Ansteel

Federal Treasurer Wayne Swan has approved Anshan Iron and Steel Group Corporation's (Ansteel) $162 million acquisition of an additional stake in Gindalbie Metals.

Gindalbie Metals has progressed its relationship with AnSteel, today announcing the appointment of two more representative from the Chinese entity to the board.

Gindalbie Metals says its 50 per cent owned pellet plant in China will not be made redundant if its project partner, AnSteel, goes ahead with plans to build the state's first steel mill in Oakajee.

Two major rail freight operators are pursuing growth opportunites in WA’s mining sector.

The rapid expansion of the WA mining industry over the past decade has mostly been good news for mining contractors, but the benefits have not always come as expected.

MID West iron ore projects have the potential to produce 67 million tonnes of iron ore per year, earning the state annualised royalties in the range of $42 million. 

Supporters of the Oakajee Port & Rail project were insisting today the ambitious development was not dead, after its owner Mitsubishi cut spending and two thirds of its staff were abolished.

Gindalbie Metals has secured an agreement for a second $30 million loan from its joint venture partner in the Karara magnetite iron ore development, after delays in the project’s production ramp up resulted in shipments going out below forecast.

Chinese steel producer Ansteel will take majority ownership of the Karara iron ore project in the Mid West, after its local partner Gindalbie Metals struck a financing deal to help it through the project’s start-up phase.

Gindalbie Metals has received an $84 million cash injection from its joint venture partner Ansteel, to cover its working capital requirements at the Karara iron ore mine in the Mid West.

A moderation in the growth of China's economy has sharpened the focus on trade opportunities beyond the mining and resources sector.

The $10 billion tragedy of Western Australia’s failed magnetite iron ore processing experiment risks becoming something worse next year, as the price is pushed down by a flood of iron ore supply and a slowdown in demand from the Chinese steel industry.

Chinese steelmaker Ansteel is set to provide a further $US230 million injection of working capital into the Karara iron ore project in the Mid West, in a deal that would dilute Gindalbie Metals' stake in the project to as little as 38 per cent.

Low interest rates and banks’ enthusiasm to lend money are two factors driving the heating housing market.

Gindalbie Metals has appointed former Rio Tinto executive Dale Harris as its new managing director to succeed the departing Tim Netscher on a package that is about half of what his predecessor received.

Gindalbie Metals says it will continue to purchase iron ore from third parties to make up for a shortfall of concentrator production at its Karara mine, as the company warned shareholders it will need additional capital investment before it can reach capacity at its main magnetite project.

Ausenco has been awarded an engineering and project support services contract at the Karara iron ore operations in the Mid West.

Chinese steelmaker Ansteel has taken majority ownership of the Karara iron ore project, lifting its stake above that of Gindalbie Metals after converting shareholder loans to new equity in Karara Mining.

The owners of the Karara iron ore project have transfered Gindalbie Metals boss Dale Harris to a chief executive role at Karara Mining, in an apparent bid to bring the trouble-plagued project back on track.

Iron ore explorer Gindalbie Metals has flagged a $640 million hit to its investment in Karara Mining, after it completed a review of its assets.

Iron ore miner Gindalbie Metals has extended its finance facility for its Karara magnetite project in the Mid West by three years and an additional $US400 million ($428 million).

Debate over which area in the Mid West should become a Class A nature reserve has heated up as the Environmental Protection Authority increases its calls to preserve an area that Karara Mining wants to mine.

The big get bigger and the small get crushed.

As the iron ore majors ramp up production, Fortescue Metals Group has an ace up its sleeve.

Global private equity group Denham Capital has teamed up with former Karara Mining chief executive Steve Murdoch to establish a venture that will invest in a handful of new and established mining projects.

Gindalbie Metals chairman Keith Jones has told shareholders at today’s annual general meeting that the last twelve months had been “confronting” for the company, and “as close to a perfect storm as one can get”.

Gindalbie Metals has commenced a review of its strategy and investment options, after reporting that the Karara iron ore project is still not cash flow positive despite achieving a solid lift in production volumes.

Law firm Carr & Co is shifting to a new headquarters, signing a seven-year lease deal at the BGC Centre in the CBD.The 440 square metre deal was brokered by CBRE senior director of office services Andrew Denny.

Gindalbie Metals is handing over leadership of Karara Mining, with the venture's major shareholder, Chinese steelmaker AnSteel, appointing a new chief executive.

Shares in embattled iron ore miner Gindalbie Metals plummeted this morning after the company said attempts to clarify funding arrangements with its joint venture partner had been met with silence.

The state budget assumes iron ore prices will average about $US47.70 a tonne in the coming financial year, substantially higher that what most forecasters have been tipping, and also includes a $41 million royalty concession for magnetite producers.

It's the end of the beginning for what had been Western Australia’s only remaining major iron ore project under construction, Citic Pacific’s Sino Iron, according to chief executive Chen Zeng, as the final two of six magnetite ore processing lines enter production.

A summary of last week's smaller deals that did not get included in our normal coverage of the daily news.