As the quantity of ferroalloys produced in China is unable to increase, there is a continuous fall in price for imported manganese ore imported by China. Some manganese mines have been facing the difficulty for sales of low grade manganese ore with Mn 40% max., which is produced and supplied by Malaysia and Indonesia amongst others.
In order to hold down these growing countries, major manganese mines have adopted the strategy to offer medium grade manganese ore with Mn 44% to 45% for China at a price level of USD 5.00 per Mn 1% CIF for shipments in the first half of 2009. A fall to USD 3.00 per Mn 1% has not been ruled out.
The spot price of low grade manganese ore with Mn 40% max for China has already fallen to a level of USD 3.50 per Mn 1% CIF China for South African ore and the same grade produced in Cote d'Ivoire has been quoted at less than USD 4.00 per Mn 1% CIF. Some Chinese producers of manganese ferroalloys have aimed to purchase low grade manganese ore at a lower price than USD 3.00 per Mn 1% CIF.
China imported 632,000 tons of manganese ores in the first 2 months of 2009, a decrease of 41.5% compared with the same period of 2008. Some manganese mines offered medium grade lumpy manganese ore with Mn 44% at USD 16.20 to USD 16.30 per Mn 1% CIF China for shipments in the October to December quarter of 2008 and as a result the imports of manganese ore from such major sources as South Africa, Australia, Brazil and Gabon into China have decreased to a large extent.
The quantities of manganese ore imported from main sources into China in January to February of 2009 were from Australia 96,000 tons, from Brazil 49,000 tonnes, from Gabon 111,000 tonnes and from South Africa 116,000 tonnes.
On the other hand, the quantities of low grade manganese ore imported from growing countries into China in January to February of 2009 were from Malaysia 71,000 tonnes and from Indonesia 25,000 tonnes having shown a substantial increase. The cost price of low grade manganese ore produced in these growing countries is estimated to be higher than USD 5.00 per Mn 1% but, according to the customs statistics released in China, the unit prices of low grade ore imported from these growing countries into China were on a level of USD 3.00 to 4.00 per Mn 1% CIF.
In view of the fact that spot price of medium grade manganese ore with Mn 44% to 45% in January to March quarter of 2007 was on a level of USD 3.00 per Mn 1%, it is anticipated to return to this price level in an unexpectedly earlier time, due to a sharp decrease in Chinese ferroalloy production.
Source: Steel Prices India
Showing posts with label Gabon. Show all posts
Showing posts with label Gabon. Show all posts
Sunday, April 19, 2009
Tuesday, April 7, 2009
Foundation Stone Laid At Gabon Manganese Ore Complex
President Omar Bongo Ondimba of the Gabonese Republic, laid the first stone for the future Moanda Metallurgical Complex in the presence of Patrick Buffet, Chairman & CEO of ERAMET.
The future COMILOG Metallurgical Complex in Moanda consists of a silico-manganese plant with 65,000 tons annual capacity and a 20,000-ton per year manganese metal plant, as well as the related infrastructure.
The development of the Metallurgical Complex is concomitant with the upgrading of the public electricity grid, including the Gabonese government's construction of a "Grand Poubara" hydroelectric power plant on the Ogooué River.
This new stage in the creation of local value for Gabon is the continuation of its long-term partnership with the ERAMET Group
Alongside ERAMET, the Gabonese State holds a 25% stake in COMILOG.
COMILOG is Gabon's 2nd-largest company and manganese is the country's 2nd-biggest exporting industry. Including SETRAG (Transgabonais railway) personnel, the ERAMET Group employs almost 2,900 people in Gabon.
For Gabon, the future Moanda Metallurgical Complex will be an extremely important project, as it will lead to the local creation of a new industrial stage in the manganese value chain, fulfilling a major goal that the country's authorities have long voiced.
COMILOG, with ore production of 3.3 million tons in 2007, is the world's second-largest producer of high-grade manganese ore.
With the technological support of ERAMET's teams, COMILOG started up Moanda Industrial Complex (CIM), consisting of a manganese ore sintering plant, in 2000.
Capital expenditure for Moanda Metallurgical Complex will total E200 million (almost 135 billion CFA francs), spread over the 2009-2013 period.
At full production rate, the project's operation will create 400 direct jobs, in addition to a high number of indirect jobs.
Patrick Buffet, Chairman & CEO of ERAMET, stated, "The Moanda Metallurgical Complex project is a new stage in our development in Gabon that reflects our commitment to create value, know-how and jobs in this very important country for our Group."
Source: Press Release
The future COMILOG Metallurgical Complex in Moanda consists of a silico-manganese plant with 65,000 tons annual capacity and a 20,000-ton per year manganese metal plant, as well as the related infrastructure.
The development of the Metallurgical Complex is concomitant with the upgrading of the public electricity grid, including the Gabonese government's construction of a "Grand Poubara" hydroelectric power plant on the Ogooué River.
This new stage in the creation of local value for Gabon is the continuation of its long-term partnership with the ERAMET Group
Alongside ERAMET, the Gabonese State holds a 25% stake in COMILOG.
COMILOG is Gabon's 2nd-largest company and manganese is the country's 2nd-biggest exporting industry. Including SETRAG (Transgabonais railway) personnel, the ERAMET Group employs almost 2,900 people in Gabon.
For Gabon, the future Moanda Metallurgical Complex will be an extremely important project, as it will lead to the local creation of a new industrial stage in the manganese value chain, fulfilling a major goal that the country's authorities have long voiced.
COMILOG, with ore production of 3.3 million tons in 2007, is the world's second-largest producer of high-grade manganese ore.
With the technological support of ERAMET's teams, COMILOG started up Moanda Industrial Complex (CIM), consisting of a manganese ore sintering plant, in 2000.
Capital expenditure for Moanda Metallurgical Complex will total E200 million (almost 135 billion CFA francs), spread over the 2009-2013 period.
At full production rate, the project's operation will create 400 direct jobs, in addition to a high number of indirect jobs.
Patrick Buffet, Chairman & CEO of ERAMET, stated, "The Moanda Metallurgical Complex project is a new stage in our development in Gabon that reflects our commitment to create value, know-how and jobs in this very important country for our Group."
Source: Press Release
Friday, February 6, 2009
CITIC Still Plans Manganese Spin-off
Chinese energy and base metal producer CITIC Resources Holdings Ltd still plans to spin off CITIC Dameng Holdings Ltd as a separate listing on the Hong Kong Stock Exchange according to a company statement on Thursday.
The move was originally planned by the end of last year, but was delayed due to the economic recession's impact on market performance.
CITIC Resources, along with a subsidiary of CITIC, United Asia Investments Ltd, will provide HK$240 million and HK$60 million of capital respectively to CITIC Dameng. CITIC Resources will have a 52.4% equity interest in CITIC Dameng, up from 48%.
CITIC Dameng has mining rights in one manganese ore mine in China's Guangxi Zhuang Autonomous Region amounting to 120 million metric tons of manganese carbonate, and rights in another mine in Gabon in West Africa amounting to 30 million tons of manganese ore.
Source: China Knowledge
The move was originally planned by the end of last year, but was delayed due to the economic recession's impact on market performance.
CITIC Resources, along with a subsidiary of CITIC, United Asia Investments Ltd, will provide HK$240 million and HK$60 million of capital respectively to CITIC Dameng. CITIC Resources will have a 52.4% equity interest in CITIC Dameng, up from 48%.
CITIC Dameng has mining rights in one manganese ore mine in China's Guangxi Zhuang Autonomous Region amounting to 120 million metric tons of manganese carbonate, and rights in another mine in Gabon in West Africa amounting to 30 million tons of manganese ore.
Source: China Knowledge
Thursday, January 29, 2009
Gabon Urges Development Of Iron Ore Mine
Gabon has urged China to accelerate the development of an iron-ore project at Belinga, some 500km east of Libreville, the capital of the Central African country.
The project has been delayed by the global financial crisis, .
“We need to finalize this project because we expect the creation of 20,000 jobs for the country,” Mining and Oil Minister Casimir Oye Mba said in remarks broadcast on state-owned Radio Television Gabonaise yesterday.
China’s Ambassador to Gabon, Xue Wei Jin, held talks last week with Georgette Koko, Gabon’s deputy prime minister in charge of the environment, to review the progress of an environmental study before work starts on the site.
China National Machinery and Equipment Import and Export Corp. announced in July that it had signed a 25-year accord with Gabon’s government to build and operate the mine producing as much as 30 million metric tons a year of iron ore. The state-owned contracting company, known as Sinomach, will also build a 500-kilometre railway, a port and a water power station.
The total cost of the mine will exceed $790 million, according to China Daily.
Source: Bloomberg
The project has been delayed by the global financial crisis, .
“We need to finalize this project because we expect the creation of 20,000 jobs for the country,” Mining and Oil Minister Casimir Oye Mba said in remarks broadcast on state-owned Radio Television Gabonaise yesterday.
China’s Ambassador to Gabon, Xue Wei Jin, held talks last week with Georgette Koko, Gabon’s deputy prime minister in charge of the environment, to review the progress of an environmental study before work starts on the site.
China National Machinery and Equipment Import and Export Corp. announced in July that it had signed a 25-year accord with Gabon’s government to build and operate the mine producing as much as 30 million metric tons a year of iron ore. The state-owned contracting company, known as Sinomach, will also build a 500-kilometre railway, a port and a water power station.
The total cost of the mine will exceed $790 million, according to China Daily.
Source: Bloomberg
Wednesday, July 9, 2008
Chinese Firm Signs Gabon Iron Ore Deal
China National Machinery and Equipment Import and Export Corporation (CMEC) said it has signed an agreement on mineral rights of the Belinga iron ore reserves with the Gabonese government.
A joint venture company will run the Belinga mine and its supporting infrastructure for 25 years, and is expected to have access to 30 million tons annually.
The exploration and construction costs will be more than $790 million, including the construction of 500 km railways, dams and deepwater ports, according to a report by Shanghai Securities News.
So far, the Belinga iron ore project is China's largest resource investment in Africa.
The mineral right agreement is part of a pact, which was reached in 2006 between CMEC and the Gabonese government to construct and run the Belinga iron ore reserves.
Under the agreement, Chinese enterprises headed by CMEC will further exploit the Belinga iron ore deposit and construct railways, ports and hydropower plants in cooperation with the Gabonese government.
The Export-Import Bank of China will finance the whole project.
Experts said once completed, the ratio of iron ore imports from Africa in China's total imports will be largely increased. It not only can diversify the country's iron ore import channels, but also crucial to its strategic reserves of iron ore.
With China's booming economy, its iron ore imports reached 380 million tons last year. In 2006 it reached 326 million tons and 275 million tons in 2005.
China's iron ore imports may exceed 625 million tons by 2012, accounting for about 67 percent of the world's cross-continent trade, said Zhu Kai, China president of Vale, a global mining company headquartered in Brazil.
"Chinese enterprises have to seek opportunities to exploit iron ore overseas, since it might be a way to obtain overseas resources and escape the impacts of the soaring prices," said Xu Yingchun, director of Lange Steel Information Research Center.
"Chinese enterprises can invest in foreign resources by setting up joint venture companies," said Jeremy South, steel specialist of Deloitte.
Belinga iron ore reserves was discovered in 1955 at Belinga, which lies in remote forest hills 500 km east of Libreville, the capital and port on Gabon's Atlantic coast. It has proven reserves of more than 500 million tons.
Source: China Daily
A joint venture company will run the Belinga mine and its supporting infrastructure for 25 years, and is expected to have access to 30 million tons annually.
The exploration and construction costs will be more than $790 million, including the construction of 500 km railways, dams and deepwater ports, according to a report by Shanghai Securities News.
So far, the Belinga iron ore project is China's largest resource investment in Africa.
The mineral right agreement is part of a pact, which was reached in 2006 between CMEC and the Gabonese government to construct and run the Belinga iron ore reserves.
Under the agreement, Chinese enterprises headed by CMEC will further exploit the Belinga iron ore deposit and construct railways, ports and hydropower plants in cooperation with the Gabonese government.
The Export-Import Bank of China will finance the whole project.
Experts said once completed, the ratio of iron ore imports from Africa in China's total imports will be largely increased. It not only can diversify the country's iron ore import channels, but also crucial to its strategic reserves of iron ore.
With China's booming economy, its iron ore imports reached 380 million tons last year. In 2006 it reached 326 million tons and 275 million tons in 2005.
China's iron ore imports may exceed 625 million tons by 2012, accounting for about 67 percent of the world's cross-continent trade, said Zhu Kai, China president of Vale, a global mining company headquartered in Brazil.
"Chinese enterprises have to seek opportunities to exploit iron ore overseas, since it might be a way to obtain overseas resources and escape the impacts of the soaring prices," said Xu Yingchun, director of Lange Steel Information Research Center.
"Chinese enterprises can invest in foreign resources by setting up joint venture companies," said Jeremy South, steel specialist of Deloitte.
Belinga iron ore reserves was discovered in 1955 at Belinga, which lies in remote forest hills 500 km east of Libreville, the capital and port on Gabon's Atlantic coast. It has proven reserves of more than 500 million tons.
Source: China Daily
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