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In reply to: bettyboop on Monday 21/04/08 11:28am

Dear Bettyboop

 

Glencore currently owns 54% of Minara and 73% of the Murrin Murrin project.

 

I would expect that Glencore will move to 100% within 12 months and then sell to Xtrata.

 

Regards Eos

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In reply to: polly on Wednesday 23/04/08 08:33am

Dear Polly

 

Sorry, I only just picked up your question.

 

The 73% is simply made up of the 40% through direct ownership plus 33% through indirect ownership by way of its 54% interest in Minara (which owns the remaining 60% of the Murrin Murrin project).

 

I trust this makes sense.

 

Regards Eos

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  • 1 month later...

In reply to: Eos on Tuesday 11/12/07 09:11pm

in regards to Xtrata .... someone justed stated this on HC...

 

There has been a lot of noise for a while now that Xtrata is interested. Could it be that Xtrata or someone else is accumulating on the back of this rumour and expecting to make a huge profit on shares bought under the guise of low nickel prices? I wonder!!!!!!!!

 

Anyone know or hear anything?

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Guest mogul

In reply to: ShareNovis on Friday 30/05/08 03:12pm

Any ideas on why the price is diving on this stock??

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In reply to: mogul on Thursday 05/06/08 07:48pm

Mogul, have a read of this article, should help you out.

 

SYDNEY (Dow Jones)--An explosion and fire at a gas processing plant in Western Australia is affecting mining operations across the state, but production losses will likely be small as operators switch to alternative sources of fuel, market commentators said Thursday.

 

Apache Corp. (APA) declared force majeure on gas supply contracts Wednesday after a fire forced the closure of its Varanus Island gas plant off the coast of the northwestern Western Australia state.

 

It's not yet clear when supply will be restored, with Apache due to provide an update on the situation later Thursday. Companies affected include Alcoa Inc. (AA), BHP Billiton Ltd. (BHP.AU), Newcrest Mining Ltd. (NCM.AU), Iluka Ltd. (ILU.AU) and Minara Resources Ltd. (MRE.AU).

 

Some companies have standby diesel capacity but higher costs associated with alternative fuel sources will impact earnings, analysts said.

 

"This is a timely reminder of the impact on the supply chain for most metal producers," Goldman Sachs JBWere said in a note.

 

Assuming a five-day outage, Minara is likely to lose 500 metric tons of nickel, using the outage period to undertake maintenance work which should help limit the impact.

 

Oxiana's polymetallic Golden Grove operation can rely partially on diesel, but standby capacity isn't sufficient to power the entire operation, resulting in a loss of 3,000 tons of zinc metal and 500 tons of copper.

 

Credit Suisse estimated during a one-week outage, Oxiana would stand to lose A$11.2 million.

 

Golden Grove is forecast to produce 140,000 tons of zinc in concentrate, over 21,000 tons of copper and nearly 55,000 troy ounces of gold.

 

Aditya Birla Minerals Ltd.'s (ABY.AU) Nifty mine is forecast to produce 68,100 tons this year but has sufficient diesel capacity to carry on production.

 

The Varanus Island plant supplies about a third of Western Australia's gas, with most of its output going to commercial customers.

 

Alcoa, which operates a number of bauxite mines and alumina refineries in Western Australia as part of its joint venture with Alumina Ltd. (AWC.AU), said it has turned to alternative fuels to meet its shortfall. An Alcoa spokesman said the disruption could cost the company at least US$10 million.

 

Other companies, such as Western Areas Ltd. and Independence Group Ltd. rely on grid power, or have sufficient backup diesel power.

 

"The main risk here is that the existing diesel on hand run out and there is an inability to gain immediate access to replacement supplies due to the sudden demand spike," said Goldman Sachs.

 

Newcrest said it can rely on diesel power for its Telfer mine, but added stocks are limited. Gold output at Telfer is forecast at 620,000-640,000 ounces.

 

Output at BHP Billiton's Worsley Alumina operation is facing reduced gas supplies due to the fire but that the impact on production is not yet known, the company said, while BHP's Nickel West and iron ore operations are operating as normal.

 

Also affected were companies with stakes in the upstream gas fields that feed the Varanus Island plant, including Santos Ltd. and Tap Oil Ltd.

 

Apache Energy's Managing Director Tim Wall Wednesday declined to specify how long the plant would be closed for, but added once the damaged pipeline has been located, a repair could get done relatively quickly.

 

 

 

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In reply to: walbrook on Monday 09/06/08 06:30pm

price of nickel dropping has put most nickel producers under pressure.

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