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November 15th, 2008
Category
Iron ore, Mining Company, Mining Industry, Mining Investment, Trade & Market |
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Iron ore exporters have been hit by a cash flow crisis with Chinese importers defaulting on payment obligations.
Besides, Chinese banks are also refusing to honour the letters of credit issued on behalf of the importers. The Vice- Chairman of the Federation of Indian Mineral Industries (Southern Region), Mr Basant Poddar, said, “Chinese Banks are refusing to honour the letters of credit over some pretext or other.”
There are at least 25 outstanding LCs with the exporters, Mr Poddar said. A letter of credit (LC) is a communication from the buyers/importers bank that the payments would be honoured and in the event of shortfalls, the bank would cover the payment obligations.
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October 17th, 2008
Category
Iron, Metal, Mining Company, Mining Industry, Mining Investment |
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FORTESCUE Metals Group has been forced to renegotiate iron ore delivery contracts with some struggling Chinese customers, as plunging steel prices push higher-cost mills to crisis point.
FMG has locked in shipping freight contracts for a little over half of its customers and has contracted to pass on those costs to customers in China.
But some mills have been stranded by tumbling shipping freight prices, which have fallen from a peak of $US50 ($A72) to as low as $US9.
China’s steel industry has been savaged by weak demand from residential construction companies and the financial crisis.
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August 30th, 2008
Category
Exploration, Gold, Mineral, Mining, Mining Contractor, Mining Investment, Mining Technology, Silver |
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A Danish geologist has been visiting the mining towns of Itogon and Tublay in Benguet since last week to study small-scale mining practices that preserve the residents’ environment and health.
Dr. Peter Appel, senior research scientist of the Geological Survey of Denmark and Greenland, said he wanted to use the local practices in other places like Africa.
The results of his study showed that small-scale miners in Itogon do not use chemicals like mercury and cyanide to process gold.
The Maximo T. Kalaw Institute for Sustainable Development and Cordillera News Agency organized his visit.
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August 4th, 2008
Category
Equipment, Exploration, General News, Mining Contractor, Mining Investment, Mining Technology |
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Nanjing, the provincial capital of Jiangsu Province, serves as a key transportation hub of the East China region, and it is also one of the most important manufacturing bases for different industries in China. The city’s manufacturing capacity of electronic and chemical industries both ranked second among China’s cities, while the production scale of automobile ranked third in China. The industrial economy in Nanjing region is well developed with a number of sector specializations, which complement each other. Being a hub city, Nanjing enjoys unique regional advantages to develop modern logistics industry.
China (Nanjing) International Logistics Expo 2008 & 2nd Sino-American Logistics Conference – International Logistics Forum (also known as “Logistics World 2008″) will be staged on Nov 19 to 21, 2008 at the Nanjing International Expo Center, Nanjing, Jiangsu Province, P R China. The exhibiting area of show is expected to exceed 25,000 sqm
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July 25th, 2008
Category
Coal, General News, Iron, Mining, Mining Finance, Mining Investment |
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Iron ore giant Cleveland-Cliffs’ merger with coal-rich Alpha Natural Resources is being opposed by Harbinger Capital, Cleveland-Cliffs’ largest shareholder with a 16% stake. The Gilbert, Minn., investment house wants the Cleveland-based iron miner to put itself up for sale. The Wall Street Journal says the idea is for Cleveland-Cliffs to take advantage of the global steel boom and sell itself to Russia’s OAO Severstal, Luxembourg-based ArcelorMittal or U.S. Steel, which has become a North American-Eastern European steel giant.
Cleveland-Cliffs, founded in 1847, supplies iron-ore pellets and metallurgical coal to steelmakers in North America. Six-year-old Alpha, of Abingdon, Va., operates a network of coal mines and processing plants in Virginia, West Virginia, Kentucky and Pennsylvania. Cleveland-Cliffs executives believe that Alpha’s strong presence in metallurgical coal, which can be used in steel, makes it attractive at a time when steel mills around the world are running at capacity. Metallurgical coal prices have risen about threefold since November.
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