Wednesday, 29 Feb 2012
Bloomberg reported that ArcelorMittal is studying an expansion of its Canada iron-ore production to 48 million metric tonnes a year.
Mr said Peter Kukielski head of mining said that ArcelorMittal plans Liberian iron ore production of 4 million tonnes this year, rising to 15 million tonnes by 2015.
(Sourced from Bloomberg)
Showing posts with label Liberian iron ore exploration. Show all posts
Showing posts with label Liberian iron ore exploration. Show all posts
Wednesday, February 29, 2012
Monday, August 8, 2011
Vedanta Enters Scramble for African Ore
Monday, August8, 2011
By Alex Macdonald, WSJ
By Alex Macdonald, WSJ
LONDON—U.K.-listed, India-focused Vedanta Resources PLC has become the latest miner to enter the fray over a fast-emerging iron-ore hub in West Africa by purchasing a majority stake in Western Cluster Ltd., a Liberian iron-ore exploration company.
Vedanta, through its Sesa Goa Ltd. iron-ore unit, has agreed to purchase a 51% stake in Western Cluster Ltd. from Elenilto Minerals & Mining LLC for $90 million in cash. WCL won the bid for an iron-ore project in Liberia that has long-life potential, with iron-ore resources exceeding one billion metric tons and saleable product of 330 million tons.
With this purchase, Vedanta, a FTSE-100 company, is joining an iron-ore investment bonanza that is taking place in West Africa. Mining companies and steel producers from around the world are flocking to the region to develop large deposits of the steelmaking raw ingredient to export it to fast-growing emerging economies such as China, where demand for the product remains high due to the fast-paced process of urbanization and industrialization.
ArcelorMittal, the world's largest steel producer and a large iron-ore producer, has already started mining iron ore from its project in Liberia this year and plans to ship its first commercial iron ore in the third quarter of this year.
Brazil's Vale SA and Anglo-Australian giant Rio Tinto PLC, the world's largest and second-largest iron-ore producers respectively, are also present in neighboring Guinea, where they're investing billions of dollars in mining projects and infrastructure to transport high-quality iron ore to the coast for export.
"We are highly delighted with this opportunity to consolidate our iron ore business," said P.K. Mukherjee, Sesa Goa's managing director. "The Western Cluster project presents an excellent opportunity for developing a large integrated mining operation and establish our presence in Liberia and Africa."
Sesa Goa said the project is in close proximity to existing port infrastructure and access to land for a railway corridor. The company said the investment will establish a strong presence in the upcoming ironore hub catering to seaborne iron ore trade.
Vedanta is already present in Africa through copper and zinc investments in Zambia, Namibia and South Africa.
Vedanta, through its Sesa Goa Ltd. iron-ore unit, has agreed to purchase a 51% stake in Western Cluster Ltd. from Elenilto Minerals & Mining LLC for $90 million in cash. WCL won the bid for an iron-ore project in Liberia that has long-life potential, with iron-ore resources exceeding one billion metric tons and saleable product of 330 million tons.
With this purchase, Vedanta, a FTSE-100 company, is joining an iron-ore investment bonanza that is taking place in West Africa. Mining companies and steel producers from around the world are flocking to the region to develop large deposits of the steelmaking raw ingredient to export it to fast-growing emerging economies such as China, where demand for the product remains high due to the fast-paced process of urbanization and industrialization.
ArcelorMittal, the world's largest steel producer and a large iron-ore producer, has already started mining iron ore from its project in Liberia this year and plans to ship its first commercial iron ore in the third quarter of this year.
Brazil's Vale SA and Anglo-Australian giant Rio Tinto PLC, the world's largest and second-largest iron-ore producers respectively, are also present in neighboring Guinea, where they're investing billions of dollars in mining projects and infrastructure to transport high-quality iron ore to the coast for export.
"We are highly delighted with this opportunity to consolidate our iron ore business," said P.K. Mukherjee, Sesa Goa's managing director. "The Western Cluster project presents an excellent opportunity for developing a large integrated mining operation and establish our presence in Liberia and Africa."
Sesa Goa said the project is in close proximity to existing port infrastructure and access to land for a railway corridor. The company said the investment will establish a strong presence in the upcoming ironore hub catering to seaborne iron ore trade.
Vedanta is already present in Africa through copper and zinc investments in Zambia, Namibia and South Africa.
Tuesday, January 25, 2011
Petmin invests in Liberian iron ore exploration
Petmin has entered into an agreement with Hummingbird relating to Hummingbird’s Mount Ginka licence.
I-NET BRIDGE, Published: 25 Janurary, 2011
Minerals, mining and processing company Petmin announced Tuesday that it has entered into an agreement with Hummingbird and its wholly owned subsidiary Iron Bird Resources Inc relating to Hummingbird's Mount Ginka licence for exploration of iron ore in Liberia.
AIM-listed Hummingbird Resources is the largest holder of mineral exploration licences in the eastern part of Liberia, a hitherto unexplored region of Birimian age geology - a province that is known to be highly prospective for the discovery of large scale gold and other mineral deposits.
Hummingbird has sought to capitalise on this prospect through systematic and extensive exploration over the last four years.
Under this agreement Petmin will provide up to a total sum of $2 million for the exploration of the Mount Ginka licence area in a two stage plan to ascertain the commercial viability of the project.
In terms of the agreement, Iron Bird will issue new shares equivalent to 15% of its issued share capital to Petmin for a consideration of US$500,000. This investment is conditional on the transfer of the Mount Ginka licence to Iron Bird.
The First Phase Investment will be used for the purpose of demonstrating whether a commercially saleable magnetite concentrate can be produced. On successful completion of Phase 1 of the Work Programme, Petmin will invest a further $1.5 million in Iron Bird, to increase its shareholding to 50%.
The Second Phase Investment will be utilised to demonstrate the scale of the resource within the licence area.
Phase 1 of the Work Programme will commence with an aeromagnetic survey which has been contracted to be flown shortly. Following this, Phase 1 of the Work Programme is expected to progress with grab sampling, trenching, pitting and scout drilling with the aim of obtaining a representative sample for metallurgical test work.
The Mount Ginka licence area covers approximately 155 square kilometers and is situated in Nimba County in north central Liberia. It is located approximately 15 km south of Yekepa, a major iron ore deposit located at Mt Nimba, which is currently being developed by Accelor-Mittal.
In addition BHP Billiton is undertaking iron ore exploration approximately 30km northwest of Mount Ginka at the Mount Kitoma licence area.
The transaction is subject to the approval of the SARB, JSE, Securities Regulation Panel and the Competition Commission. (sourced businessday.co.za)
I-NET BRIDGE, Published: 25 Janurary, 2011
Minerals, mining and processing company Petmin announced Tuesday that it has entered into an agreement with Hummingbird and its wholly owned subsidiary Iron Bird Resources Inc relating to Hummingbird's Mount Ginka licence for exploration of iron ore in Liberia.
AIM-listed Hummingbird Resources is the largest holder of mineral exploration licences in the eastern part of Liberia, a hitherto unexplored region of Birimian age geology - a province that is known to be highly prospective for the discovery of large scale gold and other mineral deposits.
Hummingbird has sought to capitalise on this prospect through systematic and extensive exploration over the last four years.
Under this agreement Petmin will provide up to a total sum of $2 million for the exploration of the Mount Ginka licence area in a two stage plan to ascertain the commercial viability of the project.
In terms of the agreement, Iron Bird will issue new shares equivalent to 15% of its issued share capital to Petmin for a consideration of US$500,000. This investment is conditional on the transfer of the Mount Ginka licence to Iron Bird.
The First Phase Investment will be used for the purpose of demonstrating whether a commercially saleable magnetite concentrate can be produced. On successful completion of Phase 1 of the Work Programme, Petmin will invest a further $1.5 million in Iron Bird, to increase its shareholding to 50%.
The Second Phase Investment will be utilised to demonstrate the scale of the resource within the licence area.
Phase 1 of the Work Programme will commence with an aeromagnetic survey which has been contracted to be flown shortly. Following this, Phase 1 of the Work Programme is expected to progress with grab sampling, trenching, pitting and scout drilling with the aim of obtaining a representative sample for metallurgical test work.
The Mount Ginka licence area covers approximately 155 square kilometers and is situated in Nimba County in north central Liberia. It is located approximately 15 km south of Yekepa, a major iron ore deposit located at Mt Nimba, which is currently being developed by Accelor-Mittal.
In addition BHP Billiton is undertaking iron ore exploration approximately 30km northwest of Mount Ginka at the Mount Kitoma licence area.
The transaction is subject to the approval of the SARB, JSE, Securities Regulation Panel and the Competition Commission. (sourced businessday.co.za)
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