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.
Friday 31 July 2015
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
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
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.
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