Anti industry group

Anti industry group to continue struggle in Kalinga Nagar

New Indian Express reported that people of Kalinga Nagar observed Saheed Divas marking the 8th anniversary of the Kalinga Nagar firing incident which claimed lives of 14 tribals including three women.

While the anti industry groups assembled at Ambagadia, where the tribals killed in the police firing were mass cremated, pro industrialisation group, led by those who have been rehabilitated by TATA Steel, held a parallel meeting at Gobarghati colony.

Around 2000 members of Visthapan Virodhi Jan Manch, which has been spreading the anti displacement movement since Kalinga Nagar incident, paid tributes to those who were killed in the police firing on this day in 2006.

Earlier, a rally of the VVJM was taken out from Champakoila where the firing took place and reached Ambagadia via Duburi Chhak. Later, the VVJM organised a public meeting where it reaffirmed its pledge to continue the fight against forcible displacement.

Mr Rabindra Jarika secretary of VVJM said that “We would continue to fight against forcible displacement for which they laid down their lives.”

However, around 3000 people under the banner of Visthapita Parivar Unnayana Parishad participated in a pro-industry rally and held a meeting at Gobarghati colony. 4 platoons of police along with two magistrates were deployed to prevent any untoward incident.

(www.steelguru.com)

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Grindrod to sell shares worth ZAR 2 billion to Remgro Ltd

Bloomberg reported that Grindrod Ltd Africa largest shipping company plans to sell new shares worth ZAR 2 billion to Remgro Ltd to fund projects including the expansion of a coal terminal in Mozambique.

Remgro, the South African investment company will pay ZAR 15 a share giving it a 22% stake in Durban, South Africa based Grindrod. Grindrod existing shareholders will have the option of buying shares on the same terms and Remgro stake will be reduced in line with demand from the investors.

The company said Grindrod plans to spend ZAR 10 billion over next five years to expand ports and terminals capacity especially at the Maputo Coal Terminal.

According to the statement the transaction needs approval from three quarters of Grindrod shareholders before it can go ahead.

(Sourced from steelguru.com)

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American Power receives approval for Phase II of exploration drilling program

American Power Corp announce the amendment of its prospecting permit to cover additional drill locations for Phase II of its exploration drilling program at the Pace Coal Project in Judith Basin County, Montana.

On July 29 2011, the Coal and Uranium Program of the Montana Department of Environmental Quality approved the Prospecting Permit No. X2011335, authorizing American Power to start Phase I of its exploration drilling program at the Pace Coal Project. The initial permit covered a total of 24 drill holes on 13 different locations and the amended permit covers an additional 16 drill holes on 9 different locations.

As of September 9, 2011, the Company had completed 5,750 feet of drilling on nine drill locations corresponding to Phase I of its coal exploration program. American Power expects Phase I to be completed imminently. The board of directors of the Company is very pleased with the results to date and has approved the initiation of Phase II of the drilling program as soon as Phase I is completed.

Mr Al Valencia President and CEO of American Power said "We are delighted to have received the approval from the Montana DEQ that covers Phase II of our drilling program. We are also pleased to inform our shareholders that preliminary findings to date are in line with our technical team expectations with seven out of nine drill targets encountering coal intervals. Drill cores will be shipped to Standard Laboratories, Inc in Casper, Wyoming for analysis according to ASTM standards. Initial sampling results are expected within two to three weeks."

American Power planned exploration drilling program consists of 61 drilling sites and will involve a total of 53,875 feet of drilling. The program aim is to place a significant portion of the coal holdings of the Pace Coal Project in the proven and probable reserve classification, with an ultimate goal of establishing sufficient resources to support a greater than 20 year operational mine life. American Power exploration program will provide information relative to coal seam thickness, depth of cover expected top and bottom conditions and coal quality.

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Fatal accident at South Wales coal mine

Euronews reported that 2 coal miners have been found dead after an underground accident in South Wales.

A rescue operation is underway to reach two more mine workers who have been trapped since Thursday morning.

The men became stuck 90 metres below the surface after a flash flood at the Gleision Colliery near Swansea.

Three other miners managed to escape. For emergency crews, it is a delicate task trying to save those trapped.

(Sourced from euronews.net)

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Sekoko in talks with cornerstone investor

It is reported that Sekoko Resources an empowerment firm in joint venture with the JSE-listed Firestone Energy was in negotiations with a multinational power company regarding it becoming an investor in its Waterberg coal development.

Firestone announced to the JSE today that the negotiations involved very significant offtake agreement for coal over the life of Sekoko project which is the Waterberg Joint Venture Project.

Firestone Energy said “The negotiations are at an early stage and a further announcement will be made in due course.”

Firestone bought a 60% participation right in the Waterberg Joint Venture which is expected to produce first coal from the proposed Smitspan mine in 2012.

(Sourced from miningmx.com)

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Bulk carrier runs aground in Rio de Janeiro port

Reuters reported that the RDB Ocean of Joy a Hong Kong flagged dry bulk carrier ran aground in the Port of Rio de Janeiro recently.

According to information from marinetraffic.com, a world wide ship tracking service, the ship, a 92,500 DWT post Panamax sized vessel was sailing from the Port of Tubarao northeast of Rio de Janeiro in Brazil Espirito Santo state.

Post Panamax ships are too large to pass through the Panama Canal locks.

The Navy said it did not know what was aboard the vessel.

Tubarao, Brazil largest port by volume moved is owned and operated by Rio de Janeiro based Vale SA, the world second largest mining company. Tubarao is Brazil main iron ore port as well as major steel, grains, coal and bulk commodities port. Vale said the ship is not theirs.

Vale press office said it was not the owner either of the cargo or of the vessel. Tugs and support vessels have the situation under control.

(Sourced from Reuters)

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SinoCoking Coal and Coke Chemical announces results

SinoCoking Coal and Coke Chemical Industries Inc a vertically integrated coal and coke processor announced its financial results for the fourth quarter and fiscal year ended June 30 2011.

1. Fourth Quarter 2011 vs. 2010

I. Revenue increased by 126% to USD 24,661,738 from USD 10,886,577 mainly due to increased coke sales as well as the increased overall prices for all products.

II. Pre-tax income decreased to USD 15,892,450 as compared to USD 64,831,078.

III. Net income was USD 14,277,144 or USD 0.68 per diluted share as compared to a net income of USD 64,527,083 or USD 3.08 per diluted share.

2. Fiscal Year 2011 vs. 2010

I. Total revenue increased by 26% to USD 74,287,993 from USD 59,027,490 mainly due to increased coke and washed coal sales.

II. Revenue from the sale of coal products increased by 16% to approximately USD 35 million.

III. Revenue from the sale of raw coal products decreased 34% from a year earlier, in spite of the 17% increase in average selling price. As a result of the mining moratorium, we were unable to produce or secure sufficient raw coal from other producers to sell.

IV. Revenue from the sale of washed coal products increased 180% from a year earlier, as we sold some of our washed coal inventory to take advantage of the 40% increase in average selling prices resulting from the increase in raw coal price.

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Liverpool Plains mining exploration licenses get the go ahead

It is reported that the NSW Government tough conditions have been placed on the controversial renewal of two exploration licences covering the Liverpool Plains.

The licences held by BHP Billiton and Shenhua Watermark expired earlier this year.

Mr Chris Hartcher Resources and Energy Minister said BHP-Billiton and Shenhua coal exploration licences on the Liverpool Plains expired in February.

Mr Hartcher has renewed them, but he says community concern about the effect of coal exploration on prime agricultural land has been taken into consideration. He said that "Yes, we want mining, but we want mining on our terms, and our terms are protect the water, protect the agriculture, protect the environment."

Mr Sandy Bloomfield the chairman of Caroona Coal Action Group says he's still deeply concerned. He said that "Renewal on these grounds shows they are not committed to protecting the environment."

He added that "Approvals shall not include longwall mining under deep alluvial aquifers, or the flood plain, and no open cut mining should be allowed on the flood plain. There should be no longwall mining under aquifers and no longwall mining on or under the flood plain as it could damage the underground water supply and storage capacity.”

He also said that "If BHP had no intention of mining then it should be excised from the licence altogether, but it is not and I don't know if we can trust BHP."

The Minister says the renewal of the exploration licenses will not automatically lead to the granting of full mining leases.

A spokeswoman for Shenhua Watermark says the company hasn't received any details about the licence renewal from the State Government and will not comment until it's confirmed.

(Sourced from www.abc.net.au)
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Fortescue rolls out Bamboo across two mines sites

ASX-listed iron ore producer Fortescue Metals Group Ltd has rolled out Deloitte Bamboo across the company two mine sites operations and expansion areas. The application will be accessed and used by a growing team of employees as the company expands.

Mr Nev Power CEO of Fortescue said “The rollout of Bamboo was part of the company's strong commitment to excellence in safety and emergency response in the mining sector.”

He said that “We believe the key to its effectiveness is how it allows our people, during an incident to easily access critical information from their mobile devices while improving our leaders response times."

Deloitte Risk Services Partner Oliver Binz said “Bamboo was designed to create clarity during an emergency situation. This tool is about helping employees and employers access critical information in an emergency when they need it. Using push technology, it ensures that people have the latest up to date information right there on their smartphone.”

Mr Binz said “Paper based plans have lots on limitations. Even if you can keep them up to date, most people simply don’t have access to the files when they need them most. Many Queensland businesses learnt this the hard way during the Christmas floods and Cyclone Yasi. With Bamboo and staff are able to access their individual action plans, regardless of location or mobile network connectivity.”

He said that “Bamboo also leverages the capabilities of smart devices to deliver many additional benefits, such as being able to locate team members subject to network availability, direct people to evacuation sites or communicate easily with specific teams using email, SMS or phone.”

He added that “For organisations, effective incident management is all about minimising the negative impact on its people, its customers and its operations. Bamboo does exactly that.

He also said “We are very proud to have received recognition in the form of this award, and also to be working with Australian mining icon Fortescue.”

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India and Turkey to cooperate in coal sector

Mr Sriprakash Jaiswal minister of coal met Mr Taner YILDIZ minister for energy and natural resources government of Turkey and other officials on the sidelines of the 22nd World Mining Congress inaugural session on September 12th 2011 at Istanbul, Turkey.

Mr Jaiswal is leading an Indian delegation there to participate in World Mining Congress. Both the ministers discussed about the energy situation in the two countries, particularly the field of coal mining.

India’s coal minister offered technical cooperation to develop coal and lignite deposits and coal washing in Turkey. Turkey’s Energy Minister evinced keen interest for technical cooperation with India in coal mining and clean coal technologies. He said that Turkey is planning to set up some 15000 MW coal based power generation plants and requested Indian companies to participate in the tenders. Both the ministers agreed for future cooperation in coal related areas.

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Rio Tinto Finance Limited prices USD 2 billion of fixed rate bonds

Rio Tinto has priced USD 500 million of five year, USD 1.15 billion of 10 year and USD 350 million of 30 year SEC-registered debt securities. The bonds will be issued by Rio Tinto Finance Limited and will be fully and unconditionally guaranteed by Rio Tinto Plc and Rio Tinto Limited.

The five year notes pay a coupon of 2.25% and will mature on 20 September 2016. The 10-year notes pay a coupon of 3.75% and will mature on 20 September 2021.

The 30 year notes mature on 2 November 2040 and constitute a further issuance of the USD 500 million 5.20% notes due 2040 that were issued on 2 November 2010 and the USD 300 million 5.20 per cent notes due 2040 that were issued on 20 May 2011. Upon issuance of the bonds, USD 1.15 billion of the 5.20% notes due 2040 will be outstanding.

Barclays Capital Inc, BNP Paribas Securities Corp, Morgan Stanley & Co LLC, Citigroup Global Markets Inc, HSBC Securities Inc and SG Americas Securities LLC acted as Joint Bookrunners.

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Honda to launch Brio

Honda's first small car for the mass market, Brio will be launched this month. The car is expected to be priced at INR 0.42 million to INR 0.45 million to compete with Maruti's Swift, Volkswagen's Polo, Ford's Figo, Hyundai's i10 and Toyota's Liva.

Honda has developed Brio after five years of painstaking research of the Indian market, keeping in view the local conditions and specifically catering the car to typical Indian families. The car has a 1200cc petrol engine which generates power to the tune of 90 BHP.

Honda wants to tap the huge potential in smaller cities to ensure the Brio takes on competitors and revive its flattening sales.

Auto companies have been focusing more on smaller cities, which have given huge incremental volumes and helped car sales to zoom over 30% in 2010.

Honda, maker of City, Civic, Accord, Jazz and CR-V, has mostly been confined to metros even as other carmakers have hit the country roads to gain huge incremental volumes that helped car sales rise more than 30% in 2010.

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MMX doubles iron ore resources

Brazilian mining company MMX, controlled by billionaire magnate Eike Batista, said that a certification study showed the firm's iron ore resources stood at 3.1 billion tonnes, more than twice the previous estimate.

MMX in a statement that SRK Consulting carried out the study at Serra Azul its principal mine, as well as the Pau de Vinho mine. The new estimate was 106 percent higher than the previous one in March.

Mr Roger Downey president said the resources are sufficient for MMX to reach its production target of 46 million tonnes of iron ore per year by 2016.

(Sourced from Reuters)

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South Korean three major shipbuilding Industries H1 sales revenue surges

It is reported that South Korean three major shipbuilding companies have received good financial result in the first half of 2011. It's known that Hyundai Heavy Industries' sales revenue in the first half was at KRW 1.6688 trillion. At the same time, Daewoo Shipbuilding & Marine Engineering posted H1 sales revenue at KRW 7.604 billion, surged substantially by 122.5%. Meanwhile, Samsung Heavy Industries reported its H1 sales revenue at KRW 7.039 billion; thus, its sales revenue may have chances to exceed KRW 1 trillion in 2011. (Sourced from www.steelguru.com)

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Bloomberg reported that Macroeconomic indicators - US industrial output surged in July

Bloomberg reported that manufacturers in the US churned out more cars, computers and furniture in July, easing concern that one of the mainstays of the recovery was giving way. The 0.9% increase in production at factories, mines and utilities was almost twice the median forecast of economists

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Gazprom CEO as saying that Belarusian gas cooperation model to Ukraine

RIA Novosti cited Mr Alexei Miller CEO of Gazprom CEO as saying that Russia and Ukraine could base their relations in the gas sphere on a similar model to that which Russia has with Belarus. Russian energy giant Gazprom holds 50% of the Belarusian gas transportation company Beltransgaz and

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GMS weekly report on Indian ship breaking industry for WEEK 31

The close of the week saw the Indian ship recycling scene mirroring international stock market turmoil, with a fair degree of uncertainty and nerves starting to enter the market, following the unrestrained bullishness of the week before.

Falls of almost INR 800 per tonne were seen (almost

 

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MMK increases the supply of products for the automotive industry

It is reported that in the first half of 2011 the Magnitogorsk Metallurgical Combine shipped to the automotive business more metal than all of 2009.

Realizing the strategic goal of becoming a leading supplier of metal products for the Russian automotive industry, the CMI has been steadily

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POSCO war zone - Villagers detain POSCO and IIDC officials

BS reported that tension prevailed in the POSCO project site in Orissa as the irate villagers on Thursday detained two officials, one from POSCO and another staff of Industrial Infrastructure Development Corporation of Orissa who had gone to Noliasahi in Gadakujang panchayat for cutting of

 

 

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Indian auto sector seen growing 11 to 13pct

Mr Pawan Goenka president of industry body Society of Indian Automobile Manufacturers said that India's automobile industry is expected to grow 11 to 13% in the fiscal year ending next March.

Mr Goenka said passenger car sales are expected to grow 10 to 12% down from an earlier forecast of

 

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