African Minerals loads first Tonkolili iron ore shipment

Sunday, 06 Nov 2011

It is reported that shares in African Minerals rose after revealed that it had started loading the first iron ore shipment from its Tonkolili project. This is the first such shipment from Sierra Leone in more than 30 years.

The 40,000 tonne shipment will be delivered to Shandong Iron and Steel Group and constitutes the trial cargo to be tested prior to the closing of its USD 1.5 billion investment, which remains on track for the year end.

AML said that the shipment was the result of an integrated mine, rail and port infrastructure built by the firm within 14 months of receiving the mining lease and environmental impact assessment license.

Edenville has completed drilling at the Mkomolo and Namwele basins at the Rukwa coal field project in south western Tanzania. Edenville said eight holes were completed at Namwele for 934.30 meters and 2,585.10m in 22 holes at Mkomolo.

Samples results are being analyzed by international consultant Wardell Armstrong International for an initial resource estimate at Mkomolo by the year end.

Mr Simon Rollason chairman said that "The completion of core diamond drilling at the Mkomolo and Namwele basins should allow us to prove up an initial JORC compliant coal resource at the Rukwa coalfield in Tanzania. We confidently await the results of the analyzed samples from the laboratory and we will keep our shareholders up to date with the company's progress as and when we receive further news."

(sourced from Sierraexpressmedia)

Adani buys 1st Russian coal cargo

Mar7, 2011 8:35pm IST

New DelhiEW DELHI (Reuters) - Adani Enterprises has bought its first cargo of Russian coal in a bid to diversify its coal supply, Adani Coal and Carbon Credit Chief Executive Officer Vinay Prakash said on Monday.

Low freight rates particularly for capesize vessels were shrinking the difference in delivered costs for coal from origins such as South Africa, Colombia, Australia and Russia, allowing Indian importers to take a wider variety of coal, he said.

The March loading capesize cargo of low-sulphur coal will be shipped from a Pacific port by one of Russia's biggest exporters, he said.

He declined to name the Russian supplier.

The price was close to the current levels for South African coal, he added.

"We finalised our first Russian coal shipment yesterday," Prakash said.

"We have looked at taking panamax cargoes from Vostochniiy in the Pacific before but the freight was too high, in cape sizes it's much more viable," he added.

Prompt South African coal cargoes are currently trading at around $118-120 a tonne free-on-board Richards Bay. (Reporting by Jackie Cowhig,Reuters)

Tags ;Colombian coal, Australia, Pacific Port, South African coal price $118- 120 a tonne FOB Richards Bay