December, 08 2005
SAIL to pump in Rs 11,000 cr in DSP & IISCO
As part of its Rs 35,000 crore growth plan SAIL would pump in Rs 11,000 crore to increase production capacity of its three production units in West Bengal including Durgapur steel plant and Indian Iron and Steel Company.
The company has decided to invest Rs 11,000 crore in the next 5 to 6 years to jack up the hot metal production capacity of DSP from the present level of two million tonne to 3.2 million tonne by 2011-12. IISCO's capacity would go up to 2.5 million tonne by 2011-12 from the existing 0.8 million tonne.
It is also reported that the capacity of finished steel production of DSP would be raised substantially to reduce the proportion of semis from the current level of 55% to less than 10% in the next six years
ESSAR signs MoU for steel mill in Trinidad
It is reported that Essar Steel has signed a MOU with Trinidad Government for setting up a steel mill in the country. Prime Minister Mr Patrick Manning, while speaking at the ceremonial signing between Essar Steel Caribbean and the National Energy Corporation (NEC) at the Hilton Trinidad, said: "The signing of the MOU between Essar Steel and the NEC will lead to the construction of an iron and steel complex in the country to the cost of US$1.4 billion."
Mr Manning said that the "finance mobilization" for the Essar project is being facilitated by local company CLICO, which has hastened to point out that all the funds were not being raised on the domestic market.
Under the agreement, Essar will establish an iron and steel complex at the Point Lisas Industrial Estate that will consist of four plants. These include a pellet plant, hot briquetted iron HBI plant, steel slab and hot rolled coils plant.
ESCL Mr PR Dhariwal said the agreement was an historic one, as it heralds Essars arrival "at the gateway of the Americas" in TT. He said while Essars initial discussions in July involved conducting a study for the establishment of an HBI plant at Point Lisas, based on availability of natural gas at a competitive price, Essar has since decided to establish upstream and downstream industries in TT.
KIOCL gets iron ore from NMDCs Donimalai for making pallets
Indian government has decided to allot iron ore from the Donimalai mines of the National Mineral Development Corporation NMDC to Kudremukh Iron Ore Company Ltd KIOCL to run its pellet plant in Mangalore following the Supreme Court's order to stop mining at Kudremukh from December 31.
KIOCL has sought 4 million tonnes of iron ore from the Donimalai mines from where the NMDC scoops out 4.5 million tonnes of ore annually. KIOCL needs 3.5 million tonnes of ore annually to run its pellet plant.
The closure of mining operations at Kudremukh and sourcing of ore from elsewhere will hit the finances of the company as currently the iron ore from Kudremukh mine is being pumped through a pipeline to the pallet plant in Mangalore. Now the iron ore will have to be moved by road from Donimalai to Mangalore incurring huge costs
The problem is compounded due to the fall in prices of pellets in global spot market from $135 per tonne in 2005 beginning to $ 75 per tonne now
Xinxing plans unit in Chhattisgarh
It is reported that, in response to the invitation from Chhattisgarh government, Xinxing Ductile Iron Pipes, the world's second largest ductile iron company, plans to set up a manufacturing facility in Chhattisgarh at an initial investment of around Rs 1,000 crore.
The iron ore rich state is trying to promote downstream industries to set up plants
Xinxing, with a turnover of almost Rs 3,000 crore, already supplies about 30,000 tonne of ductile iron pipes to India. Ductile iron pipes are used for drilling, micro tunneling and for transferring sewage or water. The present production capacity though, is about 0.2 million tonnes per year, leaving room for either more imports or capacity additions. According estimates, India's annual demand for ductile iron pipes may grow to almost 0.5 million tonnes over the next 10 years.
Xinxing has a production capacity of 0.8 million tonnes per year, for which it needs about 5 million tonne of iron ore annually and an investment in Chhattisgarh can take care of Xinxing's future iron ore needs.
India to support global demand for thermal coal
During the second day of McCloskeys Australian Coal Forecasting Conference the focus was the thermal coal market, where the McCloskey view was 2006 would be a more balanced year in the Asia-Pacific region. McCloskeys forecast was for thermal coal prices from the upcoming negotiations to settle between $39 to $ PMT, most likely at a price above $40 PMT, down from last years $53 PMT.
Potential areas of upside in McCloskeys view were India, where demand was likely to grow massively in coming years, and the fact coal remains cheap when compared to other fuel sources.
Another likely source of demand growth is the US, where McCloskey noted production is likely to decline as reserves are falling, meaning the US is expected to seek imports from suppliers such as Russia and Colombia.
One area of disagreement was the level of Indonesian exports, where McCloskey suggested growth was likely to slow but other attendees disagreed. While McCloskey suggested the thermal coal market would be relatively balanced with demand growth of 14mt matching supply growth, the potential for Indonesia to supply at a level higher than expected is a negative.
Chattisgarh High Court issues contempt notices
Chhattisgarh High Court has issued notices to Coal India Limited Chairman Mr Shashi Kumar, South Eastern Coalfields Limited CMD Mr MK Thapar, and nine other government officials for continuing to mine in Chirimiri area on a contempt petition filed by Mr Ratan Jain of Chirimiri.
Petitioner's counsel said SECL was engaged in illegal mining and felling of trees in Chirimiri area without the Centers permission and the court had had stayed felling of trees and mining during a hearing in August. The petitioner contended that violating the court's order, the SECL was still mining and felling trees in Chirimiri, Kurasia and other open cast mine areas.
ECL achieves record coal output in November
The Eastern Coalfields Limited (ECL) has achieved a record coal production of 2.864 million tonne during November 2005 surpassing earlier achievements during the same period of the year. The coal production in November exceeded earlier record of 2.701 lakh tonne in November 1988
ECL also achieved the highest coal production during April-November, 2005 compared to earlier achievements during the same period since its inception.
IFGL Refractories buys out partner in Taiwan arm
IFGL Refractories Ltd. said on Wednesday that one of its subsidiaries, Monocon Overseas of UK has signed an agreement with Sun Hau Industrial Company of Taiwan for purchase of their 25% shareholding in Monocon Taiwan. On completion of the sale, Monocon Overseas will hold a 100% stake in Monocon Taiwan.
TopIndian East coast port dispatch record coking coal in November.
Haldia, Paradip and Visakhapatnam Ports dispatched a record 0.97 million tonnes of coking coal in November as against the previous highest levels of 0.92 million tonnes in September 2004. Haldia handled a record 0.444 million, Paradip 0.187 million tonnes and Visakhapatnam Port 0.352 million tonnes
However, the dispatches were lesser that import arrivals, which amounted to 1.22 million tonnes in November.
The imports were meant for the various plants of the SAIL.
Kamdhenu Ispat to float IPO
Kamdhenu Ispat Ltd a manufacturer of Re Bars under the brand 'Kamdhenu' has firmed up plans for an Rs 32 crore Initial Public Offer to finance the current business expansion plans and the company has approached SEBI for its approval.
The company's main production unit is located in Bhiwadi, Rajasthan with installed capacity of 48,000 MT per annum. They have strategic tie up with 19 other rolling mills in UP, Bihar, Jharkhand, West Bengal, Assam, Himachal Pradesh, Punjab, Gujarat, Karnataka, Madhya Pradesh, Goa and Tamilnadu.
The company also makes stainless steel water pipe and fittings under the brand of Kamdhenu SS Pipe
Besides steel, the company has also forayed into various infrastructure-building segments. It has launched cement under the brand Kamdhenu Cement
Bank of Americas provides $650 million loan to Gerdau Ameristeel
Bank of America Business Capital has provided a $650 million asset-based loan to Gerdau Ameristeel Corp., the second-largest mini mill steel producer in North America. The amended asset-based loan will be used for working capital, capital expenditures and general corporate needs. Charlotte-based BofA also will provide letters of credit and provide derivatives and cash management-products and services.
"Bank of America Business Capital was selected to lead this deal because of their ability to manage a larger credit facility and willingness to provide better terms than our previous loan structure," says Mr Phil Casey, Gerdau Ameristeel CEO. "This financing will provide the financial flexibility to grow the company organically and through strategic acquisitions."
The products of Tampa based Gerdau Ameristeel are sold primarily to steel-service centers, steel fabricators and original-equipment manufacturers. The company's steel is used in a range of industries, including construction, automotive, mining, and cellular and electrical transmission.
Bank of America Business Capital is one of the world's largest asset-based lenders, with 21 offices serving the United States, Canada and Europe. It provides companies with senior secured loans, cash management and interest-rate, precious-metals and foreign-exchange risk management.
Third mine disaster in two weeks kills 54
54 miners are dead and 22 were still missing last night after an explosion at a coal mine in Hebei Province, the third major mining accident in the country in the past two weeks. The Liuguantun Colliery in Kaiping District of Tangshan City exploded about 3:30pm yesterday, while 186 miners were working underground.
By late last night, 110 miners had escaped the mine, but 22 others were still trapped in the coal pit. Rescuers were searching for the missing miners late last night.
The formerly state-run mine was privatized in 2002.
MMK produces more than 10 mln tonnes of roll in 11 moths
Magnitogorsk Iron & Steel Works MMK produced 10.053 million tonnes of rolled steel, 10.414 million tonnes of crude steel and 8.82 million tonnes of pig iron in January-November. MMK also said that it produced 1.425 million tonnes of prepared iron ore, 9.397 million tonnes of sinter and 5.106 million tonnes of coke.
The export share in steel products sales was 49.8% of the total sales
Mr Gennady Senichev, the GD of MKK was quoted as saying that hot roll production at MMK would rise 400,000 tonnes to more than 11 million tonnes in 2005 as a whole.
In 2004 MMK produced 10.361 million tons of sinter, 5.870 million tons of coke, 9.654 million tons of pig iron, 11.294 million tons of crude steel and 10.125 million tons of finished steel
Senior management changes at BHP Billiton
BHP Billiton announced today that Mr Mike Salamon, currently Group President with responsibility for the non-ferrous businesses, will be appointed as Executive President of BHP Billiton with effect from 1 January. Mr Mike will assume responsibility for Marketing, Strategy and Business Development (corporate development activities), Integrated Business Development (regional project development), Exploration, and Technology. He will assume country responsibility for China and will continue to have responsibility for South Africa and BHP Billitons overall Health, Safety, Environment and Community activities. Mike will continue to report to the CEO
Mr Marius Kloppers will move from the role of Chief Commercial Officer into the position of Group President vacated by Mike with effect from 1 January. Mr Marius will assume responsibility for the Aluminium, Base Metals, Stainless Steel Materials and Diamonds and Specialty Products Customer Sector Groups. He will continue to report to the Chief Executive Officer and remain a member of the Office of Chief Executive.
Ms Karen Wood, previously Company Secretary for the Group, will join the OCE as Special Advisor and Head of Group Secretariat. Ms Karen will continue to have responsibility for the Company Secretariat of BHP Billiton Limited and BHP Billiton Plc and continue to report to the Chairman in that capacity. She will assume management responsibility for the administration of authorities delegated to the CEO and special projects determined by the CEO and, in this capacity, will report to the CEO.
Mr Tom Schutte, previously Vice President Finance for Marketing, will become President Marketing and will have direct responsibility for all BHP Billitons marketing activities, reporting to Mike Salamon
BHP Billiton Chairman, Mr Don Argus, also announced today that from 1 January Marius Kloppers and Chris Lynch would join the Board as Executive Directors.
The Office of Chief Executive will now comprise:
Chief Executive Officer Mr Chip Goodyear (OCE Chairman)
Executive President Mr Mike Salamon
Group President Mr Phil Aiken
Chief Legal Counsel and Head of External Affairs Mr John Fast
Group President Mr Bob Kirkby
Group President Mr Marius Kloppers
Chief Financial Officer Mr Chris Lynch
Chief Organization Development Officer Mr Marcus Randolph
Special Advisor and Head of Group Secretariat Ms Karen Wood
Mittal Steel SA plans R9 billion CAPEX
Mittal Steel SA has budgeted to spend R8.9 billion on new projects from 2006 to 2010 as part of the group's capital expenditure program to increase its production by 2.5 million tons per annum to 9.5 million tons per annum.
Of capital expenditure, the vast majority of the money would be spent at Vanderbijlpark Steel, which would receive R5.5 billion, Newcastle Steel which would receive R1.7 billion, Saldhana R877 million, Vereeniging Steel R678 million and Pretoria R81 million.
The increased throughput will be achieved through the increasing of production by 1.5 million tons per annum involving 0.325 million tonnes through 2 new DRI kilns at Vanderbijlpark by H2 of 2007 with initial capital. This will involve, 0.660 million tonnes through efficiency improvements by H2 of 2006 and 0.445 million tonnes by BF No D reline at Vanderbijlpark by H2 of 2006 & sinter strand capacity expansion at Vanderbijlpark by H1 of 2008
The company will further increase its throughput by 1 million tons per annum through expansion of sinter capacity at Vanderbijlpark by H1 of 2008, 0.505 million tons through additional DRI kilns at Vanderbijlpark by H2 of 2009, 0.355million tons by BF No C reline at Vanderbijlpark by 2012 and 0.105 million tons through smaller capital projects at Saldanha and Vereeniging
Carpenter Technology raises prices of premium alloys
The Specialty Alloys Operations unit of Carpenter Technology Corporation has announced that it will increase base prices an average of 10% on all premium-melted alloys in all product forms, effective immediately on all new orders. Raw material and energy surcharges will remain in effect.
Carpenter said that demand continues to be very strong for its premium melted alloy products used in the aerospace, automotive, electronics, medical, power generation and oil and gas markets.
Carpenter Technology, based in Wyomissing, Pa., is a leading manufacturer and distributor of specialty alloys and engineered products.
WV Governor forming task force to save hot end at Weirton
In a news conference Wednesday morning following West Virginia Governor Mr Joe Manchin's meeting with Mittal Steel Weirton union and management officials, the governor said he believes the hot end of the Weirton plant can be saved.
The governor said he thinks the value of Mittal Weirton needs to be made more apparent to the right people in upper management at Mittal Steel US.
Mr Manchin said he thinks Mittal officials aren't seeing the true worth of the Weirton plant. He says that's why he's spearheading a task force made up of officials from his office, the state delegation, plant management, and union officials to conduct a proper and complete assessment of Mittal Weirton Steel. The governor promised to take the information from the assessment and present it on behalf of the state and the plant to Mittal Steel USA.
Mr Bush to decide on restricting import of pipes from China
President Mr Bush helped the US steel industry immensely during his first term by putting tariffs in place to protect the domestic steel industry from unfair trade practices by France, Italy, Japan, Korea, India and Indonesia and now he has to take a call for protecting the domestic steel industry from unfair competition from China.
Mr Bush was sent a letter signed by 62 members of the House asking the president to limit the amount of steel allowed to be imported from China. Under the Section 421 trade relief sought by members of Congress, China would be limited to 90,000 tons a year.
From 2002 to 2004, production of steel pipe and tube fell more than 25% in the US, and 20% of the sector's work force was laid off. Chinese market share increased from 0.4% to 10% during that period. Imports of standard pipe from China went from 10,000 tons in 2002 to 270,000 tons in 2004 and are expected to exceed 380,000 tons in 2005. The International Trade Commission determined that a massive surge of imports from China is disrupting the domestic circular welded non alloy standard pipe industry.
The next step is for the US trade representative to forward his recommendation to Mr Bush by December 15, with a decision by Mr Bush due by Dec. 30.
Esmark buys North American Steel
Steel industry consolidator Esmark Inc announced that it has acquired Homewood based steel distributor North American Steel LLC. The purchase price was not disclosed, but the deal involved both cash and equity in Chicago-based Esmark.
As part of the deal, North American co-owners Mr Michael Bush and Mr Thomas Jeter will become Esmark executives. Mr. Bush will be president of Century Steel in Chicago Heights, a steel distributor purchased by Esmark early this year. Mr. Jeter, meanwhile, will serve as president of North American Steel.
Founded in 1993, North American Steel specializes in distributing steel to the automotive, construction and appliance industries. The company also operates a steel-painting plant in Youngstown, Ohio. North American Steel has sales of more than $30 million a year.
Brothers James and Craig Bouchard launched Esmark in late 2004 to acquire Midwestern steel distributors and North American Steel is the companys seventh acquisition, pushing Esmarks annual sales to more than $600 million.
Mitsui Group to increase raw material business by 10%
It is reported that Mitsui Group, Japans one of largest trading companies is planning to expand its raw material business by 10%. The company will be expanding their ferrous scrap, pig iron or reduced iron distribution market to 11 million tons in the 2005 fiscal year that ends March 31, 2006. The pig iron and reduced iron business in particular will be expanded from 500,000 tons to 1 million tons for the overseas market.
For the subsidiary Japan domestic market, Mitsui plans to up its operations in Western Japan. Mitsui expects raw materials sales to total 240 billion for the 2005 fiscal year. That will place them among the No 1 Japanese trading firms.
SMS Demag commissions second LD converter for Trineckelezny
SMS Demag AG, Germany, have successfully commissioned the second LD converter in the oxygen steelmaking plant of Czech steelmaker Trineckelezny and been granted the final acceptance certificate already after four weeks. The new converters will boost the annual steel production in the Trineckoxygen steelmaking plant by 300,000 tons to a total of 2.3 million tons.
The scope of supply includes two converter vessels, trunnion rings, lamella suspension systems and converter bearings plus converter tilting drives. Under the modernization project SMS Demag also supplies a lifting winch with pneumatic emergency actuator for the oxygen blowing lance.
The lamella suspension system involves a reliable design for the constraint- free arrangement of the converter vessel within the trunnion ring. This type of converter suspension which requires absolutely no maintenance has been operating to the satisfaction of steelmaking plant owners in more than 80 converters all around the world.
Another highlight is the new drive concept for converter tilting drives which has been implemented in close cooperation between mechanical engineers, process engineers and electrical engineers. The new drive concept with its three-phase AC solution precisely satisfies the varying requirements imposed on converter tilting drives on account of different process stages. In addition, this solution minimizes wear.
The first converter has been in production since as long ago as November 2004.
AISs bar mill supervisory system for Von Moos Stahl
Swiss bar maker Von Moos AG has awarded a contract to AIS for a long-product production management system for its rolling mill complex consisting of bar rolling mill, wire rod mill, garret line, and hook conveyor. Commissioning is scheduled for the first quarter of 2006.
Based in Linz, Austria, AIS supplies planning and scheduling solutions for metal producers. The project at Von Moos involves installing the AIS
Steel Planner LPS for integrated production management, including recording and reporting of on-line production data like yield, consumption data etc. LPS covers the entire mill complex, from furnace charging to the dispatch area, and includes management of lot schedules and product tracking.
AIS predicts the system will improve the mills operating cost-efficiency, and adds that for Von Moos Stahl the selection was keyed by the open interface and system architecture, which offers "dynamic extensibility for the specific requirements."
Iran's steel production capacity to rise to 29m tons in 4th Plan
Iran's steel production capacity will rise to 29.1 million tons by end of the Fourth Five-Year Economic Development Plan (2005-2010). Announcing this, MD of National Iranian Steel Company Mr Ahmad Rasti told local press that the country has currently the capacity to produce 12 million tons of steel whereas only 10 million tons out of the total is actually produced.
Mr Rasti said the country will become self-sufficient in steel production by the end of the Fourth Plan.
Elecon Engineering gets BHEL's coal handling contract
Elecon Engineering Co Ltd, Vallabh Vidyanagar, Gujarat, has been selected by BHEL for supply of Coal Handling Plant for Mejia Power Station of Damodar Valley Corporation. The contract valuing Rs560 million involves supply of complete Coal Handling Plant to be designed, manufactured, supplied and commissioned in a record time of 15 months.
Although other prominent Indian manufacturers like L&T and MBE had participated in this tender, Elecon was selected on account of their ability to supply all the items of Coal Handling Plant manufactured in their works.
Elecon Coal Handling Plants have been installed in the Thermal Power Stations of all the Electricity Boards including NTPC.
OYAK seeks partnership with Arcelor
OYAK, that lacks experience in the steel sector, seeks a foreign partner and specifically, holds discussions with Arcelor, which seems to be the most plausible partner, since the company supplies all the steel demand of OYAK-Renault, the leading automotive production company in Turkey.
OYAK Group of Companies (the Turkish Armys Pension Fund) had won the privatization sale tender for Erdemir Steel, held last month, paying an amount of $2.77 billion for the 46.12% of Erdemir.
A possible Arcelor partnership would be the third of OYAK partnerships with giant French companies, after Renault and AXA in the insurance sector. OYAK has equity investments in 29 companies mostly in the automotive, cement, financial and service sectors- and is competing for the third place among leading Turkish business groups after Koand Sabancı.
RBCT Coal exports to increase by 2.5%
COAL exports from South Africa's Richards Bay Coal Terminal (RBCT) are estimated to increase 2.5% in 2005 compared to exports in 2004. Based on average monthly shipping rates, RBCT will export 67.6 million tons of coal in 2005. This compares against 65.94 million tons in 2004.
BHP Billiton, Anglo American and Xstrata own stakes in RBCT.
South Africa is the fourth biggest exporter of coal after Australia, China and Indonesia
Nigerian government releases money for laid off steel workers
Nigerian government has released N5.9 billion as severance benefits to more than 5,000, iron and steel workers who lost their jobs between December 2004 and this year following the privatization of public steel companies to private firms. With the release of the money, the industrial crisis which had threatened to disrupt activities in the Iron and Steel Secretariat has been doused.
Mr Didu Adodo General Secretary of the Iron and Steel Senior Staff Association of Nigeria (ISSAN) said that the Federal Ministry of Finance, through the office of the Accountant General of the Federation, released the cash backing to the Ministry of Power and Steel. He added that "it is expected that the money would begin to be disbursed to the workers early this week.
He also said that the N5.9 billion would not be enough to pay all the workers who were retired. Mr Adodo stated that the two unions in the industry, ISSAN and the Steel and Engineering Workers Union of Nigeria (SEWUN), were working on how to make the federal government release the remaining part of the money.
Many workers in the iron and steel sector of the economy had lost their jobs following the liquidation of several steel rolling mills in Osogbo, Katsina and Jos, Ajaokuta Steel Company, Delta Steel Company, Ovwian Aladja and Nigeria Iron and Mining Company at Itakpe.
Ivanhoe Mines announce results indicating coking coal at Nariin Sukhait
Ivanhoe Mine has announced that independent analytical data on core samples from recent drill holes completed at Ivanhoe Mines' Nariin Sukhait Coal Project in Mangolia, indicate that a significant portion of the coal discovery contains indicators of metallurgical-grade coking coal. The coal is high quality in terms of calorific value, has low associated sulphur and has low to moderate ash.
Core from three drill holes in the West Field of Ivanhoe's Nariin Sukhait license area contain a number of indicators of metallurgical-grade coal; bituminous rank, high FSI, low ash, very low phosphorous and low sulfur content. These qualities are amenable for making coke, a critical component in steel making. The coal exhibiting these qualities appears to lie in the lower portions of the very thick seams up to 50 meters that have been intersected in the extensive drill program completed this year. Core samples from other drill holes in the West Field area are now being tested.
Nariin Sukhait, Ivanhoe's most advanced coal project, is located approximately 40 kilometers north of the Mongolia-China border.
People responsible for colliery calamities face harsh punishment
As rescuers continued desperate search for the 42 miners trapped somewhere underground after a recent coal mine flooding in central China's Henan Province, stern punitive measures have been levied on those responsible for the accident.
Ten officials of Sigou Coal Mine, a privately-run firm where the flooding took place, have been detained as of Wednesday. The 10 officials were found to held responsible for the accident, which left 42 miners missing for over 110 hours, an official with the provincial public security department said Wednesday.
Fording coal trust cuts Elk Valley's '05 sales estimate
The Fording income trust lowered its 2005 sales estimate for Elk Valley Coal business on Wednesday, the second decrease in the past two months, and said it also expects the mine's capacity in 2006 will be constrained. The Fording Canadian Coal Trust said Elk Valley Coal is now expected to sell 24 million tonnes in 2005, of which the trust's share is 60%. In September, the trust said it had lowered the 2005 production estimate for Elk Valley to a range of between 25.5-26.5 million tonnes.
The trust said Wednesday that its latest revision is "largely attributable to customers over-committing for coal early in 2005 to protect against the possibility of supply interruptions, which have not materialized."
Import of finished steel will affect the domestic makers in Pakistan
Government has permitted import of steel finished goods through a SRO, but details of goods were still waiting, President Islamabad Chamber of Commerce and Industry Mr Abdul Rauf Saif stated
He said GI sheets are needed but SRO is not clear due to which people will import many items and there would be flood of unwanted items. We are afraid that local Re-rolling Industry and Furnace Industry will mostly be affected.
International Millennium appoints Mr JP Steele to Board of Directors
International Millennium Mining Corp IMMC has announced the appointment of Mr John P Steele to IMMC's Board of Directors, effective November 29, 2005. Mr. Steele is a mining industry advocate and brings to the Company an extensive background in mineral exploration, corporate governance and finance. Mr. Steele will serve as an Independent Director and will sit on IMMC's Audit and the Corporate Governance Committees.
"John Steele is an important addition to the IMMC Board as we look to significantly increase the Company's mineral property holdings, to the completion of significant financing and to our TSX Venture Exchange listing application. His direct involvement in the development and management of mineral exploration programs worldwide, together with his experience managing public companies brings valuable depth, perspective and strength to the Board," said IMMC President John A. Versfelt.
Mr. Steele is a professional engineer and is currently President and CEO of Limerick Mines Limited which he co-founded in 1999. Mr. Steel is also the President and Technical Manager of Asian Tiger Resources which conducts mineral exploration and provides geological, geophysical, geochemical, drilling and IT interpretation services for mineral exploration projects in Canada, Asia, Europe, the Middle East and the former Soviet Union.
IMMC is a mineral exploration and development company engaged in the acquisition and exploration of mineral properties in the Americas. The Company has acquired and is exploring mineral properties in British Columbia, Canada; Nevada, USA; and Sonora State, Mexico. Emerging mineral targets include: silver, gold, zinc, nickel, copper and platinum group metals.
Falconbridge Falcondo talks stumble on wages-union
Contract talks at Falconbridge Ltd's Falcondo ferro nickel plant in the Dominican Republic have stumbled over monetary issues, a union leader said on Wednesday. Both sides met on Tuesday and the union's secretary general said workers had dropped their wage increase demand to 47% over the next three years from 65%, but management was offering no more than 32%.
The previous contract was hammered out over six months in 2002. It covered about 1,200 production and maintenance workers at the plant and expired November 30.
In 2004, the plant produced more than 29,000 tonnes of ferro-nickel, used almost exclusively to make stainless steel. Output in 2005 is forecast at 28,000 tonnes. Falconbridge is one of the world's largest nickel and zinc producers and has agreed to be taken over by Inco Ltd, the world's No 2 nickel producer.
