Vale SA, Cia. Siderurgica Nacional SA and MMX Mineracao e Metalicos SA operations in southeastern Brazil may suffer output disruptions and transportation delays for a third year because of heavy rains.
Brazil Mining News
Brazil’s Vetorial Participações will keep its merchant pig iron business despite moving into a 7.6 billion Reais ($4 billion), 20 million-tpy iron ore joint venture called Vetria Mineração.
Anglo American (LON:AAL) has increased the capital expenditure budget for its largest project in development, the Minas-Rio iron ore mine in Brazil, by 15%, the London-listed major miner announced on Tuesday. That takes the capex for the project up to US$5.78 billion.
ABB has recently been contracted to supply gearless mill drive (GMD) systems for two 38 ft SAG mills at the Serra Azul iron ore mine in Brazil. The Serra Azul mine unit, owned by MMX Mineração e Metálicos, an EBX Group company, is located in the iron quadrangle of Minas Gerais near Belo Horizonte.
Luna Gold Corp. (TSX-V: LGC.V - News)(BVLAC: LGC.V - News) ("Luna Gold" or the "Company") is pleased to announce a significant mineral resource update at the Aurizona gold mine in Brazil.
The Vale Beijing, the globe's largest bulk carrier, is disabled in a Brazilian port and shipping agents tell Reuters the vessel had ruptured its hull. If the $110 million vessel should sink it could also turn out the be the final nail in the coffin of Vale's disastrous strategy to tighten its grip on the world's annual 1 billion tonnes sea-borne iron-ore trade. China, the world's number one market for the steelmaking ingredient to where Vale ships about 45% of its output, turned away another carrier in the fleet earlier this year.
Bloomberg reported Minsur SA (LIN:MINSURI1) aims to quadruple production at the Pitinga mine in Brazil in four years.
Rio Novo Gold Inc. (TSX:RN.TO - News)(TSX:RN-WT.TO - News) ("Rio Novo" or the "Company") is pleased to announce that the "Licenca de Instalacao", (the "LI" or "Construction License") has been issued for its Almas Gold Project by the Tocantins State Natural Resources and Environment Authority (NATURATINS). TORONTO, ONTARIO--(Marketwire - Dec. 2, 2011) - Rio Novo Gold Inc. (TSX:RN)(TSX:RN.WT) ("Rio Novo" or the "Company") is pleased to announce that the "Licenca de Instalacao", (the "LI" or "Construction License") has been issued for its Alma...
Kenai Resources Ltd. (TSX-V: KAI.V - News) ("Kenai") is pleased to provide a update on drilling at the Sao Chico gold project in north central Brazil.
Brazilian mining giant Vale has cut ties with a pig-iron producer linked to illegal deforestation, reports Reuters.
Brazil has temporarily banned Chevron from drilling in the country after it caused an oil spill off the coast of Rio de Janeiro, raising doubts about the company’s role in one of the industry’s biggest investment programmes. Late on Wednesday, Brazil’s National Petroleum Agency (ANP) accused the U.S. company of negligence late on Wednesday, announcing it would suspend all of Chevron’s drilling until it clarified the reasons for a spill that released almost 3,000 barrels of oil into the sea earlier this month. Analysts believe that the Brazilian government is keen to make an example of Chevron as a warning to other foreign companies looking to take a share of Brazil’s pre-salt reserves, which are estimated to contain as much as 50bn barrels of oil.
Fears over the direction of Vale, the world’s biggest miner of iron ore by volume, renewed this morning as the company’s CEO Murilo Ferreira announced late on Monday that he will submit to the Board of Directors a proposal for a new structure of the Executive Board. Investors have been particularly cautious of management changes at the miner since Brazil’s government helped push out Roger Agnelli, Vale’s former chief executive, at the end of his mandate in May. The company said that the restructuring aims to establish an operational model with clearly defined roles and responsibilities for each business unit.
They were supposed to be the vessels that will ferry iron ore from the world's largest exporter to the world's largest customer of the crucial steelmaking ingredient. Instead, Vale's new fleet of iron ore carriers could remain moored at home docks because the Chinese don't want them. Bloomberg reports that the Vale Brasil, the largest bulk carrier ever built, was designed to carry iron ore to China from Vale's mines in South America, but it has not made one voyage in six months of operation. The reason? China is refusing to accept the vessel, which is part of a fleet of 19 ships that Vale is buying from Chinese and Korean shipbuilders in deals valued at $2.3 billion.
Boardroom chairs are being shifted at two large diversified mining companies, Vancouver-based Teck Resources and Brazilian powerhouse Vale SA, the world's second largest miner. Teck announced yesterday that Marcia Smith, Vice President, Corporate Affairs, will replace Doug Horswell as Senior Vice President, Sustainability and External Affairs. Horswell, staging into retirement, will work half-time in the company's Zinc and Health program. Meanwhile, Vale announced that coming this Thursday, CEO Murilo Ferreira will submit to the Board of Directors a proposal for a new structure of the company's Executive Board. Among the changes, the most high-profile is the replacement of CFO Guilherme Cavalcanti with Tito Martins, who currently runs Vale’s base metals division.
Shares in Jaguar Mining (NYSE:JAG) surged 46% today on news that a Chinese gold producer is bidding $1 billion for the Brazil-focused company. The Globe and Mail reports that Shandong Gold is offering $9.30 per share in cash, which is a 73% premium to Jaguar's closing price Tuesday on the NYSE. The shares were changing hands at around $7.89 Wednesday afternoon in New York.
Rio Verde Minerals announces completion of first drill hole, with significant potash intersections totaling 79m of sylvinite and carnallitite, at sergipe potash project
TORONTO, ONTARIO--(Marketwire - Nov. 16, 2011) - Rio Verde Minerals Development Corp. (TSX:RVD) ("Rio Verde" or the "Company") is pleased to announce the completion of the first drill hole, SED-001-11 ("SED-001-11", the "Hole") at its Sergipe Potash Project ("Sergipe" or the "Sergipe Project"), located in the Sergipe Basin in northeastern Brazil. Drilling of the SED-001-11 hole was completed on November 12, 2011, when the target depth of 1,350m was reached. The Hole, which is the first of three holes planned at the Sergi Prospect, is a twin hole of an historical Petrobras oil well located 115m to the northwest of SED-001-11.
Luxembourg based ArcelorMittal is still planning to double output at its Andrade iron ore mine in Brazil's Minas Gerais state despite its decision to temporarily halt a USD 1.2 billion expansion project at its Monlevade steel plant in the same state.
Brazil's iron ore export value in October this year rose by 10.6% compared to the same month last year but was down by 7% as compared to September this year at $3.8 billion.
Brazilian Metals Group ( ASX: BMG ) is progressing the company goal of developing a substantial mining enterprise in northern Minas Gerais, Brazil, and has now delivered a milestone in a maiden iron JORC Resource.
Aura Minerals Inc. (TSX:ORA) ("Aura Minerals" or the "Company") announces updated resource and reserve estimates for the São Francisco Mine and São Vicente Mine (the "Brazilian Mines") in Mato Grosso State, Brazil.
BIV reports an attempted robbery at the Aurizona gold mine in Brazil Wednesday was thwarted: According to a release, armed robbers took employees hostage from a nearby village and attempted to force entry to Luna Gold's (TSX-V:LGC) gold storage facility located at the mine site in Maranhão, Brazil.
Bloomberg reports Rio de Janeiro-based Vale SA, the world’s largest iron-ore producer, said prices for the raw material have stabilized and are recovering from “rock bottom” levels as a result of lower-than-expected production and strong demand from China, India and South America. Iron ore for immediate delivery has gained 8% to $126.30 a tonne since reaching its lowest level in almost two years at the end of October. During the month iron ore prices crashed almost 30% forcing the big three – BHP, Vale and Rio Tinto control nearly 70% of the 1 billion tonne annual iron ore seaborne trade – to renegotiate quarterly contracts with Chinese buyers to bring values more in line with the spot price.
("Carpathian" or the "Corporation") wishes to report that it has been advised of a decision by COPAM, one of the Brazilian environmental authorities having jurisdiction over its RDM gold project situated in Minas Gerais State, Brazil (the "Project"), to attach a condition to the recently granted Ad Referendum License to Install ("AR LI") to the effect that the Corporation's wholly owned subsidiary, Mineração Riacho dos Machados Ltda. ("MRDM"), should not start any installation work on the Project until the AR LI is ratified by COPAM, pending their further review of technical documents.
Mining M&A is heating up with more takeover rumours, says The Australian, quoting a report from UK-based newspaper The Sunday Times. The Times reported that BHP Billiton (NYSE: BHP), the world's largest miner, is close to launching a $1.3 billion bid for Ferrous Resources, a Brazilian iron ore producer controlled by a number of international hedge funds including Philip Falcone's Harbinger Capital. According to The Australian, Ferrous is valued at some $3.9 billion, with the company "needing to spend about $5bn developing its Viga mine in Minas Gerais state in Brazil, which would include a 400km slurry pipe to carry the ore to its own port at Presidente Kennedy in nearby Espirito Santo state."
Canadian-based exploration and development company Colossus Minerals was trading lower in a lacklustre Toronto market on Friday after announcing it had raised $75 million in a bought deal. Colossus is active the mineral-rich Carajas region of Para State, Brazil where it is advancing the Serra Pelada project into production. Billed as one of the highest grade gold and platinum group metals deposits in the world, the area was host to the largest precious metals rush in Latin American history from 1980 to 1986.