Eurobench.com

voda 2 mei 2014 19:34

0

Severstal announces financial results for Q1 2014

OAO Severstal announced its Q1 2014 financial results.

Q1 2014 vs. Q1 2013 analysis:
1. Group revenue decreased 9.5% YoY to USD 3,007 million (Q1 2013: USD 3,322 million) primarily impacted by lower realized prices and sales volumes at the Russian Steel and Resources divisions;

2. Group EBITDA increased 24.2% YoY to USD 534 million (Q1 2013: USD 430 million) driven by continued operational improvements, reductions in G&A expenses, further progress in improving sales mix and a continued focus on customer care;

3. Strong free cash flow at USD 236 million (Q1 2013: negative of USD 186 million);
4. Capex of USD 264 million1, 14.6% lower YoY (Q1 2013: USD 309 million).

Q1 2014 vs. Q4 2013 analysis;
1. Efficiency initiatives continuing to drive cost improvements:
(I). 15.0% QoQ decrease in cost of sales at Severstal Russian Steel
(II). 5.3% decrease in Group G&A expenses to USD 142 million (Q4 2013: USD 150 million);
(III). 23.5% decrease in Group distribution costs to USD 176 million (Q4 2013: USD 230 million);
(IV). Production cash cost of slab at the Cherepovets Steel Mill on a non integrated basis declined further by USD 51 per tonne to USD 326 per tonne (Q4 2013: USD 377 per tonne); on an integrated basis it declined by USD 32 per tonne to USD 247 per tonne (Q4 2013: USD 279 per tonne.
(V). Columbus posted record EBITDA per tonne in Q1 2014 of USD 113 per tonne.

2. Group revenue declined 11.1% QoQ to USD 3,007 million (Q4 2013: USD 3,384 million), primarily due to weaker average pricing, seasonally softer demand and temporary production interruptions at Severstal Russian Steel and Severstal Resources. Severstal International performed well despite abnormally severe winter weather;

3. Group EBITDA decreased 12.6% QoQ to USD 534 million (Q4 2013: USD 611 million) driven by seasonal factors;

4. Group EBITDA margin was broadly flat QoQ at 17.8% (Q4 2013: 18.1%) supported by ongoing and relentless focus on operational enhancements as well as a weaker rouble. Both Russian Steel and Resources improved their EBITDA margin QoQ to 15.2% and 34.7% respectively;

5. Free cash flow remained strong at USD 236 million (Q4 2013: USD 347 million);

6. Loss2 for the quarter of USD 100 million (Q4 2013 loss of USD 74 million), negatively impacted by FX non cash item of USD 321 million. Excluding that non cash item, Severstal would have posted a net profit of USD 221 million in Q1 2014;

7. Capex of USD 264 million3, 21% lower QoQ (Q4 2013: USD 334 million). FY2014 target CAPEX of USD 976 million might be finally lower due to weaker rouble;

8. Recommended dividend payment of RUB 2.43 per share (approximately USD 0.07) for the 3 months ended March 31st 2014.

Finnsial position highlights:
1. Deleveraging remains on track with gross debt reduced by 6.5% from the end of Q4 2013 to USD 4,444 million. This included USD 525 million exercise of the call option on the 10.25% Severstal Columbus high yield bond;

2. Q1 2014 saw important progress in the deleveraging of Severstal North America with the exercise of the call option to buy out the 10.25% Severstal Columbus high yield bond in March 2014 for a total amount of USD 525 million;

3. Net debt at the quarter end of USD 3,552 million was 4.5% lower compared to the end of Q4 2013 and was 15.1% lower compared to the end of Q1 2013;

4. Our Net Debt EBITDA ratio fell QoQ to 1.6x bringing Severstal very close to its stated target of 1.5x;

5. Solid liquidity position with USD 892 million in cash and cash equivalents, and committed unused credit lines of USD 1,336 million more than covering the short term debt of USD 709 million4.

Source – Strategic Research Institute

voda 2 mei 2014 19:35

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China's large and medium steel mills post a profit of CNY 0.53 billion in March

According to statistics from China Iron and Steel Association, China's large and medium sized steel mills turned loss into profit in March, 2014.

In March, China's large and medium sized steel mills realized sales revenue of CNY 307.975 billion up 10.78% from the previous month; pre tax profit of CNY 7.149 billion soaring 113.15% from a month earlier; profit of CNY 0.53 billion a turnaround from loss recorded in February this year.

30 steel mills suffered a deficit in March, compared to 38 in the preceding month, making the percentage of loss incurring enterprises reach 34.09% and they posted a combined loss of CNY 1.68 billion down 47.58% MoM.

In the first three months of this year, China’s large and medium sized steel mills posted a combined loss of CNY 2.329 billion turning profit into loss versus the same period last year. 40 steel mills were in the red, up from 27 in the same period of 2013, with the accumulative loss totaling CNY 7.086 billion up 32.90% from a year earlier.

The percentage of loss-incurring enterprises reached 45.45%. Sales revenue of China’s large and medium sized steel mills in the three months through March amounted to CNY 868.887 billion a decrease of 0.79% from a year earlier. Pretax profit plunged 32.46% Yoy to CNY 14.647 billion. The ratio of return on sales was -0.27% down 0.64 percentage points from the previous year.

As of the end of March, accounts receivable of China's large and medium sized steel mills hit CNY 115.328 billion decreasing CNY 4.387 billion or 3.66% MoM accounts payable amounted to CNY 433.465 billion a drop of CNY 5.652 billion or 1.29% from a month earlier. Finished products occupation of funds reached CNY 199.707 billion up CNY 2.77 billion or 1.42% from the previous month.

Source - www.steelhome.cn/en
China steel information centre and industry database

voda 2 mei 2014 19:36

0

ArcelorMittal and Bekaert swap stakes in Latin America wire ventures

Reuters reported that ArcelorMittal SA and Bekaert Group agreed to swap their stakes in their Brazil, Costa Rica and Ecuador ventures, part of a broader plan to extend a four decade partnership in fast-growing markets.

Mr Augusto Espeschit president of Belgo Bekaert Arames said that “Under terms of the plan, ArcelorMittal will transfer its 55% stake in a rope producing venture to Bekaert, allowing the latter to control all of Bekaert Cimaf Cabos Ltda in exchange for steady supply of wire.”

In addition, ArcelorMittal will have a minority shareholding in Bekaert-controlled wire producer Ideal Alambrec in Ecuador, taking advantage of rapid expansion in the country's civil construction sector.

In Costa Rica, both companies agreed to split their share in a steel wire plant, with Bekaert taking a 73% stake and agreeing to leave the steelmaking business all under ArcelorMittal's control. The companies are currently building a steel fiber manufacturing plant in the Orotina industrial site at a cost of USD 20 million over two years.

Mr Espeschit said that this move will improve our competitiveness and help us add more value to our products. BBA output of steel wire and related products is targeted at about 750,000 tonnes in Brazil this year, although production might end the year closer to 700,000 tonnes.

Source – Reuters

voda 2 mei 2014 19:37

0

Metalloinvest announces operational results for the first quarter of 2014

Metalloinvest announced its operational results for the Q1 of 2014.

Management comments'
1. Iron ore production1 amounted to 9.5 million tonnes in Q1 2014, a decrease of 0.9% QoQ2
2. In Q1 2014, pellet production increased by 0.8% QoQ to 5.8 million tonnes
3. The Company increased HBI/DRI production by 3.3% QoQ to 1.4 million tonnes in Q1 2014
4. In Q1 2014, shipments of iron ore products to the domestic market amounted to 3.8 million tonnes, a decrease of 9.6% QoQ which was mostly driven by the Company’s sales policy. Russia and the CIS contributed 58% of the Company’s consolidated shipments of iron ore products;
5. In Q1 2014, the Company reoriented some shipments from Europe to MENA. As a result, Europe contributed 1.4 million tonnes or 21% of the Company’s consolidated shipments of iron ore products, and MENA contributed 0.3 million tonnes or 4%;
6. Due to improved market conditions in China in Q1 2014, especially for pellets, the Company increased shipments by more than 100% QoQ to 0.5 million tonnes, representing 8% of the Company’s consolidated shipments of iron ore products.

Mining Segment
1. In Q1 2014, iron ore concentrate production at LGOK amounted to 5.0 million tonnes, a decrease of 2.1% QoQ which was mostly due to the seasonal factor3;
2. MGOK increased iron ore concentrate production by 1.2% QoQ to 4.2 million tonnes in Q1 2014, mainly due to a planned decrease in maintenance time for the crushing and processing plant and enhanced quality of ore;
3. LGOK increased pellet production by 2.2% QoQ to 2.3 million tonnes in Q1 2014, mainly as a result of completed major maintenance works at Pellet Plant 1 in Q4 2013;
4. In Q1 2014, pellet production at MGOK amounted to 2.5 million tonnes, a decline of 3.4% QoQ mainly due to the seasonal factor and a scheduled increase in maintenance works;
5. LGOK increased HBI production by 11.1% QoQ to 0.7 million tonnes in Q1 2014, due to completed major maintenance works at the HBI-2 Plant in Q4 2013.

Steel Segment;
1. In Q1 2014, OEMK increased pellet production by 9.3% QoQ to 1.0 million tonnes, mostly due to completed major maintenance works at the Pellet Plant in Q4 2013;
2. In Q1 2014, DRI production at OEMK amounted to 0.7 million tonnes, a decrease of 2.9% QoQ mostly due to the seasonal factor;
3. Crude steel production at OEMK amounted to 0.8 million tonnes in Q1 2014, a decrease of 2.1% QoQ mostly due to the seasonal factor;
4. Ural Steel increased crude steel production by 13.2% QoQ to 0.4 million tonnes in Q1 2014, mainly as a result of completed major maintenance works to the continuous casting machine in Q4 2013, and an increase in effective orders from third parties;
5. In Q1 2014, hot metal production at Ural Steel amounted to 0.5 million tonnes, a decline of 8.1% QoQ mainly due to the seasonal factor and maintenance works in the blast furnace shop.

Source – Strategic Research Institute

voda 2 mei 2014 19:39

0

TATA Steel Scunthorpe could benefit from HS2 rail go ahead

Hopes that TATA Steel could win a big order for the controversial new HS2 railway line remain on track after efforts to derail the scheme in Parliament suffered a heavy defeat.

The project is valued at GBP 50 billion and TATA Steel Scunthorpe is a major producer of rails. There have been objections to the scheme mainly about the cost and the affect on the countryside.

The next stage in the process will be for a committee of MPs to consider petitions about the plan. If the scheme wins final approval, building the London to West Midlands stage could begin in three years.

Source – Scunthorpetelegraph.co.uk

voda 2 mei 2014 19:40

0

US Steel taking threats in automotive market seriously - CEO

It's a battle that has been raging for years in the auto industry, steel vs aluminum but Mr Mario Longhi CEO of United States Steel Corporation said that the company is not standing by as other materials make a more aggressive push in the market.

Mr Longhi said that US Steel takes these threats very seriously and is working directly with carmakers on steel solutions to comply with federal fuel economy standards. Although he didn't name names, aluminum has been gaining traction and attention recently in automotive body content following the launch of Ford's new aluminum bodied F-150 at the North American International Auto Show in January.

He said that using US Steel's third generation advanced high strength steel, the company has designed a steel body for a mid sized sedan that will fully enable the light-weighting necessary to meet fuel economy requirements.

Mr Longhi said that "We believe this is the best long term solution. And US Steel has an important piece the continuous annealing line at its Pro Tec JV in Ohio. What we have been able to accomplish within the last 12 months has been extraordinary."

He said that "We're making grades of steel that were conceptual in nature two years ago. The new grades of advanced steel are safer, less expensive and more familiar to both end users and repair facilities. We see the challenges as real, but believe that we will and have created the solution."

Source – Bizjournals.com

voda 2 mei 2014 19:41

0

Funding deal for AUD 7 billion Australian iron ore port collapses - Padbury

Reuters reported that Australian mining firm Padbury Mining's AUD 6.5 billion deal to fund a new iron ore port and rail development on the resource rich western coast has fallen through.

Earlier this month, Padbury stunned market watchers by announcing it had lined up the mega funding from unnamed Australian equity investors, prompting a spike in its share price and a swift response from regulators which halted trading in the stock until it provided more information.

After repeated delays in providing details, Padbury said that the funding agreement with little known Alliance Super Holdings Pty Ltd and Superkite Pty Ltd had been scrapped, without giving a reason. Alliance Super and Superkite are controlled by Roland Bleyer, a financier and former hair clinic operator.

Padbury will continue to actively explore all available opportunities to exploit its existing intellectual property with respect to the Oakajee Project.

Construction of the port in the Indian Ocean coastal stretch of Oakajee in Western Australia state has long been seen as the trigger to unearthing billions of tonnes of iron ore stranded by a lack of transport and export routes. But plans for a port have repeatedly been in the works, each time failing to get off the ground owing to the massive investment needs.

Source – Reuters

voda 2 mei 2014 19:42

0

Vale says iron ore mining costs to fall with new mine

Reuters reported that Brazilian miner Vale expects its iron ore mining costs to fall from USD 22 per tonne after the S11D, or Serra Azul, mine expansion in the Amazon opens.

Mr Murilo Ferreira CEO of Vale said that the company's profit fell by nearly a fifth from a year ago as iron ore prices fell, and executives on the call said Vale had overestimated expected ore prices for the quarter.

Source – reuters

voda 2 mei 2014 19:44

0

Norsk Hydro Q1 sees higher demand from car industry

Reuters reported that aluminium producer Norsk Hydro will invest EUR 130 million in a new production line building body sheets for the car industry in Germany, citing higher demand, and reported better than expected profits in the Q1.

The firm, which will also invest EUR 45 million in a new aluminium recycling plant in Germany to supply more aluminium, sees increased demand for the light metal in the automotive sector, echoing comments from sector leader Alcoa.

The company said that compared to the fourth quarter of 2013, demand for automotive products increased due to higher production of premium cars and seasonalit. This is good news for a sector that has struggled for years.

Aluminium prices have almost halved from peak levels in 2008 on overproduction, high stocks and weak demand, hurting producers and forcing firms to slash smelting capacity.

Svein Richard Brandtzaeg president & CEO of Hydro said that "We see signs of improvement for the aluminium industry as aluminium demand outside China continues to exceed production,"

Source – Reuters

voda 2 mei 2014 19:45

0

Brazil's steel exports slide by 19.1pct in Q1

According to data released by Brazil Steel Institute, the country’s steel exports reached 2 million tonnes in the first quarter of this year, falling by 19.1% YoY.

Meanwhile, the country’s export revenues generated by steel totaled USD 1.5 billion in the Q1 down by 6.9% YoY. In the given period of time, the country’s steel imports totaled 877,000 tonnes rising by 3.9% YoY.

Besides, Brazil’s crude steel output reached 8.3 million tonnes in the Q1 of this year, rising by 1.5% YoY.

Source - www.yieh.com

GVteD 2 mei 2014 22:04

0

ArcelorMittal SA (ADR) (NYSE:MT) Undergoes Reorganization

Dallas, Texas 05/02/2014 (FINANCIALSTRENDS) – 78% of the European logistics arm to be sold

H.E.S. Beheer N.V. (AMS:HES) has acquired a 78% stake in ATIC Services SA. This is the division which handles ports and logistics in Europe for ArcelorMittal SA (ADR) (NYSE:MT).

HES previously held a 22% stake in the company. Once the sale is completed by June 2014, it will become a 100% stakeholder. However, the financial details of the transaction have not been disclosed till date.

The details of the sale were revealed on Investor day held in the month of March by MT. The company projected an increase of nearly 4% in its share in the worldwide steel market. It also reiterated the main drivers and enablers like portfolio management, retaining and hiring the best talent, a de-centralized method of functioning as well as a strong balance sheet. MT also expected its earnings to be in the range of $150 per ton.

More streamlining to be undertaken.

The company has announced that it will further streamline both the steel based divisions and its management. This will be done based on geographical regions. All external reporting for MT will be as per the following structure- NAFTA, Mining, Brazil, ACIS and Europe.

The company also shared that it was revising the second phase of its Liberian operations. This will lead to close to 15 million tons of high quality raw material being sourced at much lower cost for the next decade. The capital expenditure is supposed to be $1.7 billion for this phase.

In the ongoing re-organization, the mining segment will not be impacted. It also announced that it was publishing the consensus figures of 1Q, 2014. These figures are based on the figures published by a company not affiliated in any way with MT. The data for the consensus numbers as well as the forecasts of the analysts will be published together.

voda 3 mei 2014 17:04

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Mexico seizes ship carrying 68000 tonnes illegal iron

Mexican authorities have seized a ship belonging to a drugs cartel which was carrying 68,000 tonnes of illegal iron ore.

The authorities were tipped off by an anonymous phone call after the ship left the port of Lazaro Cardenas. The town’s mayor was arrested on Tuesday over suspected links to drug traffickers.

Mexico has seized more than 200,000 tonnes of illegal iron ore in recent months, most of it on its way to China. The ship, Jian Hua was detained near the Pacific port of Manzanillo.

The company operating the ship now have 30 days to prove to authorities that the iron ore was extracted legally from Mexico.

Lazaro Cardenas is one of the main port cities on the Pacific coast and a drug-trafficking hotspot. The city’s mayor, Mr Arquimedes Oseguera, is accused of having ties to the Knights Templar drugs cartel which he denies.

The city’s treasurer was also arrested on suspicion of having links to the group. As well as smuggling iron ore, the Knights Templar are also one of the main suppliers of methamphetamines to the United States.

Source – Punchng.com

voda 3 mei 2014 17:06

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Vale update on iron ore production highlights in Q1

Vale SA reached 71.1 Mt of iron ore production, the best performance for a Q1 since Q1 2008, with gains in the Northern, Southeastern and Southern Systems compared to Q1 2013, helped by better weather conditions in Q1 2014 and the ramp ups of the Plant 2 (Additional 40 million tonne per year) and the Conceiçao Itabiritos projects. In particular, Carajás production increased by 8.1%. Output decreased compared to Q4 2013 due to scheduled maintenance stoppages that normally occur in the H1 of the year.

In the beginning of the year, we obtained authorization from the Brazilian Institute for the Environment and Renewable Natural Resources for mining in the N4E mine areas. This authorization will support the accomplishment of the 2014 production plan of 120 Mt in Carajás, 312 Mt production in the year (321 Mt with purchases of third party ore).

Pellets production was 9.9 Mt in Q1 2014, 8.6% higher than in Q1 2013 basically due to better weather conditions. Production of nickel reached 67,500 t in Q1 2014, also a new record for Q1. Negative impacts from a longer and colder winter in our Canadian operations were offset by increased production from Onça Puma and Vale New Caledonia.

VNC resumed its operations on January 1st 2014, following repairs to the effluent placement and dispersion line. Total nickel production in the form of nickel oxide and nickel hydroxide cake was 5,600 tonnes (3,300 of NHC and 2,300 of NiO) in 1Q14, matching its best quarter to date including 2,688 tonnes produced in March which was a record month for the operation.

Salobo I continued its ramp up, producing 21,100 tonnes of copper in concentrates in Q1 2014, reaching 84.4% of its nominal capacity. Coal production in Q1 2014 reached 1.8 Mt, the best Q1 ever due to Moatizes’s ramp up but 21.0% lower than in Q4 2013 mostly due to the weak performance of Carborough Downs.

Moatize produced 1.009 Mt in Q1 2014, a new record for Q1 of which 0.595 Mt of metallurgical coal and 0.414 Mt of thermal coal. Metallurgical and thermal coal output increased by 48.4% and 49.2%, respectively, when compared to 4Q13.

In Q1 2014 fertilizer output fell when compared to Q4 2013, reflecting maintenance stoppages, which are concentrated in the H1 of the year. The ramp up of Bayóvar was interrupted to modify the source of energy for two dryers with the objective of reducing operating costs.

Source – Strategic Research Institute

voda 3 mei 2014 17:08

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Brazil Vale sees iron ore prices recovering in coming months - CEO

PTI reported that Vedanta group firm Sesa Sterlite said that it has dropped the plan to lay off 1,017 employees who were issued notices in January in its iron ore business following the Goa government’s move to come up with a “transparent” mining policy.

The employees, over 1/4 of the work force at the iron ore business, were issued lay off notices on January 1st, under Section 5B of the Industrial Disputes Act. They belonged to various mining division units in Goa.

The company said in a statement that “Welcoming an initiative of the State Government to formulate a transparent mining policy, the biggest mining company of India, Sesa Iron Ore, Sesa Sterlite Limited, has decided not to pursue the layoff matter of 1,017 employees who were issued layoff notices in January 2014.”

It added that “The company has decided not to pursue the layoff matter till the time of the announcement of such policy.”

Clarifying that layoffs are not retrenchment, it said that all workers continue to be on the rolls of the company.

It added that after the notices were issued in January, all employees were getting full salary until they are laid off after expiry of aforesaid period or receipt of necessary permissions and thereafter 50% salary will be paid.

The layoff notices were given following the closure of the iron ore business of Sesa Sterlite due to a Supreme Court imposed ban on mining in the state.

Source - PTI

voda 4 mei 2014 15:37

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4000 TATA Steel workers seeking realistic pay rise

TATA Steel chiefs are due to give their response later this month to demands for a realistic pay claim for the 4,000 employees at the Scunthorpe works.

Negotiators from the four trade unions Community, Unite, GMB and SIMA met company representatives in Warwickshire last Thursday to open the 2014 pay talks. A second meeting between the two sides has been provisionally scheduled for May 16th 2014 at TATA Steel's Ashorne Hill centre.

Mr Steve McCool the national officer at the Scunthorpe industry's lead union Community said that "The details of these on going negotiations are a matter for our representatives and those they represent. But rest assured we are pursuing a realistic claim which furthers the interests of our members. Further discussions between union and management representatives are provisionally scheduled to take place on May 16th 2014."

A TATA Steel spokesman said that "Annual pay review talks are underway. It would be inappropriate to comment on progress before the conclusion of an agreement. It is understood the unions are seeking a rise of around 3.75% back dated from April 1, in line with last year's settlement.”

Source – Scunthorpetelegraph.co.uk

voda 4 mei 2014 15:38

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Improved efficiency at TATA Steel Scunthorpe plate mill wins award

Work to maximize efficiencies in Scunthorpe's plate mill earned Joe Longstaff the honour of winning Lincolnshire Iron And Steel Institute's Young Members' Lecture Competition.

The 21 year old's presentation, Understanding And Improving Geometric Yield On Steel Plate, wowed judges including last year's winner, Mr Jodie McDaniel as well as LISI president Mr Jon Bolton and Mr John Wilkinson, IPR manager at TATA Steel Long Products.

Mr Joe, who has been connected with LISI for a number of years as a recipient of one of the LISI bursary schemes while at university said that "It is a good reward for the hard work that has been put into the project. It is a good opportunity to showcase the work that had been done."

He said that "I got an e-mail through and thought it would be a good thing to do to showcase the work we have been doing in the plate mill. The plate mill manager also put it through to take part as the work we have been doing is particularly relevant. It concentrated on tightening the tolerances the mill works to, staying within the capacity, to improve yield.”

He spent three summers on the Scunthorpe works before securing a permanent role in December, having completed his studies in mathematics at Durham, sponsored by both TATA and LISI.

Source – Scunthorpetelegraph.co.uk

voda 4 mei 2014 15:44

0

Chinese shipbuilding industry to indicate healthy demand for steel in 2014

According to media report that China could demonstrate healthy demand for steel in the its domestic ship buidling industry as the industry experts expects a demand of 13 million tonnes of steel will be seen in 2014, a surge of 18.2% YoY.

For the month of January to February period, the accumulated output for export orders in China's shipping industry amounted to 3.65 million DWT down 25.8% YoY.

Nevertheless, ship export orders for China's shipbuilding industry added up to 128.99 million DWT up 41.9% YoY and China's new ship export orders in the given period amounted to 15.87 million DWT up 307% YoY. In the January to February period this year, China's new ship orders amounted to 18.08 million DWT up 259% YoY.

Source - The TEX Report

voda 4 mei 2014 15:44

0

Iron ore shipments from Port Hedland to China at record level in April

Bloomberg reported that iron ore exports to China from Australia’s Port Hedland surged to a record in April as stockpiles in the biggest buyer reached an all time high.

Shipments from the world’s largest bulk export terminal totalled 28.9 million tonnes last month compared with 27 million tonnes in March and 19.3 million tonnes a year earlier. Total exports were also a record 34.8 million tonnes last month, up from 34.4 million tonnes in March and 26 million tonnes in April 2013.

According to Beijing Antaike Information Development Company, stockpiles at ports in China rose 1.3% to a record 105.19 million tonnes in the week ended April 25 and have climbed 29% this year. Iron ore entered a bear market in March and has lost 21% this year on prospects for increased global supply. While the global seaborne surplus will climb to 79 million tonnes this year from 1 million tonnes in 2013, lower prices may spur imports.

Australia & New Zealand Banking Group Limited said that iron ore may rebound in coming months on stronger seasonal demand and additional Chinese stimulus.

According to The Steel Index Limited, ore with 62% iron content delivered to the port of Tianjin dropped 2.7% to AUD 105.40 a dry tonne on April 30, the lowest since March 11.

Source – Bloomberg

voda 4 mei 2014 15:45

1

Ms Gina Rinehart's Roy Hill project in WA mines first iron ore

Gina Rinehart's Roy Hill project in the Pilbara region of Western Australia has mined its first iron ore.

Mr Barry Fitzgerald CEO of Roy Hill said that the first high grade ore was produced on Wednesday. We have commenced mining of high-grade material and we are very proud of that.

Roy Hill is Australia's biggest mining construction project and employs more than 3,000 workers. When completed it is hoped it will produce 55 million tonnes of iron ore a year.

Mr Fitzgerald said that Roy Hill was spending AUD 10 million per day to build the mine and associated rail and port development. The first tracks for the railway line would be laid from the middle of next month.

In March the company signed a multi billion dollar finance deal to build the AUD 10 billion project. It took Roy Hill more than two years to arrange finance for the project with 19 commercial lenders and five credit export agencies.

Mr Fitzgerald said that predictions that no more large resources projects would be built in Australia were premature. However integrated mining projects may face problems getting approved.

He said that "I think there will be significant difficulties in having projects as independent as ours and the size of ours. However, I don't think greenfields projects per se will stop."

Source – ABC.net

[verwijderd] 4 mei 2014 15:58

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