Iran inaugurates sponge iron project
It is reported that Mr Mahmoud Ahmadinejad President of Iran has inaugurated the opening ceremony for the largest and the most sophisticated Iran domestic sponge iron factory.
The project was constructed by Iranian domestic JV on engineering, purchasing and constructing contract.
The plant is designed to have an annual output of 1 million tonnes and it would create 120 direct and 1,200 indirect jobs for residents and help lower energy consumption in the country.
Russian state monopoly on platinum exports over
RIA Novosti reported that the upper house of the Russian parliament approved recently amendments to a law abolishing a state monopoly on platinum exports.
Mr Yevgeny Bushmin, chairman of the Federation Council Budget Committee, said that the amendments scrapped a provision in the current legislation whereby Russian producers may only export platinum and platinum group metals through the state owned Almazjuvelirexport trade association.
He added that the current export scheme violates Russian antitrust laws and is at odds with the global trade system, weakening Russian platinum producers’ positions on world markets.
Russia is the world’s second largest platinum producer after South Africa. Paper said that Russia had begun developing major new platinum deposits for the first time since the Soviet era. Reserves at the Kievei field on north Russia’s Kola Peninsula have been estimated at up to 250 metric tons. Earlier, Forbes said that Russian platinum supplies could decline this year to 855,000 ounces compared with 910,000 ounces in 2007.
14 sponge iron plants have iron ore mines in Orissa
BS reported that out of the total 105 sponge iron plants operating in the Orissa, 14 units have iron ore mines of their own. Out of the remaining 94 units, Orissa Mining Corporation the state owned mining company is supplying iron ore to 29 units.
Mr Pradeep Kumar Amat state steel and mines minister said that of the total sponge units, 102 were functioning in the state while 3 units have been closed. However, 3 more plants are proposed to come up in the state.
The units having their own iron ore mines include Surendra Mining and Industries Ltd, Rungta Mines Ltd, Rungta mines Ltd, Scaw Industries Ltd, Sri Jagannath Metallicks Ltd, OMDC sponge iron plant Ltd, Hima Ispat Ltd, Mayur Electro Ceramics Limited.
Besides, TP Sao and Sons (formerly Bajrang Ispat (p) Limited located at Kuanarmunda), TP Sao and Sons (formerly Mangalam Ispat) located at Kuanarmunda, Beekay Steel and Power Limited, Crackers India Alloys Limited, Grewal associates and TATA Sponge Iron Limited have their own mines.
Mr Amat said that the units which are supplied iron ore by OMC include Nilachal Ispat Nigam Limited, Visa Steel, Kalinga Sponge Iron Ltd, Nixon Steel and Power, Reliable Sponge Pvt Ltd, Rexon Strips Ltd, Dinabndhu Steel and Power Ltd, Sree Metaliks Ltd.
Gold prices rise, oil almost unchanged
Gold prices rose, but other precious metals and agricultural commodities dropped Friday as Wall Street added to its gains this week, while oil prices were mostly flat.
Commodities prices have correlated strongly with equities in recent weeks, as the buck and Treasurys lured spooked investors from stocks and commodities. Markets are afraid that a weak economy will curb demand for raw materials needed for industry and consumer goods.
But Wall Street finished its week up sharply, in its biggest five-day rally in more than 75 years. The Dow Jones industrials and the Standard & Poor’s 500 index finished higher for the fifth straight session. It was the Dow’s first five-day streak of gains since July 2007.
Gold for February delivery rose $7.70 to settle at $819 an ounce on the New York Mercantile Exchange.
Other precious metal prices dropped. March silver fell 3.9 cents to $10.250 an ounce, while March copper futures fell 4.2 cents to $1.6495 a pound.
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Alcoa Transportation Products Celebrates Finalist Status In 2009 Automotive News PACE Award Competition
Alcoa Transportation Products is a finalist in the prestigious 2009 Automotive News PACE Award competition. The 15th annual PACE (Premier Automotive Suppliers’ Contribution to Excellence) Award is presented by Automotive News and co-sponsors Ernst & Young and Transportation Research Center Inc.
Alcoa Transportation Products was recognized for its Alcoa Vacuum Die Casting (AVDC) for Lightweight Door Assemblies developed as an integrated casting alloy/process/equipment “Systems Solution,” which provides vehicle manufacturers within the Passenger Auto and Commercial Transportation market segments the opportunity to maximize the weight savings (30-35%), part consolidation (60-70% BOM/parts reduction) and systems cost of Lightweight Door Systems. The integration of Alcoa Transportation Products (a) patented AVDC casting process, (b) dimensionally stable high strength/high ductility casting alloys and (c) large die/part size capability has expanded the lightweight options for door inner panels beyond multiple piece stamped aluminum or steel sheet stampings.
Recognizing superior innovation, technological advancement and business performance, the Automotive News PACE Award is open to suppliers that contribute products, processes, materials or services directly to the manufacture of cars or trucks. The award is accepted around the world as the industry symbol of innovation.
Alcoa Transportation Products is a finalist in the Product-Europe category, which includes innovations in new products or services or in new product and service development and introduction processes that have significant market impact and act as “game changers” in the automotive industry.
The Automotive News PACE Award also recognizes suppliers’ superiority in three additional categories: Product, Information Technology and Services and Manufacturing Process and Capital Equipment.
Alcoa Transportation Products, along with other Automotive News PACE Award finalists, will undergo an extensive review process – including a site visit – by industry, academic and business leaders to select award winners, to be announced in Detroit, Michigan on April 20, 2009.
Cadillac Mining Presents Progress Report on Osilinka Survey
Cadillac Mining Corporation recently reported the results of a ground magnetic survey conducted recently on the Osilinka-Cat Mountain copper-gold project, located within the Quesnel Trough, approximately 170 km by road northwest of Mackenzie, B.C.
Exploration in 2007 comprised a 238 line-km airborne survey by the property owner Lysander Minerals Corp., followed by a seven-hole, 1385-meter core drilling program conducted by optionee Cadillac Mining Corp.
Cadillac’s 2007 drilling intersected significant mineralization, ranging from geochemically anomalous copper to semi-massive sulphides, all associated with considerable magnetite. The best hole, DDH 07-21, intersected 5.15 meters of semi-massive chalcopyrite, pyrite and magnetite which assayed 5.7% Cu, with coincident gold, silver and cobalt grading 3.1 g/t, 4.6 g/t, and 500ppm respectively. This intercept includes a 1.5 meter interval carrying 9.9% Cu, 5.8g/t Au, and 0.09% Co. DDH’s 07-18 and 07-24 also intersected very strong to massive pyrite-chalcopyrite-magnetite mineralization, over widths of 1.5 and 3.5 meters, returning values of 1.5% and 1.9% Cu, and elevated gold, silver and cobalt. Furthermore, records of past drilling and trenching show a similarly close relationship between copper and magnetite.
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