http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 13.63Change: -0.06
R/$ = 12.28Change: -0.03
Au 1164.86 $/ozChange: -6.90
Pt 1082.50 $/ozChange: -6.00
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Letters Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Aug 23, 2012

Kumba, Mittal extend interim supply deal to year-end

Back
Johannesburg|Newcastle|Vanderbijlpark|Africa|Mittal|Saldanha Steel|Africa|USD|Northern Cape Mine|Sishen Mine|Steel|Northern Cape|Iron Ore|Iron-ore
|Africa||Africa|||Steel||Iron Ore|Iron-ore
johannesburg|newcastle|vanderbijlpark|africa-company|mittal-company|saldanha-steel|africa|usd|northern-cape-mine|sishen-mine|steel|northern-cape|iron-ore|iron-ore-person
© Reuse this



JOHANNESBURG (miningweekly.com) – JSE-listed Kumba Iron Ore has agreed to extend the interim pricing arrangement it has with ArcelorMittal South Africa (Mittal), which sees it supplying the steelmaker with iron-ore from its Sishen mine, to the end of December.

Subsidiary Sishen Iron Ore would sell a maximum of 1.5-million tons of iron-ore to Mittal until the end of December, at a weighted average price of $65/t.

The interim agreement, which expired at the end of July, had already been extended once, in light of ongoing legal processes. The agreement provided that Sishen would sell iron-ore from its Northern Cape mine to Mittal’s Newcastle and Vanderbijlpark facilities at $70/t and to Saldanha Steel at $50/t, with a weighted average price of $65/t.

The renewed agreement was subject to materially the same terms and conditions as applied under the extended interim pricing agreement.

Meanwhile, Kumba and Mittal said in separate statements that negotiations on the terms and conditions on which Sishen would sell iron-ore to Mittal after December 31, and until the arbitration between the parties regarding the status of the 2001 6.25-million-ton-a-year supply agreement was finalised, were still under way.

On March 1, Kumba terminated a supply agreement with Mittal under which it had sold iron-ore to the steelmaker at a discounted price of around $30/t.
 

Edited by: Mariaan Webb
Creamer Media Senior Researcher and Deputy Editor Online
© Reuse this Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
Other Mining News
Rio Tinto CEO Sam Walsh
The CEO of mining giant Rio Tinto has called on the resources industry to dispel the gloom and said it should remind shareholders of the longevity of the industry in order to maintain investment in the sector. Speaking in Melbourne, Sam Walsh noted that investment...
Updated 4 hours ago Anglo American is planning to cut between 5% and 20% of staff at head offices around the world, sources close to the matter said, in an effort to keep shareholders on side and respond to a commodity price rout that has hit profits. The mining company, which employs...
More
 
 
Latest News
Updated 1 hour 14 minutes ago The Complaints and Compliance Committee (CCC) of the Independent Communications Authority of South Africa (Icasa) reserved judgment on Thursday in a complaint by eight publishers against the South African Post Office (SAPO). CCC chairperson JCW (Jacobus) van Rooyen...
Updated 1 hour 18 minutes ago Trade and Industry Minister Dr Rob Davies says a memorandum of understanding (MoU) signed by the Department of Trade and Industry (DTI), the Eastern Cape provincial government and dairy products manufacturer Nestlé South Africa on Thursday would create 800 permanent...
More
 
 
Recent Research Reports
Real Economy Year Book 2015 (PDF Report)
There are very few beacons of hope on South Africa’s economic horizon. Economic growth is weak, unemployment is rising, electricity supply is insufficient to meet demand and/or spur growth, with poor prospects for many of the commodities mined and exported. However,...
Real Economy Insight: Automotive 2015 (PDF Report)
Creamer Media’s Real Economy Year Book comprises separate reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, gold, iron-ore and platinum sectors.
Real Economy Insight: Water 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Construction 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Electricity 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Road and Rail 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
 
 
 
 
 
This Week's Magazine
JSE-listed Afrimat will make a cash offer to acquire the entire remaining issued share capital of subsidiary Infrasors that it does not already own.
TEAMWORK Aggreko Europe, Middle East & Africa MD David Taylor-Smith; Aggreko Zambia chairperson Dr. Sixtus Mulenga; Aggreko Africa MD James Shepherd
Temporary power generation services provider Aggreko announced earlier this month that it had appointed Dr Sixtus Mulenga as nonexecutive chairperson of Aggreko Zambia, a move it believed was integral to the ongoing expansion of its operations in Zambia and the rest...
Major global aircraft manufacturer Airbus Commercial Aircraft is maintaining a steady course. "I don't have any big news, good or bad," company President and CEO Fabrice Brégier told international aviation journalists in Toulouse, France, at the company’s recent...
MEASURING DEVICES Bosch has released a mobile app that enables the measurements made with measuring devices to be sent and used directly on the app for accuracy and on-site quoting
Industrial tool manufacturer Bosch has increased the compatibility of many batteries in its range of blue industrial power tools and has released mobile-device applications (apps) for users of the tools, says Bosch South Africa training manager Peter du Bruyn. Many...
The new Nissan Navara has been launched onto the global market, but Nissan South Africa (NSA) will only know in August whether the local Rosslyn plant will assemble the one-ton pickup. The NSA plant currently produces the old NP300 Hardbody one-ton bakkie, as well as...
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks
Subscribe Now for $96 Close
Subscribe Now for $96