Eurobench.com

voda 13 april 2017 17:23

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ArcelorMittal invests CZK 80m into spring steel production

CIA News reported that ArcelorMittal Ostrava plans to invest into the reconstruction of the bed for managed cooling of spring iron in its medium rolling mill. The CZK 80 million contract was awarded to subsidiary ArcelorMittal Engineering Products Ostrava.

The reconstruction will ensure better features of the spring steel used in automotive industry and cargo transport.

The Ostrava-based smelting plant developed the product with high added value in 2016. The production launch required an investment over CZK 210 million.

Source : cianews.cz

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voda 17 april 2017 15:55

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Two main tasks of Chinese steel industry revealed

Chinadaily reported that Chinese experts have revealed the steel industry's biggest tasks for the year, so far, have been deleveraging and cutting overcapacity in the sector. Mr Liu Zhenjiang director of the China Iron and Steel Industry Association said that the steel industry, in addition to further slashing excessive capacity, should promote an industrial restructure through these types of actions.

Mr Li Xinchuang director of the China Metallurgical Industry Planning and Research Institute, agreed and added steel producers should optimize operations, as well as seek green, clean, low-carbon productions. Mr Li said a modern steel producer should aim to produce high-quality products, enhance energy conservation, and improve air-quality.

Representatives of the National Development and Reform Commission said China aimed to reduce the nation's steel capacity by50 million tonnes this year, and added it would continue to drive the sector into 2018.The target was built on the progress China made in 2016, cutting 65 million tonnes of steel exceeded the previous goal.

According to the National Bureau of Statistics, China's annual steel output stood at 1.1 billion metric tonnes, before the nationwide campaign, with an apparent consumption of 800 million tonnes a year.

Mr Zhang Yingying chief editor of the Iron and Steel Department at Beijing-based JLC Network Technology Co Ltd said that "The new round of overcapacity cuts will cause supplies to run slightly low in several provinces, such as Hebei, Shandong, and Jiangsu - major steel production bases. Prices might decline correspondingly in a small range within a short period.”

Source : China Daily

voda 17 april 2017 15:56

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Vietnam PM halts Hoa Sen Group;s mega steel plant on environmental concern

Reuters reprted that Vietnam's prime minister Mr Nguyen Xuan Phuc has halted work at USD 10.6 billion steel plant on concern over its environmental impact, in an effort to prevent another Formosa incident. State run Vietnam television VTV's website said that “Prime Minister Nguyen Xuan Phuc requested related parties to clarify market demand and environmental impact.”

Steel maker Hoa Sen Group, the plant's investor, was not immediately available for comments. The company announced plans last year for the project, a complex of more than 4,200 acres that could produce 16 million tonnes of steel a year.

A year ago, a steel plant run by Taiwan's Formosa Plastics Corp was the site of one of Vietnam's worst-ever environmental disasters. An accidental toxic-waste spill polluted more than 200 km of coastline and killed more than 100 tonnes of fish. The Communist Party has stepped up scrutiny of investments since that incident.

In February, the government said it would not grant licenses to any projects with a high pollution risk. Deputy Prime Minister Trinh Dinh Dung asked the environment ministry to revise rules and to intensify inspection and supervision of projects at the investment and construction stage.

Source : Reuters

voda 17 april 2017 15:56

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Deutsche Bank and CLSA see good days for Indian steel sector

Economic Times reported that leading brokerages CLSA and Deutsche Bank see good days for steel sector going ahead owing to a combination of factors such as improvement in asset utilisation, regulatory support against imports and improving cash flows.

Deutsche Bank expects return on equity of the steel sector to improve by 600 basis points between FY17 and FY19, and it has raised target prices on Tata Steel, JSW Steel, Steel Authority of India and Jindal Steel by 5 to 28%. Deutsche said that "Utilisation rates for Indian steel rose 430 bps to 78% in FY17 the sharpest YoY (year on year) improvement in the past decade. We expect this momentum to continue in FY18 with utilisation rates rising by 433 bps YoY to a seven-year high of 82.4%.”

According to Deutsche Bank, weak demand remains the only missing factor in the recovery story for the steel sector. With demand being weak due to stretched balance sheets and over-capacity in many industries, domestic demand recovery will need to be led by government capital expenditure followed by private capital expenditure.

Hong Kong headquartered CLSA also sees overall improvement on the capital expenditure front in the metals space in FY19 and expects aggregate annual sector capex to rise to USD 8 billion by FY20 from about USD 4.7 billion in FY18.

CLSA said that companies are regaining confidence to invest again with focus on projects that can give high return on capital employed. The brokerage added that while non-ferrous companies such as Hindalco, Vedanta and Nalco have firmed up growth plans, steel firms' capex should also start soon.

It added that "India will need to start construction of 5 to 6 million tonne of steel capacity each year starting FY18. With their relatively better balance sheets. Tata and JSW are likely to be the main companies driving this investment."

Source : Economic Times

voda 17 april 2017 15:57

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SAIL extends opening of RFP for managing divestment of ASP, SSP & VISL

PTI reported that Steel Authority of India Limited’s effort to engage a transaction advisor for managing the divestment process of its three units suffered a jolt as no company showed interest in the Request for Proposal invited by the PSU. SAIL had in February invited proposal for engagement of the transaction officer for strategic divestment of three units of the PSU. The last date for the submission of bids was April 3. But no company evinced interest in RFP.

An official privy to the development said “The due date for opening the bid was April 3 but due to poor response it was decided to extend the date of the RFP to April 17.”

SAIL has proposed to engage the transaction advisor from a reputed professional consulting firm, investment bankers, merchant bankers, financial institutions, banks, etc for providing advisory services and managing the disinvestment process. The advisor will also undertake tasks related to all aspects of the strategic disinvestment culminating into successful completion of the transaction. The advisor will also advice SAIL on the modalities and the timing of the strategic disinvestment, and prepare and submit a detailed operational scheme to successfully implement the stake sale process, including tentative timelines for each activity. It will also finalise the process of strategic disinvestment, among others.

The government had in-principle decided for strategic disinvestment of Alloy Steels Plant, Durgapur (ASP), Salem Steel Plant, Salem (SSP) and Visvesvaraya Iron and Steel Plant, Bhadrawati(VISP) of Steel Authority of India with transfer of management control.

Source : PTI

voda 17 april 2017 15:57

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Mexico again extends provisional tariff on steel imports from Korea

Mexico has extended its provisional tariff on steel product imports from South Korea by six more months, the third such extension. The Korea Trade-Investment Promotion Agency said the tariff, which was due to expire at the end of this month, will be in place for another six months. Mexico first imposed the 15 percent tariff in October 2015 on 97 steel products from South Korea, China and other countries. The provisional action was extended in April and October last year.

Local industry estimates show that Mexico's imports of steel products from South Korea dropped 15.8 percent after the tariff measure, from $1.08 billion to $917 million.

KOTRA officials said that Mexico's steel production fell to 18.2 million tons in 2015 but rose back to 18.8 million tons last year, according to KOTRA. Steel industry officials in Mexico are demanding that the provisional tariff be continued in order to protect the local industry from Chinese imports, and the Mexican government has also indicated that the tariff extension is inevitable.

One Official said that "Given the series of actions, Mexico's resolve to protect its domestic industry appears to be growing stronger. There may be additional measures, such as an anti-dumping probe, countervailing taxes, safeguards or other tariff increases."

Source : Yonhap

voda 17 april 2017 15:58

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Chicago agency finds high chemical level in lake near a wastewater spill at a US Steel

Associated Press reported that Chicago's Department of Water Management said that its sampling of Lake Michigan water near a wastewater spill at a US Steel plant in Indiana has found a higher than expected level of a potentially carcinogenic chemical. The agency said that it found 2 parts per billion of hexavalent chromium in the lake about a mile north of the spill in Portage, Indiana, about 30 miles east of Chicago. It says that's a level higher than would be expected in raw lake water.

The Environmental Protection Agency has a drinking water standard of 100 parts per billion for all forms of chromium.

The EPA says it expects to receive results of its own water sampling Friday but that preliminary data suggests the chemical is not present near drinking water intakes.

Federal officials are awaiting more test results to determine whether a potentially carcinogenic chemical entered Lake Michigan during a wastewater spill at a US Steel plant in northern Indiana.

US Environmental Protection Agency spokeswoman Rachel Bassler said that esting Tuesday and Wednesday found no hexavalent chromium in the lake near the spill site in Portage, Indiana, about 30 miles east of Chicago. She said that preliminary results are expected Thursday on about 100 additional water samples.

Source : Associated Press

voda 17 april 2017 15:59

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EVRAZ ZSMK starts installation of a new heavy-duty converter

In the second oxygen-converter shop of the West Siberian Metallurgical Combine a new 320-tonne heavy-duty converter was installed. This was reported by the press service of the regional center of corporate relations "Siberia" holding EVRAZ. The company allocated more than RUB 1.2 billion for the project.

Converter No. 5 worked for EVRAZ ZSMK for about 12 years and fully used its resource. The project will replace not only the converter, but also the recovery boiler, gas cleaning complex and the entire infrastructure of the unit.

EVRAZ said that "The design features of the new heat recovery boiler will allow to reduce the formation of slag-metal nastyls on the heating surface and stabilize the steam generation, which will prolong the overhaul period of the equipment. In addition, the new boiler is designed for more intensive purging, thereby reducing the melting cycle and, consequently, the productivity of the unit will increase. The advanced system of filing and accounting of ferroalloys will reduce their consumption and improve the chemical composition of the steel.”

The replacement of the unit also has a positive ecological aspect: the design changes of gas cleaning devices will reduce emissions of harmful substances from the converter to the atmosphere by 30%.

Steelmaking plant EVRAZ ZSMK includes five converters and produces about 6 million tons of steel of various grades per year. Average durability of converters reaches 5,5 thousand smelting for inter-repair period.

Source : URBC.ru

voda 17 april 2017 16:00

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Ukraine May steel output seen at 1.8 million tonnes

Local news agency Uaprom citing the Metallurgprom steel producers union as saying that Ukraine is projected to increase steel output to 1.8 million tonnes in May from an expected 1.7 million tonnes in April.

Ukraine's steel production fell 7.9% year on year in the first quarter of 2017 to 5.6 million tonnes. That followed an increase in steel production in 2016 to 24.2 million tonnes. Steel output had fallen sharply in 2015 due to the conflict in eastern Ukraine, where most of the country's steel is manufactured.

Metallurgprom said steel makers could also produce 1.6 million tonnes of pig iron and 1.6 million tonnes of rolled steel in May.

Source : Reuters

voda 17 april 2017 16:00

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Implementation of high import duties on steel hits Malaysia contractors hard

Nst.com reported that Malaysia government’s imposition of import duties on steel concrete reinforcing bar, steel wire rods, and deformed bar in coils for the next three years, up to April 13, 2020 will burden contractors. Mr Foo Chek Lee president of Master Builders Association Malaysia said that “We are very disappointed with this outcome. Contractors have appealed to the government to allow for an open market where demand and supply forces determine the pricing of these imported building materials.”

He added that “The association is strongly against the imposition of these additional duties for three years until 13th April 2020.”

Mr Foo was responding to the Ministry of International Trade and Industry’s decision to impose high import duty rates at 13.42 per cent (now until April 13, 2018), 12.27 per cent (from April 14, 2018 to April 13, 2019) and 11.10 per cent (from April 14, 2019 to April 13, 2020).

MBAM, which represents more than 13,000 contractors nationwide, expressed its concern that the prices of these steel materials may escalate due to the absence of the free flow of imported steel.

This would only mean that the cost increase would be passed on to infrastructure project owners and house buyers.

Source : Nst.com

voda 17 april 2017 16:02

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Iranian steel import and iron ore export duties unchanged

Financial Tribune reported that Iran did not change its import duty for steel and export duties for iron ore, despite previous announcements, according to the latest annual import-export regulations published by the country’s customs authority. In December 2016, Deputy Minister of Industries, Mining and Trade Mr Jafar Sargheini announced that the government had approved a reduction in the import duty on flat rolled steel products

Mr Amir Hossein Kaveh, general secretary of Iran’s Syndicate of Steel Pipe and Profile Manufacturers, emphasized that the reduction in import duty is approved, but has been postponed, maybe for a few months. He said that “Perhaps it will be delayed until the presidential elections in May 2017, leaving the next government to decide about it.”

Iran Steel Producers Association and Syndicate of Steel Pipe and Profile Manufacturers, together with other market participants, have insisted on reduction of import duties for HRC and CRC amid insufficient supplies in the domestic market and high prices for imports due to unmanageable tariffs, Metal Expert reported.

High import duties contributed to a decrease in flat steel imports by 27.8% to 2.3 million tons year-on-year during the 11 months of the last Iranian year, according to ISPA data. Foreign purchases dropped to 1.5 million tons of HRC (–33.6%), 556,000 tons of CRC (–12.9%) and 307,000 tons of HDG (–18.4%).

The government has not removed the export duty on iron ore pellet either. Iranian miners were informed unofficially in December that the current 15% export duty on pellet would be removed from the Iranian new year starting March 21, enabling them to export their excess production.

Mr Keyvan Jafari Tehrani head of international affairs at the Iron Ore Producers & Exporters Association of Iran said that “There is no change in iron ore and pellet export duty till now, but it could be reviewed after the election.” He added that “Domestic demand for pellet is quite reasonable now. Nonetheless, Golgohar and Chadormalou, the largest Iranian iron ore miners, are going to start to export a portion of their iron ore pellet output but it would not be much. The export will be limited to some 100,000-150,000 tons/month and by the governmental license for each shipment.”

Source : Financial Tribune

voda 17 april 2017 16:03

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Tata Steel to enter into home segments with steel doors & windows

Hindu reported that with its retail operations gaining momentum, Tata Steel has begun lining up products which will enable it to penetrate the home-segment with branded offerings. The items include steel doors, windows and customized wardrobes. Some products have been launched on a pilot-basis.

Mr Peeyush Gupta vice president steel (marketing & sales) of Tata Steel said that “Till the late 1990s, Tata Steel used to be a B2B company. In the early 2000s, we thought of approaching the end-consumer. This endeavour saw the gradual expansion of Tata Steel’s branded product portfolio. From a 5% share in the sales turnover in 1999-2000, the proportion has grown to 45% in 2016-17.”

Branded products also mean higher margins, even as it provides a cushion against market volatility. Mr Gupta said that “It does not undergo the cycles experienced in the B2B play.”

Mr Gupta said that “A wood-finished steel door is one such ready-solution that we are offering to people who are building houses. The product is innovative with a wood like look and the sound of wood, and comes complete with latches and locks. The installation charge is included in the price, as is the steel frame. The product is fire safe.”

He added that branded as Pravesh Doors, the product is available in the eastern and northern parts of the country and will be seen in the south by July, followed by the west.

Source : Hindu

voda 17 april 2017 16:03

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Trump reversal on Chinese trade disappoints – USW

Post Gazette reported that even for President Donald J. Trump, who minced words on virtually nothing during his campaign, his rhetoric on trade was especially seething from the start. “We can’t continue to allow China to rape our country,” Mr. Trump the candidate told supporters in May 2016, lambasting the trade deficit and blaming millions of lost jobs on artificially cheap Chinese imports dumped in the United States. That’s why Mr Trump’s comment last week that he no longer thinks China is intentionally devaluing its products was, in the words of one trade analyst, a “stunning” reversal.

The move to back away from accusing China of currency manipulation also angered workers in the steel industry, which has been a leading voice in a chorus of criticism of Chinese dumping for the last two decades and who believed Mr. Trump’s tough talk. On Thursday, the United Steelworkers released a lengthy statement condemning the change in tone. The USW stated that “Time and time again, workers across this country have seen their economic interests traded away for foreign policy goals. As a candidate, Donald Trump criticized this approach, but now he seems to be following the same path.”

The USW statement went on to say workers have fallen victim to political bartering once again: “Workers are still not interested in having their jobs used to incent China to help deal with the nuclear threat of North Korea ... The president’s recent statements send a signal that he may be just another politician saying one thing to get elected and doing something else once in office.”

Some political analysts have suggested Mr Trump agreed to drop his major trade issues in exchange for Chinese cooperation on North Korea. Mr Trump had dinner with the Chinese President Xi Jinping last week.

Source : Post Gazette.com

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voda 17 april 2017 16:06

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BSGR sues billionaire George Soros over loss of Guinea iron project

Reuters reported that mining company BSG Resources filed a lawsuit in federal court in New York accusing financier George Soros of scuttling an iron ore deal in Guinea, claiming USD 10 billion in damages.

BSGR, which is controlled by Israeli billionaire businessman Beny Steinmetz, accused Soros and his controlled entities of manipulating the government of Guinea and elected officials and other misconduct to strip BSGR of mining contracts in Guinea in 2014.

Israeli authorities put Steinmetz under house arrest on Dec. 19 after accusations that he paid tens of millions of dollars to senior public officials in Guinea to advance his businesses. He was released in January without being charged.

Soros fabricated defamatory statements about BSGR's involvement in corruption, the company said in the complaint.

BSGR added that "Soros was motivated solely by malice, as there was no economic interest he had in Guinea.”

Mr Michael Vachon, a spokesman for Soros, did not respond to requests for comment, made outside of regular business hours.

Source : Reuters

voda 17 april 2017 16:09

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Slipping global iron ore prices worry NMDC investors

LiveMint reported that NMDC Ltd was slow to increase iron ore prices when global prices soared to high levels in fiscal year 2017. Now that global prices are slipping, the company’s investors will hope it will be slow to cut them as well. Between October 2016 and early-March 2017, the prices of seaborne iron ore rose by 63.3% during which NMDC’s domestic prices rose by 15.5% (for iron ore lumps) and 24.1% (fines). Domestic market conditions would be one reason for the slower increase in prices, while the government’s desire to keep the cost of steel-making down may be another.

The global iron ore market has turned bearish, says a Bloomberg report, as bankers turn nervous about its future in a scenario where China cuts back its steel output. Whether the bear case is here to stay will be known in a few months from now. On earlier occasions too, iron prices have rebounded after falling sharply for some time, due to adverse news. Iron ore in Qingdao, China, closed at $75.5/tonne on 7 April, according to Bloomberg, which is still 35% higher than its level in October.

Unless prices fall sharply, NMDC may still be able to justify in holding on to prices at current levels. Last week, it disclosed that sales for the March quarter had risen by 14.3% over a year ago but declined by 2.9% sequentially. Average prices during the quarter are up by 10.7% in the case of lumps and 16% in the case of fines, which indicates that sales and profit should post good growth rates both over a year ago and sequentially.

Rising domestic steel capacity is a good sign for NMDC, although one worrying sign is slower growth in steel consumption. A pickup in domestic consumption will help steel makers earn better margins, improve steel output and in turn benefit the company. The main risk it is facing at present is if iron ore prices crash, as that will directly affect profitability and cash flows.

Source : LiveMint

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voda 17 april 2017 16:10

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China iron ore imports totaled 95.56 million tonnes in March

According to data released by China’s National Bureau of Statistics, Chinese iron ore imports totaled 95.56 million tonnes in March, the second largest monthly total on record. Over the year, that left imports at 1.054 billion tonnes, the largest 12-month total on record. It was also 8.9% higher than the total imported in the 12 months to March 2016.

The veracious appetite for iron ore has contributed to Chinese port inventories ballooning to 131.35 million tonnes, according to data provided by Shanghai Steelhome, just shy of the all-time record peak of 132.45 million tonnes seen in late March.

It’s also been a factor, along with increased Chinese steel production and high steel prices, that has contributed to a recent sharp selloff in iron ore spot and futures markets in recent weeks, sapping demand for both steel and its raw ingredients.

Source : Business Insider

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voda 17 april 2017 16:11

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The dream is officially over for iron ore

The Age reported that Mr Nev Power, the man who runs Andrew Forrest's third force in iron ore, Fortescue, is something of an optimist. As the company's share price was in freefall on Thursday he fronted up to media and investors putting a relatively positive spin on the outlook for prices of the commodity most pivotal to the health of the Australian economy.

In previous periods Mr Power has underestimated price falls and price gains and he now thinks it will settle at about USD 60 ($79) to USD 65 per tonne.

Iron ore has a very tough act to follow in 2017. After surging last year in a rally that caught out many investors, the commodity faces a challenge as supply concerns re-emerge.

Having ridden price rises in iron ore for more than a year, the big producers like Fortescue now need to reassure investors they are match fit to cope with the wild downward gyration in price.

For the sake of the broader economy and Fortescue shareholders let's hope he is right and we don't reach the USD 45 that the previous federal treasurer, Joe Hockey, predicted less than two years ago.

The trouble is that the myriad professional analysts and forecasters that follow this market have a significantly less rosy view of where the price will bottom out more like USD 50 a tonne.

As prices have spiralled down over the past few weeks and the decline momentum has moved into full swing this week, the I-told-you-so cries have been louder than ever.

As the price of iron ore irrationally moved up to more than USD 94 in February it was these bearish experts that were red faced. Today their predictions have been, at least in part, vindicated.

It is now below USD 70 and falling a whopping 28% drop in a matter of weeks.

To be fair the big producers including BHP Billiton and Rio Tinto have not been in denial about the iron ore price bubble warning investors for more than a month that the recent prices have been something of a mirage.

Realistically the price of iron ore should never have reached February's heady levels. The stockpiles in China had grown from hillocks to mountains illustrated so deftly by a recent media report that there was enough of it sitting on the Chinese ports to build 13,000 Eiffel Towers.

It was this kind of supply-demand analysis that informed the view from analysts that the price of iron ore was unrealistic. And of course they were correct.

But fundamentals can become disconnected with daily price movements that are determined by a futures market which is highly speculative.

It is the futures market that needs to take most of the blame for exaggerated slump in prices 16 months ago more than was justified by the market fundamentals at that time.

Source : The Age

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voda 17 april 2017 16:15

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Brazil's S11D exports 2.49 million tonne of iron ore in Q1

BNAmercias reported that Brazilian mining giant Vale exported 2.49 million tonne of iron ore from its flagship USD 14.3 billion S11D Carajás mine in Pará state in January-March. The figure represents a 246% year-on-year increase from 719,885 tonne.

According to data from Brazil's trade department Secex, export revenue from shipments in the quarter was USD 151 million, compared to USD 39.3 million in January to March last year,

Vale officially cut the ribbon on the project, in Canaã dos Carajás municipality, in December. The first commercial shipment of 26,500t was made on January 17.

Of the total invested in S11D, USD 6.4 billion was spent on the mine and plant and USD 7.9 billion on a 101km railroad and an expansion of the Carajás railroad and the Ponta da Madeira port terminal in São Luís, Maranhão state.

The project was originally due to be completed in December 2014.

Vale said the project's ramp-up will happen over four years to maximize margins and optimize the mix of products.

Vale said in December that "The nominal production of 90 million tonne per yaer will be reached in 2020, adding a 75 million tonne net capacity to the northern system, which also includes the mines in the Carajás complex and Serra Leste.”

Source : BNAmericas

voda 17 april 2017 16:17

0

Quebec Iron and the Innu People enter into impact and benefits agreement for Bloom Lake Mine

Champion Iron Limited through its subsidiary Quebec Iron Ore Inc and the band council, Innu of Takuaikan Uashat mak Mani-utenam have entered into an Impact and Benefits Agreement with respect to future operations at the Bloom Lake Iron Mine („Bloom Lake”) located near Fermont, Quebec. An official signing ceremony has taken place today.

The signing of the IBA demonstrates the Innu of Takuaikan Uashat mak Mani-utenams support for the Bloom Lake project. The IBA is a life-of-mine agreement and provides for real participation in Bloom Lake for the Uashaunnuat in the form of training, jobs and contract opportunities, and ensures that the Innu of Takuaikan Uashat mak Mani-utenam will receive fair and equitable financial and socio-economic benefits. The IBA also contains provisions which recognize and support the culture, traditions and values of the Innu of Takuaikan Uashat mak Mani-utenam, including recognition of their bond with the natural environment.

Mr Chief Mike McKenzie chief of ITUM and Mr Michael O’Keeffe of Champion and QIO chairman and CEO have both stated that they are very pleased with the IBA, which formalizes a period of mutual cooperation, productive dialogue and successful negotiation. Mr. O’Keeffe added that “The successful conclusion of the IBA further strengthens Champion and QIO’s positive working relationship with the Innu of Takuaikan Uashat mak Mani-utenam and we look forward to a beneficial future for all parties as Bloom Lake enters into its next phase, having recently completed a positive Feasibility Study. The signing of the IBA is a major milestone and a significant step towards the Bloom Lake restart.”

On April 11, 2016, the Company, through its subsidiary QIO, acquired the Bloom Lake assets from affiliates of Cliffs Natural Resources Inc. that were subject to restructuring proceedings under the Companies’ Creditors Arrangement Act (Canada). Québec Iron Ore Inc. is 63.2% owned by the Company, with the remaining 36.8% equity interest owned by Ressources Québec, acting as a mandatory of the Government of Quebec.

The Bloom Lake property is located on the south end of the Labrador Trough, approximately 13 km north of Fermont, Quebec, and 10 km north of the Mount-Wright iron ore mining operation of ArcelorMittal Mines Canada. The Bloom Lake Mine is an open pit truck and shovel operation, with a concentrator. From the site, iron concentrate can be transported by rail, initially on the Bloom Lake Railway, to a ship loading port in Sept-Iles, Québec.

Source : Strategic Research Institute

Bijlage:

voda 17 april 2017 16:17

0

Tanzania iron ore and coal projects to start soon

All Africa reported that Tanzania government has revealed that mining at the Liganga iron ore and Mchuchuma coal project sites would start anytime during the Five-Year Development Plan 2016/17-2020/21 in a bid to boost industrialisation in the country.

Industry, Trade and Investment minister Charles Mwijage told Parliament that processes for the two major projects were at an advanced stage. He said investors for the projects have already been obtained and that the ministry was proceeding with relevant investment arrangements in order to have the two projects handled carefully for the benefit of the country.

Mr Mwijage was responding to a question by Mbeya Urban MP Joseph Mbilinyi (Chadema) who wanted to know when the two projects would take off.

Mr Mbilinyi argued that demand for metal in the world market was growing and thus there was a need for the government to speed up its processes to have the two projects begin.

In his main answer, the minister insisted that the government has seen the need of satisfying itself on how best it would benefit from the projects before okaying the secured investors to start extractions.

He said that "After finalizing with all necessary protocols, we will let the two projects start. I remain optimistic that these will take off within the duration of the current Five-Year Development Plan since the main focus of the fifth-phase government is to ensure establishment of key industries in the country.”

The Mchuchuma site is estimated to have over 540 million tonnes of coal deposits, which will be able to produce 600 Megawatts (MW) of electricity for over 100 years.

Source : All Africa

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