Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Three formal bids have been received by the practitioners presiding over the business rescue of steel producer Evraz Highveld Steel and Vanadium and a preferred bidder could be named by as early as Wednesday. Business rescue practitioner Piers Marsden told Engineering News Online on Monday that all three bids were received by the August 28 deadline, but that not all of the offers were necessarily capable of conclusion. Nevertheless, he remained optimistic that at least one bid could be accepted.
Monday 31 August 2015
Otmane El Rhazi : AMSA moves ahead with job cuts, says recent protection will help only in longer term
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Steel producer ArcelorMittal South Africa (AMSA) announced on Monday that processes had been initiated “with immediate effect” that could result in the retrenchment 400 people at the Vereeniging meltshop and the forge, in southern Gauteng. An “industrial footprint review” had also been initiated for its far larger Vanderbijlpark works, which remained unprofitable – the review would be completed by the end of October and could also result in job losses.
Steel producer ArcelorMittal South Africa (AMSA) announced on Monday that processes had been initiated “with immediate effect” that could result in the retrenchment 400 people at the Vereeniging meltshop and the forge, in southern Gauteng. An “industrial footprint review” had also been initiated for its far larger Vanderbijlpark works, which remained unprofitable – the review would be completed by the end of October and could also result in job losses.
Otmane El Rhazi : Mineralogy seeks $10bn in damages from Citic
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Australian miner Mineralogy has launched yet another court battle against Chinese government-owned Citic, this time launching a $10-billion claim for damages in the Supreme Court of Western Australia. “The simple fact is that Citic continues to export iron-ore concentrate from Western Australia and refuses to pay Mineralogy the royalty, which even Citic announced to its shareholders was the commercial basis of Mineralogy granting Citic its right to mine two-billion tonnes of magnetite iron-ore on Mineralogy mining leases,’’ Mineralogy chairperson Clive Mensink said on Monday
Australian miner Mineralogy has launched yet another court battle against Chinese government-owned Citic, this time launching a $10-billion claim for damages in the Supreme Court of Western Australia. “The simple fact is that Citic continues to export iron-ore concentrate from Western Australia and refuses to pay Mineralogy the royalty, which even Citic announced to its shareholders was the commercial basis of Mineralogy granting Citic its right to mine two-billion tonnes of magnetite iron-ore on Mineralogy mining leases,’’ Mineralogy chairperson Clive Mensink said on Monday
Friday 28 August 2015
Otmane El Rhazi : Price, jobs, investment conditions placed on beneficiaries of first round of steel duties
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The first applications for protection on several steel products were approved on Friday, with Trade and Industry Minister Dr Rob Davies confirming that duties across eight tariff subheadings would be increased to the World Trade Organisation (WTO) bound rate of 10%. However, government insisted that there could be no price increases for the steel products in question and placed conditions on job cuts and future investments at beneficiary companies.
The first applications for protection on several steel products were approved on Friday, with Trade and Industry Minister Dr Rob Davies confirming that duties across eight tariff subheadings would be increased to the World Trade Organisation (WTO) bound rate of 10%. However, government insisted that there could be no price increases for the steel products in question and placed conditions on job cuts and future investments at beneficiary companies.
Otmane El Rhazi : BHP Billiton still bullish on China
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Creamer Media's Shannon de Ryhove speaks to Mining Weekly editor Martin Creamer about BHP Billiton's bullishness on China, as well as the demerged South 32's opportunity to work with Eskom on additional coal supply.
Creamer Media's Shannon de Ryhove speaks to Mining Weekly editor Martin Creamer about BHP Billiton's bullishness on China, as well as the demerged South 32's opportunity to work with Eskom on additional coal supply.
Otmane El Rhazi : S Africa's trade Minister imposes steel tariffs with conditions
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
South Africa will introduce a new 10% customs duty on certain steel products, Trade and Industry Minister Dr Rob Davies said on Friday, aimed at protecting the local manufacturing industry from cheaper Chinese steel imports. Following complaints from ArcelorMittal and SAFAL Steel, Davies approved recommendations from the International Trade Administration Commission of South Africa (Itac) that the rate of customs duty on zinc-coated/galvanised steel, aluminium-zinc coated steel and colour coated steel be increased from free of duty to 10%.
South Africa will introduce a new 10% customs duty on certain steel products, Trade and Industry Minister Dr Rob Davies said on Friday, aimed at protecting the local manufacturing industry from cheaper Chinese steel imports. Following complaints from ArcelorMittal and SAFAL Steel, Davies approved recommendations from the International Trade Administration Commission of South Africa (Itac) that the rate of customs duty on zinc-coated/galvanised steel, aluminium-zinc coated steel and colour coated steel be increased from free of duty to 10%.
Otmane El Rhazi : Atlas shares rise as it reports lower costs
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The share price of iron-ore miner Atlas Iron shot up by 19% on Friday on news of lower costs and increased cash flows. Atlas told shareholders that cash costs during July fell to A$55/t, from the A$66/t reported in the June quarter, as the contractor collaboration agreements implemented at its Pilbara operations delivered results.
The share price of iron-ore miner Atlas Iron shot up by 19% on Friday on news of lower costs and increased cash flows. Atlas told shareholders that cash costs during July fell to A$55/t, from the A$66/t reported in the June quarter, as the contractor collaboration agreements implemented at its Pilbara operations delivered results.
Otmane El Rhazi : Ramatlhodi mired in new mine rights row – newspaper
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Aquila Resources‚ a subsidiary of China’s state-owned Baosteel‚ which has had a long-running battle with the Department of Mineral Resources over a manganese deposit‚ is poised to approach the courts to seek a judicial review if a resolution is not reached‚ Business Day reported. If the legal challenge is launched‚ it would be the third major case brought against the department this year.
Aquila Resources‚ a subsidiary of China’s state-owned Baosteel‚ which has had a long-running battle with the Department of Mineral Resources over a manganese deposit‚ is poised to approach the courts to seek a judicial review if a resolution is not reached‚ Business Day reported. If the legal challenge is launched‚ it would be the third major case brought against the department this year.
Thursday 27 August 2015
Otmane El Rhazi : Technology can assist in preventing mining fraud
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Technology is increasingly being used in the mining industry to reduce fraudulent activities, says software development company Dariel. Dariel MD Malcolm Rabson notes that while illegal mining is a significant challenge, it is not only these undertakings that result in fraud, as “much of it happens on the road between the mine and the processing plant”.
Technology is increasingly being used in the mining industry to reduce fraudulent activities, says software development company Dariel. Dariel MD Malcolm Rabson notes that while illegal mining is a significant challenge, it is not only these undertakings that result in fraud, as “much of it happens on the road between the mine and the processing plant”.
Otmane El Rhazi : Pan African yet to determine impact of IFM SA business rescue
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
JSE-listed Pan African Resources’ wholly-owned Phoenix Platinum Mining subsidiary will work closely with the business rescue practitioner for International Ferro Metals’ South African subsidiary to ensure that Phoenix’s interests are safeguarded. London-listed IFM on Wednesday announced that its IFM SA subsidiary, which operates the Lesedi underground mine and ferrochrome-smelting operations, had entered into business rescue, owing to deteriorating business conditions, including unsustainably low ferrochrome prices, rising costs, including labour and electricity costs, and interruptions in power supply and the resultant production losses.
JSE-listed Pan African Resources’ wholly-owned Phoenix Platinum Mining subsidiary will work closely with the business rescue practitioner for International Ferro Metals’ South African subsidiary to ensure that Phoenix’s interests are safeguarded. London-listed IFM on Wednesday announced that its IFM SA subsidiary, which operates the Lesedi underground mine and ferrochrome-smelting operations, had entered into business rescue, owing to deteriorating business conditions, including unsustainably low ferrochrome prices, rising costs, including labour and electricity costs, and interruptions in power supply and the resultant production losses.
Wednesday 26 August 2015
Otmane El Rhazi : IFM subsidiary enters business rescue
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Deteriorating business conditions have pushed London-listed International Ferro Metals’ (IFM’s) South African subsidiary into business rescue proceedings. The financially distressed IFM SA, which operates the Lesedi underground mine and ferrochrome-smelting operations, had been battling a downward trend in its operations and profitability that had proved more “deep-seated and sustained than anyone expected”.
Deteriorating business conditions have pushed London-listed International Ferro Metals’ (IFM’s) South African subsidiary into business rescue proceedings. The financially distressed IFM SA, which operates the Lesedi underground mine and ferrochrome-smelting operations, had been battling a downward trend in its operations and profitability that had proved more “deep-seated and sustained than anyone expected”.
Otmane El Rhazi : Assore earnings nosedive amid weak iron, steel environment
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
“Substantially” lower iron-ore and manganese prices and challenging operating conditions have contributed to JSE-listed Assore posting lower headline earnings and profit for the 2015 financial year. Headline earnings were down 53.3% to R2-billion, compared with R4.2-billion in the 2014 financial year, while profit fell 68% to R1.3-billion, compared with R4-billion in the comparative period.
“Substantially” lower iron-ore and manganese prices and challenging operating conditions have contributed to JSE-listed Assore posting lower headline earnings and profit for the 2015 financial year. Headline earnings were down 53.3% to R2-billion, compared with R4.2-billion in the 2014 financial year, while profit fell 68% to R1.3-billion, compared with R4-billion in the comparative period.
Otmane El Rhazi : BC Iron faces losses as iron-ore price falls
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The falling iron-ore price has resulted in junior miner BC Iron's revenues nearly halving for the financial year ended June, pushing the miner into a loss. BC Iron on Wednesday reported a net loss after tax of A$158.5-million, compared with a net profit of A$71.8-million in 2014, while revenues declined from the A$471.4-million reported in 2014 to A$281.2-million.
The falling iron-ore price has resulted in junior miner BC Iron's revenues nearly halving for the financial year ended June, pushing the miner into a loss. BC Iron on Wednesday reported a net loss after tax of A$158.5-million, compared with a net profit of A$71.8-million in 2014, while revenues declined from the A$471.4-million reported in 2014 to A$281.2-million.
Tuesday 25 August 2015
Otmane El Rhazi : June mining production up 4% y/y
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
South Africa’s mining production rose 4% year-on-year in June, mainly owing to higher platinum-group metal (PGMs), manganese ore, diamonds and chromium ore production. Speaking to Mining Weekly Online, Statistics South Africa (Stats SA) deputy director-general of economic statistics Joe de Beer attributed the rise mainly to the recovery of production following strikes in the first half of 2014.
South Africa’s mining production rose 4% year-on-year in June, mainly owing to higher platinum-group metal (PGMs), manganese ore, diamonds and chromium ore production. Speaking to Mining Weekly Online, Statistics South Africa (Stats SA) deputy director-general of economic statistics Joe de Beer attributed the rise mainly to the recovery of production following strikes in the first half of 2014.
Otmane El Rhazi : Evraz Highveld bidders given week’s extension to make binding offers
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Embattled steel producer Evraz Highveld Steel and Vanadium has granted potential bidders a week’s extension for the submission of binding offers. An initial deadline of August 21 had been set, which has now been extended to August 28 at the request of the bidders. The company as well as the associated Mapochs mine have been in business rescue since April and “several” potential bidders had paid the $10-million fee stipulated to gain access to the information required to complete a due diligence investigation.
Embattled steel producer Evraz Highveld Steel and Vanadium has granted potential bidders a week’s extension for the submission of binding offers. An initial deadline of August 21 had been set, which has now been extended to August 28 at the request of the bidders. The company as well as the associated Mapochs mine have been in business rescue since April and “several” potential bidders had paid the $10-million fee stipulated to gain access to the information required to complete a due diligence investigation.
Otmane El Rhazi : Barrambie PFS delivers positive results
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
A prefeasibility study (PFS) into the Barrambie titanium project, in Western Australia, has highlighted the potential for the project to be a low-cost producer of titanium dioxide, vanadium pentoxide and iron-oxide. Owner Neometals on Tuesday reported that the project would produce an average of 98 000 t/y of titanium dioxide, 2 000 t/y of vanadium pentoxide and 234 000 t/y of iron-oxide over a mine life of nearly 20 years.
A prefeasibility study (PFS) into the Barrambie titanium project, in Western Australia, has highlighted the potential for the project to be a low-cost producer of titanium dioxide, vanadium pentoxide and iron-oxide. Owner Neometals on Tuesday reported that the project would produce an average of 98 000 t/y of titanium dioxide, 2 000 t/y of vanadium pentoxide and 234 000 t/y of iron-oxide over a mine life of nearly 20 years.
Monday 24 August 2015
Otmane El Rhazi : EY’s Mining Eye index climbs first time in a year
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
ofessional services firm EY’s Canadian Mining Eye index has gained 4% during the three months ended June, recording a gain for the first time since the second quarter of 2014, compared with a 1% decline in the first quarter. The index outperformed the S&P/TSX Composite index, which slipped 2% during the quarter, while the London Metal Exchange index (LMEX) declined 5% over the quarter. EY’s AIM-based Mining Eye rose 13% during the second quarter.
ofessional services firm EY’s Canadian Mining Eye index has gained 4% during the three months ended June, recording a gain for the first time since the second quarter of 2014, compared with a 1% decline in the first quarter. The index outperformed the S&P/TSX Composite index, which slipped 2% during the quarter, while the London Metal Exchange index (LMEX) declined 5% over the quarter. EY’s AIM-based Mining Eye rose 13% during the second quarter.
Otmane El Rhazi : Govt, business, labour in rare show of unity amid threat of steel jobs ‘bloodbath’
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
In a rare show of collective force, labour and business in the steel sector appear to have successfully lobbied government to back efforts to raise protection for the embattled sector by hiking import duties on steel imports to the 10% “bound rate” allowed for under South Africa’s World Trade Organisation commitments. Several processes were currently under way, including several International Trade Administration Commission of South Africa (Itac) investigations that had been instituted following the submission of applications for protection on a range of steel products. It is understood that Itac deliberations on the first few applications are at an advanced stage and that a determination should be delivered soon to the relevant Ministers for final approval.
In a rare show of collective force, labour and business in the steel sector appear to have successfully lobbied government to back efforts to raise protection for the embattled sector by hiking import duties on steel imports to the 10% “bound rate” allowed for under South Africa’s World Trade Organisation commitments. Several processes were currently under way, including several International Trade Administration Commission of South Africa (Itac) investigations that had been instituted following the submission of applications for protection on a range of steel products. It is understood that Itac deliberations on the first few applications are at an advanced stage and that a determination should be delivered soon to the relevant Ministers for final approval.
Otmane El Rhazi : India scrambles to maintain Posco investment
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
In a last ditch effort to salvage South Korean steel major Posco’s Indian project, the Prime Minister’s Office (PMO) has convened a high level meeting this week to explore every option for the grant of iron-ore resources to the steelmaker. According to an official in the Steel and Mines Ministry, the meeting would be held under the aegis of the PMO with the direct intervention of Prime Minister Narendra Modi, and attended by officials in the Steel and Mines Ministries, representatives from the Odisha provincial government and PMO officials tasked with monitoring megaprojects under implementation across the country.
In a last ditch effort to salvage South Korean steel major Posco’s Indian project, the Prime Minister’s Office (PMO) has convened a high level meeting this week to explore every option for the grant of iron-ore resources to the steelmaker. According to an official in the Steel and Mines Ministry, the meeting would be held under the aegis of the PMO with the direct intervention of Prime Minister Narendra Modi, and attended by officials in the Steel and Mines Ministries, representatives from the Odisha provincial government and PMO officials tasked with monitoring megaprojects under implementation across the country.
Otmane El Rhazi : Fortescue profit falls 88% amid lower iron-ore prices
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
ron-ore major Fortescue Metals has reported an 88% fall in net profits for the financial year ended June, as lower iron-ore prices ate into profit margins. Net profit after tax for the year reached $316-million, compared with the $2.7-billion reported in 2014, while underlying earnings before interest, taxes, depreciation and amortisation were down to $2.5-billion, from the $5.6-billion reported in the 2014 financial year.
ron-ore major Fortescue Metals has reported an 88% fall in net profits for the financial year ended June, as lower iron-ore prices ate into profit margins. Net profit after tax for the year reached $316-million, compared with the $2.7-billion reported in 2014, while underlying earnings before interest, taxes, depreciation and amortisation were down to $2.5-billion, from the $5.6-billion reported in the 2014 financial year.
Friday 21 August 2015
Otmane El Rhazi : KWG gains strategic Ring of Fire claims
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Junior project developer KWG Resources has clinched a deal to acquire five strategic claims straddling Ontario’s nascent Ring of Fire (RoF) mining district. The company planned to issue seller MacDonald Mines Exploration with about $100 000 in scrip to acquire the Hornby property, located in an area dominated by Noront Resources.
Junior project developer KWG Resources has clinched a deal to acquire five strategic claims straddling Ontario’s nascent Ring of Fire (RoF) mining district. The company planned to issue seller MacDonald Mines Exploration with about $100 000 in scrip to acquire the Hornby property, located in an area dominated by Noront Resources.
Otmane El Rhazi : Diamond producer Alrosa to supply Norilsk with X-ray slurry analysers
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
A subsidiary of Russian diamond major Alrosa has won a tender to supply nickel miner Norilsk with five X-ray slurry analysers. The X-ray AR-31-NM analysers would be installed at the Talnah concentration mill, in Russia, to determine nickel, copper and iron concentrations in concentrates and tailings from the flotation process.
A subsidiary of Russian diamond major Alrosa has won a tender to supply nickel miner Norilsk with five X-ray slurry analysers. The X-ray AR-31-NM analysers would be installed at the Talnah concentration mill, in Russia, to determine nickel, copper and iron concentrations in concentrates and tailings from the flotation process.
Otmane El Rhazi : Rio Tinto to ship 20% more iron-ore to China in 2015
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Australian mining giant Rio Tinto expects to deliver 240-million tonnes of iron ore to China this year, up from 200-million tonnes in 2014, the company's China managing director told reporters on Friday. Ren Binyan said at a press briefing that the company had driven down its production costs to $16.20/t this year, down $2 from last year, enabling it to cope with falling prices.
Australian mining giant Rio Tinto expects to deliver 240-million tonnes of iron ore to China this year, up from 200-million tonnes in 2014, the company's China managing director told reporters on Friday. Ren Binyan said at a press briefing that the company had driven down its production costs to $16.20/t this year, down $2 from last year, enabling it to cope with falling prices.
Otmane El Rhazi : Labour, business in bid to stop steel jobs bloodbath
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Labour and business were scheduled to meet with government representatives in Pretoria on Friday in a bid to stem massive job losses the steel sector faces in the coming months. "The meeting was requested by labour and business amidst the looming jobs loss bloodbath" in the steel sector, said the National Union of Metalworkers of South Africa (Numsa) in a statement issued on Friday.
Labour and business were scheduled to meet with government representatives in Pretoria on Friday in a bid to stem massive job losses the steel sector faces in the coming months. "The meeting was requested by labour and business amidst the looming jobs loss bloodbath" in the steel sector, said the National Union of Metalworkers of South Africa (Numsa) in a statement issued on Friday.
Otmane El Rhazi : Rio Tinto says to ship 240mt iron-ore to China in 2015
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Australian mining giant Rio Tinto expects to deliver 240-million tonnes of iron ore to China this year, up from 200-million tonnes in 2014, the company's China managing director told reporters on Friday. Ren Binyan said at a press briefing that the company had driven down its production costs to $16.20/t this year, down $2 from last year, enabling it to cope with falling prices.
Australian mining giant Rio Tinto expects to deliver 240-million tonnes of iron ore to China this year, up from 200-million tonnes in 2014, the company's China managing director told reporters on Friday. Ren Binyan said at a press briefing that the company had driven down its production costs to $16.20/t this year, down $2 from last year, enabling it to cope with falling prices.
Otmane El Rhazi : Fortescue reserves inch up
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Iron-ore major Fortescue Metals has reported an increase in its iron-ore reserves, which included a maiden magnetite ore reserve. Hemattie reserves increased from the 2.37-billion tonnes reported in June 2014, to 2.4-billion tonnes, while hematite reserves decreased slightly from 5.44-billion tonnes to 5.42-billion tonnes.
Iron-ore major Fortescue Metals has reported an increase in its iron-ore reserves, which included a maiden magnetite ore reserve. Hemattie reserves increased from the 2.37-billion tonnes reported in June 2014, to 2.4-billion tonnes, while hematite reserves decreased slightly from 5.44-billion tonnes to 5.42-billion tonnes.
Thursday 20 August 2015
Otmane El Rhazi : The roles of aviation in supporting mining
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Mining depends on infrastructure. So much so that mining companies sometimes have to build and operate their own railways, ports and power stations, in parts of the world in which such essentials are non-existent or woefully inadequate. And those parts of the world tend to be rather isolated or remote. Which brings another form of infrastructure into play, one rarely thought of in relation to mining projects – aviation.
Mining depends on infrastructure. So much so that mining companies sometimes have to build and operate their own railways, ports and power stations, in parts of the world in which such essentials are non-existent or woefully inadequate. And those parts of the world tend to be rather isolated or remote. Which brings another form of infrastructure into play, one rarely thought of in relation to mining projects – aviation.
Wednesday 19 August 2015
Otmane El Rhazi : Bauba Platinum delivers positive FY earnings
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
JSE-listed Bauba Platinum has entered into positive earnings territory as it transitioned from a junior platinum explorer to a cash-generating chrome producer in the financial year to June 30. The company on Wednesday posted headline earnings a share of 2.65c, a positive turnaround on the headline loss a share of 4.4c in the prior year.
JSE-listed Bauba Platinum has entered into positive earnings territory as it transitioned from a junior platinum explorer to a cash-generating chrome producer in the financial year to June 30. The company on Wednesday posted headline earnings a share of 2.65c, a positive turnaround on the headline loss a share of 4.4c in the prior year.
Otmane El Rhazi : Important that Optimum Coal issue is resolved – Glencore
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
It was important that the Optimum Coal issue was resolved well so that the coal-mining company could become operational once more, Glencore CEO Ivan Glasenberg said on Wednesday. Responding to media questions after the mining and marketing company’s presentation of half-year (H1) results, Glasenberg said that Optimum’s business rescue practitioners working with Eskom needed to find a solution at Optimum.
It was important that the Optimum Coal issue was resolved well so that the coal-mining company could become operational once more, Glencore CEO Ivan Glasenberg said on Wednesday. Responding to media questions after the mining and marketing company’s presentation of half-year (H1) results, Glasenberg said that Optimum’s business rescue practitioners working with Eskom needed to find a solution at Optimum.
Otmane El Rhazi : Evraz Highveld looks to sell Mapochs mine for $10m
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Integrated steel and vanadium slag producer Evraz Highveld Steel & Vanadium is seeking to sell its subsidiary Mapochs Mine for $10-million to a buyer that will facilitate the rescue of the Limpopo-based mine. A number of preferred bidders were selected in July and due diligence would be finalised and closed by August 21.
Integrated steel and vanadium slag producer Evraz Highveld Steel & Vanadium is seeking to sell its subsidiary Mapochs Mine for $10-million to a buyer that will facilitate the rescue of the Limpopo-based mine. A number of preferred bidders were selected in July and due diligence would be finalised and closed by August 21.
Otmane El Rhazi : Glencore maintains dividend on 29% lower earnings
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Diversified marketing and mining major Glencore on Wednesday reported 29% lower first-half (H1) earnings of $4.6-billion on weaker commodity prices. The board of the London-, Hong Kong- and Johannesburg-listed company declared an interim dividend of $0.6 a share, consistent with the 2014 interim distribution, “reflecting confidence in the prospects and strength of underlying operations, commodities mix and sustainable cash flow profile”.
Diversified marketing and mining major Glencore on Wednesday reported 29% lower first-half (H1) earnings of $4.6-billion on weaker commodity prices. The board of the London-, Hong Kong- and Johannesburg-listed company declared an interim dividend of $0.6 a share, consistent with the 2014 interim distribution, “reflecting confidence in the prospects and strength of underlying operations, commodities mix and sustainable cash flow profile”.
Otmane El Rhazi : Arrium swings to net loss
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Falling iron-ore prices have resulted in ASX-listed Arrium Mining and Materials reporting a net loss after tax of A$1.9-billion for the financial year ended June, compared with a net profit of A$205.4-million in 2014. The net loss included a A$1.79-billion asset impairment and restructuring costs, the company said.
Falling iron-ore prices have resulted in ASX-listed Arrium Mining and Materials reporting a net loss after tax of A$1.9-billion for the financial year ended June, compared with a net profit of A$205.4-million in 2014. The net loss included a A$1.79-billion asset impairment and restructuring costs, the company said.
Otmane El Rhazi : Mt Gibson pummeled in FY2015
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Junior iron-ore miner Mount Gibson Iron swung into red during the 2015 financial year, as iron-ore prices fell and the miner was forced to cut back production following the failure of a seawall at its Koolan Island operation, in December 2014. An underlying loss of A$13.9-million was reported, before impairment, for the full year ending June, compared with a gross profit of a$173-million in 2014. A net loss after tax of A$911.4-million included an impairment charge of A$945.2-million, and compared with a net profit of A$96.4-million in 2014.
Junior iron-ore miner Mount Gibson Iron swung into red during the 2015 financial year, as iron-ore prices fell and the miner was forced to cut back production following the failure of a seawall at its Koolan Island operation, in December 2014. An underlying loss of A$13.9-million was reported, before impairment, for the full year ending June, compared with a gross profit of a$173-million in 2014. A net loss after tax of A$911.4-million included an impairment charge of A$945.2-million, and compared with a net profit of A$96.4-million in 2014.
Tuesday 18 August 2015
Otmane El Rhazi : Tawana submits scoping, ESIA terms of reference reports
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Dual-listed Tawana Resources has submitted a scoping report and terms of reference report for an environmental- and social-impact assessment (ESIA) for its Mofe Creek project to the Liberia Environmental Protection Agency (EPA) for review. Once the terms of reference report was approved by the EPA, Tawana could “fully progress” the Mofe Creek project’s ESIA studies.
Dual-listed Tawana Resources has submitted a scoping report and terms of reference report for an environmental- and social-impact assessment (ESIA) for its Mofe Creek project to the Liberia Environmental Protection Agency (EPA) for review. Once the terms of reference report was approved by the EPA, Tawana could “fully progress” the Mofe Creek project’s ESIA studies.
Otmane El Rhazi : Lack of takers for Goa iron-ore clogs all stockyards
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
While iron-ore mining in the western Indian province of Goa was poised to resume within a month, there were no takers for the raw material, leading to stockpiling- of old inventories and a space crunch for new production. According to a Goa government official, of the total 15-million tonnes of old iron-ore fines inventory occupying stockyards and ports only six-milion tonnes have been liquidated through seven rounds of auctions, but in the absence of large volume overseas buyers, local traders were refusing to transport the stocks.
While iron-ore mining in the western Indian province of Goa was poised to resume within a month, there were no takers for the raw material, leading to stockpiling- of old inventories and a space crunch for new production. According to a Goa government official, of the total 15-million tonnes of old iron-ore fines inventory occupying stockyards and ports only six-milion tonnes have been liquidated through seven rounds of auctions, but in the absence of large volume overseas buyers, local traders were refusing to transport the stocks.
Otmane El Rhazi : Fortescue shares rise amid media speculation of Chinese deal
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Iron-ore miner Fortescue Metals saw a slight increase in its share price on Tuesday as media reports emerged that the miner was considering a A$2-billion deal over its Chichester hub, in the Pilbara region. It was reported that two State-owned Chinese entities were in separate talks with the iron-ore major.
Iron-ore miner Fortescue Metals saw a slight increase in its share price on Tuesday as media reports emerged that the miner was considering a A$2-billion deal over its Chichester hub, in the Pilbara region. It was reported that two State-owned Chinese entities were in separate talks with the iron-ore major.
Otmane El Rhazi : Brockman warns of massive impairments
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
ASX-listed Brockman Mining on Tuesday warned of an asset impairment of some HK$1.26-billion for the year ended June, owing to the falling prices of iron-ore. The impairment charged related to both the company’s Western Australian iron-ore assets, as well as its mining right in China
ASX-listed Brockman Mining on Tuesday warned of an asset impairment of some HK$1.26-billion for the year ended June, owing to the falling prices of iron-ore. The impairment charged related to both the company’s Western Australian iron-ore assets, as well as its mining right in China
Monday 17 August 2015
Otmane El Rhazi : West Pilbara capex estimate cut by A$1.5bn
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The joint venture (JV) partners over the West Pilbara iron-ore project had identified a A$1.5-billion, or 25%, reduction in preliminary capital costs required for the development of the project. A 2012 study estimated that the Stage 1 operation would require a capital investment of A$5.7-billion.
The joint venture (JV) partners over the West Pilbara iron-ore project had identified a A$1.5-billion, or 25%, reduction in preliminary capital costs required for the development of the project. A 2012 study estimated that the Stage 1 operation would require a capital investment of A$5.7-billion.
Otmane El Rhazi : Mt Gibson reserves tumble
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Iron-ore miner Mount Gibson has reported a massive decline in its iron-ore reserve estimates, following a seawall failure at its Koolan Island operation, in December of last year. Mount Gibson’s ore reserves were now estimated to be 7.1-million tonnes, grading 58.4% iron, compared with the previous reserve estimate of 44.3-million tonnes, at 62% iron.
Iron-ore miner Mount Gibson has reported a massive decline in its iron-ore reserve estimates, following a seawall failure at its Koolan Island operation, in December of last year. Mount Gibson’s ore reserves were now estimated to be 7.1-million tonnes, grading 58.4% iron, compared with the previous reserve estimate of 44.3-million tonnes, at 62% iron.
Friday 14 August 2015
Otmane El Rhazi : Brazil court orders Vale to halt Amazon nickel-mine operation
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
A Brazilian federal court on Friday ordered Vale to halt activity at its Onça Puma nickel mine, in Brazil's Amazon state of Pará, until it can demonstrate what actions it has taken to compensate indigenous communities in the region. Vale's operations in Pará face regular legal and protest action by native Brazilian groups seeking better schools, health care and other public services.
A Brazilian federal court on Friday ordered Vale to halt activity at its Onça Puma nickel mine, in Brazil's Amazon state of Pará, until it can demonstrate what actions it has taken to compensate indigenous communities in the region. Vale's operations in Pará face regular legal and protest action by native Brazilian groups seeking better schools, health care and other public services.
Otmane El Rhazi : Atlats swings to FY loss
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Embattled iron-ore miner Atlas Iron has reported a net loss after tax of nearly A$1.4-billion dollars for the financial year ended June, as iron-ore prices nearly halved and the miner was forced to shut down production. The massive loss reported in 2015 compared with a net profit after tax of A$17-million in 2014.
Embattled iron-ore miner Atlas Iron has reported a net loss after tax of nearly A$1.4-billion dollars for the financial year ended June, as iron-ore prices nearly halved and the miner was forced to shut down production. The massive loss reported in 2015 compared with a net profit after tax of A$17-million in 2014.
Otmane El Rhazi : Mineralogy to appeal Citic court judgment
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Mining personality Clive Palmer has vowed to appeal a court decision to dismiss Mineralogy’s efforts to terminate Chinese miner Citic Pacific’s right to export iron-ore from the Sino project through the port at Cape Preston. Mineralogy had claimed that Citic was in breach of an agreement with Mineralogy to hand over control of port facilities, once they were built.
Mining personality Clive Palmer has vowed to appeal a court decision to dismiss Mineralogy’s efforts to terminate Chinese miner Citic Pacific’s right to export iron-ore from the Sino project through the port at Cape Preston. Mineralogy had claimed that Citic was in breach of an agreement with Mineralogy to hand over control of port facilities, once they were built.
Otmane El Rhazi : Equatorial divests of Congo iron project
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
ASX-listed junior Equatorial Resources on Friday announced that it had entered into a conditional sales agreement with a subsidiary of European commodities trader Interalloys Trading to divest of its Mayoko-Moussondji iron project, in the Republic of Congo. Interalloys subsidiary Midus Global would acquire the project for A$5-million in cash, as well as a 2% royalty over all iron-ore produced and sold at the Mayoko-Moussondji operation.
ASX-listed junior Equatorial Resources on Friday announced that it had entered into a conditional sales agreement with a subsidiary of European commodities trader Interalloys Trading to divest of its Mayoko-Moussondji iron project, in the Republic of Congo. Interalloys subsidiary Midus Global would acquire the project for A$5-million in cash, as well as a 2% royalty over all iron-ore produced and sold at the Mayoko-Moussondji operation.
Thursday 13 August 2015
Otmane El Rhazi : TPT gets go-ahead to operate manganese terminal
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Cabinet has approved the issuing to Transnet Port Terminals (TPT) of a permanent operating licence to operate the manganese container terminal at the Port of Ngqura, near Port Elizabeth. This was in line with government priorities relating to Operation Phakisa on growing the country’s oceans economy and would result in relocating manganese operations from the ports of Port Elizabeth and Saldanha to the Port of Ngqura.
Cabinet has approved the issuing to Transnet Port Terminals (TPT) of a permanent operating licence to operate the manganese container terminal at the Port of Ngqura, near Port Elizabeth. This was in line with government priorities relating to Operation Phakisa on growing the country’s oceans economy and would result in relocating manganese operations from the ports of Port Elizabeth and Saldanha to the Port of Ngqura.
Otmane El Rhazi : IFM fights low ferrochrome price, higher input costs
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
International Ferro Metals’ (IFM’s) financial performance and cash flows will likely remain under pressure unless there is a “sustained improvement” in the ferrochrome price, which has been hovering at the same level for three consecutive quarters. The European Benchmark Price remained at a five-year low of $1.08/lb by the end of June, following a $0.07/lb drop in the March quarter, with no indications of improving market conditions, the company noted in its quarterly production report for the three months to June 30 on Thursday.
International Ferro Metals’ (IFM’s) financial performance and cash flows will likely remain under pressure unless there is a “sustained improvement” in the ferrochrome price, which has been hovering at the same level for three consecutive quarters. The European Benchmark Price remained at a five-year low of $1.08/lb by the end of June, following a $0.07/lb drop in the March quarter, with no indications of improving market conditions, the company noted in its quarterly production report for the three months to June 30 on Thursday.
Otmane El Rhazi : Optimum rescue chance reasonable if Eskom deal renegotiated – Glencore
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The directors of Optimum are of the view that there is a reasonable prospect of rescuing Optimum Coal if the supply agreement with Eskom can be renegotiated, Glencore said on Thursday. In releasing its half-year (H1) production figures, the diversified major reported 3% higher South African coal production at 22.3-million tonnes, mainly on coal discard reprocessing at iMpunzi and the ramp-up of opencast operations and continued underground productivity improvements at its Tweefontein colliery in Mpumalanga.
The directors of Optimum are of the view that there is a reasonable prospect of rescuing Optimum Coal if the supply agreement with Eskom can be renegotiated, Glencore said on Thursday. In releasing its half-year (H1) production figures, the diversified major reported 3% higher South African coal production at 22.3-million tonnes, mainly on coal discard reprocessing at iMpunzi and the ramp-up of opencast operations and continued underground productivity improvements at its Tweefontein colliery in Mpumalanga.
Otmane El Rhazi : NSL secures $5m loan
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Junior iron-ore producer NSL Consolidated has secured a $5-million commercial loan from New York investment firm MG Partners to finance the construction of the Phase 2 wet plant, at the Kurnool project, in India. Under the terms of the agreement, NSL would receive a direct loan of A$600 000 to immediately start Phase 1 dry lump production and to attain domestic sales of up to 10 000 t of lump iron, at an average profit margin of at least 25%.
Junior iron-ore producer NSL Consolidated has secured a $5-million commercial loan from New York investment firm MG Partners to finance the construction of the Phase 2 wet plant, at the Kurnool project, in India. Under the terms of the agreement, NSL would receive a direct loan of A$600 000 to immediately start Phase 1 dry lump production and to attain domestic sales of up to 10 000 t of lump iron, at an average profit margin of at least 25%.
Otmane El Rhazi : Atlas buys Sheffield tenements
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Embattled iron-ore miner Atlas Iron has acquired three exploration tenements from fellow-listed Sheffield Resources, located near its Abydos and Mt Webber operations, in the Pilbara. Atlas would pay A$150 000 for the tenements, payable in shares base don a 15% discount to the company’s five-day volume weighted average price.
Embattled iron-ore miner Atlas Iron has acquired three exploration tenements from fellow-listed Sheffield Resources, located near its Abydos and Mt Webber operations, in the Pilbara. Atlas would pay A$150 000 for the tenements, payable in shares base don a 15% discount to the company’s five-day volume weighted average price.
Wednesday 12 August 2015
Otmane El Rhazi : Steel protection cannot lead to price hikes, govt warns
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Department of Trade and Industry (DTI) director-general Lionel October has confirmed that various processes are at an advanced stage to offer greater protection to the domestic primary steel industry, as well as to specify the use of locally produced steel in public infrastructure projects. He stresses, though, that government will not act in a way that undermines the integrity of independent processes, highlighting that it is up to International Trade Administration Commission of South Africa (Itac) to assess the case for raising duties to the 10% bound levels allowed for under South Africa’s World Trade Organisation (WTO) commitments.
Department of Trade and Industry (DTI) director-general Lionel October has confirmed that various processes are at an advanced stage to offer greater protection to the domestic primary steel industry, as well as to specify the use of locally produced steel in public infrastructure projects. He stresses, though, that government will not act in a way that undermines the integrity of independent processes, highlighting that it is up to International Trade Administration Commission of South Africa (Itac) to assess the case for raising duties to the 10% bound levels allowed for under South Africa’s World Trade Organisation (WTO) commitments.
Otmane El Rhazi : Alderon expects further delays to Kami project
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Maritime Canada-focused project developer Alderon Iron Ore on Tuesday announced that it expected to have further delays in completing its financing plan and to start construction of its flagship Kami direct shipping iron-ore project, in western Labrador, citing the current depressed state of the iron-ore market and changes in ownership and management of assets in the Labrador Trough. The TSX- and NYSE MKT-listed company also revealed a reshuffling of senior management, which would undertake a rescope of the capital and operating costs of the Kami project to identify project savings and to evaluate strategic alternatives for the company.
Maritime Canada-focused project developer Alderon Iron Ore on Tuesday announced that it expected to have further delays in completing its financing plan and to start construction of its flagship Kami direct shipping iron-ore project, in western Labrador, citing the current depressed state of the iron-ore market and changes in ownership and management of assets in the Labrador Trough. The TSX- and NYSE MKT-listed company also revealed a reshuffling of senior management, which would undertake a rescope of the capital and operating costs of the Kami project to identify project savings and to evaluate strategic alternatives for the company.
Tuesday 11 August 2015
Otmane El Rhazi : Alderon expects further delays to Kami DSO project
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Maritime Canada-focused project developer Alderon Iron Ore on Tuesday announced that it expected to have further delays in completing its financing plan and to start construction of its flagship Kami direct shipping iron-ore project, citing the current depressed state of the iron-ore market and changes in ownership and management of assets in the Labrador Trough. The TSX- and NYSE MKT-listed company also revealed a reshuffling of senior management, which would undertake a re-scope of the capital and operating costs of the Kami project in order to identify project savings and to evaluate strategic alternatives for the company.
Maritime Canada-focused project developer Alderon Iron Ore on Tuesday announced that it expected to have further delays in completing its financing plan and to start construction of its flagship Kami direct shipping iron-ore project, citing the current depressed state of the iron-ore market and changes in ownership and management of assets in the Labrador Trough. The TSX- and NYSE MKT-listed company also revealed a reshuffling of senior management, which would undertake a re-scope of the capital and operating costs of the Kami project in order to identify project savings and to evaluate strategic alternatives for the company.
Thursday 6 August 2015
Otmane El Rhazi : Commodity slump forces Aus mines to seek specialised labour
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
To relieve operational strain, drive process improvements and effectively implement cost-reduction strategies, Australia’s mining companies are increasingly employing specialised and highly skilled contract staff, says LSE-listed recruitment company Hays resources and mining regional director Chris Kent. He adds that many of the country’s mining operations are undergoing significant structural changes to remain profitable during the current low commodity-price market.
To relieve operational strain, drive process improvements and effectively implement cost-reduction strategies, Australia’s mining companies are increasingly employing specialised and highly skilled contract staff, says LSE-listed recruitment company Hays resources and mining regional director Chris Kent. He adds that many of the country’s mining operations are undergoing significant structural changes to remain profitable during the current low commodity-price market.
Otmane El Rhazi : Increased production sees Australia mining through tough market
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Despite a depressed global commodity price market, Australia’s iron-ore industry, even at prices of A$60/t to A$70/t, remains lucrative for the most part, says professional services company KPMG Australia head of mining Carl Adams. “Operations have never needed more people or spent more money. Iron-ore production has risen more than four-fold from about 160-million tons a year in 2000 to about 700-million tons a year at present,” he points out.
Despite a depressed global commodity price market, Australia’s iron-ore industry, even at prices of A$60/t to A$70/t, remains lucrative for the most part, says professional services company KPMG Australia head of mining Carl Adams. “Operations have never needed more people or spent more money. Iron-ore production has risen more than four-fold from about 160-million tons a year in 2000 to about 700-million tons a year at present,” he points out.
Otmane El Rhazi : Pilot refinery testwork confirms positive results
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Australian exploration company and emerging strategic metals producer TNG has successfully completed the pilot metallurgical testwork programme for the Tivan downstream refinery of its flagship Mount Peake vanadium-titanium-iron project in the Northern Territory, the company announced last month, noting that the results of the testwork met or exceeded expectations in all areas. The Tivan testwork programme was carried out at Australia’s national science agency, the Commonwealth Scientific and ...
Australian exploration company and emerging strategic metals producer TNG has successfully completed the pilot metallurgical testwork programme for the Tivan downstream refinery of its flagship Mount Peake vanadium-titanium-iron project in the Northern Territory, the company announced last month, noting that the results of the testwork met or exceeded expectations in all areas. The Tivan testwork programme was carried out at Australia’s national science agency, the Commonwealth Scientific and ...
Otmane El Rhazi : Rio Tinto CEO rejects fears over China growth, demand
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Demand for commodities is healthy on the ground in top consumer China despite worries about an economic slowdown that has weighed on prices, the head of mining group Rio Tinto said on Thursday. It was unclear, however, when China will cut back excess output in aluminium that has led to heavy exports and a glut on world markets, CEO Sam Walsh said.
Demand for commodities is healthy on the ground in top consumer China despite worries about an economic slowdown that has weighed on prices, the head of mining group Rio Tinto said on Thursday. It was unclear, however, when China will cut back excess output in aluminium that has led to heavy exports and a glut on world markets, CEO Sam Walsh said.
Otmane El Rhazi : TFR gears up for R176m manganese line shutdown
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Railways utility Transnet Freight Rail (TFR) reports that it will spend R176-million during the annual maintenance shutdown of the manganese line, which will begin on August 11 and continue until August 20. The 965 km railway line spans two provinces, running between Swartkops and De Aar, in the Eastern Cape, and between De Aar and Postmasburg, in the Northern Cape.
Railways utility Transnet Freight Rail (TFR) reports that it will spend R176-million during the annual maintenance shutdown of the manganese line, which will begin on August 11 and continue until August 20. The 965 km railway line spans two provinces, running between Swartkops and De Aar, in the Eastern Cape, and between De Aar and Postmasburg, in the Northern Cape.
Otmane El Rhazi : Aus Tin buys new project
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
ASX-listed junior Aus Tin Mining has signed a non-binding heads of agreement to acquire privately held McDermott Mining in order to gain ownership of the Granville tin project, in Tasmania. Under the terms of the agreement, Au Tin Mining would pay A$1.3-million for the unlisted McDermott Mining, subject to the completion of a due diligence and the receipt of all necessary approvals.
ASX-listed junior Aus Tin Mining has signed a non-binding heads of agreement to acquire privately held McDermott Mining in order to gain ownership of the Granville tin project, in Tasmania. Under the terms of the agreement, Au Tin Mining would pay A$1.3-million for the unlisted McDermott Mining, subject to the completion of a due diligence and the receipt of all necessary approvals.
Otmane El Rhazi : Metals X suspends tin plant
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Metals miner Metals X this week reported that mining in three of its four underground production areas at the Renison tin mine, in Tasmania, have been resumed. Operations at Renison were suspended on August 2, following a seismic event at the 50% held operation, Metals X said. No injuries or damages to equipment were reported.
Metals miner Metals X this week reported that mining in three of its four underground production areas at the Renison tin mine, in Tasmania, have been resumed. Operations at Renison were suspended on August 2, following a seismic event at the 50% held operation, Metals X said. No injuries or damages to equipment were reported.
Wednesday 5 August 2015
Otmane El Rhazi : Brazil's Vale plans debt sale to expand Carajas railway
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The board of Vale, the world's largest iron-ore producer, on Wednesday approved plans to raise one-billion reais ($287-million) from the sale of debt notes to expand the railway system at the Carajas ore mine. Vale plans to file Thursday a request before securities industry watchdog CVM to approve the sale of the so-called infrastructure notes in two portions, according to a securities filing. The notes will have maturities of five and seven years and could be increased by 350-million reais pending certain conditions, the filing said.
The board of Vale, the world's largest iron-ore producer, on Wednesday approved plans to raise one-billion reais ($287-million) from the sale of debt notes to expand the railway system at the Carajas ore mine. Vale plans to file Thursday a request before securities industry watchdog CVM to approve the sale of the so-called infrastructure notes in two portions, according to a securities filing. The notes will have maturities of five and seven years and could be increased by 350-million reais pending certain conditions, the filing said.
Otmane El Rhazi : Brazil's Vale estimates 2015 investment of $8bn to $8.5bn
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Brazilian miner Vale expects to invest $4-billion in the second half of 2015 and sees total investments of between $8-billion and $8.5-billion in the full year, according to a presentation on Wednesday. Vale had estimated investments of between $8-billion and $9-billion in 2015 on June 24, as it tries to reduce capital spending in the midst of a price slump in iron-ore.
Brazilian miner Vale expects to invest $4-billion in the second half of 2015 and sees total investments of between $8-billion and $8.5-billion in the full year, according to a presentation on Wednesday. Vale had estimated investments of between $8-billion and $9-billion in 2015 on June 24, as it tries to reduce capital spending in the midst of a price slump in iron-ore.
Otmane El Rhazi : AMSA makes yet more submissions to Itac for steel protection
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Steel producer ArcelorMittal South Africa (AMSA) has confirmed the submission of seven new applications to the International Trade Administration Commission of South Africa (Itac) for an increase of customs duties on certain steel products to 10%. The new submissions cover plate, hot-rolled coil, cold-rolled coil, tin plate, sections, bars and rods and semi-finished products such as slabs, blooms and billets.
Steel producer ArcelorMittal South Africa (AMSA) has confirmed the submission of seven new applications to the International Trade Administration Commission of South Africa (Itac) for an increase of customs duties on certain steel products to 10%. The new submissions cover plate, hot-rolled coil, cold-rolled coil, tin plate, sections, bars and rods and semi-finished products such as slabs, blooms and billets.
Otmane El Rhazi : Despite gold remaining under pressure, niche opportunities surface – Resource Maven
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Gold bugs have had good reason to be gloomy of late: the yellow metal’s price sunk to five-year lows when it reached $1 080.20/oz on the London PM fix on July 24. It clawed back some of the loss last week and stood at $1 092.60/oz on Tuesday. Speculation thrived about a future descent to $1 000/oz, with some arguing that gold would breach this and fall to further depths. Few commentators predicted a revival in the yellow metal’s fortunes any time soon – even if gold bears covered overly strong short positions.
Gold bugs have had good reason to be gloomy of late: the yellow metal’s price sunk to five-year lows when it reached $1 080.20/oz on the London PM fix on July 24. It clawed back some of the loss last week and stood at $1 092.60/oz on Tuesday. Speculation thrived about a future descent to $1 000/oz, with some arguing that gold would breach this and fall to further depths. Few commentators predicted a revival in the yellow metal’s fortunes any time soon – even if gold bears covered overly strong short positions.
Otmane El Rhazi : R50m mine design centre opens
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
The University of Pretoria’s new virtual and augmented reality mine design centre, which is set to revolutionise both surface and underground mine design, was officially opened on Tuesday evening. A total of R50-million has been invested in the centre, which has come out of a highly successful test phase ahead of its public launch. The University of Pretoria has itself invested R32-million in the 1 600 m2 complex and Anglo American group company Kumba Iron Ore R18.8-million. Professor Ronny ...
The University of Pretoria’s new virtual and augmented reality mine design centre, which is set to revolutionise both surface and underground mine design, was officially opened on Tuesday evening. A total of R50-million has been invested in the centre, which has come out of a highly successful test phase ahead of its public launch. The University of Pretoria has itself invested R32-million in the 1 600 m2 complex and Anglo American group company Kumba Iron Ore R18.8-million. Professor Ronny ...
Sunday 2 August 2015
Otmane El Rhazi : India’s Supreme Court directs auction of 15 Karnataka iron-ore mines
Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
India’s Supreme Court has directed that 15 iron-ore mines in the southern province of Karnataka will have to be put up for auction and the process completed within the next 32 weeks. The apex court order would impact even those mines that had been brought back into production in 2013 after the court had imposed a two-year ban on mining operations in the province. The resumption of mining was on condition of a cap in total production of 30-million tons a year.
India’s Supreme Court has directed that 15 iron-ore mines in the southern province of Karnataka will have to be put up for auction and the process completed within the next 32 weeks. The apex court order would impact even those mines that had been brought back into production in 2013 after the court had imposed a two-year ban on mining operations in the province. The resumption of mining was on condition of a cap in total production of 30-million tons a year.
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