Tuesday, 14 Feb 2012
Coal miner PT Resource Alam Indonesia said that it has spent USD 7.9 million to acquire controlling stakes in four coal mining companies in East Kalimantan.
The company in a statement said that Resource Alam purchased a 75% stake in each of the firms: PT Kaltim Mineral, PT Jaya Mineral, PTTambang Mulia and PT Chaido Mega Mineral.
The statement said that “Future development of the newly acquired concessions, in addition to the company’s organic growth, is in alignment with Resource Alam’s long term objective to become one of Indonesia’s major coal producers.”
Resource Alam previously commissioned mining consultant PT Britindo to conduct geological studies of the coal mining concessions, which span 28,521 hectares, and their prospective open-cut potential.
Indonesia, the world’s largest coal exporter, is expected to produce 340 million tons this year, including 6 million tons expected to be produced by Resource Alam.
Mr Eric Tirtana Resource Alam’s investor relations chief told The Jakarta Post that “The newly acquired fields are still green fields, they’re not yet producing. The potentials are still being analyzed. We’re still counting on organic growth for the year.”
Chaido is the closest to starting operations next year, on 5,000 hectares near Resource Alam’s northern block. Resource Alam spent USD 1.67 million to acquire the company’s 75% stake.
Meanwhile, Kaltim Mineral, Jaya Mineral and Tambang Mulia will start production in 2015 on a combined adjoining area of 23,521 hectares. A 75% stake in each of the three firms was valued at USD 6.25 million.
(sourced Thejakartapost.com)
Showing posts with label acquire. Show all posts
Showing posts with label acquire. Show all posts
Tuesday, February 14, 2012
Tuesday, January 10, 2012
Rio Tinto offer for Hathor Exploration
Tuesday, 10 Jan 2012
Rio Tinto through an indirect wholly owned subsidiary has now taken up a total of 119,456,310 Hathor common shares representing approximately 93.76% of the outstanding common shares of Hathor on a fully diluted basis pursuant to its offer to acquire all of the outstanding Hathor common shares.
Rio Tinto offer expired at 5:00pm on 6 January 2012. All Hathor common shares validly deposited and not withdrawn before the expiry of the offer have been taken up and payment will be made for such shares within three business days of take-up. Rio Tinto now intends to acquire all outstanding Hathor common shares not tendered to the offer through a compulsory acquisition under the Canada Business Corporations Act.
Rio Tinto also intends to apply to delist the Hathor common shares from the Toronto Stock Exchange as soon as practicable after the completion of the compulsory acquisition.
Rio Tinto through an indirect wholly owned subsidiary has now taken up a total of 119,456,310 Hathor common shares representing approximately 93.76% of the outstanding common shares of Hathor on a fully diluted basis pursuant to its offer to acquire all of the outstanding Hathor common shares.
Rio Tinto offer expired at 5:00pm on 6 January 2012. All Hathor common shares validly deposited and not withdrawn before the expiry of the offer have been taken up and payment will be made for such shares within three business days of take-up. Rio Tinto now intends to acquire all outstanding Hathor common shares not tendered to the offer through a compulsory acquisition under the Canada Business Corporations Act.
Rio Tinto also intends to apply to delist the Hathor common shares from the Toronto Stock Exchange as soon as practicable after the completion of the compulsory acquisition.
Thursday, November 17, 2011
Ternium bidding for major stake in Usiminas
Thursday, 17 November 2011
Brazilian magazine Exame reported Wednesday that Latin American steelmaker Ternium has offered to pay 40 reais (US$22.6) per share to current stakeholders Camargo Correa and Grupo Votorantim to acquire their combined 26 percent stake in Brazilian flat rolled steelmaker Usiminas.
Ternium's reported offer price is an approximately 70 percent premium of the current value of Usiminas' shares as of Wednesday evening. Exame's reports also indicate that Camargo and Grupo Votorantim have already voiced their willingness to sell their stakes at Ternium's offer price.
Tags: coated , hrc , crc , galvanized , Luxembourg , Brazil , flats , European Union , Europe , South America , steelmaking , M&A
Sourced:SteelOrbis
Brazilian magazine Exame reported Wednesday that Latin American steelmaker Ternium has offered to pay 40 reais (US$22.6) per share to current stakeholders Camargo Correa and Grupo Votorantim to acquire their combined 26 percent stake in Brazilian flat rolled steelmaker Usiminas.
Ternium's reported offer price is an approximately 70 percent premium of the current value of Usiminas' shares as of Wednesday evening. Exame's reports also indicate that Camargo and Grupo Votorantim have already voiced their willingness to sell their stakes at Ternium's offer price.
Tags: coated , hrc , crc , galvanized , Luxembourg , Brazil , flats , European Union , Europe , South America , steelmaking , M&A
Sourced:SteelOrbis
Monday, October 24, 2011
NMDC to buy four more iron ore assets abroad - Report
Monday, 24 Oct 2011
It is reported that state owned iron ore miner NMDC which had entered into a deal to acquire 50% stake in Australia Legacy Iron Ore last month, is likely to decide on acquiring four more properties overseas by the end of this month.
A source close to the development said "The company board is likely to meet this week to take a final call on these properties. Of these, two properties an iron ore mine and a phosphate mine are in Australia while the third one is an iron ore deposit in Brazil and the fourth a coking coal asset of Russia Vincy Coal.”
The source said "All these are going to be low cost acquisitions, totaling USD 500 million. This would include payment of initial development cost incurred by the holding companies."
Adding that the company board had also met on October 10 to decide on the proposals, the source said that some unanswered issues are likely to decide in the forthcoming board meeting.
The source said the iron ore asset in Australia is certified by the Joint Ore Reserves Committee code of the country and is a large asset, adding that NMDC was looking to acquire a minimum of 50% stake in the asset.
Refusing to name the asset, the source said that it is proposed to be acquired through Legacy Iron Ore which will be used by NMDC as the launching platform in Australia.
(sourced Business-standard)
It is reported that state owned iron ore miner NMDC which had entered into a deal to acquire 50% stake in Australia Legacy Iron Ore last month, is likely to decide on acquiring four more properties overseas by the end of this month.
A source close to the development said "The company board is likely to meet this week to take a final call on these properties. Of these, two properties an iron ore mine and a phosphate mine are in Australia while the third one is an iron ore deposit in Brazil and the fourth a coking coal asset of Russia Vincy Coal.”
The source said "All these are going to be low cost acquisitions, totaling USD 500 million. This would include payment of initial development cost incurred by the holding companies."
Adding that the company board had also met on October 10 to decide on the proposals, the source said that some unanswered issues are likely to decide in the forthcoming board meeting.
The source said the iron ore asset in Australia is certified by the Joint Ore Reserves Committee code of the country and is a large asset, adding that NMDC was looking to acquire a minimum of 50% stake in the asset.
Refusing to name the asset, the source said that it is proposed to be acquired through Legacy Iron Ore which will be used by NMDC as the launching platform in Australia.
(sourced Business-standard)
Thursday, October 13, 2011
Peabody and ArcelorMittal receives clearance from China for Macarthur offer
Thursday, 13 October 2011
US-based giant coal company Peabody Energy and the world's biggest steelmaker ArcelorMittal have announced that they have received clearance from the Ministry of Commerce of the People's Republic of China (MOFCOM) for the $A16.00 per share cash offer to acquire all the outstanding shares of Australia-based low-volatile metallurgical coal producer Macarthur Coal Limited.
With the approval of MOFCOM, the companies have received all the necessary regulatory approvals for the acquisition.
The offer of PEAMCoal, the 60-40 joint venture formed by Peabody and Arcelor to bid for Macarthur, is still the only offer for Macarthur shares and it is scheduled to close on October 28, 2011 unless extended. PEAMCoal currently has approximately 22.78 percent relevant interest in Macarthur.
Tags: coking coal , raw mat , USA , Australia , Oceania , North America , mining , Macarthur Coal
(sourced steelorbis)
US-based giant coal company Peabody Energy and the world's biggest steelmaker ArcelorMittal have announced that they have received clearance from the Ministry of Commerce of the People's Republic of China (MOFCOM) for the $A16.00 per share cash offer to acquire all the outstanding shares of Australia-based low-volatile metallurgical coal producer Macarthur Coal Limited.
With the approval of MOFCOM, the companies have received all the necessary regulatory approvals for the acquisition.
The offer of PEAMCoal, the 60-40 joint venture formed by Peabody and Arcelor to bid for Macarthur, is still the only offer for Macarthur shares and it is scheduled to close on October 28, 2011 unless extended. PEAMCoal currently has approximately 22.78 percent relevant interest in Macarthur.
Tags: coking coal , raw mat , USA , Australia , Oceania , North America , mining , Macarthur Coal
(sourced steelorbis)
Thursday, October 6, 2011
NLMK acquires Indian electrical steel service center
Thu, 06 October 2011
Russian steelmaker NLMK has announced that it has acquired an India-based electrical steel service center National Laminations for a total consideration of US$8 million. The acquisition will improve NLMK's position in the Indian market as one of the leading suppliers of grain-oriented electrical steel, controlling production from crude steel production to delivery to the final customer.
National Laminations is a grain-oriented steel processing and distribution company with processing and warehousing capacities of 16,000 mt and 15,000 mt per year, respectively. The company supplies processed materials to a wide range of customers, including local and international transformer producers.
Tags: flats , India , Russia , CIS , Indian Subcon , NLMK , M&A , steelmaking , South Asia
(sourced steelorbis)
Russian steelmaker NLMK has announced that it has acquired an India-based electrical steel service center National Laminations for a total consideration of US$8 million. The acquisition will improve NLMK's position in the Indian market as one of the leading suppliers of grain-oriented electrical steel, controlling production from crude steel production to delivery to the final customer.
National Laminations is a grain-oriented steel processing and distribution company with processing and warehousing capacities of 16,000 mt and 15,000 mt per year, respectively. The company supplies processed materials to a wide range of customers, including local and international transformer producers.
Tags: flats , India , Russia , CIS , Indian Subcon , NLMK , M&A , steelmaking , South Asia
(sourced steelorbis)
OneSteel to acquire iron ore assets to increase its sales
October06, 2011
The second largest Australian steelmaker OneSteel has announced its financial results for the financial year 2010-2011 (FY 2010-11) ended on June 30.
OneSteel posted a sales revenue of A$7.13 billion ($7.47 billion) in FY 2010-11, up 15 percent compared with a net profit of A$6.2 billion in FY 2009-10. When the same periods are compared, the company's net profit fell 11 percent from A$258 million to A$230 million ($241 million). OneSteel's earnings before interest, taxes, depreciation and amortization (EBITDA) of A$642 million ($673 million) in FY 2010-11 was four percent higher than the figure of A$618 million in the corresponding period of the previous financial year. The company's net debt increased from A$964 million in FY 2009-10 to A$1.7 billion ($1.8 billion) in FY 2010-11.
Meanwhile, in the period in question OneSteel achieved an iron ore sales volume of six million metric tons. Iron ore sales are expected to increase to approximately 9-10 million mt per year following announced port expansion at Whyalla and agreement to acquire WPG Resources' iron ore assets.
Company chairman Peter Smedley commented on the operational results of the company, "In August, the company announced its intention to expand iron ore sales to 9-10 million tonnes per annum facilitated through an estimated $200 million expansion of the company's port facilities at Whyalla, underpinned by an agreement with WPG Resources to purchase its iron ore assets for an estimated $346 million. The acquisition is expected to be completed in October and will allow OneSteel to bring high quality ore to the market quickly, taking advantage of favourable market conditions for iron ore."
WPG Resources' shareholders have agreed to sell a collection of iron ore assets to the steelmaker. Approval for the $346 million sale was given at a meeting of WPG shareholders on October 4. The OneSteel transaction is expected to occur on October 6.
Tags: iron ore , Australia , Oceania , fin. Reports , M&A , mining
If you believe an article violates your rights or the rights of others, please contact us.
(sourced steelorbis)
The second largest Australian steelmaker OneSteel has announced its financial results for the financial year 2010-2011 (FY 2010-11) ended on June 30.
OneSteel posted a sales revenue of A$7.13 billion ($7.47 billion) in FY 2010-11, up 15 percent compared with a net profit of A$6.2 billion in FY 2009-10. When the same periods are compared, the company's net profit fell 11 percent from A$258 million to A$230 million ($241 million). OneSteel's earnings before interest, taxes, depreciation and amortization (EBITDA) of A$642 million ($673 million) in FY 2010-11 was four percent higher than the figure of A$618 million in the corresponding period of the previous financial year. The company's net debt increased from A$964 million in FY 2009-10 to A$1.7 billion ($1.8 billion) in FY 2010-11.
Meanwhile, in the period in question OneSteel achieved an iron ore sales volume of six million metric tons. Iron ore sales are expected to increase to approximately 9-10 million mt per year following announced port expansion at Whyalla and agreement to acquire WPG Resources' iron ore assets.
Company chairman Peter Smedley commented on the operational results of the company, "In August, the company announced its intention to expand iron ore sales to 9-10 million tonnes per annum facilitated through an estimated $200 million expansion of the company's port facilities at Whyalla, underpinned by an agreement with WPG Resources to purchase its iron ore assets for an estimated $346 million. The acquisition is expected to be completed in October and will allow OneSteel to bring high quality ore to the market quickly, taking advantage of favourable market conditions for iron ore."
WPG Resources' shareholders have agreed to sell a collection of iron ore assets to the steelmaker. Approval for the $346 million sale was given at a meeting of WPG shareholders on October 4. The OneSteel transaction is expected to occur on October 6.
Tags: iron ore , Australia , Oceania , fin. Reports , M&A , mining
If you believe an article violates your rights or the rights of others, please contact us.
(sourced steelorbis)
Tuesday, October 4, 2011
China’s Hanlong Resources to acquire 100 percent of Sundance shares
Tuesday, 04 October 2011
Hanlong Mining, a subsidiary of Chengdu-based Chinese private sector industrial conglomerate Sichuan Hanlong Group, has announced that it has reached an agreement with Australian miner Sundance Resources to acquire 100 percent of Sundance shares.
Hanlong has increased its initial offer to A$0.57 cash per Sundance share, totaling A$1.65 billion. The Sundance board has unanimously recommended the offer in the absence of a superior proposal.
The offer is subject to approval from Australia’s Foreign Investment Review Board and China’s National Development and Reform Commission and also to Hanlong securing approved financing.
As SteelOrbis previously reported , Hanlong Mining had previously acquired a 19 percent stake in Sundance Resources, becoming the largest shareholder in the miner.
Tags: Australia , China , Oceania , Far East , Southeast Asia , M&A , mining , East Asia and Pacific
sourced steelorbis
Hanlong Mining, a subsidiary of Chengdu-based Chinese private sector industrial conglomerate Sichuan Hanlong Group, has announced that it has reached an agreement with Australian miner Sundance Resources to acquire 100 percent of Sundance shares.
Hanlong has increased its initial offer to A$0.57 cash per Sundance share, totaling A$1.65 billion. The Sundance board has unanimously recommended the offer in the absence of a superior proposal.
The offer is subject to approval from Australia’s Foreign Investment Review Board and China’s National Development and Reform Commission and also to Hanlong securing approved financing.
As SteelOrbis previously reported , Hanlong Mining had previously acquired a 19 percent stake in Sundance Resources, becoming the largest shareholder in the miner.
Tags: Australia , China , Oceania , Far East , Southeast Asia , M&A , mining , East Asia and Pacific
sourced steelorbis
Friday, September 16, 2011
Huadian Power to buy 85pct stake in Haoyuan Coal
Friday, 16 Sep 2011
China Knowledge reported that Huadian Power International Co Ltd the largest power producer in Shandong Province of China will acquire a 85% stake in Inner Mongolia Haoyuan Coal Co for CNY 715 million.
Upon the completion of the acquisition, Huadian Power International will acquire a colliery located in Erdos of the Inner Mongolia Autonomous Region with recoverable coal reserves of 54.6 million tonnes.
The colliery currently has an annual output capacity of 600,000 tonnes, which is expected to increase to 1.2 million tonnes in the fourth quarter of this year.
Since 2009, Shanghai and Hong Kong listed Huadian Power International has acquired coal assets with an annual output capacity totaling 12 million tonnes principally in Shanxi Province, the Inner Mongolia, the Ningxia Hui Autonomous Region and Anhui Province.
(Sourced from China Knowledge)
China Knowledge reported that Huadian Power International Co Ltd the largest power producer in Shandong Province of China will acquire a 85% stake in Inner Mongolia Haoyuan Coal Co for CNY 715 million.
Upon the completion of the acquisition, Huadian Power International will acquire a colliery located in Erdos of the Inner Mongolia Autonomous Region with recoverable coal reserves of 54.6 million tonnes.
The colliery currently has an annual output capacity of 600,000 tonnes, which is expected to increase to 1.2 million tonnes in the fourth quarter of this year.
Since 2009, Shanghai and Hong Kong listed Huadian Power International has acquired coal assets with an annual output capacity totaling 12 million tonnes principally in Shanxi Province, the Inner Mongolia, the Ningxia Hui Autonomous Region and Anhui Province.
(Sourced from China Knowledge)
Sunday, September 11, 2011
SAIL and Kobe JV deal in 4 months
Sunday, 11 Sep 2011
Steel Authority of India Ltd is expected to sign a 50:50 joint venture agreement with Kobe Steel within 3 to 4 months that will help it acquire the Japanese company's patented technology.
Mr CS Verma chairman of SAIL after meeting West Bengal chief minister Ms Mamata Banerjee said that "We are engaged in a feasibility study about the proposed venture. We are also finalizing the JV agreement and hope to complete it in the next three to four months. Following this, we are looking at finalizing the JV.”
The two companies are in talks to set up a 0.5 million tonne Greenfield steel plant in India utilizing Kobe Steel's pioneering steel-making technology, used for value added applications.
Mr Verma said that "The 0.5 million tonne project with Kobe would be implemented at Alloy Steels Plant at Durgapur and the investment would be INR 1,500 crore.”
The new unit will put into use Kobe Steel's iron making technology to make nuggets. It will produce a special type of alloy steel which will have specific applications.
(sourced from BS)
Steel Authority of India Ltd is expected to sign a 50:50 joint venture agreement with Kobe Steel within 3 to 4 months that will help it acquire the Japanese company's patented technology.
Mr CS Verma chairman of SAIL after meeting West Bengal chief minister Ms Mamata Banerjee said that "We are engaged in a feasibility study about the proposed venture. We are also finalizing the JV agreement and hope to complete it in the next three to four months. Following this, we are looking at finalizing the JV.”
The two companies are in talks to set up a 0.5 million tonne Greenfield steel plant in India utilizing Kobe Steel's pioneering steel-making technology, used for value added applications.
Mr Verma said that "The 0.5 million tonne project with Kobe would be implemented at Alloy Steels Plant at Durgapur and the investment would be INR 1,500 crore.”
The new unit will put into use Kobe Steel's iron making technology to make nuggets. It will produce a special type of alloy steel which will have specific applications.
(sourced from BS)
Saturday, August 27, 2011
Rio Tinto increases its stake in Ivanhoe Mines to 45pct
Saturday, 27 Aug 2011
Rio Tinto exercised its right to subscribe for and acquire common shares in Ivanhoe Mines Limited under its Subscription Right. As a result, Ivanhoe Mines will issue 27,896,570 million new shares to a wholly owned subsidiary of Rio Tinto, Rio Tinto International Holdings Limited increasing Rio Tinto's ownership in Ivanhoe Mines by 2.0% to a total of 358,158,442 common shares or 48.5%.
The price paid per share was CAD 18.98 and the total consideration for the exercise of this Subscription Right was CAD 529.5 million. The subscription was made in accordance with existing contractual arrangements between Rio Tinto and Ivanhoe Mines that permits share purchases in certain circumstances and subject to certain limits. Under the terms of these agreements and subject to certain exceptions, Rio Tinto's current maximum permitted shareholding in Ivanhoe Mines is 49%.
The subscription was made in order to increase Rio Tinto's ownership of Ivanhoe in accordance with its contractual rights. Depending upon its assessment of Ivanhoe's business, prospects and financial condition, the market for Ivanhoe's securities, general economic and tax conditions and other factors, Rio Tinto will consider availing itself of its rights to acquire additional securities of Ivanhoe.
Today's subscription reinforces Rio Tinto's commitment to the Oyu Tolgoi project, which is a natural fit with its strategy of focusing on cost competitive, long life assets with significant growth potential. Together with Ivanhoe and the Government of Mongolia, Rio Tinto is determined to develop Oyu Tolgoi in a sustainable, mutually beneficial manner for the people of Mongolia.
Rio Tinto exercised its right to subscribe for and acquire common shares in Ivanhoe Mines Limited under its Subscription Right. As a result, Ivanhoe Mines will issue 27,896,570 million new shares to a wholly owned subsidiary of Rio Tinto, Rio Tinto International Holdings Limited increasing Rio Tinto's ownership in Ivanhoe Mines by 2.0% to a total of 358,158,442 common shares or 48.5%.
The price paid per share was CAD 18.98 and the total consideration for the exercise of this Subscription Right was CAD 529.5 million. The subscription was made in accordance with existing contractual arrangements between Rio Tinto and Ivanhoe Mines that permits share purchases in certain circumstances and subject to certain limits. Under the terms of these agreements and subject to certain exceptions, Rio Tinto's current maximum permitted shareholding in Ivanhoe Mines is 49%.
The subscription was made in order to increase Rio Tinto's ownership of Ivanhoe in accordance with its contractual rights. Depending upon its assessment of Ivanhoe's business, prospects and financial condition, the market for Ivanhoe's securities, general economic and tax conditions and other factors, Rio Tinto will consider availing itself of its rights to acquire additional securities of Ivanhoe.
Today's subscription reinforces Rio Tinto's commitment to the Oyu Tolgoi project, which is a natural fit with its strategy of focusing on cost competitive, long life assets with significant growth potential. Together with Ivanhoe and the Government of Mongolia, Rio Tinto is determined to develop Oyu Tolgoi in a sustainable, mutually beneficial manner for the people of Mongolia.
Friday, August 26, 2011
BHP completes Petrohawk Energy takeover
Fri, 26 August 2011
AFP - Mining giant BHP Billiton said on Friday it had completed its US$12.1 billion takeover of the US-based Petrohawk Energy Corporation.
The company, which posted a record-breaking financial year profit of US$23.6 billion this week, said the deal was sealed through a short-form merger under Delaware law.
This was the final step of the acquisition process and follows the previously announced completion of the tender offer by BHP to acquire all outstanding Petrohawk common stock.
BHP Billiton petroleum chief executive Michael Yeager said the takeover adds high-quality growth to the company.
"With the completion of this transaction, BHP Billiton Petroleum is on track to deliver compound annual growth in production volumes of 10 percent for the remainder of the decade," he said.
"We are excited that Petrohawk's sizeable US workforce is joining our talented group of professionals and we are ready to grow this business over the long-term."
It follows BHP's purchase earlier this year of US-based Chesapeake Energy Corp's shale gas holdings in Arkansas, along with some pipeline assets, for US$4.75 billion, as it seeks to diversify beyond mining and minerals.
(sourced France24)
AFP - Mining giant BHP Billiton said on Friday it had completed its US$12.1 billion takeover of the US-based Petrohawk Energy Corporation.
The company, which posted a record-breaking financial year profit of US$23.6 billion this week, said the deal was sealed through a short-form merger under Delaware law.
This was the final step of the acquisition process and follows the previously announced completion of the tender offer by BHP to acquire all outstanding Petrohawk common stock.
BHP Billiton petroleum chief executive Michael Yeager said the takeover adds high-quality growth to the company.
"With the completion of this transaction, BHP Billiton Petroleum is on track to deliver compound annual growth in production volumes of 10 percent for the remainder of the decade," he said.
"We are excited that Petrohawk's sizeable US workforce is joining our talented group of professionals and we are ready to grow this business over the long-term."
It follows BHP's purchase earlier this year of US-based Chesapeake Energy Corp's shale gas holdings in Arkansas, along with some pipeline assets, for US$4.75 billion, as it seeks to diversify beyond mining and minerals.
(sourced France24)
Wednesday, August 24, 2011
Gulfside Minerals acquires option to acquire 3 iron ore projects
Wednesday, 24 Aug 2011
Mr Robert L Card president of Gulfside Minerals Limited announced that the company has acquired, subject to TSX Venture Exchange approval, an option to acquire three iron ore projects.
The first project is comprised of 49 mineral claims located near Port Snettisham about 30 miles southeast of Juneau in Alaska. This project is a titaniferous magnetite deposit on the Snettisham Peninsula which has been intermittently explored since 1969.
The terms of acquisition call for the initial payment of USD 120,000 on approval and work commitments of USD 100,000 during the first year and additional payments and work commitments thereafter. There is a provision of a 2.5% net smelter royalty.
The second project comprises 172 claims located near Rannie Lake in Labrador. The area is underlain by extensive iron formations being explored by other companies.
The terms of acquisition call for an initial payment of USD 115,000 and first year work requirements of USD 100,000 and subject to TSXV approval. There are additional payments and work commitments in the following years and a 2% NSR.
The third project is composed of 128 claims in northern Quebec in the Robert's Lake area along the Ungava Bay iron formation. This area has being explored for iron ore and appears to have the potential for a future economic play close to a tidewater ocean access.
The terms of acquisition call for an initial payment of USD 140,000 and the issue of 1,000,000 common shares of the company upon TSXV approval and a first year work commitment of USD 150,000. Further payments and work commitments in ensuing years along with 2% NSR are included.
The company has negotiated a non brokered Private Placement of securities comprised of 12,000,000 regular and flow through units at a price of USD 0.05 per unit with a warrant to purchase an additional share at USD 0.15 for two years. The proceeds of USD 600,000 along with the company's current working capital and flow through accounts of USD 466,000 will allow the company to proceed with property payments, work commitments and working capital.
Mr Robert L Card president of Gulfside Minerals Limited announced that the company has acquired, subject to TSX Venture Exchange approval, an option to acquire three iron ore projects.
The first project is comprised of 49 mineral claims located near Port Snettisham about 30 miles southeast of Juneau in Alaska. This project is a titaniferous magnetite deposit on the Snettisham Peninsula which has been intermittently explored since 1969.
The terms of acquisition call for the initial payment of USD 120,000 on approval and work commitments of USD 100,000 during the first year and additional payments and work commitments thereafter. There is a provision of a 2.5% net smelter royalty.
The second project comprises 172 claims located near Rannie Lake in Labrador. The area is underlain by extensive iron formations being explored by other companies.
The terms of acquisition call for an initial payment of USD 115,000 and first year work requirements of USD 100,000 and subject to TSXV approval. There are additional payments and work commitments in the following years and a 2% NSR.
The third project is composed of 128 claims in northern Quebec in the Robert's Lake area along the Ungava Bay iron formation. This area has being explored for iron ore and appears to have the potential for a future economic play close to a tidewater ocean access.
The terms of acquisition call for an initial payment of USD 140,000 and the issue of 1,000,000 common shares of the company upon TSXV approval and a first year work commitment of USD 150,000. Further payments and work commitments in ensuing years along with 2% NSR are included.
The company has negotiated a non brokered Private Placement of securities comprised of 12,000,000 regular and flow through units at a price of USD 0.05 per unit with a warrant to purchase an additional share at USD 0.15 for two years. The proceeds of USD 600,000 along with the company's current working capital and flow through accounts of USD 466,000 will allow the company to proceed with property payments, work commitments and working capital.
Legacy Iron Ore in trading halt on pending NMDC transaction
Wednesday, 24 Aug 2011
It is reported that Legacy Iron Ore has been granted a trading halt by the ASX pending an update on the transaction with the National Mineral Development Corporation Limited of India, with the company's shares placed in pre open.
Legacy Iron will be in the halt until the earlier of trade opening on Friday 26 August, or the announcement being released.
NMDC, which is India’s largest iron ore group is looking to lock in iron ore supplies, and has inked an MOU with Legacy Iron to acquire 50% equity in the company.
This would enable Legacy Iron to unlock and monetize the value inherent at Mt Bevan and gain a large cash infusion.
Mt Bevan offers low strip ratios, coarse grind size, low silica and an average concentrate grade of 69.8% iron.
Importantly, the project is located close to road, rail and an existing deep water port, mitigating the need for excessive investment in infrastructure, notably port facilities.
There is potential for early cash flows from DSO hematite.
Legacy Iron Ore is a Perth based Australian exploration company, established to search for iron ore and gold deposits. The flagship project is Mt Bevan Iron Ore project located approximately 100 kilometres west of Leonora in the central Yilgarn region.
Mt Bevan is a joint venture between Legacy and Hawthorn Resources whereby Legacy will earn a 60% interest in the project by expending a minimum of AUD 3.5 million to develop the project to a pre feasibility status.
(sourced proactiveinvestors)
It is reported that Legacy Iron Ore has been granted a trading halt by the ASX pending an update on the transaction with the National Mineral Development Corporation Limited of India, with the company's shares placed in pre open.
Legacy Iron will be in the halt until the earlier of trade opening on Friday 26 August, or the announcement being released.
NMDC, which is India’s largest iron ore group is looking to lock in iron ore supplies, and has inked an MOU with Legacy Iron to acquire 50% equity in the company.
This would enable Legacy Iron to unlock and monetize the value inherent at Mt Bevan and gain a large cash infusion.
Mt Bevan offers low strip ratios, coarse grind size, low silica and an average concentrate grade of 69.8% iron.
Importantly, the project is located close to road, rail and an existing deep water port, mitigating the need for excessive investment in infrastructure, notably port facilities.
There is potential for early cash flows from DSO hematite.
Legacy Iron Ore is a Perth based Australian exploration company, established to search for iron ore and gold deposits. The flagship project is Mt Bevan Iron Ore project located approximately 100 kilometres west of Leonora in the central Yilgarn region.
Mt Bevan is a joint venture between Legacy and Hawthorn Resources whereby Legacy will earn a 60% interest in the project by expending a minimum of AUD 3.5 million to develop the project to a pre feasibility status.
(sourced proactiveinvestors)
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.
Sunday, March 6, 2011
Wuhan Steel to buy more overseas resources - Mr Deng Qilin
Sunday, 06 Mar 2011
Mr Deng Qilin President of Wuhan Iron & Steel Group Corp as saying that the company will continue to acquire iron ore resources overseas in an effort to become self sufficient.
Mr Deng said the Chinese steelmaker which currently imports more than 85% of its iron ore aims to be able to supply all of its own needs in three to five years so that it doesn’t need to buy from foreign monopolies.
He said that “Vale SA, Rio Tinto Group and BHP Billiton Ltd, the world biggest iron ore suppliers abandoned an annual pricing system for Chinese steelmakers last year in favor of quarterly agreements as spot prices for the material rose. Wuhan Steel accelerated its buying of assets during the financial crisis to help reduce its reliance on overseas suppliers and now owns or has stakes in eight iron ore mines abroad.”
He added that “Overseas iron ore companies are a monopoly. They can raise prices as much as they want. There is no room for negotiation.”
Mr Deng said “Foreign suppliers are now planning to establish a base at a Chinese port from which they can sell ore at spot prices. This plan will hurt China’s steelmakers to an extent that is too much to afford.”
Wuhan Steel agreed last month to jointly develop mining projects in Canada with Century Iron Mines Corp after entering into an agreement in January with Adriana Resources Inc to cooperate on developing, constructing and operating the Lac Otelnuk iron ore project in Canada.
Tags: Vale SA, biggest iron ore producer and exporters,
Mr Deng Qilin President of Wuhan Iron & Steel Group Corp as saying that the company will continue to acquire iron ore resources overseas in an effort to become self sufficient.
Mr Deng said the Chinese steelmaker which currently imports more than 85% of its iron ore aims to be able to supply all of its own needs in three to five years so that it doesn’t need to buy from foreign monopolies.
He said that “Vale SA, Rio Tinto Group and BHP Billiton Ltd, the world biggest iron ore suppliers abandoned an annual pricing system for Chinese steelmakers last year in favor of quarterly agreements as spot prices for the material rose. Wuhan Steel accelerated its buying of assets during the financial crisis to help reduce its reliance on overseas suppliers and now owns or has stakes in eight iron ore mines abroad.”
He added that “Overseas iron ore companies are a monopoly. They can raise prices as much as they want. There is no room for negotiation.”
Mr Deng said “Foreign suppliers are now planning to establish a base at a Chinese port from which they can sell ore at spot prices. This plan will hurt China’s steelmakers to an extent that is too much to afford.”
Wuhan Steel agreed last month to jointly develop mining projects in Canada with Century Iron Mines Corp after entering into an agreement in January with Adriana Resources Inc to cooperate on developing, constructing and operating the Lac Otelnuk iron ore project in Canada.
Tags: Vale SA, biggest iron ore producer and exporters,
Saturday, March 5, 2011
China's NDRC confirms Hebei Steel will quit Caofeidian steel project
Mar 5, 2011
Hebei Province-based Chinese steelmaker Hebei Steel Group recently announced its intention to withdraw from the project for the construction of a steel production base in Caofeidian, Hebei Province, and this has now also been confirmed by China's National Development and Reform Commission (NDRC).
Hebei Steel plans give up its stake in the project, in which it holds a 49% share. Beijing-based Shougang Steel Group, which holds the other 51%, has stated that while it was intending to secure the whole stake being sold by Hebei Steel it will be unable to afford to do so.
It is now widely speculated that Kailuan Group, the largest coal enterprise in Hebei Province, will acquire part of the stake being sold by Hebei Steel, while Shougang Steel will acquire the remainder.
In 2011, Kailuan Group targets total raw coal production of 70 million tonnes and an operating revenue exceeding 100 billion yuan.
Influenced by weak demand in the market, the Caofeidian joint venture may suffer large losses, while main management positions and operations were controlled by Shougang Group. As a result, Hebei Steel Group had decided to withdraw from the joint venture, the insider stated.
Hebei Steel plans give up its stake in the project, in which it holds a 49% share. Beijing-based Shougang Steel Group, which holds the other 51%, has stated that while it was intending to secure the whole stake being sold by Hebei Steel it will be unable to afford to do so.
It is now widely speculated that Kailuan Group, the largest coal enterprise in Hebei Province, will acquire part of the stake being sold by Hebei Steel, while Shougang Steel will acquire the remainder.
In 2011, Kailuan Group targets total raw coal production of 70 million tonnes and an operating revenue exceeding 100 billion yuan.
Influenced by weak demand in the market, the Caofeidian joint venture may suffer large losses, while main management positions and operations were controlled by Shougang Group. As a result, Hebei Steel Group had decided to withdraw from the joint venture, the insider stated.
Thursday, March 3, 2011
Anshan Steel sets up joint venture for recycling of ships
Thursday, 03 Mar 2011 |steelorbis|
It is reported that Liaoning Province-based Chinese steel producer Anshan Iron and Steel has announced the establishment of a new joint venture company Dachuan Gangye Co for the dismantling and recycling of ships.
The new company is owned jointly by Anshan Steel, Dalian Shipyard Group and Pacific International Lines Ltd in a ratio of 15:67:18.
In September 2010, Anshan Steel had signed an initial agreement with the other two companies to jointly establish the new company. After the new joint venture begins operations, Anshan Steel will acquire an additional of 500,000 tonnes of scrap supply per year.
The new company is owned jointly by Anshan Steel, Dalian Shipyard Group and Pacific International Lines Ltd in a ratio of 15:67:18.
In September 2010, Anshan Steel had signed an initial agreement with the other two companies to jointly establish the new company. After the new joint venture begins operations, Anshan Steel will acquire an additional of 500,000 tonnes of scrap supply per year.
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)
Saturday, February 19, 2011
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
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