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| HOME >> Topics List >> February, 2010 >> 08 (Mon) |
| Major Events In Jan 2010 Over Ferrous Raw Materials (1) |
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Jan. 6: <Yandicoogina annual output sets 50 Mt mark> Rio Tinto has announced that its Yandicoogina, Australia's largest-producing iron ore mine, has broken the 50-Mt mark of annual iron ore production. The mine passed 50 Mt/a of product on December 29, 2009. The milestone, all the more unexpected following the slump in demand for iron ore in early 2009 together with severe flood-damage to rail operations, highlighted the substantial gains achieved through Rio Tinto's integrated network over the year. Yandicoogina is situated in a rich channel iron deposit 95km north-west of Newman, in the Pilbara region of Western Australia. Since its most recent expansion through Junction South East in 2007 and 2008, Yandicoogina has been ramping up towards its nameplate annual capacity of 52 Mt from the previous 36 Mt. <Hyundai Steel blows in first blast furnace at Dangjin Works> South Korean Hyundai Steel Co blew in the first blast furnace at the Company's flagship Dangjin works. At the firing ceremony were present 600-odd people including Chairman Chung Mong Koo of Hyundai Motor Group and representatives from the equipment providers and construction undertakers concerned. Hyundai Steel is scheduled to hold another ceremony in April for the completion of the No. 1 blast furnace at the same works. <Preparatory period for Hawks Nest Magnetite Project further extended> Western Plains Resources Ltd ("WPG") that is planning to develop in South Australia the Hawks Nest magnetite project with Wugang Australian Resources Investment Pty Ltd ("WISCO") announced January 4 that it and WISCO have agreed to a further three month extension to the period in which all of the conditions precedent must be satisfied in order for the joint venture between them to proceed. The joint venture will conduct a feasibility study and if this is positive, develop the Hawks Nest magnetite project. <China's Shunde Rixin Development to acquire interest in Chilean iron ore mine> According to Chinese news media, the country's Shunde Rixin Development Co Ltd has reached an agreement to acquire nearly 70% of the exploration rights to a 3 billion ton iron ore deposit in Chile. Its location has not been revealed. The Company is planning to supply 30 Mt of iron ore a year to the Chinese market from 2010 to 2012. China Minmetals Zhuhai Import and Export Trading Co., a subsidiary of China Minmetals Corp, is reported to assist Shunde Rixin Development in its sales to the domestic iron ore market. Shunde Development is a privately owned enterprise headquartered in Shunde, Guangdong province. Jan. 7: < Brockman's Marillana Project granted mining lease> Australian iron ore, nickel and gold exploration company Brockman Resources Limited announced January 5 that Mining Lease M47/1414 at Marillana has been granted by the Department of Mines and Petroleum. Brockman has it that the granting of this Mining Lease means the Company has taken a significant leap forward towards realizing its objective of becoming the fourth largest iron ore (hematite) producing company in Australia. The Marillana Iron Ore Project is located 100km north-west of Newman in the Pilbara region with close proximity to existing rail, road and port infrastructure. <MMX to export iron ore thru Itaguaí Port Terminal> Brazilian iron ore resources company MMX Mineração e Metálicos S.A. ("MMX") has announced that the Company has signed contracts for commercial purposes and for port services with the country's steel and resources company, Companhia Siderúrgica Nacional ("CSN"). MMX and CSN have reached a new agreement and established terms and conditions to be implemented in 2010. The new contract foresees shipments of 1.0 Mt of iron ore in 2010 through the Itaguaí Port Terminal, while CSN is committed to acquiring at least 1.5 Mt of iron ore from MMX. With this contract, MMX secures its access to the international iron ore market and consolidates its position in the Brazilian domestic market. <Canadian CLM signs iron ore offtake, credit agreements with S. Korean SK Networks> Canadian development and exploration mining company Consolidated Thompson Iron Mines Ltd. (CLM) announced January 5 that it signed an Offtake Agreement and a Credit Agreement with SK Networks Co. Ltd. ("SKN"), a subsidiary of the third largest conglomerate in South Korea - SK Group. Under the Offtake Agreement, SKN will purchase annually, for a ten-year term, at fair market value and on commercially reasonable terms, 1 Mt of iron ore concentrate from CLM's Bloom Lake mine. The Credit Agreement provides for a US$50 million unsecured five-year term credit facility which is expected to be available for drawdown prior to January 31, 2010. The facility is non-amortizing and carries a fixed annual interest rate of 5% payable on a semi-annual basis. The principal amount of the facility can be repaid by the Company at any time. This credit facility will be used to fund potential expansion at Bloom Lake and for general working capital purposes. Jan. 8: <Four Tianjin based steelmakers to merge into Tianjin Bohai Iron & Steel Group> The four Tianjin-based state-owned steel companies of Tianjin Steel Pipe Group, Tianjin Tiantie Group, Tianjin Steel Group and Tianjin Metallurgy Group will officially merge into a new steel company. This is in line with the policy established in the "Restructuring and Revitalization Plans for the Steel Industry" which was issued in March 2009 by the State Council. Approvals for the proposed consolidation have been already granted by the Executive Committee of the Tianjin City Government and Tianjin City Development and Reform Commission. The new company will be named "Tianjin Bohai Iron and Steel Group". <EBX Group granted port development concession in Copiapó, Chile> Brazilian iron ore resources company MMX Mineração e Metálicos S.A. ("MMX") has announced that Chile's Ministry of Defense and Marine Subsecretary has granted to OMX, an EBX Group company, a port development concession in the municipality of Copiapó, Chile. MMX informs that the port construction in the region is an important step in the project execution, as it will secure efficient logistics to load and export iron ore that will be produced by MMX Minera de Chile, MMX's subsidiary. Jan. 13: <Mount Gibson Iron to resume Extension Hill development> Australian iron ore developer Mount Gibson Iron Limited (MGI) announced January 12 that it will resume construction and development at its Extension Hill Direct Ship Ore (DSO) Project. Consistent with the State Government's commitment to upgrade, own and operate the rail unloading facility at the Geraldton Port, Mount Gibson has committed to the recommencement of activities at Extension Hill. Mount Gibson's Managing Director Luke Tonkin said; "The recommencement of the Extension Hill Project is a substantial investment in the Mid West region which enhances infrastructure, creates employment and creates opportunities for local communities." |
| last modified : Fri 12 Feb, 2010 [13:57] |
