Argosy Minerals Limited: Bembeye Iron Ore Project

Mon, Mar07, 2011

Argosy Minerals Limited ("Argosy") (ASX:AGY) is pleased to announce that it has been granted three exploration licences, through its wholly owned subsidiary Argosy Exploration (SL) Limited, for iron ore in Sierra Leone known as the Bembeye Iron Ore Project (Argosy 93 Prospect).

The government of Sierra Leone has granted Argosy a four year exploration license to explore for iron ore in an area covering 136.2 square kilometres in the south of the country, 100 kilometres from the major city of Bo, the second largest city in Sierra Leone and 120 kilometres from the coast.

Argosy owns 100% of the exploration license.

Argosy's consultant and advisors have substantial experience and expertise in dealing with mineral prospects in Sierra Leone.

Argosy's Chief Consultant Geologist qualified at Durham University in England and upon his return to Sierra Leone joined the Geological Survey working for the government services in a senior capacity for several years. His unparalleled knowledge of the geology in Sierra Leone has enabled Argosy to make application for and be granted this exploration license.

Sierra Leone is a former British colony with a population of approximately 6.5 million.

The country has had a stable government since the end of the civil war in 2001. The last election was held in July 2007 and the country has remained stable under the present President Ernest Bai Karoma.

Argosy applied for the license on the basis of previous work on the tenement as follows:

1. A pronounced airborne magnetic anomaly shown by N.W. Wilson (1958/1959) of the S.L. Geological Survey to be caused near Bembeyema by a hard hypersthenes-quartz-magnetite.

2. The Bembeye is the southern mass of a range of hills that run in a north-easterly direction for about 30 kilometres. It is perceived that the magnetic lithology will run throughout the strike length of the range of hills, thus providing the possibility of substantial tonnage.

3. J. Middleton of the S.L. Geological Survey reported useful results from crushing and sieving a composite sample from selected high grade bands of the hard quartz-hyperthene-magnetite gneiss to determine the extractable percentages of magnetite. for more info visit

http://pr-usa.net/index.php?option=com_content&task=view&id=645006&Itemid=29

Third auction of Kremikovtzi assets also fails

Monday, 07 February 2011 17:19:48 (GMT+2)
The third auction of the assets owned by bankrupt Bulgarian steel giant Kremikovtzi has failed like the previous two auctions, since the only bidder did not present satisfactory documentation certifying that it had paid the required deposit, Sofia News Agency has reported. The bidder Victory Commerce, owned by Bulgarian businessman Georgi Manchev, has presented the copy of an email according to which Russia-based Rosbank transferred the required €20.28 million deposit for participation in the auction. However, Bulgarian Development Bank, which is carrying out the bankruptcy procedure, has stated in a press release that it has not received any deposit from the company. Mr. Manchev has said Victory Commerce is now withdrawing its bid. Bulgaria regrouped the assets of bankrupt Kremikovtzi to cut their price and tried to auction them for a third time on Monday, February 7, 2011, after failing to attract any bidders in the two previous auctions. For Monday's unsuccessful bid, the starting price was set at BGN 395 million (approx. $274 million), down 31 percent from the initial price at the first auction. As SteelOrbis previously reported, Kremikovtzi was placed in receivership in 2008, after failing to pay investors holding €325 million ($440 million) in bonds. Following the failure of attempts to sell Kremikovtzi to ArcelorMittal and Ukrainian businessman Konstantin Zhevago, owner of Vorskla Steel Bulgaria, Kremikovtzi was declared bankrupt at the end of May last year and cleared for liquidation in June. Tags: Bulgaria , Europe, steelmaking(sourced:steelorbis)

Dock strike slows Peru's mineral exports

Mon Feb 7, 2011 4:03pm GMT
* At least 11 boats waiting to be loaded or unloaded
* Peru is world's second largest zinc producer
LIMA, feb 7 (Reuters) - A strike at Peru's main port was slowing down mineral exports on Monday as workers demanded better benefits in the world's No. 2 zinc producer, a union leader said.
There were at least 11 boats waiting to be loaded or unloaded at the port of Callao, Wilmer Esteves of the dock worker's union told Reuters. Workers had been protesting for better benefits for two weeks before going on strike.
The back-up occurred at a terminal used to export zinc and other minerals from Peru's central Andes.
Staff at the dock is "insufficient to complete the shipments," Peru's association of exporters known as Adex said.
The port is owned by the government and has sent Navy sailors to help load and unload boats.
(Reporting by Teresa Cespedes; Editing by John Picinich, sourced:Thomson Reuters)

Bahrain asks to be excluded from Saudi steel export ban

Monday, 07 Feb 2011
Arab Steel reported that CEO of Bahrain Trade and Industry Chamber asked for the need to exclude his country from the steel export ban decision since Bahrain is the little brother for the Kingdom of Saudi Arabia pointing out that the Bahraini side will send an official statement including this demand and its aspects to the Gulf Chambers Council soon.
He said that “I ask for this since this relation contains a kinship and many mutual interests between the two countries also the social, economic, and political closeness that distinguishes us and makes us the closest to integration on all levels making from us a good example for the start of the Gulf economic integration and puts us next to a unified Gulf market to be the encouraging role model.”
In Bahrain large businesses are currently carried on due to many construction projects it's not a secret that Bahrain depends on Saudi Arabia in the businesses especially in the field of logistic services.
Hinting that most Bahraini imports are in fact Saudi exports making the volume of the exchange amount less and expected to increase in the few days to come.
It's said that Ministry of Trade and Industry has found solutions to create the balance between the demand and offer in the steel markets after it issued a decree in 2008 to ban the steel export to abroad following the crisis that happened due to the doubling increases for the steel prices which reached phantom prices boosting the construction costs and obstructing many private and government projects.(sourced:Arab Steel)

Watchdog suspends ArcelorMittal's mine in Ukraine

Mon Feb 7, 2011 4:08pm GMT
KIEV Feb 7 (Reuters) - Ukraine's industrial safety watchdog has suspended coal production at a mine belonging to the country's biggest steel mill ArcelorMittal Kryvy Rih (ISPA.AS: Quote) (MT.N: Quote), the company said on Monday.
The company declined to comment on the consequences of the suspension for its steel production.
Ukrainian media said that a possible destruction of a road which ran above the mine's working zone was the reason for the watchdog's decision. ArcelorMittal Kryvy Rih cut crude steel production to 450,000 tonnes in January 2011 from 534,000 in January 2010. [ID:nLDE70O1K2]
The plant, located in the city of Kryvy Rih in central Ukraine, reduced pig iron output by 16 percent to 389,000 tonnes and cut rolled steel production by 9.5 percent to 406,000 tonnes.
In 2010, the mill boosted steel production to 6.13 million tonnes from 5.04 million tonnes in 2009. (Reporting by Pavel Polityuk; editing by David Cowell, sourced:reuters)

Update on rebar prices in Oman

Monday, 07 Feb 2011
According to a survey by the Department of Consumer Protection in the Ministry of Commerce and Industry which was conducted on February 1, Omani steel Majan rose at the Oman Construction Materials Company and the price per tonne reached OMR 306 from OMR 302 of two weeks ago.

The periodic survey conducted by the Department of Consumer Protection in the Ministry of Commerce and Industry in Oman includes 5 types of rabar, local Sharq Sohar and Majan and rebar imported from Qatar, UAE and Turkey.
The price of imported rebar from the UAE rose to OMR 308 from OMR 300 and that imported from Qatar rose to OMR 310 from OMR 305. The survey indicated the decline of the local rebar Sharq Sohar during the last week in the Middle East Company to OMR 310 from OMR 315 per tonne.

Prices of steel rebar imported from Turkey have fallen at Al Ansari by OMR 2 per tonne to OMR 305 from OMR 307. Rebar imported from the United Arab Emirates has also dropped to OMR 300 from OMR 302.
However, the prices of steel imported from the UAE and Qatar were stable at Bahwan at OMR 308 per tonne for the third straight week. Price of Omani steel at Bahwan has risen up by OMR 2 per tonne to OMR 310 compared to OMR 308 two weeks ago.(sourced:Zawya)

New Iraq rebar plant will have 1 MTPA capacity

Monday, 07 Feb 2011
Italian plant maker Danieli has confirmed that it is supplying a meltshop and rebar mill for Jordan based Mass Global Investment’s new steelworks project in Kurdistan of northern Iraq.
The plant will have 1 million tonne per annum capacity and start production in the Q1 of 2012. It will include 120 tonne electric arc furnace, ladle furnace and 5 strand continuous caster for 130 mm and 150 mm billets.
Billets will be hot charged by linking the caster directly to the reheat furnace. The rolling mill will produce 10 mm to 32 mm debar and will have a 16 stand continuous mill plus a six pass, high speed twist free finishing block.(sourced:Arabsteel)

OMK’s ATZ sees 34 percent rise in steel pipe output in January

Monday, 07 February 2011 11:51:33 (GMT+2)
The Russian pipe producing company United Metallurgical Company (OMK) has announced that in January 2011 the steel pipe output of its Tatarstan-based subsidiary Almetyevsk Pipe Plant (ATZ) increased by 34 percent year on year from 9,635 mt to 12,900 mt. Meanwhile, ATZ's shipments of steel pipes of its own production rose in the first month of this year by 35 percent compared to the same period last year, increasing to 15,008 mt.
Tags: pipe , tubular , Russia , CIS , manufacturing , production , OMK sourced:steelorbis

Ukraine issues 2010 coke import and export data

Monday, 07 February 2011 11:54:42 (GMT+2)
In 2010, Ukraine's coke exports increased by 59 percent to 1.466 million mt, valued at $444.5 million, while its coke imports went up by 22.4 percent to 305,510 mt, valued at $93.8 million, both compared to 2009. In December 2010, coke exports from Ukraine decresed by 39.5 percent month on month, but increased by 12 percent year on year to 122,980 mt, valued at $38 million. Of the country's total coke exports in December, deliveries included 26,010 mt to India, 25,750 mt to Slovakia, 23,280 mt to Iran, 11,460 mt to Turkey, 9,370 mt to Romania, 8,730 mt to Georgia, and 7,010 mt to Macedonia. On the other hand, in December 2010 Ukraine's coke import volume increased by 12 percent month on month, but decreased by 5.3 percent year on year, totaling 37,720 mt at a value of $12.2 million. Ukraine's coke import volume in December included 31,920 mt from Kazakhstan, 3,560 mt from Poland, and 2,230 mt from Russia.
Tags: raw mat, Ukraine , CIS , import /export statistics

Cost of construction going up sharply in Turkey

Monday, 07 Feb 2011
According to sector representatives, real estate prices in Turkey are expected to increase by as much as 20% in the near future due to the rising cost of cement and iron over the past year.

Mr Ali Agaoglu chairman of the Agaoglu Group said that "If this situation continues, we will be obliged to reflect the costs in house prices.”
According to companies, the trouble instead stemmed from the 33% in cement costs and the 44 rise in iron prices. Domestic rebar prices at the end January was in the range of USD 670 per tonne to USD 690 per tonne. The rising costs are likely hike house prices by between 10% and 20% as of May this year.

Mr Ismail Durak an executive from Turkey’s leading iron and steel producer, Kardemir said that Cement and iron and steel producers, however, said they were not to blame for the current situation. The price hike in iron stems from scrap prices.
(sourced:Hurriyet Daily News)

Russian Railways: Steel product shipments up 11.2 percent in January

Monday, 07 February 2011 11:56:42 (GMT+2)
According to the preliminary data issued by Russian Railways (RZhD), in January 2011 steel product shipments on Russia's railways increased by 11.2 percent to 6.3 million mt, shipments of iron ore and manganese ore went up by 11 percent to 8.6 million mt, while shipments of coke went up by 10.7 percent to 10.5 million mt, all compared to January 2010. In January 2011, total shipments on Russia's railways increased by 10.6 percent year on year to 97 million mt.
Tags: iron ore , raw mat , Russia , CIS , steelmaking , trading
(sourced:steelorbis)

New York-based Upstate Shredding acquires Hazleton-based scrap company

Monday, 07 February 2011 11:59:02 (GMT+2)
On February 5, New York, US-based metal service center and recycler Upstate Shredding LLC - Ben Weitsman & Son, Inc. announced a purchase agreement to acquire Brenner Recycling, Inc., a retail scrap metal and recycling company located in the City of Hazleton, Pennsylvania. According to an official statement, the all-cash transaction is scheduled for closing on April 1 and key Brenner executives and all employees will continue in their positions. The other details of the planned acquisition were not disclosed. Brenner, a family-owned business in operation since 1925, grew from a used auto parts yard to become the largest scrap metal, paper and cardboard recycler in the greater Hazleton area, which is approximately a two-hour drive from Philadelphia and New York City. Since December 2009, Upstate has acquired scrap metal companies in Syracuse, Jamestown and Liberty, New York and in Towanda, Pennsylvania to add to its operations in Binghamton, Ithaca and Owego, New York. Upstate Shredding LLC - Ben Weitsman & Son, Inc. is the largest privatel- owned scrap metal processor and recycling center on the east coast of the US.
Tags: scrap , raw mat , USA , North America , steelmaking , M&A
(Sourced:steelorbis)

Global freight rates poised to rise after tumbling to a 2 year low

Monday, 07 Feb 2011
Bloomberg reported that freight rates are poised to rise after tumbling to a two year low as owners of ships hauling coal and iron ore scrap the most vessels in at least 28 years.
According to Clarkson Plc, a total of 38 Capesize, will be demolished in 2011.
Charter costs should average USD 22,000 in 2011, almost four times today’s rate of USD 5,724.

Mr Philippe van den Abeele MD of Castalia Fund Management (UK) Limited said that "From where we are now I don't see much downside. People are depressed, they think it’s the end of the world in dry cargo shipping, but they’re pushing it too far."
A Bloomberg survey of eight fund managers and analysts last month showed that owners of older vessels may sell them for scrap because earnings from single voyage charters were slashed by a four week, 71% slump in rates. The most demolitions since Clarkson's records begin in 1983 may help reduce a glut as an estimated 200 new Capesize, spanning about 35 miles laid end to end, leave shipyards this year.

Mr Van den Abeele's forecast for this year's average rate is at least 22% higher than any of the quarterly forward freight agreements being traded for 2011. The accords, traded by brokers, allow investors to hedge or bet on the future cost of shipping.
According to the Baltic Exchange, companies ordered too many ships in 2007 and 2008, when daily income averaged about USD 111,000. Rates reached a record USD 233,988 in June 2008 before plunging 99% over the next six months to USD 2,316.
Korea Line Corporation, South Korea's second largest operator of dry bulk ships, filed for receivership last month after reporting losses in six of the past seven quarters. The 12 member Bloomberg Dry Ships Index fell 4.5% this year, extending an 8% drop in 2010, with the biggest declines for Genco Shipping & Trading Limited and Eagle Bulk Shipping Inc.

Mr Nigel Prentis director of research and consulting at HSBC Shipping Services Limited in London said that owners of capsizes valued at USD 60 million are paying about USD 25,000 a day in costs to cover expenses such as crew and financing. Single voyage rates have been below that level since December 20th 2010.
The Baltic Exchange reported its first ever negative rate for dry bulk freight on January 13th 2011. Costs on the C11 route for shipments to Europe from Asia are now at minus USD 2,227 a day. While that means owners pay customers to hire their vessels, clients still pay most of the fuel costs. For a shipping line wanting to relocate a vessel to a region where there are more cargoes, that’s still cheaper than sailing the craft empty.(sourced:bloomberg.net)

Essar Africa inks deal to take control of ZISCO Steel

Monday, 07 Feb 2011
It is reported that Zimbabwe has inked a USD 28 million deal which saw the Mauritian firm, Essar Africa, assume control of the Zimbabwe Iron and Steel Company.
Essar Africa acquired 54% shareholding in the company from the Zimbabwe government.
After the signing ceremony, Industry and Commerce Minister Mr Welshman Ncube said “The work begins now to restore Zisco Steel to the giant that it was before it was bled to the ground by corruption and mismanagement. We believe we have signed the best deal for the company, and the country.”

The deal at one time hit a snag when Dutch bank, ING, demanded that the USD 28 million Essar was due to pay to the government be used to settle a USD 28 million debt the bank was owed by the state run fixed telephone line company, TelOne.
At its peak Ziscosteel used to produce close to a million tonnes of steel a year, but operations have virtually ground to a halt and most of its 4,000 strong workforce retrenched.(sourced:Newzimbabwe.com)

ArcelorMittal appoints Wandke to senior management of mining division

Monday, 07 February 2011 14:41:47 (GMT+2)
On February 4, Luxembourg-based global steel titan ArcelorMittal announced that Simon Wandke has been appointed as the new chief commercial officer heading up marketing and sales for its mining division and as a vice-president of the company. Mr. Wandke will report to Peter Kukielski, head of mining and member of the group management board. His appointment is effective from January 10. Mr. Wandke's most recent position was as chief marketing officer at Ferrexpo Group, the London-listed iron ore mining and processing company with interests in Ukraine. He worked in Ferrexpo from 2006 until recently. Between 2002 and 2005 he was a partner in international organizational development consulting company Destra Consulting Group where he was responsible for launching the Australian practice. Between 1989 and 2002 Mr. Wandke held a number of senior positions at Australian mining giant BHP Billiton, including vice-president of strategic marketing and vice-president for strategy within the minerals group. Peter Kukielski commented, "I am delighted that Simon will be joining the mining division of ArcelorMittal. He brings a wealth of marketing and management experience from the mining sector and has a great track record of success, particularly in the development of effective commercial strategies."
Tags: Australia , Ukraine , Luxembourg , UK , Oceania , Europe , CIS , steelmaking , mining , ArcelorMittal , Ferrexpo , BHP

ArcelorMittal and SMS Meer resumes wire and rod mill project

Monday, 07 Feb 2011
It is reported that two years ago, ArcelorMittal Hochfeld in Duisburg placed an order with SMS Meer for the supply of a complete high capacity wire rod mill for quality steel.
In view of economic development at that time, however, the project was suspended. Now the order has been reinstated and the mill is scheduled to commence production in spring 2012.
In addition, the wire rod blocks will be equipped with a new individual drive technology developed by SMS Meer. The high performance wire rod mill is designed for an annual capacity of 690,000 tonnes.
The SMS Meer scope of supply comprises a walking beam furnace, the mechanical and electrical equipment of the mill train, all the supply system, the coil handling equipment, the entire rolling and cooling technology as well as erection and installation.
(sourced:arabsteel.info)

US imports in December up by 1pct MoM - AIIS

Monday, 07 Feb 2011
Based on preliminary import data released by the government, imports increased slightly in December 2010 by 1.4% as compared to November 2010.
Mr David Phelps president of American Institute for International Steel said that "Stronger market conditions at the end of the year in the US are reflected in the increase in December of arrivals of semi finished steel products for conversion by domestic mills. This optimistic development also coincides with improved pricing and lengthening lead times for the domestic industry at the end of 2010."

For the full year, imports increased 47.2% over the recession year 2009.
Mr Phelps said that "Going forward, current market conditions appear to increase the reasons for optimism for early 2011 for imports, domestic shipments and based on reports associated with international conditions, for exports."
Total steel imports in December 2010 were 1.811 million tonnes as compared to 1.796 million tonnes in November 2010, a 1.4% increase, and a 28.4% increase compared to December 2009.

According to YTD figures, imports increased 47.2% compared to 2009 or from 16.2 million tonnes in 2009 to 23.9 million tonnes in 2010. The data show that imported semi finished products increased from 278 thousand tons in December 2009 to 365,000 tonnes in December 2010, a 31.5% increase.
For the YTD period, semi finished imports increased from 2.036 million tonnes in 2009 to 5.068 million tonnes in 2010, a 148.9% increase, based on preliminary reporting.

Uttam Galva Steels Q3 net down by 41pct

Monday, 07 Feb 2011
Uttam Galva Steels a producer of galvanized plain and cold rolled steel, has posted a decline of 41.39% in net profit to INR 101.10 million for the quarter ended December 31st 2010 as compared to INR 172.50 million for the quarter ended December 31st 2009. The company’s net sales has decreased marginally by 4.76% from INR 10, 916.80 million for the quarter ended December 31st 2009 to INR 10,396.30 million for the quarter ended December 31st 2010, a rise of 9.94%.(sourced:IRIS)

Ukraine temporarily suspends rolled steel product shipments to Egypt

Monday, 07 February 2011 15:12:40 (GMT+2)
Ukrainian steel producers have temporarily suspended shipments of rolled steel products to Egypt, due to the political crisis in this country, Russian information agency Prime-Tass has reported, citing Vladimir Pikovskiy, head of the steel and mining industry department of Derzhzovnishinform (DZI), the Ukrainian national research and information center for monitoring international commodity markets. According to Mr. Pikovskiy, none of the Ukrainian steel exporters will risk making shipments to Egypt until March. "No one is canceling contracts, but shipments in February are probably not worth the risk," he said, adding that the temporary stoppage of shipments of rolled steel products to Egypt will not affect the output of the Ukrainian steelmakers. According to DZI data, in 2010 Ukraine's steelmakers exported 944,000 mt of rolled steel products to Egypt, accounting for 3.5 percent of total export of these products. Ukrainian steelmakers' total rolled steel product exports to North African countries amounted to 1.23 million mt in 2010, accounting for 4.6 percent of the total exports of Ukrainian steel products (27 million mt).
Tags: Egypt , Ukraine , Africa , CIS , steelmaking , trading
sourced:steelorbis

POSCO war Zone - Anti group PPPS warns of blood bath

Monday, 07 Feb 2011
The anti POSCO movement has decided not to give 'even an inch of land' for the mega steel project in Orissa even as the state government there is gearing itself to start land acquisition over the next two weeks.
POSCO Pratirodh Sangram Samiti chairman Mr Abhaya Sahu said that anti POSCO movement is passing through a very critical stage after Union Minister for Environment and Forest Mr Jayram Ramesh gave clearance for the project.
He said “We have been fighting for the last five and half years. We will not give up the fight. People are ready to fight till the last drop of blood in their body.”
Mr Sahu said that people are facing the government sponsored repression on the behalf of South Korean company adding that whatever conditions that are laid down by Ministry of Environment and Forest for the project are merely an eyewash.
He said "The state government is preparing itself for land acquisition in next two weeks time. But the anti POSCO moment has decided not to give even an inch of land for the project.”
(Sourced from PTI)