 June 2015
Otmane El Rhazi : Venture to keep Riley on hold until iron-ore prices improve
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Australia’s Federal Court has dismissed an appeal against the previous court decision to uphold the Federal Minister’s approval of ASX-listed iron-ore miner Venture Mineral’s Riley direct shipping ore (DSO) mine, in Tasmania. The decision effectively delivered Venture unencumbered environmental approvals for the development of the Riley iron-ore mine.
Australia’s Federal Court has dismissed an appeal against the previous court decision to uphold the Federal Minister’s approval of ASX-listed iron-ore miner Venture Mineral’s Riley direct shipping ore (DSO) mine, in Tasmania. The decision effectively delivered Venture unencumbered environmental approvals for the development of the Riley iron-ore mine.
Otmane El Rhazi : Flinders, Todd deal gains FIRB approval
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
ASX-listed Flinders Mines and New Zealand-based The Todd Corporation have been given the green light to move forward with their landmark option and sale of the Pilbara iron-ore project (PIOP), in Australia. Flinders MD Ian Gordon on Friday said that the Foreign Investment Review Board (FIRB) had notified Todd that there were no objections to the A$65-million deal signed with a Todd subsidiary in May.
ASX-listed Flinders Mines and New Zealand-based The Todd Corporation have been given the green light to move forward with their landmark option and sale of the Pilbara iron-ore project (PIOP), in Australia. Flinders MD Ian Gordon on Friday said that the Foreign Investment Review Board (FIRB) had notified Todd that there were no objections to the A$65-million deal signed with a Todd subsidiary in May.
Thursday 25 June 2015
Otmane El Rhazi : Assore, ARM enter agreements for R450m Dwarsrivier sale
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Definitive agreements have been inked for Assore’s R450-million buyout of African Rainbow Minerals’ (ARM’s) 50% indirect interest in the Dwarsrivier chrome mine, in Mpumalanga. The deal would see Assore gain full ownership of the mine, which was owned and operated by Assore and ARM’s joint venture, Assmang, through a special purpose vehicle (SPV).
Definitive agreements have been inked for Assore’s R450-million buyout of African Rainbow Minerals’ (ARM’s) 50% indirect interest in the Dwarsrivier chrome mine, in Mpumalanga. The deal would see Assore gain full ownership of the mine, which was owned and operated by Assore and ARM’s joint venture, Assmang, through a special purpose vehicle (SPV).
Otmane El Rhazi : NSL signs beneficiation MoU with Indian firm
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
After six years spent developing and refining an India-focused iron-ore strategy, along with the requisite beneficiation technologies, ASX-listed NSL Consolidated has cemented its ties with India’s State-owned Andhra Pradesh Mineral Development Corporation (APMDC) through a memorandum of understanding (MoU). The MoU, signed between the parties this week, would see collaboration on mining, beneficiation and value addition of low-grade iron-ore from the iron-ore developer’s Andhra Pradesh operation.
After six years spent developing and refining an India-focused iron-ore strategy, along with the requisite beneficiation technologies, ASX-listed NSL Consolidated has cemented its ties with India’s State-owned Andhra Pradesh Mineral Development Corporation (APMDC) through a memorandum of understanding (MoU). The MoU, signed between the parties this week, would see collaboration on mining, beneficiation and value addition of low-grade iron-ore from the iron-ore developer’s Andhra Pradesh operation.
Wednesday 24 June 2015
Otmane El Rhazi : Workers at Australia's Roy Hill iron-ore mine face pay cuts
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Workers at the $10-billion Roy Hill iron-ore mining project owned by Australian billionaire Gina Rinehart face a drop in salaries as a way of preserving jobs as the sector reels from low commodity prices. Iron-ore prices have slumped as much as 70% since construction of the mine began four years ago in partnership with South Korean steelmaker Posco, Japan's Marubeni Corp and Taiwan's China Steel Corp.
Workers at the $10-billion Roy Hill iron-ore mining project owned by Australian billionaire Gina Rinehart face a drop in salaries as a way of preserving jobs as the sector reels from low commodity prices. Iron-ore prices have slumped as much as 70% since construction of the mine began four years ago in partnership with South Korean steelmaker Posco, Japan's Marubeni Corp and Taiwan's China Steel Corp.
Otmane El Rhazi : Vale expects to raise $1.5bn from asset sale in Brazil
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Brazilian miner Vale could raise about $1.5-billion through the sale of a stake in one of its Brazil-based assets, a senior executive said on Wednesday. Vale, the world's largest producer of iron-ore, is scrambling to raise cash to shore up its finances in the midst of a price slump in the raw material. The transaction could be completed by the third quarter, Rogério Nogueira, head of investor relations, said at an event in São Paulo.
Brazilian miner Vale could raise about $1.5-billion through the sale of a stake in one of its Brazil-based assets, a senior executive said on Wednesday. Vale, the world's largest producer of iron-ore, is scrambling to raise cash to shore up its finances in the midst of a price slump in the raw material. The transaction could be completed by the third quarter, Rogério Nogueira, head of investor relations, said at an event in São Paulo.
Otmane El Rhazi : Fortescue welcomes Australia’s involvement in Asian Infrastructure Investment Bank
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Iron-ore miner Fortescue Metals has welcomed Treasurer Joe Hockey’s announcement on Wednesday that Australia would become a founding member of the Asian Infrastructure Investment Bank (AIIB). Hockey has committed to contributing A$930-million as paid-in capital to the bank over the next five years, making Australia the sixth-largest shareholder in the Beijing-based organisation designed to help finance infrastructure projects across Asia. The AIIB will have paid-in capital of $20-billion with total authorised capital of $100-billion.
Iron-ore miner Fortescue Metals has welcomed Treasurer Joe Hockey’s announcement on Wednesday that Australia would become a founding member of the Asian Infrastructure Investment Bank (AIIB). Hockey has committed to contributing A$930-million as paid-in capital to the bank over the next five years, making Australia the sixth-largest shareholder in the Beijing-based organisation designed to help finance infrastructure projects across Asia. The AIIB will have paid-in capital of $20-billion with total authorised capital of $100-billion.
Otmane El Rhazi : Rutila wins Ministerial approval for Pilbara rail and conveyor project
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Western Australian Environment Minister Albert Jacob has given his approval for a 160 km railway line and a 40 km conveyor system to link the Pilbara Iron Ore Project (PIOP), being developed by Flinders Mines, with the proposed Balla Balla Infrastructure (BBI) port, in the Pilbara. The approval allows Rutila Resources to construct and operate the railway line and conveyor system, which company chairperson Nichols Curtis on Wednesday described as a “critical piece of infrastructure to advance the vision for its project into a reality”.
Western Australian Environment Minister Albert Jacob has given his approval for a 160 km railway line and a 40 km conveyor system to link the Pilbara Iron Ore Project (PIOP), being developed by Flinders Mines, with the proposed Balla Balla Infrastructure (BBI) port, in the Pilbara. The approval allows Rutila Resources to construct and operate the railway line and conveyor system, which company chairperson Nichols Curtis on Wednesday described as a “critical piece of infrastructure to advance the vision for its project into a reality”.
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