Tuesday, 28 Feb 2012
According to the Australian Financial Review, Rio Tinto Ltd is in talks with Brazilian mining giant Vale about sharing rail and port infrastructure for their two Simandou iron ore projects in Guinea, in a significant shift for the Anglo Australian miner.
The newspaper reported that sources close to Rio have said that talks between the two miners were taking place before the signing of a final infrastructure agreement with Guinea's government.
The discussions are being held in parliament over Rio's ability to access the coal infrastructure that Vale is constructing in Mozambique where both miners have coking coal projects.
Rio had previously denied that Vale or its partner, BSG Resources, had any rights to develop the Northern half of the Simandou project, which the Guinean governments removed from Rio's ownership in 2008.
(sourced Businessspectator.com.au)
Showing posts with label iron ore project. Show all posts
Showing posts with label iron ore project. Show all posts
Tuesday, February 28, 2012
Tuesday, February 14, 2012
Mitsubishi clear to take control of Australia iron ore project
Tuesday, 14 Feb 2012
Reuters reported that Japan Mitsubishi Corp cleared the last hurdle on Monday to take control of iron ore, port and rail projects in Western Australia which are slated to cost USD 10 billion and which it hopes to fund with Chinese partners.
A spokesman said shareholders in Murchison Metals approved the sale of the company 50% stakes in the Jack Hills iron ore mine and its affiliated Oakajee port and rail project to its partner, Mitsubishi for AUD 325 million.
The deal is due to close on February 20. The long delayed port project is key to opening up a new iron ore province in Western Australia outside the control of dominant iron ore producers, Rio Tinto and BHP Billiton.
The AUD 5.9 billion Oakajee port and rail project and the USD 3.7 billion Jack Hills iron ore expansion project have been held back due to cost blowouts which Murchison could not afford and the failure to line up companies to use the infrastructure.
Murchison biggest shareholder, South Korean steel maker POSCO last year said it was considering buying stakes in Jack Hills and the Oakajee project.
Other potential partners in the infrastructure are Sinosteel which is developing the Midwest iron ore project and Angang Steel Co which is backing Gindalbie Metals' Karara iron ore project.
Last week, Western Australian Premier Mr Colin Barnett said Mitsubishi was due to meet with potential Chinese partners in Beijing later this month to discuss participating in the two projects.
Mr Barnett said "There is a major meeting in Beijing, in the next few weeks, involving Australian companies, the Chinese state owned enterprises, Mitsubishi, some financial institutions from China and that will be the critical meeting and hopefully bringing China formally into the project and moving forward."
(Sourced from Reuters)
Reuters reported that Japan Mitsubishi Corp cleared the last hurdle on Monday to take control of iron ore, port and rail projects in Western Australia which are slated to cost USD 10 billion and which it hopes to fund with Chinese partners.
A spokesman said shareholders in Murchison Metals approved the sale of the company 50% stakes in the Jack Hills iron ore mine and its affiliated Oakajee port and rail project to its partner, Mitsubishi for AUD 325 million.
The deal is due to close on February 20. The long delayed port project is key to opening up a new iron ore province in Western Australia outside the control of dominant iron ore producers, Rio Tinto and BHP Billiton.
The AUD 5.9 billion Oakajee port and rail project and the USD 3.7 billion Jack Hills iron ore expansion project have been held back due to cost blowouts which Murchison could not afford and the failure to line up companies to use the infrastructure.
Murchison biggest shareholder, South Korean steel maker POSCO last year said it was considering buying stakes in Jack Hills and the Oakajee project.
Other potential partners in the infrastructure are Sinosteel which is developing the Midwest iron ore project and Angang Steel Co which is backing Gindalbie Metals' Karara iron ore project.
Last week, Western Australian Premier Mr Colin Barnett said Mitsubishi was due to meet with potential Chinese partners in Beijing later this month to discuss participating in the two projects.
Mr Barnett said "There is a major meeting in Beijing, in the next few weeks, involving Australian companies, the Chinese state owned enterprises, Mitsubishi, some financial institutions from China and that will be the critical meeting and hopefully bringing China formally into the project and moving forward."
(Sourced from Reuters)
Monday, February 6, 2012
Downer EDI bags AUD 570 million iron ore mining contract from Karara Mining
Monday, 06 Feb 2012
Downer EDI announced that it has been awarded AUD 570 million, 6 year magnetite mining contract with Karara Mining Limited for the provision of services at the Karara Iron Ore Project in Western Australia.
(sourced from Reuters)
Downer EDI announced that it has been awarded AUD 570 million, 6 year magnetite mining contract with Karara Mining Limited for the provision of services at the Karara Iron Ore Project in Western Australia.
(sourced from Reuters)
Monday, January 30, 2012
Work starts on re opening of Angolan iron ore project
Monday, 30 Jan 2012
The Angolan news agency Angop reports that prospecting work has started aimed at the re-opening of iron ore and manganese mines in Kassala-Kitungo, which is in Angola’s Kwanza Norte province.
The project, which is part of public-private partnership involving state mining company Empresa Nacional de Ferro de Angola (Ferrangol) and Angola Exploration Mining Resources was launched in the first half of 2011, when the access route and galleries at the mine were re-opened manually.
At the time Ferrangol chairman Diamantino Azevedo said that geological surveys were due to be carried out to establish the quality and quantity of ore at the mine, as well as its potential lifetime. After meeting a number of prerequisites, he said, AEMR planned to draw up the feasibility projects for mining and processing the ore.
Azevedo added that the public-private partnership for iron ore mining also included the Cassinga project in Huila province, prospecting work for which was being concluded, with mining due to begin this year.
(Sourced from MiningReview.com)
The Angolan news agency Angop reports that prospecting work has started aimed at the re-opening of iron ore and manganese mines in Kassala-Kitungo, which is in Angola’s Kwanza Norte province.
The project, which is part of public-private partnership involving state mining company Empresa Nacional de Ferro de Angola (Ferrangol) and Angola Exploration Mining Resources was launched in the first half of 2011, when the access route and galleries at the mine were re-opened manually.
At the time Ferrangol chairman Diamantino Azevedo said that geological surveys were due to be carried out to establish the quality and quantity of ore at the mine, as well as its potential lifetime. After meeting a number of prerequisites, he said, AEMR planned to draw up the feasibility projects for mining and processing the ore.
Azevedo added that the public-private partnership for iron ore mining also included the Cassinga project in Huila province, prospecting work for which was being concluded, with mining due to begin this year.
(Sourced from MiningReview.com)
Thursday, January 26, 2012
Ms Rinehart fortune to soar on POSCO deal
Thursday, 26 Jan 2012
Australia's richest person, iron ore magnate Ms Gina Rinehart could see her fortune nearly double to AUD 20 billion after South Korean steel giant POSCO moved to increase its stake in the Roy Hill iron ore project.
POSCO last week announced it would pay KRW 1.8 trillion (AUD 1.5 billion) to raise its interest in the project to 15% by mid 2014.
POSCO the world's third-largest steelmaker, already owns 3.75% of Roy Hill. The deal places an estimated value of AUD 10 billion on the project in Western Australia's Pilbara region.
Roy Hill is a joint venture between Ms Rinehart's company Hancock Prospecting and Posco, which says it is still in talks to finalise the purchase.
POSCO announced its intention to acquire 15% of Roy Hill in 2010 but did not reveal the value of the deal until last week.
(Sourced from ABC/Reuters)
Tuesday, January 24, 2012
BHPB gets conditional approval for iron ore port expansion
Tuesday, 24 Jan 2012
Bloomberg reported that BHP Billiton Ltd received conditional approval for a AUD 14 billion expansion of its iron ore export harbor in Western Australia to boost supply to steel mills.
The Western Australian Environmental Protection Authority said that the spending on Port Hedland harbor, which includes rail, ore stockpiles and a four kilometer (2.5 mile) jetty will add capacity of 240 million metric tonnes a year. The cost estimate comes from a report last year by the state’s Department of Mines and Petroleum.
The enlarged port will help Melbourne-based BHP, which trails Vale SA and Rio Tinto Group in iron ore production, increase supply to China, the world’s biggest steelmaker. Over the next eight years, global supply of iron ore needs to rise by at least 100 million tonnes annually to meet demand and replace high cost mines, according to Rio Tinto.
Ms Kelly Quirke a spokeswoman for BHP said that “We look forward to this next stage in the assessment process which involves a two week public comment period followed by the Western Australian Appeals Convenor’s consideration of any appeals.”
(Sourced from Bloomberg)
Bloomberg reported that BHP Billiton Ltd received conditional approval for a AUD 14 billion expansion of its iron ore export harbor in Western Australia to boost supply to steel mills.
The Western Australian Environmental Protection Authority said that the spending on Port Hedland harbor, which includes rail, ore stockpiles and a four kilometer (2.5 mile) jetty will add capacity of 240 million metric tonnes a year. The cost estimate comes from a report last year by the state’s Department of Mines and Petroleum.
The enlarged port will help Melbourne-based BHP, which trails Vale SA and Rio Tinto Group in iron ore production, increase supply to China, the world’s biggest steelmaker. Over the next eight years, global supply of iron ore needs to rise by at least 100 million tonnes annually to meet demand and replace high cost mines, according to Rio Tinto.
Ms Kelly Quirke a spokeswoman for BHP said that “We look forward to this next stage in the assessment process which involves a two week public comment period followed by the Western Australian Appeals Convenor’s consideration of any appeals.”
(Sourced from Bloomberg)
Monday, January 23, 2012
SAIL not to develop Rowghat iron ore project
Monday, 23 Jan 2012
Business Line reported that Steel Authority of India Limited has decided not to develop and operate the proposed 14 million tonnes per annum Rowghat iron ore mine project in Chhattisgarh; instead it would assign a private outsider for the job on entire mineral off take contract at a prescribed price.
Mr CS Verma chairman of SAIL confirming this to Business Line said that at a recently held pre bid conference, there were participations of more than 25 intending bidders including overseas miners.
He said that “We would request expressions of interest for the project in the first half of the next fiscal.”
The SAIL chairman said that though life of BSP's existing mine at Dalli-Rajhara, also in Chhattisgarh, had been extended by a few years, development and operation of the Rowghat project needed to commence without further delay so as to match the BSP's expansion schedule.
The delay has been caused activities and threats by ultra Leftist outfits. Mr Verma said a couple of months ago, Railway Vikash Nigam Ltd had resumed work on construction of the 90 km track from Dalli-Rajhara to Rowghat.
The Rowghat deposit's 2,029 hectare F block that was allocated to Bhillai Steel Plant of SAIL in 2009 is estimated to contain 511 million tonnes of iron ore. BSP's on going capacity expansion is dependant on this resource project. The Rowghat project envisaged no ore beneficiation plant and tailing dam at the site. The ore after crushing at the site is to be transported for beneficiation to Dalli Rajhara.
(Sourced from BL)
Business Line reported that Steel Authority of India Limited has decided not to develop and operate the proposed 14 million tonnes per annum Rowghat iron ore mine project in Chhattisgarh; instead it would assign a private outsider for the job on entire mineral off take contract at a prescribed price.
Mr CS Verma chairman of SAIL confirming this to Business Line said that at a recently held pre bid conference, there were participations of more than 25 intending bidders including overseas miners.
He said that “We would request expressions of interest for the project in the first half of the next fiscal.”
The SAIL chairman said that though life of BSP's existing mine at Dalli-Rajhara, also in Chhattisgarh, had been extended by a few years, development and operation of the Rowghat project needed to commence without further delay so as to match the BSP's expansion schedule.
The delay has been caused activities and threats by ultra Leftist outfits. Mr Verma said a couple of months ago, Railway Vikash Nigam Ltd had resumed work on construction of the 90 km track from Dalli-Rajhara to Rowghat.
The Rowghat deposit's 2,029 hectare F block that was allocated to Bhillai Steel Plant of SAIL in 2009 is estimated to contain 511 million tonnes of iron ore. BSP's on going capacity expansion is dependant on this resource project. The Rowghat project envisaged no ore beneficiation plant and tailing dam at the site. The ore after crushing at the site is to be transported for beneficiation to Dalli Rajhara.
(Sourced from BL)
Thursday, January 19, 2012
FMG considers magnetite joint venture
Thu, 19 Jan 2012
It is reported that Fortescue Metals Group is considering developing its North Star magnetite iron ore project in Western Australia as a joint venture.
Fortescue last year indicated that it may spin off its magnetite iron ore assets because it was focused on easier-to-produce hematite iron ore.
However, on Monday the company said it saw potential value in developing its magnetite interests as joint ventures.
The miner said it was evaluating options to partner with third parties at its North Star magnetite project, which was adjacent to the company's Glacier Valley magnetite iron ore joint venture with Chinese steel maker Baosteel.
Fortescue said in a statement that any development of North Star would be on a non-recourse basis to Fortescue balance sheet
The company also announced a 72% increase in the resource estimate for its North Star magnetite project, 100 kilometres south of its Port Hedland operation to 2.12 billion tonnes.
Of that total, 1.3 billion tonnes is in the inferred category of Australia mineral reporting code which is the least proved up category.
Just over 100 million tonnes is in the top category and measured.
(Sourced from news.ninemsn.com.au)
It is reported that Fortescue Metals Group is considering developing its North Star magnetite iron ore project in Western Australia as a joint venture.
Fortescue last year indicated that it may spin off its magnetite iron ore assets because it was focused on easier-to-produce hematite iron ore.
However, on Monday the company said it saw potential value in developing its magnetite interests as joint ventures.
The miner said it was evaluating options to partner with third parties at its North Star magnetite project, which was adjacent to the company's Glacier Valley magnetite iron ore joint venture with Chinese steel maker Baosteel.
Fortescue said in a statement that any development of North Star would be on a non-recourse basis to Fortescue balance sheet
The company also announced a 72% increase in the resource estimate for its North Star magnetite project, 100 kilometres south of its Port Hedland operation to 2.12 billion tonnes.
Of that total, 1.3 billion tonnes is in the inferred category of Australia mineral reporting code which is the least proved up category.
Just over 100 million tonnes is in the top category and measured.
(Sourced from news.ninemsn.com.au)
Sunday, December 25, 2011
Afferro Mining files new NI43 101 report on Nkout iron ore project
Sunday, 25 Dec 2011
Iron ore miner Afferro Mining has filed a technical report which is compliant with the NI43-101 standard on its Nkout project in Cameroon. Investors welcomed the news as shares in the company rose 3% to trade at 53 pence in early deals valuing the company at GBP 55.1 million.
The latest NI43-101 compliant report on Nkout which was unveiled in November showed a 41% increase in the total resource to 2 billion tonnes grading 32.2 iron. Afferro said that the new resource includes a 70% increase in tonnage of high-grade, potential direct shipping ore. The project is now estimated to contain 18.5 million tonnes of direct shipping ore.
The DSO grades have improved from 58.7% to 60.3%. In addition, 944 million tonnes of magnetite banded iron formation was upgraded to the indicated category representing 47% of the mineral resource estimate.
The company noted that the MRE now covers an 8.9 kilometre section of a 20 km long magnetic anomaly. Afferro continues its drilling program at Nkout to further define high grade zones and add additional tonnage at depth.
(sourced from Proactiveinvestors.co.uk)
Iron ore miner Afferro Mining has filed a technical report which is compliant with the NI43-101 standard on its Nkout project in Cameroon. Investors welcomed the news as shares in the company rose 3% to trade at 53 pence in early deals valuing the company at GBP 55.1 million.
The latest NI43-101 compliant report on Nkout which was unveiled in November showed a 41% increase in the total resource to 2 billion tonnes grading 32.2 iron. Afferro said that the new resource includes a 70% increase in tonnage of high-grade, potential direct shipping ore. The project is now estimated to contain 18.5 million tonnes of direct shipping ore.
The DSO grades have improved from 58.7% to 60.3%. In addition, 944 million tonnes of magnetite banded iron formation was upgraded to the indicated category representing 47% of the mineral resource estimate.
The company noted that the MRE now covers an 8.9 kilometre section of a 20 km long magnetic anomaly. Afferro continues its drilling program at Nkout to further define high grade zones and add additional tonnage at depth.
(sourced from Proactiveinvestors.co.uk)
Tuesday, November 22, 2011
Avonlea Minerals update on Ondjou Iron Ore project
Tuesday, 22 Nov 2011
Avonlea Minerals has increased the JORC Resource at the Ondjou Iron Ore Project, Northern Namibia, by 33% to 693 million tonnes iron at a grade of 23.7%.
The increase is based on a strike length extension to the established area of mineralization established in the project’s maiden JORC Resource, identified by diamond drilling and metallurgical testing.
Importantly, the Resource remains open along strike and down dip, with a number of new targets still to be tested over more than 100 kilometres of strike. Avonlea has licenses in application to the north and south of Ondjou.
(sourced from proactiveinvestors)
Avonlea Minerals has increased the JORC Resource at the Ondjou Iron Ore Project, Northern Namibia, by 33% to 693 million tonnes iron at a grade of 23.7%.
The increase is based on a strike length extension to the established area of mineralization established in the project’s maiden JORC Resource, identified by diamond drilling and metallurgical testing.
Importantly, the Resource remains open along strike and down dip, with a number of new targets still to be tested over more than 100 kilometres of strike. Avonlea has licenses in application to the north and south of Ondjou.
(sourced from proactiveinvestors)
Saturday, November 12, 2011
Alderon Iron Ore project in northeastern Canada advancing
Saturday, 12 Nov 2011
It is reported that an iron ore project in northeastern Canada whose proponent is calling "the next Consolidated Thompson," has taken an important step forward.
Alderon Iron Ore Corp has begun filing material to start the federal and provincial environmental assessment process. The application would allow Alderon to double future annual production at its Kami Project in Quebec-Labrador to 16 million tonnes of iron ore concentrate annually.
Alderon's plan is to ship the material to the port of Sept Îles for export to Asia via common rail carrier. Powerlines running from Churchill Falls hydroelectric power station are located 15 kilometres from the Kami property. A preliminary economic assessment released in September envisions an 8 million tonne per year open cast mine operation with a minelife of 15.3 years. Production is slated to start in 2015.
(sourced Provider.mining.com)
It is reported that an iron ore project in northeastern Canada whose proponent is calling "the next Consolidated Thompson," has taken an important step forward.
Alderon Iron Ore Corp has begun filing material to start the federal and provincial environmental assessment process. The application would allow Alderon to double future annual production at its Kami Project in Quebec-Labrador to 16 million tonnes of iron ore concentrate annually.
Alderon's plan is to ship the material to the port of Sept Îles for export to Asia via common rail carrier. Powerlines running from Churchill Falls hydroelectric power station are located 15 kilometres from the Kami property. A preliminary economic assessment released in September envisions an 8 million tonne per year open cast mine operation with a minelife of 15.3 years. Production is slated to start in 2015.
(sourced Provider.mining.com)
Monday, October 31, 2011
Advanced Explorations reports 64pct iron discovery at Tuktu Project
Monday, 31 Oct 2011
The Tuktu program included mapping and sampling in addition to a ground magnetometer survey that traversed a large cluster of known magnetic anomalies on 100 metre line spacing. The magnetic trend that yielded the two high grade results on the HABS 2 claim is approximately 3,300 metres long with a distance of approximately 1,600 metres between the high grade samples. There is increased glacial cover in this portion of the claim group and limits of the BIF are more reliably defined by the ground magnetometer survey. Zonation of grades is expected across the BIF sequence, and the true width of the high grade zone will require further trenching and drill testing.
Preliminary results from other zones within the Tuktu claim group are consistent with assays obtained on the Tuktu 1 deposit. Drilling at Tuktu 1 revealed high grade intersections of over 50% iron, and the new sample results greater than 60% iron further validate the potential for Tuktu to produce a direct ship ore product.
sourced Steel Guru.com
Advanced Explorations Inc announces the first set of assay results from the 2011 geophysical prospecting program at the Tuktu Iron Project located within 60 kilometers north of the Company Roche Bay Iron Project on the east coast of the Melville Peninsula, Nunavut. High grade samples of 63.85% and 62.26% iron respectively were taken from banded iron formation on the HABS 2 claim located approximately 6 km from the south-east portion of the Tuktu deposit where a 2011 drill program is about to deliver an initial NI 43-101 compliant resource estimate.
The Tuktu program included mapping and sampling in addition to a ground magnetometer survey that traversed a large cluster of known magnetic anomalies on 100 metre line spacing. The magnetic trend that yielded the two high grade results on the HABS 2 claim is approximately 3,300 metres long with a distance of approximately 1,600 metres between the high grade samples. There is increased glacial cover in this portion of the claim group and limits of the BIF are more reliably defined by the ground magnetometer survey. Zonation of grades is expected across the BIF sequence, and the true width of the high grade zone will require further trenching and drill testing.
Preliminary results from other zones within the Tuktu claim group are consistent with assays obtained on the Tuktu 1 deposit. Drilling at Tuktu 1 revealed high grade intersections of over 50% iron, and the new sample results greater than 60% iron further validate the potential for Tuktu to produce a direct ship ore product.
The Tuktu program included mapping and sampling in addition to a ground magnetometer survey that traversed a large cluster of known magnetic anomalies on 100 metre line spacing. The magnetic trend that yielded the two high grade results on the HABS 2 claim is approximately 3,300 metres long with a distance of approximately 1,600 metres between the high grade samples. There is increased glacial cover in this portion of the claim group and limits of the BIF are more reliably defined by the ground magnetometer survey. Zonation of grades is expected across the BIF sequence, and the true width of the high grade zone will require further trenching and drill testing.
Preliminary results from other zones within the Tuktu claim group are consistent with assays obtained on the Tuktu 1 deposit. Drilling at Tuktu 1 revealed high grade intersections of over 50% iron, and the new sample results greater than 60% iron further validate the potential for Tuktu to produce a direct ship ore product.
Advanced Explorations Inc announces the first set of assay results from the 2011 geophysical prospecting program at the Tuktu Iron Project located within 60 kilometers north of the Company Roche Bay Iron Project on the east coast of the Melville Peninsula, Nunavut. High grade samples of 63.85% and 62.26% iron respectively were taken from banded iron formation on the HABS 2 claim located approximately 6 km from the south-east portion of the Tuktu deposit where a 2011 drill program is about to deliver an initial NI 43-101 compliant resource estimate.
The Tuktu program included mapping and sampling in addition to a ground magnetometer survey that traversed a large cluster of known magnetic anomalies on 100 metre line spacing. The magnetic trend that yielded the two high grade results on the HABS 2 claim is approximately 3,300 metres long with a distance of approximately 1,600 metres between the high grade samples. There is increased glacial cover in this portion of the claim group and limits of the BIF are more reliably defined by the ground magnetometer survey. Zonation of grades is expected across the BIF sequence, and the true width of the high grade zone will require further trenching and drill testing.
Preliminary results from other zones within the Tuktu claim group are consistent with assays obtained on the Tuktu 1 deposit. Drilling at Tuktu 1 revealed high grade intersections of over 50% iron, and the new sample results greater than 60% iron further validate the potential for Tuktu to produce a direct ship ore product.
Table of sample assay results
| Sample ID | Claim Name | Fe2O3 (%) | Fe (%) |
| 11VSP047 | HABS 2 | 91.29 | 63.85 |
| 11ADP082 | HABS 2 | 89.02 | 62.26 |
| 11VSP045 | HABS 10 | 56.85 | 39.76 |
| 11VSP042 | HABS 10 | 56.15 | 39.27 |
| 11IOP051 | HABS 11 | 52.11 | 36.45 |
| 11VSP130 | HABS 9 | 51.61 | 36.1 |
| 11IOP049 | HABS 2 | 51.18 | 35.8 |
| 11VSP043 | HABS 10 | 50.97 | 35.65 |
| 11ADP169 | HABS 11 | 50.95 | 35.63 |
| 11VSP044 | HABS 10 | 50.05 | 35 |
Mr John Gingerich President and CEO said "We are very encouraged by this recent high grade discovery at our Tuktu Project as we believed to see similar grades as Baffin Island's Mary River deposit within our property, based on the steadily increasing iron values found during this summer's drill program. The sample results clearly indicate a potential for direct ship ore from Tuktu and with the feasibility study for the Roche Bay Project's C Zone near completion, these impressive results for Tuktu add further production dimensions to the Roche Bay Project. Considering its close proximity, high grade ore mined at Tuktu could be direct shipped using Roche Bay infrastructure. As Roche Bay is at a very advanced stage, this discovery also adds significant flexibility to the development scenarios within the Melville Peninsula iron district."
sourced Steel Guru.com
Wednesday, October 12, 2011
PPT iron ore terminal project awaits forest clearance
Wednesday, 12 Oct 2011
Telegraph reported that an INR 506 crore iron ore terminal project, an ambitious expansion project of Paradip Port Trust, remains stalled because of absence of clearance from the ministry of forest and environment.
The project could lead to a major increase of the cargo handling capacity of the port. Port authorities had felt the need for a deep draught iron ore berth to meet expeditious handling of ores because of the recent iron ore export boom.
Thereafter, an accord was signed between the PPT and a private bidder on July 1st 2009. However, the project has failed to move forward as the MoEF clearance has not yet been accorded.
Forest officials said that PPT officials had invited tender for the project in a hurry without being armed with the MoEF clearance. The clearance is mandatory for the project to take off.
Mr Manoj Kumar Mahapatra, divisional forest officer, Rajnagar Mangrove (wildlife) forest division said that "First, PPT authorities should have sought the MoEF go ahead before inviting global tenders. But they did not do so. Hence, the port trust will have to wait for the clearance."
Mr S Ananta Chandra Bose deputy chairman at PPT said that "The matter has been taken up with appropriate authorities. This project is of immense importance for the growth of the port. We are hopeful that MoEF will accord the seal of approval for the project without further delay."
Mr Mohapatra said that "Since this is an important port project, we are treating the case expeditiously. The PPT has already given us an undertaking that compensatory forestation will be carried out. The clearance proposal has been sent to the Union ministry. We expect a positive reply from MoEF very shortly."
The site for the terminal project is under the PPT's jurisdiction. However, the construction site falls under the coastal regulation zone territory and the MoEF clearance is a must for such projects.
(sourced from Telegraphindia)
Telegraph reported that an INR 506 crore iron ore terminal project, an ambitious expansion project of Paradip Port Trust, remains stalled because of absence of clearance from the ministry of forest and environment.
The project could lead to a major increase of the cargo handling capacity of the port. Port authorities had felt the need for a deep draught iron ore berth to meet expeditious handling of ores because of the recent iron ore export boom.
Thereafter, an accord was signed between the PPT and a private bidder on July 1st 2009. However, the project has failed to move forward as the MoEF clearance has not yet been accorded.
Forest officials said that PPT officials had invited tender for the project in a hurry without being armed with the MoEF clearance. The clearance is mandatory for the project to take off.
Mr Manoj Kumar Mahapatra, divisional forest officer, Rajnagar Mangrove (wildlife) forest division said that "First, PPT authorities should have sought the MoEF go ahead before inviting global tenders. But they did not do so. Hence, the port trust will have to wait for the clearance."
Mr S Ananta Chandra Bose deputy chairman at PPT said that "The matter has been taken up with appropriate authorities. This project is of immense importance for the growth of the port. We are hopeful that MoEF will accord the seal of approval for the project without further delay."
Mr Mohapatra said that "Since this is an important port project, we are treating the case expeditiously. The PPT has already given us an undertaking that compensatory forestation will be carried out. The clearance proposal has been sent to the Union ministry. We expect a positive reply from MoEF very shortly."
The site for the terminal project is under the PPT's jurisdiction. However, the construction site falls under the coastal regulation zone territory and the MoEF clearance is a must for such projects.
(sourced from Telegraphindia)
Wednesday, October 5, 2011
Vale works toward granting 35pct of iron ore project to Guinea
Wednesday, 05 Oct 2011
Vale SA is working on an accord with the Guinean government in which the Brazilian miner would concede 35% of its Simandou iron-ore project to the government, in line with the West African country's new mining laws.
The Vale manager said the company expected deal with Guinea would be in the same mold as an agreement struck in April between Rio Tinto and the government over the Anglo-Australian company Simandou project.
Guinea last month announced adoption of a mining code that allows the government to increase its participation in projects run by commodities companies operating in the country to 35% from 15%. The new law is an effort to boost revenue from the country rich iron ore and bauxite resources. Iron ore is a crucial ingredient in steel.
Vale late last year said that developing the high-quality Simandou project in which it is a majority partner in a joint venture with a Guinean company will allow the Brazilian company to consolidate its leadership of the global seaborne market for high-grade iron ore.
Vale said it is spending USD 861 million this year on developing its Simandou project. The project is expected to start producing two million tonnes a year in the second half of next year rising to 15 million tons a year in 2015 and full capacity of 50 million tons a year in 2020.
Vale also is investing in rail infrastructure in Guinea to transport the ore.
(sourced from wsj)
Vale SA is working on an accord with the Guinean government in which the Brazilian miner would concede 35% of its Simandou iron-ore project to the government, in line with the West African country's new mining laws.
The Vale manager said the company expected deal with Guinea would be in the same mold as an agreement struck in April between Rio Tinto and the government over the Anglo-Australian company Simandou project.
Guinea last month announced adoption of a mining code that allows the government to increase its participation in projects run by commodities companies operating in the country to 35% from 15%. The new law is an effort to boost revenue from the country rich iron ore and bauxite resources. Iron ore is a crucial ingredient in steel.
Vale late last year said that developing the high-quality Simandou project in which it is a majority partner in a joint venture with a Guinean company will allow the Brazilian company to consolidate its leadership of the global seaborne market for high-grade iron ore.
Vale said it is spending USD 861 million this year on developing its Simandou project. The project is expected to start producing two million tonnes a year in the second half of next year rising to 15 million tons a year in 2015 and full capacity of 50 million tons a year in 2020.
Vale also is investing in rail infrastructure in Guinea to transport the ore.
(sourced from wsj)
Friday, September 30, 2011
Iron ore discovery boost for local industry
Friday, 30 Sep 2011
Centrex Metals a significant discovery of more iron ore at its deposits on Lower Eyre Peninsula should help boost the prospects for mining in the region.
The company says an extra 135 million tonnes of magnetite has been found at its Fusion project.
Mr Jim White Managing director says it helps establish a critical mass for other projects in the region. He said that "We will now go and do some more drilling to confirm these resources and to add more certainty so we're still some way away from a mine, which I think it's important to realise. But nonetheless this is a step towards a mine."
(sourced from abc.net.au)
Centrex Metals a significant discovery of more iron ore at its deposits on Lower Eyre Peninsula should help boost the prospects for mining in the region.
The company says an extra 135 million tonnes of magnetite has been found at its Fusion project.
Mr Jim White Managing director says it helps establish a critical mass for other projects in the region. He said that "We will now go and do some more drilling to confirm these resources and to add more certainty so we're still some way away from a mine, which I think it's important to realise. But nonetheless this is a step towards a mine."
(sourced from abc.net.au)
Monday, September 19, 2011
Nippon and Sumitomo withdraw from Namisa iron ore JV in Brazil
September19, 2011
With the approval of the Brazilian antitrust agency Cade, Japanese steelmakers Nippon Steel and Sumitomo Metals have withdrawn from the Namisa iron ore joint venture, which is 60 percent owned by the Brazilian steelmaker Cia Siderurgica Nacional (CSN). While Nippon Steel had a 16.2 percent stake in the Namisa joint venture, Sumitomo had a 6.6 percent share.
Cade also allowed Nippon Steel to increase its stake in CSN's rival, Brazilian flat rolled producer Usiminas since it is no longer affiliated with CSN. To this end, Nippon Steel is considering a partnership with another Brazilian steelmaker Gerdau.
Tags: iron ore , Brazil , Japan , Far East , South America , production , fin. Reports , mining , Gerdau , East Asia and Pacific , South Asia
With the approval of the Brazilian antitrust agency Cade, Japanese steelmakers Nippon Steel and Sumitomo Metals have withdrawn from the Namisa iron ore joint venture, which is 60 percent owned by the Brazilian steelmaker Cia Siderurgica Nacional (CSN). While Nippon Steel had a 16.2 percent stake in the Namisa joint venture, Sumitomo had a 6.6 percent share.
Cade also allowed Nippon Steel to increase its stake in CSN's rival, Brazilian flat rolled producer Usiminas since it is no longer affiliated with CSN. To this end, Nippon Steel is considering a partnership with another Brazilian steelmaker Gerdau.
Tags: iron ore , Brazil , Japan , Far East , South America , production , fin. Reports , mining , Gerdau , East Asia and Pacific , South Asia
Thursday, September 1, 2011
WISCO and Century Iron Ore ink mining agreement
Thursday, 01 September 2011
On August 30, Chinese steel producer Wuhan Iron and Steel Co. (WISCO) and Canadian mining company Century Iron Ore Holdings Inc. inked a cooperation agreement to jointly develop iron ore mines in Canada.
Century Iron Ore Holdings owns three iron ore projects in Quebec, Canada. On January 13 this year, the two parties had reached a binding framework agreement on mine development.
Century Iron's three iron ore projects in Quebec will help support Wuhan's strategy of self-sufficiency when it comes to iron ore supplies, reducing its dependence on overseas suppliers. As previously reported by SteelOrbis, Wuhan plans to increase its steel production capacity to 60 million metric tons in the next four years, compared to current levels of 40 million tons.
Tags: iron ore , China , Far East , North America , investments , mining , East Asia and Pacific
On August 30, Chinese steel producer Wuhan Iron and Steel Co. (WISCO) and Canadian mining company Century Iron Ore Holdings Inc. inked a cooperation agreement to jointly develop iron ore mines in Canada.
Century Iron Ore Holdings owns three iron ore projects in Quebec, Canada. On January 13 this year, the two parties had reached a binding framework agreement on mine development.
Century Iron's three iron ore projects in Quebec will help support Wuhan's strategy of self-sufficiency when it comes to iron ore supplies, reducing its dependence on overseas suppliers. As previously reported by SteelOrbis, Wuhan plans to increase its steel production capacity to 60 million metric tons in the next four years, compared to current levels of 40 million tons.
Tags: iron ore , China , Far East , North America , investments , mining , East Asia and Pacific
Cliffs and Kobe Steel consider iron ore joint venture
Thursday, 01 September 2011
Japan's Kobe Steel Ltd. and Cleveland, Ohio-based mining company Cliffs Natural Resources are in talks to build an iron nugget plant in the US, possibly in the state of Michigan, according to a report in the Japanese Nikkei newspaper.
The plant would cost $200 million and would utilize Kobe Steel's ITmk3 technology to produce iron nuggets from a low-grade iron ore, providing the feedstock in EAF operations instead of steel scrap. If plans for the facility go through, the plant could begin operations in 2014.
Tags: iron ore , USA , Japan , Far East , North America , investments , M&A , mining , Cliffs Natural , Kobe Steel , East Asia and Pacific
Japan's Kobe Steel Ltd. and Cleveland, Ohio-based mining company Cliffs Natural Resources are in talks to build an iron nugget plant in the US, possibly in the state of Michigan, according to a report in the Japanese Nikkei newspaper.
The plant would cost $200 million and would utilize Kobe Steel's ITmk3 technology to produce iron nuggets from a low-grade iron ore, providing the feedstock in EAF operations instead of steel scrap. If plans for the facility go through, the plant could begin operations in 2014.
Tags: iron ore , USA , Japan , Far East , North America , investments , M&A , mining , Cliffs Natural , Kobe Steel , East Asia and Pacific
Saturday, August 27, 2011
Race for resources - China steps up iron ore project in Africa and elsewhere
Saturday, 27 Aug 2011
Reuters reported that a bold push by China into iron ore projects in Africa and elsewhere will increase its access to supply and may help moderate prices but will only slowly reduce its dependence on the three companies that dominate the market.
About 85% of the imports of the raw material to make steel came from only four countries Australia, Brazil, India and South Africa. Beijing has stepped up its campaign to break that dependence by investing in mining projects in places such as West Africa where it has agreed on a spate of joint ventures and is seeking other deals including a proposal to swallow a whole company. These projects could produce up to nearly 250 million tonnes of ore annually in the medium to long term.
Analysts said but even if China secures and fully develops all these proposed projects and it will struggle to cut its reliance on the Big Three. The new projects will take many years to achieve full production while the majors each have their own ambitious expansion projects which will help reinforce market dominance.
Mr John Meyer a mining analyst at investment bank Fairfax said "These projects have little chance of displacing production from the major producers such as Rio, Vale and BHP who are so far ahead in terms of infrastructure, capital expenditure and quality of resources."
He said that "The Chinese are looking to become involved but they simply don't own the licenses to the world largest iron ore projects. China has had a fraught but symbiotic relationship with the majors and vowing to cut its dependence on them after failing to persuade them to offer big price discounts during the global financial crisis.”
The Chinese government has encouraged steelmakers such as Baoshan Iron and Steel and Wuhan Iron and Steel to gain more control over foreign iron ore. Wuhan and its third largest has vowed to become self sufficient by 2015.
Mr Li Xinchuang deputy secretary general of China Iron Steel Association said "China currently owns less than 10% of imported iron ore. We should seek 50% of ore from Chinese invested overseas resources in the next five to 10 years."
He said China would be able to break the hold of Rio, Vale and BHP on supply and pricing only if it can source half its overseas ore from Chinese-invested mines.
The icy relationship appeared to thaw in 2009 when China state owned Chinalco and Rio Tinto agreed on a USD 19.5 billion tie up but later that year Rio spurned the deal. China was bitter about the break up but later the two agreed a major joint venture to develop Rio massive Simandou iron ore project in Guinea.
Chinese industry officials also have accused the companies of monopolistic practices after Rio, Vale and BHP decided to abandon an annual pricing system in favor of a more flexible index based quarterly system last year.
(sourced from Reuters)
Reuters reported that a bold push by China into iron ore projects in Africa and elsewhere will increase its access to supply and may help moderate prices but will only slowly reduce its dependence on the three companies that dominate the market.
About 85% of the imports of the raw material to make steel came from only four countries Australia, Brazil, India and South Africa. Beijing has stepped up its campaign to break that dependence by investing in mining projects in places such as West Africa where it has agreed on a spate of joint ventures and is seeking other deals including a proposal to swallow a whole company. These projects could produce up to nearly 250 million tonnes of ore annually in the medium to long term.
Analysts said but even if China secures and fully develops all these proposed projects and it will struggle to cut its reliance on the Big Three. The new projects will take many years to achieve full production while the majors each have their own ambitious expansion projects which will help reinforce market dominance.
Mr John Meyer a mining analyst at investment bank Fairfax said "These projects have little chance of displacing production from the major producers such as Rio, Vale and BHP who are so far ahead in terms of infrastructure, capital expenditure and quality of resources."
He said that "The Chinese are looking to become involved but they simply don't own the licenses to the world largest iron ore projects. China has had a fraught but symbiotic relationship with the majors and vowing to cut its dependence on them after failing to persuade them to offer big price discounts during the global financial crisis.”
The Chinese government has encouraged steelmakers such as Baoshan Iron and Steel and Wuhan Iron and Steel to gain more control over foreign iron ore. Wuhan and its third largest has vowed to become self sufficient by 2015.
Mr Li Xinchuang deputy secretary general of China Iron Steel Association said "China currently owns less than 10% of imported iron ore. We should seek 50% of ore from Chinese invested overseas resources in the next five to 10 years."
He said China would be able to break the hold of Rio, Vale and BHP on supply and pricing only if it can source half its overseas ore from Chinese-invested mines.
The icy relationship appeared to thaw in 2009 when China state owned Chinalco and Rio Tinto agreed on a USD 19.5 billion tie up but later that year Rio spurned the deal. China was bitter about the break up but later the two agreed a major joint venture to develop Rio massive Simandou iron ore project in Guinea.
Chinese industry officials also have accused the companies of monopolistic practices after Rio, Vale and BHP decided to abandon an annual pricing system in favor of a more flexible index based quarterly system last year.
(sourced from Reuters)
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.
Subscribe to:
Posts (Atom)
Posts
