Tue Jan 24, 2012
* Vale lifts force majeure on Brazilian shipments
* India's NMDC resumes supply from major mines
* Global steel output growth slows in 2011
SINGAPORE, Jan 24 (Reuters) - Iron ore steadied with trading activity nearly halted as top market China remained shut on Tuesday for the Lunar New Year holiday, blunting any impact from miner Vale's decision to lift a force majeure on Brazilian shipments.
Vale, the world's No. 1 iron ore producer, said on Monday it has resumed mining and export operations after rains eased in southeastern Brazil.
Vale earlier this month declared force majeure on iron ore shipments from Brazil, a legal clause that allows a company to break contractual obligations, because of heavy rains that cut its output by around 2 million tonnes.
Iron ore with 62 percent iron content .IO62-CNI=SI was unchanged at $139.80 a tonne on Monday, according to Steel Index.
There are hardly any deals in the spot market with the Chinese away for the holiday and chances are prices may slip marginally, said Dhruv Goel, managing director at iron ore trading firm SteelMint in India's eastern Orissa state.
But Goel said Chinese demand for lower grade Indian iron ore has improved recently and he expects it to continue after the holiday.
"Chinese buyers are interested in buying low grade from India, as cargoes from Australia and Brazil are generally high grade," he said.
India's biggest iron ore miner, NMDC Ltd, has resumed operations in the central state of Chhattisgarh, which accounts for two-thirds of its annual ouput of 25 million tonnes, after protests disrupted railway movements for 10 days.
Local protests had forced NMDC to halt production and exports of iron ore from the mines. The protest was called off after the federal government agreed to improve the overall rail network in the Bastar region, a predominently tribal area that has roughly a fifth of India's iron ore deposits.
Reflecting a slump in Chinese buying, the Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, fell to its lowest in more than three years on Monday.
Expected slower growth in China's steel production this year could similarly curb its demand for raw material iron ore.
China's crude steel output rose 8.9 percent to around 683 million tonnes in 2011, versus a 9.3 percent clip in 2010. A Reuters poll in mid-December showed the country's steel output may reach 728 million tonnes this year, 6.5 percent higher than 2011.
Globally, steel production rose 6.8 percent to 1.527 billion tonnes in 2011, less than half the 15 percent increase in 2010, data from the World Steel Association showed on Monday.
(sourced Reuters)
Showing posts with label Brazil iron ore. Show all posts
Showing posts with label Brazil iron ore. Show all posts
Tuesday, January 24, 2012
Saturday, January 14, 2012
Mr Martins estimates at least 10 ships wait for Vale Production
Saturday, 14 Jan 2012
Bloomberg cited Mr Jose Carlos Martins Vale head of ferrous and strategy as saying that Vale SA estimates at least 10 ships are waiting for its output which is backlogged because of heavy rain in three Brazilian states.
Vale, the world largest producer of iron-ore declared a force majeure on iron-ore shipments because of the rain.
(Sourced from Bloomberg)
Bloomberg cited Mr Jose Carlos Martins Vale head of ferrous and strategy as saying that Vale SA estimates at least 10 ships are waiting for its output which is backlogged because of heavy rain in three Brazilian states.
Vale, the world largest producer of iron-ore declared a force majeure on iron-ore shipments because of the rain.
(Sourced from Bloomberg)
Thursday, January 12, 2012
Vale is yet to sell huge iron ore cargo in China - Report
Thursday, 12 Jan 2012
Reuters quoted traders said Brazilian miner Vale has not yet sold a huge iron ore cargo delivered to China via the maiden voyage of its giant dry bulk vessel to its top market two weeks ago, opting to store the material near a port.
The 388,000 deadweight tonne vessel, Berge Everest which carried 350,000 tonnes of iron ore, docked and unloaded the ore at China Dalian port in late December, ending months of delays in getting the world biggest dry bulk ships into China.
An iron ore broker in Singapore said "It was discharged into a bonded warehouse in Dalian. From Vale's point of view, it's not particularly wise to sell right now given the lackluster demand from Chinese mills."
He said that "There's a lot of material in bonded warehouses across the coast at the moment because of the demand situation."
(Sourced from Reuters)
Reuters quoted traders said Brazilian miner Vale has not yet sold a huge iron ore cargo delivered to China via the maiden voyage of its giant dry bulk vessel to its top market two weeks ago, opting to store the material near a port.
The 388,000 deadweight tonne vessel, Berge Everest which carried 350,000 tonnes of iron ore, docked and unloaded the ore at China Dalian port in late December, ending months of delays in getting the world biggest dry bulk ships into China.
An iron ore broker in Singapore said "It was discharged into a bonded warehouse in Dalian. From Vale's point of view, it's not particularly wise to sell right now given the lackluster demand from Chinese mills."
He said that "There's a lot of material in bonded warehouses across the coast at the moment because of the demand situation."
(Sourced from Reuters)
Thursday, January 5, 2012
Iron Ore-China market still slow as traders stay away
Thursday, 05 January 2012
Spot iron ore prices in China were mostly unchanged on the first trading day of 2012, with buyers and sellers unable to find a reason to rush back from a two-day new year break.
The offer price of 61.5 percent Pilbara fines, including cost and freight, stood in the $136-139 per tonne range on Wednesday, unchanged from the last trading day of 2011, industry consultancy Umetal said. Analysts said there was little to entice buyers back into the market, with steel demand low and ore inventories generally sufficient to keep mills running.
"What concerns me a little bit is that Chinese mills seem to have restocked over the last three to four weeks without really pushing the price up at all," said Graeme Train, commodity analyst with Macquarie Securities in Shanghai.
Activity normally slows ahead of China's lunar new year, and many traders have expressed hope that the market will improve when the week-long holiday ends on Jan. 30, but the lull could last longer than that, said Train. "It seems everyone is waiting for some signal that things are going to get meaningfully better but the government has been very slow to send a very positive signal," he said.
"There is really no catalyst, and we are probably looking at two very quiet months at least."
Analysts played down the impact of India's decision to raise export tariffs in order to guarantee supplies to domestic users, saying the influence of the world's third-biggest iron ore producer had already been on the wane.
India announced this week that it would increase iron ore export tariffs from 20 percent to 30 percent in an effort to guarantee supplies for domestic users.
"I can't see demand strong enough in 2012 to make global supply and demand tight enough to bring Indian marginal producers back into the market, so I can't see it supporting higher prices," said Sebastian Lewis, head of data and analytics with Steel Business Briefing in Shanghai.
"More likely it will accelerate the trend in declining Indian exports and Australia and other miners will be the beneficiaries," he said. Umetal said Indian 63.5/63 percent iron ore was being offered at $143-146 per tonne on Wednesday, also unchanged.
It added in a research note that the decline in Indian iron ore export volumes had already been offset by growing shipments from South Africa, Iran, Canada and Russia.
While India remains China's third-biggest supplier after Australia and Brazil, its market share has been in decline. In the first 11 months of 2011, India's total shipments of 63.3 million tonnes represented 11 percent of the total, down from 15.6 percent in 2010.
Deliveries from South Africa, Iran, Canada and Russia reached nearly 73 million tonnes over the 11 months, up 33 percent compared with the same period of the previous year.
The most traded steel rebar contract on the Shanghai Futures Exchange ended Wednesday at 4,159 yuan ($660) per tonne, down 51 yuan per tonne or 1.21 percent from the previous session.
Source: Reuters
Spot iron ore prices in China were mostly unchanged on the first trading day of 2012, with buyers and sellers unable to find a reason to rush back from a two-day new year break.
The offer price of 61.5 percent Pilbara fines, including cost and freight, stood in the $136-139 per tonne range on Wednesday, unchanged from the last trading day of 2011, industry consultancy Umetal said. Analysts said there was little to entice buyers back into the market, with steel demand low and ore inventories generally sufficient to keep mills running.
"What concerns me a little bit is that Chinese mills seem to have restocked over the last three to four weeks without really pushing the price up at all," said Graeme Train, commodity analyst with Macquarie Securities in Shanghai.
Activity normally slows ahead of China's lunar new year, and many traders have expressed hope that the market will improve when the week-long holiday ends on Jan. 30, but the lull could last longer than that, said Train. "It seems everyone is waiting for some signal that things are going to get meaningfully better but the government has been very slow to send a very positive signal," he said.
"There is really no catalyst, and we are probably looking at two very quiet months at least."
Analysts played down the impact of India's decision to raise export tariffs in order to guarantee supplies to domestic users, saying the influence of the world's third-biggest iron ore producer had already been on the wane.
India announced this week that it would increase iron ore export tariffs from 20 percent to 30 percent in an effort to guarantee supplies for domestic users.
"I can't see demand strong enough in 2012 to make global supply and demand tight enough to bring Indian marginal producers back into the market, so I can't see it supporting higher prices," said Sebastian Lewis, head of data and analytics with Steel Business Briefing in Shanghai.
"More likely it will accelerate the trend in declining Indian exports and Australia and other miners will be the beneficiaries," he said. Umetal said Indian 63.5/63 percent iron ore was being offered at $143-146 per tonne on Wednesday, also unchanged.
It added in a research note that the decline in Indian iron ore export volumes had already been offset by growing shipments from South Africa, Iran, Canada and Russia.
While India remains China's third-biggest supplier after Australia and Brazil, its market share has been in decline. In the first 11 months of 2011, India's total shipments of 63.3 million tonnes represented 11 percent of the total, down from 15.6 percent in 2010.
Deliveries from South Africa, Iran, Canada and Russia reached nearly 73 million tonnes over the 11 months, up 33 percent compared with the same period of the previous year.
The most traded steel rebar contract on the Shanghai Futures Exchange ended Wednesday at 4,159 yuan ($660) per tonne, down 51 yuan per tonne or 1.21 percent from the previous session.
Source: Reuters
Tuesday, January 3, 2012
Giant Vale ship completes maiden journey to China
Tue Jan 3, 2012
SINGAPORE Jan 3 (Reuters) - The first of Vale's giant dry bulk vessels to arrive in China has completed delivery of its iron ore cargo, shipping data showed on Tuesday, a key step forward in the Brazilian miner's plan to cut shipping costs to its biggest market.
Reuters Freightviews and independent shipping data confirmed the 388,000-tonne vessel, Berge Everest, had departed China's Port of Dalian over the weekend for Singapore, where it will likely refuel for its journey back to Brazil.
Draught measurements indicated the ship had unloaded all or nearly all of its iron ore cargo in Dalian.
Vale has ordered 35 of the world's largest dry bulk carriers, of which six are already on the water, at an estimated cost of $4.2 billion from Chinese and Korean shipyards.
The world's second largest miner had been trying since June 2011 to get Chinese authorities to allow the megaships to enter the country's ports.
Chinese port officials have declined to comment on the arrival of Berge Everest, leaving it unclear as to whether other giant Vale ships will be allowed to dock in the country's ports.
Five other giant ships operated by Vale, the world's top iron ore producer, were not expected to follow Berge Everest into China at least in the near term.
Shipping data showed two heading back to Brazil, two in Europe and one -- the Vale Beijing -- anchored off Brazil's Ponta da Madeira Port.
The Vale Beijing, the newest member of the "Valemax" fleet, developed cracks in its hull on its maiden voyage, sparking concerns from Chinese shipowners about the safety of these ships.
Chinese shipowners and steelmakers are strongly opposed to Vale's vessels, fearing the ships are a "Trojan Horse" that the miner will use to monopolize both the shipping and iron ore markets at China's expense.
Vale, which sells about 40 percent of its ore to China, is counting on Valemaxes to slash shipping costs and better compete with Australian rivals BHP Billiton and Rio Tinto . While Vale's ore is generally of higher quality, that advantage is cancelled by Australia's proximity to China, the world's top steelmaker and biggest ore importer.
(sourced Reuters)
SINGAPORE Jan 3 (Reuters) - The first of Vale's giant dry bulk vessels to arrive in China has completed delivery of its iron ore cargo, shipping data showed on Tuesday, a key step forward in the Brazilian miner's plan to cut shipping costs to its biggest market.
Reuters Freightviews and independent shipping data confirmed the 388,000-tonne vessel, Berge Everest, had departed China's Port of Dalian over the weekend for Singapore, where it will likely refuel for its journey back to Brazil.
Draught measurements indicated the ship had unloaded all or nearly all of its iron ore cargo in Dalian.
Vale has ordered 35 of the world's largest dry bulk carriers, of which six are already on the water, at an estimated cost of $4.2 billion from Chinese and Korean shipyards.
The world's second largest miner had been trying since June 2011 to get Chinese authorities to allow the megaships to enter the country's ports.
Chinese port officials have declined to comment on the arrival of Berge Everest, leaving it unclear as to whether other giant Vale ships will be allowed to dock in the country's ports.
Five other giant ships operated by Vale, the world's top iron ore producer, were not expected to follow Berge Everest into China at least in the near term.
Shipping data showed two heading back to Brazil, two in Europe and one -- the Vale Beijing -- anchored off Brazil's Ponta da Madeira Port.
The Vale Beijing, the newest member of the "Valemax" fleet, developed cracks in its hull on its maiden voyage, sparking concerns from Chinese shipowners about the safety of these ships.
Chinese shipowners and steelmakers are strongly opposed to Vale's vessels, fearing the ships are a "Trojan Horse" that the miner will use to monopolize both the shipping and iron ore markets at China's expense.
Vale, which sells about 40 percent of its ore to China, is counting on Valemaxes to slash shipping costs and better compete with Australian rivals BHP Billiton and Rio Tinto . While Vale's ore is generally of higher quality, that advantage is cancelled by Australia's proximity to China, the world's top steelmaker and biggest ore importer.
(sourced Reuters)
Friday, December 30, 2011
China imported iron ore stocks down in wk ending Dec 30
Fri Dec 30, 2011
BEIJING, Dec 30 (Reuters) - Stockpiles of imported iron ore at major Chinese ports fell this week to 95.6 million
tonnes, according to industry consultancy Mysteel
Following is a table showing iron ore port stock movements
in the last seven days.
Country of Stockpiles Change (%)
origin (mln T)
Total 95.60 -1.26%
Australia 41.70 -1.58%
Brazil 23.83 +0.8%
India 9.64 -4.27%
Sourced: Mysteel & Reuters
Thursday, December 15, 2011
Brazil iron ore export in November value up by 36%
Thu, 15 Dec 2011
According to the information released by the Brazilian Ministry of Development, Industry and Foreign Trade, Brazil's iron ore export value in November this year rose by 35.8% compared to the same month last year but was down 3.3% compared to October this year, totaling USD 3.7 billion,
As per report Brazil's iron ore export volume amounted to 31.8 million tonne in November, with a rise of 14.2% compared to October this year and increasing by 28.5% compared to the same month last year.
In November, Brazil's iron and steel export volume amounted to 599,114 tonne, with an increase of 43.2% compared to the previous month and up 2% compared to the same month of 2010, while these exports were valued at USD 397.3 million, with an increase of 40% compared to October this year and up 31.2% YoY.
(sourced steelorbis)
According to the information released by the Brazilian Ministry of Development, Industry and Foreign Trade, Brazil's iron ore export value in November this year rose by 35.8% compared to the same month last year but was down 3.3% compared to October this year, totaling USD 3.7 billion,
As per report Brazil's iron ore export volume amounted to 31.8 million tonne in November, with a rise of 14.2% compared to October this year and increasing by 28.5% compared to the same month last year.
In November, Brazil's iron and steel export volume amounted to 599,114 tonne, with an increase of 43.2% compared to the previous month and up 2% compared to the same month of 2010, while these exports were valued at USD 397.3 million, with an increase of 40% compared to October this year and up 31.2% YoY.
(sourced steelorbis)
Tuesday, December 6, 2011
Brazil port moves disabled ore vessel from berth
Tue Dec 6, 2011
RIO DE JANEIRO Dec 6 (Reuters) - The damaged Vale Beijing, the world's largest iron-ore carrier, was being moved from berth in Brazil for repairs, opening up space at a port responsible for about 10 percent of the world's iron ore exports, the harbor pilot's office in Sao Luis said on Tuesday.
The port is operated by Vale , the world's second-largest mining company, which also mined the iron ore that was loaded aboard the vessel.
(sourced Reuters)
RIO DE JANEIRO Dec 6 (Reuters) - The damaged Vale Beijing, the world's largest iron-ore carrier, was being moved from berth in Brazil for repairs, opening up space at a port responsible for about 10 percent of the world's iron ore exports, the harbor pilot's office in Sao Luis said on Tuesday.
The port is operated by Vale , the world's second-largest mining company, which also mined the iron ore that was loaded aboard the vessel.
(sourced Reuters)
Friday, November 4, 2011
Vale Q3 average iron ore sale prices
Friday, 04 Nov 2011
(In USD per tonne)
Vale announced its Q3 average iron ore price
| Q3 '10 | Q2 '11 | Q3 '11 | |
| Iron ore | 128.21 | 145.3 | 151.26 |
| Pellets | 196.14 | 206.07 | 205.79 |
| Manganese ore | 285.91 | 182.14 | 129.21 |
| Ferroalloys | 1,774.27 | 1,485.15 | 1,376.24 |
| Thermal coal | 98.73 | 95.29 | 98.28 |
| Metallurgical coal | 184.6 | 256.53 | 282.54 |
| Nickel | 21,366.16 | 25,541.96 | 21,132.35 |
| Copper | 7,153.24 | 8,871.38 | 8,043.63 |
| Platinum (US$/oz) | 1,551.85 | 1,765.12 | 1,765.57 |
| Cobalt (US$/lb) | 13.61 | 15.83 | 18.71 |
| Potash | 400.92 | 492.75 | 526.32 |
| Phosphates | |||
| MAP | 485.65 | 718.28 | 710.7 |
| TSP | 386.4 | 620.7 | 602.66 |
| SSP | 217.78 | 277.56 | 299.34 |
| DCP | 558.06 | 705.05 | 731.32 |
| Nitrogen | 393.05 | 568.91 | 645.51 |
(In USD per tonne)
Saturday, October 29, 2011
Brazil Vale diverting some iron to China - Mr Jose Carlos
Saturday, 29 Oct 2011
Reuters cited Mr Jose Carlos Martins executive director said the Brazilian miner Vale is diverting some iron ore shipments to China.
(Sourced from Reuters)
Reuters cited Mr Jose Carlos Martins executive director said the Brazilian miner Vale is diverting some iron ore shipments to China.
(Sourced from Reuters)
Friday, October 21, 2011
China imported iron ore stocks up in wk ended Oct 21
Fri Oct 21, 2011
SHANGHAI, Oct 21 (Reuters) - Stockpiles of imported iron ore at major Chinese ports rose marginally this week to 92.22
million tonnes by Friday, after declining for five consecutive weeks in a row.
Shipments from Australia fell over the week, while those from Brazil and India rose slightly.
Following is a table showing iron ore port stock movements in the last seven days.
Country of Stockpiles Change (%)
origin (mln T)
Total 92.22 +0.05
Australia 39.95 -0.17
Brazil 21.98 +0.23
India 11.40 +0.80
Source: Mysteel
Saturday, October 8, 2011
Brazil's Vale says not worried about iron ore prices
Sat Oct 8, 2011
MANJUNG, Malaysia Oct 8 (Reuters) - Brazilian iron ore giant Vale SA said on Saturday it was not concerned about iron ore prices despite a recent drop in the price of copper.
"We will look at the market and see how it behaves 2-3 months," Vale executive director Jose Martins told reporters at the groundbreaking ceremony of the company's $1.3 billion iron ore distribution centre in Malaysia's northern Perak state.
"We are not concerned about the behaviour of the price because we follow the market. Whatever the market says we follow. We are not pricemakers, we are price followers."
Copper capped its biggest weekly gain in more than six months with a 2 percent burst on Friday as encouraging U.S. job data helped the metal recover after falling to a 14-month low early this week.
Martins said any decision to change Vale's settlement currency from the US dollar to Chinese yuan would depend on how convertible the yuan is, with any decision to make it more convertible "very welcomed".
(sourced Reuters)
MANJUNG, Malaysia Oct 8 (Reuters) - Brazilian iron ore giant Vale SA said on Saturday it was not concerned about iron ore prices despite a recent drop in the price of copper.
"We will look at the market and see how it behaves 2-3 months," Vale executive director Jose Martins told reporters at the groundbreaking ceremony of the company's $1.3 billion iron ore distribution centre in Malaysia's northern Perak state.
"We are not concerned about the behaviour of the price because we follow the market. Whatever the market says we follow. We are not pricemakers, we are price followers."
Copper capped its biggest weekly gain in more than six months with a 2 percent burst on Friday as encouraging U.S. job data helped the metal recover after falling to a 14-month low early this week.
Martins said any decision to change Vale's settlement currency from the US dollar to Chinese yuan would depend on how convertible the yuan is, with any decision to make it more convertible "very welcomed".
(sourced Reuters)
Thursday, October 6, 2011
Brazil’s iron ore export volume up 19 percent in August over July
Thu, 06 October 2011
Brazil's iron ore export value in August this year rose by 25 percent compared to the same month last year, increasing to $4.5 billion, according to the information released by the Brazilian Ministry of Development, Industry and Foreign Trade. Brazil's iron ore export volume amounted to 32.5 million mt in August, with an increase of 18.9 percent compared to July this year and of 8.9 percent compared to the same month last year.
In August, Brazil's iron and steel export volume amounted to 771,000 mt, with an increase of 21.4 percent compared to the previous month and an increase of 131 percent compared to the same month of 2010, while these exports were valued at $514.8 million with an increase of 189.1 percent year on year and up 17.3 percent compared to July this year.
Tags: iron ore , raw mat , Brazil , South America , imp/exp statistics , steelmaking , mining
(sourced steelorbis)
Brazil's iron ore export value in August this year rose by 25 percent compared to the same month last year, increasing to $4.5 billion, according to the information released by the Brazilian Ministry of Development, Industry and Foreign Trade. Brazil's iron ore export volume amounted to 32.5 million mt in August, with an increase of 18.9 percent compared to July this year and of 8.9 percent compared to the same month last year.
In August, Brazil's iron and steel export volume amounted to 771,000 mt, with an increase of 21.4 percent compared to the previous month and an increase of 131 percent compared to the same month of 2010, while these exports were valued at $514.8 million with an increase of 189.1 percent year on year and up 17.3 percent compared to July this year.
Tags: iron ore , raw mat , Brazil , South America , imp/exp statistics , steelmaking , mining
(sourced steelorbis)
Tuesday, September 6, 2011
Chinese imported iron ore stocks hit record in week to Sept 2
Tuesday, 06 Sep 2011
In million tonnes
(Sourced from Reuters)
Reuters quoted according to data from industry consultancy Mysteel said that inventories of imported iron ore at major Chinese ports rose 0.5% to a record 95.59 million tonnes by the end of this week.
Inventories originating in Brazil fell slightly but that was offset by increases in deliveries from India and Australia.
Following is a table showing iron ore port stock movements in the last seven days.
| Country of Origin | Stockpiles | Change |
| Total | 95.59 | 0.5 |
| Australia | 38.12 | 0.6 |
| Brazil | 22.97 | -0.6 |
| India | 14.17 | 3.7 |
In million tonnes
(Sourced from Reuters)
Friday, September 2, 2011
Beadell Resources inks maiden iron resource in Brazil
Friday, 02 Sep 2011
Beadell Resources has achieved a better than expected maiden JORC itabirite iron ore resource estimate of 209.1 million tonnes at 36.1% iron from the Tap Norte Banded Iron Formation in Brazil. The estimate was conducted by independent consultant SRK and includes Measured and Indicated Resources of 75.4 million tonnes at 37.3% Fe.
Potential extensions from Tap Sul and Tap Leste areas alone are estimated to contain an additional 120 million tonnes to 180 million tonnes of itabirite iron ore, which are currently being aggressively drilled. This maiden iron ore resource is the culmination of a major drilling and resampling program completed over the last 15 months.
Mr Peter Bowler MD of Beadell said that “This is an outstanding maiden iron ore resource which will grow significantly over the coming months. We are in discussions with Anglo Ferrous in relation to these iron ore resources on our Mining Concession to either continue on with negotiations centred around a Joint Operating Agreement whereby Anglo pay for iron ore extracted out of our gold pits or, our preferred outcome, to go it alone if the parties are unable to reach agreement on the terms of such a Joint Operating Agreement in respect of Beadell’s Mining Concession."
The company will now commence a detailed Scoping Study which will include a beneficiation plant and all associated logistics.
Beadell is bullish that the outcome of negotiations will either materially improve the economics of the gold project or, alternatively, enable the company to proceed with a substantial iron ore business on a standalone basis.
(sourced Proactiveinvestors)
Beadell Resources has achieved a better than expected maiden JORC itabirite iron ore resource estimate of 209.1 million tonnes at 36.1% iron from the Tap Norte Banded Iron Formation in Brazil. The estimate was conducted by independent consultant SRK and includes Measured and Indicated Resources of 75.4 million tonnes at 37.3% Fe.
Potential extensions from Tap Sul and Tap Leste areas alone are estimated to contain an additional 120 million tonnes to 180 million tonnes of itabirite iron ore, which are currently being aggressively drilled. This maiden iron ore resource is the culmination of a major drilling and resampling program completed over the last 15 months.
Mr Peter Bowler MD of Beadell said that “This is an outstanding maiden iron ore resource which will grow significantly over the coming months. We are in discussions with Anglo Ferrous in relation to these iron ore resources on our Mining Concession to either continue on with negotiations centred around a Joint Operating Agreement whereby Anglo pay for iron ore extracted out of our gold pits or, our preferred outcome, to go it alone if the parties are unable to reach agreement on the terms of such a Joint Operating Agreement in respect of Beadell’s Mining Concession."
The company will now commence a detailed Scoping Study which will include a beneficiation plant and all associated logistics.
Beadell is bullish that the outcome of negotiations will either materially improve the economics of the gold project or, alternatively, enable the company to proceed with a substantial iron ore business on a standalone basis.
(sourced Proactiveinvestors)
Saturday, August 20, 2011
China Shipowners Association fears Vale control of freight market
August20, 2011
Zhang Shouguo, executive vice chairman of the China Shipowners Association (CSA), has stated in an interview with Bloomberg that Brazilian mining giant Vale is seeking to control the freight market just as it controls the iron ore market.
Vale is currently building up a fleet of 19 400,000-dwt vessels for iron ore transportation, while it will rent a further 16 vessels for the same purpose. Mr. Zhang said that Vale should leave responsibility for freight to the shipping companies. He also said that with its new fleet Vale would completely control iron ore shipments between China and Brazil. (sourced steelorbis)
Zhang Shouguo, executive vice chairman of the China Shipowners Association (CSA), has stated in an interview with Bloomberg that Brazilian mining giant Vale is seeking to control the freight market just as it controls the iron ore market.
Vale is currently building up a fleet of 19 400,000-dwt vessels for iron ore transportation, while it will rent a further 16 vessels for the same purpose. Mr. Zhang said that Vale should leave responsibility for freight to the shipping companies. He also said that with its new fleet Vale would completely control iron ore shipments between China and Brazil. (sourced steelorbis)
Saturday, August 13, 2011
China port iron ore stocks fall in week ending Aug 12
Aug12, 2011
Beijing (Reuters) - Stockpiles of imported iron ore at major Chinese ports slipped 0.6 percent this week to end at 94.74 million tonnes, according to data from industry consultancy Mysteel on Friday. Volumes from Brazil increased over the week, but were offset by a fall in deliveries from Australia and India.
Beijing (Reuters) - Stockpiles of imported iron ore at major Chinese ports slipped 0.6 percent this week to end at 94.74 million tonnes, according to data from industry consultancy Mysteel on Friday. Volumes from Brazil increased over the week, but were offset by a fall in deliveries from Australia and India.
Following is a table showing iron ore port stock movements
in the last seven days.
Country of origin Stockpiles Change
(mln T) (%)
Total 94.74 -2.6
Australia 38.01 -0.7
Brazil 23.21 +3.9
India 13.60 -1.2
Source: Mysteel
Thursday, July 21, 2011
Brazilian government to raise domestic iron ore royalties
Thursday, 21 July 2011
Brazilian newspaper Folha de Sao Paulo reported Wednesday that the Brazilian government plans to double its royalties from profits of domestic Brazilian iron ore production from 2 to 4 percent. Such a move would give the government a higher stake in the country's natural resource development. Due to strong demand from China, iron ore is one of Brazil's largest commodity exports.
According to the newspaper, Dilma Rousseff, Brazil's President will introduce new laws into Congress next month that will institute changes to the governments mining royalties. Under the new law, government mining royalties would be capped at 10 percent of a mining company's revenue.
According to the newspaper, Dilma Rousseff, Brazil's President will introduce new laws into Congress next month that will institute changes to the governments mining royalties. Under the new law, government mining royalties would be capped at 10 percent of a mining company's revenue.
Thursday, July 7, 2011
Vale sees iron-ore above $150/t next five years
Thu, 7 July,2011
SINGAPORE - Brazil's Vale , the world's top iron-ore miner, expects prices of the steelmaking raw material to remain above $150/t for at least the next five years on tight global supplies, the Financial Times reported on Thursday.
Vale's CEO Guilherme Cavalcanti , said miners would struggle to meet booming Asian demand, according to the newspaper.
Spot iron-ore prices are trading near $170/t, slightly above three-month lows hit last month as steel demand in top buyer China normally slows during the seasonally weak summer season.
But Cavalcanti told Reuters earlier this week that Vale expects iron ore demand to pick up and for prices to stabilise for the rest of the year with the worst of the monetary tightening campaign in China already done.
China on Wednesday raised interest rates for a third time this year but analysts think Beijing was close to, or even at the end, of a cycle of rate rises. (By Reuters)
SINGAPORE - Brazil's Vale , the world's top iron-ore miner, expects prices of the steelmaking raw material to remain above $150/t for at least the next five years on tight global supplies, the Financial Times reported on Thursday.
Vale's CEO Guilherme Cavalcanti , said miners would struggle to meet booming Asian demand, according to the newspaper.
Spot iron-ore prices are trading near $170/t, slightly above three-month lows hit last month as steel demand in top buyer China normally slows during the seasonally weak summer season.
But Cavalcanti told Reuters earlier this week that Vale expects iron ore demand to pick up and for prices to stabilise for the rest of the year with the worst of the monetary tightening campaign in China already done.
China on Wednesday raised interest rates for a third time this year but analysts think Beijing was close to, or even at the end, of a cycle of rate rises. (By Reuters)
Friday, March 25, 2011
Brazil pressure on miner Vale stirs political storm
Thu Mar 24, 2011 5:28pm GMT
* Opposition slams government for meddling in Vale
* Could harm Rousseff's market-friendly image
* Gov't says Vale not helping develop economy
By Raymond Colitt and Brian Ellsworth
* Opposition slams government for meddling in Vale
* Could harm Rousseff's market-friendly image
* Gov't says Vale not helping develop economy
By Raymond Colitt and Brian Ellsworth
BRASILIA/RIO DE JANEIRO, March 24 (Reuters) - Brazil's government is facing a political backlash over its apparent efforts to force out the head of mining giant Vale, a case that renews concerns over state meddling in private companies.
Opposition leaders on Thursday demanded Finance Minister Guido Mantega explain reports he asked a shareholder of Vale, the world's largest iron ore miner, to help seek a replacement for CEO Roger Agnelli.
The incident could tarnish President Dilma Rousseff's mostly market-friendly image earned during her first three months in office through strict fiscal discipline and defense of central bank autonomy.
"She believes in a big, strong government and has issues with Agnelli. I have no doubt this pressure is coming directly from Dilma," said Jose Luciano Dias, a Brasilia-based political analyst.
According to government sources, Mantega had approached Brazilian bank Bradesco, a key Vale shareholder, to request help replacing Agnelli with another CEO.
Vale, the government and Bradesco officially declined to comment. Vale's top executives will tender their resignations if Agnelli leaves, according to a company source who spoke on condition of anonymity.
Relations between the government and Vale have been tense for years as politicians complained Vale was not doing enough to create jobs by investing in steel production and was not sufficiently involved in the country's economic development.
Rousseff's predecessor Luiz Inacio Lula da Silva, who championed the revival of Brazil's shipbuilding industry, was also upset with Agnelli because he bought foreign-made vessels.
TENSIONS RISE
Agnelli, 51, a former banker, has further aggravated government officials in recent weeks with his tough stance over a mining royalties debt the government says could reach $2.4 billion.
He may benefit in the short term from having politicians rush to his defense, analysts say, but in the long-run government pressure on Vale will remain because state pension funds are major shareholders.
Most investors believe Vale's strong iron ore project pipeline and low operating costs make it attractive despite the political risks.
They have hailed Agnelli for turning the firm into a global mining giant and the world's top iron ore producer, but the country's top political leaders never forgave him for laying off workers and cutting investments in the wake of the 2008 financial crisis.
Opposition leaders say Mantega's move foreshadows a government takeover of the former state-run firm, which was privatized in 1997.
"This creates the risk of devaluing Brazil's largest private company, we can't allow it to become a government slush fund," said Senator Cyro Miranda, who filed the petition to hear Mantega. "Even government legislators are worried and want to know what is going on."
The government cannot directly push Agnelli out of office, but it indirectly holds a majority stake in the company's controlling shareholder Valepar via state pension funds and the state development bank BNDES.
The company's board of directors can decide whether or not to change the CEO. Analysts say the government would need the support of one of the two other main shareholders of the company, Bradesco or Japanese trading house Mitsui. (sourced:Reuters)
Opposition leaders on Thursday demanded Finance Minister Guido Mantega explain reports he asked a shareholder of Vale, the world's largest iron ore miner, to help seek a replacement for CEO Roger Agnelli.
The incident could tarnish President Dilma Rousseff's mostly market-friendly image earned during her first three months in office through strict fiscal discipline and defense of central bank autonomy.
"She believes in a big, strong government and has issues with Agnelli. I have no doubt this pressure is coming directly from Dilma," said Jose Luciano Dias, a Brasilia-based political analyst.
According to government sources, Mantega had approached Brazilian bank Bradesco, a key Vale shareholder, to request help replacing Agnelli with another CEO.
Vale, the government and Bradesco officially declined to comment. Vale's top executives will tender their resignations if Agnelli leaves, according to a company source who spoke on condition of anonymity.
Relations between the government and Vale have been tense for years as politicians complained Vale was not doing enough to create jobs by investing in steel production and was not sufficiently involved in the country's economic development.
Rousseff's predecessor Luiz Inacio Lula da Silva, who championed the revival of Brazil's shipbuilding industry, was also upset with Agnelli because he bought foreign-made vessels.
TENSIONS RISE
Agnelli, 51, a former banker, has further aggravated government officials in recent weeks with his tough stance over a mining royalties debt the government says could reach $2.4 billion.
He may benefit in the short term from having politicians rush to his defense, analysts say, but in the long-run government pressure on Vale will remain because state pension funds are major shareholders.
Most investors believe Vale's strong iron ore project pipeline and low operating costs make it attractive despite the political risks.
They have hailed Agnelli for turning the firm into a global mining giant and the world's top iron ore producer, but the country's top political leaders never forgave him for laying off workers and cutting investments in the wake of the 2008 financial crisis.
Opposition leaders say Mantega's move foreshadows a government takeover of the former state-run firm, which was privatized in 1997.
"This creates the risk of devaluing Brazil's largest private company, we can't allow it to become a government slush fund," said Senator Cyro Miranda, who filed the petition to hear Mantega. "Even government legislators are worried and want to know what is going on."
The government cannot directly push Agnelli out of office, but it indirectly holds a majority stake in the company's controlling shareholder Valepar via state pension funds and the state development bank BNDES.
The company's board of directors can decide whether or not to change the CEO. Analysts say the government would need the support of one of the two other main shareholders of the company, Bradesco or Japanese trading house Mitsui. (sourced:Reuters)
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