14 Aug, 2011
KOLKATA: The world's largest coal miner Coal India Ltd has zeroed in on two overseas coal assets, one in Australia and the other in Indonesia, for acquisition and expects to begin serious dialogue with the owners soon.
"At this moment, we have shortlisted two unlisted coal companies, one in Australia and one in Indonesia. We are awaiting some relaxations from the government to go ahead with serious negotiations," a top CIL official, who declined to be named, said.
"Names cannot be divulged for obvious reasons, but both have close to five million tonnes of coal. The Indonesian company has several blocks, while the Australian company has one large block," he said.
The official said there was no major contender for these blocks.
The PSU has put together a war-chest of Rs 6,000 crore for acquisition of the mines.
"The level of stake is yet to be decided, depending on various factors like valuation," the official said.
CIL was likely to take a stake between 30-40 per cent in these coal assets.
In this regard, CIL has approached the Finance Ministry and government for relaxation of PSU guidelines stipulating a minimum 12 per cent internal rate of return on investments. It has also sought to sidestep the rule that only the mines of listed companies should be acquired.
"CIL is expecting to receive the relaxations by August," Coal Secretary Alok Perti said.
Coal India is trying seriously for some coal equity on its own, besides partnering with Coal Videsh, a JV company formed between Indian PSUs, to buy assets overseas.
Besides buying a stake in coal companies, CIL was also at an advanced stage of finalising a long-term coal supply agreement with foreign sources.
India currently faces a coal demand-supply shortfall of 142 million tonnes.
Showing posts with label JV. Show all posts
Showing posts with label JV. Show all posts
Sunday, August 14, 2011
Saturday, August 6, 2011
ArcelorMittal to sell China JV stake to Nippon Steel
SHANGHAI (Reuters) - ArcelorMittal , the world's top steelmaker, has agreed to sell its 12 percent stake in an auto sheet joint venture with China's Baosteel and Japan's Nippon Steel to the Japanese firm, a company spokeswoman said on Friday.
The move will give Nippon Steel a 50 percent stake in the joint venture, Baosteel-NSC/Arcelor (BNA) Automotive Co, while Baosteel holds the other half.
The ArcelorMittal spokeswoman said the move is aimed at focusing on another automotive JV project with a middle-sized Chinese steelmaker, the Hunan Valin Group .
On Tuesday, the China Iron & Steel Association (CISA) criticised ArcelorMittal for not fulfilling its commitment to support Valin, saying the steel giant failed to provide the Chinese partner with the technical support needed for their joint venture auto sheet plant.
Chi Jingdong, CISA's deputy secretary general, also said ArcelorMittal did not fulfil promises to help the Chinese firm secure supplies of iron ore.
"China remains an important jurisdiction where ArcelorMittal, through its joint ventures, will continue to develop value-added steel products for the Chinese market," company spokeswoman Lynn Robbroeckx said in an email to Reuters.
Baosteel-NSC/Arcelor (BNA) Automotive Co mainly produces auto sheet for the Chinese market and has an annual production capacity of 1.7 million tonnes, with 900,000 tonnes of cold-rolled sheet and 800,000 tonnes of hot-dipped galvanized sheet.
The move will give Nippon Steel a 50 percent stake in the joint venture, Baosteel-NSC/Arcelor (BNA) Automotive Co, while Baosteel holds the other half.
The ArcelorMittal spokeswoman said the move is aimed at focusing on another automotive JV project with a middle-sized Chinese steelmaker, the Hunan Valin Group .
On Tuesday, the China Iron & Steel Association (CISA) criticised ArcelorMittal for not fulfilling its commitment to support Valin, saying the steel giant failed to provide the Chinese partner with the technical support needed for their joint venture auto sheet plant.
Chi Jingdong, CISA's deputy secretary general, also said ArcelorMittal did not fulfil promises to help the Chinese firm secure supplies of iron ore.
"China remains an important jurisdiction where ArcelorMittal, through its joint ventures, will continue to develop value-added steel products for the Chinese market," company spokeswoman Lynn Robbroeckx said in an email to Reuters.
Baosteel-NSC/Arcelor (BNA) Automotive Co mainly produces auto sheet for the Chinese market and has an annual production capacity of 1.7 million tonnes, with 900,000 tonnes of cold-rolled sheet and 800,000 tonnes of hot-dipped galvanized sheet.
Wednesday, August 3, 2011
IronClad Mining secures Lucky Bay port access for Wilcherry Hill JV iron ore project
Wednesday, 03 Aug 2011
IronClad Mining has exercised its option held with Sea Transport Corporation over the port facilities at Lucky Bay in South Australia, moving the company closer to a two stage trans shipping operation due to commence in early 2012.
On May 3rd 2011, IronClad signed the option agreement to ship iron ore from a holding warehouse at Lucky Bay to a floating harbor, located about 5 to 10 kilometers offshore South Australia. Importantly, the option gives the company full access to a designated 50 hectare site, with harbor frontage and full usage of the port itself.
The innovative development of a multi user port and floating harbor off the coast of South Australia will boost Wilcherry Hill JV Iron Ore project economics with lower transport costs. Production is due to commence with direct shipping magnetite ore export late this year.
The Wilcherry Hill project is an 80:20 JV between IronClad and its associated company Trafford Resources, is situated near Kimba on the Eyre Peninsula, and would also strengthen economic growth and employment opportunities in the region.
The project will start relatively small by iron ore industry standards, however it will be producing a premium grade product and it is planned to expand rapidly, in three stages, to a total production target over 10 to 12 million tonnes of iron ore a year.
Stage one will see IronClad’s DSO transported in customized containers, by road from Wilcherry Hill, to its harbor side facility. Initially, the containers will be loaded onto a specially designed barge and powered by tug to waiting Panamax size vessels anchored 5 to 6 Kilometers offshore. Onboard cranes will load the ore by tipping the containers into the holds.
IronClad has acquired the tug which is currently being fully refurbished in Queensland and construction of a purpose built barge will commence shortly. Stage one loading will be augmented in 2012 by the addition to the fleet of a powered feeder vessel capable of delivering up to 12,000 tonnes per day.
The design of the feeder vessel will be compatible to its eventual role as feeder to IronClad's proposed floating harbor. In all, two feeder vessels are planned for completion by the time the floating harbor is commissioned.
Stage two transshipments of ore will commence from Lucky Bay when the proposed floating harbor is commissioned. It will anchor about 10 kilometers offshore and will be capable of docking full cape size of 150,000 tonne capacity vessels.
A negatively pressurized storage shed will be constructed onshore from which the two feeder vessels will ferry ore. The floating harbor will have the capacity to store, onboard, up to 100,000 tonnes of ore, also in a negatively pressurized environment. With two feeder vessels delivering a further total of 24,000 tonnes per day a fast loading time of around 4 days can be anticipated
The floating harbor design has commenced. Once construction begins it is anticipated that the build time will be approximately 18 months. Commissioning will be aimed to coincide with upgraded throughput from the mine in late year two or early year three.
The South Australian government, has already supported the multi user harbor concept under Section 49 of the Development Act, which facilitates approvals for infrastructure projects considered essential to the South Australia’s development.
Sea Transport Corporation is currently preparing a comprehensive development application utilizing key design and environmental impact assessment specialists. The company expects final government approval for the port at the end of 2011.
IronClad Mining was established to accelerate the development of the exciting Wilcherry Hill iron ore deposits located 40 kilometers north of Kimba on South Australia's Eyre Peninsula. The Wilcherry deposits contain coarse crystalline magnetite and low silica contents which enable low cost and efficient production of concentrates containing over 70% Fe with very low impurity levels.
In addition, metal recoveries of over 95% and mass recoveries of 50% and up to 75%, are significantly higher than for typical Australian banded iron formation magnetite deposits.
In the last two years, the main highlights for the Project have been:
Expansion of JORC compliant iron resources from 44 million tonnes to over 263 million tonnes through 50,000 meters drilling
Confirmation Wilcherry Hill ore is high quality and will readily produce a saleable product through detailed metallurgical test work
Identification of excellent exploration potential in excess of 1.5 billion tonnes from regional geophysical data and exploration
Identification of a viable, low cost scenario to become a producer in 2011 through completion of the current integrated study
Completion of environmental, water supply and infrastructure studies designed to assist in obtaining regulatory approvals to mine
sourced Proactiveinvestors
On May 3rd 2011, IronClad signed the option agreement to ship iron ore from a holding warehouse at Lucky Bay to a floating harbor, located about 5 to 10 kilometers offshore South Australia. Importantly, the option gives the company full access to a designated 50 hectare site, with harbor frontage and full usage of the port itself.
The innovative development of a multi user port and floating harbor off the coast of South Australia will boost Wilcherry Hill JV Iron Ore project economics with lower transport costs. Production is due to commence with direct shipping magnetite ore export late this year.
The Wilcherry Hill project is an 80:20 JV between IronClad and its associated company Trafford Resources, is situated near Kimba on the Eyre Peninsula, and would also strengthen economic growth and employment opportunities in the region.
The project will start relatively small by iron ore industry standards, however it will be producing a premium grade product and it is planned to expand rapidly, in three stages, to a total production target over 10 to 12 million tonnes of iron ore a year.
Stage one will see IronClad’s DSO transported in customized containers, by road from Wilcherry Hill, to its harbor side facility. Initially, the containers will be loaded onto a specially designed barge and powered by tug to waiting Panamax size vessels anchored 5 to 6 Kilometers offshore. Onboard cranes will load the ore by tipping the containers into the holds.
IronClad has acquired the tug which is currently being fully refurbished in Queensland and construction of a purpose built barge will commence shortly. Stage one loading will be augmented in 2012 by the addition to the fleet of a powered feeder vessel capable of delivering up to 12,000 tonnes per day.
The design of the feeder vessel will be compatible to its eventual role as feeder to IronClad's proposed floating harbor. In all, two feeder vessels are planned for completion by the time the floating harbor is commissioned.
Stage two transshipments of ore will commence from Lucky Bay when the proposed floating harbor is commissioned. It will anchor about 10 kilometers offshore and will be capable of docking full cape size of 150,000 tonne capacity vessels.
A negatively pressurized storage shed will be constructed onshore from which the two feeder vessels will ferry ore. The floating harbor will have the capacity to store, onboard, up to 100,000 tonnes of ore, also in a negatively pressurized environment. With two feeder vessels delivering a further total of 24,000 tonnes per day a fast loading time of around 4 days can be anticipated
The floating harbor design has commenced. Once construction begins it is anticipated that the build time will be approximately 18 months. Commissioning will be aimed to coincide with upgraded throughput from the mine in late year two or early year three.
The South Australian government, has already supported the multi user harbor concept under Section 49 of the Development Act, which facilitates approvals for infrastructure projects considered essential to the South Australia’s development.
Sea Transport Corporation is currently preparing a comprehensive development application utilizing key design and environmental impact assessment specialists. The company expects final government approval for the port at the end of 2011.
IronClad Mining was established to accelerate the development of the exciting Wilcherry Hill iron ore deposits located 40 kilometers north of Kimba on South Australia's Eyre Peninsula. The Wilcherry deposits contain coarse crystalline magnetite and low silica contents which enable low cost and efficient production of concentrates containing over 70% Fe with very low impurity levels.
In addition, metal recoveries of over 95% and mass recoveries of 50% and up to 75%, are significantly higher than for typical Australian banded iron formation magnetite deposits.
In the last two years, the main highlights for the Project have been:
Expansion of JORC compliant iron resources from 44 million tonnes to over 263 million tonnes through 50,000 meters drilling
Confirmation Wilcherry Hill ore is high quality and will readily produce a saleable product through detailed metallurgical test work
Identification of excellent exploration potential in excess of 1.5 billion tonnes from regional geophysical data and exploration
Identification of a viable, low cost scenario to become a producer in 2011 through completion of the current integrated study
Completion of environmental, water supply and infrastructure studies designed to assist in obtaining regulatory approvals to mine
Tuesday, March 8, 2011
Antofagasta to pay record special dividend
Tue Mar 8, 2011 4:18pm GMT
* Special dividend for 2010 100 cents, vs 14 cents in 2009
* 2010 earnings/share 106.7 cents, vs 119 cents forecast
* Market fundamentals positive, but volatility to continue
* CEO sees net earnings rising to $1.5 bln in 2011
* Shares down 3.5 percent
(Adds interview with CEO, updates shares)
By Julie Crust
LONDON, March 8 (Reuters) - Chilean miner Antofagasta (ANTO.L: Quote) announced a special dividend of 100 cents on Tuesday, sweetening a set of annual profit figures that missed forecast due to higher energy costs.
The copper miner said it would pay a final dividend of 112 cents, including the special dividend, reflecting its continued confidence. It has paid a special dividend for the past seven years, including during the global downturn.
Earnings per share rose 58 percent to 106.7 cents, missing the forecast for 119 cents on higher costs.
"Cost inflation is a concern and is a theme we are likely to see elsewhere, in our view," Numis Securities said in a note.
Cost pressures, particularly rising energy prices, have been rising across the industry, though the impact has been softened by stronger commodity prices.
Antofagasta shares were down 3.5 percent at 1600 GMT, compared with a 2.3 percent fall in a British mining index .
The group's revenue grew 54.5 percent to $4.58 billion on higher copper prices and output.
"Market fundamentals remain positive, and while the high level of volatility that has characterised commodity prices in recent years is expected to continue, consensus estimates are for copper prices to remain favourable in 2011," chief executive Marcelo Awad said.
Larger rivals BHP Billiton (BHP.AX: Quote) (BLT.L: Quote) and Rio Tinto (RIO.AX: Quote) (RIO.L: Quote), flush with cash as demand from China helps fuel a commodity price boom, announced billion dollar buybacks alongside their results.
Average copper prices on the London Metal Exchange rose 46 percent in 2010 and continued rising early this year, peaking at a record in mid-February before easing back on concerns about economic growth. [MET/L]
Antofagasta had previously announced copper output rose 18 percent in 2010, just shy of an already reduced target, and that it expected to produce 715,000 tonnes this year.
Production for first two months of this year has been below target due to lower grades, Awad told Reuters in an interview, though he was confident the group can catch up and so has left 2011 output targets unchanged.
"We may have lower production in Q1. However, after Q2 we will be back to normal," he said, adding that in the second half it expects grades to rise and production at full capacity.
He said the company expected net earnings to rise to about $1.5 billion this year, assuming current metals prices and production targets are met, from $1.05 billion in 2010.
EXPANSION
The company has focused mainly on developing early stage exploration projects.
"We don't rule out an M&A, but at this moment they are all very expensive. They are trading at a huge premium," Awad said.
"We don't foresee any M&A in the near future, but it doesn't mean to say we are not prepared to do it."
His comments echoed those made last month by BHP Billiton's CEO Marius Kloppers, who said the commodity boom had raised price expectations for potential assets.
Antofagasta only targets copper exploration projects, but Awad said it would look at any metal when it comes to M&A.
There is some uncertainty over the $3.3 billion Reko Diq project, a joint venture in Pakistan with Barrick Gold (ABX.TO: Quote), as approval of a mining lease is delayed by a legal probe into the award of the concession in the past.
"We hear conflicting news from the central government compared with the provincial government, so it has been very difficult to read whether they are very eager to have the project up and running or completely against it," Awad said.
On Feb. 18, a Chilean newspaper said Pakistan's top court might rule in a month on the investigation.
"But we have heard this many times," said Awad. He added that the government would probably like to take a larger stake in the project.
"They want us to come to the negotiating table to offer something to them to take away all these petitions, but we are not prepared to do that," he said.
On other exploration projects, a decision on whether to progress with the Antucoya deposit, potentially an 80,000 tonne per year project, will be made in the second half of this year.
Capital expenditure for that project could begin in the middle of next year and in the meantime Antofagasta will look to raise financing and attract a joint venture partner. (Editing by Dan Lalor and Will Waterman, sourced :Thomson Reuters)
* 2010 earnings/share 106.7 cents, vs 119 cents forecast
* Market fundamentals positive, but volatility to continue
* CEO sees net earnings rising to $1.5 bln in 2011
* Shares down 3.5 percent
(Adds interview with CEO, updates shares)
By Julie Crust
LONDON, March 8 (Reuters) - Chilean miner Antofagasta (ANTO.L: Quote) announced a special dividend of 100 cents on Tuesday, sweetening a set of annual profit figures that missed forecast due to higher energy costs.
The copper miner said it would pay a final dividend of 112 cents, including the special dividend, reflecting its continued confidence. It has paid a special dividend for the past seven years, including during the global downturn.
Earnings per share rose 58 percent to 106.7 cents, missing the forecast for 119 cents on higher costs.
"Cost inflation is a concern and is a theme we are likely to see elsewhere, in our view," Numis Securities said in a note.
Cost pressures, particularly rising energy prices, have been rising across the industry, though the impact has been softened by stronger commodity prices.
Antofagasta shares were down 3.5 percent at 1600 GMT, compared with a 2.3 percent fall in a British mining index .
The group's revenue grew 54.5 percent to $4.58 billion on higher copper prices and output.
"Market fundamentals remain positive, and while the high level of volatility that has characterised commodity prices in recent years is expected to continue, consensus estimates are for copper prices to remain favourable in 2011," chief executive Marcelo Awad said.
Larger rivals BHP Billiton (BHP.AX: Quote) (BLT.L: Quote) and Rio Tinto (RIO.AX: Quote) (RIO.L: Quote), flush with cash as demand from China helps fuel a commodity price boom, announced billion dollar buybacks alongside their results.
Average copper prices on the London Metal Exchange rose 46 percent in 2010 and continued rising early this year, peaking at a record in mid-February before easing back on concerns about economic growth. [MET/L]
Antofagasta had previously announced copper output rose 18 percent in 2010, just shy of an already reduced target, and that it expected to produce 715,000 tonnes this year.
Production for first two months of this year has been below target due to lower grades, Awad told Reuters in an interview, though he was confident the group can catch up and so has left 2011 output targets unchanged.
"We may have lower production in Q1. However, after Q2 we will be back to normal," he said, adding that in the second half it expects grades to rise and production at full capacity.
He said the company expected net earnings to rise to about $1.5 billion this year, assuming current metals prices and production targets are met, from $1.05 billion in 2010.
EXPANSION
The company has focused mainly on developing early stage exploration projects.
"We don't rule out an M&A, but at this moment they are all very expensive. They are trading at a huge premium," Awad said.
"We don't foresee any M&A in the near future, but it doesn't mean to say we are not prepared to do it."
His comments echoed those made last month by BHP Billiton's CEO Marius Kloppers, who said the commodity boom had raised price expectations for potential assets.
Antofagasta only targets copper exploration projects, but Awad said it would look at any metal when it comes to M&A.
There is some uncertainty over the $3.3 billion Reko Diq project, a joint venture in Pakistan with Barrick Gold (ABX.TO: Quote), as approval of a mining lease is delayed by a legal probe into the award of the concession in the past.
"We hear conflicting news from the central government compared with the provincial government, so it has been very difficult to read whether they are very eager to have the project up and running or completely against it," Awad said.
On Feb. 18, a Chilean newspaper said Pakistan's top court might rule in a month on the investigation.
"But we have heard this many times," said Awad. He added that the government would probably like to take a larger stake in the project.
"They want us to come to the negotiating table to offer something to them to take away all these petitions, but we are not prepared to do that," he said.
On other exploration projects, a decision on whether to progress with the Antucoya deposit, potentially an 80,000 tonne per year project, will be made in the second half of this year.
Capital expenditure for that project could begin in the middle of next year and in the meantime Antofagasta will look to raise financing and attract a joint venture partner. (Editing by Dan Lalor and Will Waterman, sourced :Thomson Reuters)
Monday, March 7, 2011
Hodges Resources takes option on 1.4Bt Botswana coal prospect
Monday, March 07, 2011
Hodges Resources (ASX: HDG) has optioned the Moruple South Coal prospect, a strategic coal prospect with a target resource of 1.4 billion tonnes in Botswana.
The Morupule South Coal Prospect is adjacent to the operational Morupule mine and Colliery which is the only operational coal fired power plant in Botswana.
Given the upward share price trajectory of another Botswana coal explorer, African Energy Resources (ASX: AFR), with its Sese Coal Project in eastern Botswana, the deal by Hodges to option a coal prospect with a target resource of 1.4 billion tonnes is interesting, indeed.
Under the terms of the agreement, Hodges can initially earn 75% by completing the payment of US$500,000 cash on execution of the agreement and spending US$3,000,000 over two years, with a requirement to spend the first US$1,000,000 within the first year.
On completion of the terms above the companies will incorporate a special propriety company in Botswana that will hold the permit and form a joint venture company.
Hodges can then exercise its option to acquire an additional 24% in the JV through payment of US$0.10 per tonne of all JORC classified Measured and Indicated Resources calculated at the end of the initial farm‐in agreement (two years).
On initiating this payment Hodges must solely fund an additional US$2,000,000 of exploration costs over a two year period and on completion pay SNDP $0.08 per tonne of additional JORC classified Measured and Indicated Resources from an updated report.
Hodges has the exclusive right, until 2nd May 2011, to conduct due diligence prior to entering into the binding agreement.
Located within the eastern central district of Botswana, the Moruple South Coal prospect joint venture has significant mineable coal seams within the area supported by work completed by the current owner and the neighboring companies and a preliminary report undertaken by GEMECS.
Importantly the project areas have had minimal exploration and coal quality analytical work.
Botswana has extensive unexploited coal resources estimated to be in the order of 212 billion tonnes, making it one of the most coal rich countries in Africa.
Botswana is located within southern Africa and has a stable multi‐party democracy and is considered to have a medium to low political risk, similar to Namibia.
The Morupule South Coal Prospect is adjacent to the operational Morupule mine and Colliery which is the only operational coal fired power plant in Botswana.
Given the upward share price trajectory of another Botswana coal explorer, African Energy Resources (ASX: AFR), with its Sese Coal Project in eastern Botswana, the deal by Hodges to option a coal prospect with a target resource of 1.4 billion tonnes is interesting, indeed.
Under the terms of the agreement, Hodges can initially earn 75% by completing the payment of US$500,000 cash on execution of the agreement and spending US$3,000,000 over two years, with a requirement to spend the first US$1,000,000 within the first year.
On completion of the terms above the companies will incorporate a special propriety company in Botswana that will hold the permit and form a joint venture company.
Hodges can then exercise its option to acquire an additional 24% in the JV through payment of US$0.10 per tonne of all JORC classified Measured and Indicated Resources calculated at the end of the initial farm‐in agreement (two years).
On initiating this payment Hodges must solely fund an additional US$2,000,000 of exploration costs over a two year period and on completion pay SNDP $0.08 per tonne of additional JORC classified Measured and Indicated Resources from an updated report.
Hodges has the exclusive right, until 2nd May 2011, to conduct due diligence prior to entering into the binding agreement.
Located within the eastern central district of Botswana, the Moruple South Coal prospect joint venture has significant mineable coal seams within the area supported by work completed by the current owner and the neighboring companies and a preliminary report undertaken by GEMECS.
Importantly the project areas have had minimal exploration and coal quality analytical work.
Botswana has extensive unexploited coal resources estimated to be in the order of 212 billion tonnes, making it one of the most coal rich countries in Africa.
Botswana is located within southern Africa and has a stable multi‐party democracy and is considered to have a medium to low political risk, similar to Namibia.
Friday, March 4, 2011
Nippon Steel extends interest in Integra Coal Joint Venture in Australia
Friday, 04 March 2011
Japan's largest steelmaker Nippon Steel Corporation has announced that it has concluded a sales agreement with Toyota Tsusho concerning the purchase of 2.35 percent interests owned by Toyota Tsusho via its Australian subsidiary in the Integra Coal Joint Venture in the province of New South Wales, Australia.
Nippon Steel, already holding an interest of 3.6 percent in this JV, with this additional purchase will own an interest of 5.95 percent.
"This additional purchase of interests in this JV will add strength to Nippon Steel's capabilities and endeavors to ensure stable procurement of semi-soft coking coal for the future," reads Nippon Steel's statement.
Integra Coal Joint Venture, heretofore operated by the respective Australian subsidiaries of Vale, a global resources company, POSCO, a Korean steel company, JFE/JFE Shoji Trade, Toyota Tsusho, and Nippon Steel, produces about 3.3 million mt a year of semi-soft coking coal and steaming coal.(sourced:Thomson Reuters)
Nippon Steel, already holding an interest of 3.6 percent in this JV, with this additional purchase will own an interest of 5.95 percent.
"This additional purchase of interests in this JV will add strength to Nippon Steel's capabilities and endeavors to ensure stable procurement of semi-soft coking coal for the future," reads Nippon Steel's statement.
Integra Coal Joint Venture, heretofore operated by the respective Australian subsidiaries of Vale, a global resources company, POSCO, a Korean steel company, JFE/JFE Shoji Trade, Toyota Tsusho, and Nippon Steel, produces about 3.3 million mt a year of semi-soft coking coal and steaming coal.(sourced:Thomson Reuters)
Tuesday, March 1, 2011
Firestone Energy & Sekoko agree to open new coal mine in SA
Firestone Energy & Sekoko sign shareholders JV agreement to open new coal mine in SA.
Mon, Feb28,2011 11:24:58 AM
By ROY DOWNING for Business Day
Firestone Energy, an independent Australian exploration company focused on developing coal projects in SA, says it has signed a shareholders joint venture agreement with its JV partner Sekoko Coal to open a new coal mine in South Africa.
"All eight farms in the Waterberg Coal Project are covered by the agreement which specifies the operational, financing and cashflow aspects of the JV in accordance with the ownership interests of the participants, Firestone 60% and Sekoko 40%," Firestone Energy announced on Monday.
"This agreement paves the way for Firestone secure funding for the development of the Waterberg coal mine," the company said.
The company will conduct a road show to secure future funding.
This agreement is in effect immediately, and is subject to certain conditions.
First, the parties shall receive written unconditional approval from the South African Competition Tribunal and secondly, the South African Minister for Mineral Resources gives written approval in terms of Section 11 of the Mineral and Petroleum Resources Development Act.
"This is significant step for the Sekoko/Firestone JV and it demonstrates the cooperation and good faith that exists within the JV partners. Sekoko looks forward to the development of the Waterberg Coal project and the benefits that will be derived for both companies and their Shareholders," said Sekoko Coal chairman Tim Tebeila.
By ROY DOWNING for Business Day
Firestone Energy, an independent Australian exploration company focused on developing coal projects in SA, says it has signed a shareholders joint venture agreement with its JV partner Sekoko Coal to open a new coal mine in South Africa.
"All eight farms in the Waterberg Coal Project are covered by the agreement which specifies the operational, financing and cashflow aspects of the JV in accordance with the ownership interests of the participants, Firestone 60% and Sekoko 40%," Firestone Energy announced on Monday.
"This agreement paves the way for Firestone secure funding for the development of the Waterberg coal mine," the company said.
The company will conduct a road show to secure future funding.
This agreement is in effect immediately, and is subject to certain conditions.
First, the parties shall receive written unconditional approval from the South African Competition Tribunal and secondly, the South African Minister for Mineral Resources gives written approval in terms of Section 11 of the Mineral and Petroleum Resources Development Act.
"This is significant step for the Sekoko/Firestone JV and it demonstrates the cooperation and good faith that exists within the JV partners. Sekoko looks forward to the development of the Waterberg Coal project and the benefits that will be derived for both companies and their Shareholders," said Sekoko Coal chairman Tim Tebeila.
Saturday, February 26, 2011
BC Iron sends first Nullagine iron-ore shipment to China
Feb24, 2011By Esmarie Swanepoel
PERTH (MiningWeekly)− ASX-listed BC Iron on Thursday joined the ranks of Australian iron-ore producers and exporters when it loaded 20 000 t of iron-ore from the Nullagine joint venture (JV) onto a ship in Port Hedland, for export to China.
The overland transport of the Nullagine iron-ore to port on partner Fortescue Metal’s rail line, marked the first time in Pilbara history that a junior miner had been able to transport iron-ore on a third party’s rail infrastructure.
“This loading today marks the newfound ability by smaller mining companies to use third-party rail and port access to develop otherwise stranded assets into revenue generators and job creators for the Australian economy,” said Fortescue Metals CEO Andrew Forrest.
BC Iron MD Mike Young said that the first ore ship from the Nullagine JV represented not only a significant milestone for the JV and its respective stakeholders, but also a wider significance to the iron-ore industry in the Pilbara region.
“First and foremost, we are pleased and excited that BC Iron has successfully transitioned from an explorer to producer, and we would like to acknowledge everyone that has played a role in making this milestone possible.
“The fact that we have the flexibility to put out a partial shipment is a testament to the close working relationship we have with Fortescue,” Young added.
The Nullagine project hosts a direct shipping ore (DSO) reserve of 36-million tons at 56,9% iron within a DSO resource of 50,7-million tons at 57% iron and an overall channel iron deposit resource of 89,1-million tons at 54,1% iron.
The project would have an initial production capacity of three-million tons a year, which would increase to five-million tons once Fortescue increased its infrastructure capacity.
The project remained on track to have shipped one-million tons of iron-ore by the end of June.
BC Iron is the third company to use Fortescue's Herb Elliott port to start iron-ore exports from Port Hedland.
The ship carrying the Nullagine JV ore was expected to set sail over the weekend.
The overland transport of the Nullagine iron-ore to port on partner Fortescue Metal’s rail line, marked the first time in Pilbara history that a junior miner had been able to transport iron-ore on a third party’s rail infrastructure.
“This loading today marks the newfound ability by smaller mining companies to use third-party rail and port access to develop otherwise stranded assets into revenue generators and job creators for the Australian economy,” said Fortescue Metals CEO Andrew Forrest.
BC Iron MD Mike Young said that the first ore ship from the Nullagine JV represented not only a significant milestone for the JV and its respective stakeholders, but also a wider significance to the iron-ore industry in the Pilbara region.
“First and foremost, we are pleased and excited that BC Iron has successfully transitioned from an explorer to producer, and we would like to acknowledge everyone that has played a role in making this milestone possible.
“The fact that we have the flexibility to put out a partial shipment is a testament to the close working relationship we have with Fortescue,” Young added.
The Nullagine project hosts a direct shipping ore (DSO) reserve of 36-million tons at 56,9% iron within a DSO resource of 50,7-million tons at 57% iron and an overall channel iron deposit resource of 89,1-million tons at 54,1% iron.
The project would have an initial production capacity of three-million tons a year, which would increase to five-million tons once Fortescue increased its infrastructure capacity.
The project remained on track to have shipped one-million tons of iron-ore by the end of June.
BC Iron is the third company to use Fortescue's Herb Elliott port to start iron-ore exports from Port Hedland.
The ship carrying the Nullagine JV ore was expected to set sail over the weekend.
Edited by:Mariaan Webb Tags: third party rail and port access, Direct Shipping Iron Ore DSO,
Tuesday, February 22, 2011
Anshan Steel sets up JV to acquire UK-based USS processing center
Tuesday, 22 February 2011
Liaoning Province-based Chinese steel producer Anshan Iron and Steel Group has announced that it has signed an agreement with Stemcor, the world's largest independent steel trader, to set up a joint venture holding company in the UK called Anshan Steel UK Holding Company which will acquire the USS processing center.
The joint venture company will acquire a two-thirds stake in the USS processing center.
The investment is in line with Anshan Steel's general development strategy for the expansion of its overseas business.
Tags: China , UK , Europe , Far East , investments , M&A , steelmaking , trading , East Asia and Pacific , European Union
(sourced:steelorbis)
Monday, February 21, 2011
SAIL in talks for tie up for CRGO and CRNGO technology
Monday, 21 Feb 2011
PTI reported that Steel Authority of India is at advanced level of talks with 2 to 3 Japanese and Korean firms to produce electrical steels CRGO and CRNO.
As per report, SAIL would like to have a technological partner but is also open to the options of entering into JV agreement with the prospective partner.
Mr CS Verma chairman of SAIL said that the current domestic market size for CRGO products would be USD 1.5 billion to USD 2 billion and the future growth is linked with the spurt in the power sector.
No Indian steel maker has the technology to produce CRGO steel.
(Sourced from PTI)
PTI reported that Steel Authority of India is at advanced level of talks with 2 to 3 Japanese and Korean firms to produce electrical steels CRGO and CRNO.
As per report, SAIL would like to have a technological partner but is also open to the options of entering into JV agreement with the prospective partner.
Mr CS Verma chairman of SAIL said that the current domestic market size for CRGO products would be USD 1.5 billion to USD 2 billion and the future growth is linked with the spurt in the power sector.
No Indian steel maker has the technology to produce CRGO steel.
(Sourced from PTI)
Sunday, February 20, 2011
JFE Steel to set up JV of color coated steel
Sunday, 20 Feb 2011
It is reported that JFE Steel and JFE Shoji Trade Corporation of Japan are currently in talking with Suzhou Hesheng Special Material of China to set up a JV for making color coated steel flat products
It is said that Suzhou Hesheng would enhance its production to higher grade along with more production volume and JFE Steel would to secure its supply from its Japan's plant and Guangzhou JFE Steel Sheet.
(Sourced from YIEH.corp)
It is reported that JFE Steel and JFE Shoji Trade Corporation of Japan are currently in talking with Suzhou Hesheng Special Material of China to set up a JV for making color coated steel flat products
It is said that Suzhou Hesheng would enhance its production to higher grade along with more production volume and JFE Steel would to secure its supply from its Japan's plant and Guangzhou JFE Steel Sheet.
(Sourced from YIEH.corp)
Saturday, February 19, 2011
Sri Lanka India coal project hit by legal queries: report
Feb 18, 2011 (LBO) - A state joint venture coal power plant between India and Sri Lanka which has been negotiated for several years has been hit by further delays following legal queries from the island nation, a media report said.
India's National Thermal Power Corporation and Sri Lanka's Ceylon Electricity Board has been talking on a 500 MegaWatt 50:50 joint venture coal plant in the Eastern coastal town on Trincomalee from 2006.
The Times of India newspaper quoting an unnamed source said Sri Lanka's attorney general had raised 70 queries "on basic issues at the nick of time" delaying the signing of the deal.
India's foreign ministry had "advised NTPC against responding to the queries for the time being," the report said.
Sri Lanka is building a 900 MegaWatt fully CEB-owned coal plant with Chinese finance in the West coast reducing the urgency for a additional capacity. The first 300 MW stage is almost complete and is being tested now.
The Times of India report said queries on 'basic issues' included Sri Lanka's government budgetary support for CEB's part of the investment, government guarantees, laws governing the joint venture and place of arbitration.
But analysts say power purchase agreements, a key component of power deals in particular are complex documents running into several hundred pages and Sri Lanka's power officials have earlier expressed unhappiness at some of the clauses in earlier deals.
The CEB is running massive losses partly due to its inability to pass on the costs paid to independent power producers.
Sri Lanka's attorney general is also battling two cases of arbitration and court proceedings in three countries relating to a disputed energy deal relating to the island's state run petroleum utility.
(sourced:lbo.lk)
India's National Thermal Power Corporation and Sri Lanka's Ceylon Electricity Board has been talking on a 500 MegaWatt 50:50 joint venture coal plant in the Eastern coastal town on Trincomalee from 2006.
The Times of India newspaper quoting an unnamed source said Sri Lanka's attorney general had raised 70 queries "on basic issues at the nick of time" delaying the signing of the deal.
India's foreign ministry had "advised NTPC against responding to the queries for the time being," the report said.
Sri Lanka is building a 900 MegaWatt fully CEB-owned coal plant with Chinese finance in the West coast reducing the urgency for a additional capacity. The first 300 MW stage is almost complete and is being tested now.
The Times of India report said queries on 'basic issues' included Sri Lanka's government budgetary support for CEB's part of the investment, government guarantees, laws governing the joint venture and place of arbitration.
But analysts say power purchase agreements, a key component of power deals in particular are complex documents running into several hundred pages and Sri Lanka's power officials have earlier expressed unhappiness at some of the clauses in earlier deals.
The CEB is running massive losses partly due to its inability to pass on the costs paid to independent power producers.
Sri Lanka's attorney general is also battling two cases of arbitration and court proceedings in three countries relating to a disputed energy deal relating to the island's state run petroleum utility.
(sourced:lbo.lk)
ArcelorMittal and Nunavut now own 93 percent of Baffinland, offer expires
Friday,Feb18,2011 16:38:38 (GMT+2)
Luxembourg-based steelmaking goliath ArcelorMittal and Canada-based Nunavut Iron Ore Acquisition Inc. (Nunavut Iron), a subsidiary of US-based Iron Ore Holdings LP, have announced the expiration of their joint offer to takeover Canadian miner Baffinland Iron Mines Corporation (Baffinland) as of February 17. The companies now own 93 percent of Baffinland through their C$590 million ($593 million) joint offer.
The offer sought all shares of the company for C$1.50 (US$1.51) in cash per common share. Under the joint offer, ArcelorMittal and Nunavut Iron would own 70 percent and 30 percent share of Baffinland respectively.
The companies decided to cooperate on January 14, following various rival bids to acquire Baffinland.
C$4 billion project
Baffinland's Mary River project has proven reserves of about 365 million metric tons of ore, grading an average of 65 percent iron, and about 500 million mt of ore resources. For some months now Baffinland has been looking for partners for the C$4 billion (US$4.02 billion) project, which is expected to produce 18 million mt per year.
ArcelorMittal has already received the necessary approvals for acquisition from local authorities, also valid for the joint offer.
(sourced:steelorbis)
Tags: iron ore , raw material , USA , Luxembourg , Canada , Europe , European Union , North America , mining , M&A , ArcelorMittal , Pellets , Lump ore , Fine ore
Luxembourg-based steelmaking goliath ArcelorMittal and Canada-based Nunavut Iron Ore Acquisition Inc. (Nunavut Iron), a subsidiary of US-based Iron Ore Holdings LP, have announced the expiration of their joint offer to takeover Canadian miner Baffinland Iron Mines Corporation (Baffinland) as of February 17. The companies now own 93 percent of Baffinland through their C$590 million ($593 million) joint offer.
The offer sought all shares of the company for C$1.50 (US$1.51) in cash per common share. Under the joint offer, ArcelorMittal and Nunavut Iron would own 70 percent and 30 percent share of Baffinland respectively.
The companies decided to cooperate on January 14, following various rival bids to acquire Baffinland.
C$4 billion project
Baffinland's Mary River project has proven reserves of about 365 million metric tons of ore, grading an average of 65 percent iron, and about 500 million mt of ore resources. For some months now Baffinland has been looking for partners for the C$4 billion (US$4.02 billion) project, which is expected to produce 18 million mt per year.
ArcelorMittal has already received the necessary approvals for acquisition from local authorities, also valid for the joint offer.
(sourced:steelorbis)
Tags: iron ore , raw material , USA , Luxembourg , Canada , Europe , European Union , North America , mining , M&A , ArcelorMittal , Pellets , Lump ore , Fine ore
Friday, February 18, 2011
Wuhan Steel forming Canadian mining JV -source
BEIJING Feb 17 (Reuters)
China's third-largest steelmaker Wuhan Steel Group is looking to form a joint venture to develop mining projects with Canada's Century Iron Mines Corp and Adriana Resources Inc (ADI.V: Quote), a company source said on Thursday.
Wuhan Steel, parent of Shanghai-listed Wuhan Iron & Steel Co Ltd (600005.SS: Quote), has also inked an agreement with Adriana Resources to take a roughly 20 percent stake in Adriana via a private placement.
(Reporting by Coco Li and David Stanway, writing by Ruby Lian, editing by Jason Subler and Chris Lewis, sourced: Thomson Reuters)
Tags: Chinease steel industry news, raw material, steelmakers, steel mills, Wuhan Steel Group, joint venture, JV, develop mining projects, Canada, Century Iron Mines Corp, Adriana Resources, Shanghai, stake, private placement
China's third-largest steelmaker Wuhan Steel Group is looking to form a joint venture to develop mining projects with Canada's Century Iron Mines Corp and Adriana Resources Inc (ADI.V: Quote), a company source said on Thursday.
Wuhan Steel, parent of Shanghai-listed Wuhan Iron & Steel Co Ltd (600005.SS: Quote), has also inked an agreement with Adriana Resources to take a roughly 20 percent stake in Adriana via a private placement.
(Reporting by Coco Li and David Stanway, writing by Ruby Lian, editing by Jason Subler and Chris Lewis, sourced: Thomson Reuters)
Tags: Chinease steel industry news, raw material, steelmakers, steel mills, Wuhan Steel Group, joint venture, JV, develop mining projects, Canada, Century Iron Mines Corp, Adriana Resources, Shanghai, stake, private placement
Tuesday, February 15, 2011
SAIL gets management control of Steel Complex in Kerala
Tuesday, 15 Feb 2011
Maharatna Steel Authority of India Limited has formally acquired 50% of the shares of Steel Complex Limited in Kozhikode held by the Government of Kerala and taken over the operations of SCL on 13th February 2011.
SAIL-SCL Limited, the joint venture company resulting from the acquisition, will work towards the revival of SCL by setting up a new rolling mill of 65,000 tonnes per annum capacity for producing high grade TMT bars at an estimated investment of INR 45 crore. The JV is expected to be a milestone in the government’s policy of bringing together synergies of PSUs and strengthening them to be competitive in the market.
On the request of the government of Kerala, SAIL had signed a MoU in May 2008 for revival of SCL, owned by the state government. Subsequently, a JV agreement was signed between government of Kerala and SCL in December 2008 to enable acquisition of shareholding by SAIL, development of SCL by setting up a rolling mill and fulfillment of certain terms & conditions by the state government. Subsequent to fulfillment of conditions of the agreement, the JV became operational in December 2010. Operations of the JV will be synergized with SAIL’s core strengths by installation of billet conversion facility, raw material tie-ups and marketing of SCL products by SAIL.
SAIL-SCL Ltd presently has the capacity to produce 55,000 tonnes of liquid steel per annum through the electric arc furnace route and 50,000 tonnes of concast billets per year. The JV aims to tackle issues such as shortage of working capital and non-availability of good quality scrap by ensuring uninterrupted supply of scrap to maintain efficiency of operations and adding value to its products by converting billets into TMT bars. The possibility of marketing SCL products by harnessing SAIL’s nationwide dealer network is being explored.
Tags:SAIL, management control, Steel Complex, Kerala, shares, take over, Acquisitions, JV, PSUs, India steel industry,
Maharatna Steel Authority of India Limited has formally acquired 50% of the shares of Steel Complex Limited in Kozhikode held by the Government of Kerala and taken over the operations of SCL on 13th February 2011.
SAIL-SCL Limited, the joint venture company resulting from the acquisition, will work towards the revival of SCL by setting up a new rolling mill of 65,000 tonnes per annum capacity for producing high grade TMT bars at an estimated investment of INR 45 crore. The JV is expected to be a milestone in the government’s policy of bringing together synergies of PSUs and strengthening them to be competitive in the market.
On the request of the government of Kerala, SAIL had signed a MoU in May 2008 for revival of SCL, owned by the state government. Subsequently, a JV agreement was signed between government of Kerala and SCL in December 2008 to enable acquisition of shareholding by SAIL, development of SCL by setting up a rolling mill and fulfillment of certain terms & conditions by the state government. Subsequent to fulfillment of conditions of the agreement, the JV became operational in December 2010. Operations of the JV will be synergized with SAIL’s core strengths by installation of billet conversion facility, raw material tie-ups and marketing of SCL products by SAIL.
SAIL-SCL Ltd presently has the capacity to produce 55,000 tonnes of liquid steel per annum through the electric arc furnace route and 50,000 tonnes of concast billets per year. The JV aims to tackle issues such as shortage of working capital and non-availability of good quality scrap by ensuring uninterrupted supply of scrap to maintain efficiency of operations and adding value to its products by converting billets into TMT bars. The possibility of marketing SCL products by harnessing SAIL’s nationwide dealer network is being explored.
Tags:SAIL, management control, Steel Complex, Kerala, shares, take over, Acquisitions, JV, PSUs, India steel industry,
Monday, February 7, 2011
Putu iron ore project’s resources more than double to 2.4 billion mt
Monday, 07 February 2011 15:24:08 (GMT+2)
UK- and Canada-listed exploration and development company African Aura Mining has announced that the inferred iron ore resource at its joint venture (JV) with Russian steel and mining company Severstal's Putu iron ore project in eastern Liberia, West Africa has more than doubled to 2.4 billion mt from 1.08 billion mt at a grade of 34 percent Fe, adding that there is the potential to increase this figure further to 2.5 billion mt. "The headline objective of African Aura and our JV partner Severstal Resources was a two billion mt resource and I am very pleased that this has rapidly been achieved. We expect to upgrade this resource to the indicated category during 2011," African Aura's CE Luis da Silva said. This news also comes on top of African Aura's announcement last week of a maiden one billion mt resource at its 100 percent-owned Nkout iron ore project in Cameroon. African Aura's attributable iron ore inventory has increased fivefold in short order, from 0.38 billion mt at 34 percent Fe in 2010 to the current 1.96 billion mt and with the potential for significant further growth.
Severstal holds a 61.5 percent interest in the Putu iron ore project, while its partner African Aura retains a 38.5 percent interest in the project.
Tags: iron ore , raw mat , Liberia , Africa , mining , Severstal
UK- and Canada-listed exploration and development company African Aura Mining has announced that the inferred iron ore resource at its joint venture (JV) with Russian steel and mining company Severstal's Putu iron ore project in eastern Liberia, West Africa has more than doubled to 2.4 billion mt from 1.08 billion mt at a grade of 34 percent Fe, adding that there is the potential to increase this figure further to 2.5 billion mt. "The headline objective of African Aura and our JV partner Severstal Resources was a two billion mt resource and I am very pleased that this has rapidly been achieved. We expect to upgrade this resource to the indicated category during 2011," African Aura's CE Luis da Silva said. This news also comes on top of African Aura's announcement last week of a maiden one billion mt resource at its 100 percent-owned Nkout iron ore project in Cameroon. African Aura's attributable iron ore inventory has increased fivefold in short order, from 0.38 billion mt at 34 percent Fe in 2010 to the current 1.96 billion mt and with the potential for significant further growth.
Severstal holds a 61.5 percent interest in the Putu iron ore project, while its partner African Aura retains a 38.5 percent interest in the project.
Tags: iron ore , raw mat , Liberia , Africa , mining , Severstal
Sunday, February 6, 2011
Tajikistan builds first structural steel product plant
Sunday, 06 Feb 2011
It is reported that Tajik open joint stock company Faroz and the Chinese company Yu Liang Fu have started the construction of a new USD 21 million plant with an annual capacity of 200,000 tonnes of structural steel products, which will be the country's first plant of this type
Accordingly, Yu Liang Fu intends to invest USD 8.4 million in the construction of the plant mainly in the form of equipment and is to receive 45% of the plant total profit following its commissioning. The rest of the funds ie USD 12.6 million will be invested by Faroz.
At the first phase, the new plant will have a capacity of about 200,000 tonnes of structural steel products per year which is planned to be increased to up to 400,000 tonnes in the future. The plant's products will be delivered to the domestic market as well as exported particularly to Afghanistan.
According to the ministry, initially the plant will use scrap as raw material, later to be replaced by iron ore from the deposit located in Tajikistan's Varzob district.(sourced:steelorbis.com)
It is reported that Tajik open joint stock company Faroz and the Chinese company Yu Liang Fu have started the construction of a new USD 21 million plant with an annual capacity of 200,000 tonnes of structural steel products, which will be the country's first plant of this type
Accordingly, Yu Liang Fu intends to invest USD 8.4 million in the construction of the plant mainly in the form of equipment and is to receive 45% of the plant total profit following its commissioning. The rest of the funds ie USD 12.6 million will be invested by Faroz.
At the first phase, the new plant will have a capacity of about 200,000 tonnes of structural steel products per year which is planned to be increased to up to 400,000 tonnes in the future. The plant's products will be delivered to the domestic market as well as exported particularly to Afghanistan.
According to the ministry, initially the plant will use scrap as raw material, later to be replaced by iron ore from the deposit located in Tajikistan's Varzob district.(sourced:steelorbis.com)
Friday, February 4, 2011
Sasol’s China coal-to-liquids plant on hold
No more work to be undertaken before application approved
Friday 04, 2011
By SISEKO NJOBENI
PETROCHEMICALS group Sasol said yesterday it would put on hold new work on a planned coal-to-liquids project in China while it awaited the outcome of the Chinese government’s review of the project application.
Sasol and its partner in the project, Shenua Ningxia Coal Industry Group, submitted a project application last year to the National Development and Reform Commission, a macroeconomic management agency that falls under China’s State Council. The commission lists planning of the layout of key construction projects among its functions.
The application seeks approval from the Chinese government to build the coal-to-liquids plant at the Ningdong energy and chemical base in the northwest autonomous region of Ningxia Hui.
Sasol and Shenua Ningxia Coal Industry Group are 50-50 partners in the mooted 94000 barrels a day plant. The project will use Sasol’s proprietary technology. The companies have completed feasibility studies.
Sasol spokeswoman Jacqui O’Sullivan said yesterday the project would cost $8bn-$10bn. As 50% equity partner, Sasol is liable for half of the costs.
Ms O’Sullivan said Sasol and Shenua Ningxia Coal Industry Group were awaiting the decision of the National Development and Reform Commission.
"The project has reached a key decision point and the partners have decided to delay initiation of any further project activities until the outcome of the decision is known," Ms O’Sullivan said.
The Chinese project is one of several Sasol is pursuing outside SA. According to Sasol, the proposed project would be the largest single-project foreign direct investment in China and its largest coal-to-liquid fuels project yet.
In comments made in Beijing when he was part of President Jacob Zuma ’s delegation to China last year, Sasol CE Pat Davies said Sasol and Shenua Ningxia Coal Industry Group had put together "the best possible commercially proven overall integrated technology package".
Sasol’s decision to halt further work on the project follows last month’s announcement of its decision to can a proposed coal-to-liquids plant in Indonesia.
The project had still been at what was called the "ideas stage" of development.
The canning of the project in Indonesia was regarded as an indication that, for Sasol, new greenfields coal-to-liquid projects will play second fiddle to gas-to-liquids projects.
(sourced:Business Day, news worth knowing)
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Thursday, February 3, 2011
Iron in the blood, Rinehart tops rich list Erik Jensen
.
February 4, 2011
It is almost 20 years since the mining magnate Lang Hancock died. Today his daughter, Gina Rinehart, is officially Australia's richest person and the first woman to hold the position.
While James Packer has diminished his father's fortune, she has far eclipsed hers.
The list of the top-20 richest Australians
While James Packer has diminished his father's fortune, she has far eclipsed hers.
The list of the top-20 richest Australians
The Chinese helped, with their appetite for iron ore. The collapse of James Packer's fortune - though still worth $4.4 billion, and ranked third behind Andrew ''Twiggy'' Forrest - did not hurt either.
But nothing can detract from the fact Mrs Rinehart more than trebled her worth in a year. The US magazine Forbes estimates her fortune at $US9 billion. As much as Silvio Berlusconi's, who ranked a louche 74 on last year's list of world billionaires.
But nothing can detract from the fact Mrs Rinehart more than trebled her worth in a year. The US magazine Forbes estimates her fortune at $US9 billion. As much as Silvio Berlusconi's, who ranked a louche 74 on last year's list of world billionaires.
The University of Sydney economics student - once divorced, once widowed - made almost $700 million in revenue from the first year of her joint venture with Rio Tinto in the Pilbara. In the 2008-09 financial year, Hancock Prospecting made a record $225 million profit - equal, almost, to her father's entire fortune when he died, even after adjustments for inflation.
Recently she has made headlines for her raids on media companies - including on Fairfax Media, publisher of the Herald. More quiet has been the offensive she has lately begun on her father's legacy.
Recently she has made headlines for her raids on media companies - including on Fairfax Media, publisher of the Herald. More quiet has been the offensive she has lately begun on her father's legacy.
Most of his iron ore holdings were lost or sold before she took over, her company says. Royalties from his deal with Rio Tinto went on debts and the deposit now making so much money was then a ''few drill holes'' - the man, when he died, was bankrupt, the company says.
''When Mrs Rinehart became chairman it was very difficult to do the investment and work required with substantial debts and liabilities to pay and even the office building mortgaged,'' Hancock Prospecting said in a recent statement. ''There was no 'inherited money' to fund Hope Downs [deposit]; significant moneys had to be borrowed to do so.''
The dispute bubbled over into a open letter late last year, directed at the journalist Tim Treadgold's suggestion she was riding the ''same flatbed truck'' her father drove.
''Silly attacks on people to divert attention from the real world issues,'' she wrote, ''won't help Australia.''
The net worth of Australia's richest 40 people rose by 40 per cent in the past year, to a combined wealth of $68.4 billion.(sourced:www.smh.com.au)
''When Mrs Rinehart became chairman it was very difficult to do the investment and work required with substantial debts and liabilities to pay and even the office building mortgaged,'' Hancock Prospecting said in a recent statement. ''There was no 'inherited money' to fund Hope Downs [deposit]; significant moneys had to be borrowed to do so.''
The dispute bubbled over into a open letter late last year, directed at the journalist Tim Treadgold's suggestion she was riding the ''same flatbed truck'' her father drove.
''Silly attacks on people to divert attention from the real world issues,'' she wrote, ''won't help Australia.''
The net worth of Australia's richest 40 people rose by 40 per cent in the past year, to a combined wealth of $68.4 billion.(sourced:www.smh.com.au)
Mercator Lines To Invest RS 200-250 Crore on Coal Mine in INDONESIA
Thursday, 03 February 11
Economic Times reported that Mercator Lines, the HK Mittal-controlled shipping-to-mines major, will invest about 200-250 crore (US$ 43.825 - 54.781 million) in developing a coal mine in the Batuah region of Kalimantan province in Indonesia as part of its strategy to increase its presence in the high-margin mining industry.
The Mumbai-based company will invest via a JV with an Indonesian firm PT United Coal to develop the infrastructure for the mining project, while the ownership of the mine will continue to remain with the Indonesian company, said people familiar with the development.
When contacted, chairman H K Mittal said: "We already own four coal mines in Indonesia and are keen to build our ownership here." Total reserves in the Indonesian mines owned by Mercator Lines is about 70 million tonnes and the company plans to raise the total deposits to 100 million tonnes.
Ownership of coal mines in Indonesia and Australia has become a popular trend among the Indian and Chinese companies as they make a beeline to own these resources to feed an ever-growing demand for electricity in their domestic markets.
(1 INR = 0.0219129 USD http://www.xe.com) Source:Economic Times
Economic Times reported that Mercator Lines, the HK Mittal-controlled shipping-to-mines major, will invest about 200-250 crore (US$ 43.825 - 54.781 million) in developing a coal mine in the Batuah region of Kalimantan province in Indonesia as part of its strategy to increase its presence in the high-margin mining industry.
The Mumbai-based company will invest via a JV with an Indonesian firm PT United Coal to develop the infrastructure for the mining project, while the ownership of the mine will continue to remain with the Indonesian company, said people familiar with the development.
When contacted, chairman H K Mittal said: "We already own four coal mines in Indonesia and are keen to build our ownership here." Total reserves in the Indonesian mines owned by Mercator Lines is about 70 million tonnes and the company plans to raise the total deposits to 100 million tonnes.
Ownership of coal mines in Indonesia and Australia has become a popular trend among the Indian and Chinese companies as they make a beeline to own these resources to feed an ever-growing demand for electricity in their domestic markets.
(1 INR = 0.0219129 USD http://www.xe.com) Source:Economic Times
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