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|Major Events In July 2011 Over Iron Ore (1)|
<Southdown Project In Western Australia To Expand To 10Mtpa>
Australia's Grange Resources Limited (Grange) announced on Jun 30 that it received Environment Protection Authority (EPA) approval to expand its previous mining permit by 47%, from a production rate of 6.8Mtpa to 10Mtpa of magnetite concentration production. Grange Managing Director and CEO, Russell Clark, said, "The permit amendment was a necessary requirement to allow us to produce at the expanded capacity of 10Mtpa for magnetite concentrate production. The amendment means that the major permits required for the mine area and Albany port operations are fully secured, providing further confidence for the success of the Southdown project."
<BHP Billiton Completed Expanded US$10 Billion Capital Management Program>
BHP Billiton announced on Jun 30 that the expanded US$10 billion capital management program announced on Feb 16 this year was completed on Jun 29. The number of shares bought since the resumption of the capital management program on Nov 15, 2010 is 146.9 million shares in BHP Billiton Limited and 94.9 million shares in BHP Billiton Plc. All shares purchased are cancelled on settlement.
<IMX Resources' Iron Ore Exports From Port Adelaide Reached 500,000 Tonnes>
Australia's IMX Resources announced on Jul 4 that the company has shipped 500,000 tonnes of iron ore from the Cairn Hill mine of South Australia, with the loading of the Star of Abu Dhabi since the commencement of shipping operations at Port Adelaide in December 2010. The ore is from the first phase of the Cairn Hill operation, which is expected to deliver 7.9 million tonnes from two pits, generating approximately A$250 million of revenue per annum at current prices. The crushed ore is transported on a dedicated haul road to a rail siding at Rankin Dam (on the Tarcoola - Darwin railway line) for loading onto trains for export through Port Adelaide. Loading six trains per week was one of the targets the mine has achieved.
<POSCO Held Groudbreaking Ceremony Of The 3rd FINEX Plant>
South Korea POSCO announced on Jul 1 that the company held the groundbreaking ceremony of the 3rd FINEX plant with an annual capacity 2 million tonnes at Pohang Steelworks on Jun 28, with 500 personnel attending including Prime Minister Hwang-shik Kim. The FINEX process is a technology to produce pig iron directly using iron ore fines and non-coking coal developed originally by POSCO. The company currently operates two other FINEX plants with an annual production capacity of 1.5 million tonnes and 0.6 million tonnes each. The 3rd FINEX plant is planned for completion in June 2013. With its completion, annual production capacity by FINEX process will total 4.1 million tonnes which corresponds to 25% of Pohang Steelworks' molten iron production.
<Jindal Steel And Power Started Iron Ore Shipment In July>
India's Jindal Steel and Power Ltd (JSPL) announced that its Bolivian local subsidiary Jindal Steel Bolivia which is developing El-Mutun iron ore mine has started iron ore exports from Jul 1. According to India' media, up to 1 million tonnes per annum of El-Mutum iron ore will be sold mainly to China and other Asian countries, European and South American countries. El Mutun in eastern Bolivia is considered to be the world's largest iron ore mine having an ore reserve of 40 billion tonnes, the 50% of which (20 billion tonnes) has been provided to JSPL for development. The development rights are valid for 40 years. El Mutun covers approximately 60 square miles, of which 90% lies in Bolivia and the remainder in Brazil. The principal minerals of iron present are hematite, magnetite and siderite. According to the relevant Bolivian geological survey reports, there are three types of iron deposits in the El Mutun mountain; primary iron ore, colluvial iron ore and eluvial iron ore. Mining was conducted in the past and ore produced was barged down the Rio Paraguay to the Atlantic Ocean at Buenos Aires.
<Vale's Murilo Ferreira Visited Japan For CEO Inauguration Address>
Vale's new CEO Murilo Ferreira is visiting several Asian countries for CEO inauguration address. He visited Japan this week to deliver inaugural address at five steel producers which are Nippon Steel Corporation, JFE Steel Corporation, Sumitomo Metal Industries, Kobe Steel and Nisshin Steel, and other companies such as Mitsui & Co. and Nippon Amazon Aluminium. There, Murilo Ferreira referred to the investment plans of Vale's ongoing projects such as expansion of Carajás (140Mtpa) and Carajás Serra Sul (90Mtpa).
<JSW Steel's Crude Steel Production In Q1 Up 9.0% At 1.71 Million Tonnes>
India's JSW Steel announced its operational results for April - June quarter 2011 on Jul 6. According to the report, crude steel production grew by 9.0% from the same quarter previous year to 1.71 million tonnes. For this quarter, 0.03 million tonnes of crude ore produced from trial-run of expansion project was included. As for steel products, production of flat rolled products was 1.19 million tonnes, and long rolled products at 0.35 million tonnes, each increasing by 9% and 12% from the same quarter previous year.
<Indian Government Permitted Renewal Of Long-Term Deal With Japan And S. Korea>
India's several media reported on Jul 7 that the Indian Government permitted state-owned Minerals and Metal Trading Corporation (MMTC) to renew the long-term agreement to supply iron ore to five Japanese steel producers and South Korean POSCO. According to the report, the agreement was renewed for another three years from April 2011 to March 2014, volume not referred. Some Japanese steel producers say that this has not been confirmed yet. The former long-term contract was for five years from 2006 to 2011, which expired at the end of March, 2011.
|last modified : Tue 02 Aug, 2011 [10:35]|