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1. voda 3 juni 2015 16:36

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   TATA Steel increases production after motor and drive upgrade
   
   An increase of 30 tonnes of steel an hour has been achieved at a South Wales steel mill after replacing motors and drives.
   
   Two of Europe's largest synchronous motors, along with the highest power rated medium voltage drives ever used in a reversing roughing mill, have been commissioned by ABB at TATA Steel's Port Talbot hot strip mill in South Wales.
   
   The replacement motors and drives were the focus of a major GBP 25 million reversing roughing upgrade a key part of the rolling process which transforms a 23cm thick slab of red hot steel into sheet, less than 3.5cm thick, before further reducing it to produce hot rolled strip. The upgrade aims to increase steel production significantly while improving final product quality.
   
   The reversing rougher is a heavy torque application and as such demands two ABB 12.5MW salient pole synchronous motors, together with two ABB MV drives rated at 36 MVA, 3.1kV, to power the slab between a set of rolls.
   
   Previously, two 6MW direct current (DC) motors, installed in 1985, operated some 30% over their intended capacity. The overload regularly stressed the windings, making the motors difficult to maintain and subject to potential catastrophic failure. Although operating in overload the roughing mill was still the bottleneck process for 50% of the time putting a hard limit on plant output.
   
   The new synchronous motors give the response demanded while the ACS6000 MV drives with its motor control platform using direct torque control (DTC), provides unrivalled speed and torque control. As the slab enters the reversing rougher there is no perceived speed drop, as happened with the DC motors.
   
   The new motors and drives control the slab precisely, with no over shoot in speed. This results in the slab being processed much faster and reduces unnecessary torque reversals in the mechanical drive train. The slow control of the DC motors caused severe torque swings in the drive train, resulting in fatigue cycling to the mechanical equipment. This no longer occurs, resulting in a much quieter and safer operating environment, with improved production capacity together with increased reliability.
   
   Mr Steve Winkley, TATA Steel's project manager for the roughing mill project said that "With the old system the average cycle time was 95 seconds. Today it is 80 seconds. When we change direction of the bar, it's much faster than ever before. When we take advantage of the motors maximum top speed, this will result in an average speed of work increase of 30 tonnes per hour more steel; that is a staggering 200,000 tonnes per year. This significant increase in production is almost a side-effect of having to replace the DC machine. We successfully turned what was a potentially catastrophic situation with the overloaded DC motors into an unprecedented success breaking a series of 'all time' production records."
   
   Source : Works Management
   

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2. voda 3 juni 2015 16:39

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   Bangladeshi breakers take lead in ship demolition
   
   According to the latest review of shipbreaking trend by Clarkson Research, there has been a firm level of ship demolition activity in the first four months of 2015 and the two largest owner regions, Asia and Pacific and Europe account for 88 per cent of the tonnage sold for recycling.
   
   While the Indian subcontinent remains the main demolition destination, recent activity has seen Bangladeshi breakers take the lead.
   
   Clarksons' data showed that in 2015 so far, a reported 346 vessels of 10.8m GT have been sold for recycling. On an annualised basis, this is an increase of 43% in terms of GT. This has been driven by a surge in bulker demolition, particularly cape size vessels, in response to historically low earnings and fleet oversupply. Bulkers account for 74% of tonnage reported scrapped in the year to date.
   
   The Bangladeshi breakers have scrapped a reported 3.2m GT, 30% of the global total. This compares to 1.9m GT reported demolished in India and is the first time that Bangladeshi breakers have taken the lead since 2009.
   
   According to the shipping intelligence provider, firm bulker scrapping has boosted Bangladeshi volumes, representing 88% of the country's demolition in the ytd. Further, recycling activity in India has been limited by currency volatility and a weak steel market.
   
   European owners have generally recycled the largest volume of tonnage but more recently, Asia and Pacific owners have matched European demolition volumes and last year they scrapped 4.1m GT more than European owners accounting for over half of global demolition (52%).
   
   Source : Fiji Times
   
3. voda 3 juni 2015 16:40

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   Severstal to invest over RUB 2.5 billion in developing flat steel production in 2015
   
   PAO Severstal, one of the world's leading vertically integrated steel and steel related mining companies, will invest over RUB 2.5 billion in developing flat production at the Cherepovets Steel Mill.
   
   The majority of the investment, around RUB 1.7 billion will be spent on revamping the four stand continuous tandem cold rolling mill 1700. The Mill’s main equipment provider, SMS Siemag (Germany), will deliver basic technical equipment to the Cherepovets Steel Mill this year. Completion of the construction and assembly is planned before the temporary shutdown. This project, totaling just over RUB 2.5 billion will increase production of cold rolled sheet by 200 thousand tonnes per year and increase supplies of steel sheets to automakers. The new four stand continuous tandem cold rolling mill is scheduled to launch in 2016.
   
   This year Severstal will also complete design work for a third metal polymer coating complex and prepare the site for its construction. The complex will include a continuous hot dip galvanizing unit with capacity for 400,000 tonnes a year and a metal polymer coating unit with capacity for 200,000 tonnes a year. In 2015, planned investment in the project is RUB 300 million while total investment for the project amounts to more than RUB 6 billion.
   
   In 2015 Severstal will allocate investment of over RUB 30 million to upgrade the 1 edger of the hot rolling mill 2000’s main drive and HAGC (hydraulic automatic gauge control). This investment will cover design, initial work on installing the pumping stations and work on the milling frame in the Autumn to install hydraulic cylinders. The total cost of the project will be over RUB 250 million.
   
   Mr Sergey Toropov CEO of Severstal’s Russian Steel division said that “By investing in developing our flat steel production we aim to increase output of high value added products. These investment projects will enable Severstal to increase its domestic market share in flat steel, while we also increase our focus on import substitution.”
   
   Source : Strategic Research Institute
   
4. voda 3 juni 2015 16:41

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   Chinese steel manufacturer in Ghana to break into West African market
   
   Xinhua reported that Sentuo Steel Limited, a Chinese Steel manufacturing company in Ghana, was ready to break into the West African market. This is after the company has operated in the Ghanaian market for the past four years after taking over the 300,000 capacity Wahome Steel factory in Tema, 38 kilometers east of the capital.
   
   Sentuo recapitalized the company to the tune of USD 48 million and employed a total of 600 hands. To achieve the aim of entering the West African market, Sentuo, owned largely by a Chinese firm with the Social Security and National Insurance Trust holding minority stakes, has completed the phase two of its factory awaiting supply of electricity to start operation.
   
   Mr Xu Ningquan MD of Sentuo Steel said that "Our phase two total capacity is 500,000 tones to manufacture coils. I calculate almost to employ 700 people. The second phase of the project was financed by shareholders and the company's working capital to manufacture steel coils, which will be the first of its kind in West Africa.”
   
   Mr Xu Ningquan said that "Minus the working capital, the expansion cost about 53 million US dollars. It was funded by our shareholders and also our Sentuo working capital to support phase two. Sentuo's customers came to me and explained to me, and after studies, we confirmed the size of the West African market and so we decided to do the phase two."
   
   Mr Emmanuel Ayanso GM of Sentuo Steel said that “The importation of steel coils to be straightened and sold as iron rods was one of the major challenges confronting the steel companies. There is a law to that effect, banning the export of ferrous scrap.”
   
   He said that “So the ferrous scrap that the steel companies use in manufacturing iron rods are supposed to be banned legally. But there have been instances of illegal exports of scraps, some of which have been intercepted by customs at the ports and so on."
   
   Source : Xinhua
   
5. voda 3 juni 2015 16:44

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   AT&F is BIG in India with new facility opened in May
   
   AT&F, a world leader in large scale steel fabrication, has completed its first fabrication facility in Asia. The facility is located in Chakan, just outside Pune in the Indian state of Maharashtra.
   
   The new plant will fabricate and assemble metal components for OEM customers in the construction, transportation, mining, building and automotive industries. The Chakan area in Pune is a fast-growing manufacturing hub that many multinational OEMs are moving into, and the opening of the AT&F facility will greatly help meet their demand for structural metal fabrication.
   
   Since its inception in 2011, AT&F India has been involved in major infrastructure projects in the state of Gujarat. AT&F has raised large steel structures for power plants and built barges and pontoons for port expansion projects.
   
   Mr Chris van Raalten, an AT&F executive said that "The new facility represents an exciting new chapter in AT&F's story in India. While the infrastructure projects will continue, we now look forward to also serving our customers with state-of-the-art fabrication equipment from our new plant. We want to adopt the same business recipe of unique capabilities and management discipline that have made us so successful in the US for more than 75 years. Existing customers will benefit from AT&F's enhanced global capabilities, and the Chakan plant will also help us attract new customers."
   
   Mr Michael Ripich CEO of AT&F said that the opening of this facility is a tremendous leap forward for the company's global presence. In this our 75th year in business, the opening of this facility represents a next step toward globalizing our US operations. Over the long term, we want to reach our customers wherever they are in the world. We can now build and ship much closer to many of our clients' global locations. It's going to make us more responsive and become even more service-oriented."
   
   Source : Strategic Research Institute
   
6. voda 3 juni 2015 16:48

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   Indian move to boost steel capacity – Mr Roy Chowdhury
   
   Published on Wed, 03 Jun 2015 61 times viewed
   
   
   Mr Jayanta Roy Chowdhury a senior Indian journalist express his viewed that India will ramp up its steel capacity to 300 million tonnes from 88 MT by 2025, according to a blueprint for expansion drawn up by the steel ministry.
   
   Mr Narendra Singh Tomar steel minister of India said that "SAIL alone will double its capacity to 50mt during this period, while another 24mt will be added by four new plants to be set up as special purpose vehicles (SPVs)."
   
   SAIL's current expansion program to raise its capacity to 23 MT will be over in another four months with the upgrade of its Bhilai facility. The state run company is being asked to go in for another wave of expansion to take its capacity to 50mt in 10 years. Besides the four SPVs, in which state governments and PSUs will invest, are expected to set up plants in Chhattisgarh, Jharkhand, Odisha and Karnataka.
   
   These plants are expected to have an initial capacity of 3 MT each, to be doubled to 6mt in the next phase. The blueprint also envisages foreign steel makers to set up base in the country, especially to make higher grade steel.
   
   Mr Tomar said that "We encouraged SAIL to join hands with Arcelor Mittal to set up an automotive steel venture. We want foreign players to come in and make similar high grade steel in India. However, it has been difficult to get the foreigners part with their technology.”
   
   He said that "We realise that one of our weaknesses has been in the area of steel research. We are setting up INR 200 crore Steel Research & Technology Mission with INR 100 crore from the Steel Development Fund and another Rs 100 crore to be given by steel majors such as SAIL. The mission will focus on new grades of steel for specialised use."
   
   At the same time, the ministry has lined up meetings with mini steel mills and forges in the next two months to firm up an expansion strategy. These entities generate half of the current production and are also a major employers. This will include modalities to allow them to source high-grade iron ore for value added production.
   
   The next two months we will work with them. At least a third of the 300mt capacity would be accounted for by the small players. The government will also implement a new act which calls for the auction of iron ore mines, grant of leases for 50 years and a faster renewal and grant of licences.
   Source : Telegraph India
   
7. voda 3 juni 2015 16:49

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   Why Steelmakers are bullish on Indian production
   
   Most of the major steel multinationals have set aside formidable capital expenditures for the long run in India, yet, for the short term, have reported a dip in performance. TATA Steel, for example, while announcing its quarterly results (ended March 2015) recently posted a net loss, blaming Indian and European weak steel markets, and recognition of impairment in the value of its international assets for it.
   
   JSW Steel Limited, India’s largest domestic steelmaker by capacity, had reported a steep 87% YoY decline in consolidated net profit for the quarter ended March 31st 2015. The fall in its profitability, it’s been said, was due to unfavorable conditions in the Indian steel market, compounded by the dumping of excess steel from countries such as China, Japan and South Korea.
   JSW Not Giving Up
   
   It has not given up on future projects. JSW will invest more than USD 800 million in India’s 2016 fiscal year and another approximately USD 500 million in fiscal ’17 to augment its steelmaking capacity to 18 million tonnes from 14 million tonne.
   
   In 2013 when POSCO and AcelorMittal unplugged their Indian projects, analysts had said it was for the best, in a way, because there would have been no takers for all that steel if it ever came online, leading to a glut in the Indian market.
   
   The obvious question, then, is will there be a repeat? Will India stick to its charted course of 8%, even 9% economic growth in the coming years to push steel consumption up, or lose momentum down the line?
   
   Will the government address the issue of high-cost of iron ore and cheap steel imports to help steel growth? So, while steel companies may be gung ho on new capacity addition, clarity is needed on these crucial questions.
   
   The Indian steel market, a tiny pygmy compared to the world’s largest consumer of steel in China, offers steel companies a viable, even a lucrative alternative. Multinationals like TATA Steel have gone on record to state they see no hope in the short term where European markets are concerned.
   Volumes Flat
   
   Steel volumes in Europe are expected to remain flat but sales in India were expected to grow to around 9.5 million tonnes up from 8.75 million tonnes last year. Which means much of the steel these multinationals produce will end up in the hands of Indian customers.
   
   Source : Metal Miner
   
8. voda 3 juni 2015 16:50

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   UK MPs cancel meeting with TATA Steel as CEO was not attending
   
   South Wales Evening Post reported that a cross party committee of UK’s MPs cancelled a meeting with Tata Steel, after the company sent middle management, instead of the chief executive.
   
   The All Party Parliamentary Group on Steel invited Mr Karl-Ulrich Köhler, chief executive of Tata Steel Europe to brief the group on the crisis in industrial relations occurring across Tata Steel's UK operations a number of weeks ago. They were due to meet yesterday, but late last week the APPG was informed by Tata Steel that they would be sending a small team of more junior executives to the meeting that was due to take place. And when the group met, they decided to unanimously cancel the meeting.
   
   Mr Stephen Kinnock, Member of Parliament for Aberavon and a member of the APPG, said "It's completely unacceptable that Tata Steel feel that they can send their middle management to the Houses of Parliament to brief the parliamentary representatives of thousands of steelworkers. It's clear, following the emphatic result of the strike ballot last Friday that we must hear directly from the horses' mouth. It is therefore essential that Mr Köhler finds time in his schedule to brief the APPG in person before the middle of June."
   
   But a Tata Steel spokesman said the cancellation of the meeting meant they were prevented from explaining the situation to the members. A spokesman said "Regrettably, MPs from steel constituencies decided not to meet us at a Westminster meeting which they had invited us to. It meant we were prevented from explaining how we are trying to develop an affordable and sustainable pension scheme for employees. Everyone agrees that change is needed to resolve the substantial challenges facing the pension scheme which has a huge shortfall of up to GBP 2 billion. We have always said we are open to talks and further negotiations with the trade unions and that continues to be the case. We are putting in every effort to reach a fair and balanced way forward."
   
   Source : South Wales Evening Post
   
9. voda 3 juni 2015 16:54

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   Anglo American sees surge in iron ore sales to India
   
   Published on Wed, 03 Jun 2015 38 times viewed
   
   Reuters reported that Global miner Anglo American said its iron ore sales to India have more than tripled over the past year as Asia's third-largest economy embarks on a once in a generation urbanisation drive.
   
   Mr David Trotter Anglo American's global head of iron ore sales said that "India is around 15% of our (iron ore) sales portfolio, or about 6 million tonnes (a year).
   
   India's iron ore imports jumped to a record high above 15 million tonnes in the fiscal year to end-March as tumbling global prices and limited domestic supply pushed steelmakers to buy more of the raw material overseas.
   
   Mr Trotter expects India to account for 20% of Anglo American's iron ore sales over the next two to three years, a significant but not equally stellar rate of sales growth.
   
   Source : Reuters
   
10. voda 3 juni 2015 16:55

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    Anglo to start hedging iron ore in second half
    
    Published on Wed, 03 Jun 2015 40 times viewed
    
    Reuters reported that Global mining company Anglo American will start using iron ore derivatives to hedge its exposure from the H2 of this year in a move that should help further boost volumes in the fast growing financial market.
    
    Mr David Trotter, global head of iron ore sales for Anglo American said that “In the second half of this year we will definitely implement that (iron ore hedging).”
    
    Iron ore derivatives traded on the Singapore Exchange have roughly doubled in volume each year since their launch in 2009, but are still roughly half the 1.3 billion tonnes of physical seaborne iron ore traded globally each year.
    
    Mr Trotter said that “There’s three or four people who will be directly involved in trading (iron ore derivatives). They’re based in Singapore. However, that the miner will start off hedging just a small part of its total iron ore production. The iron ore derivatives market has gained popularity among financial players and trading houses in the last few years.
    
    However, the market still lacks the participation of most iron ore producers, and is not that popular amongst Western steel mills, the natural buyers of ore whose input is needed for the market to mature.
    
    Source : Reuters
    
11. voda 3 juni 2015 16:56

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    Iran to cut mining royalties as iron ore slump bites
    
    Published on Wed, 03 Jun 2015 46 times viewed
    
    Reuters reported that Iran will cut mining royalties to help its struggling iron ore miners but that will reduce revenue for a government already reeling from lower oil prices.
    
    Iran had been hoping to offset falling oil income with revenue from other sectors but its efforts have been hampered by tumbling prices of minerals such as iron ore the country's top non oil export.
    
    Mr Keyvan Jafari Tehrani head of international affairs at the Iranian Iron Ore Producers and Exporters Association said that "Just two days ago the government said it will reduce the mining royalty by between a third and a half.”
    
    Tehrani said that “The royalty is currently around IRR 220,000 (USD 8) per tonne. The government will reduce it by between a third and a half for both publicly owned and private mines on a case by case basis. Iran is facing a budget shortfall following oil's slide with the government forecasting crude at USD 70 to USD 72 per barrel for the fiscal year starting March 21 versus current levels around USD 65.”
    
    He said that the government's bid in March to impose an extra 25% royalty on all iron ore sold by private mines had fallen by the wayside. They announced it but they didn't apply it. They still haven't claimed it from any private mine.
    
    Source : Reuters
    
12. [verwijderd] 4 juni 2015 09:09

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    nl.investing.com/commodities/iron-ore...
13. voda 4 juni 2015 16:25

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    Mexican steel imports increase 18pct in Q1 2015
    
    In Mexico, imports of steel products gained ground in the domestic market in the Q1 of 2015, with 18% growth over the same period of 2014. This situation affected domestic production, which saw a 6% drop in the Q1 of 2015 compared to the same period last year.
    
    As per report, apparent domestic consumption of steel increased 13% in the first quarter. The slowdown in infrastructure activity reduced demand for steel. As the construction industry begins to grow and to the extent that inventories are depleted, then domestic production could be reactivated.
    
    Meanwhile, Mexican steel exports fell 27% in the Q1. The 18% increase in imports during the period brought imports’ share of national apparent consumption to 46%.
    
    Source : Steel Orbis
    
14. voda 4 juni 2015 16:25

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    Algeria to earmark 20 bln USD to develop mega ore deposit
    
    Xinhua reported that Algeria will allocate up to USD 20 billion to exploit a giant iron ore mine in the southernmost province of Tindouf.
    
    Mr Abdeslam Bouchouareb industry minister of Algeria said that "The exploitation of deposit Ghar Djebilet in Tindouf, which has a potential of 2.5 billion tonnes of iron ore will kick off in a few months to support the steel industry platform in Algeria."
    
    The minister's remarks came on the sidelines of signing a cooperation agreement between the Algerian Geological Survey Agency and the US Geological Survey (USGS) in the fields of geology, geophysics, hydrology, remote detection and systems of geographic data.
    
    Algeria seeks through the project to cut the soaring iron import bill of USD 10 billion per year, as it only produces 5 million tonnes a year and imports 10 million tonnes.
    
    Source : Xinhua
    
15. voda 4 juni 2015 16:26

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    Egypt’s Ezz Steel reports EGP 835.6 million net loss in 2014
    
    Egypt’s biggest steel manufacturer, Ezz Steel posted a net loss of EGP 835.6 million (USD 109.8 million) for the fiscal year ended on December 31st 2014, compared to a net profit of EGP 527.9 million a year earlier.
    
    Meanwhile, sales dropped from EGP 21.29 billion to EGP 19.39 billion. The standalone financial results reflected net losses of some 46.8 million EGP, compared to EGP 83.3 million net gains in 2013.
    
    Ezz Steel also reported a net loss of 235 million EGP in the Q4 of 2014, compared with a restated not loss of 88 million EGP a year earlier, and a net loss of 285 million EGP in the previous quarter, its said in a statement.
    
    HC Securities and Investment said that this comes below our forecast of a net loss of 180 million EGP, mainly on the back of lower margins.
    
    Source : The Cairo Post
    
16. voda 4 juni 2015 16:28

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    ArcelorMittal automotive focussed investor event
    
    ArcelorMittal, the world’s leading steel and mining company, is hosting an investor event in London focussing on the company’s global automotive steel franchise and research and development (R&D) capabilities.
    
    Presentations, from members of ArcelorMittal’s automotive and R&D leadership teams, will explore the challenges and opportunities that exist in the global automotive sector, highlighting ArcelorMittal’s successful strategy to address these through innovative solutions that ensure steel retains its position as the material of choice for the automotive sector. Specific areas covered will include:
    
    The ongoing light-weighting focus of the automotive industry to meet increasingly challenging regulatory targets for fuel economy, and how ArcelorMittal’s suite of automotive steel solutions meets these requirements more competitively than other materials;
    1. ArcelorMittal’s technological leadership in the automotive sector, how through its global R&D efforts the company has developed the broadest automotive product offering in the world, the competitive advantage this brings and how it is helping the company to maintain and increase its share of this demanding market;
    
    2. How its global footprint uniquely positions ArcelorMittal to address the developing trend of carmakers demanding exactly the same products on a worldwide basis to support centrally designed global platforms;
    
    3. Automotive growth forecasts in the developed world, driven by recovery in the EU, and in emerging markets, driven by demand in countries including China, India and Mexico, and the opportunity this presents for ArcelorMittal’s automotive franchise business.
    
    The presentation materials from the event will be published on ArcelorMittal’s website (http://corporate.arcelormittal.com/investors/presentations/2015) and can be downloaded from 2pm CET today. There will be no discussion on the company’s current trading performance at the event. This will be followed by a site visit tomorrow, 4 June 2015, to ArcelorMittal’s automotive steel finishing plant in Sagunto, Spain, and to the Gestamp Automotive research and development facility in Barcelona.
    
    Mr Brian Aranha head of Global Automotive and commercial coordination, said that “As part of the transition to a low-carbon economy our automotive customers are required to improve their efficiency and reduce tail pipe emissions. Some producers of other materials have sought to take advantage of this shift and question steel’s ability to support the required weight-savings. The reality is very different. Our R&D department has worked very closely with our customers to develop a fantastic range of steel products that can deliver the requirements these customers are demanding in both a cost effective and environmentally friendly manner. We will continue to invest in innovative automotive steels for the future and are convinced that steel will remain the material of choice for the automotive sector.”
    
    Source : Strategic Research Institute
    
17. voda 4 juni 2015 16:29

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    Korea’s crude steel production volume showed sharp decline in April
    
    The World Steel Association has announced that 65 major steel making countries around the world produced 135.407 million tonnes of crude steel in April this year to post a 1.7% decrease from a year ago.
    
    It was the United States that recorded the steepest decline. The United States’ crude steel production volume fell by 9.8% to 6.450 million tonnes during the same period and that of Korea decreased by 6.6 percent, the highest percentage in Asia, to 5.788 million tonnes. That of Japan decreased by 6.1 percent to 8.402 million tonnes too.
    
    Meanwhile, the crude steel production volume of China, where steel industry restructuring is underway, declined by just 0.7% to 68.909 million tonnes. The rate of decrease was the lowest one in Asia. India, which is emerging rapidly as a major crude steel producer, was the only country in the continent that increased its crude steel output in April this year.
    
    Specifically, its volume went up by 2.1% YoY to reach 7.433 million tonnes. During the first four months of this year, the 65 countries’ combined crude steel production added up to a total of 536.485 million tonnes, 1.7% down compared to the same period of last year.
    
    Source : Business Korea
    
18. voda 4 juni 2015 16:30

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    SDI, AK Steel, ArcelorMittal USA, CSI, Nucor and US Steel file case against 5 countries on corrosion resistant steel
    
    Steel Dynamics Inc, AK Steel Corporation, ArcelorMittal USA, California Steel Industries, Nucor Corporation and United States Steel Corporation have petitioned to the US Department of Commerce and the US International Trade Commission to apply antidumping and countervailing duties against imports of corrosion resistant steel from China, India, Italy, South Korea, and Taiwan.
    
    Source : Strategic Research Institute
19. voda 4 juni 2015 16:33

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    voestalpine with boost in earnings at slightly higher revenues in FY 2014/15
    
    voestalpine, while showing slightly higher revenues, was able to significantly increase earnings in all categories in an economic environment, which was characterized by strong growth in North-America, a development in China, which was better than originally predicted, recessionary tendencies in Brazil and recently clearly improved optimism in Europe.
    
    Source : Strategic Research Institute
20. voda 4 juni 2015 16:33

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    Iron ore stranded without port - Mineralogy
    
    AAP cited Mr Clive Palmer's mining company Mineralogy as saying that billions of tonnes of iron ore will be left in the ground because Chinese company CITIC is denying it access to a Pilbara port.
    
    Mineralogy claims its estranged business partner CITIC should not have exclusive control of port facilities at Cape Preston at the AUD 12 billion Sino iron ore project in Western Australia.
    
    Geological reports showed billions of tonnes of magnetite iron ore could be exploited near Cape Preston but prospective investors are unwilling to finance new mines without guaranteed use of the port.
    
    Mr Simon Couper, a lawyer representing Mineralogy said that "The effect of this is Mineralogy won't be able to say to a prospective financier we have a port we can use. Sino is running a port to the exclusion of others."
    
    Mr Couper said that Mineralogy could not guarantee operation of the port. The company had asked Sino Iron for manuals and specifications so it could train people and maintain port facilities but had never received the materials.
    
    Source : AAP