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Ferrous Metals News

Iron-ore opens 2017 with a bang after flaying skeptics last year

By: Reuters     Updated 2 hours 17 minutes ago Iron-ore has carried last year’s bullish momentum into the start of 2017, with prices rallying to a two-year high amid speculation that China’s demand for overseas ore will hold up even as the world’s largest miners bring on new capacity. Ore with 62% content in Qingdao in China climbed 3.9% to... 

Plant shutdowns impact Vedanta's Q3 output

By: Megan van Wyngaardt     Updated 3 hours ago Despite lower output at its zinc operations in the third quarter of the current financial year, diversified miner Vedanta Resources says it is still on track to achieve its stated guidance of higher mined metal production for the full year. Its total production across operations for the quarter... 

Plant shutdowns impact Vedanta's Q3 output

Competition authorities approve Kgalagadi Manganese takeover

By: Megan van Wyngaardt     Updated 3 hours ago The Competition Tribunal has approved the merger between Kgalagadi Alloys and Kalagadi Manganese without conditions. Kgalagadi Alloys will acquire Northern Cape-based Kalagadi Manganese. 

Ferrum, BVI in talks over delayed Moonlight BFS

By: Megan van Wyngaardt     Updated 6 hours ago A farm-in and joint venture agreement between triple-listed metals project developer Ferrum Crescent and Business Venture Investments (BVI) has stalled, after the latter failed to complete the first phase of a bankable feasibility study (BFS) at Ferrum’s Moonlight iron-ore project, in Limpopo. In... 

Shining iron-ore future for Sierra Leone possible as Chinese investors commit

By: Natasha Odendaal     13th January 2017 The $700-million planned injection by Chinese State-owned mining company Shandong Iron and Steel into an iron-ore processing plant at the Tonkolili mine, in Sierra Leone, has further cemented the West African region’s strong mining outlook, BMI Research said on Friday. The new investment, which... 

Thirty-two tons a second shows China’s record iron appetite

By: Bloomberg     13th January 2017 Iron-ore imports by China surged to a record above one-billion metric tons last year as unexpectedly strong steel production and lower local mine output combined to fire up demand in the world’s top buyer for cargoes from Australia and Brazil, supporting a rebound in prices. Asia’s top economy... 

Thirty-two tons a second shows China’s record iron appetite

BC Iron expecting more from Iron Valley

By: Esmarie Swanepoel     12th January 2017 ASX-listed BC Iron has revised the full-year outlook for earnings before interest, tax, depreciation and amortisation (Ebitda) from its Iron Valley operations, in Western Australia, following a strong quarter. Ebitda guidance has increased from a range of A$6-million to A$16-million to between... 

Would-be kingmaker calls out Australian iron giants in ore tax battle

By: Bloomberg     12th January 2017 The world’s biggest mining companies producing iron ore from Australia aren’t paying their fair share in taxes, according to a lawmaker who wants a 20-fold raise in a state levy that’s been unchanged since the 1960s and the era of imperial pounds, shillings and pence. The proposal has... 

Would-be kingmaker calls out Australian iron giants in ore tax battle

Accident at port of Brazil miner Vale kills one, injures another

By: Reuters     12th January 2017 An accident on Tuesday at a port in northeastern Brazil run by miner Vale killed one worker and injured another, the company said in a note on Wednesday. Vale said the pair worked for an external company hired to erect scaffolding on pier 1 of the Ponta da Madeira terminal in the state of Maranhao. 

Brazil court extends deadline for Samarco to pay dam spill guarantee

By: Reuters     12th January 2017 A Brazilian judge has extended the deadline for Samarco and its shareholders Vale SA and BHP Billiton to make a 1.2-billion reais ($375.41-million) payment related to a dam spill to January 19, a statement from the court in the state of the Minas Gerais said on Wednesday. The payment was due on... 

Brazil's Funcesp says Vale stake sale not under discussion

By: Reuters     11th January 2017 Fundação Cesp, Brazil's largest private-sector pension fund, said on Wednesday it is not currently holding discussions over the partial or full sale of a 200-million real ($62-million) stake it owns in Vale, the world's largest iron-ore producer. The fund issued a statement after newspaper Valor... 

Impala Platinum plans to sell chrome business

By: Reuters     11th January 2017 South African platinum producer Impala Platinum plans to sell its chrome business to focus on its core business, the company said. Implats has a 65% interest in Impala Chrome and plans to dispose of it, the company said in a newspaper advertisement this week inviting potential purchasers. 

High Court exposes DMR as incompetent, irrational investment obstructor

By: Martin Creamer     11th January 2017 A judgement of the Gauteng division of the High Court of South Africa exposes the Department of Mineral Resources (DMR) as an irrational institution with a high degree of incompetence that obstructs the mining investment it is meant to facilitate, lacks energy in resolving issues, allows appeal... 

High Court exposes DMR as incompetent, irrational investment obstructor

Tharisa confident of meeting FY PGM, chrome output guidance

By: Megan van Wyngaardt     11th January 2017 JSE-listed platinum group metals (PGMs) and chrome producer Tharisa on Wednesday reported that its operations remain on track to meet the 2017 full-year production guidance of 147 000 oz of PGMs and 1.3-million tonnes of chrome concentrates, of which 300 000 t will be specialty grade chrome... 

Mineral ‘wrongs’ righted 

By: Martin Creamer     10th January 2017 A company that showed diligence in applying for mineral rights ended up getting mineral ‘wrongs’, a court has found. The Gauteng division of the High Court in Pretoria has ruled that Aquila Steel South Africa is entitled to the mineral right that South Africa’s Department of Mineral Resources... 

Brazil’s S11D iron-ore mine a reality check for Australian politicians – CME

By: Esmarie Swanepoel     10th January 2017 The Western Australian Chamber of Minerals and Energy (CME) has warned that the commercial start of the $19.7-billion Eliezer Batista S11D iron-ore mine, in Brazil, is a reality check for Australian politicians looking to use the sector as a “bottomless cash cow”. CME CEO Reg Howard-Smith said... 

Brazil’s S11D iron-ore mine a reality check for Australian politicians – CME
Vale's S11D iron-ore mine will start commercial operations in January.

Brazil's Samarco requests extension for dam disaster guarantee

By: Reuters     10th January 2017 Brazilian miner Samarco and its shareholders Vale and BHP Billiton have requested to extend until January 19 a deadline to pay 1.2-billion reais ($375.39-million) in guarantees related to the collapse of a tailings dam in 2015, Vale said in a statement on Monday. The payment was meant to be made... 

Ferrum appoints new project manager, firms deal with chairperson

By: Megan van Wyngaardt     9th January 2017 Triple-listed metals project developer Ferrum Crescent has entered into a contract of employment with its executive chairperson Justin Tooth to replace interim arrangements agreed at the time of his appointment in December. The contract has no fixed term and may be terminated by either party on... 

Australia forecasts dramatic drop in iron-ore prices through 2018

By: Reuters     9th January 2017 Australia on Monday forecast a dramatic decline in the price of iron ore – its most valuable export commodity – over the next two years to well below current market prices. The Department of Industry, Innovation and Science forecasts iron-ore to average $51.60/t this year and $46.70 in 2018,... 

Atlas aims to be cash positive by mid-2017 as it pays off more debt

By: Esmarie Swanepoel     9th January 2017 Iron-ore miner Atlas Iron has repaid A$54-million in debt, following a strong December quarter, reducing its US term loan debt to A$118-million. The miner said last week that it had completed the December quarter with some A$134-million cash on hand, as a result of the cash flow generated during... 

Bauba restarts chrome mining after price recovery

By: African News Agency      5th January 2017 A recovery in prices has seen Bauba Platinum resume chrome mining at its Moeijelijk Mine, the company said on Thursday. The mine was placed under care and maintenance on January 11 last year after a decline in the chrome-ore price – from $175/t to about $120/t – rendered the chrome project... 

Bauba restarts chrome mining after price recovery

China steel, iron-ore slip on slow demand but headed for best year ever

By: Reuters     23rd December 2016 Steel and iron-ore futures in China headed south on Friday amid weak winter demand, but both commodities were well on track to post their biggest annual gains on record after this year's searing rally. Strong futures helped lift spot iron-ore prices by more than 70% this year, putting the... 

China steel, iron-ore slip on slow demand but headed for best year ever

Australian cyclone downgraded but could rebuild – forecasters

By: Reuters     23rd December 2016 Australia's first cyclone of the 2016-2017 summer season has been downgraded to a tropical storm after losing punch over the Indian Ocean, but could reform in the next two days, forecasters said on Friday. "Ex-cyclone Yvette weakened overnight but may reintensify as it approaches the coast on the... 

IHS Materials Price Index jumps to 18-month high; emergent weakness to undermine momentum

By: Henry Lazenby     23rd December 2016 Analytics firm IHS Markit reports that its Materials Price Index (MPI) rose for a sixth consecutive week, increasing 1.4% to hit a fresh 18-month high. IHS Global Insight Pricing & Purchasing senior economist Ben Orhan pointed out that ferrous metals once again drove the index higher, gaining... 

IHS Materials Price Index jumps to 18-month high; emergent weakness to undermine momentum

Fortescue beats competitors to secure exploration leases - documents

By: Reuters     22nd December 2016 Fortescue Metals Group secured 42 mining and exploration leases in the world's biggest iron ore precinct last financial year ahead of competitors being notified the land was even available, parliamentary documents show. Fortescue, the world's No. 4 iron ore miner, secured the exploration ground... 

Fortescue beats competitors to secure exploration leases - documents

Corunna Downs DFS indicates large iron-ore deposit

By: Ilan Solomons     21st December 2016 Iron-ore miner Atlas Iron’s Corunna Downs project, in Western Australia, has the potential to deliver 4-million tons a year of lump and fines direct-shipping iron-ore (DSO) over an initial mine life of five to six years. This is according to the results of the project’s definitive feasibility... 

Vale to allow use of its pit for Samarco tailings

By: Reuters     21st December 2016 Brazilian iron-ore miner Vale said on Tuesday it signed a non-binding agreement with BHP Billiton to allow the use of its Timbopeba pit to deposit tailings from iron miner Samarco when that company restarts operations. The deal, which will become definitive pending commercial negotiations and... 

Billionaire Steinmetz under Israel house arrest in Guinea bribery inquiry

By: Reuters     20th December 2016 Israeli authorities placed billionaire businessman Beny Steinmetz under house arrest on Monday over allegations of bribery and corruption in Africa linked to his mining company, BSG Resources (BSGR). Steinmetz, along with other Israelis living abroad, is alleged to have paid tens of millions of... 

Billionaire Steinmetz under Israel house arrest in Guinea bribery inquiry

CompComm approves Afrimat, Diro deal

By: Megan van Wyngaardt     19th December 2016 The Competition Commission on Monday approved JSE-listed Afrimat’s intention to acquire Diro Iron Ore and Diro Manganese. The construction company is marking its entry into the manganese and iron-ore mining sector through the R276-million majority stake in Diro’s distressed assets. 

Fortescue says chances of a tie-up with rival Vale dimming

By: Reuters     19th December 2016 Australian iron ore miner Fortescue Metals Group on Monday said a potential tie-up with larger Brazilian rival Vale to customise orders for Chinese steelmakers was unlikely to proceed. "Negotiations are continuing between the parties on an amicable and commercial basis, however, it is looking... 

Fortescue repays more debt

By: Esmarie Swanepoel     16th December 2016 Iron-ore major Fortescue Metals has issued a $1-billion repayment notice for its 2019 senior secured credit facility, resulting in annual interest savings of around $38-million. “This $1-billion payment is a continuation of our focused debt repayment strategy and further lowers our total cash... 

Latin American miners expected to persist with cost-cutting and disinvestment strategies

By: Henry Lazenby     16th December 2016 The end of the commodities super cycle continues to have a dampening effect on several South American economies, especially those that previously relied on high hydrocarbons prices to achieve high rates of growth. As well as hitting government earnings and rates of economic expansion, the... 

Latin American miners expected to persist with cost-cutting and disinvestment strategies

Atlas appoints new MD and CEO

By: Esmarie Swanepoel     15th December 2016 Iron-ore miner Atlas Iron has appointed Cliff Lawrenson as MD and CEO, effective from February 1. Lawrenson, who replaces David Flanagan, is currently MD of ASX-listed phosphate company Avenira, and was previously the CEO of iron-ore developer FerrAus. 

Pallinghurst considers maiden dividend distribution

By: Megan van Wyngaardt     15th December 2016 Diversified miner Pallinghurst Resources expects to receive about $10-million, or R140-million, in March 2017, as part of Tshipi é Ntle Manganese Mining’s previously announced decision to distribute R1-billion to its shareholders. In turn, Jupiter Mines – a 49.9% shareholder in Tshipi – has... 

Ferrochrome price settled for first quarter – Merafe

By: Megan van Wyngaardt     15th December 2016 JSE-listed Merafe Resources on Thursday said the European benchmark ferrochrome price for the first quarter of 2017 has been settled at $1.65/lb. This, the company noted in a statement to shareholders, would be an increase of 50% from the $1.10/lb price in the fourth quarter of this year. 

Liberty House closer to buying Australia’s Arrium steel producer

By: Bloomberg     15th December 2016 Liberty House Group is closer to taking over Australia’s steel producer Arrium, as the London-based steel manufacturer and metals trader is completing the purchases of units of Tata Steel and Rio Tinto in the UK. “We’re in the second round on Arrium, we’ve been shortlisted among four bidders,”... 

Strike to sell Peruvian assets

By: Esmarie Swanepoel     14th December 2016 ASX-listed Strike Resources has entered into a conditional agreement to sell its Apurimac and Cusco iron-ore projects, in Peru, for $10-million. The sale agreement, which Strike signed with a subsidiary of Chinese group Zhongrong Xinda Group, is subject to the completion of due diligence, the... 

Former Guinea Minister charged in bribe-for-mining-rights case

By: Bloomberg     14th December 2016 A former mining minister in Guinea was accused by US prosecutors of laundering bribes he received as part of a scheme to help a Chinese company win "near total control" of the West African nation’s valuable mining sector. Mahmoud Thiam, a US citizen, was allegedly paid $8.5-million by an... 

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