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| | | Key Events and Announcements... | 11-Mar-2010; Western Coal Corp.; (Maple Coal U/G) Western Coal Corporation (WCC) plans to continue the development of its Maple Coal mining complex in West Virginia, acquired as part of the company's ... Western Coal Corporation (WCC) plans to continue the development of its Maple Coal mining complex in West Virginia, acquired as part of the company's acquisition of Cambrian Mining plc in July 2009. Maple Coal consists of two mines - Eagle No.1 U/G, an underground metallurgical coal mine for export and domestic use; and Sycamore, an open-cut operation producing thermal coal solely for domestic consumption. AME only focuses on Eagle No.1 U/G because of its involvement in the export market.
WCC has a permit to produce up to 2.4Mtpa at Eagle No.1 U/G, however, the current expansion schedule will only increase met coal production capacity from 0.55Mtpa currently to 0.8Mtpa.
Consistent with WCC's expectations, AME forecasts production of ~0.2Mt in 2010, half of which will be exported. By 2014, AME expects production to reach capacity of 0.55Mtpa, with 0.45Mt to be exported. AME acknowledges the likelihood of WCC expanding operations to 2.4Mtpa by 2020, however, no commitment has been made at this stage, as AME beleives WCC is likely to prioritise its Canadian operations. | 11-Mar-2010; Australasian Resources Limited; (Balmoral South) Junior iron ore developer Australasian Resources Limited has received final State Government environmental approval for its Balmoral South Iron Ore Pr... Junior iron ore developer Australasian Resources Limited has received final State Government environmental approval for its Balmoral South Iron Ore Project. Balmoral South now has key environmental approval to produce and export a planned 24Mtpa of pellets and concentrate over a 25 year life of mine. This follows the environmental approval from the Federal Government in November 2009.
AME regards this as a key pre-production milestone for the company and its project. Despite the completion of a feasibility study and federal and state ministerial approval, AME remains cautious about the ability of potential magnetite operations and does not forecast any production from Balmoral South by 2020 at this stage. | 11-Mar-2010; Talvivaara Mining Company PLC; (Talvivaara) Talvivaara has said that strikes by Finnish port workers could stop production if it continues for a month as the company would be unable to obtain le... Talvivaara has said that strikes by Finnish port workers could stop production if it continues for a month as the company would be unable to obtain leaching chemicals.
The company is now looking alternate sources of reagents required for metal production as port workers strike for the sixth day. The company has also been unable to ship its zinc concentrates to off-take partner, Nyrstar. | 10-Mar-2010; Atlas Iron Limited; (Wodgina) Atlas Iron Limited (Atlas) and Aurox Resources Limited (Aurox) have agreed to merge.
Following completion of the proposed merger, the combined com... Atlas Iron Limited (Atlas) and Aurox Resources Limited (Aurox) have agreed to merge.
Following completion of the proposed merger, the combined company will target 6Mtpa of direct shipping ore (DSO) in 2010, 9Mtpa in 2011 and 12Mtpa in 2012. By 2014, DSO production is planned to increase to 26Mtpa. Critically, the combined company will have up to 33Mtpa of allocated port capacity (subject to completion of the State Government's multi-user port facility at Utah Point, Port Hedland). Total DSO reserves will equal 187Mt, with further DSO exploration targets of 430-750Mt at 57-60% Fe. Magnetite resources will exceed 2.4bt, at Atlas's Ridley and Aurox's Balla Balla Projects.
Atlas is currently producing at its Pardoo operation, and is slated to begin producing at its Wodgina mine in the March 2010 quarter. Atlas is also planning production at its Abydos and Mt Webber DSO Projects, and the less advanced Ridley Magnetite Project. Meanwhile, Aurox's main asset is the 10Mtpa Balla Balla Titanomagnetite Project, which is expected to begin producing in 2012.
AME regards this as a positive development for the companies, particularly in an industry where 'critical mass' is essential to gain access to rail and port infrastructure. In February 2010, Atlas and Aurox entered into a cooperation agreement in relation to Aurox's port capacity allocation at the Utah Point multi-user berth at Port Hedland.
Shareholders of both Atlas and Aurox are expected to vote on the proposed merger in May 2010.
| 10-Mar-2010; Mount Gibson Iron Limited; (Extension Hill (Hematite)) Mount Gibson Iron Limited (Mount Gibson) is continuing to progress the development of its Extension Hill Direct Shipping Ore (Hematite) Project, follo... Mount Gibson Iron Limited (Mount Gibson) is continuing to progress the development of its Extension Hill Direct Shipping Ore (Hematite) Project, following the decision in January 2010 to recommence the project. Construction of Extension Hill commenced in July 2008, with production scheduled to begin in the June 2009 quarter. However, as a result of customer offtake defaults in October 2008, Mount Gibson suspended all works associated with developing the project.
Mount Gibson expects construction to cost A$80m and be complete within 15 months, targeting first production in June 2011, with shipments to commence thereafter. All rail wagons have been delivered and a A$90m updgrade of the existing line between Geraldton and Perenjori is also underway. Ore will be exported out of a new Berth 5 iron ore ship loading facility at the Port of Geraldton, which needs to be constructed.
Consistent with Mount Gibson's expectations, AME forecasts iron ore shipments to commence in the second half of 2011, with 0.25Mt produced in 2011, increasing to 1.5Mt in 2012.
| 10-Mar-2010; Mount Gibson Iron Limited; (Koolan Island) Saleable iron ore production at Mount Gibson Iron Limited's (Mount Gibson) Koolan Island operation was 3.43Mt in 2009, following an increase in output... Saleable iron ore production at Mount Gibson Iron Limited's (Mount Gibson) Koolan Island operation was 3.43Mt in 2009, following an increase in output in the December 2009 quarter to 0.98Mt. In the second half of 2009, the amount of 'ore crushed' (i.e. saleable iron ore produced) exceeded the previous half-year period by 35%. Shipments in the second half of 2009 rose by 56% year-on-year to 1.88Mt, despite being adversely affected by tropical cyclones in December 2009. However, on-site infrastructure experienced only minor damage, with operations able to be reestablished within seven days.
Mount Gibson is currently developing the Barramundi West Pit, as an alternative source of high grade ore, which is currently mined from the East Pit, the Mullet Pit and the Main Pit. However, Mount Gibson notes the monsoonal wet season, which may impact operations from December to March. As a result, Mount Gibson budgets lower output from Koolan Island in the March 2010 quarter, relative to the 'dry' season.
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