HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
Message: Noront and Kangaroos and Happy Families
Seems like one big happy family. Baosteel, Chinalco, RioTinto. In this article, notice the reference to the Austrian miner, Noront Resources.. Har Har.
I could have sworn the ROF was in ..Ontario surrounded by Caribou ...not Kangaroo.
I'm still wondering about two things.
Thing#1
Back in Feb. of this year there was an aboriginal workshop in Winnipeg. Noront was a speaker. It was interesting to see the sponsor the the 4 course dinner including wine was ..Rio Tinto. How nice of them to pay.
Thing #2
The opening of the 5th, Centre of Excellence in Mining Innovation ...In Sudbury ..by Rio Tinto with their 10 million dollars given. Interestingly enough announced in November, shortly after the CEO Tom Albanse came back from China...At the same week McGuinty was there speaking to CITIC , Eric Huang about..the Ring of Fire.
So generous of Rio to do all of this. Just one big happy family...I guess.
Baosteel Interested in Participating in Iron Ore Project Invested by Chinalco and Rio Tinto in Guinea
Date:2011-05-26
"We're very interested in participating in the iron ore project invested by Rio Tinto and Chinalco in Guinea. As Chinalco is an iron ore trader rather than a steel manufacturer, we hope to look for a steelwork as our partner," said Yu Lejiang, Chairman of Baosteel, Bloomberg reported.
The Simandou iron ore project situated in Guinea is the world's largest untapped iron mine and is expected to receive a total investment of USD 10 billion, Rio Tinto revealed last month.
Taking BHP Billiton's iron ore project in West Australia as a reference, JP Morgan Chase & Co. estimated a total investment of more than USD 19 billion for the Simandou project.
The Simandou project was jointly invested by Rio Tinto and Chinalco, which signed an agreement in July 2010 to set up a joint venture. Under the agreement, Chinalco will input USD 1.35 billion in phases over the next few years, holding 47% equities of the joint venture.
The project will be initiated in 2015, through which 95 million tons of iron ores will be produced and 650 kilometers of railways to the port will be built, including a 21- kilometer railway tunnel, for which Chinalco will cooperate with China Railway Group Ltd. and China Communications Construction Company Ltd.. By far, Rio Tinto has paid USD 700 million to the Guinean Government.
On May 17, the price of the 62%-grade iron ore in the Tianjin Port rose to USD 178 per ton. "The soaring iron ore price has induced people to get involved in mine exploration, which will eventually change the supply-demand relation," Xu Lejiang held.
In 2009, Baosteel spent AUD 286 million (around RMB 1.8 billion) purchasing 15% equities of the Australia-listed company Aquila, becoming the latter's second largest shareholder.
In 2011, Baosteel invested CAD 17.4 million (around RMB 120 million) in purchasing 9.9% equities from Noront Resources at a price of CAD 0.86 per share. As a nickel & chromite exploration company in Australia, Noront Resources has identified in its mine sections nickel, chromium, copper, platinum and palladium, the first two of which serve as raw materials for stainless steel making.
Baosteel is still considering expanding its iron ore business in the global market with Africa, Canada and South America as the first choice, Xu Lejiang revealed previously.
The Simandou iron ore project situated in Guinea is the world's largest untapped iron mine and is expected to receive a total investment of USD 10 billion, Rio Tinto revealed last month.
Taking BHP Billiton's iron ore project in West Australia as a reference, JP Morgan Chase & Co. estimated a total investment of more than USD 19 billion for the Simandou project.
The Simandou project was jointly invested by Rio Tinto and Chinalco, which signed an agreement in July 2010 to set up a joint venture. Under the agreement, Chinalco will input USD 1.35 billion in phases over the next few years, holding 47% equities of the joint venture.
The project will be initiated in 2015, through which 95 million tons of iron ores will be produced and 650 kilometers of railways to the port will be built, including a 21- kilometer railway tunnel, for which Chinalco will cooperate with China Railway Group Ltd. and China Communications Construction Company Ltd.. By far, Rio Tinto has paid USD 700 million to the Guinean Government.
On May 17, the price of the 62%-grade iron ore in the Tianjin Port rose to USD 178 per ton. "The soaring iron ore price has induced people to get involved in mine exploration, which will eventually change the supply-demand relation," Xu Lejiang held.
In 2009, Baosteel spent AUD 286 million (around RMB 1.8 billion) purchasing 15% equities of the Australia-listed company Aquila, becoming the latter's second largest shareholder.
In 2011, Baosteel invested CAD 17.4 million (around RMB 120 million) in purchasing 9.9% equities from Noront Resources at a price of CAD 0.86 per share. As a nickel & chromite exploration company in Australia, Noront Resources has identified in its mine sections nickel, chromium, copper, platinum and palladium, the first two of which serve as raw materials for stainless steel making.
Baosteel is still considering expanding its iron ore business in the global market with Africa, Canada and South America as the first choice, Xu Lejiang revealed previously.
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