Wed Nov 30, 2011
* Consortium plans to build 6 mln T steel plant in Afghanistan
* Was awarded rights to develop three blocks of huge Hajigak mines
* Steel plant to cost $7 bln-$7.5 bln-SAIL chair (Adds details)
NEW DELHI, Nov 30 (Reuters) - A consortium of Indian companies led by Steel Authority of India will need a total investment of $11 billion in a planned steel plant and to develop iron ore mines in Afghanistan, the steelmaker's chairman said on Wednesday.
The Afghan government awarded the rights to develop three blocks of the huge Hajigak iron ore concession in central Afghanistan to the consortium, while a fourth block at the deposit was won by Canada's Kilo Goldmines Ltd.
The Indian consortium plans to build a steel plant in Afghanistan with an annual capacity of 6 million tonnes, SAIL Chairman C.S. Verma told reporters in New Delhi, adding the plant would need investment of $7 billion to $7.5 billion and the remainder would be for developing the mines.
State-run SAIL is the biggest steelmaker in India, with an annual capacity of about 15 million tonnes.
The other members of the consortium are: state-run miner NMDC Ltd and steelmaker Rashtriya Ispat Nigam Ltd (RINL), and private sector steelmakers JSW Steel Ltd, JSW Ispat Steel Ltd, Jindal Steel & Power Ltd and Monnet Ispat & Energy Ltd.
"We'll need to borrow some from financial institutions. We'll need some facilities and assistance from both the Indian and Afghan governments," Verma said.
The Hajigak deposit contains an estimated 1.8 billion tonnes of ore, with an iron concentration of 64 percent, the Afghan mines ministry has said. The figures are based on a survey carried out in the 1960s.
The huge investment necessary to develop Hajigak will be welcomed by the cash-strapped Afghan government, but the deal could cause problems with neighbouring Pakistan, which fears closer cooperation between India and Afghanistan.
The United Nations said this year violence across Afghanistan is at its worst since the Taliban regime was toppled 10 years ago, although the NATO-led alliance of foreign troops says attacks on its forces by insurgents are now falling.
(sourced Reuters)
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Showing posts with label acquired. Show all posts
Wednesday, November 30, 2011
Tuesday, November 29, 2011
Indian consortium bags 3 Hajigak iron ore blocks in Afghanistan
Tuesday, 29 Nov 2011
It is reported that Afghanistan government has offered India a new strategic role in Afghanistan by awarding mining rights for the country’s biggest iron deposit to a group of Indian state run and private companies.
Mr Karzai president of Afghanistan and his cabinet awarded three of four blocks at the Hajigak ore deposit to seven companies that bid with support from India’s government and offered the final block to Canada’s Kilo Goldmines Ltd
The Afghan Ministry of Mines announced “The Afghan Iron and Steel Consortium (AFISCO) which comprises SAIL, NMDC, Monnet Ispat & Energy, RINL, JSW Steel, Jindal Steel & Power, JSW Ispat has been awarded three blocks.”
India’s government backed the group, led by state owned Steel Authority of India Ltd Limited and NMDC Ltd, to widen the country’s strategic presence in Afghanistan, which Prime Minister Manmohan Singh has said is essential for Indian security.
Hajigak, a series of rugged mountain ridges 100 kilometers west of Kabul, holds an estimated 1.8 billion tonnes of ore and is the biggest mining project on offer in a country that the US government estimated last year holds USD 1 trillion in untapped minerals.
The Afghan government had invited bids to award development rights for four mines in Hajigak earlier this year and the last date for submission of bids was September 4.
(Sourced from Bloomberg & NDTV)
It is reported that Afghanistan government has offered India a new strategic role in Afghanistan by awarding mining rights for the country’s biggest iron deposit to a group of Indian state run and private companies.
Mr Karzai president of Afghanistan and his cabinet awarded three of four blocks at the Hajigak ore deposit to seven companies that bid with support from India’s government and offered the final block to Canada’s Kilo Goldmines Ltd
The Afghan Ministry of Mines announced “The Afghan Iron and Steel Consortium (AFISCO) which comprises SAIL, NMDC, Monnet Ispat & Energy, RINL, JSW Steel, Jindal Steel & Power, JSW Ispat has been awarded three blocks.”
India’s government backed the group, led by state owned Steel Authority of India Ltd Limited and NMDC Ltd, to widen the country’s strategic presence in Afghanistan, which Prime Minister Manmohan Singh has said is essential for Indian security.
Hajigak, a series of rugged mountain ridges 100 kilometers west of Kabul, holds an estimated 1.8 billion tonnes of ore and is the biggest mining project on offer in a country that the US government estimated last year holds USD 1 trillion in untapped minerals.
The Afghan government had invited bids to award development rights for four mines in Hajigak earlier this year and the last date for submission of bids was September 4.
(Sourced from Bloomberg & NDTV)
Tuesday, November 15, 2011
Peabody Energy nearing full control of Macarthur Coal
Tuesday, 15 Nov 2011
Peabody Energy's USD 4.9 billion bid for Australian coking coal miner Macarthur Coal is inches away from completion after the world's largest private sector coal miner said it had acquired 87.8% of the shares in Macarthur.
The move gets Peabody within reach of the 90% level at which it can forcibly buy out remaining minority shareholders in Macarthur and the offer price rises automatically to USD 16.25 a share from USD 16 per share.
The bid for Macarthur has not been without complication late last month, European steelmaker ArcelorMittal pulled out of a joint deal with Peabody to take over Macarthur.
ArcelorMittal said at the time that the deal required it to invest too much capital in a business it wouldn't fully control.
The bid continued, however, with ArcelorMittal to sell its interest to Peabody.
Days before ArcelorMittal's announcement, the pair's bid vehicle, PeamCoal, took a majority stake in Macarthur, after having launched the USD 4.9 billion bid.
ArcelorMittal said in a statement at the time that "Given the unanticipated level of acceptances into the offer, ArcelorMittal believes that it is more appropriate to focus its capital elsewhere in its business.”
(Sourced from AAP)
Peabody Energy's USD 4.9 billion bid for Australian coking coal miner Macarthur Coal is inches away from completion after the world's largest private sector coal miner said it had acquired 87.8% of the shares in Macarthur.
The move gets Peabody within reach of the 90% level at which it can forcibly buy out remaining minority shareholders in Macarthur and the offer price rises automatically to USD 16.25 a share from USD 16 per share.
The bid for Macarthur has not been without complication late last month, European steelmaker ArcelorMittal pulled out of a joint deal with Peabody to take over Macarthur.
ArcelorMittal said at the time that the deal required it to invest too much capital in a business it wouldn't fully control.
The bid continued, however, with ArcelorMittal to sell its interest to Peabody.
Days before ArcelorMittal's announcement, the pair's bid vehicle, PeamCoal, took a majority stake in Macarthur, after having launched the USD 4.9 billion bid.
ArcelorMittal said in a statement at the time that "Given the unanticipated level of acceptances into the offer, ArcelorMittal believes that it is more appropriate to focus its capital elsewhere in its business.”
(Sourced from AAP)
Tuesday, November 8, 2011
FairStar Resources acquires iron ore rights to highly prospective WA tenement
Tuesday, 08 Nov 2011
FairStar Resources announced that it has entered into an agreement with Renaissance WA Pty Ltd to acquire the iron ore rights to a highly prospective 108 square kilometres tenement north-east of Steeple Hill Iron Ore Project.
Under the agreement FairStar will meet three years exploration expenditure for a total AUD 120,000 and pay a AUD 0.50 per tonne royalty on iron ore derived from this tenement.
The Mining Lease is to be held by FairStar and there will be a Royalty Agreement with Renaissance WA Pty Ltd, a wholly owned subsidiary of Renaissance Minerals Limited .
SHIP’s current indicated resource stands at 19 million tonnes of hematite. This recovery is for the +0.6mm fraction only, and additional hematite recovery will be obtained from the -0.6mm fraction, and preliminary test work indicates this could be in the order of an extra 4% hematite. Thereby providing for a total of at least 24 million tonnes of hematite.
Significantly, aerial photography indicates SHIP’s hematite rich gravels continue for up to seven kilometres into the new tenement, known as North SHIP.
The possible extension of SHIP’s hematite rich mineralisation into North SHIP means it could significantly boost SHIP’s present indicated resource.
Mr Kevin Robertson MD of FairStar said that “This is an exciting development with considerable upside potential for the company that could substantially increase FairStar’s iron ore resource and we will commence exploration drilling as soon as practically possible.”
The tenement in Western Australia’s Yilgarn region is a continuation of SHIP hematite rich alluvial gravels and has potential to augment the SHIP resource. The company plans to commence drilling shortly.
(sourced proactiveinvestors)
FairStar Resources announced that it has entered into an agreement with Renaissance WA Pty Ltd to acquire the iron ore rights to a highly prospective 108 square kilometres tenement north-east of Steeple Hill Iron Ore Project.
Under the agreement FairStar will meet three years exploration expenditure for a total AUD 120,000 and pay a AUD 0.50 per tonne royalty on iron ore derived from this tenement.
The Mining Lease is to be held by FairStar and there will be a Royalty Agreement with Renaissance WA Pty Ltd, a wholly owned subsidiary of Renaissance Minerals Limited .
SHIP’s current indicated resource stands at 19 million tonnes of hematite. This recovery is for the +0.6mm fraction only, and additional hematite recovery will be obtained from the -0.6mm fraction, and preliminary test work indicates this could be in the order of an extra 4% hematite. Thereby providing for a total of at least 24 million tonnes of hematite.
Significantly, aerial photography indicates SHIP’s hematite rich gravels continue for up to seven kilometres into the new tenement, known as North SHIP.
The possible extension of SHIP’s hematite rich mineralisation into North SHIP means it could significantly boost SHIP’s present indicated resource.
Mr Kevin Robertson MD of FairStar said that “This is an exciting development with considerable upside potential for the company that could substantially increase FairStar’s iron ore resource and we will commence exploration drilling as soon as practically possible.”
The tenement in Western Australia’s Yilgarn region is a continuation of SHIP hematite rich alluvial gravels and has potential to augment the SHIP resource. The company plans to commence drilling shortly.
(sourced proactiveinvestors)
Tuesday, October 25, 2011
Macarthur Coal directors to appoint Peabody-Arcelor nominees
Tue, Oct25, 2011
THE directors of Australian coal miner Macarthur Coal will stand down tomorrow and appoint nominees of the joint venture between Peabody Energy and ArcelorMittal, which took control of the miner yesterday, the company said.
Macarthur chairman Keith DeLacy said the takeover, which values Macarthur at $4.9 billion, was a "testament to Macarthur's extraordinary growth over the last decade".
The takeover joint venture, PEAMCoal, announced late yesterday that it had acquired 59.86 per cent of Macarthur shares, with a further 2.51 per cent in an acceptance facility, giving the company 62.37 per cent of shares.
US giant Peabody Energy yesterday completed its 19-month battle for the Queensland company.
The takeover was finalised as reports emerged last night of a possible bid for another Queensland coal producer, New Hope, Sarah-Jane Tasker reported yesterday.
The Peabody-ArcelorMittal $16-a-share bid was launched on July 11.
The US giant, which already operates eight projects in Queensland and NSW, had made four unsuccessful offers early last year.
It offered $13 a share in March 2010, before raising the bid to $14 a week later and $16 on April 15.
On May 10, the company reduced its offer to $15 a share following the controversy over Kevin Rudd's failed resource super-profits tax.
But Peabody did not give up and in July this year it gained the support of Macarthur's major shareholder ArcelorMittal, which had a 16 per cent stake, to resurrect its move on the miner, the day after the Gillard government announced the carbon tax.
The two parties had originally offered $15.50 a share, but the target's board secured the $16 price to win its support.
PeamCoal, the 60-40 joint venture formed by Peabody and Arcelor to bid for Macarthur, then announced on Friday that it would increase the offer price to $16.25 a share if it acquired at least 90 per cent of the miner by November 11.
(sourced The Autralian)
THE directors of Australian coal miner Macarthur Coal will stand down tomorrow and appoint nominees of the joint venture between Peabody Energy and ArcelorMittal, which took control of the miner yesterday, the company said.
Macarthur chairman Keith DeLacy said the takeover, which values Macarthur at $4.9 billion, was a "testament to Macarthur's extraordinary growth over the last decade".
The takeover joint venture, PEAMCoal, announced late yesterday that it had acquired 59.86 per cent of Macarthur shares, with a further 2.51 per cent in an acceptance facility, giving the company 62.37 per cent of shares.
US giant Peabody Energy yesterday completed its 19-month battle for the Queensland company.
The takeover was finalised as reports emerged last night of a possible bid for another Queensland coal producer, New Hope, Sarah-Jane Tasker reported yesterday.
The Peabody-ArcelorMittal $16-a-share bid was launched on July 11.
The US giant, which already operates eight projects in Queensland and NSW, had made four unsuccessful offers early last year.
It offered $13 a share in March 2010, before raising the bid to $14 a week later and $16 on April 15.
On May 10, the company reduced its offer to $15 a share following the controversy over Kevin Rudd's failed resource super-profits tax.
But Peabody did not give up and in July this year it gained the support of Macarthur's major shareholder ArcelorMittal, which had a 16 per cent stake, to resurrect its move on the miner, the day after the Gillard government announced the carbon tax.
The two parties had originally offered $15.50 a share, but the target's board secured the $16 price to win its support.
PeamCoal, the 60-40 joint venture formed by Peabody and Arcelor to bid for Macarthur, then announced on Friday that it would increase the offer price to $16.25 a share if it acquired at least 90 per cent of the miner by November 11.
(sourced The Autralian)
Monday, February 7, 2011
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)
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)
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