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Iron Ore News

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. 

Kumba won't walk away from Senegal dispute - Zim

By: Mariaan Webb     24th May 2007 South African miner Kumba Iron Ore (KIO) would not "simply walk away" from the iron-ore deposit, Faleme, in Senegal, where the company believed it held rights, chairperson Lazarus Zim said on Thursday.  

Khumani iron-ore project targets 1,4mt production by July '08

By: Matthew Hill     23rd May 2007 JSE-listed diversified miner African Rainbow Minerals (Arm) said on Wednesday that it planned to produce 1,4-million tons from its Khumani iron ore project, in which it holds 50%, by July 2008, and rail 1,2-million tons by that time. 

Aim Resources finds 'significant mineralisation' at Zambia JV project

By: Nelendhre Moodley     22nd May 2007 ASX-listed Aim Resources on Tuesday announced that drilling results from the Mumbwa iron-oxide-copper-gold (IOCG) property in Zambia, which it owns in joint venture with BHP Billiton, had indicated the presence of significant mineralisation within the target area. 

Assmang approves R4bn for Khumani, inks deal with Transnet for 10mt/y exports

By: Nelendhre Moodley     17th May 2007 Iron-ore producer Assmang on Thursday announced that it had approved a capital expenditure of R4-billion for its Khumani iron-ore mine, after it reached principal agreement on a 20-year contract with State-owned Transnet for the export of 10-million tons a year of iron-ore from its Khumani mine,... 

Anglo American concludes Brazil iron-ore acquisition

By: Mariaan Webb     15th May 2007 Diversified miner Anglo American has signed the contract to acquire a 49% stake of MMX Mineracaoe Metalicos SA's (MMX's) Minas-Rio iron-ore project, in Brazil, the company said on Tuesday. 

Arbitrators not appointed yet in KIO-Mittal dispute

By: Matthew Hill     11th May 2007 JSE-listed steel giant Mittal Steel South Africa and the world's fourth biggest supplier of seaborne iron ore, Kumba Iron Ore (KIO), had not yet appointed arbitrators in their dispute involving the Sishen South iron ore project, the steel maker said on Friday. 

Capesize ship rates rise to record on China’s iron-ore demand

By: Bloomberg     4th May 2007 The cost of hiring Capesize bulkers, the largest type of ship that carries iron ore and coal, rose to a record on China’s demand for raw materials. 

Arbitration may delay Sishen expansion - Kumba

By: Matthew Hill     2nd May 2007 The fourth-biggest iron ore producer in the world, Kumba Iron Ore (KIO), on Wednesday said that it was in arbitration with steel giant Mittal Steel South Africa, which could cause delays to the expansion programme at its Sishen mine. 

Commodity shipping costs on Panamax vessels may rise on supply

By: Bloomberg     27th April 2007 The cost of transporting coal, iron-ore and other so-called dry-bulk commodities on medium-sized ships, at its highest in more than two years, may rise because fewer larger vessels are available for hire. 

Anglo buys stake in Brazil iron-ore project

By: Liezel Hill     23rd April 2007 Diversified miner Anglo American plc will buy 49% of Brazilian iron-ore developer MMX Minas-Rio for $1,15-billion, the company said on Monday. 

Kumba takes legal action against Senegal govt

By: Mariaan Webb     18th April 2007 South African miner Kumba Iron Ore has started legal action against the Senegalese government, following an order to withdraw from the Faleme deposit where it was exploring for iron-ore, the company said on Wednesday. 

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