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01.43
Export India iron ore to China plunges 40 percent
Written By mine on Senin, 22 November 2010 | 01.43
India?s iron ore exports to China plunged by nearly 40 percent in October, forcing the dragon nation to looks for other options.
According to China?s energy ministry, October imports from India stood at 2.91 million tonnes, down 39 percent since September and 44 percent compared with the same period of last year.
India accounted for 6.4 percent of China's total ore imports in October, down from 9 percent in September and almost 20 percent in May, before the monsoon season disrupted shipments.
Ore sourced from Brazil rose 3.3 percent in October to 11.78 million tonnes, while Australian imports fell 20 percent from September to 20.72 million tonnes.
Total imports in October stood at 45.715 million tonnes, down 13.1 percent compared with the previous month.
The big three suppliers accounted for 77 percent of total deliveries, down from 80 percent in September, with some of the slack taken up by Iran, Ukraine and Russia.
India banned exports from the key iron ore producing state of Karnataka in July as part of a campaign against illegal mining, and the ban was upheld by a court.
In August, iron ore imports to China dropped by 13 percent. China is the largest buyer worldwide of iron ore, used in its huge steelmaking industry.
The steep drop in China?s seaborne iron ore imports last month took some analysts by surprise, but Beijing?s recent moves to curb property speculation proved very effective to slow steel production.
According to China?s energy ministry, October imports from India stood at 2.91 million tonnes, down 39 percent since September and 44 percent compared with the same period of last year.
India accounted for 6.4 percent of China's total ore imports in October, down from 9 percent in September and almost 20 percent in May, before the monsoon season disrupted shipments.
Ore sourced from Brazil rose 3.3 percent in October to 11.78 million tonnes, while Australian imports fell 20 percent from September to 20.72 million tonnes.
Total imports in October stood at 45.715 million tonnes, down 13.1 percent compared with the previous month.
The big three suppliers accounted for 77 percent of total deliveries, down from 80 percent in September, with some of the slack taken up by Iran, Ukraine and Russia.
India banned exports from the key iron ore producing state of Karnataka in July as part of a campaign against illegal mining, and the ban was upheld by a court.
In August, iron ore imports to China dropped by 13 percent. China is the largest buyer worldwide of iron ore, used in its huge steelmaking industry.
The steep drop in China?s seaborne iron ore imports last month took some analysts by surprise, but Beijing?s recent moves to curb property speculation proved very effective to slow steel production.
08.05
MGB Assess Iron Ore Reserves over Iron and Steel Established
Written By mine on Minggu, 07 November 2010 | 08.05
Mines and Geosciences Bureau (MGB) will be assessing the sufficiency of iron ore reserves in Philippines to ?feed? an integrated iron and steel facility that will soon be established by the country government. The iron reserves are located in the following regions: In Region I, 6.07 million tons; Region II, 25.1 million tons; Region III, 15.23 million tons; Region IV-A, 34.92 tons; Region IV-B, 10.7 million tons; Region V, 318.6 million tons; Region VI, Region VI, 44,190 tons; Region VII, 17.9 million tons; Region VIII, 44.4 million tons; Region IX, 309,310 tons; Region XII, 4 million tons; and Region XIII, 17.04 million tons.
An MGB metallurgical study revealed that iron ores must have a grade of at least 60 percent iron in order to be eligible as raw material for the production of steel. According to MGB Director Leo Jasareno, as of 2009, the country?s iron reserve is placed at 493.5 million tons.
Environment and Natural Resources Secretary Ramon Paje said that the move to establish an integrated iron and steel facility is intended to protect the country?s economy from being drained of dollar reserves resulting from the importation of semi-finished steel as raw materials for the country?s steel industry.
?We have to assess if we have sufficient iron ore reserves here in the country for the production of pig iron, which will serve as feeds in case we put up our own integrated iron and steel facility,? Paje said.
?Being self-sufficient in iron ore raw materials will enable the government to save millions of dollars it is now spending in the importation of semi-finished steel raw materials for the government?s steel industry,? he said.
An MGB study showed that the consumption of the country?s steel industry is approximately 4 million tons per year and is expected to increase to 8 million to 10 million annually.
The current price of imported iron ore is US$70 per ton.
The study showed that steel imports today, mostly in the form of semi-finished steels, represent the second highest importation, next only to oil and petroleum products.
Paje said the MGB is tasked not only to evaluate the quantity of local iron ore reserve but also to determine if the grade of the iron deposits is sufficient for the production of steel in an integrated iron and steel facility.
An MGB metallurgical study revealed that iron ores must have a grade of at least 60 percent iron in order to be eligible as raw material for the production of steel. According to MGB Director Leo Jasareno, as of 2009, the country?s iron reserve is placed at 493.5 million tons.
Environment and Natural Resources Secretary Ramon Paje said that the move to establish an integrated iron and steel facility is intended to protect the country?s economy from being drained of dollar reserves resulting from the importation of semi-finished steel as raw materials for the country?s steel industry.
?We have to assess if we have sufficient iron ore reserves here in the country for the production of pig iron, which will serve as feeds in case we put up our own integrated iron and steel facility,? Paje said.
?Being self-sufficient in iron ore raw materials will enable the government to save millions of dollars it is now spending in the importation of semi-finished steel raw materials for the government?s steel industry,? he said.
An MGB study showed that the consumption of the country?s steel industry is approximately 4 million tons per year and is expected to increase to 8 million to 10 million annually.
The current price of imported iron ore is US$70 per ton.
The study showed that steel imports today, mostly in the form of semi-finished steels, represent the second highest importation, next only to oil and petroleum products.
Paje said the MGB is tasked not only to evaluate the quantity of local iron ore reserve but also to determine if the grade of the iron deposits is sufficient for the production of steel in an integrated iron and steel facility.
05.32
Central Iron Ore Closing Tranche 1 of Capital Rising
Written By mine on Rabu, 27 Oktober 2010 | 05.32
Central Iron Ore Ltd is pleased to announce that it has closed Tranche 1 of its previously announced Capital Raising of $1.76 million for gross proceeds of $262,500. Pursuant to agreements entered into between the Company and each of Brooklyn Bay Pty Ltd. ("Brooklyn") and Golden Sword Investments Pty Ltd. ("GSI"), the Company issued 5 million shares at 5.25 cents per share equally to Brooklyn and GSI each with an attached warrant exercisable at 10 cents up to 36 months from the issue.
The Company is also pleased to announce the appointment of Brett James Hodgins and Richard Homsany to the Board of Directors, nominees of GSI and Brooklyn, respectively. The appointment of Mr. Hodgins and Mr. Homsany to the Board is subject to re-election at the Annual General Meeting and TSX.V approval.
Proceeds from the issuance of the securities from Tranche 1 will be used for repayment of liabilities, for general and administrative expenses and to provide the Company with a working capital reserve. The securities issued in Tranche 1 are subject to a four month hold period expiring on February 27, 2011.
Tranche 2 of the capital raising for gross proceeds of $1.5 million to the Company will consist of 25 million shares at 6 cents per share as follows:
1. Brooklyn ? 22.5 million shares
2. GSI ? 2.5 million shares
Each share to be issued under Tranche 2 has an attached one-fifth of one warrant, each whole warrant exercisable at 10 cents up to 36 months from the issue date. Tranche 2 is subject to Brooklyn and GSI conducting satisfactory due diligence by October 29, 2010 and the Company obtaining TSX.V and shareholder approval.
The Company is also pleased to announce the appointment of Brett James Hodgins and Richard Homsany to the Board of Directors, nominees of GSI and Brooklyn, respectively. The appointment of Mr. Hodgins and Mr. Homsany to the Board is subject to re-election at the Annual General Meeting and TSX.V approval.
Proceeds from the issuance of the securities from Tranche 1 will be used for repayment of liabilities, for general and administrative expenses and to provide the Company with a working capital reserve. The securities issued in Tranche 1 are subject to a four month hold period expiring on February 27, 2011.
Tranche 2 of the capital raising for gross proceeds of $1.5 million to the Company will consist of 25 million shares at 6 cents per share as follows:
1. Brooklyn ? 22.5 million shares
2. GSI ? 2.5 million shares
Each share to be issued under Tranche 2 has an attached one-fifth of one warrant, each whole warrant exercisable at 10 cents up to 36 months from the issue date. Tranche 2 is subject to Brooklyn and GSI conducting satisfactory due diligence by October 29, 2010 and the Company obtaining TSX.V and shareholder approval.
