ArcelorMittal LU1598757687

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1. voda 22 mei 2017 16:48

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   Serb Republic parliament votes against mine sale to Israeli Investment Group
   
   SeeNews reported that parliament of Bosnia's Serb Republic voted on Wednesday not to sell a state-held stake in mining company RZR Ljubija to Israeli Investment Group, after a major sector player, ArcelorMittal, said it would seek international arbitration if the sale goes ahead.
   
   A total of 39 out of the 80 MPs present in the Serb Republic's National Assembly voted in favour of the sale of the iron ore mine, 34 voted against, while seven abstained their vote, a live stream of the parliament session on broadcaster RTRS showed late on Wednesday.
   
   In April, the Serb Republic announced it has accepted an offer from the Israeli Group for the purchase of a 64.9% stake in RZR Ljubija for 92 million marka ($49.9 million/47 million euro). The other bidder in the race was ArcelorMittal Prijedor - a joint venture of ArcelorMittal and RZR Ljubija - which had offered 63.6 million marka for the stake, according to reports in local media.
   
   ArcelorMittal owns a steel plant in Zenica, in the central Bosnia, where it processes iron ore from the Prijedor mine.
   
   Earlier this week, Lakshmi Mittal, CEO of steel maker ArcelorMittal, warned state leaders of Bosnia he will seek international arbitration if the Serb Republic sells its stake in RZR Ljubija to the Israelis. According to ArcelorMittal, if the mine is sold to the Israeli investor, all of its employees in Bosnia will be faced with negative consequences as iron ore supplies may become too costly.
   
   ArcellorMittal, which directly employs 2,400, with more than 10,000 indirectly dependent on the company for employment through more than 300 local supplier companies, is one of the biggest companies operating in Bosnia.
   
   The Serb Republic is one of two autonomous entities forming Bosnia. The other one is the Federation of Bosnia and Herzegovina.
   
   Source : Seenews.com
2. voda 22 mei 2017 16:49

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   Sonshi mines may face GSPCB action over high air pollution
   
   DNA India reported that it may be the end of the road for 12 iron-ore mines in Sonshi village of North Goa, if they fail to furnish a bank guarantee here tomorrow before the Goa State Pollution Control Board which has deferred renewal of their leases for this mining season over rising air pollution.
   
   Mining operations in Sonshi have been suspended since April 28 after these mine lease holders were found to be involved in violation of environmental norms.
   
   Also, the GSPCB has kept on hold the renewal of leases of these mines under the Air and Water Pollution (control) Act, following protests by locals complaining about severe air pollution in the village.
   
   The Board, in its last meeting, had asked the mining firms to furnish a bank guarantee which would be forfeited if they indulge in polluting the air during their operations.
   
   The next meeting is scheduled tomorrow.
   
   A senior GSPCB official told DNA India that "If the mining firms fail to furnish the bank guarantee in the meeting scheduled tomorrow, they will not be allowed to operate (this season).”
   
   Source : DNA India
3. voda 22 mei 2017 16:50

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   Andrew Forrest uses native title laws to keep prospectors off his farms
   
   SMH reported that mining magnate Andrew Forrest has used laws designed to protect indigenous land rights to stop prospectors searching for minerals on his West Australian cattle farms, angering both traditional Aboriginal landowners and mining community members.
   
   While tensions between the competing interests of indigenous landholders, pastoral leaseholders and miners on government-controlled land are common, Forrest's approach represents one of the first known examples of a non-Aboriginal successfully using rights afforded to indigenous people to their own advantage.
   
   Native title is a legal doctrine in Australia that recognises indigenous rights to certain parcels of land.
   
   Forrest's use of it is not illegal, but it adds to the fractious relationship he has with some indigenous groups. Different groups have raised concerns over Forrest's cattle interests and have battled over land rights with the company he founded and chairs - Fortescue Metals Group, the world's fourth biggest iron ore miner.
   
   A spokeswoman for Forrest said the issue was about complying with mining regulations. The spokeswoman said that "It is neither a matter of using native title law nor objecting to prospecting.”
   
   She added that there was support for Forrest's position within the Thalanyji people who hold native title under some of his cattle stations. The farms were operated with the utmost respect for the environment.
   
   But Mr Matthew Slack, the head of the Buurabalayji Thalanyji Aboriginal Corp (BTAC) which oversees native title for the indigenous landowners, told Reuters it was "pretty rich" for Forrest to use rights designed to protect indigenous interests.
   
   Thalanyji were also concerned about cattle numbers and water use at Forrest's 2,400 square kilometre Minderoo pastoral lease in Western Australia's Pilbara district, he said.
   
   Slack said that "We are disgusted with Forrest and have been for some time. Our dreamtime creatures can't survive because the river is so low."
   
   On May 31, 2016, two small prospectors lodged applications to search for minerals on Uaroo Station, where Forrest holds a similarly sized pastoral lease, after physically marking out the territory with pegs.
   
   Slack said Thalanyji had given the prospectors permission to be on that land.
   
   Source : Reuters
4. voda 22 mei 2017 16:50

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   Champion Iron subsidiary ink agreement with Sojitz Corp
   
   Champion Iron Limited announced that its subsidiary, Quebec Iron Ore Inc has signed a Framework Off-Take Agreement with Sojitz Corporation (“Sojitz”), [a major trading company based in Tokyo, Japan], pursuant to which Sojitz would purchase up to 3,000,000 DMT per annum from QIO after the re-commencement of commercial operations at the Bloom Lake Iron Mine located near Fermont, Quebec. Champion is also pleased to announce that it has arranged a $40 million debt and equity bridge financing for Quebec Iron Ore Inc. in order to restart operations at Bloom Lake.
   
   In connection with the Bloom Lake restart and in order to beneficially utilize the summer construction season for required upgrades to the Bloom Lake tailings management system and other process plant upgrades and long-lead items, CIA has arranged, on behalf of QIO, a $40 million bridge financing, comprised of $26 million in debt and $14 million in equity. The debt component consists of a $20 million loan from Sojitz, together with a $6 million loan from Ressources Québec Inc. (“Ressources Québec”), a 36.8% equity shareholder in QIO, both of which are pari-passu one-year term loans secured against the Bloom Lake fixed assets and large scale mining equipment.
   
   The $14 million equity investment in QIO consists of a proportionate contribution from QIO’s two shareholders, namely Champion, a 63.2% equity shareholder, and the government of Québec, who have committed to invest $8.8 million and $5.2 million, respectively, into QIO.
   
   In connection with its $8.8 million financing into QIO, Champion is proceeding with the non-brokered sale of $10 million in unsecured subordinated convertible debentures (the “Debentures”), convertible at the option of the holder at any time into Champion Ordinary Shares (“Shares”) at a conversion price of $1.00 per Share. Should Champion and QIO not complete the master financing (“Master Financing”) of a minimum of $212 million to finance the Bloom Lake feasibility capital expenditures by November 30, 2017, then the conversion price will be adjusted to the lesser of $1.00 or to the five-day weighted average trading price of the Shares on the TSX determined as of the date of conversion. The Debentures will have a term to maturity of 12 months and bear interest at a rate of 8%.
   
   Off-Take Agreement
   Pursuant to the Agreement, Sojitz will purchase up to 3,000,000 DMT per annum from QIO, upon re-commencement of commercial operations at Bloom Lake. The Agreement is for an initial five-year term from the date that commercial operations commence at Bloom Lake and shall automatically extend for successive terms of five-years.
   “We are extremely pleased to have signed an off-take agreement with an exceptional and highly-reputed partner such as Sojitz, which predominantly serves the Japanese market and selected Asian steel mills,” stated Michael O’Keeffe, Champion and QIO’s Chairman and CEO. “This agreement marks a significant milestone for Bloom Lake and will ensure effective long-term access for our future high quality product to some of the world’s largest consumers of iron ore.”
   
   Bloom Lake Restart and Master Financing
   Following the recent completion of the Bloom Lake Feasibility Study, which demonstrates that recommencing iron ore mining operations at Bloom Lake is financially viable, QIO and Champion are proceeding with securing financing for the restart. In addition to the $40 million dollar financing described above, QIO and Champion are proceeding expeditiously and are in advanced discussions to obtain the necessary financing to fund the costs detailed in the “Capital Expenditures Including Working Capital” component of the Bloom Lake Feasibility Study. Details of the Master Financing will be announced when the terms and conditions are finalized with the lenders and investors.
   
   Source : Strategic Research Institute
5. voda 22 mei 2017 16:52

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   Savage River upgrades its grinding
   
   Grange Resources owns and operates Australia’s largest integrated iron-ore mining and pellet production facility and is the country’s oldest magnetite producer. Located 100km southwest of Burnie in north western Tasmania, are the company’s Savage River mine and concentrator.
   
   The concentrator at Savage River houses two Hardinge AG mills that were originally installed in the late 1960s. By 2005, maintenance personnel noticed cracks starting to appear in their shells and cones. The mills required ongoing repairs that resulted in plant downtime and there was always the risk of a catastrophic failure. With the mining operation expected to extend until at least 2034, Grange’s management team decided that in order to ensure concentrator reliability and to improve output efficiency, these mills would need to be upgraded.
   
   Mr Tim Dunbabin Grange Resources’ senior project engineer said that “Our engineering team had done a great job of extending the mill’s 20-year design life to over 45 years. So while there is no doubt that the mill was at the end of its life, we mainly needed better reliability and efficiency.”
   
   Grange Resources’ engineering superintendent, Mr Wayne Peck explains further that “Reliability of supply depends on the performance of our personnel and the processing equipment they use; remaining price competitive depends on keeping our costs in check. Energy is our biggest cost, and an area where even small changes can have a big impact.”
   
   In 2011, Grange Resources awarded Metso a EUR 5.7 million (US6.2 million) contract to engineer, supply, install, and commission the first of two planned new mills.
   
   Mr Dan Tonks the project’s design engineer reviews the outcomes of the project: “Efficiency is a big benefit that has been gained from this project. The mill is now grinding more, using the same power. Equally as important for Grange are the safety benefits that the new mill has provided. In particular, both our staff and contractors have praised the new mill’s better overall access and larger work area. The guarding on the rotating elements is greatly improved and easier to handle. In my view, the project receives big ticks for safety, efficiency, and cost reduction.”
   
   Talking about the success of the project, Mr Steve Searle, Metso’s regional manager for mining services, said that “Metso didn’t just supply the components and technical expertise for the installation; we were an integral part of Grange’s engineering team. This approach makes such a big difference on a project like this. We worked through all of the issues together to ensure that the installation ran smoothly and on time.
   
   He added that “The installation process was developed with the Grange team, and we performed each operation as a unified team. The outcome is a new mill which, together with the new drive system, will give the plant 19% more capacity.”
   
   The project scope involved increasing the production volume with a new rotating element that would accommodate a charge weight of 344t, but with the requirement to use the existing footprint and some of the components from the original 1966 mill, adding a lot of complexity to the design.
   
   The original mill was based on a single-shell design, and although it had lasted more than 45 years, the new design had to be stronger to ensure trouble-free operation beyond the mine’s expected lifespan of 2034. So in the first instance, Metso’s new design replaced the single cone-shell with a two-piece structure that was 3.6m wide (distance from feed to discharge) and featured long-life Polymet rubber liners.
   
   Source : Mining Magazine
6. voda 22 mei 2017 19:25

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   Diep graven bij mijnbouwers
   
   Door Martine Hafkamp op 22 mei 2017 om 08:30 | Views: 1.482
   
   De winstgevendheid van de vier grote aan de beurs van Londen genoteerde mijnbouwers; BHP Billiton, Rio Tinto, Anglo American en Glencore, is sterk afhankelijk van de richting van de grondstoffenmarkt en van de prijs van ijzererts in het bijzonder. Zo genereren BHP Billiton en Rio Tinto de helft van hun winst uit ijzererts. De koers van ijzererts wordt vaak gezien als een goede graadmeter van de (Chinese) economie. 
   
   In 2016 verdubbelde de prijs van een ton ijzererts als gevolg van stimulerende maatregelen in China. China deed vorig jaar wat Trump zo graag zou doen; investeren in infrastructuur en industrie. Maar na een forse stijging tot 90 dollar per ton zakte de prijs terug naar ongeveer 60 dollar. Het heeft alles te maken met toenemende nervositeit in de markt wat betreft de vraag vanuit China. China is immers goed voor zo’n twee derde van de totale vraag naar ijzererts in de wereld. In de Chinese havens liggen als gevolg van verkrappende maatregelen van de Chinese autoriteiten bergen van ijzererts op verwerking te wachten omdat de vraag naar staal achterblijft. 
   
   Druk op Chinese staalprijzen
   
   Waar de Chinezen eerder hun staalproductie nog massaal in het Westen konden dumpen hebben ze inmiddels zowel in de Verenigde Staten als Europa te maken met importheffingen. Het zet druk op de Chinese staalprijzen. China moet het staal kwijt zien te raken in eigen land en dat is niet eenvoudig.
   
   Grondstoffenspecialisten zien daarom de nabije toekomst voor ijzererts niet overdreven rooskleurig in. Analisten verwachten dat de prijs als gevolg van een voortdurend overaanbod tussen de 50 en 60 dollar zal blijven fluctueren. 
   Ondanks de lagere prijs van ijzererts zijn grootmachten als BHP en Rio Tinto nog steeds in staat gezonde winsten te genereren. Analisten schatten het break-even niveau van ijzererts voor de twee ondernemingen in op 30 dollar. Volgens BHP zal de prijs aan het eind van dit jaar tussen 60 en 70 dollar bedragen. Als dat werkelijk het geval is zal ijzererts voor de grote mijnbouwers een forse winstgenerator blijven. 
   
   De mijnbouwers hebben de somberste fase van de cyclus achter zich. Na de overname en investeringsbonanza op de top van de markt volgde een dieptepunt in 2013. De gecombineerde schuld van de vier grote mijnbouwers bereikte een piek en één van de vier, Glencore, scheerde zelfs langs de rand van de afgrond. Vele saneringen, ontslagen en verkopen van bezittingen verder is de productiviteit en winstgevendheid echter hersteld. 
   
   Technologische ontwikkelingen
   
   Ook in de mijnbouwwereld zijn er volop technologische ontwikkelingen. Een paar voorbeelden hiervan zijn zelfrijdende trucks, zelfrijdende vrachttreinen om het goedje te vervoeren en een op de schalie-wereld gelijkende technologie om grondstoffen uit de grond te halen waarbij chemicaliën worden toegepast om de metalen van het gebarsten gesteente te scheiden, de zogenaamde heap-leaching technology.
   
   Door de toepassing van allerhande nieuwe technologieën worden de kosten fors gereduceerd. Voor aandeelhouders is het een gunstige ontwikkeling, voor werknemers minder. In de totale business verloren inmiddels zo’n 200.000 werknemers hun baan. Er werd totaal voor 33 miljard dollar aan bezittingen verkocht. In combinatie met wat herstelde grondstofprijzen nam de winstgevendheid toe. In 2016 realiseerden de grote vier samen 15 miljard dollar winst. Het is een belangrijk keerpunt ten opzichte van een jaar eerder toen er gezamenlijk nog 20 miljard dollar verlies werd gemaakt.
   
   Zijn mijnbouwers het investeren waard? Zij blijven erg afhankelijk van de ontwikkelingen van de Chinese economie en dan vooral het beleid van de autoriteiten ten aanzien van bijvoorbeeld infrastructuur. Aangezien de mijnbouwers bij een prijs van 30 dollar per ton nog winstgevend zijn, lijkt herstel vanaf het huidige niveau zeer wel denkbaar. Maar of de oude glorie van zes jaar weer zal herleven? Dat kan wellicht nog even duren, maar geduld is vaak een schone zaak.
   
   www.belegger.nl/Column/263786/Diep-gr...
7. voda 23 mei 2017 16:04

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   Mondiale staalproductie stijgt
   
   Stijging van 5,0 procent in april.
   
   (ABM FN-Dow Jones) De mondiale staalproductie is in april wederom gestegen. Dit bleek dinsdag uit cijfers van brancheorganisatie World Steel Association.
   
   In totaal maakten de 67 staalproducerende landen in de afgelopen maand 142,1 miljoen ton staal, een stijging van 5,0 procent op jaarbasis.
   
   In China, wereldwijd met afstand de grootste fabrikant van staal, steeg de productie afgelopen maand op jaarbasis met 4,9 procent tot 72,8 miljoen ton. Japan zag de productie afgelopen maand met 3,0 procent toenemen.
   
   In Duitsland was sprake van een stijging met 8,1 procent op jaarbasis tot 3,9 miljoen ton. In Italië daalde de productie met 6,0 procent, terwijl in Spanje 2,8 procent minder staal werd gemaakt. In Frankrijk was sprake van een sterke groei met 30,8 procent.
   
   De Verenigde Staten produceerden in april 6,7 miljoen ton staal. Dit was 1,8 procent meer dan een jaar eerder.
   
   De bezettingsgraad van staalproducerende landen steeg op jaarbasis met 2,5 procentpunt naar 73,6 procent vergeleken met dezelfde maand een jaar terug. Vergeleken met een maand eerder betekende dit een toename van 1,7 procentpunt.
   
   Door: ABM Financial News.
   
   info@abmfn.nl
   
   Redactie: +31(0)20 26 28 999
   
   Copyright ABM Financial News. All rights reserved
   
   (END) Dow Jones Newswires
8. voda 23 mei 2017 16:08

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   Beursblik: UBS verhoogt advies ArcelorMittal
   
   Koersdoel naar 21,50 euro.
   
   (ABM FN-Dow Jones) UBS heeft dinsdag het advies op ArcelorMittal verhoogd van Verkopen naar Neutraal en het koersdoel gaat omhoog van 17,10 naar 21,50 euro.
   
   Analist Carsten Riek blijft negatief over de Europese staalsector, maar de staal- en ijzerertsprijzen zijn minder hard gedaald dan de analist in december dacht. Riek denkt dat het nog steeds te vroeg is om in de sector in te stappen. De marktvorser heeft wel zijn advies verhoogd voor die fondsen die gevoeliger zijn voor de spotprijzen voor staal, waaronder ArcelorMittal.
   
   Wat tevens meespeelt is dat de koers van het aandeel ArcelorMittal recent is gedaald.
   
   Riek verhoogde zijn verwachtingen voor het bedrijfsresultaat (EBITDA) van ArcelorMittal dit jaar met 35 procent tot 7,3 miljard dollar, in de buurt van de consensus.
   
   Het aandeel ArcelorMittal noteerde dinsdag op een groene beurs 0,3 procent hoger op 20,23 euro.
   
   Door: ABM Financial News.
   
   info@abmfn.nl
   
   Redactie: +31(0)20 26 28 999
   
   Copyright ABM Financial News. All rights reserved
   
   (END) Dow Jones Newswires
9. voda 23 mei 2017 16:40

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   Tokyo Steel keeps H beam & rebar prices unchanged
   
   Reuter reported that Tokyo Steel Manufacturing Co Ltd , Japan’s top electric-arc furnace steelmaker, on Monday said it would hold its product prices steady for a fourth month in June. Tokyo Steel’s MD Mr Kiyoshi Imamura told “We will stick to the current prices since activity in the domestic steel market is slow and spot prices remain at a standstill.”
   
   Tokyo Steel is keeping prices for its main product, H-shaped beams used in construction, at JPY 78,000 a tonne and prices for steel bars, including rebar, at JPY 56,000 a tonne.
   
   The company’s pricing strategy is closely watched by Asian rivals such as South Korea’s Posco and Hyundai Steel Co, as well as China’s Baoshan Iron & Steel Co Ltd
   
   Source : Reuter
10. voda 23 mei 2017 16:41

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    Chinese 33 listed steel firms post USD 1.6 billion profit in Q1
    
    Shanghai Daily reported that China’s listed steel companies reaped over CNY 11 billion (USD1.6 billion) of net profits in the first quarter to post the best performance in nine years, as prices surged amid a supply cut while speculation added coal to the fire. Only three of the 33 listed steelmakers posted losses.
    
    Baoshan Iron and Steel Co, the listed company of Baowu Iron and Steel Group, led with a quarterly net profit of CNY 5.05 billion, a surge of 118.2% YoY, followed by Angang Steel’s CNY 1.07 billion and Maanshan Iron and Steel Co’s CNY 902 million.
    
    But Xu Liying, a Lange analyst, predicted that steel plants would swallow a bitter pill in the future as steel prices peaked in mid-March, since when the market has turned sluggish as demand fell in the automobile and property sectors. He said “I am afraid we will see profit decline for the second quarter. The prosperity in the first three months could be a zenith for the first half of this year.”
    
    Source : Shanghai Daily

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11. voda 23 mei 2017 16:42

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    Nippon Steel & Sumitomo Metal update on Oita Works plate mill fire
    
    On January 5, 2017, the plate mill on the premises of the Oita Works of Nippon Steel & Sumitomo Metal Corporation caught fire. On January 19, 2017, NSSMC established the Oita Works Plate Mill Fire Accident Response Committee including outside experts in order to investigate the cause of the fire and consider preventive measures and have been engaged in deliberation. As the Committee has completed review, NSSMC has reported the cause of the fire and the preventive measures by NSSMC.
    
    On 5th January warning alarm in the trouble monitoring system went off and smoke was seen form first floor of the electrical room in plate mill ie Thyristor room for the auxiliary rolling equipment. After the electricity was cut, workers attempted to enter the thyristor room for auxiliary rolling equipment to inspect the situation, but without success as the smoke prevented entry. Fire fighters arrived at site and the fire was extinguished on January 6th.
    
    Almost all control panels and cables in the electrical room burned. The building of the electrical room was damaged, and parts of its floor-supporting steel frames were damaged. The rolling line of the plate mill became inoperable.
    
    Presumed cause of ignition - A control panel that orders a contactor inside the MC panel to open or close output abnormal control signal, and the contactor repeatedly alternated between open and closed while carrying electric current. As a result, arcs occurred continuously from the contactor and ignited flammable components of the panel (acrylic board for prevention of electric shocks, etc).
    
    Presumed cause of the spread of fire Flames spread to adjacent panels and cables, and then spread across the entire electrical room from the 1st floor to the 2nd floor, and then to the basement.
    
    The following measures are being implemented against the presumed cause of the fire (that is, an abnormal control signal from control panel to the contactor and the resultant occurrence of arcs).
    1. Installation of circuits that shut off electric current in case of the occurrence of abnormal control signal
    2. “Triple Actions” are being implemented to prevent recurrence of the presumed cause of the outbreak of fire and address all conceivable factors.
    3. Install smoke detectors to detect the occurrence of smoke inside control panel more promptly.
    4. Install heat detectors on the cable racks in the electrical room and the tunnel to continuously monitor the temperature.
    5. Install monitoring cameras to promptly identify the abnormal point and inspect the place where trouble is detected.
    6. Install additional fire extinguishers beyond legal requirement.
    7. Install halon injection equipment for extinguishing fire inside the panels.
    8. Install additional fire hydrants within the building.
    9. Install overall electricity shutdown device in the operation room so that an operator can shut off electricity more promptly.
    10. Enlarge smoke-exhaust windows to facilitate smoke release.
    11. Replace acrylic boards that caught fire with flame-retardant materials (vinyl chloride)
    
    Currently, NSSMC is aiming at resuming operation in early August 2017 (originally, the expected timing of resuming operation was September 2017).
    
    Source : Strategic Research Institute
12. voda 23 mei 2017 16:43

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    Green panel approves JSW Salem Works 300KT expansion plan
    
    The Hindu reported that an expert panel of the Union Environment Ministry has recommended clearance for JSW Steel Ltd’s INR 1,025 crore capacity expansion plans in Salem. JSW Salem Works, a unit of JSW Steel, had proposed to expand the capacity of its integrated steel plant at Mecheri to 1.3 million tonnes per annum from 1 million tonnes.
    
    According to the minutes of Expert Appraisal Committee (EAC) for Industry, the land required for the proposed expansion project is 11.74 hectares. The entire land has been already acquired for the project. No river/stream passes through the project area. It has been reported that no waterbody exists around the project.
    
    The capital cost of the project is INR 1,025 crore and the capital cost for environmental protection measures is proposed as INR 50.5 crore, as per the EAC.
    
    The annual recurring cost towards the environmental protection measures is proposed as INR 8.05 crore. The project is scheduled to be completed in 36 months.
    
    Source : The Hindu
13. voda 23 mei 2017 16:44

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    RSP faces output loss as BF-V collapses
    
    Express News Service reported that in a major production setback to the Rourkela Steel Plant of SAIL, the Blast Furnace V ‘Durga’, the mainstay of RSP’s hot metal production and second largest BF of the country, continues to remain crippled after a major breakdown on last Thursday. Sources said although trouble started from Tuesday evening, functioning of the BF-V fully collapsed at about 9 AM on Thursday with jamming of all 36 tuyeres (a nozzle through which air is forced into a furnace) with materials. The BF-V has four tap holes for releasing hot metal.
    
    Two tap holes at diagonal direction work at a time. On Tuesday evening, one tap hole was under maintenance and two other diagonal tap holes were working erratically and discharging only slag. Mud guns were unsuccessfully used and to RSP’s ill-luck, two power blowers stopped working to cause pressure imbalance and jamming of all 36 tuyeres with materials on Thursday morning.
    
    Attributing it to technical reasons, Rourkela Ispat Karkhana Karmachari Sangh general secretary H S Bal said after collapse of the BF, hot metal and slag materials became cold and jammed the tuyeres. It would take minimum of 4 to 5 days to clean the tuyeres with application of heat and hot air to restore normalcy. The cumulative production loss could be anything between INR 250 and INR 300 crore.
    
    Mr Bal said the decision to send General Manager (Steel) and GM (BFs) on training at a time was not wise. Meanwhile, SAIL’s Director (Technical) and Chief Executive Officer of Bokaro Steel Plant have arrived to monitor the restoration process.
    
    Rourkela Shramik Sangh general secretary Mr Prashant Behera said after its commissioning in August 2013, BF-V has developed a major breakdown for the third time now.
    
    Claiming that it may take at least 10 days to fully stabilise production, Behera apprehended it may subsequently hamper output at downstream production units like steel melting shop-1 & 2, hot strip mill, plate mill and pipe plant.
    
    Sources said BF-V generates about 8,000 tonnes of hot metal per day while BF-IV produces about 2,000 tonnes. The old BF-1, after dismantling, is getting ready to work as new BF-1 while the BF-2 and 3 are abandoned.
    
    Source : Express News Service

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14. voda 23 mei 2017 16:45

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    Zinc and nickel rise at LME on China steel industry crackdown
    
    Reuters reported that zinc and nickel touched their highest in over two-weeks on Monday after China launched a regional crackdown on the steel industry, including production of the two metals. Benchmark zinc on the London Metal Exchange rose 1 percent to USD 2,641 per tonne, its highest since May 2 while nickel hit its highest since May 3, up 0.6 percent to USD 9,415.
    
    Copper had edged down 0.1 percent to USD 5,688 a tonne, having hit the highest since early May at USD 5,694.50 on Friday. Aluminium was up 0.2 percent at USD 1,939.50, lead gained 0.9 percent to USD 2,113 and tin added 0.7 percent to USC 20,550.
    
    The Chinese government is becoming quite aggressive in targeting environmental problems. China's Tangshan city launched a campaign to improve air quality last week, saying steel mills in the country's top producing region that fail to meet emission standards face suspension and heavy fines.
    
    Source : Reuters
15. voda 23 mei 2017 16:50

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    Billionaire Andrew Twiggy is giving away hundreds of millions of dollars
    
    News.com reported that mining billionaire Andrew “Twiggy” Forrest is set to unveil one of Australia’s largest ever philanthropic donations as he gives away a huge chunk of his enormous wealth. Mr Forrest and his wife Nicola are making the donation to a variety of scientific and social causes, but the exact details won’t be announced until a ceremony later this morning.
    
    Fortescue Mining Group chairman told Fairfax Media that “Nicola and I have been very fortunate to build up a couple of businesses from scratch ... we decided that if we ever got to the point where we could afford to, we would put that wealth to the highest social use.”
    
    The money which is expected to be in the hundreds of millions will be used to fund projects in childhood education as well as cancer research and treatment, and regional communities.
    
    It’s not the first time the Forrest family has made a major philanthropic donation. The 55-year-old and his wife Nicola established the Minderoo Foundation in 2001, with the ethos that “by giving a hand up, not a hand out, we can empower communities”.
    
    Minderoo has supported more than 250 initiatives both within Australia and internationally, including fighting modern slavery, ending Indigenous disadvantage, and ensuring all children in Australia “thrive by five”. The Forrests and daughter Grace also founded the Walk Free Foundation in 2012, which aims to end slavery, which affects more than 45 million people.
    
    Source : News.com

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16. voda 23 mei 2017 16:51

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    Mr Beny Steinmetz said to skip USD 1.2 billion Vale hearing
    
    Bloomberg reported that Billionaire Mr Beny Steinmetz’s mining company may be asked to pay as much as USD 1.2 billion to former partner Vale SA after choosing not to attend an arbitration hearing in London in a dispute over one of the world’s richest mineral assets. The report quoted sources as saying that “The decision by Steinmetz’s BSG Resources Ltd to back out of hearings earlier this year will probably cost him the case, the people said.
    
    BSGR felt it wouldn’t be treated fairly, according to a letter sent by its lawyers Mishcon De Reya to Vale’s legal representatives dated Jan. 31 and seen by Bloomberg News.
    
    An unfavorable ruling would be the latest setback for the 61-year-old Steinmetz, who’s facing a string of corruption investigations around the world resulting from his failed investment in the giant Simandou iron ore deposit in Guinea. Yet, Vale would still face years of legal battles to enforce any award from the case.
    
    The Brazilian mining giant filed its claim at the private arbitration court in 2014 after Guinea stripped its joint venture with BSGR of its rights to Simandou following a government probe that found licenses were obtained through corruption. It’s seeking the award to cover an upfront payment to BSGR and money it invested in the West African nation.
    
    Source : Bloomberg

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17. voda 23 mei 2017 16:52

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    BBIG moves a step closer to Balla Balla project in Pilbara
    
    The West reported that BBBI Group has put another piece of the puzzle in place for itsproposed AUD 6 billion Balla Balla iron ore port and rail project in the Pilbara. The company, jointly owned by New Zealand’s Todd Corporation and Nic Curtis’ Nyco, announced yesterday an option agreement with Mineral Resources to acquire its Weelumurra iron ore asset in the Central Pilbara.
    
    MinRes picked up the asset in its 2009 takeover of Polaris Metals.
    
    The project is about 15km south of BBIG’s proposed rail head and stockyards. The company believes Weelumurra hosts about 200 million tonnes-plus exploration potential.
    
    BBIG chief executive Mr Nic Curtis said securing Weelumurra was an important step in the company’s efforts to progress the project to a final investment decision.
    
    BBIG is also planning an exploration program at its Central Pilbara Hay Stack Flat tenement application at the southern border of the Millstream Chichester National Park. The company believes it has potential for iron mineralisation of up to 400 million tonnes.
    
    The company is planning a 50Mtpa operation comprising a 162km railway linking stranded iron ore deposits and a port between Karratha and Port Hedland.
    
    Source : The West

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18. voda 23 mei 2017 16:53

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    ED registers charge sheet in Obulapuram mining case
    
    Express News Service reported that Enforcement Directorate, which is probing into Obulapuram Mining Company’s illegal iron ore mining case has filed its charge sheet in the case before the designated ED court in Hyderabad. The ED, by invoking the provisions of the Prevention of Money Laundering Act, has named mining baron and former Karnataka minister Gali Janardhan Reddy, OMC managing director BV Srinivas Reddy and few others as accused in the case.
    
    It may be mentioned here that the CBI first registered the case against the alleged illegal mining carried out by OMC in Anantapur district of Andhra Pradesh state and its misuse of the mining lease granted by the then government.
    
    Later on, the ED had also registered a case and started probing the matter. The ED has now filed the charge sheet in the case after tracking the trail of money under PMLA.
    
    According to the CBI charge sheet filed earlier in the case, the OMC got two leases for extracting iron ore in an extent of about 108 hectares in D Hirehal mandal of the district. The leased area spread over two different locations. Though not much of the ore was extracted from these two locations, the OMC has used them for ‘legalising’ its 190 lakh tonnes of illegal iron ore extracted from Karnataka.
    
    The then AP authorities had extended several undue benefits to the company owned by Gali Janardhan Reddy. They issued huge number of transport permits to give an official colour to this iron ore. The mining baron had made Rs 4,310 crore through this illegal mining activity.
    
    Source : Express News Service

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19. voda 23 mei 2017 16:55

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    SAIL-ArcelorMittal auto steel JV may take off soon - Mr PK Singh
    
    Business Standard reported that Steel Authority of India Limited is hoping to soon conclude a joint venture agreement with ArcelorMittal. Mr PK Singh chairman SAIL told “A joint task force is working on it and I am hopeful it will be soon.”
    
    In 2015, SAIL had signed a memorandum with ArcelorMittal for setting up an automotive steel manufacturing facility, as a JV in in India. The investment indication was about INR 5,000 crore. The feasibility study was supposed to take around two years.
    
    Source : Business Standard
20. voda 24 mei 2017 14:49

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    Beursblik: S&P Global positiever over ArcelorMittal
    
    Outlook stabiel.
    
    (ABM FN-Dow Jones) S&P Global heeft woensdag de rating voor ArcelorMittal verhoogd met één stap van BB naar BB+ met een stabiele outlook.
    
    Volgens de analisten lieten de resultaten van het staalbedrijf over het eerste kwartaal robuuste prestaties zien met een lagere schuldenlast. De kredietbeoordelaar denkt dat de balans van ArcelorMittal zal blijven verbeteren, wat helemaal het geval zal zijn als de staalmarkten verbetering gaan tonen.
    
    Dit jaar voorziet S&P een bedrijfsresultaat (EBITDA) van 7,5 miljard tot 8,0 miljard dollar, ten opzichte van 6,3 miljard dollar in 2016. De stijging wordt veroorzaakt door hogere marges, volumes en de genomen herstructureringsmaatregelen door het bedrijf.
    
    Op een vlak Damrak noteerde het aandeel ArcelorMittal woensdag 0,5 procent hoger op 20,19 euro.
    
    Door: ABM Financial News.
    
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    (END) Dow Jones Newswires