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voda 18 mei 2017 17:22

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Illegal mining case - HD Kumaraswamy moves court for anticipatory bail

DH News Service reported that a day after the Special Investigation Team, probing illegal mining cases in the state, arrested senior IAS officer Gangaram Baderiya for allowing a mining company to lift iron ore after receiving a bribe of INR 10 lakh through cheque, former chief minister HD Kumaraswamy on Tuesday applied for the anticipatory bail.

Mr Kumaraswamy moved the court for the anticipatory bail Baderiya claimed that there was heavy pressure on him by the Chief Mnister’s office to sign certain documents. Kumaraswamy was the Chief Minister when the incident took place. The SIT officials were planning to serve notice on HD Kumaraswamy. Hence, he applied for the anticiaptory bail. Mr Kumaraswamy’s bail petition will come up for hearing on Wednesday.

The case relates to granting permission to Janthakal Enterprises, a company owned by mining baron Vinod Goel, to lift iron ore on the basis of two forged letters of Ministry of Environment and Forests.

Mr Baderiya was director, Mines and Geology Department, when Kumaraswamy was the Chief Minister. He accorded permission based on the letters issued by the MoEF, which were forged by Goel. Immediately after the permission was accorded, Janthakal Enterprises lifted and transported 1.70 lakh MT of iron ore.

The Lokayukta report on illegal mining (part-2) had stated that Janthakal Enterprises submitted forged MoEF letters of no objection to lift and transport iron ore in old dumps in Chitradurga. Goel’s application seeking permission to lift iron ore was pending before Baderiya in 2007.

The Lokayukta report-2 on illegal mining has an interesting note by Gangaram Baderiya before the permission was accorded to Janthakal Enterprises. The noting was made when H D Kumaraswamy was the chief minister.

In August 2015, Kumaraswamy was arrested and released on anticipatory bail in the case of granting mining lease to Sri Sai Venkateshwara Minerals (SSVM), also owned by Goel. This case was registered by the SIT based on certain illegalities in granting mining lease to SSVM, mentioned in the Lokayukta report (part-2).

Of the 29 applications received by the Director of Mines and Geology in respect of land in NEB Range (Sandur taluk, Ballari district), SSVM's was the last application. However, on October 5, 2007, when the file was placed, Kumaraswamy made a note directing the officials to consider SSVM for the lease.

Source : Deccan Herald

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voda 18 mei 2017 17:23

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Rio Tinto celebrates historic milestone of 5 billion tonnes of iron ore shipment

Japan Today reported that Rio Tinto reached the historic milestone of five billion tonnes of iron ore exported from its world-leading operations in Western Australia’s Pilbara region in April with a shipment to Nippon Steel & Sumitomo Metal Corporation in Japan.

Just seven months after the 50th anniversary of the first Rio Tinto shipment of Pilbara iron ore in 1966, the five billionth tonne was carried on the bulk carrier MV Onozuru Maru to two ports in Japan.

At a ceremony to mark the milestone in Japan, Rio Tinto Iron Ore chief executive Chris Salisbury said that “Shipping five billion tonnes is a remarkable achievement and it is fitting that it was delivered to Japan, our first customer and valued long-term partner. Our Japanese partners have been with us side-by-side over the past 50 years - it is wonderful that they are again part of another important milestone in Rio Tinto and Australia’s iron ore history. Rio Tinto and Australian iron ore has been critical to the development of modern Japan. From the car industry to nation-building infrastructure, Rio Tinto’s steel-making iron ore has been a key ingredient in Japan’s rise as a global economic powerhouse. We are honored to have played a small role in this remarkable story.”

To mark the export of five billion tonnes, plaques were exchanged with the Nippon Steel & Sumitomo Metal Corporation at a ceremony in Tokyo on Tuesday. Rio Tinto operates the world’s largest integrated portfolio of iron ore assets in the Pilbara region of Western Australia. This includes an integrated network of 15 iron ore mines, four port facilities, a 1,700-kilometer rail network and related infrastructure supported by an Operations Centre in Perth.

Source : Japan Today

voda 18 mei 2017 17:27

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ArcelorMittal and the Fonds Kirchberg announce shortlist of three architectural practices to design new headquarters for ArcelorMittal in Kirchberg, Luxembourg

ArcelorMittal and the “Fonds d’Urbanisation et d’Aménagement du Plateau de Kirchberg” announce that the architectural practices of Foster & Partners, Rem Koolhas OMA, and Wilmotte & Associés, have been shortlisted in the second phase of the project to design ArcelorMittal’s new headquarters building in Kirchberg, Luxembourg.

The Fonds Kirchberg, owner of the land in the Kirchberg district and organizer of this consultation of architects by invitation, approved the proposal of the jury to retain these three firms based on the sketches provided. The shortlisted practices are acknowledged leaders in the design of modern office buildings using innovative steel solutions, and with the capability to compete with the quality of the institutional and cultural buildings which characterize this historical district of the Kirchberg plateau.

In the first phase, eight internationally renowned practices were invited to submit initial designs on April 27 and 28. Bernard Tschumi Architects, JSWD Architekten, Massimiliano Fuksas Architecture, Rafael Vinoly Architects and Von Gerkan, Marg and Partners were the additional architects included.

The jury proposing the shortlisted designs for both phases of the consultation is as follows:

President: Mr. Aditya Mittal, ArcelorMittal Group CFO and CEO ArcelorMittal Europe
2 members, representatives of the ArcelorMittal Group
2 members, representatives of the Fonds Kirchberg (architects)
1 member, representative of the Luxemburgish State (architect, Public Buildings Administration)
1 member, representative of the city of Luxembourg (architect)
1 member, Luxemburgish independent architect
1 member, independent architect, Pr. in architecture

The shortlisted practices have now been asked to develop a more advanced architectural design to be submitted to the jury which will rank these projects and propose them to ArcelorMittal and to the Board of Fonds Kirchberg.

ArcelorMittal is the principal industrial employer of the Grand Duchy with over 4,000 employees. The construction of a new, landmark headquarters building illustrates the Group’s determination to perpetuate its permanent presence in the country, where the company has not only its head offices, but also seven industrial sites producing or processing steel, and developing steel solutions for the construction, automotive, general industry and agriculture sectors of the economy. The project to design ArcelorMittal’s new headquarters building will be a showpiece for the use of steel in sustainable construction. It will highlight the benefits that the use of ArcelorMittal’s portfolio featuring steel construction products brings over conventional building materials. These include: the potential to add additional storeys within a given height due to the reduced floor thicknesses taken by steel construction products; increasing maximum span between structural columns, offering improved layout flexibility; less deep and so less costly foundations due to reduced weight of steel buildings; and finally an unsurpassed range of creative finished-surface opportunities.

In addition, sustainable development is at the heart of this ambitious project with an obligation for designers to respect the "BREEAM outstanding" and "DGNB Gold" environmental labels. The notion of low - carbon buildings, "BBCA performant" and the circular economy approach “cradle to cradle " will also be developed. Finally, the well-being of the occupants will be calibrated thanks to a" WELL" label of Gold level. Aditya Mittal, CFO of ArcelorMittal and CEO of ArcelorMittal Europe stated: “The review board had a difficult task in choosing amongst the extremely original and high quality proposals submitted. Now we are entering the second phase of this consultation, which is moving forward as planned. I eagerly await the proposals of the finalist firms, and I am sure that this new headquarters will be a model building that will demonstrate all that steel has to offer to architects, engineers, land developers, and building owners who are looking for the most efficient and creative construction solutions.”

Michel Wurth, President of ArcelorMittal Luxembourg, added: “The proposals that were selected indicate that this new headquarters building will contribute, from an architectural point of view, to the influence of Luxembourg throughout Europe and abroad. This project, which evidences ArcelorMittal’s intention that the headquarters of the world's first steelmaker will remain in Luxembourg, is a perfect illustration of our determination to maintain close ties between our Group and Luxembourg. It will further define the landscape of Luxembourg and will, I am sure, be appreciated by everyone who will work there.”
Press contact: Pascal Moisy, +352 47 92 28 59, pascal.moisy@arcelormittal.com

corporate.arcelormittal.com/news-and-...

voda 18 mei 2017 19:47

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Twijfel over vooruitzichten stuit opmars ArcelorMittal

Even, heel even leek het donderdag weer feest voor de aandeelhouders van ArcelorMittal. Het grootste staalbedrijf ter wereld koerste plotseling 200% in de plus. Maar de aandeelhouders werden er geen cent wijzer van.

Fabriek van ArcelorMittal in Gent.Hollandse Hoogte

Arcelor voerde donderdag namelijk een 'reversed split' door, een omgekeerde aandelensplitsing. Dat betekent in dit geval dat drie oude aandelen één nieuwe worden. Het is een puur cosmetische operatie, want de waarde van Arcelor op de beurs verandert er niet door. Volgens het management stonden er te veel aandelen uit, wat vergelijken met sectorgenoten op kerncijfers, zoals de winst per aandeel, lastig zou maken.

Niet expliciet als reden genoemd, maar wel een gunstige bijkomstigheid voor Arcelor: de koers van het aandeel, van bijna € 7 plotsklaps naar rond de € 20, oogt een stuk beter vergeleken met die van de concurrentie.

Verliezer in de hoofdindex

Die opsteker kan het aandeel wel gebruiken. Dit jaar behoort het fonds tot de verliezers in de Amsterdamse hoofdindex, terwijl het vorig jaar nog met afstand de grootste winnaar van de AEX was. Is die opmars voorbij?
Volgens de meeste beleggingsanalisten niet. Negentien door Bloomberg gepolste analisten bevelen beleggers aan ArcelorMittal te kopen, tien zeggen 'houden' en slechts twee raden aan het aandeel te verkopen. De gepolste analisten verwachten een stijging van de koers over twaalf maanden naar gemiddeld € 27 per aandeel.

Het verschil tussen de koers en de verwachtingen van analisten is sinds eind 2015 niet zo hoog geweest. Toen kregen beleggers gelijk. Eind 2015 zakten de staalprijzen hard in, door de bergen goedkoop staal die China op de markt dumpte. Analisten zagen zich genoodzaakt hun verwachtingen aan te passen en hun adviezen te verlagen. De vraag is of dit zich gaat herhalen.

Vorige week kwam het bedrijf nog met goede cijfers, maar die konden beleggers niet bekoren. Er werd iets minder staal verscheept, maar door de prijzen flink te verhogen wist ArcelorMittal de prognoses van analisten zelfs te verslaan. Maar op dezelfde dag verloor het aandeel 8%. De oorzaak van de koersval was te vinden in de vooruitzichten, met name die voor de prijs van ijzererts. Die ging vanaf februari met meer dan 30% omlaag. In dezelfde periode verloor het aandeel ArcelorMittal 25% van zijn waarde.

In theorie is een daling van de prijs van de belangrijkste grondstof goed nieuws voor een staalfabrikant. Maar dat geldt ook voor de concurrentie, dus de staalprijzen gaan omlaag. Arcelor exploiteert eigen ijzerertsmijnen, maar die hebben juist last van een prijsdaling. Bij hoge ijzerertsprijzen profiteert Arcelor juist. De staalprijzen gaan omhoog, en het bedrijf kan, in tegenstelling tot de concurrentie, profiteren van het eigen, goedkope ijzererts.

Arcelor heeft bovendien het eerste kwartaal veel duur ijzererts gekocht om de voorraden aan te vullen, maar dat dure staal moet wel nog tegen een goede prijs worden verkocht. Traditioneel zet een staalbedrijf als ArcelorMittal in het tweede kwartaal meer af. Ze stoken daarom in de eerste drie maanden van het jaar de vuren hoog op om hun voorraden aan te vullen. Maar ArcelorMittal bleef bij de presentatie van de cijfers onverminderd positief: zoals het in de eerste drie maanden van het jaar ging, zo zal het ook in het huidige kwartaal gaan.

Daar denken ze bij Barclays echter anders over. Volgens de analisten van de Britse bank, een van de weinige dissonanten in het koor van positieve analisten, is die opleving in de sector alweer voorbij. Vorig jaar was mooi, maar inmiddels hebben beleggers weer te maken met de 'goeie, oude staalindustrie'. Dat betekent: een markt die gedomineerd wordt door overaanbod van goedkoop staal uit China, gemaakt met goedkoop ijzererts.

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voda 18 mei 2017 21:49

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S&P positiever over Aperam

Gepubliceerd op 18 mei 2017 om 21:39 | Views: 0

Aperam 17:35
42,57 -1,26 (-2,88%)

LONDEN (AFN/BLOOMBERG) - Kredietbeoordelaar Standard & Poor's (S&P) heeft de kredietwaardigheid van Aperam verhoogd. De rating ging van BB+ met een positieve outlook naar BBB- , met een stabiele outlook. Het roestvrijstaalbedrijf heeft daarmee nu de investeringsgraad bij het ratingbureau.

In een donderdag gepubliceerd rapport wees S&P onder meer op de sterke operationele prestaties van Aperam. Daarbij wordt het bedrijf volgens de kredietfirma vooruitgeholpen door het lopende herstructureringsprogramma en kostenbesparingen.

Aperam publiceerde vorige week cijfers die volgens kenners beter waren dan voorzien.

voda 19 mei 2017 12:00

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Koolhaas in race ontwerp hoofdkantoor Arcelor

Gepubliceerd op 19 mei 2017 om 07:38 | Views: 1.652

ArcelorMittal 11:44
19,91 +0,18 (+0,91%)

LUXEMBURG (AFN) - Het architectenbureau van de wereldberoemde Nederlandse architect Rem Koolhaas behoort tot de drie finalisten voor het ontwerp van het nieuwe hoofdkantoor van staalgigant ArcelorMittal in Luxemburg.

Koolhaas is in de running voor de opdracht samen met het bureau van zijn eveneens wereldberoemde collega Norman Foster en het Franse Wilmotte & Associés. Het nieuwe hoofdkantoor van ArcelorMittal komt te staan in het stadsdeel Kirchberg van Luxemburg, in de Europese wijk. Het hoofdkwartier staat nu nog in het centrum van de stad.

Aan de eerste fase deden acht internationale architectenbureaus mee. Een speciale jury, waar financieel topman en directeur van ArcelorMittal Europa Aditya Mittal deel van uitmaakt, gaat zich nu buigen over een definitieve winnaar van de ontwerpopdracht.

voda 19 mei 2017 15:10

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Tata Steel clears land hurdle for Phase II at Kalinganagar

Business Standard reported that TATA Steel has overcome the land hurdle for starting work on the second phase of its Kalinganagar project in Odisha, consisting of a steel capacity of five million tonnes. This follows shifting of last of the squatters from the project site who continued to stay on in the villages earmarked for displacement even after 12 years of allotment of the land to the company for a mega steel plant.

The company had commissioned a three-million-tonne steel plant at the location in the first phase in November 2015. But it was unable to start work on the second phase as it did not have the full area allotted to it under its possession.

The Odisha government had allotted 3,475 acres to Tata Steel in 2004 at Kalinganagar to set up a six-million-tonne integrated steel plant in two phases. However, land acquisition suffered a major setback when 13 tribals were killed in police firing in in 2006 while protesting their displacement to make way for the project. With easing of the situation, the company had managed to take possession of 2100 acres land and rehabilitated 1,000 of the 1,234 families identified for displacement by the end of 2011, which helped it expedite work on the first phase of the project.

Though the company planned to start work on the second phase immediately after the completion of the first phase, it could not do so as 121 families still remained dugged in the villages that served as epicentre of resistance against the project and also home to the agitation leaders till about middle of last year.

A district administration official associated in the process of shifting people said that "With consistent effort to convince these people to vacate the land, now all remaining villagers have been relocated and the entire 3,475 acres land has been made encroachment free.”

Source : Business Standard

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voda 19 mei 2017 15:11

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Bhushan Steel bags Kalmong west iron ore mine in Sundergarh in auction

Business Standard reported that with a quote to share 100.05% revenue from mining operation with the Odisha government, Bhushan Steel Limited has bagged the Kalmong west iron ore mine in Sundergarh district, having a reserve of 92 million tonne, in an auction for the property which saw some aggressive bidding by country’s top notch steel companies.

The revenue sharing of 100.05 per cent as quoted by BSL, excludes payment towards royalty, contribution to district mineral foundation (DMF) and National Mineral Exploration Trust (NMET) which together would account for payout of another 16.8 per cent of the value of mineral raised by the company. Beyond this, the company also has to bear the cost of investment to open the mine and operate it.

The companies which participated in the bid for the mine included Tata Steel, JSW, Jindal Steel and Power, Tata Sponge, Bhushan Steel Limited and Bhushan Power and Steel.

BSL, which finally won the bid, runs a 4.7 million tonne integrated steel plant at Meramundali in Dhenkanal district of Odisha.

It may be noted, this is the second iron ore property to be auctioned in the state. Last year, Essar Steel had bagged the Ghoraburhani-Sagasahi iron ore block having a reserve of 100 million tonne with a quote to share 44.35 per cent revenue with the state government.

Source : Business Standard

voda 19 mei 2017 15:12

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No cash loss for SAIL likely in current fiscal - Steel minister

PTI reported that Union Steel Minister Chaudhary Birender Singh said that the government is expecting no cash loss for state-owned SAIL in the ongoing fiscal. He said "This fiscal year, we are expecting that there would be no cash losses in SAIL.”

This follows SAIL earlier stating that it will make every possible effort to boost its profitability.

Source : PTI

voda 19 mei 2017 15:12

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Tata Steel UK pension pact lowers risk of combining Europe business

Bloomberg reported that TATA Steel Ltd.’s deal to resolve its UK pension liabilities eases the path to a possible consolidation of its European operations with ThyssenKrupp AG. Mr Koushik Chatterjee Tata Steel Group Executive Director for Finance said in an interview in Mumbai that “The pension pact will make people more comfortable when they see the risks on the other side are much lower. We are in deep discussions internally and we are also talking to counterparts like Thyssen to see what is the best option.”

Mr Chatterjee said that a deal would involve combining Tata’s plants in the Netherlands and UK with Thyssenkrupp’s German plants to create the region’s no 2 producer and a rival to industry leader ArcelorMitttal. The company’s Port Talbot operations in Wales will also be a part of the joint venture. He declined to comment on a timeline for a possible tie-up.

He said that “The stakeholders who have a stake will always have an anxiety in the absence of a full and final situation. We need to do what is in the best interests of the company. We will also ensure that we take all stakeholders together as we have done in the past.”

The Indian steelmaker has been in talks with Thyssenkrupp and others for a joint venture in Europe since last year and Thyssenkrupp Chief Executive Officer Heinrich Hiesinger had identified the pension liabilities as a major stumbling block to a deal. The potential venture has also faced opposition from Germany’s largest labor union and politicians fearing job cuts.

Source : Bloomberg

voda 19 mei 2017 15:13

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Tata Steel Thailand performance in Q1 boosted by demand

Bangkok Post reported that TATA Steel Thailand Pic a unit of the Indian giant, posted a 39% rise in net profit in the final quarter of its 2016 fiscal year ending in March, due to rising demand from the recovering Thai economy. Chief executive Mr Rajiv Mangal said sales volume for the quarter totalled 344,000 tonnes, up 9% from the same period of the previous fiscal year. Net sales value was 5.8 billion baht, up 26% year-on-year, largely due to improving demand for wire rod products at home and abroad.

He said the better performance was attributable to higher selling prices, lower conversion and financing costs, which compensated for rising metal costs.

In 2016, the Thai economy grew by 3.2%, against 2.9% in 2015, with private consumption rising by 3.1%, supported by government stimulus measures.

Mr Mangal said both private consumption and investment continue to expand as business confidence grows on the back of increased political stability, higher public spending and handouts to the rural economy.

He said “The company expected revenue growth of 10% this year from 16 billion baht in 2016, thanks to government investment in infrastructure megaprojects. The company has set aside 300 million baht for investment in 2017, the bulk of which is planned for maintenance to improve production. The company will continue to make SD60, a high-grade construction steel that can withstand earthquakes.”

Source : Bangkok Post

voda 19 mei 2017 15:14

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Essar Steel Algoma to resume tax payments to city – Mayor

SooToday reported that Essar Steel Algoma will resume tax payments to the city to the tune of CAD 350,000 a month. Mayor Christian Provenzano said "It's a start. It's certainly better than nothing. I would have preferred to see, in addition to the ongoing payment, some reasonable amount for what's currently in arrears.”

Essar must now pay CAD 4.2 million a year, said the mayor.

As of last month, Essar Steel Algoma was CAD 26 million in arrears, including the CAD 14 million that was owed prior to the Companies’ Creditors Arrangement Act proceedings, which began in November of 2015.

The city was asking the court to make the steelmaker pay the CAD 12 million in taxes racked up since CCAA protection began.

In an affidavit filed with the court, City Solicitor Nuala Kenney warned that if the city continued to not receive Essar Steel Algoma's tax payments it would be forced to take drastic measures by the end of June, including massive layoffs, tax hikes, capital spending cutsn and/or borrowing.

Source : SooToday

voda 19 mei 2017 15:19

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New Zealand drags heels on steel testing

Radio.nz reported that New Zealand Building Minister Nick Smith last year ordered the Ministry of Business, Innovation and Employment to investigate bringing in testing by accredited labs of all critical building products, not just steel. But the ministry said that work on the issue was still ongoing. It said "We can't give a timeframe on when the review will be complete and any changes, if necessary, will be made.”

Heavy Engineering Research Association spokesman Stephen Hicks said recent talks with the ministry indicated it was still considering mandatory independent testing. All 600 of his association's members have already unanimously told the government that was what they wanted.

Dr Hicks said quality controls were improving but the country had a long way to go to match Europe, where chief executives can be jailed over defective building products.

Transport Agency said it had begun strengthening its own regime for steel testing, a year after RNZ revealed weak steel had bedevilled bridges being built on the new Waikato Expressway. It would carry out random testing on steel that does not come from an accredited supplier or has unverified test certificates.

The agency said there had been "inconsistencies" in its previous approach.

Among other advances, seismic reinforcing mesh is now much more closely tested, after revelations that for four years testing had been flawed.

Auckland Council was now also imposing rigorous controls on steel, including on big projects like the Alexandra Park Apartments.

Stephen Hicks said there was industry buy-in for a new standard control over steel fabrication and installation.

Australia already used the standard, with some states now making it compulsory to follow it.

Source : Radio NZ

voda 19 mei 2017 15:26

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Illegal iron ore mining cases being buried quietly in Karnataka

New18.com reported that the INR 35000-crore illegal mining cases in Karnataka may be getting a quiet burial by investigative agencies both at the Centre and state. Mining baron and former state BJP minister Gali Janardhan Reddy was identified as the main player in these cases. In a two para missive from December 2016, accessed by CNN-News18, the Central Bureau of Investigation’s Anti-Corruption Branch told the Industries and Commerce department that “No prima facie case is made out to justify registration of a case on the question of illegal export of iron ore from Karnataka through Goan ports.”

This comes three years after an inquiry was ordered against Janardhan after the Lokayukta blew the lid off illegal mining in Karnataka. Contrary to the claims of the CBI, the Lokayukta report claimed that more than 12.57 crore metric tonnes of iron ore was transported from Goan ports.

Dismayed by a series of closure reports filed by investigative agencies, former Lokayukta Santosh Hegde said “Can it be disputed that 2.4 lakh tonnes was deposited in Belekeri port? Can it be said this disappeared? There should be somebody answerable for this, 240,000 tonnes is a huge amount. It requires dozens of ships to be taken away. And how can it go when it is controlled by the Port Officer, by the Investigating Officers of the Lokayukta. How can anybody explain?. I am so sorry that after all the effort, we get to see this result. VIPs are getting acquitted, appeals are not being filed on time. The SIT has been working there for three years and nothing but filing the reports. A premier organisation like CBI has been filing B reports.”

Questioning how the case was handled, Hedge said the Lokayukta team had documented the case properly without any malice against any individual or company. He said that “All the documents were produced along with the report. If the material produced by the Lokayukta is of no merit, then I think we have to relook at the judicial system.”

So far there are 63 cases against Janardhan in Karnataka and Andhra Pradesh. Out of these, 10 cases with Special Investigation Team (SIT) Lokayukta concerning Belekeri port, the chargesheet hasn't been filed yet. These cases are still under investigation. Around 28 of these cases are with the CBI in which chargesheet has been filed in almost all but the progress is slow. All cases related to illegal transportation of iron ore from ports in Mangalore, Karwar, Krishnapatnam and Goa have been disposed of due to lack of evidence to investigate. In the cases lingering in Andhra Pradesh concerning Obalapuram mining scam, investigation hasn't started yet due to an inter-state border dispute.

Source : News 18.com

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voda 19 mei 2017 15:27

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IRC likely to reopen Russia iron ore mine

Reuters reported that commodity company IRC Ltd was considering restarting its 1.1 million tonnes per year iron ore mine in the far east of Russia, the latest sign of revival in a sector shaking a years-long downturn. The Hong Kong-listed company said in a statement that "Following the positive price movements in 2017 and the recent stabilization in the bulk commodity market, the board is considering restarting Kuranakh, including options of potential cooperation with other parties.”

The Kuranakh mine, in Russia's Amur region, was producing about 1.1 million tonnes of iron ore concentrate each year before it was put under 'care and maintenance' in early 2016. It was also churning out about 200,000 tonnes a year of ilmenite, a titanium ore.

However, the statement comes at a time when futures prices in China have toppled off record highs hit in recent months, dampened by concerns about a slowdown in demand in the world's top importing nation and a growing glut as stockpiles have ballooned.

Source : Reuters

voda 19 mei 2017 15:28

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Cliffs Natural Resources United Taconite opens new plant in Iron Range

Star Tribune reported that in another positive sign for Minnesota's Iron Range, the parent company of United Taconite has started production at its new USD 75 million Mustang "superflux" pellet plant in Forbes. Ohio-based Cliffs Natural Resources Inc said the project "was flawlessly executed," on budget and on schedule after nine months of construction. And firing up the plant equipment had no hiccups on its first day.

Cliffs CEO Mr Lourenco Goncalves said that "Building a new facility on budget, without any lost time accidents, and in only nine months through the Minnesota winter is no small undertaking.”

The new plant was built adjacent to United Taconite's existing 52-year-old iron-ore pelletizing plant and came as welcome news for a region battered by a two-year downturn in the iron ore mining industry.

Because of a global iron pricing depression, the older United Taconite plant in Forbes sat idled from about August 2015 to August 2016, affecting about 420 workers. But last summer, pricing relief and new U.S. trade tariffs that penalized steel dumpers such as China, Korea, England and Brazil helped rally the industry in the United States.

United Taconite reopened late last summer. Shortly thereafter, Cliffs announced a new customer contract that demanded it build a new ore pelletizing facility capable of producing an advanced grade of iron pellet called "superflux."

The construction project that followed gave United Taconite a new storage facility, new rail loading systems and tracks, new slurry tanks, furnace burners, vacuum pumps and transport conveyors that will help make the new type of pellet.

Combined, the new and old facilities in Forbes, plus United Taconite's iron ore mine in Eveleth will have 475 workers combined, said spokeswoman Patricia Persico.

The new project "gives stability to both jobs and workers," she said. "We are replacing some production, retaining our existing workforce and providing stability, which is good for the region and the people."

With the expansion now done, Mr Goncalves said that "we have earned the right to continue to be in the Range for the years to come.” He said that "I am also very thankful for the strong support of the state of Minnesota throughout this project's development. As we expand in the Iron Range, we appreciate our established working relationships with our elected officials and their ongoing support for our business endeavors."

Cliffs will host a ribbon cutting event for the new facility on May 30. Gov. Mark Dayton and US Sens. Amy Klobuchar and Al Franken are expected to speak, as is US Rep. Rick Nolan.

The customized "superflux" pellets being made at the new plant are promised to Cliffs' longtime customer ArcelorMittal. The new shipments will replace supplies Cliffs had made at its recently closed Empire Mine in Michigan. About 12 Michigan workers have relocated to Minnesota to work at UTAC's facilities here.

Under a 10-year-supply agreement, Cliffs will remain the sole pellet supplier for ArcelorMittal's Indiana Harbor West and Cleveland Works steelmaking facilities.

Source : Star Tribune

voda 22 mei 2017 16:42

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UK lags behind in scrap steel recycling - Mr Sanjeev Gupta

CNBC reported that Mr Sanjeev Gupta executive chairman of Liberty House Group told CNBC that US is setting a strong example that the UK must follow as it presses ahead with steel recycling and gives a boost to its domestic steelmaking industry. He told “It's not rocket science to imagine that to recycle something is more competitive than to make it from scratch.”

He told “It has the great added advantage that it's environmentally-friendly and has a much lower carbon footprint compared to making primary steel.”

He added "That is an infallible model because it doesn't carry price risks, it's not subject to the volatility of commodity prices and you are fundamentally adding value always because scrap prices very closely follow steel prices.”

He highlighted the success the US has had in turning domestic scrap into steel and then selling the latter domestically and blamed the UK's failure to mimic the success to date on the lack of attention the government has paid to industry generally in recent decades.

Observing that industry's share of UK gross domestic product (GDP) has slumped from 30 - 40 percent in the 1970s to around 10 percent today as the services sector has taken priority, Mr Gupta asserted that it will be necessary to heed the decline of industry if we are to avoid generating populist discontent and a divided country, as has been reflected in outcomes such as last summer's Brexit vote.

Source : CNBC

voda 22 mei 2017 16:44

0

Ahmsa hit by strike at coal and iron ore mines

Bnamericas reported that operations have been halted at three mines operated by Mexican steelmaker Altos Hornos de México (Ahmsa) due to a strike. Spokesman Francisco Orduña told BNamericas that workers downed tools at one coal mine on last Wednesday in a dispute over an annual profit-sharing payment.

Orduña said that the stoppage later spread to a second coal mine, a processing plant and an iron ore mine. He added that the dispute is due to a misinterpretation of the profit-sharing agreement, and the company is working to better inform workers about the issue.

While the payment per worker was 4,500 pesos (USD 239), Ahmsa has increased this to 10,000 pesos, local daily La Prensa de Monclova reported on its website.

Mr Orduña said that "Ahmsa has stockpiles accumulated to continue operating without problems for about a month.”

Source : Bnamericas

Bijlage:

voda 22 mei 2017 16:46

0

BHP Billiton CEO Andrew Mackenzie meets Elliott in Barcelona

Australian Financial Review reported that BHP Billiton chief executive Andrew Mackenzie came face to face with representatives of Elliott Associates in Barcelona late on Wednesday, as calls for change to the company's petroleum division grew louder. The meeting came more than five weeks after Elliott first went public with its original plan to reform several aspects of BHP's structure. Sources said Elliott boss Paul Singer was not present in the meeting, but several members of his Hong Kong-based team were in attendance.

Elliott spokesman Michael O'Looney said that "It was a private meeting. We found it to be constructive.”

The meeting was a chance for Mr Mackenzie to catch up on the changes Elliott made to its proposals this week, and a chance for the BHP boss to explain his plan for the company.

It is believed Mr Mackenzie was flanked by his investor relations team in the meeting.

Elliott originally called for BHP to collapse BHP's dual-listed structure leaving Australian shareholders holding a CHESS depositary interest, demerge its US petroleum assets and ramp-up share buybacks.

But this week, the New York hedge fund presented an altered plan, calling for an independent review of the petroleum division, called for the dual-listing to be collapsed in a way that allowed the Australian listing to become the primary listing, and said its buyback suggestions were about setting a "yardstick" for all other spending.

Mr Mackenzie has been meeting European shareholders this week, and will spend next week spruiking his plan for the company to Australian investors, including this week's pledge to increase rig numbers in the US shale division from four to ten.

Sydney based Tribeca Investment Management's natural resources team urged BHP to demerge its US shale assets earlier this month, and portfolio manager Craig Evans was at the Barcelona conference this week.

Mr Evans welcomed Mr Mackenzie's concession that BHP had poorly timed the US shale acquisitions and the pace of spending on the division in its early years.

Mr Evans said the mood at the conference seemed to be supportive of BHP divesting the US shale assets. He said that "My sense is most people are on the same page with respect to shale in particular. Most of the questioning that I have heard of them is entirely about the shale component and that is what we are angling at, it's a matter of timing."

Mr Mackenzie's plan to more than double the number of rigs working the US shale over the next 14 months will ensure capital spending on the division rises above $US1 billion in fiscal 2018.

While some analysts viewed that increase as a sign BHP was not about to sell its best US shale acreage, Mr Evans said it could be designed to demonstrate the assets' potential and capacity to prospective acquirers.

Source : Australian Financial Review

voda 22 mei 2017 16:47

0

Rio pushes ahead with $3.1bn iron ore expansion

Resources giant Rio Tinto on Wednesday announced that it was pushing ahead with a USD 3.1 billion iron ore expansion in the wake of the BHP Billiton joint venture collapse. Rio Tinto's share of the USD 3.1 billion is USD 2.1 billion and will be spent on expanding its iron ore infrastructure in the Pilbara to increase annual infrastructure capacity to 283 million tonnes during 2013.

Rio Tinto said in a statement that Further investments will be required to achieve production of 283 Mt/a, such as mine and housing expansions, and approval of these is anticipated within the next 12 months.

Rio Tinto has also approved a final feasibility study into increasing Pilbara production capacity by more than 50 percent to 333 Mt/a.

Since July 2010, Rio Tinto has announced US$6.0 billion - of which US$3.9 billion is Rio Tinto's share - of new investment in its Pilbara operations with the majority being spent on expansion projects.

Mr Sam Walsh said that "This is the largest mining project ever undertaken in Australia and highlights the quality of our growth options.”

Rio Tinto's proposed joint venture with BHP Billiton would have encompassed all current and future Western Australia iron ore assets and liabilities.

Owned equally by the miners, the iron ore joint venture was seen as creating synergies in excess of $10 billion.

But the miners called off their plans after being advised that the proposal as it stood would not be approved by the European Commission, Australian Competition and Consumer Commission, Japan Fair Trade Commission, Korea Fair Trade Commission or the German Federal Cartel Office.

The miners said in a joint statement earlier this week that "Some regulators have indicated they would require substantial remedies that would be unacceptable to both parties, including divestments, whereas others have indicated they would be likely to prohibit the transaction outright.”

Source : IOL.co.za

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