Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Guinea bauxite miner Compagnie des Bauxites de Guinée (CBG) plans a $1-billion expansion to increase its production capacity to 23.5-million tonnes per year by 2018 to respond to increased demand, the firm's director general said on Friday. CBG is 51% owned by Halco Mining consortium, controlled by aluminium producer Alcoa, global miner Rio Tinto and Dadco Investments.
Sunday 31 May 2015
Friday 29 May 2015
Otmane El Rhazi : Bauba appoints new FD, directors
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
JSE-listed Bauba Platinum has appointed Carl-Heinz Gernandt to succeed Willem Moolman as FD, effective May 30. Gernandt obtained a BCom internal auditing degree from the University of Pretoria in 2002 and was a member of the Association of Certified Chartered Accountants and Certified General Accountant British Columbia.
JSE-listed Bauba Platinum has appointed Carl-Heinz Gernandt to succeed Willem Moolman as FD, effective May 30. Gernandt obtained a BCom internal auditing degree from the University of Pretoria in 2002 and was a member of the Association of Certified Chartered Accountants and Certified General Accountant British Columbia.
Otmane El Rhazi : Banks fall over themselves to grant Glencore $15.25-billion in revolving credit
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Banks have fallen over themselves to grant an eventual $15.25-billion worth of revolving credit facilities to diversified mining and marketing major Glencore, as part of a refinancing exercise. Initially launched at $14-billion, the credit facilities of the London-, Hong Kong- and Johannesburg-listed company ultimately closed substantially oversubscribed at $17-billion, after Glencore's broad group of relationship banks showed strong support. The company, headed by CEO Ivan Glasenberg, did well to have 60 banks, embracing 34 mandated lead arrangers and bookrunners, commit to the facilities, which refinance Glencore's $8.7-billion one-year revolving credit facilities and amend and extend the $6.6-billion five-year revolving credit facility, both signed in June last year.
Banks have fallen over themselves to grant an eventual $15.25-billion worth of revolving credit facilities to diversified mining and marketing major Glencore, as part of a refinancing exercise. Initially launched at $14-billion, the credit facilities of the London-, Hong Kong- and Johannesburg-listed company ultimately closed substantially oversubscribed at $17-billion, after Glencore's broad group of relationship banks showed strong support. The company, headed by CEO Ivan Glasenberg, did well to have 60 banks, embracing 34 mandated lead arrangers and bookrunners, commit to the facilities, which refinance Glencore's $8.7-billion one-year revolving credit facilities and amend and extend the $6.6-billion five-year revolving credit facility, both signed in June last year.
Otmane El Rhazi : Atlas Iron boosts Pilbara resource
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Iron-ore miner Atlas Iron has reported a 25% increase in the total mineral resource at its Corunna Downs project, between its Mt Webber and McPhee Creek projects, in the Pilbara. The resource increase followed on from a maiden inferred mineral resource for the Glen Herring deposit, which was estimated at 14-million tonnes, grading 57.3% iron.
Iron-ore miner Atlas Iron has reported a 25% increase in the total mineral resource at its Corunna Downs project, between its Mt Webber and McPhee Creek projects, in the Pilbara. The resource increase followed on from a maiden inferred mineral resource for the Glen Herring deposit, which was estimated at 14-million tonnes, grading 57.3% iron.
Thursday 28 May 2015
Otmane El Rhazi : Andile Sangqu to head Anglo South Africa
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Andile Sangqu, former Xstrata and current Implats executive and new vice-president of the Chamber of Mines of South Africa, has sprung to further prominence as the new executive head of Anglo American South Africa. Anglo American plc also announced on Thursday that Kumba Iron Ore CEO Norman Mbazima would assume the role of deputy chairperson of Anglo American South Africa while still retaining the leadership of Kumba, and global Anglo American CEO Mark Cutifani would take over from the retiring Michael Spicer as Anglo American South Africa chairperson from June 1.
Andile Sangqu, former Xstrata and current Implats executive and new vice-president of the Chamber of Mines of South Africa, has sprung to further prominence as the new executive head of Anglo American South Africa. Anglo American plc also announced on Thursday that Kumba Iron Ore CEO Norman Mbazima would assume the role of deputy chairperson of Anglo American South Africa while still retaining the leadership of Kumba, and global Anglo American CEO Mark Cutifani would take over from the retiring Michael Spicer as Anglo American South Africa chairperson from June 1.
Otmane El Rhazi : Top iron-ore firms unlikely to form cartel and cut output – Goldman
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Major iron-ore miners from Australia and Brazil are unlikely to create a cartel and agree on output cuts to shore up prices, with weakening demand expected to intensify competition, Goldman Sachs said. "Efforts to support prices via voluntary production cuts would be counter-productive. In our view, competition in the iron-ore market can only intensify; we expect the war of attrition will continue while prices gradually decline towards our $40/t forecast by 2017," Goldman analyst Christian Lelong said in a report.
Major iron-ore miners from Australia and Brazil are unlikely to create a cartel and agree on output cuts to shore up prices, with weakening demand expected to intensify competition, Goldman Sachs said. "Efforts to support prices via voluntary production cuts would be counter-productive. In our view, competition in the iron-ore market can only intensify; we expect the war of attrition will continue while prices gradually decline towards our $40/t forecast by 2017," Goldman analyst Christian Lelong said in a report.
Otmane El Rhazi : Fortescue tie-up with a China steel group makes sense – official
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Debt-heavy Australian iron ore miner Fortescue Metals Group could find willing investors in Chinese steel mills anxious to ensure multiple sources of supply for the raw material, a senior Chinese government official said on Thursday. Media reports this week said Fortescue - already about 15%-owned by Chinese steelmaker Hunan Valin - has held talks with Chinese industrial conglomerates CITIC and Baosteel Group. Fortescue said only it was not aware of any parties seeking regulatory approval to take a stake in the company.
Debt-heavy Australian iron ore miner Fortescue Metals Group could find willing investors in Chinese steel mills anxious to ensure multiple sources of supply for the raw material, a senior Chinese government official said on Thursday. Media reports this week said Fortescue - already about 15%-owned by Chinese steelmaker Hunan Valin - has held talks with Chinese industrial conglomerates CITIC and Baosteel Group. Fortescue said only it was not aware of any parties seeking regulatory approval to take a stake in the company.
Wednesday 27 May 2015
Otmane El Rhazi : Australian mine magnate Rinehart loses control of family trust - court ruling
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Australian iron-ore magnate Gina Rinehart's eldest daughter has been granted control of the multi-billion dollar family trust following the family's long-running legal battle. The order in the New South Wales state Supreme Court said Bianca had demonstrated the ability to robustly assert the rights of the trust against her mother and her company Hancock Prospecting.
Australian iron-ore magnate Gina Rinehart's eldest daughter has been granted control of the multi-billion dollar family trust following the family's long-running legal battle. The order in the New South Wales state Supreme Court said Bianca had demonstrated the ability to robustly assert the rights of the trust against her mother and her company Hancock Prospecting.
Otmane El Rhazi : WA acquires land for new deep-water port to service West Pilbara
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The Western Australian government has started the formal acquisition process of land necessary for the proposed Anketell deep-water port project, about 30 km east of Karratha. Premier and State Development Minister Colin Barnett said the acquisition was vital to the development of the port, potentially the last major port to be built in the Pilbara.
The Western Australian government has started the formal acquisition process of land necessary for the proposed Anketell deep-water port project, about 30 km east of Karratha. Premier and State Development Minister Colin Barnett said the acquisition was vital to the development of the port, potentially the last major port to be built in the Pilbara.
Otmane El Rhazi : Top iron-ore firms unlikely to form cartel and cut output - Goldman
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Major iron-ore miners from Australia and Brazil are unlikely to create a cartel and agree on output cuts to shore up prices, with weakening demand expected to intensify competition, Goldman Sachs said. "Efforts to support prices via voluntary production cuts would be counter-productive. In our view, competition in the iron-ore market can only intensify; we expect the war of attrition will continue while prices gradually decline towards our $40/t forecast by 2017," Goldman analyst Christian Lelong said in a report.
Major iron-ore miners from Australia and Brazil are unlikely to create a cartel and agree on output cuts to shore up prices, with weakening demand expected to intensify competition, Goldman Sachs said. "Efforts to support prices via voluntary production cuts would be counter-productive. In our view, competition in the iron-ore market can only intensify; we expect the war of attrition will continue while prices gradually decline towards our $40/t forecast by 2017," Goldman analyst Christian Lelong said in a report.
Otmane El Rhazi : Fortescue insists it pays full share of tax to Australia, downplays Singapore company
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Iron-ore miner Fortescue Metals, which has publicly taken on multinational firms such as Rio Tinto and BHP Billiton over their marketing hubs in Singapore, on Wednesday downplayed the importance of a company it had set up in the low-tax island city state in early 2014. Responding to an article in the Australian Financial Review, which provided details of the Singapore-incorporated and -domiciled Fortescue International Marketing, CFO Stephen Pearce explained that Fortescue had established the company as the entity by which it had intended to invest in the China Beijing International Mining Exchange.
Iron-ore miner Fortescue Metals, which has publicly taken on multinational firms such as Rio Tinto and BHP Billiton over their marketing hubs in Singapore, on Wednesday downplayed the importance of a company it had set up in the low-tax island city state in early 2014. Responding to an article in the Australian Financial Review, which provided details of the Singapore-incorporated and -domiciled Fortescue International Marketing, CFO Stephen Pearce explained that Fortescue had established the company as the entity by which it had intended to invest in the China Beijing International Mining Exchange.
Otmane El Rhazi : Ports and railways tasked to help India curb illegal mining
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
india’s federal government has announced it would involve logistical service providers, including ports and railways, along with provincial governments to monitor illegal mining activity across the country. Each of the provinces have been directed to set up Coordination and Empowered Committees comprising representatives from Indian Railways, Ports, Customs Department and local level officials to initiate specific measures to check illegal mining.
india’s federal government has announced it would involve logistical service providers, including ports and railways, along with provincial governments to monitor illegal mining activity across the country. Each of the provinces have been directed to set up Coordination and Empowered Committees comprising representatives from Indian Railways, Ports, Customs Department and local level officials to initiate specific measures to check illegal mining.
Otmane El Rhazi : Atlas Iron expects up to A$160m impairment charge
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
ASX-listed Atlas Iron, which has recently restarted its Pilbara operations, said on Wednesday that it would book an estimated noncash impairment charge of between A$130-million and A$160-million at the end of June, after updating the carrying value of its assets following a further reduction in iron-ore price forecasts. Atlas said in a statement that the impairment estimate did not impact on the carrying value of its operating mines and only reduced the carrying value of its future growth assets, particularly the McPhee Creek project. The project is not currently earmarked for development as part of the company’s near-term strategy.
ASX-listed Atlas Iron, which has recently restarted its Pilbara operations, said on Wednesday that it would book an estimated noncash impairment charge of between A$130-million and A$160-million at the end of June, after updating the carrying value of its assets following a further reduction in iron-ore price forecasts. Atlas said in a statement that the impairment estimate did not impact on the carrying value of its operating mines and only reduced the carrying value of its future growth assets, particularly the McPhee Creek project. The project is not currently earmarked for development as part of the company’s near-term strategy.
Tuesday 26 May 2015
Otmane El Rhazi : Lobbying helped kill Australia iron ore inquiry - Senator
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Lobbying by big miners helped kill a proposed Australian Senate inquiry into the iron ore industry after allegations they had colluded to depress prices and drive rivals out of business, the senator who had called for the inquiry said on Tuesday. Independent Senator Nick Xenophon had wanted the probe to look into the impact of the price collapse on government revenue and to consider whether action was needed to ensure healthy competition in the sector.
Lobbying by big miners helped kill a proposed Australian Senate inquiry into the iron ore industry after allegations they had colluded to depress prices and drive rivals out of business, the senator who had called for the inquiry said on Tuesday. Independent Senator Nick Xenophon had wanted the probe to look into the impact of the price collapse on government revenue and to consider whether action was needed to ensure healthy competition in the sector.
Otmane El Rhazi : Fortescue denies Chinese deal
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The share price of iron-ore major Fortescue Metals rose by nearly 9% on Tuesday after media reports suggested that the miner was discussing a potential investment with Chinese firms. The Australian Financial Review have suggested that Chinese firms have applied to the Foreign Investment Review Board (FIRB) seeking permission to invest in the iron-ore major, with the article also stating that Fortescue has held discussions with steel producer Boasteel and conglomerate CITIC.
The share price of iron-ore major Fortescue Metals rose by nearly 9% on Tuesday after media reports suggested that the miner was discussing a potential investment with Chinese firms. The Australian Financial Review have suggested that Chinese firms have applied to the Foreign Investment Review Board (FIRB) seeking permission to invest in the iron-ore major, with the article also stating that Fortescue has held discussions with steel producer Boasteel and conglomerate CITIC.
Otmane El Rhazi : Study validates Gulf's Timor smelter plans
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
A study into a smelting facility in Timor has validated ASX-listed Gulf Manganese’s aim to develop a smelting and sales hub for high carbon ferromanganese alloys in Timor. A financial analysis has revealed that the project would earn $623.8-million before interest, tax, depreciation and amortisation over a 20-year period, supporting an estimated net present value of $201.4-million.
A study into a smelting facility in Timor has validated ASX-listed Gulf Manganese’s aim to develop a smelting and sales hub for high carbon ferromanganese alloys in Timor. A financial analysis has revealed that the project would earn $623.8-million before interest, tax, depreciation and amortisation over a 20-year period, supporting an estimated net present value of $201.4-million.
Otmane El Rhazi : Atlas restarts Wodgina operations
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Iron-ore miner Atlas has restarted mining operations at its Wodgina mine, in the Pilbara, with the company expecting to restart crushing operations later this week. Atlas in March suspended mining operations at Wodgina as the miner conducted a detailed review of its operating activities in light of the declining iron-ore price, and restructured its operating costs structure.
Iron-ore miner Atlas has restarted mining operations at its Wodgina mine, in the Pilbara, with the company expecting to restart crushing operations later this week. Atlas in March suspended mining operations at Wodgina as the miner conducted a detailed review of its operating activities in light of the declining iron-ore price, and restructured its operating costs structure.
Monday 25 May 2015
Otmane El Rhazi : Karara partners secure $1.5b refinancing
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The shareholders of the Karara iron-ore project, in Western Australia, have secured a $1.5-billion refinancing facility for the project. ASX-listed Gindalbie Metals, which holds a 47.84% share in the project, reported on Monday that the refinancing facility has been used to repay all outstanding amounts of syndicated facilities, which were due by 2020.
The shareholders of the Karara iron-ore project, in Western Australia, have secured a $1.5-billion refinancing facility for the project. ASX-listed Gindalbie Metals, which holds a 47.84% share in the project, reported on Monday that the refinancing facility has been used to repay all outstanding amounts of syndicated facilities, which were due by 2020.
Friday 22 May 2015
Otmane El Rhazi : Western Australia extends helping hand to Atlas
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The Western Australian government on Friday extended a helping hand to struggling iron-ore miner Atlas, with Mines and Petroleum Minister Bill Marmion announcing that he had extended the government’s royalty assistance programme to the miner. Atlas would receive support in the form of a 50% rebate on eligible haematite iron-ore royalties for up to 12 months, subject to the ore price remaining below an average of A$90/t over the period.
The Western Australian government on Friday extended a helping hand to struggling iron-ore miner Atlas, with Mines and Petroleum Minister Bill Marmion announcing that he had extended the government’s royalty assistance programme to the miner. Atlas would receive support in the form of a 50% rebate on eligible haematite iron-ore royalties for up to 12 months, subject to the ore price remaining below an average of A$90/t over the period.
Otmane El Rhazi : Forrest vows to maintain iron-ore campaign
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Chairperson of iron-ore major Fortescue Metals, Andrew Forrest, has vowed to continue with his campaign against multinational companies operating in the Pilbara, despite the government taking a decision not to pursue an inquiry into the iron-ore sector. Treasurer Joe Hockey on Thursday announced, that following discussions with regulatory bodies and stakeholders across the sector, a decision had been taken not to initiate a Senate inquiry into the iron-ore sector.
Chairperson of iron-ore major Fortescue Metals, Andrew Forrest, has vowed to continue with his campaign against multinational companies operating in the Pilbara, despite the government taking a decision not to pursue an inquiry into the iron-ore sector. Treasurer Joe Hockey on Thursday announced, that following discussions with regulatory bodies and stakeholders across the sector, a decision had been taken not to initiate a Senate inquiry into the iron-ore sector.
Thursday 21 May 2015
Otmane El Rhazi : Metalloinvest swings to $177 mln Q1 net profit
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
MOSCOW – Russia's biggest iron-ore producer Metalloinvest swung to a net profit of $177-million in the first quarter of 2015, the company reported on Thursday. Metalloinvest, owned by Russia's third richest man Alisher Usmanov, reported a net loss of $542 million dollars for the last three months of 2014 owing to a revaluation of its dollar-denominated debt following the depreciation of the rouble.
MOSCOW – Russia's biggest iron-ore producer Metalloinvest swung to a net profit of $177-million in the first quarter of 2015, the company reported on Thursday. Metalloinvest, owned by Russia's third richest man Alisher Usmanov, reported a net loss of $542 million dollars for the last three months of 2014 owing to a revaluation of its dollar-denominated debt following the depreciation of the rouble.
Otmane El Rhazi : No Australian iron-ore inquiry - Treasurer
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Federal Treasurer Joe Hockey on Thursday announced that a decision had been taken not to initiate a Senate inquiry into the Australian iron-ore sector. Hockey said that the decision was taken after discussions with regulatory bodies and stakeholders across the resources sector.
Federal Treasurer Joe Hockey on Thursday announced that a decision had been taken not to initiate a Senate inquiry into the Australian iron-ore sector. Hockey said that the decision was taken after discussions with regulatory bodies and stakeholders across the resources sector.
Otmane El Rhazi : Aus Asia finds funding to support Solok development
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Minerals developer Aus Asia Minerals has executed a $5-millioon funding facility with TCA Global Credit Master Fund to finance its Solok iron-ore project, in Indonesia, to full product. The facility provided for the immediate draw-down of $375 000 as part of a secured revolving loan agreement. Further draw-downs of up to $5-million in total could be initiated by Aus Asia over the following six months, with an option to renew for a further six months.
Minerals developer Aus Asia Minerals has executed a $5-millioon funding facility with TCA Global Credit Master Fund to finance its Solok iron-ore project, in Indonesia, to full product. The facility provided for the immediate draw-down of $375 000 as part of a secured revolving loan agreement. Further draw-downs of up to $5-million in total could be initiated by Aus Asia over the following six months, with an option to renew for a further six months.
Otmane El Rhazi : Indian PM breathes life into Posco’s stalled project
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
South Korean steel major Posco’s plans for securing iron-ore resources for its $12-billion Indian investments has been thrown a lifeline by intervention of Indian Prime Minister Narendra Modi. The project, which has been hanging fire for over a decade, was given a nudge following the Prime Minister’s two-day Seoul summit with Korean President Park Geun-hye, followed by a meeting with Posco CEO Kwon Oh Joon earlier this week.
South Korean steel major Posco’s plans for securing iron-ore resources for its $12-billion Indian investments has been thrown a lifeline by intervention of Indian Prime Minister Narendra Modi. The project, which has been hanging fire for over a decade, was given a nudge following the Prime Minister’s two-day Seoul summit with Korean President Park Geun-hye, followed by a meeting with Posco CEO Kwon Oh Joon earlier this week.
Wednesday 20 May 2015
Otmane El Rhazi : Chamber reveals plan to get South Africa’s ‘great mining industry’ back on front foot
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The Chamber of Mines of South Africa on Wednesday revealed a strategic plan to get South Africa’s “great mining industry” back on the front foot. Speaking at the well-attended 125th annual general meeting (AGM) of the historic organisation, chamber president Mike Teke – who was re-elected for a second term with Harmony Gold CEO Graham Briggs and Impala Platinum executive director Andile Sangqu as his vice presidents – lifted the veil on a council-approved strategic plan aimed at doubling real investment in mining by 2030. (Also watch attached video produced by Creamer Media’s Mining Weekly Online).
The Chamber of Mines of South Africa on Wednesday revealed a strategic plan to get South Africa’s “great mining industry” back on the front foot. Speaking at the well-attended 125th annual general meeting (AGM) of the historic organisation, chamber president Mike Teke – who was re-elected for a second term with Harmony Gold CEO Graham Briggs and Impala Platinum executive director Andile Sangqu as his vice presidents – lifted the veil on a council-approved strategic plan aimed at doubling real investment in mining by 2030. (Also watch attached video produced by Creamer Media’s Mining Weekly Online).
Tuesday 19 May 2015
Otmane El Rhazi : Sundance adds to Mbalam reserve and resources
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Metals developer Sundance Resources has increased the high-grade hematite ore reserve for the first stage of its Mbalam-Nabeba project, in Cameroon and the Republic of Congo to over half-a-billion tonnes. The 18.5% increase to the ore reserve, which was now estimated at 517-million tonnes grading 62.2% iron, was driven by the optimsiation of the high-grade ore reserve process during pit design and mine scheduling phases to produce a complementary premium product by controlling the proportion of the feed ore from the Cameroon mines to blend with feed ore from the higher alumina Congo mines.
Metals developer Sundance Resources has increased the high-grade hematite ore reserve for the first stage of its Mbalam-Nabeba project, in Cameroon and the Republic of Congo to over half-a-billion tonnes. The 18.5% increase to the ore reserve, which was now estimated at 517-million tonnes grading 62.2% iron, was driven by the optimsiation of the high-grade ore reserve process during pit design and mine scheduling phases to produce a complementary premium product by controlling the proportion of the feed ore from the Cameroon mines to blend with feed ore from the higher alumina Congo mines.
Otmane El Rhazi : Brazil's Vale to sell 4 large iron ore carriers to China's CMES
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Brazilian miner Vale said on Tuesday it agreed to sell four large iron-ore carriers to China Merchants Energy Shipping Co (CMES), as it looks to raise cash in the midst of an iron-ore price slump. The world's largest producer of iron-ore said in a statement the details of the contract had not yet been finalised and will be released in the coming months.
Brazilian miner Vale said on Tuesday it agreed to sell four large iron-ore carriers to China Merchants Energy Shipping Co (CMES), as it looks to raise cash in the midst of an iron-ore price slump. The world's largest producer of iron-ore said in a statement the details of the contract had not yet been finalised and will be released in the coming months.
Otmane El Rhazi : South32 in superb second-day share surge
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The share price of the new South32 mining company soared superlatively on day two. The demerged entity shot up 12% on the Australian Stock Exchange (ASX), rose 6.23% on top of Monday’s 3% rise in early morning trade on the Johannesburg Stock Exchange (JSE), and even closed higher at £1.08 a share in London, despite several investment banks having to shed the share to meet index-weighting mandates.
The share price of the new South32 mining company soared superlatively on day two. The demerged entity shot up 12% on the Australian Stock Exchange (ASX), rose 6.23% on top of Monday’s 3% rise in early morning trade on the Johannesburg Stock Exchange (JSE), and even closed higher at £1.08 a share in London, despite several investment banks having to shed the share to meet index-weighting mandates.
Otmane El Rhazi : Govt won't regulate iron-ore market - Macfarlane
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Federal Minister for Industry and Science Ian Macfarlane on Tuesday insisted that the government had no intention of regulating the iron-ore market, as BHP Billiton CEO Andrew Mackenzie warned that an inquiry into the sector would send a “terrible signal” to Australia’s trading partners. In an interview with the ABC Radio, Mackenzie said that a government intervention into iron-ore prices would be an “amazing gift to our competitors in Brazil”, and warned that it could cause Australian trading partners to invest in other parts of the world.
Federal Minister for Industry and Science Ian Macfarlane on Tuesday insisted that the government had no intention of regulating the iron-ore market, as BHP Billiton CEO Andrew Mackenzie warned that an inquiry into the sector would send a “terrible signal” to Australia’s trading partners. In an interview with the ABC Radio, Mackenzie said that a government intervention into iron-ore prices would be an “amazing gift to our competitors in Brazil”, and warned that it could cause Australian trading partners to invest in other parts of the world.
Monday 18 May 2015
Otmane El Rhazi : Value generation ahead of JSE debut confirms South32 potential
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Value generation from the assets of South32 in the months ahead of its debut on the Johannesburg Stock Exchange (JSE) confirms the upside potential of the triple-listed BHP Billiton spin-off company, which made a moderately valued first showing on Monday. The demerged entity’s two years in the making has provided the opportunity to stress test the new regional asset aggregation and integration strategy and prove its efficacy ahead of time, Creamer Media’s Mining Weekly Online can report. (Also watch attached video).
Value generation from the assets of South32 in the months ahead of its debut on the Johannesburg Stock Exchange (JSE) confirms the upside potential of the triple-listed BHP Billiton spin-off company, which made a moderately valued first showing on Monday. The demerged entity’s two years in the making has provided the opportunity to stress test the new regional asset aggregation and integration strategy and prove its efficacy ahead of time, Creamer Media’s Mining Weekly Online can report. (Also watch attached video).
Otmane El Rhazi : Tawana signs MoU for Liberia port access
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Dual-listed iron-ore miner Tawana Resources has signed a port infrastructure memorandum of understanding (MoU) with Hong Kong-based miner Wisco Cad, it said on Monday. Under the terms of the MoU, Tawana would gain access and use of Wisco’s facilities in the Port of Freeport, Monrovia, in Liberia.
Dual-listed iron-ore miner Tawana Resources has signed a port infrastructure memorandum of understanding (MoU) with Hong Kong-based miner Wisco Cad, it said on Monday. Under the terms of the MoU, Tawana would gain access and use of Wisco’s facilities in the Port of Freeport, Monrovia, in Liberia.
Otmane El Rhazi : Australian PM supports ‘fair and reasonable’ iron-ore inquiry
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Australian Prime Minister Tony Abbott on Monday said that any inquiry into the Australian iron-ore sector would not be allowed to turn into a ‘witch hunt’. “It is important to know what is happening in the iron-ore sector. There are claims and counterclaims being made at the moment. I think it is important to get to the facts and an inquiry may well be a very good way of doing that,” Abbott said in a doorstop interview.
Australian Prime Minister Tony Abbott on Monday said that any inquiry into the Australian iron-ore sector would not be allowed to turn into a ‘witch hunt’. “It is important to know what is happening in the iron-ore sector. There are claims and counterclaims being made at the moment. I think it is important to get to the facts and an inquiry may well be a very good way of doing that,” Abbott said in a doorstop interview.
Otmane El Rhazi : Fortescue launches ‘Our Iron Ore’ campaign against BHP, Rio
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Iron-ore major Fortescue Metals has launched a public campaign against multinationals operating in the Pilbara, urging “concerned Australians” to sign a petition. Fortescue said on Sunday that the Our Iron Ore campaign aimed to be a rallying point for Australians concerned by the impact of strategies to grow market share in iron-ore at the expense of Australia’s economy.
Iron-ore major Fortescue Metals has launched a public campaign against multinationals operating in the Pilbara, urging “concerned Australians” to sign a petition. Fortescue said on Sunday that the Our Iron Ore campaign aimed to be a rallying point for Australians concerned by the impact of strategies to grow market share in iron-ore at the expense of Australia’s economy.
Otmane El Rhazi : Gindalbie halts share trading on funding talks
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
ASX-listed Gindalbie Metals went into a trading halt on Monday, with the company saying it was negotiating a long-term financing transaction. The embattled iron-ore miner has been working to cut back on costs as its Karara joint venture (JV), which was yet to meet its nameplate capacity of eight-million tonnes a year.
ASX-listed Gindalbie Metals went into a trading halt on Monday, with the company saying it was negotiating a long-term financing transaction. The embattled iron-ore miner has been working to cut back on costs as its Karara joint venture (JV), which was yet to meet its nameplate capacity of eight-million tonnes a year.
Otmane El Rhazi : Vale secures $3bn credit line
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Brazilian miner Vale said on Friday it secured a $3-billion revolving credit facility for a term of five years. The credit line, which was signed with a group of 24 global banks, replaces a previous facility for the same amount secured in 2011.
Brazilian miner Vale said on Friday it secured a $3-billion revolving credit facility for a term of five years. The credit line, which was signed with a group of 24 global banks, replaces a previous facility for the same amount secured in 2011.
Friday 15 May 2015
Otmane El Rhazi : Australian PM backs Senate probe into iron ore slump
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Australian Prime Minister Tony Abbott on Friday threw his support behind a proposed Senate inquiry into the economic impact of a slump in the price of iron ore, ratcheting up pressure on top producers Rio Tinto and BHP Billiton. Leading independent senator Nick Xenophon on Thursday pulled a vote that could have launched an inquiry into the impact of the price collapse on government revenue and to consider whether action is needed to ensure healthy competition in the sector.
Australian Prime Minister Tony Abbott on Friday threw his support behind a proposed Senate inquiry into the economic impact of a slump in the price of iron ore, ratcheting up pressure on top producers Rio Tinto and BHP Billiton. Leading independent senator Nick Xenophon on Thursday pulled a vote that could have launched an inquiry into the impact of the price collapse on government revenue and to consider whether action is needed to ensure healthy competition in the sector.
Otmane El Rhazi : Australia bumps up China iron-ore exports despite weak prices
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Despite the significant fall in iron-ore prices and the continued insistence of an oversupply in the market, Australia’s iron-ore exports to China increased by 18% during the first quarter of 2015, compared with the previous corresponding period. The Department of Industry and Science revealed in its China Resources Quarterly (CRQ) report that Australia had exported 144-million tonnes of iron-ore to China during the first quarter.
Despite the significant fall in iron-ore prices and the continued insistence of an oversupply in the market, Australia’s iron-ore exports to China increased by 18% during the first quarter of 2015, compared with the previous corresponding period. The Department of Industry and Science revealed in its China Resources Quarterly (CRQ) report that Australia had exported 144-million tonnes of iron-ore to China during the first quarter.
Otmane El Rhazi : Atlas Iron hatches plan to keep Pilbara mines running
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Iron-ore miner Atlas Iron on Friday revealed plans to cut-back operating costs in an effort to keep its Pilbara mines afloat. Atlas in April announced plans to progressively suspend mining operations in the Pilbara as the iron-ore price crashed. However, the miner later announced that operations at Abydos and Wodgina would continue during May as Atlas worked to reduce costs.
Iron-ore miner Atlas Iron on Friday revealed plans to cut-back operating costs in an effort to keep its Pilbara mines afloat. Atlas in April announced plans to progressively suspend mining operations in the Pilbara as the iron-ore price crashed. However, the miner later announced that operations at Abydos and Wodgina would continue during May as Atlas worked to reduce costs.
Otmane El Rhazi : WA lowers Utah Point export costs
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The Western Australian government on Friday announced a price relief at Port Hedland’s Utah Point bulk handling facility to assist junior miners in exporting iron-ore while facing a slump in commodity prices. Transport Minister Dean Nalder said that effective from July 1, port charges would be lowered to A$2.50/t for a 12-month period, helping the struggling iron-ore miners to preserve employment.
The Western Australian government on Friday announced a price relief at Port Hedland’s Utah Point bulk handling facility to assist junior miners in exporting iron-ore while facing a slump in commodity prices. Transport Minister Dean Nalder said that effective from July 1, port charges would be lowered to A$2.50/t for a 12-month period, helping the struggling iron-ore miners to preserve employment.
Otmane El Rhazi : Global glut threatens West African iron-ore ambitions
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Red piles of iron-ore and rusting railway wagons in the deserted stockyard at the port of Pepel bear silent witness to a crisis engulfing Sierra Leone's mining industry and threatening others across West Africa. The conveyor belt out to the jetty on the slow-moving Rokel river has remained idle for most of the past few months as only a handful of ships have anchored at the moribund port.
Red piles of iron-ore and rusting railway wagons in the deserted stockyard at the port of Pepel bear silent witness to a crisis engulfing Sierra Leone's mining industry and threatening others across West Africa. The conveyor belt out to the jetty on the slow-moving Rokel river has remained idle for most of the past few months as only a handful of ships have anchored at the moribund port.
Thursday 14 May 2015
Otmane El Rhazi : March mining output up 18.8% y/y
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Mining production increased by 18.8% year-on-year in March, with the highest positive growth rates recorded for platinum-group metals (PGMs), at 132.2%, manganese ore, at 17.3% and nickel at 15%. The main contributors to the 18.8% increase were PGMs, contributing 13.1 percentage points; coal, contributing 2.5 percentage points; and manganese ore, contributing 1 percentage point, said Statistics South Africa (Stats SA). The seasonally adjusted mining production increased by 7.1% month-on-month in March.
Mining production increased by 18.8% year-on-year in March, with the highest positive growth rates recorded for platinum-group metals (PGMs), at 132.2%, manganese ore, at 17.3% and nickel at 15%. The main contributors to the 18.8% increase were PGMs, contributing 13.1 percentage points; coal, contributing 2.5 percentage points; and manganese ore, contributing 1 percentage point, said Statistics South Africa (Stats SA). The seasonally adjusted mining production increased by 7.1% month-on-month in March.
Otmane El Rhazi : Ferrum Crescent on the cusp of completing Moonlight BFS
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The £500 000 of funding raised on Thursday by triple-listed Ferrum Crescent will enable the company to complete the bankable feasibility study (BFS) at its high-quality Moonlight magnetite iron-ore project, in Limpopo. The company had received applications from shareholders to subscribe for 100-million shares at £0.005.
The £500 000 of funding raised on Thursday by triple-listed Ferrum Crescent will enable the company to complete the bankable feasibility study (BFS) at its high-quality Moonlight magnetite iron-ore project, in Limpopo. The company had received applications from shareholders to subscribe for 100-million shares at £0.005.
Otmane El Rhazi : Growing supply to keep pressure on iron ore prices - BHP Billiton
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
BHP Billiton expects growth in iron ore supply to outpace demand and keep prices under pressure, a senior official said on Thursday, but added that boosting earnings will not hinge on restraining production. "We've long been advocates for free and fair markets ... our view is that's what we need in the iron ore sector," Alan Chirgwin, vice president for marketing at BHP told an industry conference.
BHP Billiton expects growth in iron ore supply to outpace demand and keep prices under pressure, a senior official said on Thursday, but added that boosting earnings will not hinge on restraining production. "We've long been advocates for free and fair markets ... our view is that's what we need in the iron ore sector," Alan Chirgwin, vice president for marketing at BHP told an industry conference.
Wednesday 13 May 2015
Otmane El Rhazi : Gindalbie volunteers site for waste disposal
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Embattled metals miner Gindalbie Metals has volunteered a part of its tenement in Western Australia for a proposed disposal site for radioactive waste. The junior miner nominated part of its Badja station as a candidate site for the radioactive waste management facility to store Australia’s intermediate level waste and to dispose of low level waste created from medical and other scientific procedures.
Embattled metals miner Gindalbie Metals has volunteered a part of its tenement in Western Australia for a proposed disposal site for radioactive waste. The junior miner nominated part of its Badja station as a candidate site for the radioactive waste management facility to store Australia’s intermediate level waste and to dispose of low level waste created from medical and other scientific procedures.
Otmane El Rhazi : Anglo iron-ore port deepening under way
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The Brazilian iron-ore port of mining company Anglo American is being deepened to increase the volume of ore that can be loaded on to the Cape-size vessels calling there. Currently, the full 180 000 t volume that Cape-size ships offer cannot be taken up because of the lack of port depth.
The Brazilian iron-ore port of mining company Anglo American is being deepened to increase the volume of ore that can be loaded on to the Cape-size vessels calling there. Currently, the full 180 000 t volume that Cape-size ships offer cannot be taken up because of the lack of port depth.
Otmane El Rhazi : BHP, Rio Tinto face political heat in Australia over strategies
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
BHP Billiton and Rio Tinto face mounting political pressure in Australia over taxes and flooding the global iron ore market while the price of the steel-making commodity plummeted. Independent federal Senator Nick Xenophon has called for an inquiry into the impact on the Australian economy of falling prices caused by oversupply.
BHP Billiton and Rio Tinto face mounting political pressure in Australia over taxes and flooding the global iron ore market while the price of the steel-making commodity plummeted. Independent federal Senator Nick Xenophon has called for an inquiry into the impact on the Australian economy of falling prices caused by oversupply.
Tuesday 12 May 2015
Otmane El Rhazi : Todd approaches Rutila with all-cash bid
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
New Zealand based Todd Corporation has made a play for ASX-listed Rutila Resources, offering shareholders 30c in cash for each share held. Rutila told shareholders on Tuesday that the offer represented a 100% premium to Rutila’s last trading share price, and an 80.7% premium to the 30-day volume weighted average price of the company’s shares.
New Zealand based Todd Corporation has made a play for ASX-listed Rutila Resources, offering shareholders 30c in cash for each share held. Rutila told shareholders on Tuesday that the offer represented a 100% premium to Rutila’s last trading share price, and an 80.7% premium to the 30-day volume weighted average price of the company’s shares.
Otmane El Rhazi : CME also dismisses call for govt intervention in iron-ore
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The Western Australian Chamber of Minerals and Energy (CME) has joined the opposition against mining entrepreneur Andrew Forrest’s call for the government to remove the ‘licence to operate’ for some miners. The Minerals Council of Australia earlier this week reprimanded Forrest for calling on the Australian government to regulate how iron-ore producers in the Pilbara should run their business, saying it set the country on an interventionists path.
The Western Australian Chamber of Minerals and Energy (CME) has joined the opposition against mining entrepreneur Andrew Forrest’s call for the government to remove the ‘licence to operate’ for some miners. The Minerals Council of Australia earlier this week reprimanded Forrest for calling on the Australian government to regulate how iron-ore producers in the Pilbara should run their business, saying it set the country on an interventionists path.
Otmane El Rhazi : Koolan Island gets new lease on life - Mt Gibson
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Junior iron-ore miner Mount Gibson Iron was considering a logistics base to service the offshore oil and gas industry at its Koolan Island property. The ASX-listed company reported on Tuesday that it had entered into an agreement with logistics provider Qube Holdings, providing a framework to progress the potential establishment of a logistical services base for the gas industry, in collaboration with the Dambimangari traditional owners.
Junior iron-ore miner Mount Gibson Iron was considering a logistics base to service the offshore oil and gas industry at its Koolan Island property. The ASX-listed company reported on Tuesday that it had entered into an agreement with logistics provider Qube Holdings, providing a framework to progress the potential establishment of a logistical services base for the gas industry, in collaboration with the Dambimangari traditional owners.
Monday 11 May 2015
Otmane El Rhazi : High quality iron-ore from Anglo’s low-cost Minas-Rio set to leverage price premium
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The iron-ore that Anglo American is producing at low cost in the hills of Conceicao do Mato Dentrol is meeting growing market demand for better quality, low-contaminant ore, visiting international mining journalists heard on Monday. Minas-Rio’s pellet feed iron-ore products, which are transported down the world’s longest pit-to-port slurry pipeline to a dedicated ore terminal in Rio de Janeiro, have a high 68%-iron content with favourable physical and chemical specifications.
The iron-ore that Anglo American is producing at low cost in the hills of Conceicao do Mato Dentrol is meeting growing market demand for better quality, low-contaminant ore, visiting international mining journalists heard on Monday. Minas-Rio’s pellet feed iron-ore products, which are transported down the world’s longest pit-to-port slurry pipeline to a dedicated ore terminal in Rio de Janeiro, have a high 68%-iron content with favourable physical and chemical specifications.
Otmane El Rhazi : Minerals Council slams Forrest’s push for iron-ore intervention
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The Minerals Council of Australia (MCA) has reprimanded mining magnate Andrew Forrest for calling on the Australian government to regulate how iron-ore producers in the Pilbara should run their business. The MCA said on Monday that Forrest’s call for the government to remove the ‘license to operate’ for some miners, set Australia on an “interventionists path”.
The Minerals Council of Australia (MCA) has reprimanded mining magnate Andrew Forrest for calling on the Australian government to regulate how iron-ore producers in the Pilbara should run their business. The MCA said on Monday that Forrest’s call for the government to remove the ‘license to operate’ for some miners, set Australia on an “interventionists path”.
Otmane El Rhazi : Todd agrees to buy Flinders’ Pilbara project for A$65m
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Iron-ore developer Flinders Mines on Monday announced that it had inked an option agreement with New Zealand’s Todd Corporation to divest of its Pilbara Iron Ore project for A$65-million. Flinders would receive A$10-million up-front in consideration for the transaction, and a further A$55-million if Todd exercised its options to acquire the Pilbara Iron Ore project.
Iron-ore developer Flinders Mines on Monday announced that it had inked an option agreement with New Zealand’s Todd Corporation to divest of its Pilbara Iron Ore project for A$65-million. Flinders would receive A$10-million up-front in consideration for the transaction, and a further A$55-million if Todd exercised its options to acquire the Pilbara Iron Ore project.
Otmane El Rhazi : West Pilbara proponents mindful of iron-ore market
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Freight operator Aurizon and the mine participants for the West Pilbara iron-ore project were keeping an eye on the iron-ore price, before taking a development decision on the project. Aurizon reported on Monday that the company would provide the project participants, which include Korean major Posco, American Metals & Coal International (AMCI) and Baosteel Resources, with an indicative and non-binding tariff for port and rail services for the proposed project by the end of November.
Freight operator Aurizon and the mine participants for the West Pilbara iron-ore project were keeping an eye on the iron-ore price, before taking a development decision on the project. Aurizon reported on Monday that the company would provide the project participants, which include Korean major Posco, American Metals & Coal International (AMCI) and Baosteel Resources, with an indicative and non-binding tariff for port and rail services for the proposed project by the end of November.
Friday 8 May 2015
Otmane El Rhazi : Kumba expects 20% drop in H1 earnings
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
JSE-listed Kumba Iron Ore expects to report a R1.3-billion, or 20%, year-on-year decrease in headline and basic earnings for the six months to June 30. Kumba had reported headline earnings and basic earnings of R6.5-billion and R6.51-billion respectively, and headline earnings per share (HEPS) and earnings per share (EPS) of R20.28 and R20.30 respectively, for the six months to June 2014.
JSE-listed Kumba Iron Ore expects to report a R1.3-billion, or 20%, year-on-year decrease in headline and basic earnings for the six months to June 30. Kumba had reported headline earnings and basic earnings of R6.5-billion and R6.51-billion respectively, and headline earnings per share (HEPS) and earnings per share (EPS) of R20.28 and R20.30 respectively, for the six months to June 2014.
Otmane El Rhazi : IronClad proposes name change to Tyranna Resources
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
ASX-listed IronClad mining on Friday proposed a name change to Tyranna Resources, following its successful merger with fellow-listed Trafford Resources, which became effective earlier this week. Trafford shareholders had voted in favour of the proposed merger, which would see shareholders acquire IronClad shares at a rate of one IronClad share for every one Trafford share.
ASX-listed IronClad mining on Friday proposed a name change to Tyranna Resources, following its successful merger with fellow-listed Trafford Resources, which became effective earlier this week. Trafford shareholders had voted in favour of the proposed merger, which would see shareholders acquire IronClad shares at a rate of one IronClad share for every one Trafford share.
Otmane El Rhazi : Deloitte WA Index closes April higher on stronger commodity prices
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Stronger commodity prices boosted advisory firm Deloitte’s Western Australian Index during April, with the market capitalisation of the state’s listed resource companies increasing by 1.7% at the end of the month, to A$131-billion. Deloitte stated on Friday that the majority of commodities surveyed increased during the month. Crude oil prices have shown signs of recovery, increasing by 16.8%, while iron-ore has rebounded from its ten-year low price of $46.70/t. In addition, bulk metals, lead and zinc have increased 14.6% and 10.6% respectively.
Stronger commodity prices boosted advisory firm Deloitte’s Western Australian Index during April, with the market capitalisation of the state’s listed resource companies increasing by 1.7% at the end of the month, to A$131-billion. Deloitte stated on Friday that the majority of commodities surveyed increased during the month. Crude oil prices have shown signs of recovery, increasing by 16.8%, while iron-ore has rebounded from its ten-year low price of $46.70/t. In addition, bulk metals, lead and zinc have increased 14.6% and 10.6% respectively.
Thursday 7 May 2015
Otmane El Rhazi : Productivity improved through mine design enhancement
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Many existing mines face the dilemma of how to reduce their operating costs while improving productivity in ever more challenging geological and operating conditions, meaning precise mine design becomes the key to project success, says independent technology services company DMT.
Many existing mines face the dilemma of how to reduce their operating costs while improving productivity in ever more challenging geological and operating conditions, meaning precise mine design becomes the key to project success, says independent technology services company DMT.
Otmane El Rhazi : Walsh defends Rio Tinto’s iron-ore strategy
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Mining major Rio Tinto CEO Sam Walsh on Thursday denied suggestions that the company was responsible for a “perceived market dislocation” by continuing to bolster iron-ore production in a weak market. Speaking at the company’s annual general meeting, in Perth, Australia, Walsh stated that Rio had maintained its market share of 20% for the past decade, despite investments into its Pilbara infrastructure.
Mining major Rio Tinto CEO Sam Walsh on Thursday denied suggestions that the company was responsible for a “perceived market dislocation” by continuing to bolster iron-ore production in a weak market. Speaking at the company’s annual general meeting, in Perth, Australia, Walsh stated that Rio had maintained its market share of 20% for the past decade, despite investments into its Pilbara infrastructure.
Wednesday 6 May 2015
Otmane El Rhazi : South32 set to hit ground running after 98% BHP 'yes' vote
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The demerging South32 mining company, which is set to hit the ground running after receiving an overwhelming 98.05% shareholder yes vote on Wednesday, is at an advanced stage of planning a global shared service centre in South Africa, which will create 200 new quality jobs. The centre, which will mimic BHP Billiton’s large global service focal point in Kuala Lumpur, is now destined to be located in Johannesburg and no longer in Cape Town, as originally planned.
The demerging South32 mining company, which is set to hit the ground running after receiving an overwhelming 98.05% shareholder yes vote on Wednesday, is at an advanced stage of planning a global shared service centre in South Africa, which will create 200 new quality jobs. The centre, which will mimic BHP Billiton’s large global service focal point in Kuala Lumpur, is now destined to be located in Johannesburg and no longer in Cape Town, as originally planned.
Otmane El Rhazi : Rio Tinto tipped to stick to no-output cut mantra on iron ore
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Rio Tinto, the most profitable iron-ore producer, is in a strong position to keep its mines running at full tilt, even as rivals BHP Billiton and Brazil's Vale apply the brakes in a market suffering a supply glut. Despite a plunge in ore prices, Rio Tinto is not expected to face pressure from shareholders at its annual general meeting in Perth on Thursday to alter expansion plans.
Rio Tinto, the most profitable iron-ore producer, is in a strong position to keep its mines running at full tilt, even as rivals BHP Billiton and Brazil's Vale apply the brakes in a market suffering a supply glut. Despite a plunge in ore prices, Rio Tinto is not expected to face pressure from shareholders at its annual general meeting in Perth on Thursday to alter expansion plans.
Otmane El Rhazi : No relief for Canada's BC as PwC expects challenges to continue into 2015
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
British Columbia's (BC's) mining sector was not showing any early signs of improvement in 2015; however, investment in the mining industry needed continue despite today's challenging conditions, advised PwC's BC mining practice partner and leader, Mark Platt. "Miners need to keep exploring if they are to find the discoveries today that will be developed into the mines of tomorrow. This is the only way to ensure the industry remains competitive in the long term,” he said in PwC's yearly ‘BC Mining Industry Survey’.
British Columbia's (BC's) mining sector was not showing any early signs of improvement in 2015; however, investment in the mining industry needed continue despite today's challenging conditions, advised PwC's BC mining practice partner and leader, Mark Platt. "Miners need to keep exploring if they are to find the discoveries today that will be developed into the mines of tomorrow. This is the only way to ensure the industry remains competitive in the long term,” he said in PwC's yearly ‘BC Mining Industry Survey’.
Tuesday 5 May 2015
Otmane El Rhazi : Lower commodity prices kept BC mining industry under pressure in 2014
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The unabated drop in the price of several critical commodities had kept the British Columbia (BC) mining industry under financial pressure during 2014, a new report by professional services firm PwC had found. According to PwC’s yearly ‘BC Mining Industry Survey’, lower metallurgical coal and copper, prices in particular led to reduced revenues and margins.
The unabated drop in the price of several critical commodities had kept the British Columbia (BC) mining industry under financial pressure during 2014, a new report by professional services firm PwC had found. According to PwC’s yearly ‘BC Mining Industry Survey’, lower metallurgical coal and copper, prices in particular led to reduced revenues and margins.
Otmane El Rhazi : Exploration and mine development cost up to 2.5 times more in Canada’s North
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
A new study has found that the cost to explore and build new mines was as much as 2.5 times higher in northern Canada, mainly as a result of a lack of critical infrastructure. The study, titled ‘Levelling the Playing Field’, found that the costs of mineral exploration and building and operating mines were significantly higher in remote and northern regions of Canada's provinces and territories and that the cost premium was directly linked to the lack of infrastructure in these areas.
A new study has found that the cost to explore and build new mines was as much as 2.5 times higher in northern Canada, mainly as a result of a lack of critical infrastructure. The study, titled ‘Levelling the Playing Field’, found that the costs of mineral exploration and building and operating mines were significantly higher in remote and northern regions of Canada's provinces and territories and that the cost premium was directly linked to the lack of infrastructure in these areas.
Otmane El Rhazi : Production up at Glencore’s South African coal mines
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Production from Glencore’s the South African thermal coal mines was 10% higher in the three months to end March. The London-, Hong Kong- and Johannesburg-listed diversified mining and marketing company, headed by CEO Ivan Glasenberg, said on Tuesday that the ramp up of its newly commissioned Tweefontein Optimisation and Wonderfontein thermal coal projects in Mpumalanga had more than offset the closure of certain high cost operations, taking total first-quarter output to the 10%-higher 11.4-million tonnes.
Production from Glencore’s the South African thermal coal mines was 10% higher in the three months to end March. The London-, Hong Kong- and Johannesburg-listed diversified mining and marketing company, headed by CEO Ivan Glasenberg, said on Tuesday that the ramp up of its newly commissioned Tweefontein Optimisation and Wonderfontein thermal coal projects in Mpumalanga had more than offset the closure of certain high cost operations, taking total first-quarter output to the 10%-higher 11.4-million tonnes.
Otmane El Rhazi : BEE firm to help fund Ferrum Crescent’s Moonlight BFS
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
ASX-, JSE- and Aim-listed Ferrum Crescent has signed a memorandum of understanding with South Africa’s Principal Monarch Investment for $12-million in funding to complete the bankable feasibility study on its Moonlight iron project, in South Africa’s Limpopo. In return for the $12-million in funding, which would be payable in three tranches, Principal would receive a 39% stake in the proposed Moonlight project.
ASX-, JSE- and Aim-listed Ferrum Crescent has signed a memorandum of understanding with South Africa’s Principal Monarch Investment for $12-million in funding to complete the bankable feasibility study on its Moonlight iron project, in South Africa’s Limpopo. In return for the $12-million in funding, which would be payable in three tranches, Principal would receive a 39% stake in the proposed Moonlight project.
Otmane El Rhazi : Rio and BHP ‘oversupply’ to crush Australian iron-ore market – Forrest
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Mining magnate Andrew Forrest launched a scathing attack on majors Rio Tinto and BHP Billiton, claiming that the miners’ decision to flood the market with iron-ore could cost the Australian economy between A$50-billion and A$60-billion a year. In an interview with the ABC’s The Business, Forrest claimed that the multi-national companies were acting irresponsibly by continuing to vocalise their decisions to continue expanding iron-ore production in the current market.
Mining magnate Andrew Forrest launched a scathing attack on majors Rio Tinto and BHP Billiton, claiming that the miners’ decision to flood the market with iron-ore could cost the Australian economy between A$50-billion and A$60-billion a year. In an interview with the ABC’s The Business, Forrest claimed that the multi-national companies were acting irresponsibly by continuing to vocalise their decisions to continue expanding iron-ore production in the current market.
Monday 4 May 2015
Otmane El Rhazi : HudBay reports Manitoba strike action
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Members of the International Association of Machinists and Aerospace Workers (IAM) had downed tools at base metals miner HudBay Minerals’s Manitoba operations. The TSX- and NYSE-listed miner reported that 180 members of union Local No 1848 began a strike at noon on Saturday.
Members of the International Association of Machinists and Aerospace Workers (IAM) had downed tools at base metals miner HudBay Minerals’s Manitoba operations. The TSX- and NYSE-listed miner reported that 180 members of union Local No 1848 began a strike at noon on Saturday.
Otmane El Rhazi : Black interests giving ferrochrome business wide berth
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Black South African interests are giving South Africa’s once-mighty ferrochrome business the cold shoulder. The value-adding pursuit, which puts six times more value into chrome and three time more jobs into chrome mining, was last seek ditched by Royal Bafokeng Holdings, the investment arm of the 300-strong Bafokeng community, which has for long been association with chrome, and earlier by Patrice Motsepe’s African Rainbow Minerals (ARM), which opted out of ferrochrome in Machadodorp some time ago and with its Assmang partner has chosen to close the Machadodorp ferroalloys operation altogether and relocate to a new ferroalloys project in Malaysia.
Black South African interests are giving South Africa’s once-mighty ferrochrome business the cold shoulder. The value-adding pursuit, which puts six times more value into chrome and three time more jobs into chrome mining, was last seek ditched by Royal Bafokeng Holdings, the investment arm of the 300-strong Bafokeng community, which has for long been association with chrome, and earlier by Patrice Motsepe’s African Rainbow Minerals (ARM), which opted out of ferrochrome in Machadodorp some time ago and with its Assmang partner has chosen to close the Machadodorp ferroalloys operation altogether and relocate to a new ferroalloys project in Malaysia.
Otmane El Rhazi : Palmer demands apology as court dismisses Citic’s misappropriation claim
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The Queensland Supreme Court on Monday dismissed claims by Chinese government-owned Citic Limited, which claimed that mining magnate Clive Palmer had misappropriated some A$12-million from a port fund associated with the Sino iron-ore project. Citic claimed that Palmer had committed a breach of trust when he withdrew A$12-million from a fund established to manage a port connected to the Western Australian project, in 2013.
The Queensland Supreme Court on Monday dismissed claims by Chinese government-owned Citic Limited, which claimed that mining magnate Clive Palmer had misappropriated some A$12-million from a port fund associated with the Sino iron-ore project. Citic claimed that Palmer had committed a breach of trust when he withdrew A$12-million from a fund established to manage a port connected to the Western Australian project, in 2013.
Friday 1 May 2015
Otmane El Rhazi : Vale debt rating cut 2nd time this year on iron-ore price drop
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Brazilian mining company Vale was downgraded late on Thursday by the Standard & Poor's credit-rating agency over concern that a drop in iron ore prices will erode revenue at the world's largest producer of the main steel-making ingredient. New York-based S&P reduced the company's rating to "BBB," the second-lowest investment grade level, from "BBB+." S&P had cut the company's rating to BBB+ in January.
Brazilian mining company Vale was downgraded late on Thursday by the Standard & Poor's credit-rating agency over concern that a drop in iron ore prices will erode revenue at the world's largest producer of the main steel-making ingredient. New York-based S&P reduced the company's rating to "BBB," the second-lowest investment grade level, from "BBB+." S&P had cut the company's rating to BBB+ in January.
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