Posts Tagged ‘Iron Ore’

ASX Company News: Exarro Resources To Takeover African Iron

Thursday, January 12th, 2012

Exxaro Resources Limited and African Iron Limited (AKI) are pleased to announce that African Iron and a wholly owned subsidiary of Exxaro Resources Limited, Exxaro Australia Iron Investments Pty Ltd have signed a Takeover Bid Implementation Agreement for an off-market, cash takeover for all of the shares and listed options in African Iron. African Iron and Exxaro believe the Exxaro Offer should be carefully considered by African Iron shareholders and optionholders as it provides a highly attractive opportunity for them to realise their investment at a significant premium to recent trading levels. Importantly, Exxaro has entered into a pre-bid acceptance agreement with African Iron’s largest shareholder, Cape Lambert Resources Limited (CFE) to accept the Exxaro Offer within five days of the offer opening in respect of 19.99% of African Iron’s current shares on issue.

Commenting on the Exxaro Offer, Independent, Non-Executive Chairman of African Iron Dr Ian Burston said “the African Iron Board of Directors has carefully considered the offer by Exxaro and in the absence of a superior proposal, the Board unanimously recommends that shareholders and listed optionholders should accept the offer.” The CEO of Exxaro Resources Limited, Mr Sipho Nkosi said “we are very excited about African Iron’s projects in the Republic of Congo, as they will provide Exxaro with the opportunity to realise its stated ambitions of developing a significant iron ore asset in this rapidly emerging and prospective region.” Mr Nkosi further added, “the African Iron acquisition will enable Exxaro to leverage its bulk commodity and iron ore expertise into the development of the Mayoko project.

African Iron Limited is an ASX listed iron ore exploration and development company focusing on near term production of 5Mtpa of direct shipping iron ore from its 92% owned Mayoko project, located in the Republic of Congo, central West Africa. Exxaro Resources Limited is a South African-based mining company with a market capitalisation of approximately A$7.66 billion. Exxaro Resources Limited mines, extracts and processes a range of minerals and metals, including coal, mineral sands and base metals primarily in South Africa, Australia and China. As one of the largest South African coal producers, with production capacity now approaching 48 million tonnes per annum and the third- largest global producer of mineral sands products, Exxaro is a significant participant in the coal and mineral sands markets.

www.africanironlimited.com

http://www.traderdealer.com.au/Fundamentals/aki

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ASX Company News: Gindalbie Metals Awards Operational Contract

Wednesday, January 11th, 2012

Gindalbie Metals Limited (GBG) is pleased to announce a key operational contract for the Karara Iron Ore Project in Western Australia. Karara Mining Limited (KML) has awarded a 15-year contract to leading logistics group Bis Industries to provide a complete tailings management system for the Project utilising world-leading technology. The Karara Project will use world-leading technology for the management of the dry tailings to be produced at Karara, differentiating the tailings management system from conventional tailings dams or evaporation ponds. The contract, worth approximately $23 million a year, will involve the use of a market-leading Mobile Stacking System to be provided by FL Smidth which is designed to handle up to 18.2Mtpa of tailings, or the equivalent tailings from the production of 10Mtpa of magnetite concentrate. In the first instance, the system will be operated at 14.6Mtpa (8Mtpa of dry magnetite concentrate production), but can accommodate increased throughout from the plant as part of the planned Stage 2 expansion of the Karara Project.

Gindalbie’s Managing Director, Mr Tim Netscher, said KML had incorporated a clarification process into the overall ore beneficiation process which allows the de-watering of tailings to produce tailings which are dry and inert, enabling the application of a state-of-the-art tailings management system. “The resulting tailings comprise a dry, inert material composed predominantly of silica that will be stockpiled and progressively rehabilitated,” Mr Netscher said. “This tailings strategy will cement our environmental credentials by simultaneously delivering several significant environmental benefits, including: Reduced water requirements; Improved rehabilitation potential, Reduced disturbance footprint, and Minimise potential for groundwater contamination,” he added.

www.gindalbie.com.au

http://www.traderdealer.com.au/fundamentals/gbg

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ASX Company News: Iron Ore Holdings Sells Pilbara Assets

Friday, October 14th, 2011

Iron Ore Holdings Limited (IOH) is pleased to announce the sale of its Phil’s Creek, Lamb Creek, and Yandicoogina Creek satellite tenement packages in the Pilbara region of Western Australia, to Process Minerals International (PMI), a wholly owned subsidiary of Mineral Resources Ltd, an ASX listed mining and leading mining services company with a market capitalisation of around $2.0 billion. The transaction involves PMI paying a $5 million deposit and the $37 million balance in two further tranches over a 90 business day period. Key conditions for transaction completion are Ministerial consent to the transfer of the relevant tenements and the Department of Minerals & Petroleum approving the Phil’s Creek “Mining Proposal” on terms reasonably acceptable to PMI. The parties have 45 business days to satisfy these conditions.

IOH’s Non-Executive Chairman, Mr Richard Court, said that the IOH Board is very satisfied with the two high value transactions concluded on the Central Satellites in a short period with two industry leading companies (Rio Tinto and MinRes) despite challenging market conditions. IOH’s Managing Director, Mr Alwyn Vorster, said the value of $1.35 per Fe tonne achieved in this transaction underscores the robust outlook by mining companies for the iron ore industry, and illustrates the attractiveness of strategically located resources. “IOH is confident that its two larger, more advanced and strategically better located flagship deposits at Iron Valley and Bungaroo South will both add significantly higher value when commercialised”, he said.

Iron Ore Holdings Ltd (ASX: IOH) owns and manages a portfolio of iron ore tenements and projects within its Central, Western and Coastal hubs in the Pilbara region of Western Australia. The Company’s projects are all strategically located within close proximity to existing and planned infrastructure. IOH has a stable share register and highly experienced Board and senior management team.

www.ironoreholdings.com

http://www.traderdealer.com.au/fundamentals/ioh

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ASX Company News: Monadelphous Secures Rio Tinto Engineering Contract

Tuesday, September 20th, 2011

Leading engineering group Monadelphous Group Limited (MND)  announced it has secured a major construction contract at the Hope Downs 4 Iron Ore Project for Rio Tinto and Hancock Prospecting Pty Ltd. The contract is valued at approximately $150 million for the project which is 30km north-west of Newman in Western Australia. The work involves structural, mechanical and piping for the supply, installation and commissioning of the 15 million tonnes per annum greenfields mine processing plant. Construction will include facilities for primary and secondary crushing and dry screening, waste fines thickening and discharge return lines, stockpiling of lump and fines product, reclaiming and train load out.

“Monadelphous has a long track record for the safe and reliable delivery of large-scale construction projects for blue-chip iron ore customers,” Monadelphous Managing Director Rob Velletri said. “We look forward to delivering results on this important project which continues our extensive support for Rio Tinto Iron Ore in the expansion and maintenance of its Pilbara operations over many years.” Project work will commence immediately and is scheduled for completion by the second quarter of 2013.

Monadelphous Group Limited is a leading Australian engineering group providing services to the resources, energy and infrastructure industry sectors. The company has a solid track record in the safe and effective delivery of complex and large-scale engineering construction projects and maintenance and industrial services.

www.monadelphous.com.au

http://www.traderdealer.com.au/fundamentals/mnd

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ASX Company News: Cape Lambert Resources To Acquire 100% of Pinnacle Group Assets

Sunday, September 11th, 2011

Australian resources and investment company, Cape Lambert Resources Limited (CFE)  is pleased to announce it has  entered into an agreement to acquire the remaining interest in Pinnacle Group Assets Limited, which will result in the Company holding 100% of Pinnacle. On 19 May 2011, the Company announced that it had entered into an agreement to acquire approximately 42% of Pinnacle, taking the Company’s interest to 90.2%. Pinnacle owns the Kukuna Iron Ore Project located in Sierra Leone  and the Sandenia Iron Ore Project located in the Republic of Guinea African Iron Limited.  Pursuant to the terms of the Agreement, the Company will acquire the remaining 9.8% of Pinnacle in consideration for:  A$5million in cash; and the issue of 20,672,189 fully paid ordinary shares in the Company at a deemed issue price of A$0.53, which is a premium of 9% to the closing Share price on 8 September 2011 of A$0.485.

www.capelam.com.au

http://www.traderdealer.com.au/fundamentals/cfe

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ASX Company News: Royal Resources Signs Native Title Agreement

Friday, August 12th, 2011

Royal Resources Limited (ROY) is pleased to announce that a Native Title Mining Agreement has been signed with the Ngadjuri Nation Native Title Claim Group for the Razorback Iron Project Area. The agreement, covering Ngadjuri cultural lands, is a first step to a full and wide-ranging engagement with the area’s traditional owners.

Mr Marcus Flis, Royal Resource’s Managing Director, said details of the terms of the Agreement are confidential. The Agreement was signed following productive negotiations that were conducted  in an open, friendly, frank, and constructive atmosphere. “Royal Resources looks forward to a long, friendly and mutually beneficial relationship with the Ngadjuri. As the Razorback Iron Project progresses to mining, our good relationship will be essential in ensuring positive outcomes for both Royal and the Ngadjuri”, Mr Flis commented. Following signing of the Agreement, cultural surveys will be undertaken as a prelude to the resumption of drilling on the project.

The Razorback Iron Ore Project is a very large magnetite deposit located 240km NNE of Adelaide, South Australia. It is owned 100% by Royal. The project has an exploration target size of 4,800 to 8,000 Million tonnes at grades of 18 to 45% Fe1 occurring in an infrastructure rich area that has access to nearby existing open user rail, port, power, gas, heavy engineering and dormitory towns.

www.royalresources.com.au

http://www.traderdealer.com.au/Fundamentals/ASX-Companies/roy

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ASX Company News: Laconia Resources Enters Chinese Joint Venture

Tuesday, August 9th, 2011

Perth based exploration company Laconia Resources Limited (LCR) is pleased to announce that it has entered into a $7.5 million Joint Venture (JV) Agreement with Chinese syndicate, Sinoz Mining Investment Group Pty Ltd, for the exploration and development of its Mooletar Iron Ore Project, near Mt Magnet in the Mid West iron ore precinct of Western Australia. Under the Joint Venture Agreement, Sinoz will invest $7.5 million within 24 months, over three stages – Stage 1: An initial $1 million to fund an exploration program at the Mooletar Project; Stage 2: A further $1.5 million, which will give Sinoz a 50% interest in the JV; Stage 3: A further $5 million, which will give Sinoz an 80% interest in the JV.

Laconia is delighted to have entered into the JV Agreement and views it as a significant validation of the Mooletar Project’s development potential. Sinoz is a Chinese syndicate led by the Zhejiang Changhong Steel Pty Ltd steel manufacturing company and the Lishui Chengxiang Mining Pty Ltd mining company, as well as Sydney-based property development group Austino Holdings Pty Ltd. Sinoz will provide the initial $1 million within one month of obtaining approval for establishment of the JV, and Laconia will undertake an RC drilling program of a minimum of 20 holes for 2,500 metres. Laconia will also receive a payment of $250,000 of the initial $1 million investment as partial reimbursement for expenditure on the project to date. After the completion of Stage 2 (the expenditure of $2.5 million in aggregate), in 12-18 months, Laconia will aim to deliver a JORC Code Inferred Resource for the Mooletar Project. Sinoz will then invest the remaining $5 million into the JV, within 12-24 months of executing the JV Agreement. These funds will be used for further exploration at Mooletar, to deliver a JORC Code Indicated Resource and seek a Mining Licence for the project. Laconia will manage the exploration at the project and hold a 20% free carried interest in the project up until a decision to mine is reached. The JV will pertain solely to iron ore rights at the Mooletar Project, and Laconia will retain the mineral rights to gold and all other minerals.

Laconia Resources is a Perth-based advanced exploration company, with interests in iron ore, gold and base metals. The Company has a portfolio of advanced gold and base metals projects near Kalgoorlie and in the Murchison and Pilbara regions in Western Australia, across 35 granted tenements covering an approximate 955km2. Sinoz Mining Investment Group is a Chinese syndicate which has interests and expertise in mining, steel making and investment. It is led by the Zhejiang Changhong Steel Pty Ltd steel manufacturing company and the Lishui Chengxiang Mining Pty Ltd mining company, as well as Sydney-based property development and investment group Austino Holdings Pty Ltd. It seeks to develop mutually beneficial partnerships and joint venture arrangements with natural resources-based companies to assist the development of these companies projects.

www.laconia.com.au

http://www.traderdealer.com.au/fundamentals/lcr

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ASX Company News: WPG Resources Acquires Land In SA

Sunday, June 19th, 2011

WPG Resources Limited (WPG) is pleased to advise that it and Land Management Corporation, a unit of the South Australian Government, have exchanged contracts for the sale by LMC and purchase by WPG of the block of land in Port Pirie on which WPG intends to build the iron ore receival, storage and load- out facility for the export of iron ore from the Company’s flagship Peculiar Knob DSO iron ore mine south of Coober Pedy in South Australia. The deposit has been paid and settlement will occur when the Development Application (DA) is approved.

www.wpgresources.com.au

http://www.traderdealer.com.au/fundamentals/wpg

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ASX Company News: Gindalbie Metals Signs Rail Contract With QR National

Tuesday, June 7th, 2011

Australian iron ore  producer Gindalbie Metals Limited (GBG) and leading freight haulage business QR  National  Limited (QRN) are  pleased to  announce the signing of  a  Rail  Haulage  Agreement (“RHA”) which represents a key component of the long term logistics solution for the Karara Iron Ore Project in Western Australia.

The Karara Joint Venture Company, Karara Mining Limited (“KML”), has signed a long-term RHA with QR National Freight’s subsidiary  Australia Western Railroad Pty Ltd (“AWR”) to transport  up to  10Mtpa of magnetite concentrate  and/or  hematite direct shipping ore (“DSO”)  over a period of 10 years. KML’s tonnage obligations commence on a staged basis from January 2012 through to May 2012.

With escalation, the RHA will generate approximately $900 million in revenue for QR National.  Under the agreement, QR National Freight will invest in excess of A$200 million in new locomotives, wagons and upgraded administration and maintenance facilities at the Narngulu East Facility near Geraldton. Once ramp-up is completed, the rail haulage services provided by QR National Freight will involve four trains per day with 100 wagons per train.

Conditions precedent to the RHA are the signing of rail access agreements with rail owner Westnet and a direct agreement with KML’s security trustee, all of which are in advanced stages of negotiation, and KML obtaining the consent of its financiers to the final form of the RHA.  KML and QR National Freight have also signed a separate Relationship Agreement to work together on any future expansions.

Gindalbie’s Managing Director, Mr Tim Netscher, said the signing of a long-term commercial agreement with the above rail operator represented a major milestone for the Karara Project, locking in the ore haulage component of the logistics chain. He said he expects the below rail contract to be concluded shortly.

www.gindalbie.com.au

http://www.traderdealer.com.au/fundamentals/gbg

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ASX Company News: Fortescue To Spend $8.4 billion To Expand Iron Ore Capacity

Monday, November 22nd, 2010

Fortescue Metals Group Ltd (FMG) has approved plans to expand its production from 55 million tonnes per annum (Mtpa) to 155Mtpa.  The approval sets the platform for a major US$8.4bn works and procurement expansion program to commence at Fortescue’s Chichester and Solomon Hubs. “This decision will enable Fortescue to leverage its existing infrastructure and its massive land holding across the Pilbara to exponentially increase product sales within key markets of Asia, Europe and Australia,” Fortescue’s CEO Mr Andrew Forrest said.

“After years of planning for the next phase of development, the depth of management experience and breadth of construction and operational expertise will enable Fortescue to rapidly achieve its growth ambitions within a sector that is underpinned by an extraordinary demand profile,” Mr Forrest added.

Fortescue’s Board approved the expansion plans after assessing the recently completed Solomon Stage 1 feasibility study and a full review of the detailed planning for the Chichester Hub expansion. The decision to proceed was enabled by the recent highly successful refinancing of Fortescue’s debt facilities.

The total capital expenditure budget, for construction of the infrastructure platform together with the procurement of the materials handling equipment including rail consists, is US$8.4bn. The strategy for contractor versus owner mining has yet to be finalised and therefore the cost of any mobile mining equipment, should it be acquired by Fortescue, will be in addition to this amount.

www.fmgl.com.au

http://www.traderdealer.com.au/Fundamentals/fmg

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