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voda 22 februari 2017 15:04

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UK steel foundry affected by slump in oil and gas sector

Insider Media reported that a dramatic slump in turnover sparked by difficulty in the oil and gas sector resulted in the closure of a steel foundry in the run-up to Christmas, new documents have revealed, with Finance Yorkshire among the creditors that look set to lose out.

Based in Doncaster and established in 1980, Noel Village (Steel Founder) made steel castings primarily for use in the oil and gas industry.

According to a report by administrators at KPMG, falling oil prices in 2014 and 2015 led to reduced orders from Noel Village's largest customers and a drop in turnover from GBP 10.9 million in 2014 to GBP 4.3 million in 2016.

Associated losses of GBP 1.2 million, GBP 365,000 and GBP 837,000 were racked up across the same period, resulting in significant cash flow pressures.

The business refinanced with Close Brothers at the start of 2016 and secured additional funding from Finance Yorkshire, which first invested in 2014, but after a sale process overseen by KPMG was unsuccessful, administrators from the professional services firm were appointed in December.

With ongoing trade not feasible, KPMG is now raising money for creditors through the collection of book debts, the sale of work in progress and the auction of plant and machinery.

Despite these efforts, it is currently uncertain as to whether there will be sufficient funds to enable a distribution to Finance Yorkshire, which is owed GBP 875,000, as this will be dependent on the amounts raised.

Speaking at the time of the administration, Mr Alex McWhirter chief executive of Finance Yorkshire said that his organisation had invested in Noel Village at a time "when it was an established business showing further growth potential.” He added that "All of our investments carry an element of risk and it is inevitable that a small number of businesses will run into difficulties. In terms of our investments overall, Finance Yorkshire continues to make healthy returns."

Finance Yorkshire Small Loans and Donbac (now known as Finance for Enterprise), owed GBP 19,000 and 78,000 respectively, are set to lose out as are unsecured claims estimated at GBP 973,750.

Source : Insidermedia.com

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voda 22 februari 2017 15:06

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Montenegro aims to back Toscelik Niksic steel exports to Turkish defence industry

SeeNews reported that Montenegro's prime minister Dusko Markovic said the country is working to ensure the cooperation of local steel mill Toscelik Niksic with customers from Turkey's defence sector.

Montenegro is interested in signing a defence industry cooperation agreement with Turkey, in order to support the delivery of specialty steel products of Toscelik Niksic to Turkish defence companies, Markovic said during a meeting with Turkish counterpart Binali Yildirim on the sidelines of the Munich Security Conference, according to a press release issued by the Montenegrin government on Sunday.

Mr Markovic added that the relations between Montenegro and Turkey are very good, but they could be improved further through an additional investment of Turkish companies in the Montenegrin industry and energy sectors.

The Montenegrin government sold the Zeljezara Niksic steel mill, now Toscelik Niksic, to Turkey's Tosyeli Holding for 15 million euro ($15.9 million) in 2012. The Turkish owner has invested 35 million euro to increase the annual output capacity of the steel plant to 400,000 tonnes from 120,000 tonnes.

The Turkish company is working on building a unit for the production of rolled profiles at the steel mill.

Tosyeli Holding's subsidiary Toscelik, the direct owner of the plant, is among the companies that have won a tender for the supply of steel pipes for the Trans Anatolia Natural Gas Pipeline project for transporting gas from Azerbaijan to Europe via Turkey.

Source : seenews.com

voda 22 februari 2017 15:07

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Vietnam steelmakers ask for dumping measures

Vietnam News Service reported that four Vietnamese steelmakers including China Steel Sumikin Vietnam JSC, Phuong Nam Co Ltd, Nam Kim Steel JSC, and Dong A Steel JSC continued to demand new measures to prevent coated steel sheets shipped from mainland China and South Korea from being sold at cheap prices in the market.

Plaintiff representative Mayer Brown JSM law firm asked the Vietnam Competition Authority under the Ministry of Industry and Trade to consider applying anti-dumping taxes, document review and a data investigation of the suspected companies. The measures would aim to ensure the exact calculation on the anti-dumping amplitude and to consider the application in a 90-day period before preliminary anti-dumping imposing.

Nguyen Van Sua, vice chairman of Vietnam Steel Association said the suitable calculation of anti-dumping duty levels aimed to prevent such imported products from being dumped in the Vietnamese market is necessary to protect local production.

On December 24, 2015, the VCA received appeals from the four steel firms to start a probe into the issue. The probe is applicable to the period from October 1, 2014 to September 30, 2015.

The ministry promulgated the Decision No 818/QD-BCT on March 3, 2016 on initiating an investigation on anti-dumping tax on imported coated steels from China and South Korea into Viet Nam.

On September 1st, 2016, the ministry issued temporary anti-dumping duties on the products.

Accordingly, eight Chinese companies have been applied an anti-dumping duties of 4.02 to 38.34% while those imposed for South Korean firms were 12.4 to 19 per cent.

Source : Vietnam News Service

voda 22 februari 2017 15:07

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Monnet Ispat lenders bargaining with JSW Steel- Report

Telegraph India reported that bankers are hoping to nudge JSW Steel to raise its lowball offer price for a 51% stake in ailing Monnet Ispat & Energy. Bankers who held preliminary talks with representatives of JSW Steel said they were not too happy with the price on offer. One banker said that "It represents a huge hair cut. We will continue to talk to the party as we want a better deal.”

JSW Steel is the only bidder in the fray after two other suitors backed out earlier.

Banks led by the State Bank of Patiala are trying to recover INR 9,000 crore from Monnet Ispat.

Last month, Monnet had informed the Bombay Stock Exchange that "the company is under strategic debt restructuring and 51 per cent control of the company is with lenders. Lenders are exploring the option of handing over control and management of the company to outside investor."

Monnet Ispat produces sponge iron, steel and ferro alloys besides having interests in coal and iron ore mining.

Source : Telegraph India

voda 22 februari 2017 15:08

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Iran to challenge Europe on steel dumping allegation

Financial Tribune reported that Iran has hired an attorney and plans to fight the European Steel Association’s allegations that the country is engaging in dumping practices in the continent. According to Mr Mehdi Karbasian deputy minister of industries, mining and trade, "Iranian steel imports have become the latest threat to European steelmakers, the EU steel lobby group Eurofer said on Thursday, after imports from Iran, especially hot-rolled coil shipments, grew by nearly eight times between 2013 and 2016.”

Mr Mehdi Karbasian was quoted as saying by Mehr News Agency that “We dismiss all allegations of dumping. There is no evidence to prove this claim.”

He is also the head of Iranian Mines and Mining Industries Development and Renovation Organization–Iran’s largest state-owned mineral holding.

According to Karbasian, the prospect of Iran becoming a major steel exporter and the global market recession is disturbing European steelmakers and prompting them to accuse Iran of engaging in dumping.

According to Eurofer, Iranian exports to Europe had leapt to just over 1 million tonnes annually, putting the country just behind India at 1.9 million tonnes, while China shipped 5.7 million tonnes in 2016.

The European Commission has up until April to decide whether to impose anti-dumping duties for six months and 15 months to decide whether to apply “definitive” levies for five years.

Source : Financial Tribune

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voda 22 februari 2017 15:08

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Tokyo Steel keeps product prices unchanged for March delivery

Reuters reported that Tokyo Steel Manufacturing Co Ltd, Japan's top electric-arc furnace steelmaker, will keep product prices unchanged for March delivery to make sure the steel market can digest the recent price hikes by the company.

Tokyo Steel, which makes beams and bars used in the construction industry, last month raised product prices for a third consecutive month amid firmer international prices and healthy local demand.

Mr Kiyoshi Imamura MD of Tokyo Steel told a news conference that "We have decided to maintain prices for March so that local market prices would come in line with our revised prices.”

He added that "Export demand is improving as China reduces its exports while domestic demand for construction remains solid and is expected to pick up further this summer when more projects for the 2020 Tokyo Olympics are slated to start.”

Source : Reuters

voda 22 februari 2017 15:09

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Posco increases production of electrical steel

Korea Joong-ang Daily reported that global steelmaker Posco output of advanced electrical steel for motors will double following the construction of its new facility in Pohang. The company said its capacity for hyper non-oriented electrical steel has reached 160,000 tonnes per year since the construction of its latest production facility.

The company said that a ceremony marking the construction of the new facility was held Monday in the industrial city located some 370 kilometers (223 miles) southeast of Seoul. It was attended by Posco chairman Kwon Oh-joon and about 100 others.

Posco officials noted the company’s annual capacity was enough to produce up to 2.6 million electric motors.

The steelmaker earlier said the global demand for such advanced steel will likely reach more than 1 million tons in 2020 amid a steady growth in demand for automobiles and home appliances, from the current 800,000 tonnes.

Source : Korea Joong-ang Daily

voda 22 februari 2017 15:10

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Hot metal production in Tata Steel Kalinganagar crosses 2 million tonnes

PTI reported that the Tata Steel plant located in Kalinganagar Industrial Complex in Jajpur district of Odisha has achieved a milestone with hot metal production at its Blast Furnace crossing two million tonnes.

The plant, which boasts of the largest operating Blast Furnace of the country with 4,330 cubic metre capacity, was blown in on February 28, 2016. The Blast Furnace achieved the first million tonne production of hot metal on October 9, 2016.

It took about 133 days to reach two million tonne production from one million tonne in February 19. The second million tonne was achieved at a production rate of 7,520 tonnes per day, which was at an operating rate of 2.8 million tonnes per annum.

Source : PTI

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voda 22 februari 2017 15:27

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Taiwan imposes 5 year anti-dumping duty on steel products from mainland China, Brazil, India, Indonesia, South Korea and Ukraine

Focus Taiwan reported that Taiwan;s Ministry of Finance has decided to impose an anti-dumping duty on galvanized steel products imported from China and South Korea, and on carbon steel plate from those two and another four countries, retroactive to August 22, 2016.

The five-year anti-dumping duty will be at rates between 4.02 percent and 80.5 percent.

The six counties subjected to the tariff are mainland China, Brazil, India, Indonesia, South Korea and Ukraine

Last year, six local steel companies, including Kaohsiung-based China Steel Corp., brought up two complaints against steel product imports from the six countries. As a provisional measure, the MOF moved to levy dumping duty on the foreign steel mills involved from Aug. 22 that year.

The MOF and the Ministry of Economic Affairs (MOEA) concluded an investigation into the complaints early this year, determining the alleged dumping practices to be a fact and to have caused harm to Taiwan's steel industry.

The decision to levy the anti-dumping duty was reached after the MOEA found there is no evidence that the measure will impact the country's economic interests, the statement said.

The duty will remain in effect until Aug. 21, 2021, the MOF said.

Source : Focus Taiwan

voda 22 februari 2017 15:28

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ArcelorMittal Kryvyi Rih to invest USD 400 million in modernization of the plant in 2017

ArcelorMittal Kryvyi Rih will invest USD 400 million (CAPEX and OPEX) in the development of the plant in 2017. The company will invest funds in

Source : Strategic Research Institute

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voda 22 februari 2017 15:29

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Indian steel industry needs to prepare for advancements in processing and manufacturing

Economic Times reported that steel industry needs to be prepared for advancements in new processing and manufacturing technologies to meet requirements of original equipment manufacturers in automotive sector.

Mr T V Narendran managing director of Tata Steel said that in particular, with new regulations in safety and emissions, the automotive material mix is expected to significantly change towards increased adoption of higher strength and corrosion resistant materials. He said that for this, collaborative engagements between steel majors and downstream processors could be one of the ways to address these evolving needs.

Speaking at Metal 2017 organised by The Bengal Chamber of Commerce & Industry recently Mr Narendran said growing requirements of OEMs include, facilities for processing Advanced High Strength Steels (AHSS), Tailor- welded blanks (TWB), and Tailor- rolled blanks, Hot Stamping and Multi-material welding techniques.

Steel contributes to 60-65 per cent of the total raw material content in the average Indian car. Currently automotive steel consumption in India is 9-10 per cent of the total demand which is around 83 million tonne. Mr Narendran said that "Tata Steel has been a long term partner to the auto industry and has maintained a leadership position with a share of around 43 per cent followed by JSW and Essar.”

Elaborating on the steps taken by Tata Steel to meet evolving needs of the auto industry, Mr Narendran said the company has invested in state of art in Continuous Annealing and Processing Line in joint venture with Nippon Steel to provide full finish exposed panels as well as AHSS steel.

He said that "Tata Steel's new plant at Kalinganagar will address AHSS and wider requirements in grades from wheels, commercial vehicles and passenger vehicles segments.”

The company is also investing in setting up R&D and Product Application Research labs to seek cost-down-weight-reduction (CDWR) solutions and technical support to auto customers and solve issues they face in their press/ weld or paint shops.

Source : Economic Times

voda 22 februari 2017 15:30

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Need more investment to expand Indian steel market - Mr Sushim Banerjee

Mr Sushim Banerjee DG of Institute of Steel Growth and Development in his personal capacity wrote for Financial Express that infrastructure and construction (including real estate, pipe line construction) segment accounts for around 60-62% of total steel consumption in the country.

Excess capacity in steel is a real threat perceived by the major global steel producers. In most of the forums including in G-20 meet, this particular aspect finds a place for discussion. India is planning to take the second spot surpassing Japan in crude steel production by 2017-end by adding another 7-8 million tonnes of steel from the brown field expansion by Sail, Tata (Kalinganagar, Jamshedpur), JSW, JSPL (Angul, Raipur), Essar (Hazira).All these expansions are already staggered primarily due to poor growth in domestic steel market.

Meanwhile, the spate of anti-dumping and countervailing duty measures by US, EU, Vietnam, Turkey, Malaysia, Indonesia and Brazil against Chinese exports have made a little more space available for Indian steel producers to capture a higher share in the overseas market. During the first 10 months of the current fiscal, steel exports from India has reached 6.9 MT, a growth of 74% over last year.

Thus, while export growth would be a great reliever for capacity expansion in Indian steel industry, most of the augmented production must get absorbed in the indigenous market. The current status of the critical segments for steel use and the future potential, the emergence of new application areas as the country progresses into the next decadal phase pose an interesting analysis.

The infrastructure and construction (including real estate, pipe line construction) segment accounts for around 60-62% of total steel consumption in the country. There is endless requirement of investment in this segment. Thus this year’s budget provision of R3,96,135 crore of investment for infrastructure is encouraging as the public investment in various infrastructure components provides the crowd in effect on private investment which is languishing in the recent period.

For instance, in the road sector with a budgetary provision of R64,900 crore from the government is likely to usher in private sector participation through the PPP mode. It is becoming incumbent on the part of the government to further restructure the PPP mode to attract private investment. The extension of national highways provides opportunities of more steel use in areas like ROBs, flyovers and crash barriers.

For particular stretches at critical locations, the concrete pavement or more use of Continuous Reinforced Concrete Pavement (CRCP) would make the roads maintenance free and cost effective in the long run.

It is also to be appreciated that more expansion of infrastructure network would invariably contribute to more use of pre-fabricated steel structures, box girders, engineering machineries and equipment including electrical components. The consumer durable and capital goods sectors together accounting for nearly 21-23% of steel consumption in the form of engineering and machinery segments are interconnected with expansion of infrastructure sector. In the recent period (April-December 2016), while consumer goods sector has clocked a growth of 5.0%, the corresponding growth in capital goods sector is down at (-) 17.3%.

The declining share of fixed capital formation as a percentage of GDP from 34.3% in FY12 to 29.3% in Q2 in FY17 (advance estimates) indicates a dire need to enhance flow of investment in infrastructure. The government has taken appropriate steps to boost FDI flows in the country in real estate and defence procurement. The entry of private domestic players in defence equipment and procurement has facilitated private investment and led to procurement of high value and new dimensions steel from the indigenous sources. Indian players SAIL, Essar Steel, JSW and JSPL have developed API, Nace, DMR-49, Q&T Plates to cater to the specialty requirements which was hitherto getting imported.

The automobile segment accounting for 9-10% of total steel consumption in the country is perhaps the one segment that offers stiff challenges to the hot and cold rollers in the country.

The high value steel like EDD, IF, Bake Hardening, Dual Phase, light gauge excellent finished coils and sheets required by the sector is not yet fully met by the domestic players. With the success of the recent product development activities undertaken by the domestic steel producers and the stabilisation of a number of service centres set up to supply customised products to the auto sector would eliminate the need for imports.

The Railway and shipping sectors accounting for around 3% of total steel is attracting investment from World Bank and ADB in DFC, Metro Rails and development of industrial corridors. The residual 2-3% of steel use by the packaging sector depends on increasing supply of Tinplates and SS grade. Lastly, the demand for all these segments crucially hinges on investment in infrastructure.

Source : Financial Express

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voda 22 februari 2017 15:31

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Steel demand in India likely to improve in coming months – Minister

Press Trust Of India reported that steel Minister Chaudhary Birender Singh as saying that steel demand is expected to improve in coming months on the back of increased sspending on infrastructure and long-term government policies. The minister said that "The steel demand has grown 3.3% during April to December 2016. This is expected to improve in the coming months, due to long-term government policies and increase in infrastructure spend.”

India has been a bright spot in global economy, he said, adding that World Steel Association has predicted the steel demand in India will grow at the rate of 5.7 per cent in 2017.

Source : Press Trust Of India

voda 22 februari 2017 15:32

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ThyssenKrupp sells Brazilian steel mill CSA to Ternium for EUR 1.5 billion

Published on Wed, 22 Feb 2017

ThyssenKrupp has has reached agreement with Ternium on the sale of the CSA Siderúrgica do Atlântico (CSA) steel plant in Brazil. The purchase price is EUR 1.5 billion.

Source : Strategic Research Institute

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voda 22 februari 2017 15:46

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ArcelorMittal Temirtau keeps on purchasing iron ore raw materials in Russia
Published on Wed, 22 Feb 2017

KazTag reported that ArcelorMittal Temirtau keeps on purchasing iron ore raw materials in Russia, said Albert Rau, Vice Minister of Investments and Development.

Mr Zhenis Makhmudovich ( Minister of Investments and Development said that "We have not reached the balance on iron ore raw materials. This week we are supposed to make a point.”

He said that “The Prime Minister has said about it- again Arcelor, it is information of Kazakhstan Temir Zholy, they order carriages for oil ore shipment from Russia.”

He said that "Look, Mikhailovsk mining and concentration complex and Kaldorskiy mining and concentration complex- they are in Murmansk region. We must make a point here.”

Source : KazTag

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voda 22 februari 2017 15:47

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Potential loss from mining closures to hit PHP 800 million – DoF

Manila Times reported that the closure and suspension of 28 mine sites across the country will cost 17 affected cities and municipalities in 10 provinces more than PHP 821 million annually in foregone revenues.

Earlier, Finance Secretary Carlos Dominguez 3rd directed local treasurers to submit their respective reports on how the Department of Environment and Natural Resources directives could impact on revenues of host local government units.

Three of the municipalities will lose revenues representing over 50 percent of their current operating income if the affected mine sites are shut down or forced to suspend operations, according to the Cabinet official.

Dominguez was quoted as saying in a recent media forum that “One is the municipality of Carrascal (in Surigao del Sur), then you have Tagana-an (in Surigao del Norte) and Tubajon (in Dinagat Islands).”

Citing updated estimates submitted by the Bureau of Local Government Finance, the DoF noted that Carrascal will lose PHP 198.3 million of mining revenues equivalent to 62.3 percent of total operating income.

Tagana-an will lose PHP 70.3 million or 54 percent of its total operating income and Tubajon will lose PHP 38 million or 55.4 percent of its total operating income if the DENR orders are implemented.

DoF said that the latest estimate, which is an increase from the PHP 653 million earlier submitted by the BLGF, are based on 100% compliance to Dominguez’s directive.

The latest BLGF’s estimates do not include the projected income losses of local governments from the 75 mining contracts or production sharing agreements (MPSAs) the DENR canceled last week, the DoF noted.

Source : Manila Times

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voda 22 februari 2017 15:49

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China backs Australia cleaner iron ore project

China Daily reported that Chinese engineers who carved a railway through the Qinghai-Tibet Plateau and built the world's longest sea-bridge across Hangzhou Bay have a new challenge: developing a $3.4 billion project on Australia's remote Eyre Peninsula to meet increased demand for cleaner iron ore.

China Railway Group Ltd, the world's second-largest infrastructure builder, is backing the mine, port and rail-road project that aims to supply high-quality, lower-emission ore to Chinese steel mills facing stricter environmental rules.

The project would be a major step toward South Australia's goal of securing AUD 10 billion ($7.7 billion) of investments to fund a stable of new iron ore mines by 2021. China Railway's partner Iron Road Ltd aims to bring the 24 million metric ton-a-year mine into production in late 2020 after tests showed its product can help customers meet the tougher standards.

Mr Yi Zhu an analyst at Bloomberg Intelligence in Hong Kong, said that "Chinese mainland demand for higher-quality iron ore will increase, driven by stricter environmental protection regulations and improved profitability of steel mills."

A restructuring of China's steel sector will also boost demand for premium quality imports, according to researcher CRU Group.

China plans to invest CNY 2.5 trillion (USD 365 billion) in renewable energy through 2020 to reduce greenhouse gases and is seeking to curb emissions by iron and steel producers. Mills are being compelled to upgrade their plants or cease operations if they fall short of standards, according to Bloomberg Intelligence.

Mr Andrew Stocks MD said that Iron Road's iron ore will never solve all of the problems facing Chinese steel mills but it will certainly help them.

He said that "We see an increase in productivity, a decrease in fuel use and a decrease in atmospheric emissions it's not quite the Holy Grail, but there are three very positive attributes to improve the steel mills."

Iron Road said in a filing that stocks is planning to meet with banks in Beijing and Shanghai this month and expects a final investment decision to be made this year. Under an interim 12 month accord signed last year, China Railway anticipates taking as much as a 15% stake in the project, if approved, and will be the prime construction contractor.

China Railway views the Eyre Peninsula as the preferred development location for a large-scale, long-life, high-grade iron concentrate development as opposed to competing locations in Western Australia, Eastern Canada and West Africa, according to an Iron Road filing. Calls to China Railway's Beijing office weren't answered and emails to an address on the company's website received no reply.

Source : China Daily

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voda 22 februari 2017 15:51

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Nigeria expert decries unexplored 230 million tonnes of iron ore

Van Guard reported that following the upward trend in global price of mineral commodities for the past two years as oil prices went down, a mining expert and Director of Exploration at Orbitwaves Geosciences Ltd, Jerry Solomon, has decried the unexplored 230 million tonnes of iron ore deposit in Nigeria.

Solomon made the assertion while appraising activities in the country’s solid minerals sector, which largely has not been harnessed to begin the diversification of the economy. According to him the ferrous (Fe) content of the ore ranges from 35-50 per cent and could be up to 70 per cent in places.

He said that “While the price of oil have been persistently low for close to two years now, the price of mineral commodities have sustained an upward trend for the same period with a very high jump recorded after the announcement of China’s economic stimulus package. Following the increased metal demand and analysis of commodity market outlook, an 11per cent rise in the price of mineral commodities has been forecasted for year 2017.”

Nigeria sits on many unexplored iron ore deposits of diverse origin and quality out of which the purest and largest known reserve is in Itakpe, Kogi State. A pessimistic preliminary estimate of iron ore reserves of the deposit suggests excess of 200 million tonnes. The ferrous (Fe) content of the ore ranges from 35 to 50% and could be up to 70% in places.”

He added that “In addition to Itakpe deposit, large reserves of sedimentary iron ore are exposed at Agbaja area in Kogi State, holding excess of 30.5 million tonnes of iron with an average assay of 50 per cent and a high of 85 per cent Ferrous content. Economic percentage of phosphorous and alumina occurred in associates with iron in the ore and can be processed as by-products.”

“Ore from most of Nigerian iron ore deposits qualify for direct export Direct Shipping Ore (DSO) as they meet the 62 per cent Fe content benchmark even without beneficiation. The common gangue material in Nigeria iron ore is mostly cherty and shale which can be washed off through simple beneficiation process to upgrade them to DSO.”

“While the government intensifies effort on instituting processes that will take the various mineral commodities through their value chains to end-user products, a quick win opportunity exists in mining and exporting ore as DSO to earn Foreign Exchange and a significant source of revenue that can be used to further develop the mining sector and build the required infrastructures required for economic operation of the processing plants to boost the dwindling Nigerian economy.”

However, he said the reserve figures stated here are ballpark pessimistic estimates as the true reserve of iron ore in Nigeria remains unknown due to inadequate drilling data required to conduct a standard compliant resource estimate. Also speaking on the untapped Lead and Zinc mineral deposits the mining expert said government needs to critically look into and explore them for export. “Lead price rose from $0.8 per pound in January 2016 to $1.08 per pound in early February 2017. Nigeria is underlain with commercial deposit of lead and zinc which mostly co-exist as Lead-Zinc ore in Northern, Central and Eastern part of the country.”

He stated that “While most of the deposits remain largely unexplored, the few ones that are operated are in the hands of illegal miners and funded by foreign syndicates who recover the resources and smuggle them out of the country without report and given no credit to Nigeria. The Direct Shipping Ore grades of Lead-Zinc ore typically range from 19-35% Zn, 6-20 per cent Pb, 1-4 per cent Cu, and 1-90oz Ag. While ore from most Nigerian lead-zinc deposits do not naturally meet these grades, beneficiation and upgrading ore is not a difficult feat to achieve.”

Source : Van Guard

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voda 22 februari 2017 15:53

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Vale needs 54% shareholder approval for share conversion

Reuters reported that at least 54% of holders of Vale SA's preferred shares must approve a proposal by the company's controlling bloc to transform their stock into common shares, executives at the world's largest iron ore producer said on Monday.

On a conference call to detail the proposal, Chief Executive Officer Murilo Ferreira said Vale's group of controlling shareholders have agreed to waive their right to vote at a shareholder assembly in June to approve or dismiss the changes.

Source : Reuters

voda 22 februari 2017 15:57

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Vale to scrap controlling bloc, merge shares in major governance move

The Globe and Mail reported that Vale SA plans to become a company with no defined controlling shareholder as soon as possible, in a landmark step aimed at enhancing transparency and equal rights for all shareholders in the world’s largest iron ore producer.Controlling shareholders grouped under holding company Valepar SA agreed to stay together for up to 3-1/2 more years. Under those terms, they will present a proposal soon by which Vale will incorporate Valepar and proceed to merge the company’s several classes of stock into a single, common one by November.

The existing 20 year accord governing Valepar that expires in May will be extended through November to guarantee the transition. Holders of Vale’s Class A preferred shares who join the share conversion voluntarily will receive 0.9342 common stock, as part of the process.

To ensure completion of the plan, Vale would pay owners of Valepar a 10% premium for their shares, implying a 3% dilution for all shareholders. The former Valepar owners can sell the equivalent of up to 22% of Vale’s common shares after a six-month lockup period starting in August expires, provided they keep a 20% stake by November 2020.

The change represents a milestone in a country long hobbled by corporate governance abuses and reorganizations that hampered minority investors in most cases. Reuters reported on Jan. 19 details of the plan to make Vale a company with dispersed share ownership and the listing of a single type of stock.

The announcement sparked a surge in common shares of Rio de Janeiro-based Vale, which touched their highest level in more than four years. Preferred shares, Vale’s most widely traded class of stock, also hit their highest level since January 2013.

Vale shares were up 7.1% at 36.48 reais in afternoon trading in Brazil.

Mr Murilo Ferreira CEO said on a conference call that “This is a historical opportunity for Vale and an invitation from the controlling bloc to investors to join a company with strict governance standards.”

He added that at least 54% of holders of Vale’s preferred shares are needed to approve the conversion, which is also linked to the passage of the entire proposal. Vale may convene a shareholder assembly to vote on the entire plan around June.

Source : The Globe and Mail

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