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Iron Ore News

Tata Steel to build iron-ore mine with Ivory Coast's Sodemi

By: Liezel Hill     11th December 2007 India's Tata Steel has signed a joint-venture agreement with the Ivory Coast's State-owned mining firm, Sodemi, for the development of the Mount Nimba iron-ore deposits in the country. 

Sinosteel bids for Oz iron-ore miner

By: Liezel Hill     7th December 2007 Australian iron-ore company Midwest Corporation said on Friday morning that it had received an acquisition proposal from China's Sinosteel Corporation. 

Iron-ore price negotiations may be lengthy - Vale chief

By: Liezel Hill     7th December 2007 The current round of iron-ore price talks may go on for an extended period of time, Cia Vale do Rio Doce (Vale, formerly known as CVRD) CEO Roger Agnelli said on Friday. 

Final draft royalty bill revises tax rates, cuts royalties

By: Mariaan Webb     6th December 2007 South Africa’s Treasury, which released the third draft of the Mineral and Petroleum Resources Royalty Bill for public comment on Thursday, has revised the tax base and slashed royalties on most minerals. The third and final draft shifted away from the dual-rate system for refined and... 

Exxaro may increase iron-ore exposure - CFO

By: Matthew Hill     3rd December 2007 Pretoria-based diversified miner Exxaro would look at increasing its exposure to surging iron-ore prices, but outside the Northern Cape, CFO Dirk van Staden said on Monday. 

Rio Tinto outlines growth prospects in BHP takeover defence

By: Matthew Hill     26th November 2007 The proposed integration of two of the world's biggest mining groups' assets would benefit BHP Billiton significantly more than it would Rio Tinto, and the potential synergies between the two were dwarfed by London-based Rio Tinto's value, its CEO said on Monday. Speaking in a... 

Investment in South African mining showing positive growth, says Chamber economist 

By: Brindaveni Naidoo     23rd November 2007 The mining sector in South Africa has “turned the corner”, with positive growth in investment recorded in 2006 and in the first half of this year, chief economist of the Chamber of Mines Roger Baxter said at the fifteenth bme annual conference on explosives, drilling and blasting... 

Mining project management company eyes city’s bourse

By: Leandi Kolver     23rd November 2007 “Initially, suppliers, clients and banks still associated MDM Engineering with MDM Ferroman, and this caused distrust and a negative perception from the industry. In August 2006, I terminated the consultancy agreement we had with Gordon McCrae. Our quality and current project list proves... 

Canadians rope in Koreans to raise capital for Namibian uranium venture

By: Felix Njini     23rd November 2007 Toronto Stock Exchange-listed Forsys Metals Corporation has roped in Korean nuclear energy firm Korea Hydro & Nuclear Power Company (KHNP) to help raise capital for its Namibian uranium venture which, company officials say, is to take off in 2009. 

BHP-Rio merger will create iron-ore ‘monopoly’, steel makers say

By: Creamer Media Reporter      20th November 2007 A Brussels-based global steel producers body has hit out at mining giant BHP Billiton's proposed tie-up with smaller peer Rio Tinto, saying that it would create a monopoly in the seaborne iron-ore market. 

Kermas, Petmin buy Veremo, plan iron-ore mine

By: Matthew Hill     6th November 2007 JSE- and Aim-listed Petmin said on Tuesday that it had struck a deal with LSE-listed Kermas, under which the two would jointly buy Veremo Holdings, which owned an iron ore and pig iron deposit in Mpumalanga. 

Sphere sells further stake in Mauritania iron-ore project

By: Christy van der Merwe     2nd November 2007 ASX-listed Sphere Investments, which sold a 15% stake in the Guelb el Aouj iron-ore project, in Mauritania, to Qatar Steel Company (QSC), said on Friday, that QSC would buy a further 34,9% interest.  

Sphere to raise A$48m for Mauritanian exploration

18th October 2007 Iron-ore project developer Sphere Investments will place 15-million fully paid ordinary shares as A$3,20 a share to raise A$48-million to advance drilling at two Mauritanian projects.  

Review points to economic viability at Zambian iron prospect

By: Olivia Soraya Spadavecchia     16th October 2007 An independent project review of Canadian firm Luiri Gold's Nambala iron deposit, west of Lusaka, Zambia, has indicated potential to establish an economically viable operation, the company said on Tuesday. 

Limpopo iron-ore mine brings suppressor on stubbon dust

By: Christy van der Merwe     5th October 2007 In a constant effort to control dust emission, Kumba Iron Ore's mine in Thabazimbi, Limpopo, is carrying out an ongoing six-month trial of a biodegradable dust suppression agent, Roads environmental dust-suppressant (Reds), manufactured by drilling fluid and chemical supplier Samchem. 

Mineral-processing technology provider wins export award

By: Brindaveni Naidoo     5th October 2007 Mining and minerals-processing equipment supplier Multotec was named this year's winner in the large manufacturing category of the Gauteng Exporter of the Year Awards, hosted by the Johannesburg Chamber of Commerce and Industry (JCCI). 

Oz iron-ore firm targets $25,5/t margins at Cameroon mine

By: Mariaan Webb     6th September 2007 ASX-listed Sundance Resources says it expects to deliver an operating margin of around $25,5 a ton on its emerging Mbalam iron-ore project in Cameroon. 

Eyebrows go up as Arm pays maiden dividend, plans big capex roll-out 

By: Matthew Hill     3rd September 2007 Black-owned diversified miner African Rainbow Minerals (Arm) announced its first dividend payment on Monday, amounting to R315-million. However, a local mining analyst questioned the prudence of the timing of the payout, when viewed in light of the company's planned capital spend of... 

Sipho Nkosi to take the helm at Exarro

By: Matthew Hill     31st August 2007 Spring day, September 1, has traditionally signified a season of new beginnings, which which will ring particularly true in the case of South Africa�s biggest black-owned mining firm, Exxaro Resources, when Sipho Nkosi replaces Dr Con Fauconnier as CEO on the day.  

Exxaro's earnings leap 61% on soaring commodity prices

By: Matthew Hill     16th August 2007 South Africa's biggest black-owned mining company Exxaro Resources reported on Thursday that its earnings for the six-months ended June 30 shot up 61% year-on-year to R839-million, or R2,46 a share, on the back of buoyant commodity prices. 

Second-hand truck tyres costing more than new ones as shortage bites, says Kumba CEO Myburgh

By: Martin Creamer     7th August 2007 Second-hand tyres for large off-road trucks were costing more than new ones because of the biting tyre shortage, Kumba Iron Ore CEO Ras Myburgh told Mining Weekly Online on Tuesday. 

Anglo American has $20bn project pipeline, $8,7bn approved

By: Matthew Hill     3rd August 2007 London-based diversified miner Anglo American could spend over $20-billion, nearly R150-billion, on projects going forward, of which its board has already approved more than $8-billion, or about R56-billion, CEO Cynthia Carroll said on Friday. Many of these projects were were forecast to be in... 

Anglo American interim earnings jump 22% to record $3,1bn

By: Matthew Hill     3rd August 2007 One of the world's biggest mining groups, Anglo American, said on Friday that its operating profit for the six months ended June 30 had increased by nearly 20% year-on-year, to $5,5-billion, or about R40-billion, while underlying earnings reached a record $3,1-billion, or some R22-million,... 

Global iron-ore output rose 12% in 2006 - study

By: Matthew Hill     2nd August 2007 World iron-ore production grew by 12% in 2006, to reach 1,5-billion tons, the United Nations Conference on Trade and Development (Unctad) said in its yearly iron-ore review, distributed on Wednesday night. 

ArcelorMittal questions misalignment between Kumba's lower costs and its rising iron-ore expenses

By: Terence Creamer     1st August 2007 Steel producer ArcelorMittal South Africa expressed some disquiet on Wednesday about a perceived misalignment between the public pronouncements made by Kumba Iron Ore (KIO) regarding its cost structure in South Africa and the iron-ore costs increases being passed on to it for its entitlement.  

Surging demand to underpin iron-ore prices as supply struggles to catch up

By: Matthew Hill     30th July 2007 South African iron-ore producer Kumba Iron Ore (KIO) said on Friday that seaborne iron ore prices were expected to remain strong until around 2012, as industry expansions lagged, and demand grew rapidly. CEO Ras Myburgh did not rule out the possibility of a double-digit increase in prices next... 

Surging demand to underpin iron-ore prices as supply struggles to catch up

By: Matthew Hill     30th July 2007 South African iron-ore producer Kumba Iron Ore (KIO) said on Friday that seaborne iron ore prices were expected to remain strong until around 2012, as industry expansions lagged, and demand grew rapidly. 

KIO budgets R1,4bn capex for July-Dec period

By: Matthew Hill     27th July 2007 Iron ore producer Kumba Iron Ore (KIO) plans to spend up to R1,4-billion on capital projects in the second-half of 2007, as it ramps up production at the Sishen expansion project (SEP), the firm said on Friday. 

KIO eyes crucial wage talks, as already-onerous costs weigh on earnings

By: Matthew Hill     27th July 2007 World number-four iron-ore producer Kumba Iron Ore would incur cost increases of at least R2/t, should the National Union of Mineworkers get its double digit demand increase for its members at the firm, CFO Vincent Uren said on Friday. 

Assmang inks 3yr wage deal with workers - union

By: Mariaan Webb     17th July 2007 Ferrous metals miner Assmang and trade unions signed a three-year wage agreement on Tuesday, that will increase workers' wages by 15% in the first year and 9% a year in the next two years.  

Kumba expects H1 earnings to rise to up to R1,59bn

By: Nelendhre Moodley     10th July 2007 South Africa's biggest iron-ore producer, Kumba Iron Ore (KIO), said on Tuesday that headline earnings and basic earnings for the six months ended June 30, 2007, were expected to be between R1,56-billion and R1,59-billion. 

KIO, unions resume talks this week

By: Matthew Hill     9th July 2007 Africa's biggest iron-ore producer, Kumba Iron Ore (KIO), is having further negotiations with the National Union of Mineworkers (NUM) this week, after the union rejected its 8% pay hike offer, an official said on Monday. 

Richards Bay Minerals to sell 26% to black investors, staff

By: Matthew Hill     29th June 2007 Richards Bay Minerals (RBM), equally owned by mining giants BHP Billiton and Rio Tinto, announced on Friday it would sell 24% of the firm to a black economic empowerment consortium and 2% to its employees. 

Imbani Projects in talks to diversify mining portfolio

By: Matthew Hill     21st June 2007 Black-owned Imbani Projects was involved in negotiations with several mining companies that could see it enter the booming platinum, coal and uranium industries, MD Briss Mathabathe told Mining Weekly Online on Wednesday.  

Global iron-ore output rose 12% last year - UN report

By: Matthew Hill     18th June 2007 World production of iron ore grew by 12% in 2006 to reach 1,5-billion tons, a UN body said on Monday. 

NUM rejects De Beers offer, stands by across-the-board double-digit demands

By: Matthew Hill     8th June 2007 The world's biggest diamond producer De Beers has offered its South African workers a 7% increase, after the National Union of Mineworkers (NUM) demanded an 11% increase, the union's national spokesperson Lesiba Seshoka said on Friday. 

Kumba offers SA workers 6% wage hike

By: Nelendhre Moodley     7th June 2007 Iron-ore producer Kumba Iron Ore (KIO) on Thursday offered workers a 6% wage increase, trade union Solidarity said.  

Junior mining index market cap tops R100bn

By: Nelendhre Moodley     28th May 2007 The NedSec Junior Mining & Exploration Index (NSJME) has reached a free-float weighted market capitalisation of R104,6-billion, Nedbank Capital said in a statement on Monday. 

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