OTELU ROSU, Romania, August 27 /PRNewswire/ — Mechel OAO (NYSE: MTL - News), one of the leading Russian mining and metals companies, announces it is launching a gas cleaning system in the arc furnace shop of its Otelu Rosu facility at Ductil Steel, a Romanian company acquired by Mechel in April 2008.Commissioning of the gas cleaning system was timed with the celebration of Metallurgist Day in Romania and represents one more step in implementing the equipment modernization program at Mechel’s Romanian facilities. Ensuring a safe environment at the facilities is one of the priorities of the program.
The gas cleaning system has been supplied by Italian-based Tecoaer Company, and meets the highest demands on machinery and technologies. The total amount of investments into the project is 12 million euro (US$17.5 million).
The equipment capacity totals 2,000,000 cubic meters per hour. Operation of the new system will reduce dust emissions into the air to 5 mg per cubic meter, well below the maximum dust emission of 10 mg per cubic meter allowed under European standards.
Furthermore, the gas cleaning system contains automation equipment and devices for transportation of retained dust. The contract also covers services for basic engineering, installation supervision and technical support. Other Romanian companies that participated in this project included ICSH Hunedoara and Mechel Proiectare Bucuresti, each of which provided design, installation and other services.
Deployment of the new gas cleaning system will improve working conditions for Otelu Rosu employees and decrease environmental impact. Ensuring a safe environment and improved working conditions at production sites is one of the primary goals for implementing technical renovation projects in all of Mechel’s facilities. Similar equipment installations have already been instituted at some of the Company’s other subsidiaries, including: Mechel Targoviste (Romania) and the Bratsk and Tikhvin Ferroalloy plants.
Mechel is one of the leading Russian companies. Its business includes three segments: mining, steel, and power. Mechel unites producers of coal, iron ore concentrate, nickel, steel, rolled products, hardware, heat and electric power. Mechel products are marketed domestically and internationally.
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Mechel, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements. We refer you to the documents Mechel files from time to time with the U.S. Securities and Exchange Commission, including our Form 20-F. These documents contain and identify important factors, including those contained in the section captioned “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in our Form 20-F, that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of our recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or ADRs, financial risk management and the impact of general business and global economic conditions.
Source: Mechel OAO
Showing posts with label mining. Show all posts
Showing posts with label mining. Show all posts
Friday, August 29, 2008
Monday, August 18, 2008
Canadian Royalties Announces Financial Results For the Quarter Ended June 30, 2008
MONTREAL, Aug. 14 /CNW Telbec/ - Canadian Royalties Inc. (TSX:CZZ - News; “Canadian Royalties” or the “Corporation”) announces that it filed its financial results on August 14, 2008, for the quarter ended June 30, 2008 together with the management’s discussion and analysis of the financial condition and results of operations for the six-month period ended June 30, 2008.
inancial Results Quarter Ended June 30, 2008
On May 21, 2008, the Corporation obtained the Environmental Certificate of Authorization for the Nunavik Nickel Project from the Ministère des Ressources naturelles et de la Faune du Québec and the Corporation commenced construction work on the Nunavik Nickel Project. Engineering designs and construction plans are being modified to adjust infrastructure capacity and mining equipment to 4,500 tonnes per day, an increase which is to occur 24 months following the start of production, as per the revised mine plan compared to 3,500 tonnes per day in the SNC-Lavalin bankable feasibility study. As a result of this change, modifications to the wharf design and increased mining equipment have increased the total construction budget from $465.6 million to $517.6 million. Readers are directed to the management’s discussion and analysis of the financial condition and results of operations for the six-month period ended June 30, 2008 for additional information.
As of June 30, 2008, the Corporation had spent and committed approximately $179.5 million in investments for the engineering and equipment for the Nunavik Nickel Project. The balance of funds required by the Corporation to complete the construction and start-up the Nunavik Nickel Project are anticipated to be derived from strategic partner contributions and a project term loan.
The following table sets forth the income statement highlights.
————————————————————————-
Income Statement Highlights
(in thousands of Cdn dollars, except per share amounts)
Three Months Six Months
2008 2007 2008 2007
———— ———— ———— ————
Net loss 1,551 1,294 3,453 1,700
Net loss per share 0.016 0.020 0.035 0.026
————————————————————————-
The Net loss for the six months reflects the cost of additional support
staff due to the increased activity level and increased professional fees.
————————————————————————-
Balance Sheet Highlights
(in thousands of Cdn dollars)
June 30 December 31
2008 2007
———— ————
Cash and cash equivalents 112,595 37,008
Working Capital (excluding
cash and cash equivalents) 6,962 6,130
Total Assets 305,414 163,301
Long-term debt 95,935 7,776
Shareholders’ Equity 192,088 141,290
————————————————————————-
Implementation of Asset Conservation Plan
As previously announced in the Corporation’s press release dated August 5, 2008, on August 4, 2008, the Board of Directors approved an Asset Conservation Plan intended to conserve the Corporation’s assets by deferring project expenditures until project financing is in place for the Nunavik Nickel Project. The Asset Conservation Plan has been prompted by the dramatic changes in capital markets, combined with challenges in accessing infrastructure and delays in resolution of litigation which have impaired the Corporation’s ability to raise the balance of funds required to bring the Nunavik Nickel Project into production during the middle of 2010.
Engineering and other test work for the Nunavik Nickel Project will continue as scheduled but only essential construction work will be carried out at the Nunavik Nickel Project for the balance of 2008. Exploration work on all properties of Canadian Royalties will continue as scheduled.
Exploration activities in the first semester of 2008 were confined mainly to analyzing the results of the 2007 exploration program and planning the 2008 program including further exploration of new discoveries on the sites of Allammaq and Puimajuq.
Qualified Person
Glenn J. Mullan is the Qualified Person in accordance with NI 43-101, and is responsible for the technical information presented in this news release.
About Canadian Royalties and the Nunavik Nickel Project
Canadian Royalties has initiated the development of an independent, stand-alone nickel-copper mine on its Nunavik Nickel Project, located 20 kilometers south of Xstrata Nickel’s Raglan Mine in Nunavik, Québec. Canadian Royalties has received its Environmental Certificate of Authorization on May 21, 2008 and Mine Leases for the Expo, Mesamax, Ivakkak and Mequillon sites of the Nunavik Nickel Project on July 29, 2008.
Forward-looking Statement
This news release contains certain forward-looking statements or forward-looking information. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Corporation’s ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Such risks and uncertainties are disclosed under the heading “Risk Factors” in the Corporation’s Annual Information Form for the year ended December 31, 2007 and dated March 31, 2008. Further, forward-looking information is in addition based on various assumptions, including, without limitation, the expectation and beliefs of management, the assumed long term price of nickel, that the Nunavik Nickel Project is a technical viable and economic operation, that it can be successfully completed by the Corporation, that the Corporation will receive the required permits and access to surface rights, and that the Corporation can access financing, appropriate equipment, and sufficient labour. Should one or more of these risks and uncertainties materialize, or should the underlying assumption prove incorrect or different, actual results may vary materially from those described in the forward-looking statements. All forward-looking statements speak only as of the date of this news release and the Corporation does not undertake any obligation to update or publicly disclose any revisions to such forward-looking statements to reflect events, circumstances or changes in expectations after the date hereof, except as required by law. Accordingly, readers should not place undue reliance on forward-looking statements.
For additional information please visit our website at www.canadianroyalties.com.
For further information
please visit our website at www.canadianroyalties.com or contact: Richard R. Faucher, President & CEO, Canadian Royalties Inc., (514) 879-1688, richard.faucher@canadianroyalties.com
—– Marc Chaput, VP, Investor Relations and Communications, Canadian Royalties Inc., (514) 879-1688, ext. 1223, marc.chaput@canadianroyalties.com
—– Renmark Financial Communications Inc.: Jason Roy: jroy@renmarkfinancial.com
Dan Symons: dsymons@renmarkfinancial.com
Média - Adam Ross: aross@renmarkfinancial.com, (514) 939-3989, Téléc.: (514) 939-3717, www.renmarkfinancial.com
inancial Results Quarter Ended June 30, 2008
On May 21, 2008, the Corporation obtained the Environmental Certificate of Authorization for the Nunavik Nickel Project from the Ministère des Ressources naturelles et de la Faune du Québec and the Corporation commenced construction work on the Nunavik Nickel Project. Engineering designs and construction plans are being modified to adjust infrastructure capacity and mining equipment to 4,500 tonnes per day, an increase which is to occur 24 months following the start of production, as per the revised mine plan compared to 3,500 tonnes per day in the SNC-Lavalin bankable feasibility study. As a result of this change, modifications to the wharf design and increased mining equipment have increased the total construction budget from $465.6 million to $517.6 million. Readers are directed to the management’s discussion and analysis of the financial condition and results of operations for the six-month period ended June 30, 2008 for additional information.
As of June 30, 2008, the Corporation had spent and committed approximately $179.5 million in investments for the engineering and equipment for the Nunavik Nickel Project. The balance of funds required by the Corporation to complete the construction and start-up the Nunavik Nickel Project are anticipated to be derived from strategic partner contributions and a project term loan.
The following table sets forth the income statement highlights.
————————————————————————-
Income Statement Highlights
(in thousands of Cdn dollars, except per share amounts)
Three Months Six Months
2008 2007 2008 2007
———— ———— ———— ————
Net loss 1,551 1,294 3,453 1,700
Net loss per share 0.016 0.020 0.035 0.026
————————————————————————-
The Net loss for the six months reflects the cost of additional support
staff due to the increased activity level and increased professional fees.
————————————————————————-
Balance Sheet Highlights
(in thousands of Cdn dollars)
June 30 December 31
2008 2007
———— ————
Cash and cash equivalents 112,595 37,008
Working Capital (excluding
cash and cash equivalents) 6,962 6,130
Total Assets 305,414 163,301
Long-term debt 95,935 7,776
Shareholders’ Equity 192,088 141,290
————————————————————————-
Implementation of Asset Conservation Plan
As previously announced in the Corporation’s press release dated August 5, 2008, on August 4, 2008, the Board of Directors approved an Asset Conservation Plan intended to conserve the Corporation’s assets by deferring project expenditures until project financing is in place for the Nunavik Nickel Project. The Asset Conservation Plan has been prompted by the dramatic changes in capital markets, combined with challenges in accessing infrastructure and delays in resolution of litigation which have impaired the Corporation’s ability to raise the balance of funds required to bring the Nunavik Nickel Project into production during the middle of 2010.
Engineering and other test work for the Nunavik Nickel Project will continue as scheduled but only essential construction work will be carried out at the Nunavik Nickel Project for the balance of 2008. Exploration work on all properties of Canadian Royalties will continue as scheduled.
Exploration activities in the first semester of 2008 were confined mainly to analyzing the results of the 2007 exploration program and planning the 2008 program including further exploration of new discoveries on the sites of Allammaq and Puimajuq.
Qualified Person
Glenn J. Mullan is the Qualified Person in accordance with NI 43-101, and is responsible for the technical information presented in this news release.
About Canadian Royalties and the Nunavik Nickel Project
Canadian Royalties has initiated the development of an independent, stand-alone nickel-copper mine on its Nunavik Nickel Project, located 20 kilometers south of Xstrata Nickel’s Raglan Mine in Nunavik, Québec. Canadian Royalties has received its Environmental Certificate of Authorization on May 21, 2008 and Mine Leases for the Expo, Mesamax, Ivakkak and Mequillon sites of the Nunavik Nickel Project on July 29, 2008.
Forward-looking Statement
This news release contains certain forward-looking statements or forward-looking information. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Corporation’s ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Such risks and uncertainties are disclosed under the heading “Risk Factors” in the Corporation’s Annual Information Form for the year ended December 31, 2007 and dated March 31, 2008. Further, forward-looking information is in addition based on various assumptions, including, without limitation, the expectation and beliefs of management, the assumed long term price of nickel, that the Nunavik Nickel Project is a technical viable and economic operation, that it can be successfully completed by the Corporation, that the Corporation will receive the required permits and access to surface rights, and that the Corporation can access financing, appropriate equipment, and sufficient labour. Should one or more of these risks and uncertainties materialize, or should the underlying assumption prove incorrect or different, actual results may vary materially from those described in the forward-looking statements. All forward-looking statements speak only as of the date of this news release and the Corporation does not undertake any obligation to update or publicly disclose any revisions to such forward-looking statements to reflect events, circumstances or changes in expectations after the date hereof, except as required by law. Accordingly, readers should not place undue reliance on forward-looking statements.
For additional information please visit our website at www.canadianroyalties.com.
For further information
please visit our website at www.canadianroyalties.com or contact: Richard R. Faucher, President & CEO, Canadian Royalties Inc., (514) 879-1688, richard.faucher@canadianroyalties.com
—– Marc Chaput, VP, Investor Relations and Communications, Canadian Royalties Inc., (514) 879-1688, ext. 1223, marc.chaput@canadianroyalties.com
—– Renmark Financial Communications Inc.: Jason Roy: jroy@renmarkfinancial.com
Dan Symons: dsymons@renmarkfinancial.com
Média - Adam Ross: aross@renmarkfinancial.com, (514) 939-3989, Téléc.: (514) 939-3717, www.renmarkfinancial.com
Friday, August 8, 2008
Mining News-Solomon Receives Payments from Randall’s Sale in Australia and Expands Programs in Mongolia
Solomon Resources Ltd. (SRB:TSX-V) is pleased to announce that it has received the cash proceeds of A $ 1,100,000, from the release of environmental bonds previously held by the Western Australia Department of Mines. The bonds have been replaced by Integra Mining, the purchaser of Solomon’s Randall’s Tenements (see Solomon News Release dated August 2nd, 2005). Solomon has also received 6,967,485 shares of Integra stock, initially priced at A $ 0.071 per share. Shares of Integra closed at A$ 0.175 per share on January 19, 2005, reflecting a 250% increase in value.
Vancouver, Canada, January 20, 2006 – Solomon Resources Ltd. (SRB:TSX-V) is pleased to announce that it has received the cash proceeds of A $ 1,100,000, from the release of environmental bonds previously held by the Western Australia Department of Mines. The bonds have been replaced by Integra Mining, the purchaser of Solomon’s Randall’s Tenements (see Solomon News Release dated August 2nd, 2005). Solomon has also received 6,967,485 shares of Integra stock, initially priced at A $ 0.071 per share. Shares of Integra closed at A$ 0.175 per share on January 19, 2005, reflecting a 250% increase in value.
The funds will be used to conduct additional drilling at the Company’s Bayantsagaan Gold Project in Mongolia (see News Release January 13th, 2006) and to fund ongoing exploration programs to acquire additional gold, copper and uranium projects in Mongolia.
Solomon recently established a wholly owned subsidiary in Mongolia, “SRM XXK”, which will hold all new properties, outside of the Gallant Option Agreement. SRM XXK is a Mongolia Limited Liability Company, headquartered in Ulaanbaatar. The new company is headed up by Mr. Batmunkh Enkhnasan, Exploration Manager and Director General. Batmunkh is a graduate of the Mongolia Technical University, and has been exploring for gold and copper in Mongolia for eight years. He has worked as an exploration geologist with Harrods Minerals, and later Gallant Minerals before being seconded to WMC Resources Corp for two years. He briefly worked for Erdene Gold Inc. as Project Geologist before joining Solomon in 2005.
About Solomon Resources Ltd.
Solomon Resources Ltd. is a Canadian public company focused on the acquisition, exploration and development of gold properties world wide. The Company is managed by a proven team of exploration geologists credited with the discovery and/or development of a number of significant deposits in the world, including the SNIP, Eskay Creek, and Brewery Creek deposits in Canada, the Segala gold deposit in Mali, the Chimney Creek, Mule Canyon, Ruby Hill, Mesquite, and Ortiz gold deposits in the United States, the Gosowong deposit in Indonesia, and the Cadia East deposit in Australia.
Solomon has active copper-gold and gold exploration projects in Mongolia, Australia and Burkina Faso. Solomon Resources Ltd. is a Tier 1 Company listed on the TSX Venture Exchange (TSX-V) and trades under the banner (SRB). For additional information visit Solomon’s website at www.solomonresources.ca.
Contact Information - Keith A. Laskowski, President and COO
Direct: 1 720-272-6224
Larry Nagy, Chairman and CEO:
Office: 604-669-6656
Fax: 604-684-9877
Vancouver, Canada, January 20, 2006 – Solomon Resources Ltd. (SRB:TSX-V) is pleased to announce that it has received the cash proceeds of A $ 1,100,000, from the release of environmental bonds previously held by the Western Australia Department of Mines. The bonds have been replaced by Integra Mining, the purchaser of Solomon’s Randall’s Tenements (see Solomon News Release dated August 2nd, 2005). Solomon has also received 6,967,485 shares of Integra stock, initially priced at A $ 0.071 per share. Shares of Integra closed at A$ 0.175 per share on January 19, 2005, reflecting a 250% increase in value.
The funds will be used to conduct additional drilling at the Company’s Bayantsagaan Gold Project in Mongolia (see News Release January 13th, 2006) and to fund ongoing exploration programs to acquire additional gold, copper and uranium projects in Mongolia.
Solomon recently established a wholly owned subsidiary in Mongolia, “SRM XXK”, which will hold all new properties, outside of the Gallant Option Agreement. SRM XXK is a Mongolia Limited Liability Company, headquartered in Ulaanbaatar. The new company is headed up by Mr. Batmunkh Enkhnasan, Exploration Manager and Director General. Batmunkh is a graduate of the Mongolia Technical University, and has been exploring for gold and copper in Mongolia for eight years. He has worked as an exploration geologist with Harrods Minerals, and later Gallant Minerals before being seconded to WMC Resources Corp for two years. He briefly worked for Erdene Gold Inc. as Project Geologist before joining Solomon in 2005.
About Solomon Resources Ltd.
Solomon Resources Ltd. is a Canadian public company focused on the acquisition, exploration and development of gold properties world wide. The Company is managed by a proven team of exploration geologists credited with the discovery and/or development of a number of significant deposits in the world, including the SNIP, Eskay Creek, and Brewery Creek deposits in Canada, the Segala gold deposit in Mali, the Chimney Creek, Mule Canyon, Ruby Hill, Mesquite, and Ortiz gold deposits in the United States, the Gosowong deposit in Indonesia, and the Cadia East deposit in Australia.
Solomon has active copper-gold and gold exploration projects in Mongolia, Australia and Burkina Faso. Solomon Resources Ltd. is a Tier 1 Company listed on the TSX Venture Exchange (TSX-V) and trades under the banner (SRB). For additional information visit Solomon’s website at www.solomonresources.ca.
Contact Information - Keith A. Laskowski, President and COO
Direct: 1 720-272-6224
Larry Nagy, Chairman and CEO:
Office: 604-669-6656
Fax: 604-684-9877
Mining News- Miniveyor In African Joint Venture
Rako Products Limited, manufacturers of the world’s favorite portable conveyor system the Miniveyor™ is expanding its distribution channels with the launch of Miniveyor Africa.
(1888PressRelease) October 29, 2007 - STONEHOUSE, UK — The Joint Venture company, based in the heart of the platinum mining area of Rustenburg is headed up by CEO Louis Labuschagne who brings with him a wealth of experience of mining operations and mineral extraction.
Darracq Shawe, Managing Director of Rako Products Ltd added “Miniveyor Africa builds on our experience gained in the Brazilian mining sector. The JV gives us a platform to promote our entire product range not only within the Republic but to the entire Sub-Sahara region. Although mining operations will be our main focus the construction market in the RSA is also booming with the hosting of the FIFA World Cup just around the corner”
NOTES TO EDITORS
Rako Products Ltd, whose manufacturing headquarters are based in Stonehouse U.K., specialize in equipment for confined space working and its Miniveyor conveyor system is used on thousands of applications worldwide for construction, tunneling and mining projects and for emergency disaster debris removal following natural disasters such as post-tsunami, hurricane and earthquake recovery and crime scene investigations.
For more information, contact:
Darracq Shawe
Rako Products Ltd
Tel: +44 1453 829900
Fax: +44 1453 829928
sales ( @ ) rako dot co dot uk
www.rako-products.com
Louis Labuschagne
Miniveyor Africa (Pty) Limited
Tel: +27 79 5280576
Fax: +27 86 6319458
info ( @ ) miniveyorafrica dot co dot za
www.miniveyor.co.za
(1888PressRelease) October 29, 2007 - STONEHOUSE, UK — The Joint Venture company, based in the heart of the platinum mining area of Rustenburg is headed up by CEO Louis Labuschagne who brings with him a wealth of experience of mining operations and mineral extraction.
Darracq Shawe, Managing Director of Rako Products Ltd added “Miniveyor Africa builds on our experience gained in the Brazilian mining sector. The JV gives us a platform to promote our entire product range not only within the Republic but to the entire Sub-Sahara region. Although mining operations will be our main focus the construction market in the RSA is also booming with the hosting of the FIFA World Cup just around the corner”
NOTES TO EDITORS
Rako Products Ltd, whose manufacturing headquarters are based in Stonehouse U.K., specialize in equipment for confined space working and its Miniveyor conveyor system is used on thousands of applications worldwide for construction, tunneling and mining projects and for emergency disaster debris removal following natural disasters such as post-tsunami, hurricane and earthquake recovery and crime scene investigations.
For more information, contact:
Darracq Shawe
Rako Products Ltd
Tel: +44 1453 829900
Fax: +44 1453 829928
sales ( @ ) rako dot co dot uk
www.rako-products.com
Louis Labuschagne
Miniveyor Africa (Pty) Limited
Tel: +27 79 5280576
Fax: +27 86 6319458
info ( @ ) miniveyorafrica dot co dot za
www.miniveyor.co.za
Iran Mining News-Up to now, over $5.2b worth of foreign investments have been attracted
Up to now, over $5.2b worth of foreign investments have been attracted, said Head of Foreign Investments Organization Behrouz Alishiri.
Speaking to reporters on the sidelines of the meeting of Iran-South Africa Joint Commission for Economic, Commercial, Scientific and Technical Cooperation, he added that there is a 15%-30% gap between the actual foreign investments and the official target figure.
He underlined that in order to promote foreign investment in the country a specialized workgroup has been established and appropriate approaches have been adopted for attraction of foreign investments into projects within the mining sector.
Iran currently ranks 135th among 170 countries, worldwide, regarding foreign investment, ISNA said.
Speaking to reporters on the sidelines of the meeting of Iran-South Africa Joint Commission for Economic, Commercial, Scientific and Technical Cooperation, he added that there is a 15%-30% gap between the actual foreign investments and the official target figure.
He underlined that in order to promote foreign investment in the country a specialized workgroup has been established and appropriate approaches have been adopted for attraction of foreign investments into projects within the mining sector.
Iran currently ranks 135th among 170 countries, worldwide, regarding foreign investment, ISNA said.
WORLD EXPLORATION NEWS- DIAMOND EXPLORATION AND MINING IN NORTH AMERICA HEATING UP
This mining news is about diamond exploration in Wyoming. There is a lot of news debating and asking about Diamond exploration in North America, exactly in Wyoming. The big question about this is Could Wyoming be the next diamond-producing area in North America? Six years ago no one thought that Canada would be producing 15% of the world’s diamonds, but today it is a multi-billion dollar industry boosting Canada’s economy. According to W. Dan Hausel, Senior Economic Geologist at the Wyoming State Geological Survey (WSGS), the possibilities for Wyoming are good. Wyoming is underlain by the same kind of rocks found in Canada, and the entire state has high potential for the discovery of commercial diamond deposits. Some companies are starting to recognize these similarities, and over the past month, several companies and consultants have contacted the WSGS for information on potential diamond deposits.
Canada is now one of the world’s leading producers of gem-quality diamonds, surpassing South Africa’s production last spring. Diamond exploration in Canada is now paying huge dividends. Currently, diamonds are recovered from just two mines in the Northwest Territories. Diamond exploration has led to the discovery of 500 kimberlites (one of the principal host rocks for diamond) and proposals for four additional diamond mines before the end of the decade.
Canadian diamond production in 2003 amounted to 11.2 million carats, resulting in an industry worth $1.7 billion per year and providing hundreds of new jobs. The value of raw diamond production is dramatically increased as the rough stones are faceted by Canadian gem cutters and mounted in jewelry that is sold for more than 10 times the raw value. In other words, the Canadian economy has taken a major, multi-billion dollar boost due to mining and added hundreds of new jobs.
Why does Hausel believe Wyoming is a good target for diamond exploration? Forty diamond deposits are found in the State Line district south of Laramie, one diamond pipe occurs at Iron Mountain northwest of Cheyenne, and another diamond-bearing rock is found at Cedar Mountain in southwestern Wyoming. There have been 130,000 diamonds recovered from the State Line district including gems weighing more than 28 carats. Diamonds have also been found or reported from a number of other Wyoming localities. According to Hausel, Wyoming has an incredible number of kimberlitic indicator mineral anomalies, indicating that there could easily be hundreds of hidden deposits waiting to be found. These anomalies consist of rare minerals that are eroded from nearby diamond pipes or dikes.
Over the past 20 years, the WSGS has identified more than 300 kimberlitic indicator mineral anomalies in southeastern Wyoming alone. Finally, Wyoming contains large areas of kimberlite and lamproite, the only two rock types mined for diamond. Hausel has already mapped the two largest kimberlite districts in the U.S., and the largest lamproite field in North America.
Canada is now one of the world’s leading producers of gem-quality diamonds, surpassing South Africa’s production last spring. Diamond exploration in Canada is now paying huge dividends. Currently, diamonds are recovered from just two mines in the Northwest Territories. Diamond exploration has led to the discovery of 500 kimberlites (one of the principal host rocks for diamond) and proposals for four additional diamond mines before the end of the decade.
Canadian diamond production in 2003 amounted to 11.2 million carats, resulting in an industry worth $1.7 billion per year and providing hundreds of new jobs. The value of raw diamond production is dramatically increased as the rough stones are faceted by Canadian gem cutters and mounted in jewelry that is sold for more than 10 times the raw value. In other words, the Canadian economy has taken a major, multi-billion dollar boost due to mining and added hundreds of new jobs.
Why does Hausel believe Wyoming is a good target for diamond exploration? Forty diamond deposits are found in the State Line district south of Laramie, one diamond pipe occurs at Iron Mountain northwest of Cheyenne, and another diamond-bearing rock is found at Cedar Mountain in southwestern Wyoming. There have been 130,000 diamonds recovered from the State Line district including gems weighing more than 28 carats. Diamonds have also been found or reported from a number of other Wyoming localities. According to Hausel, Wyoming has an incredible number of kimberlitic indicator mineral anomalies, indicating that there could easily be hundreds of hidden deposits waiting to be found. These anomalies consist of rare minerals that are eroded from nearby diamond pipes or dikes.
Over the past 20 years, the WSGS has identified more than 300 kimberlitic indicator mineral anomalies in southeastern Wyoming alone. Finally, Wyoming contains large areas of kimberlite and lamproite, the only two rock types mined for diamond. Hausel has already mapped the two largest kimberlite districts in the U.S., and the largest lamproite field in North America.
Mining Investment News-Potash Mine Exploration Booming in Saskatchewan,
Potash exploration rights are selling like hot cakes in Saskatchewan, with several sites in the Regina area and nearby Belle Plaine being eyed as possible sites for new, billion dollar mines.
George Patterson, the executive director of exploration and geological services for Saskatchewan Energy and Resources said exploration permits on about 5.5 million hectares of land have been taken out provincewide by exploration companies in recent months.
That’s way up from the situation as recently as eight months ago when there were the total amount of permits that had been taken out for potash exploration only amounted to about 200,000 hectares, Patterson said.
“There certainly are a lot of permits,” Patterson commented, in a telephone interview Friday.
A combination of factors, including a tight world supply for potash and higher prices for that fertilizer product, have clearly played a role in sparking increased interest in potash exploration, Patterson said.
Among the company’s known to be interested in exploration and possible mine development, specifically in the Regina area, is Rio Tinto, the Anglo-Australian mining giant, which has acquired exploration rights to a number of blocks of property, including property east of the existing potash mine, owned by Mosaic, near Belle Plaine.
Preston Chiaro, the chief executive of energy and mineral with Rio Pinto, was quoted in a recent article in the National Post as saying the company is interested in developing projects in Argentina and Canada that would give the company 10 per cent of the world’s potash market by 2012.
Another business — the Vancouver based Potash One company — has obtained extensive exploration rights on several sections of property near Belle Plaine.
In a news release issued July 24, Potash One announced it had obtained full ownership of Potash Permit KP289 (also known as the legacy project) north of Belle Plaine.
That acquisition in conjunction with other acquisitions means the company has potash mineral rights for over 300,000 acres of property (in the general vicinity of Belle Plaine) the news release said.
In a telephone interview Friday Farhad Abasov, the senior vice-president of Potash One, said seismic and other testing of the legacy project site should occur this year.
Abasov said he is optimistic that the mine will be built, possibly within four to five years.
Total investment would be in excess of $1 billion, he said, adding that the mine would employ about 300 people.
A solution mining process would be used which would involve injecting water into the ground which would bring dissolved potash to the surface without the need for underground mining, Abasov said.
In addition to Potash One and Rio Tinto, several other players are involved in potash exploration in the province, Patterson said.
But it can be anywhere from seven to 10 years from the time initial exploration begins until a new potash mine goes into full production, Patterson said.
“These guys (buying exploration rights) are all in the preliminary exploration stage,” Patterson said.
But that exploration activity still has the potential to lead to major investment and employment in the potash industry, he said.
The new exploration activity is on top of already announced plans, valued at $7 billion to $8 billion, to expand existing potash mines in the province, Patterson said.
George Patterson, the executive director of exploration and geological services for Saskatchewan Energy and Resources said exploration permits on about 5.5 million hectares of land have been taken out provincewide by exploration companies in recent months.
That’s way up from the situation as recently as eight months ago when there were the total amount of permits that had been taken out for potash exploration only amounted to about 200,000 hectares, Patterson said.
“There certainly are a lot of permits,” Patterson commented, in a telephone interview Friday.
A combination of factors, including a tight world supply for potash and higher prices for that fertilizer product, have clearly played a role in sparking increased interest in potash exploration, Patterson said.
Among the company’s known to be interested in exploration and possible mine development, specifically in the Regina area, is Rio Tinto, the Anglo-Australian mining giant, which has acquired exploration rights to a number of blocks of property, including property east of the existing potash mine, owned by Mosaic, near Belle Plaine.
Preston Chiaro, the chief executive of energy and mineral with Rio Pinto, was quoted in a recent article in the National Post as saying the company is interested in developing projects in Argentina and Canada that would give the company 10 per cent of the world’s potash market by 2012.
Another business — the Vancouver based Potash One company — has obtained extensive exploration rights on several sections of property near Belle Plaine.
In a news release issued July 24, Potash One announced it had obtained full ownership of Potash Permit KP289 (also known as the legacy project) north of Belle Plaine.
That acquisition in conjunction with other acquisitions means the company has potash mineral rights for over 300,000 acres of property (in the general vicinity of Belle Plaine) the news release said.
In a telephone interview Friday Farhad Abasov, the senior vice-president of Potash One, said seismic and other testing of the legacy project site should occur this year.
Abasov said he is optimistic that the mine will be built, possibly within four to five years.
Total investment would be in excess of $1 billion, he said, adding that the mine would employ about 300 people.
A solution mining process would be used which would involve injecting water into the ground which would bring dissolved potash to the surface without the need for underground mining, Abasov said.
In addition to Potash One and Rio Tinto, several other players are involved in potash exploration in the province, Patterson said.
But it can be anywhere from seven to 10 years from the time initial exploration begins until a new potash mine goes into full production, Patterson said.
“These guys (buying exploration rights) are all in the preliminary exploration stage,” Patterson said.
But that exploration activity still has the potential to lead to major investment and employment in the potash industry, he said.
The new exploration activity is on top of already announced plans, valued at $7 billion to $8 billion, to expand existing potash mines in the province, Patterson said.
Mining News-Coal Mine and Steelmaker Industry Expand, Arcelormittal Agreed To Buy Second Appalachian Coal Company
Appalachian coking coal is proving ever more irresistible to the international steel industry.
Luxembourg-based ArcelorMittal, the world’s largest steelmaker, has agreed to buy its second Appalachian coal company in a month.
ArcelorMittal’s latest acquisition target, West Virginia’s Concept Group, owns some 57 million tons of reserves in the state. And those reserves, which produced some 800,000 tons of coal destined for coke furnaces and ultimately integrated steel mills, are located next door to Mid Vol Coal Group and its 85 million tons of coking reserves, which ArcelorMittal bought last month. Mid Vol produced 1.5 million tons of coal from West Virginia and Virginia mines last year.
“With raw material costs continuing to soar, increasing our upstream self sufficiency in primary raw materials is a critical component of ArcelorMittal’s growth strategy,” executive Sudhir Maheshwari said in a statement. “Concept’s proximity to Mid Vol’s operations means we can draw on the strengths of both companies to increase their combined production capacity.”
The price of U.S. coal used to make the coke that fuels the blast furnaces can go for as much as $250 a ton. Just last year, the cost was closer to $90.
Steelmakers already face pressure from customers — manufacturers that make everything from automobiles and aircraft to washing machines and refrigerators. Steel producers are doing everything they can to control soaring prices for iron ore, metallurgical coal and scrap steel.
The deal ArcelorMittal announced Monday is but the latest in a growing number of coal acquisitions by the steel industry, which increasingly sees owning its own sources of coal as critical to controlling soaring costs for scrap metal, fuel and other essentials.
ArcelorMittal recently upped its stake in Australia’s Macarthur Coal. Iron ore miner Cleveland-Cliffs picked off a smaller West Virginia and Alabama operator a year ago and just last week boldly bid nearly $10 billion for Abingdon, Va.-based Alpha Natural Resources. That deal gives Cleveland-Cliffs potential access to vast supplies of coking, or metalurgical-grade, coal across parts of West Virginia, Virginia, Kentucky and Pennsylvania.
International mining conglomerate BHP Billiton Ltd. is attempting a $170 billion takeover of rival London-based Rio Tinto Inc. and Korean steel giant Posco has bought 10 percent of Macarthur Coal. Russian steelmaker OAO Severstal is openly shopping for coal mines.
FIND MORE :
· Russia’s Leading Uranium Miner To Set Up JV With France’s Areva
· Mine Drilling Project Raytec’s Athabasca Uranium Projects
· Uranium Mine Exploration, Kazakhstan Targets Top Spot in Uranium Production
· Coal Mine Exploration Accident in China, 56 Trapped In Coal Mine
· Coal Mine and Steelmaker Industry Expand, Arcelormittal Agreed To Buy Second Appalachian Coal Company
Luxembourg-based ArcelorMittal, the world’s largest steelmaker, has agreed to buy its second Appalachian coal company in a month.
ArcelorMittal’s latest acquisition target, West Virginia’s Concept Group, owns some 57 million tons of reserves in the state. And those reserves, which produced some 800,000 tons of coal destined for coke furnaces and ultimately integrated steel mills, are located next door to Mid Vol Coal Group and its 85 million tons of coking reserves, which ArcelorMittal bought last month. Mid Vol produced 1.5 million tons of coal from West Virginia and Virginia mines last year.
“With raw material costs continuing to soar, increasing our upstream self sufficiency in primary raw materials is a critical component of ArcelorMittal’s growth strategy,” executive Sudhir Maheshwari said in a statement. “Concept’s proximity to Mid Vol’s operations means we can draw on the strengths of both companies to increase their combined production capacity.”
The price of U.S. coal used to make the coke that fuels the blast furnaces can go for as much as $250 a ton. Just last year, the cost was closer to $90.
Steelmakers already face pressure from customers — manufacturers that make everything from automobiles and aircraft to washing machines and refrigerators. Steel producers are doing everything they can to control soaring prices for iron ore, metallurgical coal and scrap steel.
The deal ArcelorMittal announced Monday is but the latest in a growing number of coal acquisitions by the steel industry, which increasingly sees owning its own sources of coal as critical to controlling soaring costs for scrap metal, fuel and other essentials.
ArcelorMittal recently upped its stake in Australia’s Macarthur Coal. Iron ore miner Cleveland-Cliffs picked off a smaller West Virginia and Alabama operator a year ago and just last week boldly bid nearly $10 billion for Abingdon, Va.-based Alpha Natural Resources. That deal gives Cleveland-Cliffs potential access to vast supplies of coking, or metalurgical-grade, coal across parts of West Virginia, Virginia, Kentucky and Pennsylvania.
International mining conglomerate BHP Billiton Ltd. is attempting a $170 billion takeover of rival London-based Rio Tinto Inc. and Korean steel giant Posco has bought 10 percent of Macarthur Coal. Russian steelmaker OAO Severstal is openly shopping for coal mines.
FIND MORE :
· Russia’s Leading Uranium Miner To Set Up JV With France’s Areva
· Mine Drilling Project Raytec’s Athabasca Uranium Projects
· Uranium Mine Exploration, Kazakhstan Targets Top Spot in Uranium Production
· Coal Mine Exploration Accident in China, 56 Trapped In Coal Mine
· Coal Mine and Steelmaker Industry Expand, Arcelormittal Agreed To Buy Second Appalachian Coal Company
Mining News-Baffinland Resumes Full Ore Haulage of Bulk Sample Program
TORONTO, ONTARIO–(MARKET WIRE)–Aug 5, 2008 — Baffinland Iron Mines Corporation (”Baffinland” or the “Company”)(Toronto:BIM.TO - News) announced today that it has resumed full ore haulage operations associated with the shipment of the bulk sample (the “Bulk Sample Program”) between Mary River and Milne Inlet on the tote road.
Since resuming the ore haul during late July, an additional 12,000 tonnes of high grade iron ore have been hauled to the Milne Inlet stockpile. Completion of the tote road remediation program was consistent with the schedule assumptions made in association with the revised bulk sample program. Haulage road access has also been reestablished to Deposit No. 1 and drilling, blasting, and crushing operations are expected to resume early this week. The company is on track to meeting the revised bulk sample shipment targets.
Baffinland previously announced revised targets for the shipment of high grade iron ore under its Bulk Sample Program from its Mary River deposit on Baffin Island to key European blast furnace operators in 2008. Baffinland anticipates the shipment of between 120,000 tonnes and 150,000 tonnes of iron ore to be shipped to steelmakers in three trial cargos, of which two will be lump and one of iron ore fines.
The haulage and stevedoring equipment required to complete the bulk sample are on site, and a bulk carrier, the Federal Franklin, managed by Fednav Limited, has been nominated to deliver two ore cargos to Europe. Fednav will be nominating a second vessel in the near future. Ship loading arrangements have now been scheduled with these parties and discharge port arrangements are under discussion with customers in Europe.
Gordon McCreary, President and CEO, indicated, “We are pleased to announce the resumption of ore haulage on the upgraded tote road and are confident that the revised targets, and the original objectives, associated with our bulk sample program will all be met.”
Baffinland is a Canadian publicly-traded junior mining company that is focused on its wholly-owned Mary River iron ore deposits located on Baffin Island, Nunavut Territory, Canada.
This press release contains certain information that may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to management’s future outlook and anticipated events or results, and may include statements or information regarding the future plans or prospects of the Company. Without limitation, statements made about the mining of the bulk sample and the shipment of bulk sample ore to Europe, the anticipated completion of the bulk sample technical objectives, statements concerning progress, execution, completion and planning developments associated with the bulk sample including timing and amount of ore shipped, and statements that the Company is on track to meeting the revised bulk sample shipment targets and that the revised bulk sample target will meet program objectives, and that 120,000 to 150,000 tonnes of ore will be shipped in three cargos in 2008, and statements made regarding the ratio of lump ore to iron ore fines, are forward-looking information.
Forward-looking information is based on certain factors and assumptions regarding, among other things, expected mineral resources, iron ore prices, the timing and amount of future exploration expenditures, the estimation of additional capital requirements and initial capital costs, the availability of necessary financing and materials, the receipt of necessary regulatory approvals, the feasibility of constructing and operating a direct-shipping iron ore mine at Baffinland’s Mary River project and assumptions with respect to environmental risks, title disputes or claims, weather conditions and other similar matters. Without limitation, when stating that the Company is on track to meeting the revised bulk sample shipment targets, that the Company anticipates shipping 120,000 to 150,000 tonnes of ore to European steelmakers in three cargos, and that two cargos will be lump ore and one cargo will be iron ore fines, the Company has assumed that the ore haulage will progress at a rate of 2,000 tonnes per day, that mechanical availability on the truck haulage fleet will average 75%, that past proven drilling, blasting and crushing rates will be maintained until completion of the bulk sample, that Fednav Limited will supply, load and ship the three loads of high grade ore and that this will be accomplished before freeze up and that freeze up will occur as per historical timelines. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward-looking information is subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what is currently expected. These factors include risks inherent in the exploration and development of mineral deposits, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore, uncertainties inherent in the estimation of mineral reserves and resources, risks relating to the remoteness of the Mary River property including access and supply risks, reliance on key personnel, construction and operational risks inherent in the conduct of mining activities, including the risk of changes in capital and operation costs, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing required to fund all currently planned exploration and related activities may not be available on satisfactory terms, or at all, environmental risks and insurance risks. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it is under no obligation and does not undertake to update this information at any particular time.
Contact:
Contacts:
Baffinland Iron Mines Corporation
Gordon A. McCreary
President and CEO
(416) 814-3163
Baffinland Iron Mines Corporation
Rodney A. Cooper
Vice President, Operations and COO
(416) 814-3158
Email: info@baffinland.com
Website: http://www.baffinland.com
Source: Baffinland Iron Mines Corporation
Since resuming the ore haul during late July, an additional 12,000 tonnes of high grade iron ore have been hauled to the Milne Inlet stockpile. Completion of the tote road remediation program was consistent with the schedule assumptions made in association with the revised bulk sample program. Haulage road access has also been reestablished to Deposit No. 1 and drilling, blasting, and crushing operations are expected to resume early this week. The company is on track to meeting the revised bulk sample shipment targets.
Baffinland previously announced revised targets for the shipment of high grade iron ore under its Bulk Sample Program from its Mary River deposit on Baffin Island to key European blast furnace operators in 2008. Baffinland anticipates the shipment of between 120,000 tonnes and 150,000 tonnes of iron ore to be shipped to steelmakers in three trial cargos, of which two will be lump and one of iron ore fines.
The haulage and stevedoring equipment required to complete the bulk sample are on site, and a bulk carrier, the Federal Franklin, managed by Fednav Limited, has been nominated to deliver two ore cargos to Europe. Fednav will be nominating a second vessel in the near future. Ship loading arrangements have now been scheduled with these parties and discharge port arrangements are under discussion with customers in Europe.
Gordon McCreary, President and CEO, indicated, “We are pleased to announce the resumption of ore haulage on the upgraded tote road and are confident that the revised targets, and the original objectives, associated with our bulk sample program will all be met.”
Baffinland is a Canadian publicly-traded junior mining company that is focused on its wholly-owned Mary River iron ore deposits located on Baffin Island, Nunavut Territory, Canada.
This press release contains certain information that may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to management’s future outlook and anticipated events or results, and may include statements or information regarding the future plans or prospects of the Company. Without limitation, statements made about the mining of the bulk sample and the shipment of bulk sample ore to Europe, the anticipated completion of the bulk sample technical objectives, statements concerning progress, execution, completion and planning developments associated with the bulk sample including timing and amount of ore shipped, and statements that the Company is on track to meeting the revised bulk sample shipment targets and that the revised bulk sample target will meet program objectives, and that 120,000 to 150,000 tonnes of ore will be shipped in three cargos in 2008, and statements made regarding the ratio of lump ore to iron ore fines, are forward-looking information.
Forward-looking information is based on certain factors and assumptions regarding, among other things, expected mineral resources, iron ore prices, the timing and amount of future exploration expenditures, the estimation of additional capital requirements and initial capital costs, the availability of necessary financing and materials, the receipt of necessary regulatory approvals, the feasibility of constructing and operating a direct-shipping iron ore mine at Baffinland’s Mary River project and assumptions with respect to environmental risks, title disputes or claims, weather conditions and other similar matters. Without limitation, when stating that the Company is on track to meeting the revised bulk sample shipment targets, that the Company anticipates shipping 120,000 to 150,000 tonnes of ore to European steelmakers in three cargos, and that two cargos will be lump ore and one cargo will be iron ore fines, the Company has assumed that the ore haulage will progress at a rate of 2,000 tonnes per day, that mechanical availability on the truck haulage fleet will average 75%, that past proven drilling, blasting and crushing rates will be maintained until completion of the bulk sample, that Fednav Limited will supply, load and ship the three loads of high grade ore and that this will be accomplished before freeze up and that freeze up will occur as per historical timelines. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward-looking information is subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what is currently expected. These factors include risks inherent in the exploration and development of mineral deposits, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore, uncertainties inherent in the estimation of mineral reserves and resources, risks relating to the remoteness of the Mary River property including access and supply risks, reliance on key personnel, construction and operational risks inherent in the conduct of mining activities, including the risk of changes in capital and operation costs, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing required to fund all currently planned exploration and related activities may not be available on satisfactory terms, or at all, environmental risks and insurance risks. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it is under no obligation and does not undertake to update this information at any particular time.
Contact:
Contacts:
Baffinland Iron Mines Corporation
Gordon A. McCreary
President and CEO
(416) 814-3163
Baffinland Iron Mines Corporation
Rodney A. Cooper
Vice President, Operations and COO
(416) 814-3158
Email: info@baffinland.com
Website: http://www.baffinland.com
Source: Baffinland Iron Mines Corporation
Mining News-Rncos Releases Report On Opportunities In Indian Steel Industry
Mining News-RNCOS’ released a market research report titled “Opportunities in Indian Steel Industry” , which shows the ‘Indian Steel industry’ has shown the second highest growth rate for steel production in Asia after China in 2006.
(1888PressRelease) January 05, 2008 - RNCOS’ released a market research report titled “Opportunities in Indian Steel Industry” , which shows the ‘Indian Steel industry’ has shown the second highest growth rate for steel production in Asia after China in 2006. With a GDP growth of around 8% in 2005-06, Indian economy as well as the industrial development got a boost and this helped to shape the increasing steel demand and production in India.
The report “Opportunities in Indian Steel Industry” undertakes a detailed analysis of the forces that have shaped the Indian steel industry in order to predict the future trends and prospects.
Industry Performance
This section gives a detailed analysis of steel industry in India. This section looks into the factors that have influenced the industry over a period of time, like steel production and raw materials, steel consumption, and export-import of steel products etc. The section also puts forth a comprehensive analysis on the fluctuating performance of the Indian steel industry.
Key Players Analyzed
In this section, business overview and financial facts of key players including, Steel Authority of India, Tata Iron & Steel Company Limited, Ispat Industries Limited, and Essar Steel Limited, are provided for better understanding of the competitive environment in the industry.
Key Issues and Facts Analyzed
- What will be the future demand and production capacity for steel industry?
- What are the growth opportunities for the steel manufacturers?
- What are the major driving factors for the steel industry?
- What will be the major constraints for future growth of steel industry?
- Who are the key competitors in the Indian steel industry?
Research Methodology Used
Information Sources
The information has been compiled from various authentic and reliable sources like books, newspapers, trade journals, and white papers, industry portals, government agencies, trade associations, monitoring industry news and developments, and access to more than 3000 paid databases.
Analysis Method
Methods like historical trend analysis, linear regression analysis using software tools, judgmental forecasting, and cause and effect analysis have been used to prudently analyze the report.
About RNCOS:
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today’s globally competitive environment.
For more information visit: http://www.rncos.com/Report/IM540.htm
Current Industry News: http://www.rncos.com/Blog/
(1888PressRelease) January 05, 2008 - RNCOS’ released a market research report titled “Opportunities in Indian Steel Industry” , which shows the ‘Indian Steel industry’ has shown the second highest growth rate for steel production in Asia after China in 2006. With a GDP growth of around 8% in 2005-06, Indian economy as well as the industrial development got a boost and this helped to shape the increasing steel demand and production in India.
The report “Opportunities in Indian Steel Industry” undertakes a detailed analysis of the forces that have shaped the Indian steel industry in order to predict the future trends and prospects.
Industry Performance
This section gives a detailed analysis of steel industry in India. This section looks into the factors that have influenced the industry over a period of time, like steel production and raw materials, steel consumption, and export-import of steel products etc. The section also puts forth a comprehensive analysis on the fluctuating performance of the Indian steel industry.
Key Players Analyzed
In this section, business overview and financial facts of key players including, Steel Authority of India, Tata Iron & Steel Company Limited, Ispat Industries Limited, and Essar Steel Limited, are provided for better understanding of the competitive environment in the industry.
Key Issues and Facts Analyzed
- What will be the future demand and production capacity for steel industry?
- What are the growth opportunities for the steel manufacturers?
- What are the major driving factors for the steel industry?
- What will be the major constraints for future growth of steel industry?
- Who are the key competitors in the Indian steel industry?
Research Methodology Used
Information Sources
The information has been compiled from various authentic and reliable sources like books, newspapers, trade journals, and white papers, industry portals, government agencies, trade associations, monitoring industry news and developments, and access to more than 3000 paid databases.
Analysis Method
Methods like historical trend analysis, linear regression analysis using software tools, judgmental forecasting, and cause and effect analysis have been used to prudently analyze the report.
About RNCOS:
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today’s globally competitive environment.
For more information visit: http://www.rncos.com/Report/IM540.htm
Current Industry News: http://www.rncos.com/Blog/
Mining News-New Report Says India Is Experiencing Fast Growth In Steel Industry
In India, the research identifies Jharkhand and Orissa as the most potential steel producing destinations. These two states, due to multiple reasons, are attracting increasing number of steel projects. The research counts several big steel projects that have been inked by the Indian government and prominent steel producers.
(1888PressRelease) January 12, 2008 - Report Buyer, the online destination for business intelligence for major industry sectors, has now added a new report showing that in 2006, India emerged as the second largest steel producer in terms of growth rate in Asia after China. Also, the country remained the seventh largest producer of crude steel that year.
“Opportunities in Indian Steel Industry” (http://www.reportbuyer.com/go/RCS00209) reports that due to fast growth in the industry, domestic players are expanding their steel production capacity to benefit from the opportunity. Apart from the domestic makers, foreign players too are staking high on this thriving sector to rake in the profits.
In India, the research identifies Jharkhand and Orissa as the most potential steel producing destinations. These two states, due to multiple reasons, are attracting increasing number of steel projects. The research counts several big steel projects that have been inked by the Indian government and prominent steel producers.
Authors of the report note that the Indian government is working in the direction of taking the steel industry to growth road. The report outlines various development programs undertaken by the government to fortify the position of the Indian steel industry. It also looks into the future development programs of the government which will spur growth in the steel demand in the years to come.
The report evaluates the industry and tries to find out the reasons for the phenomenal growth being witnessed in the Indian steel industry. The industry is full of potential for both steel production and consumption in India and is slowly gaining the global attention.
The study counts several factors responsible for the excelling Indian steel industry. It also briefs on how liberalization in the Foreign Direct Investment (FDI) has spurred growth in the Indian steel industry.
“Opportunities in Indian Steel Industry” is available from Report Buyer.
Report Buyer product ID: RCS00209
About Report Buyer.
Report Buyer is a UK-based independent online store supplying business information on major industry sectors. These include the Automotive Industry, Banking & Finance, Energy & Utilities, Food & Drink, Telecoms and Pharma & Healthcare. The website now carries over 40,000 business information products, including market reports, studies and books. Report Buyer is the intelligent way to buy market research making it an essential resource for executives and information buyers worldwide. Subscribers receive a free monthly newsletter and email alerts on new titles in their areas of interest. A regularly updated blog provides information on the latest market trends.
http://www.reportbuyer.com/
(1888PressRelease) January 12, 2008 - Report Buyer, the online destination for business intelligence for major industry sectors, has now added a new report showing that in 2006, India emerged as the second largest steel producer in terms of growth rate in Asia after China. Also, the country remained the seventh largest producer of crude steel that year.
“Opportunities in Indian Steel Industry” (http://www.reportbuyer.com/go/RCS00209) reports that due to fast growth in the industry, domestic players are expanding their steel production capacity to benefit from the opportunity. Apart from the domestic makers, foreign players too are staking high on this thriving sector to rake in the profits.
In India, the research identifies Jharkhand and Orissa as the most potential steel producing destinations. These two states, due to multiple reasons, are attracting increasing number of steel projects. The research counts several big steel projects that have been inked by the Indian government and prominent steel producers.
Authors of the report note that the Indian government is working in the direction of taking the steel industry to growth road. The report outlines various development programs undertaken by the government to fortify the position of the Indian steel industry. It also looks into the future development programs of the government which will spur growth in the steel demand in the years to come.
The report evaluates the industry and tries to find out the reasons for the phenomenal growth being witnessed in the Indian steel industry. The industry is full of potential for both steel production and consumption in India and is slowly gaining the global attention.
The study counts several factors responsible for the excelling Indian steel industry. It also briefs on how liberalization in the Foreign Direct Investment (FDI) has spurred growth in the Indian steel industry.
“Opportunities in Indian Steel Industry” is available from Report Buyer.
Report Buyer product ID: RCS00209
About Report Buyer.
Report Buyer is a UK-based independent online store supplying business information on major industry sectors. These include the Automotive Industry, Banking & Finance, Energy & Utilities, Food & Drink, Telecoms and Pharma & Healthcare. The website now carries over 40,000 business information products, including market reports, studies and books. Report Buyer is the intelligent way to buy market research making it an essential resource for executives and information buyers worldwide. Subscribers receive a free monthly newsletter and email alerts on new titles in their areas of interest. A regularly updated blog provides information on the latest market trends.
http://www.reportbuyer.com/
Mining News-Beijing Plans To Cut Iron Ore Port Stocks
Beijing plans to reduce the huge iron ore stocks at Chinese ports to curb soaring freight rates, which are hampering 2008 price negotiations with Australian mines, the official Shanghai Securities News said on Tuesday.
(1888PressRelease) May 21, 2008 - From http://supplier-steel.com/ - check out the steel news all over the globe here. Beijing plans to reduce the huge iron ore stocks at Chinese ports to curb soaring freight rates, which are hampering 2008 price negotiations with Australian mines, the official Shanghai Securities News said on Tuesday.
Quoting unnamed sources familiar with the situation, the newspaper said the move should help to break a deadlock in price negotiations between Chinese steel mills and Australian miners BHP Billiton Ltd/Plc and Rio Tinto.
The newspaper gave no details on how the government planned to reduce the ports’ iron ore stocks and government officials were not immediately available for comment.
Asian steelmakers are locked in negotiations with the Australian miners, which are demanding a freight premium to make up for the difference in transport costs with Brazilian miner Vale which has already agreed to a deal.
With April iron ore imports reaching 42.85 million tonnes, their highest monthly level ever, port stocks were estimated at about 62 million tonnes as of end-April, and imports continue to arrive faster than stocks can be sold.
The huge stocks have filled up port yards, causing serious congestion at Chinese ports and adding to upward pressure on freight rates for dry bulk cargoes.
The benchmark Baltic Dry Index hit a record of 11,709 overnight, helped by strong demand for raw materials in China and port congestion in various regions, including
(1888PressRelease) May 21, 2008 - From http://supplier-steel.com/ - check out the steel news all over the globe here. Beijing plans to reduce the huge iron ore stocks at Chinese ports to curb soaring freight rates, which are hampering 2008 price negotiations with Australian mines, the official Shanghai Securities News said on Tuesday.
Quoting unnamed sources familiar with the situation, the newspaper said the move should help to break a deadlock in price negotiations between Chinese steel mills and Australian miners BHP Billiton Ltd/Plc and Rio Tinto.
The newspaper gave no details on how the government planned to reduce the ports’ iron ore stocks and government officials were not immediately available for comment.
Asian steelmakers are locked in negotiations with the Australian miners, which are demanding a freight premium to make up for the difference in transport costs with Brazilian miner Vale which has already agreed to a deal.
With April iron ore imports reaching 42.85 million tonnes, their highest monthly level ever, port stocks were estimated at about 62 million tonnes as of end-April, and imports continue to arrive faster than stocks can be sold.
The huge stocks have filled up port yards, causing serious congestion at Chinese ports and adding to upward pressure on freight rates for dry bulk cargoes.
The benchmark Baltic Dry Index hit a record of 11,709 overnight, helped by strong demand for raw materials in China and port congestion in various regions, including
Mining News-The Price Increasing Of Steel In EU Is Continuing – More Increases Expected
EU prices continue to increase. The mills are insisting that they must go up again in period three to reflect the rising costs of production. The initiatives are likely to be accepted due to a lack of any competitively priced alternatives.
(1888PressRelease) May 23, 2008 - EU prices continue to increase. The mills are insisting that they must go up again in period three to reflect the rising costs of production. The initiatives are likely to be accepted due to a lack of any competitively priced alternatives. Import volumes into Europe remain very low and this is contributing to already limited availability from local steelmakers. The soaring prices are clearly not driven by demand, which is relatively modest. Inventories, generally, are not growing because it is too costly to finance steel stocks.
The German mills are talking of hefty price rises on strip mill products in the third quarter. Service centre inventories of commodity grade coil are adequate with some buyers refusing to place further orders at present. However, availability of the higher specifications appears to be more constrained and some gaps are appearing. Real demand is no better than “normal”. The strong Euro continues to have a negative effect on exports of manufactured goods.
In France, sales of coil are described as “average”, although some improvement is noted in the automotive sector, as one of France’s two major car manufacturers is ordering extra material on top of its usual annual requirements. Producers are said to be considering a basis rise of at least €100 per tonne. Under current market conditions, prices are not open for negotiation so buyers are placing business not knowing the final cost. They complain that they cannot get enough tonnage.
Italian values have continued to move up, albeit at a slower pace, despite fairly flat underlying consumption. Now that the new government is in place, customers feel that public investment could grow in the longer-term but no immediate improvement is expected. Import pressure is modest, leaving buyers with little or no alternative but to accept higher prices from local producers who are using inflated raw material costs to justify their demands. Suppliers are talking of further hikes next month.
UK consumption is far from robust. Even the auto sector is softening. Nevertheless, steel selling values for the remainder of period two continue to move up as availability is poor. Traders’ stocks are shrinking rapidly as it becomes increasingly difficult to secure new supplies. Service centre inventories are also depleted because they cannot afford to build them up, partly due to limitations on credit. Shortages are beginning to occur. Some distributors are struggling to recoup the mill increases from end-users.
In Belgium, the manufacturing and construction sectors are performing well. Inventories are low at the consumers because of the high costs of finance. Service centre stocks are described as “reasonable but not excessive” with holes appearing for certain grades/sizes. So far, distributors are recovering the higher prices they are paying the mills.
Spanish demand is stagnant at best and expected to decline further because of the generally poor economic situation. Meanwhile, prices continue on an upward trend, amidst a lack of credit availability. Customers are only buying what they need and are keeping inventories to a minimum.
(1888PressRelease) May 23, 2008 - EU prices continue to increase. The mills are insisting that they must go up again in period three to reflect the rising costs of production. The initiatives are likely to be accepted due to a lack of any competitively priced alternatives. Import volumes into Europe remain very low and this is contributing to already limited availability from local steelmakers. The soaring prices are clearly not driven by demand, which is relatively modest. Inventories, generally, are not growing because it is too costly to finance steel stocks.
The German mills are talking of hefty price rises on strip mill products in the third quarter. Service centre inventories of commodity grade coil are adequate with some buyers refusing to place further orders at present. However, availability of the higher specifications appears to be more constrained and some gaps are appearing. Real demand is no better than “normal”. The strong Euro continues to have a negative effect on exports of manufactured goods.
In France, sales of coil are described as “average”, although some improvement is noted in the automotive sector, as one of France’s two major car manufacturers is ordering extra material on top of its usual annual requirements. Producers are said to be considering a basis rise of at least €100 per tonne. Under current market conditions, prices are not open for negotiation so buyers are placing business not knowing the final cost. They complain that they cannot get enough tonnage.
Italian values have continued to move up, albeit at a slower pace, despite fairly flat underlying consumption. Now that the new government is in place, customers feel that public investment could grow in the longer-term but no immediate improvement is expected. Import pressure is modest, leaving buyers with little or no alternative but to accept higher prices from local producers who are using inflated raw material costs to justify their demands. Suppliers are talking of further hikes next month.
UK consumption is far from robust. Even the auto sector is softening. Nevertheless, steel selling values for the remainder of period two continue to move up as availability is poor. Traders’ stocks are shrinking rapidly as it becomes increasingly difficult to secure new supplies. Service centre inventories are also depleted because they cannot afford to build them up, partly due to limitations on credit. Shortages are beginning to occur. Some distributors are struggling to recoup the mill increases from end-users.
In Belgium, the manufacturing and construction sectors are performing well. Inventories are low at the consumers because of the high costs of finance. Service centre stocks are described as “reasonable but not excessive” with holes appearing for certain grades/sizes. So far, distributors are recovering the higher prices they are paying the mills.
Spanish demand is stagnant at best and expected to decline further because of the generally poor economic situation. Meanwhile, prices continue on an upward trend, amidst a lack of credit availability. Customers are only buying what they need and are keeping inventories to a minimum.
Mining News – Gold Mining Growth Stock Completes Acquisitions Of 3 Producing Mines, Mining Refinery Processing Plant And Raw Ore Mine Tailings
In gold mining news, growth stock Dhanoa Minerals, Ltd. (Stock Symbol: DHNA) has acquired 3 producing gold mines in Ecuador and a mining processing refinery along with raw gold and silver ore mine tailings with $5,500,000 annual revenue estimated recovery potential.
(1888PressRelease) August 11, 2007 - Las Vegas, Nevada and Toronto, Canada – In recent gold mining news, growth stock mining company, Dhanoa Minerals, Ltd. (Stock Symbol: DHNA) has successfully closed and recorded the acquisition of three producing gold mines in the Bella Rica region of Ecuador and taken possession of the “Spanish Plant”, a the gold and silver refinery and mining processing plant.
For more details visit the company web site http://www.dhanoaminerals.com . Stock investment summaries, quotes and a Dhanoa Research Report issued by a leading stock analysis company can be found at http://www.emergenews.com/dhna.htm .
Lee Balak, President of Dhanoa Minerals, stated “We are now extremely focused on the modernization efforts that have been underway and are now in full gear. We are also moving into Phase 2 of our expansion program and seeking additional acquisitions. Many of the richest veins on our properties continue onto adjacent properties that have not been mined yet, which gives us a golden opportunity to expand into areas with potential reserves.”
More workers in the mines translate into increased production — As part of this accelerated growth program Dhanoa has increased the size of its labor force to 180 miners to increase gold and silver production at its mines in southern Ecuador.
Immediate company revenue increases will be generated by using the Spanish Plant refinery to re-process existing gold and silver mining raw ore tailing stockpiles at the plant and at the company’s mining properties. Initial testing results indicate that the tailings contain a minimum of 1.7 grams of gold and as many as 6 grams of silver per ton. The dollar value of the reprocessed tailings could amount to as much as $37 per ton. Based upon current production of 500 tons per day, the tailings could be worth a minimum of $18,500 per day as additional revenues, which equates to an additional $5,500,000 per year.
Dhanoa is currently on target to produce estimated annual revenues of $80,000,000.
Notice: This report is for informational purposes only. All data was obtained from information available on the Internet. No part is to be considered stock solicitation or an offer to buy or sell securities. No investment advice of any kind is to be inferred. This news release contains “forward looking statements” as defined by SEC regulations. Actual results may differ materiall
(1888PressRelease) August 11, 2007 - Las Vegas, Nevada and Toronto, Canada – In recent gold mining news, growth stock mining company, Dhanoa Minerals, Ltd. (Stock Symbol: DHNA) has successfully closed and recorded the acquisition of three producing gold mines in the Bella Rica region of Ecuador and taken possession of the “Spanish Plant”, a the gold and silver refinery and mining processing plant.
For more details visit the company web site http://www.dhanoaminerals.com . Stock investment summaries, quotes and a Dhanoa Research Report issued by a leading stock analysis company can be found at http://www.emergenews.com/dhna.htm .
Lee Balak, President of Dhanoa Minerals, stated “We are now extremely focused on the modernization efforts that have been underway and are now in full gear. We are also moving into Phase 2 of our expansion program and seeking additional acquisitions. Many of the richest veins on our properties continue onto adjacent properties that have not been mined yet, which gives us a golden opportunity to expand into areas with potential reserves.”
More workers in the mines translate into increased production — As part of this accelerated growth program Dhanoa has increased the size of its labor force to 180 miners to increase gold and silver production at its mines in southern Ecuador.
Immediate company revenue increases will be generated by using the Spanish Plant refinery to re-process existing gold and silver mining raw ore tailing stockpiles at the plant and at the company’s mining properties. Initial testing results indicate that the tailings contain a minimum of 1.7 grams of gold and as many as 6 grams of silver per ton. The dollar value of the reprocessed tailings could amount to as much as $37 per ton. Based upon current production of 500 tons per day, the tailings could be worth a minimum of $18,500 per day as additional revenues, which equates to an additional $5,500,000 per year.
Dhanoa is currently on target to produce estimated annual revenues of $80,000,000.
Notice: This report is for informational purposes only. All data was obtained from information available on the Internet. No part is to be considered stock solicitation or an offer to buy or sell securities. No investment advice of any kind is to be inferred. This news release contains “forward looking statements” as defined by SEC regulations. Actual results may differ materiall
Uranium Exploration And Mining Growth Stock Increases High Return Investment Potential With Progress In Multiple Uranium Mining Projects
In alternative energy news CanAm Uranium Corp. (Stock symbol: CAUI), a uranium exploration and mining growth stock, announces progress with Bancroft, Ontario and Athabasca Basin, Saskatchewan and Sault St. Marie, Ontario Reilly Mining District Canadian uranium mining projects, increasing their potential to produce high investment returns.
(1888PressRelease) October 19, 2007 - Las Vegas, Nevada; Bancroft, Ontario and Athabasca Basin, Saskatchewan, Canada – October 19, 2007 – Uranium (an alternative energy sector) exploration and mining growth company, CanAm Uranium Corp. (Stock symbol: CAUI) announces continued growth and increased value obtained through their strategic acquisition and development of uranium exploration properties in well-known prolific mining areas.
CanAm Uranium Corp. has optioned over 159,000 acres of claims collectively within the Saskatchewan Athabasca Basin, Ontario and Brancroft, Ontario Canada uranium mining production areas.
Uranium has increased from roughly $40 per pound to $135 per pound at its current spot price as of July 2, 2007.
Visit http://www.emergenews.com/caui.htm for links and more information. The corporate site is http://www.CanAmUranium.com.
CanAm Uranium (CAUI) has an option to acquire 100% interest in the Wheeler-Beckett property within the Saskatchewan Athabasca Basin. The property consists of 11 contiguous claims comprising approximately 126,000 acres. The claims are located approximately 24 miles from the McArthur River mine, the largest high-grade uranium mine in the world.
The Bancroft, Ontario uranium claims cover a total of approximately 9,765 acres. They are located in a well-known uranium producing region. The Faraday Mine, in the same geological area, has produced 2,544,716 tons of uranium ore.
Grass Root Acquisitions - CanAm Uranium (CAUI) has made grass root acquisitions in Ontario and British Columbia aiming for rapid growth thru a carefully developed acquisition and Joint Venture growth and high return strategy. CanAm Uranium (CAUI) has been actively contacting the top uranium companies in the world for potential joint venture of uranium properties.
“The key to success is location and people in mining. Be where the high-concentration Uranium is, and have the people and knowledge to finance the company and bring to production the discovery. I am confident with our location and our people which are driving the success of our company,” said Ryan Gibson, CEO.
Mr. Gibson was recently interviewed by WallSt.net on WallStRadio.
These subsidiaries of Financial Media Group, Inc. provide news on emerging growth stocks with the potential to produce growth and high return investments.
He has also been a featured guest on high return investment news and information radio provider, The Bill Chippas Show. The Bill Chippas Show features 27-year veteran investment analyst Bill Chippas (see http://www.billchippasshow.com ) and Mike King, a noted investment analyst whose Princeton Research (see http://www.princetonresearch.com ) of Las Vegas, Nevada has built a national reputation among stock market investors seeking high return investment opportunities.
In more alternative energy growth stock financial news, BUYINS.NET Research Report has signaled a Squeeze Trigger Price of $0.98 for CAUI stock value.
Uranium is used primarily as an energy source for nuclear fission reactors — a safe, efficient, and emission-free alternative to fossil fuels. The market cycle for uranium has recently experienced a sharp increase. An estimated supply shortfall of 80 million pounds per year, for several coming years, is forecast by measuring current annual reactor demand and current annual mine production.
Notice and Forward-Looking Statements - This report is for informational purposes only. All data was obtained from information available on the Internet. No part is to be considered stock solicitation or an offer to buy or sell securities. No investment advice of any kind is to be inferred. This news release may contain “forward looking statements” as defined by SEC regulations. Actual results may differ materially.
(1888PressRelease) October 19, 2007 - Las Vegas, Nevada; Bancroft, Ontario and Athabasca Basin, Saskatchewan, Canada – October 19, 2007 – Uranium (an alternative energy sector) exploration and mining growth company, CanAm Uranium Corp. (Stock symbol: CAUI) announces continued growth and increased value obtained through their strategic acquisition and development of uranium exploration properties in well-known prolific mining areas.
CanAm Uranium Corp. has optioned over 159,000 acres of claims collectively within the Saskatchewan Athabasca Basin, Ontario and Brancroft, Ontario Canada uranium mining production areas.
Uranium has increased from roughly $40 per pound to $135 per pound at its current spot price as of July 2, 2007.
Visit http://www.emergenews.com/caui.htm for links and more information. The corporate site is http://www.CanAmUranium.com.
CanAm Uranium (CAUI) has an option to acquire 100% interest in the Wheeler-Beckett property within the Saskatchewan Athabasca Basin. The property consists of 11 contiguous claims comprising approximately 126,000 acres. The claims are located approximately 24 miles from the McArthur River mine, the largest high-grade uranium mine in the world.
The Bancroft, Ontario uranium claims cover a total of approximately 9,765 acres. They are located in a well-known uranium producing region. The Faraday Mine, in the same geological area, has produced 2,544,716 tons of uranium ore.
Grass Root Acquisitions - CanAm Uranium (CAUI) has made grass root acquisitions in Ontario and British Columbia aiming for rapid growth thru a carefully developed acquisition and Joint Venture growth and high return strategy. CanAm Uranium (CAUI) has been actively contacting the top uranium companies in the world for potential joint venture of uranium properties.
“The key to success is location and people in mining. Be where the high-concentration Uranium is, and have the people and knowledge to finance the company and bring to production the discovery. I am confident with our location and our people which are driving the success of our company,” said Ryan Gibson, CEO.
Mr. Gibson was recently interviewed by WallSt.net on WallStRadio.
These subsidiaries of Financial Media Group, Inc. provide news on emerging growth stocks with the potential to produce growth and high return investments.
He has also been a featured guest on high return investment news and information radio provider, The Bill Chippas Show. The Bill Chippas Show features 27-year veteran investment analyst Bill Chippas (see http://www.billchippasshow.com ) and Mike King, a noted investment analyst whose Princeton Research (see http://www.princetonresearch.com ) of Las Vegas, Nevada has built a national reputation among stock market investors seeking high return investment opportunities.
In more alternative energy growth stock financial news, BUYINS.NET Research Report has signaled a Squeeze Trigger Price of $0.98 for CAUI stock value.
Uranium is used primarily as an energy source for nuclear fission reactors — a safe, efficient, and emission-free alternative to fossil fuels. The market cycle for uranium has recently experienced a sharp increase. An estimated supply shortfall of 80 million pounds per year, for several coming years, is forecast by measuring current annual reactor demand and current annual mine production.
Notice and Forward-Looking Statements - This report is for informational purposes only. All data was obtained from information available on the Internet. No part is to be considered stock solicitation or an offer to buy or sell securities. No investment advice of any kind is to be inferred. This news release may contain “forward looking statements” as defined by SEC regulations. Actual results may differ materially.
Thursday, August 7, 2008
Top Oil News-Oil prices slip to seven-week low
On this oil news,it is stated that Crude prices determine the price retailers charge for fuel
Oil prices have tumbled to seven-week lows amid concerns that the slowing US economy will weaken demand.
US sweet, light crude fell $2.23 to settle at $123.26 a barrel - more than $20 off their peak earlier in July, when prices reached a record $147.27.
Brent crude in London also fell, dropping $1.92 to $124.52.
The oil market has been volatile as traders assess whether there will be enough supply to meet demand, with some predicting further price falls.
Analysts at Lehman Brothers predict oil prices could drop below $100 by the end of the first quarter of 2009.
But others are sceptical.
“Nothing in the fundamental drivers has changed,” said Harry Tchilinguirian, an oil analyst at BNP Paribas.
Volatile market
Since last September, traders have been betting that the need for oil from economies, such as China, would continue to power the demand for oil.
Earlier this month, the International Monetary Fund (IMF) upgraded its economic forecasts for these countries.
At the same time, tensions between politically unstable oil-producing nations and the West sparked fears that supply would be constrained.
The weakening US currency has also encouraged investors to switch into commodities, which have been seen as a more attractive investment as the US economy falters.
A slight rebound in the dollar after a smaller-than-expected decline in new housing sales helped to give oil prices some relief, analysts said.
Oil prices have tumbled to seven-week lows amid concerns that the slowing US economy will weaken demand.
US sweet, light crude fell $2.23 to settle at $123.26 a barrel - more than $20 off their peak earlier in July, when prices reached a record $147.27.
Brent crude in London also fell, dropping $1.92 to $124.52.
The oil market has been volatile as traders assess whether there will be enough supply to meet demand, with some predicting further price falls.
Analysts at Lehman Brothers predict oil prices could drop below $100 by the end of the first quarter of 2009.
But others are sceptical.
“Nothing in the fundamental drivers has changed,” said Harry Tchilinguirian, an oil analyst at BNP Paribas.
Volatile market
Since last September, traders have been betting that the need for oil from economies, such as China, would continue to power the demand for oil.
Earlier this month, the International Monetary Fund (IMF) upgraded its economic forecasts for these countries.
At the same time, tensions between politically unstable oil-producing nations and the West sparked fears that supply would be constrained.
The weakening US currency has also encouraged investors to switch into commodities, which have been seen as a more attractive investment as the US economy falters.
A slight rebound in the dollar after a smaller-than-expected decline in new housing sales helped to give oil prices some relief, analysts said.
Top oil News-Iran says oil could reach $500 on dollar, politics
This news on oil price was released on Sat Jul 26, 6:43 AM ET.
TEHRAN (Reuters) - Iran’s OPEC governor said world oil prices could reach as high as $500 per barrel in a few years’ time if the dollar falls further and political tension worsens, an Iranian weekly said.
“If the dollar’s value continues to decrease and if the political crisis becomes worse, the oil price would reach up to $500,” Mohammad Ali Khatibi told Shahrvand-e Emrooz in an interview published on Saturday.
He was asked about predictions that oil prices could reach up to $200 per barrel in the next two or three years.
Oil dropped $2 to a fresh seven-week low on Friday, extending a decline that has knocked more than $24 off crude in two weeks as high fuel prices continue to batter demand.
Crude prices reached an all-time peak of $147 earlier this month.
Khatibi also said oil exports from the whole Middle East region would be at risk if the Islamic state came under any military attack over its disputed nuclear programme.
“If there is another war in the region, it will not only be Iran’s oil not reaching the market, but rather the oil of the whole region would be cut from the market,” Khatibi said.
“In that case, we will not have a price rise. We will have a price explosion.”
Around 40 percent of global oil shipments leave the Gulf through the Strait of Hormuz off Iran’s southern coast and Tehran has threatened to impose controls on shipping there if it is attacked, and warned Gulf neighbors of reprisals if they took part.
The United States and Iran are at loggerheads over Tehran’s disputed nuclear work. Washington says it wants a diplomatic solution to the row, but has not ruled out military action if that were to fail.
Tehran says its atomic activities are purely peaceful, aimed at generating electricity.
(Reporting by Zahra Hosseinian; Editing by David Christian-Edwards)
TEHRAN (Reuters) - Iran’s OPEC governor said world oil prices could reach as high as $500 per barrel in a few years’ time if the dollar falls further and political tension worsens, an Iranian weekly said.
“If the dollar’s value continues to decrease and if the political crisis becomes worse, the oil price would reach up to $500,” Mohammad Ali Khatibi told Shahrvand-e Emrooz in an interview published on Saturday.
He was asked about predictions that oil prices could reach up to $200 per barrel in the next two or three years.
Oil dropped $2 to a fresh seven-week low on Friday, extending a decline that has knocked more than $24 off crude in two weeks as high fuel prices continue to batter demand.
Crude prices reached an all-time peak of $147 earlier this month.
Khatibi also said oil exports from the whole Middle East region would be at risk if the Islamic state came under any military attack over its disputed nuclear programme.
“If there is another war in the region, it will not only be Iran’s oil not reaching the market, but rather the oil of the whole region would be cut from the market,” Khatibi said.
“In that case, we will not have a price rise. We will have a price explosion.”
Around 40 percent of global oil shipments leave the Gulf through the Strait of Hormuz off Iran’s southern coast and Tehran has threatened to impose controls on shipping there if it is attacked, and warned Gulf neighbors of reprisals if they took part.
The United States and Iran are at loggerheads over Tehran’s disputed nuclear work. Washington says it wants a diplomatic solution to the row, but has not ruled out military action if that were to fail.
Tehran says its atomic activities are purely peaceful, aimed at generating electricity.
(Reporting by Zahra Hosseinian; Editing by David Christian-Edwards)
Top Mining News-Oil prices could drop if Iran concerns allayed: OPEC
This news on oil price was released on Sat Jul 26, 11:33 AM ET.
ALGIERS (AFP) - The price of oil could drop to between 70 and 80 dollars a barrel if the dollar strengthens and concerns over Iran are reduced, OPEC chief Chakib Khelil said Saturday.
“If the dollar strengthens and if the crisis with Iran is resolved, the trend in oil prices should be to go towards 70 to 80 dollars,” the head of the Organization of Petroleum Exporting Countries said on the sidelines of a conference.
Khelil is also Algeria’s Energy Minister.
Oil prices ended the week at around 125 dollars a barrel in London and New York. Crude oil prices have dropped by nearly 25 dollars on both sides of the Atlantic in less than two weeks.
ALGIERS (AFP) - The price of oil could drop to between 70 and 80 dollars a barrel if the dollar strengthens and concerns over Iran are reduced, OPEC chief Chakib Khelil said Saturday.
“If the dollar strengthens and if the crisis with Iran is resolved, the trend in oil prices should be to go towards 70 to 80 dollars,” the head of the Organization of Petroleum Exporting Countries said on the sidelines of a conference.
Khelil is also Algeria’s Energy Minister.
Oil prices ended the week at around 125 dollars a barrel in London and New York. Crude oil prices have dropped by nearly 25 dollars on both sides of the Atlantic in less than two weeks.
China Oil Mining Exploration Reported Earned Increase 35.2 pct
China National Offshore Oil Corp (CNOOC) — the parent of Hong Kong-listed CNOOC Ltd — said it posted a net profit of 18.95 bln yuan in the first half of the year, up 35.2 pct from a year earlier, on the back of higher crude oil prices.
CNOOC, the country’s top offshore oil and gas producer, realized oil and gas output of 20.7 mln tons of oil equivalent in the first half, up 2.4 pct year-on-year, the company said in a statement.
Revenue rose 48 pct to 106.3 bln yuan, while costs were up 52.9 pct, it said.The state-run firm paid 30.3 bln yuan in taxes to the central government in the first half, up 73 pct compared with a year earlier, the company said.
CNOOC’s assets totaled 383.8 bln yuan at the end of June, an increase of 10.8 pct from a year earlier.
FIND MORE :
· Russia’s Leading Uranium Miner To Set Up JV With France’s Areva
· Mine Drilling Project Raytec’s Athabasca Uranium Projects
CNOOC, the country’s top offshore oil and gas producer, realized oil and gas output of 20.7 mln tons of oil equivalent in the first half, up 2.4 pct year-on-year, the company said in a statement.
Revenue rose 48 pct to 106.3 bln yuan, while costs were up 52.9 pct, it said.The state-run firm paid 30.3 bln yuan in taxes to the central government in the first half, up 73 pct compared with a year earlier, the company said.
CNOOC’s assets totaled 383.8 bln yuan at the end of June, an increase of 10.8 pct from a year earlier.
FIND MORE :
· Russia’s Leading Uranium Miner To Set Up JV With France’s Areva
· Mine Drilling Project Raytec’s Athabasca Uranium Projects
Mining News-Report the Price of Result Mine Exploration in Asian Market : Oil Prices Increase to Near $130 a barel in Asia
Oil prices rose on Monday in Asia to near $130 on concerns that the threat of new sanctions against Iran over its nuclear program may escalate tensions in the oil-rich Gulf region.
Talks on Saturday ended with Iran stonewalling Washington and five other world powers on their call to freeze uranium enrichment. In response, the six gave Iran two weeks to respond to their demand, setting the stage for a new round of U.N. sanctions.
The U.S. sent Undersecretary of State William Burns to the talks in hopes the first-time American presence would encourage Tehran into making concessions. But the talks’ lack of progress may lead to “further isolation” for Iran, the U.S. spokesman said.
Iran state radio quoted President Mahmoud Ahmadinejad as saying the talks were “a step ahead.”
“The talks didn’t resolve the problem of Iran’s nuclear program, and that has been a factor in prices ticking higher today,” said David Moore, a commodity strategist with Commonwealth Bank of Australia in Sydney. “Part of the reason prices had fallen recently was on the expectation a deal could be made there.”
Midday in Singapore, light, sweet crude for August delivery was up 70 cents at $129.58 a barrel in electronic trading on the New York Mercantile Exchange. The price increase Monday came after crude fell more than $17 a barrel from a record high of $147.27 on July 11.
Prices also rose on concerns that Tropical Storm Dolly may distrupt oil operations in the Gulf of Mexico, Moore said.
The storm drenched Mexico’s Yucatan Peninsula and was expected to reach the Gulf of Mexico Monday afternoon packing sustained winds near 50 mph.
“Over the next 12 to 18 months we expect prices to fall on demand side adjustments to the high prices,” Moore said. “But there are certainly chances for short-term spikes with issues such as Iran or storms.”
In other Nymex trade, heating oil futures rose 2.5 cents to $3.7175 a gallon (3.8 liters) while gasoline prices rose 1.91 cents to $3.19 a gallon. Natural gas futures rose 14.8 cents to $10.718 per 1,000 cubic feet.
FIND MORE :
· Russia’s Leading Uranium Miner To Set Up JV With France’s Areva
· Mine Drilling Project Raytec’s Athabasca Uranium Projects
Talks on Saturday ended with Iran stonewalling Washington and five other world powers on their call to freeze uranium enrichment. In response, the six gave Iran two weeks to respond to their demand, setting the stage for a new round of U.N. sanctions.
The U.S. sent Undersecretary of State William Burns to the talks in hopes the first-time American presence would encourage Tehran into making concessions. But the talks’ lack of progress may lead to “further isolation” for Iran, the U.S. spokesman said.
Iran state radio quoted President Mahmoud Ahmadinejad as saying the talks were “a step ahead.”
“The talks didn’t resolve the problem of Iran’s nuclear program, and that has been a factor in prices ticking higher today,” said David Moore, a commodity strategist with Commonwealth Bank of Australia in Sydney. “Part of the reason prices had fallen recently was on the expectation a deal could be made there.”
Midday in Singapore, light, sweet crude for August delivery was up 70 cents at $129.58 a barrel in electronic trading on the New York Mercantile Exchange. The price increase Monday came after crude fell more than $17 a barrel from a record high of $147.27 on July 11.
Prices also rose on concerns that Tropical Storm Dolly may distrupt oil operations in the Gulf of Mexico, Moore said.
The storm drenched Mexico’s Yucatan Peninsula and was expected to reach the Gulf of Mexico Monday afternoon packing sustained winds near 50 mph.
“Over the next 12 to 18 months we expect prices to fall on demand side adjustments to the high prices,” Moore said. “But there are certainly chances for short-term spikes with issues such as Iran or storms.”
In other Nymex trade, heating oil futures rose 2.5 cents to $3.7175 a gallon (3.8 liters) while gasoline prices rose 1.91 cents to $3.19 a gallon. Natural gas futures rose 14.8 cents to $10.718 per 1,000 cubic feet.
FIND MORE :
· Russia’s Leading Uranium Miner To Set Up JV With France’s Areva
· Mine Drilling Project Raytec’s Athabasca Uranium Projects
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