Pro-Life
11 years ago
No end flagged for iron ore rally
January 8, 2013 - 3:44PM
http://www.brisbanetimes.com.au/business/mining-and-resources/no-end-flagged-for-iron-ore-rally-20130108-2cegb.html
Spot iron ore prices rose to almost 15-month highs, sustaining a rally that began last month and could extend amid a limited supply of spot cargoes, as top buyer China rebuilds stockpiles on hopes a mending economy will buoy steel demand.
Concern that an upcoming cyclone season could disrupt supply from top iron ore exporter Australia and firmer Chinese steel prices could stretch gains in iron ore prices which have already surged more than 33 per cent since early December.
Benchmark iron ore with 62 per cent iron content rose 0.4 per cent to $US153.90 a tonne on Monday, the highest since October 14, 2011, based on data from Steel Index.
Iron ore, the raw material used to make steel, has rebounded 77 per cent since hitting three-year lows below $US87 in September as Chinese appetite bounced back along with signs its economic growth is picking up.
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"There's a lot of speculative buying going on and supply in the open market has been relatively short," said Jamie Pearce, head of iron ore broking at SSY Futures.
Slower domestic production of iron ore in China, especially in the northern regions due to winter, and limited flows of spot cargoes from Australia, Brazil and India have also helped push up prices, said Mr Pearce.
Australia's cyclone season could start as early as this week, with weather forecasters saying last week that a low-intensity storm off the western coast could intensify, potentially disrupting shipments of iron ore.
That could prolong a rally in prices as Chinese mills continue to replenish stockpiles at major ports that have fallen to less than 80 million tonnes from 90-100 million tonnes for the most part of 2012.
"I'm expecting prices to move further up," said a physical trader in Singapore, adding the benchmark 62 per cent iron ore could hit $US170 in the near term.
Steel prices help sustain rally
A slightly higher-grade cargo, a 70,000-tonne Brazilian 63.5 per cent material for delivery to China's Qingdao port in March, was sold at $US158 per tonne on Tuesday via the GlobalOre trading platform, traders said.
Miner Rio Tinto is selling 165,000 tonnes of 61.5 per cent grade Pilbara iron ore fines at a tender closing later in the day, traders said.
Rising Chinese steel prices are also helping sustain the rally in iron ore, pointing to a recovery in end-user demand.
The price of spot billet in China's key Tangshan area rose by another 60 yuan ($US10) per tonne on Tuesday, adding to a 50-yuan rise on Monday, the Singapore trader said.
In Shanghai, the most-traded rebar futures for May delivery reversed early losses to trade up 0.4 per cent at 4019 yuan per tonne by the midday break. It hit a six-month peak of 4047 yuan on Monday.
But the increase in steel prices is also fuelled by the rise in iron ore costs of steelmakers, prompting China's biggest listed steelmaker Baoshan Iron and Steel to lift prices for a third month in a row for February.
"China's new leadership has emphasized ongoing investment into transport and civil infrastructure. Combined with stabilising and improving real estate sales, end-demand prospects for steel in China are looking better than 3-6 months ago," Commonwealth Bank said in a note.
"While end-demand prospects are improving, the current surge in iron ore prices looks overdone. We suspect iron prices will either take a breather in the coming weeks or we'll need to see further increases in Chinese steel prices to sustain iron ore above $US150/tonne," the bank said.
Reuters
Luker
14 years ago
Adriana Clarifies Reports
TORONTO, ONTARIO, Nov 19, 2010 (Marketwire via COMTEX) --
Adriana Resources Inc. ("Adriana" or "the Company") - (TSX VENTURE:ADI) wishes to clarify reports from media sources originating from China that the Company has entered into a preliminary agreement with Wuhan Iron and Steel for the development of the Lac Otelnuk project in northern Quebec. The Company has been in discussions with potential joint venture partners, however at this time the Company has not entered into a binding agreement for the development of the project. Discussions are continuing and should they result in a definitive agreement, the Company will make the appropriate disclosure.
Adriana will continue to focus on developing strategic relationships with third parties to advance our Lac Otelnuk Property located in the Labrador Trough, Nunavik, Quebec and to maximize the potential of the deep-sea port facility located in the state of Rio de Janeiro, Brazil.
ON BEHALF OF ADRIANA RESOURCES INC.
Allen J. Palmiere, President and CEO
Luker
14 years ago
Nov 19, 2010 14:10 ET
Adriana Announces Closing of Final Tranche of $10 Million Non-Brokered Private Placement
TORONTO, ONTARIO--(Marketwire - Nov. 19, 2010) - Adriana Resources Inc. ("Adriana" or "the Company") - (TSX VENTURE:ADI) is pleased to announce that it has closed the third and final tranche of its previously announced non-brokered private placement of common shares of the Company ("Common Shares") ("the Private Placement") today by issuing 8,513,513 Common Shares at a price of
.37 per Common Share for gross proceeds of $3,150,000. This brings the total gross proceeds received pursuant to the Private Placement to $10 million and the total number of Common Shares issued pursuant to the Private Placement to 27,027,024. In connection with the Private Placement, the Company will pay a finder's fee in the amount of $560,000.
All securities issued pursuant to the Private Placement will be subject to a four-month hold period from the date of the closing of the tranche pursuant to which they were issued.
Adriana will continue to focus on developing strategic relationships with third parties to advance our Lac Otelnuk Property located in the Labrador Trough, Nunavik, Québec and to maximize the potential of the deep-sea port facility located in the state of Rio de Janeiro, Brazil.
sumisu
14 years ago
Adriana Announces C$4 Million Flow-Through Financing and New Chairman
Press Release Source: Adriana Resources Inc. On Wednesday December 16, 2009, 6:13 pm EST
http://finance.yahoo.com/news/Adriana-Announces-C4-Million-ccn-3182211827.html?x=0&.v=1
TORONTO, ONTARIO--(Marketwire - Dec. 16, 2009) - Adriana Resources Inc. ("Adriana" or the "Company") - (TSX VENTURE:ADI - News) today announces a non-brokered private placement of flow-through common shares (the "Offering") for gross proceeds of C$4 million, consisting of 4,500,000 flow-through common shares ("Flow-Through Shares") at $0.89 per share. The Offering is subject to TSX Venture Exchange and other customary regulatory approvals. A finder's fee is payable to Wellington West Capital Markets. All securities issued under the Offering will be subject to a four-month hold period.
Proceeds from the Offering will be used by the Company to fund exploration expenditures to increase and upgrade mineral resources on its Lac Otelnuk project in Quebec. The Company will ensure that the entire gross proceeds from the Offering will be spent on Canadian exploration expenses.
Adriana also announces that Mr. Anthony Patriarco, a director and the Company's interim Chairman of the Board, has resigned effective immediately for personal reasons. Mr. Donald Charter has been appointed to the Company's Board of Directors and as Chairman of the Board effective immediately. Mr. Charter is currently the President of 3Cs Corporation, a private consulting and investment company. Mr. Charter previously was a partner at a national law firm where he practiced as a securities lawyer specializing in mergers and acquisitions and was the President and Chief Executive Officer of Dundee Securities Corporation. Mr. Charter is a director of a number of public and private companies including IAMGOLD Corporation, Dundee REIT, Lundin Mining Corp., Great Plains Exploration and Baffinland Iron Mines.
"I would like to thank Mr. Patriarco for his contributions as a member of the Board of the Company. Mr. Patriarco continues to remain a major shareholder and supporter of the Company and its projects. We are thrilled to have Don join our Board as Chairman. I am confident that, with his extensive experience and leadership skills, Mr. Charter will lead the Board in the long term success of the Company" said Mr. Allen Palmiere, Chief Executive Officer of the Company.
Adriana is currently focused on the advancement of its Lac Otelnuk world-class iron ore deposit located in the Labrador Trough, Nunavik Quebec. The Company issued a National Instrument 43-101 compliant Technical Report and Mineral Resource Estimate pursuant to which the following mineral resource estimates were defined for the South Zone of the property:
]----------------------------------------------------------------------------
Resource Classification
for the South Zone Tonnes %Fe DTWR % %Fe
of the Property (in Billions) Head % SiO2 DTC
----------------------------------------------------------------------------
Indicated 4.29 29.08 27.26 3.53 68.00
----------------------------------------------------------------------------
Inferred 1.97 29.24 26.55 3.51 68.12
----------------------------------------------------------------------------]
A copy of the Report is available under the Company's SEDAR profile available at www.sedar.com. The Report is subject to the assumptions and conditions set out therein.
ON BEHALF OF ADRIANA RESOURCES INC.
Allen J. Palmiere, President and CEO
Certain information regarding the Company, including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties. Without limitation, statements relating to potential mineralization and resources, mining exploration and development, future plans and objectives of the Company and imprecision of mineral resources estimates, are forward looking statements that involve various degrees of risk. Certain important risk factors could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements including, without limitation, changes in the world wide price of mineral commodities and currency fluctuations, general market conditions, the uncertainty of future profitability and access to sufficient capital, risks inherent in mineral exploration, development, construction and mining operations, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, environmental risks, access to labour and services and competition from other companies. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and caution should be exercised on placing undue reliance on forward looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Contact:
Lenny ForehtLinear Capital Corp.(416) 364-2266 / toll free (877) 954-6327lforeht@linearcapital.comJohn LewisLinear Capital Corp.(416) 364-2266 / toll free (877) 954-6327jrlewis@linearcapital.comRobert FergusonAdriana Resources Inc.(604) 629-0250 / toll free +1 (877) 629-0150rferguson@adrianaresources.comConnie Dos SantosAdriana Resources Inc.(416) 363-1308cdossantos@adrianaresources.comwww.adrianaresources.com
sumisu
15 years ago
Adriana Announces Update on Port Project and Its Iron Ore Project in Quebec
Press Release
Source: Adriana Resources Inc.
On 6:34 pm EST, Friday November 27, 2009
http://finance.yahoo.com/news/Adriana-Announces-Update-on-ccn-3498355252.html?x=0&.v=1
TORONTO, ONTARIO--(Marketwire - Nov. 27, 2009) - Adriana Resources Inc. ("Adriana" or the "Company") - (TSX VENTURE:ADI - News) announces that it has received a notice from ArcelorMittal ("Arcelor") terminating the memorandum of understanding with the Company relating to Arcelor's participation in Adriana's iron ore port facility development project located in Sepetiba Bay, approximately 70 kilometers west of Rio de Janeiro in the State of Rio de Janeiro, Brazil. The Company recently announced that it has submitted a new permit application for a deep sea terminal port with a capacity of 45 million tonnes per year. Adriana will continue to develop strategic working relationships with parties to maximize the potential of the deep sea terminal port.
The Company also announces that it is continuing discussions with a major Chinese steel producer, further to the memorandum of understanding announced by the Company on July 24, 2009, for the potential development of Adriana's Lac Otelnuk world-class iron ore deposit located in the Labrador Trough, Nunavik Quebec (the "Property") containing a total of 4.29 million tonnes NI 43-101 indicated and 1.97 million tonnes NI 43-101 inferred resources. The Company is currently finalizing its proposed 2010 drilling program at the Property. Based on historical mapping and exploration drilling completed in the 1970s, the Company anticipates a significant increase in its mineral resources base for the Property as further drilling is completed.
ON BEHALF OF ADRIANA RESOURCES INC.
"Allen J. Palmiere"
President and CEO
Certain information regarding the Company, including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties. Without limitation, statements relating to potential mineralization and resources, mining exploration and development, future plans and objectives of the Company and imprecision of mineral resources estimates, are forward looking statements that involve various degrees of risk. Certain important risk factors could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements including, without limitation, changes in the world wide price of mineral commodities and currency fluctuations, general market conditions, the uncertainty of future profitability and access to sufficient capital, risks inherent in mineral exploration, development, construction and mining operations, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, environmental risks, access to labour and services and competition from other companies. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and caution should be exercised on placing undue reliance on forward looking information. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Contact:
Lenny ForehtLinear Capital Corp.(416) 364-2266 / toll free (877) 954-6327lforeht@linearcapital.comJohn LewisLinear Capital Corp.(416) 364-2266 / toll free (877) 954-6327jrlewis@linearcapital.comRobert FergusonAdriana Resources Inc.+ 1 (604) 629-0250 / toll free +1 (877) 629-0150rferguson@adrianaresources.comConnie Dos SantosAdriana Resources Inc.(416) 363-1308cdossantos@adrianaresources.comwww.adrianaresources.com
sumisu
15 years ago
Adriana Announces Management and Board Changes
Press Release
Source: Adriana Resources Inc.
On 12:00 pm EST, Tuesday November 24, 2009
http://finance.yahoo.com/news/Adriana-Announces-Management-ccn-3999687023.html?x=0&.v=1
TORONTO, ONTARIO--(Marketwire - Nov. 24, 2009) - Adriana Resources Inc. ("Adriana" or the "Company") (TSX VENTURE:ADI - News) announces that Michael Beley, the Company's Chairman of the Board, and Richard Barclay, the Company's Chief Financial Officer and also a director of the Company, have resigned effective immediately.
Mr. Norman L. Calder, Vice President of Finance, has been appointed as the Company's Chief Financial Officer. Mr. Calder has over 30 years of extensive financial experience including with various exploration and mining companies. Anthony Patriarco, a director of the Company, has been appointed as Interim Chairman of the Board.
The Company is also pleased to announce that Colin K. Benner has joined the Company's Board of directors effective immediately. Mr. Benner, a professional mining engineer, has extensive national and international experience in mining engineering and management in the mining industry including leadership roles at EuroZinc Mining Corp., Lundin Mining Corp., HudBay Minerals Inc., Skye Resources Inc., PBS Coal Inc. and Breakwater Resources Ltd. Mr. Benner is Executive Chairman of Creston Moly Corp., Chairman of Capstone Mining Corp. and is also a director of Lundin Mining Corp., Troon Ventures Ltd., Corsa Capital Ltd., Polaris Minerals Inc. and Delta Minerals Ltd.
"I would like to thank Mr. Beley and Mr. Barclay for all their contributions to the Company and wish them success in all future endeavors. We are thrilled to have Colin join our Board. I am confident that, with his extensive experience and leadership skills, Mr. Benner will play a key role in the long term success of the Company," said Mr. Allen Palmiere, Chief Executive Officer of the Company.
ON BEHALF OF ADRIANA RESOURCES INC.
Allen J. Palmiere, President and CEO
Certain information regarding the Company, including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties. Without limitation, statements relating to potential mineralization and resources, mining exploration and development, future plans and objectives of the Company and imprecision of mineral resources estimates, are forward looking statements that involve various degrees of risk.
Certain important risk factors could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements including, without limitation, changes in the world wide price of mineral commodities and currency fluctuations, general market conditions, the uncertainty of future profitability and access to sufficient capital, risks inherent in mineral exploration, development, construction and mining operations, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, environmental risks, access to labour and services and competition from other companies. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and caution should be exercised on placing undue reliance on forward looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Contact:
Lenny ForehtLinear Capital Corp.(416) 364-2266 / toll free (877) 954-6327lforeht@linearcapital.comJohn LewisLinear Capital Corp.(416) 364-2266 / toll free (877) 954-6327jrlewis@linearcapital.comRobert FergusonAdriana Resources Inc.+ 1 (604) 629-0250 / toll free + 1 (877) 629-0150rferguson@adrianaresources.comConnie Dos SantosAdriana Resources Inc.(416) 363-1308cdossantos@adrianaresources.comwww.adrianaresources.com
sumisu
15 years ago
ArcelorMittal sees profit after 3 quarterly losses
ArcelorMittal ends streak of losses, posts $903 million Q3 profit, sees start of recovery
By Aoife White, AP Business Writer
On 6:29 am EDT, Wednesday October 28, 2009
http://finance.yahoo.com/news/ArcelorMittal-sees-profit-apf-4038335454.html?x=0&sec=topStories&pos=4&asset=&ccode=
BRUSSELS (AP) -- ArcelorMittal SA, the world's largest steel maker, on Wednesday posted a $903 million profit in the third quarter, its first after three consecutive quarterly losses, as it saw the first signs of a gradual recovery in demand.
Although the profit was still 76 percent below year-earlier levels, the company said the market was slowly improving after the global recession caused demand to plunge for steel used to make cars, machinery and buildings.
"We believe we are through the worst," ArcelorMittal's chief financial officer Aditya Mittal told reporters. "We remain cautious, the economy is still weak, particularly in the developed world, and the recovery will continue to be slow and progressive."
Third quarter profit was down from the same period last year, when the company made $3.82 billion. Sales were $16.18 billion, down more than half from $35.19 billion a year ago -- and only a slight increase on $15.17 billion in the second quarter.
The company says it expects higher shipments and steel prices in the fourth quarter and would focus on further growth in developing markets -- mainly South America and Asia -- by restarting key expansion projects in Brazil and India and mining projects elsewhere.
ArcelorMittal is slowly restarting steel mills and furnaces that it stilled late last year. It was running at only 50 percent capacity in the second quarter, increasing that to 61 percent in the third quarter. It plans to take that up to 70 percent in the final three months of 2009.
The steel maker warned that sales are still "substantially lower" than a year ago and are less profitable because the economic crisis has also triggered a steep fall in selling prices.
Luxembourg-based ArcelorMittal's results outpaced rival U.S. Steel, which reported a third quarter loss Tuesday and predicted another, narrower loss in the fourth quarter.
Mittal said the United States is seeing both "real and apparent demand" as companies go beyond restocking and increase output. He said one sign of real growth is higher sales to car makers whose recovery has been largely fueled by the government's cash-for clunkers program.
He said it was unclear whether higher European demand reflects a solid manufacturing recovery. The company's European flat carbon and global stainless steel and services divisions continued to report a loss in the third quarter.
Emerging market growth does not fully compensate for sluggish growth in richer nations where the company has significant assets, Mittal said.
"The developed market economies are recovering; the level of recovery is still much lower that what it used to be in 2008," he said. "The faster and stronger it is, the better for ArcelorMittal."
The World Steel Association, a group of global steel makers, said earlier this month that it expected strong demand from China to help the steel market return to moderate growth of 9.2 percent next year, after an expected fall of 8.6 percent for 2009.
The company said it has met a target to make $2.2 billion in longer-term savings this year, which included a voluntary redundancy program that has helped it shed some 40,000 workers since the start of the economic crisis.
Mittal said the company would no longer prioritize efforts to reduce its debt as it tries to put more money into growth projects.
It has already cut net debt to $21.6 billion -- down $10.9 billion from a year ago. Much of that was built up from an ambitious program to expand in emerging markets. ArcelorMittal has reorganized other debt and issued bonds and shares over the past year to increase capital flow.
sumisu
15 years ago
Adriana Provides Update on Permitting Process for Brazilian Deep Sea Terminal Port Facility
Press Release
Source: Adriana Resources Inc.
On 5:28 pm EDT, Tuesday October 13, 2009
http://finance.yahoo.com/news/Adriana-Provides-Update-on-ccn-2834665254.html?x=0&.v=1
Companies:ADRIANA RESOURCES INC. (Tier2)
TORONTO, ONTARIO--(Marketwire - Oct. 13, 2009) - Adriana Resources Inc. ("Adriana" or the "Company") (TSX VENTURE:ADI - News) is pleased to announce a progress update on its iron ore port facility development project (the "Port") located in Sepetiba Bay, approximately 70 kilometers west of Rio de Janeiro in the State of Rio de Janeiro, Brazil. The Company has submitted a new permit application for a deep sea terminal port. The Company believes that constructing the deep sea terminal port will minimize environmental risks due to the underground/water tunnel and conveyor proposed in the application. The development will result in a deep sea terminal port with a capacity of 45 million tonnes per year.
Related Quotes
Symbol Price Change
ADI.V 0.54 0.00
Allen J. Palmiere, President and CEO of the Company stated, "We believe a deep sea terminal port will minimize environmental issues, and advance the Port project more rapidly creating employment opportunities and facilitating access to independent mining companies. Although the permiting process can be lengthy, we believe that the new application will satisfy the requirements to obtain the permit. Adriana continues to develop strategic working relationships with parties to maximize the potential of the deep sea terminal port."
Additionally, since the appointment of Allen J. Palmiere as President & CEO on June 15, 2009, the Corporate head office has moved to 20 Toronto Street, 12th Floor, Toronto, ON, M5C 2B8, Canada. Allen J. Palmiere stated, "Since my appointment, I have restructured and downsized. I wish to acknowldedge the Vancouver team that has played a key role in the advancement of our projects and would like to thank them for all the help received during the transition and wish them all the best in their future endeavours."
ON BEHALF OF ADRIANA RESOURCES INC.
Allen J. Palmiere, President and CEO
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Lenny ForehtLinear Capital Corp.(416) 364-2266 / toll free (877) 954-6327lforeht@linearcapital.comJohn LewisLinear Capital Corp.(416) 364-2266 / toll free (877) 954-6327jrlewis@linearcapital.comRobert FergusonAdriana Resources Inc.+ 1 (604) 629-0250 / toll free +1 (877) 629-0150Connie Dos SantosAdriana Resources Inc.(416) 363-1308(416) 363-2202 (FAX)cdossantos@adrianaresources.cawww.adrianaresources.com
sumisu
15 years ago
Adriana Engages Investor Relations Specialists & Grants Incentive Stock Options Under New Option Plan
Press Release
Source: Adriana Resources Inc
.
On Thursday September 17, 2009, 7:12 pm EDT
http://finance.yahoo.com/news/Adriana-Engages-Investor-ccn-968288009.html?x=0&.v=1
ANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 17, 2009) - Adriana Resources Inc. ("Adriana" or the "Company") (TSX VENTURE:ADI - News) announces that it has entered into an agreement to retain the services of Linear Capital Corp. ("Linear") to provide an investor relations and market development program for the Company.
Linear was founded in 1998 to partner with emerging growth companies and provide an array of corporate finance and consulting services to facilitate the achievement of growth objectives, satisfy financing requirements, and accelerate the process of developing shareholder value.
Linear is based in Toronto and registered with the Ontario Securities Commission as a limited market dealer, and is arms' length to the Company. For additional information on Linear, please visit their website at www.linearcapital.com.
Linear will receive an aggregate of $57,000 in fees over the term of their contract. In addition, Linear has been granted 250,000 stock options with a term of three years, vesting 25% on a quarterly basis over twelve months and with an exercise price of $0.46 per share. The stock option grant to Linear is subject to approval of the New Plan by the shareholders of the Company and by the TSX Venture Exchange (the "TSXV").
"We are pleased to be working with Linear as part of our market and investor relations development strategy. With its track record of providing strategic marketing advice, Linear will enable us to expand our communications to increase investor awareness," said Allen Palmiere, CEO of Adriana.
New Stock Option Plan
The Company also announces that in order to retain and attract key management, the Board of Directors of the Company has approved a new Stock Option Plan (the "New Plan") which is subject to approval by the shareholders of the Company at the next shareholders' meeting. The New Plan is also subject to approval by the TSXV.
Pursuant to the New Plan, the Board of Directors may, from time to time, authorize the grant of stock options to directors, officers, employees, and consultants of the Company and its subsidiaries. The maximum number of common shares which may be issued pursuant to options granted under the Plan is 9,452,032 common shares in the capital of the Company, (equivalent to 13% of the currently outstanding shares of the Company), including stock options currently existing outside the Plan which are exercisable to purchase up to 7,155,000 common shares of the Company and which shall, upon TSXV and shareholder approval of the New Plan, be included under the New Plan.
It is the Company's intent to revise the Plan as soon as practicable, such that the number of shares issuable under the Plan would be a maximum of 10% of the number of outstanding common shares of the Company.
The Plan provides that the number of shares which may be reserved for issuance to any one individual may not exceed 5% of the issued shares of the Company in a 12-month period, and any options granted to any consultant may not exceed 2% of the issued shares of the Company in a 12-month period.
The number of shares under option from time to time and the exercise price of such options, and any amendments thereto, is determined by the directors in accordance with the policies of the TSXV.
Subject to the approval of the New Plan by the shareholders of the Company and the TSXV, the Company has granted to an officer of the Company incentive stock options to purchase up to 1,000,000 common shares in the capital stock of the Company. The options have a term of five years, can be exercised at a price of $0.46 per share and vest over a period of 18 months.
Adriana's goal is to become a fully integrated iron ore producer through continued development of its iron ore port facility in Brazil, through acquisition of iron ore mineral resources in Brazil, and the advancement of the Lac Otelnuk Iron Project in Quebec, Canada.
ON BEHALF OF ADRIANA RESOURCES INC.
Allen J. Palmiere, President and CEO
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:
Lenny ForehtLinear Capital Corp.(416) 364-2266 / toll free (877) 954-6327lforeht@linearcapital.comJohn LewisLinear Capital Corp.(416) 364-2266 / toll free (877) 954-6327jrlewis@linearcapital.comRobert FergusonAdriana Resources Inc.+ 1 (604) 629-0250 / toll free + 1 (877) 629-0150(604) 629-0923 (FAX)www.adrianaresources.com
sumisu
15 years ago
Adriana Announces Approval of Amended ArcelorMittal Convertible Debenture
Press Release
Source: Adriana Resources Inc.
On Monday August 17, 2009, 1:00 pm EDT
http://finance.yahoo.com/news/Adriana-Announces-Approval-of-ccn-2861330236.html?x=0&.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 17, 2009) - Adriana Resources Inc. ("Adriana" or the "Company") (TSX VENTURE:ADI - News) announces that further to the Company's news release of June 1, 2009, the TSX Venture Exchange has approved a one-year extension of the unsecured convertible debenture held by ArcelorMittal in the principal amount of $6,450,000. The unsecured convertible debenture is now due September 10, 2012.
About ArcelorMittal
ArcelorMittal is the world's leading steel company, with operations in more than 60 countries.
ArcelorMittal is the leader in all major global steel markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. With an industrial presence in over 20 countries spanning four continents, the Company covers all of the key steel markets, from emerging to mature.
Through its core values of sustainability, quality and leadership, ArcelorMittal commits to operating in a responsible way with respect to the health, safety and wellbeing of its employees, contractors and the communities in which it operates. It is also committed to the sustainable management of the environment and of finite resources. ArcelorMittal recognises that it has a significant responsibility to tackle the global climate change challenge; it takes a leading role in the industry's efforts to develop breakthrough steelmaking technologies and is actively researching and developing steel-based technologies and solutions that contribute to combat climate change.
In 2008, ArcelorMittal had revenues of $124.9 billion and crude steel production of 103.3 million tonnes, representing approximately 10 per cent of world steel output.
ArcelorMittal is listed on the stock exchanges of Paris (MT), Amsterdam (MT), New York (MT), Brussels (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
For more information about ArcelorMittal visit: www.arcelormittal.com or to obtain a copy of the Early Warning Report filed by ArcelorMittal pursuant to applicable securities laws, please contact:
ArcelorMittal Corporate Communications
Giles Read (Head of Media Relations) +44 20 3214 2845
Arne Langner +352 4792 3120
Jean Lasar +352 4792 2359
Lynn Robbroeckx +352 4792 3193
About Adriana Resources Inc.
Adriana's goal is to become a fully integrated iron ore producer through continued development of its iron ore port facility in Brazil, through acquisition of iron ore mineral resources in Brazil, and the advancement of the Lac Otelnuk Iron Project in Quebec, Canada.
ON BEHALF OF ADRIANA RESOURCES INC.
Allen J. Palmiere, President and CEO
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.
Contact:
Robert FergusonAdriana Resources Inc.+1 (604) 629-0250 or Toll Free: +1 (877) 629-0150(604) 629-0923 (FAX)www.adrianaresources.com
EnergyGuy62
15 years ago
Iron ore spot price shipped to China rose 21.5% in JulyLondon (Platts)--31Jul2009
The price of imported iron ore sold spot into China, rose 21.5% in July. Platts IODEX 62% Fe content price assessment for the steel making raw material increased by $17 in total to close the month at $96/dry mt CFR North China. The increase on a monthly average basis from June's $73.06 was 16.51% with July's monthly average hitting $85.12/dmt. This is down 51% year-on-year, however, as the monthly average for July 2008 was $173.23/dmt.
A number of drivers behind this months increase in the spot price were identified by sources and market participants with which Platts engages daily to produce the assessments and market commentary. The main driver being the shortage of supply.
Australian spot supplies started to dwindle in June, and appeared to vanish in July. Scheduling material to fulfill long term contract customers' requirements and a resumption of shipments to other Asian markets, were both cited as reasons for the absence of supply by the major Australia miners.
India remains China's main supplier of spot volumes, but material availability has been hampered by port congestion and seasonally bad weather.
On the demand side, the recovery of steel prices and production volumes in China has continued to fuel demand for steel making raw materials.
Many domestic sources of iron ore concentrate closed in 2008 due to poor returns, resulting in a growing Chinese dependence on imported material to satisfy increasing demand.
(Note: The above is an excerpt from an even larger article. If you would like to read the article in its entirety, Please click on to the attachment below.)
sumisu
15 years ago
Adriana Enters into Memorandums of Understanding with a Major Chinese Steel Company
Press Release
Source: Adriana Resources Inc.
http://finance.yahoo.com/news/Adriana-Enters-into-ccn-671829079.html?x=0&.v=1
On Friday July 24, 2009, 9:45 am EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 24, 2009) - Adriana Resources Inc. ("Adriana" or the "Company") (TSX VENTURE:ADI - News; WKN:A0F7EL) is pleased to announce that it has entered into two memorandums of understanding (together the "MOUs" and individually, a "MOU") with a major Chinese steel company ("Steel Co.").
Lac Otelnuk Project MOU
The first MOU addresses the Company's Lac Otelnuk iron ore property in Northern Quebec (the "Lac Otelnuk Project"). Steel Co. and Adriana have agreed to cooperate to bring the Lac Otelnuk Project into production, subject to (i) the negotiation and entering into of a definitive agreement and (ii) applicable regulatory approval.
As disclosed in the Company's news releases of March 23, 2009 and May 7, 2009, the Company completed a National Instrument 43-101 compliant mineral resource estimate and technical report (the "Report"). Pursuant to the Report, the following mineral resource estimate was defined:
-------------------------------------------------------------------------
Resource Tonnes %Fe DTWR % %Fe
Classification (in Billions) Head % SiO2 DTC
-------------------------------------------------------------------------
Indicated 4.29 29.08 27.26 3.53 68.00
-------------------------------------------------------------------------
Inferred 1.97 29.24 26.55 3.51 68.12
-------------------------------------------------------------------------
A copy of the Report is available under the Company's SEDAR profile available at www.sedar.com. The Report is subject to the assumptions and conditions set out therein.
Brazil Iron Ore and Port MOU
Pursuant to the second MOU, Steel Co. and Adriana have agreed to cooperate on the investigation and acquisition of iron ore projects in Brazil and if projects are acquired the parties have further agreed to potentially cooperate with respect to the development of the Company's proposed deepwater port located in Brazil.
The terms of the cooperation are subject to (i) Steel Co. obtaining iron ore resources in Brazil, (ii) the negotiation and entering into of a definitive agreement (iii) applicable regulatory approval, (iv) the terms of the "Port Agreement". Further details of the "Port Agreement" are summarized in the Company's news releases dated August 20, 2008, January 6, 2009, April 22, 2009 and June 1, 2009, copies of which are available under the Company's SEDAR profile available at www.sedar.com.
The MOUs are non-binding and there can be no assurances that the definitive agreements will be successfully negotiated and executed, if at all.
About Adriana Resources Inc.
Adriana's goal is to become a fully integrated iron ore producer through continued development of its iron ore port facility in Brazil, through acquisition of iron ore mineral resources in Brazil, and the advancement of the Lac Otelnuk Iron Project in Quebec, Canada.
Mike Petrina, P. Eng., Vice President Operations of the Company and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.
ON BEHALF OF ADRIANA RESOURCES INC.
Allen J. Palmiere, President and CEO
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. A feasibility study has not been completed and there is no certainty the disclosed targets will be reached nor that the proposed operations will be economically viable.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:
Allen PalmiereAdriana Resources Inc.(416) 363-2200apalmiere@adrianaresources.comwww.adrianaresources.com
sumisu
15 years ago
Adriana Appoints Allen J. Palmiere to Board of Directors
Press Release
Source: Adriana Resources Inc.
On Monday July 20, 2009, 9:01 am EDT
http://finance.yahoo.com/news/Adriana-Appoints-Allen-J-ccn-2020083974.html?x=0&.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 20, 2009) - Adriana Resources Inc. ("Adriana" or the "Company") - (TSX VENTURE:ADI - News; WKN:A0F7EL) is pleased to announce the appointment of Allen J. Palmiere to its board of directors.
Mr. Palmiere, who was recently appointed President and Chief Executive Officer of Adriana, brings over 35 years of extensive experience in senior executive and leadership roles in the mining industry. Prior to joining Adriana, Mr. Palmiere held the positions of Chairman and also President and CEO of HudBay Minerals Inc. He also previously served as Treasurer of Northgate Exploration Ltd., Chief Executive Officer and Chief Financial Officer of Breakwater Resources Ltd., Chief Financial Officer of Zemex Corporation, and Executive Chairman of Barplats Investments Limited.
"I would like to welcome Allen Palmiere as a director and look forward to his involvement at the board level, stated Michael Beley, Chairman of the Board of the Company.
Mr. Wilfried Struck, a founding board member, has stepped down and will now take a position on the Company's Advisory Committee.
"I wish to acknowledge the valued contribution that our outgoing director Wilf Struck has made to the Company. Mr. Struck, P. Eng., who joined the Company as a director in March 2004, played a key role in the advancement of our projects with his extensive experience as a Geotechnical Engineer and industry professional. Adriana is pleased that Mr. Struck will remain on as an Advisor for the Company," commented Michael Beley, Chairman of the Board of the Company.
About Adriana Resources Inc.
Adriana's goal is to become a fully integrated iron ore producer through continued development of its iron ore port facility in Brazil, through acquisition of iron ore mineral resources in Brazil, and the advancement of the Lac Otelnuk Iron Project in Quebec, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS OF ADRIANA RESOURCES INC.
Michael J. Beley, Chairman
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:
Robert FergusonAdriana Resources Inc.Investor Relations(604) 629-0250 or Toll Free: (877) 629-0150(604) 629-0923 (FAX)http://www.adrianaresources.com
sumisu
15 years ago
Adriana Appoints Allen J. Palmiere as New President & CEO
On Monday June 15, 2009, 4:01 pm EDT
http://finance.yahoo.com/news/Adriana-Appoints-Allen-J-iw-15529068.html
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jun 15, 2009 -- Adriana Resources Inc. ("Adriana" or the "Company") (CDNX:ADI.V - News) is pleased to announce the appointment of Allen J. Palmiere as the Company's new President and Chief Executive Officer. Michael Beley, the current President and Chief Executive Officer, has stepped-down from such positions and will take on the new position of Chairman of the Board.
Mr. Palmiere brings over 35 years of extensive experience in senior executive and leadership roles in the mining industry. Prior to joining Adriana, Mr. Palmiere held the positions of Chairman and also President and CEO of HudBay Minerals Inc. Mr. Palmiere also previously served as Treasurer of Northgate Exploration Ltd., Chief Executive Officer and Chief Financial Officer of Breakwater Resources Ltd., Chief Financial Officer of Zemex Corporation, and Executive Chairman of Barplats Investments Limited.
"I look forward to the challenges of this new role including working with the experienced team that has been established," said Mr. Palmiere. "This is an exciting time for Adriana, as significant progress has been made in reaching its goal of becoming a fully integrated iron ore producer. Adriana, with its new additions to the Board of Directors, and its management team, will be developing its new corporate strategy to build upon the foundation that is in place and to move forward to create additional significant value in its iron ore assets and development projects."
The Company wishes to thank Michael Beley for his hard work, leadership and contribution over the past four years and his continued support and guidance in his new role as Chairman. Mr. Beley was able to build solid relationships and partnerships with strategic industry leading companies that are now assisting Adriana to advance its projects to position the Company to become a significant player in the iron ore industry.
"As the largest shareholder of Adriana, Worldlink (Canada) Resources Ltd. ("Worldlink") welcomes the new addition of Allen Palmiere to the executive management team of Adriana and is pleased to see Michael Beley remain with the Company as Chairman. Mr. Palmiere's solid track record of elevating a company's position in the marketplace and enhancing shareholder value will play a key role in advancing the overall corporate strategy at Adriana," commented Paul Yeou, President of Worldlink.
"Mr. Palmiere is recognized as an aggressive leader by bringing a new level of management and making significant contributions at each of the companies he has worked. His extensive management and operational experience, combined with his proven leadership skills, will play a key role as Adriana advances its corporate strategy at each of the Company's iron projects and continues to expand into the future. Allen is a great addition to the team at Adriana, and the directors and the entire management team join me in welcoming Allen to his new position," said Michael Beley, new Chairman of the Board.
About Adriana Resources Inc.
Adriana's goal is to become a fully integrated iron ore producer through continued development of its iron ore port facility in Brazil, through acquisition of iron ore mineral resources in Brazil, and the advancement of the Lac Otelnuk Iron Project in Quebec, Canada.
ON BEHALF OF THE BOARD OF DIERCTORS OF ADRIANA RESOURCES INC.
Michael J. Beley, Chairman
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:
Adriana Resources Inc.
Robert Ferguson
(604) 629-0250 or Toll Free: 1 (877) 629-0150
Adriana Resources Inc.
Ali Sinawi
(604) 629-0250 or Toll Free: 1 (877) 629-0150
(604) 629-0923 (FAX)
http://www.adrianaresources.com
sumisu
15 years ago
ArcelorMittal Extends Port Agreement With Adriana
On Monday June 1, 2009, 8:41 am EDT
http://finance.yahoo.com/news/ArcelorMittal-Extends-Port-ccn-15397449.html?.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 1, 2009) - Adriana Resources Inc. ("Adriana" or the "Company") - (TSX VENTURE:ADI - News) announces that further to the Company's news releases dated August 20, 2008 (the "August News Release"), January 6, 2009 and April 22, 2009, the Company and ArcelorMittal have agreed to amend the current Port Agreement (as such term is defined in the August news Release). The principal amendments include:
- A commitment by ArcelorMittal to fund a significant portion of Adriana's monthly costs incurred in connection with its port permitting process in Brazil;
- A commitment by ArcelorMittal to fund 80% of substantial third party consultant costs incurred in connection with Adriana's port permitting process in Brazil;
- Deferral of annual interest payments due to ArcelorMittal and subject to the approval of the TSX Venture Exchange, the extension of the unsecured convertible debenture dated September 10, 2008, issued by Adriana in favour of ArcelorMittal for a period of one year; and
- Extension of the Port Agreement for a period of 6 months (to November 30, 2009) to be followed by further extensions of 6 months if required.
"The Company continues to work closely with ArcelorMittal to advance its port development project in Brazil, and is pleased with ArcelorMittal's commitment in assisting Adriana to fund the advancement of the project through the combination of cash payments and interest deferrals," Michael Beley, President and CEO of the Company stated.
The Port Agreement is subject to applicable regulatory and corporate approvals and the negotiation and execution of a definitive agreement by the parties. Full details on the Port Agreement can be found in the August News Release, available at http://www.sedar.com.
About ArcelorMittal
ArcelorMittal is the world's leading steel company, with operations in more than 60 countries.
ArcelorMittal is the leader in all major global steel markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. With an industrial presence in over 20 countries spanning four continents, the Company covers all of the key steel markets, from emerging to mature.
Through its core values of sustainability, quality and leadership, ArcelorMittal commits to operating in a responsible way with respect to the health, safety and wellbeing of its employees, contractors and the communities in which it operates. It is also committed to the sustainable management of the environment and of finite resources. ArcelorMittal recognises that it has a significant responsibility to tackle the global climate change challenge; it takes a leading role in the industry's efforts to develop breakthrough steelmaking technologies and is actively researching and developing steel-based technologies and solutions that contribute to combat climate change.
In 2008, ArcelorMittal had revenues of $124.9 billion and crude steel production of 103.3 million tonnes, representing approximately 10 per cent of world steel output.
ArcelorMittal is listed on the stock exchanges of Paris (MT), Amsterdam (MT), New York (MT), Brussels (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
For more information about ArcelorMittal visit: www.arcelormittal.com or to obtain a copy of the Early Warning Report filed by ArcelorMittal pursuant to applicable securities laws, please contact:
ArcelorMittal Corporate Communications
Giles Read (Head of Media Relations) +44 20 3214 2845
Arne Langner +352 4792 3120
Jean Lasar +352 4792 2359
Lynn Robbroeckx +352 4792 3193
About Adriana Resources Inc.
Adriana's goal is to become a fully integrated iron ore producer through continued development of its iron ore port facility in Brazil, through acquisition of iron ore mineral resources in Brazil, and the advancement of the Lac Otelnuk Iron Project in Quebec, Canada.
ON BEHALF OF ADRIANA RESOURCES INC.
Michael J. Beley, President and CEO
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.
Contact:
Robert Ferguson
Adriana Resources Inc.
1 (604) 629-0250 or toll free at + 1 (877) 629-0150
Ali Sinawi
Adriana Resources Inc.
1 (604) 629-0250 or toll free at + 1 (877) 629-0150
www.adrianaresources.com
EnergyGuy62
15 years ago
Steel Picture In India Brightens
May 19 (Bloomberg) -- India’s steel demand will accelerate this year as the incoming Congress party-led government increases investments in infrastructure, following its best showing in an election in two decades, JSW Steel Ltd. said.
“The steel industry’s performance is dependent on how the economy grows and now with a stable government more thrust will be placed on infrastructure,â€
Joint Managing Director Seshagiri Rao said yesterday in an interview in Mumbai. “Those programs announced earlier will now be accelerated.†Orders from the construction industry will drive a 6 percent gain in overall sales this fiscal year, up from 1.3 percent last year, he said.
Indian steelmakers are expecting
Prime Minister Manmohan Singh’s re-election to spur investment in roads, ports and bridges and continue a rural jobs program that lifted demand in villages and towns. Bharat Heavy Electricals Ltd. said it expects as much as $1.5 billion of new power-equipment orders in the first quarter as pending government projects are cleared.
“Demand for construction grade steel will jump as we expect investments to increase sharply in infrastructure,†said Bharath S., an analyst at Sundaram BNP Paribas Mutual Fund.
Operating profit at Mumbai-based JSW, India’s third-biggest steel producer, will improve this quarter from 3.57 billion rupees ($75 million) in the previous three months, Rao said, without giving specific numbers. Operating profit was 8.9 billion rupees in the fiscal first quarter last year.
JSWshares fell 3.4 percent to 471.25 rupees at the close of trading today in Mumbai. The key Sensitive Index fell 0.5 percent to 14,213.73.
Stimulus Package
Congress won the most seats in an election since 1991, clearing the ruling party to form a government without needing the support of communist parties that frustrated plans to entice foreign investment in Singh’s first five-year term.
The government had announced three stimulus packages since December and spending worth $8.95 billion this fiscal year to build networks of roads, phones, electricity and irrigation.
“There won’t be other pulls and pressures on the government so they will be focusing now on growth and governance,†Rao said.
JSW’s crude steel production climbed 60 percent last month as sales of construction grade products surged 78 percent.
To contact the reporter on this story: Debarati Roy in Mumbai at droy5@bloomberg.net.
Last Updated: May 19, 2009 06:17 EDT
sumisu
15 years ago
Adriana Files National Instrument 43-101 Technical Report and Resource Estimate for Lac Otelnuk Iron Deposit
On Thursday May 7, 2009, 7:22 pm EDT
http://finance.yahoo.com/news/Adriana-Files-National-ccn-15176282.html?.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 7, 2009) - Adriana Resources Inc. ("Adriana" or the "Company") - (TSX VENTURE:ADI - News; WKN:A0F7EL) is pleased to report the completion of the National Instrument ("NI") 43-101 Technical Report and Mineral Resource Estimate ("the Report") for the Lac Otelnuk iron deposit located in Nunavik, Quebec, Canada as previously reported by the Company on March 23, 2009. The Report was completed by Watts, Griffis and McOuat Limited ("WGM"), a geological and engineering consulting firm based in Toronto, Canada.
The Report, titled, "Technical Report and Mineral Resource Estimate for the Lac Otelnuk Iron Property, Labrador Trough, Northeastern Quebec" and dated May 7, 2009, is filed on SEDAR (http://www.sedar.com/) and is also available for review on Adriana's website at: http://www.adrianaresources.com/s/LacOtelnuk.asp.
Michael Beley, President of Adriana, commented, "The Report is an important milestone in the continued development of this world-class iron ore deposit. The Company's strategy is to secure a strategic partner, and together advance the project through the feasibility stages and subsequent potential development. The Lac Otelnuk iron deposit is a significant resource that, with infrastructure development, could position Nunavik, Quebec as one of the world's major iron ore regions."
About the Lac Otelnuk Iron Project
The Lac Otelnuk Iron Project lies within the Labrador Trough in Northern Quebec. The deposit is a Lake Superior-type (Mesabi Range) taconite iron formation. These types of deposits have been the principal source of iron ore mined in the world. The Lac Otelnuk iron formation has been identified over a strike length of approximately 25 kilometres through mapping and exploration drilling in the 1970s.
A total of 67 diamond drill holes, totaling 7,375 metres, was drilled by Adriana on a nine kilometre portion of the deposit referred to as the South Zone (including 27 holes totaling 2,191 metres drilled in 2007). With the exception of one hole, the 2008 drill campaign completed grid drilling of the South Zone at a drill hole spacing of 600 m by 500 m.
The Lac Otelnuk iron formation strikes northwest to southeast. It subcrops at surface and dips gently (from 2 to 5 degrees) to the northeast, eventually plunging under sedimentary formations. The western extent is terminated by erosion. Due to the gentle north-easterly dip and westerly sloping terrain, much of the sedimentary rocks that overly the South Zone have been stripped away by erosion, exposing the Upper Iron Formation.
For lab and assay procedures completed by SGS Minerals in Lakefield, Ontario, see news release dated February 12, 2009.
Using information from the 2007-2008 drill programs on the South Zone of the Lac Otelnuk Iron Project and based on a Davis Tube Weight Recovery ("DTWR") cut-off grade of 18%, the following mineral resource estimate was defined.
Summary of Mineral Resource Estimate
----------------------------------------------------------------------------
Resource Tonnes % Fe DTWR % % Fe
Classification (in Billions) Head % SiO2 DTC
----------------------------------------------------------------------------
Indicated 4.29 29.08 27.26 3.53 68.00
----------------------------------------------------------------------------
Inferred 1.97 29.24 26.55 3.51 68.12
----------------------------------------------------------------------------
Please refer to the Company's press release dated March 23, 2009 for more information on assumptions and data used by WGM to complete the Report.
Due to the uncertainty of Inferred Mineral Resources it cannot be assumed that all, or any part of this resource will be upgraded to an Indicated or Measured Resource as a result of continued exploration. To justify upgrading of the Mineral Resource to a Mineral Reserve, demonstrated economic viability is required. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
Mr. Michael W. Kociumbas, P.Geo., Vice-President of WGM, is responsible for the Mineral Resource estimate. Mr. Kociumbas is an independent Qualified Person ("QP") in accordance with NI 43-101 Standards of Disclosure for Mineral Projects and has reviewed and is responsible for the Mineral Resources presented in this news release. WGM has visited the site, collected independent core samples and reviewed all the QA/QC data received to date.
Mr. Frank Condon, P.Eng., a director of the Company and a QP as defined by NI 43-101, has reviewed and approved the technical disclosure contained in this news release.
About Adriana Resources Inc.
Adriana's goal is to become a fully integrated iron ore producer through continued development of its iron ore port facility in Brazil, through acquisition of iron ore mineral resources in Brazil, and the advancement of the Lac Otelnuk Iron Project in Quebec, Canada.
ON BEHALF OF ADRIANA RESOURCES INC.
Michael J. Beley, President
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.
Contact:
Robert Ferguson
Adriana Resources Inc.
(604) 629-0250 or toll free at (877) 629-0150
Ali Sinawi
Adriana Resources Inc.
(604) 629-0250 or toll free at (877) 629-0150
(604) 629-0923 (FAX)
http://www.adrianaresources.com
EnergyGuy62
15 years ago
When is bad sector news good news for a smart enterprising company like ADI? Following is a news release that I found on Kitco. I will then comment on it on my next immediate post. :)
April 28 (Bloomberg) -- Iron ore producers are betting on an “impossible†revival in demand from China, the largest consumer of the material, and holding out on price reductions, the China Iron & Steel Association said.
The expectation for the second quarter is unrealistic given the state of China’s economy, Luo Bingsheng, vice chairman of the association said today at a press conference, in Beijing.
Chinese steelmakers are asking for price cuts of as much as 50 percent for annual contracts of iron ore, and are locked in talks with producers Cia. Vale do Rio Doce, Rio Tinto Group and BHP Billiton Ltd.
Larger Chinese mills incurred losses for five straight months from October, the government said last week.
“Miners are pinning hope for a recovery in the second quarter,†Luo said. “Chinese steelmills will still be in a relatively difficult period this quarter.â€
Angang Steel Co., China’s second-largest listed steelmaker, last week said it may incur a first-half loss on falling demand and prices. China’s benchmark steel price dropped 9 percent in the first quarter.
Prices of hot-rolled coil, the benchmark, may fall further in the second quarter because of overcapacity and a surge in imports, Qi Xiangdong, deputy secretary general of the association said at the same conference.
Hot-rolled coil is used to make appliances and auto parts.
Wide Disparity
China’s economy grew 6.1 percent in the first quarter from a year earlier, the slowest pace in almost 10 years. The nation is spending 4 trillion yuan ($586 billion) on a stimulus package to revive growth, and will build infrastructure including bridges and roads.
The construction demand from the stimulus may boost prices of long steel products, such as wires and rods, Qi said today.
There is a “wide†disparity between the iron ore price demands of Chinese steelmakers and producers, Luo said. Chinese steelmakers haven’t yet given up on the negotiations, he said.
A price cut of 20 percent will grossly underestimate the oversupply of iron ore, Luo said.
Vale, the largest iron ore exporter, has offered steelmakers a 20 percent interim discount until benchmark prices are settled.
Benchmark contracts start from April 1 and prices are typically backdated once agreed upon.
Iron ore stockpiled at ports in China reached a higher- than-normal level of 70 million metric tons, Jia Yinsong, an official with the raw material division of the Ministry of Industry and Information Technology, said today at a Metal Bulletin conference in Beijing.
April imports will drop from March, the association’s Luo said.
sumisu
15 years ago
ArcelorMittal Extends Port Agreement With Adriana
Wednesday April 22, 2009, 9:12 am EDT
http://finance.yahoo.com/news/ArcelorMittal-Extends-Port-ccn-14996400.html?.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 22, 2009) - Adriana Resources Inc. ("Adriana" or the "Company") - (TSX VENTURE:ADI - News) announces that further to the Company's news releases dated August 20, 2008 (the "August News Release"), and January 6, 2009, the Company and ArcelorMittal have agreed to extend the current Port Agreement (as such term is defined in the August News Release) from April 22, 2009 to May 30, 2009. The Company expects that by May 30, 2009, both Adriana and ArcelorMittal, will be able to complete the definition of more detailed terms with respect to their working relationship going forward.
"The Company continues to advance its goal of obtaining an environmental and construction permit to develop a multi-partner, multi-use iron ore port facility in the State of Rio de Janeiro. The continued working relationship with ArcelorMittal and extension of the Port Agreement is positive for Adriana and also indicates ArcelorMittal's continued commitment to the project and the Brazil strategy," Michael Beley, President and CEO of the Company stated.
The Port Agreement is subject to applicable regulatory and corporate approvals and the negotiation and execution of a definitive agreement by the parties. Full details on the Port Agreement can be found in the August News Release, available at www.sedar.com.
About ArcelorMittal
ArcelorMittal is the world's leading steel company, with operations in more than 60 countries.
ArcelorMittal is the leader in all major global steel markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. With an industrial presence in over 20 countries spanning four continents, the Company covers all of the key steel markets, from emerging to mature.
Through its core values of sustainability, quality and leadership, ArcelorMittal commits to operating in a responsible way with respect to the health, safety and wellbeing of its employees, contractors and the communities in which it operates. It is also committed to the sustainable management of the environment and of finite resources. ArcelorMittal recognises that it has a significant responsibility to tackle the global climate change challenge; it takes a leading role in the industry's efforts to develop breakthrough steelmaking technologies and is actively researching and developing steel-based technologies and solutions that contribute to combat climate change.
In 2008, ArcelorMittal had revenues of $124.9 billion and crude steel production of 103.3 million tonnes, representing approximately 10 per cent of world steel output.
ArcelorMittal is listed on the stock exchanges of Paris (MT), Amsterdam (MT), New York (MT), Brussels (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
For more information about ArcelorMittal visit: www.arcelormittal.com or to obtain a copy of the Early Warning Report filed by ArcelorMittal pursuant to applicable securities laws, please contact:
ArcelorMittal Corporate Communications
Giles Read (Head of Media Relations) +44 20 3214 2845
Arne Langner +352 4792 3120
Jean Lasar +352 4792 2359
Lynn Robbroeckx +352 4792 3193
About Adriana Resources Inc.
Adriana's goal is to become a fully integrated iron ore producer through continued development of its iron ore port facility in Brazil, through acquisition of iron ore mineral resources in Brazil, and the advancement of the Lac Otelnuk Iron Project in Quebec, Canada.
ON BEHALF OF ADRIANA RESOURCES INC.
Michael J. Beley, President and CEO
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.
Contact:
Robert Ferguson
Adriana Resources Inc.
(604) 629-0250 or Toll Free: (877) 629-0150
Ali Sinawi
Adriana Resources Inc.
(604) 629-0250 or Toll Free: (877) 629-0150
(604) 629-0923 (FAX)
Website: www.adrianaresources.com
sumisu
15 years ago
Adriana Appoints New Directors to Board
Monday April 20, 2009, 9:00 am EDT
http://finance.yahoo.com/news/Adriana-Appoints-New-iw-14970381.html
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Apr 20, 2009 -- Adriana Resources Inc. is pleased to announce the appointments of Mr. Colin Blyth, Mr. Julio Carvalho, Mr. Robert Power, and Mr. Donald Siemens to its board of directors. The Company also announces that Mr. Paul Fong and Dr. Joe Griebel have resigned from the board. Dr. Joe Griebel remains as a member of the executive management team as President of Adriana's Brazil subsidiary, Adriana Resources Mineracao Ltda., based in Rio de Janeiro.
"First of all I would like to acknowledge the valued contributions to the Company of our outgoing directors, Paul Fong and Joe Griebel, who have provided substantial support and guidance through Adriana's growth," stated Michael Beley, President and CEO of the Company. "I would also like to welcome our new board members, and look forward to their involvement with Adriana's strategic planning going forward. Each of our new directors brings specialized experience to the board, including global marketing of mineral resources, significant knowledge and experience within Brazil's mineral sector, extensive global experience in legal and infrastructure practices, and solid track records of corporate finance and mergers and acquisitions. The new appointments add significant strength and depth to Adriana's board, and will assist in positioning the Company as a global player in the iron ore industry."
Mr. Colin Blyth is a senior marketing and sales executive with 20 years of progressive international marketing and general sales management experience with diversified mining and refining companies generating annual revenue ranging from $600M to $3B. Mr. Blyth is currently the Vice-President, Sales and Marketing for CMC - Coal Marketing Company (USA) Inc. in Atlanta, Georgia, USA. Mr. Blyth was previously Vice-President Marketing - Asia for Elk Valley Coal Corporation and for 14 years held senior marketing positions with Teck Cominco Limited. He holds an MBA and B.Sc. Geology from Queen's University.
Mr. Julio Carvalho brings over 35 years of experience in the Brazilian mineral resource sector and is currently Chairman and CEO of Rio Novo Holdings S/A, which owns two developing gold projects in Brazil, and an executive director of Santa Elina Group in Brazil. Previously, Mr. Carvalho was President and CEO and a member of the board of directors of Peak Gold Limited (now New Gold Inc.), Executive Vice President of South and Central America for Goldcorp Inc., President and CEO of Mineracao Onca Puma Ltda. the Brazilian subsidiary of Canico Resource Corp., and Rio Tinto Brazil, where he worked for more than 33 years and held the primary role of Chief Financial Officer and was an Executive Director. Mr. Carvalho is a Chartered Accountant and holds an MBA from Queen's University.
Mr. Robert Power is a lawyer with Blake, Cassels & Graydon LLP, one of the largest international law firms and ranked as "Canadian Law Firm of the Year" for 2007/08 by Chambers and Partners. Mr. Power is Co-chair of that firm's National Energy Group and manages a significant energy, infrastructure and corporate practice. Mr. Power is also recognized in The Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada. Mr. Power has broad international legal and business experience, has contributed to the National Standards Council standard development processes, and has advised on a number of large infrastructure and project development matters in various industries. Mr. Power received his LL.B. from Dalhousie University, a B.A. from the University of Victoria, and is called to the Bars of Alberta and Ontario.
Mr. Donald Siemens brings over 30 years of experience to the board as a Chartered Accountant, including 8 years in public practice as a partner with major accounting firms, 8 years in senior executive positions in industry and 18 years as a self- employed Financial Services executive. Currently, as an independent financial advisor, Mr. Siemens specializes in Corporate Finance, cross-border transactions and Mergers & Acquisitions. He serves as a director and Audit Committee Chair for three public companies: Los Andes Copper Ltd., Nikos Explorations Ltd., and JayHawk Energy, Inc. Previously, Mr. Siemens was Partner-in-Charge of Thorne Ernst & Whinney's (now KPMG) Vancouver office Financial Advisory Services group. Mr. Siemens obtained a Chartered Accountant designation in 1972, and a B.A. from University of British Columbia.
About Adriana Resources Inc.
Adriana's goal is to become a fully integrated iron ore producer through continued development of its iron ore port facility in Brazil, through acquisition of iron ore mineral resources in Brazil, and the advancement of the Lac Otelnuk Iron Project in Quebec, Canada.
ON BEHALF OF ADRIANA RESOURCES INC.
Michael J. Beley, President
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.
Contact:
Contacts:
Adriana Resources Inc.
Robert Ferguson
(604) 629-0250 or Toll Free: (877) 629-0150
Adriana Resources Inc.
Ali Sinawi
(604) 629-0250 or Toll Free: (877) 629-0150
(604) 629-0923 (FAX)
Website: http://www.adrianaresources.com
futrcash
15 years ago
Union wants government aid to save steel industry
Ray Brindal | April 17, 2009
Dow Jones Newswires
IN the face of a crisis for the Australian steel industry, its major union has called for immediate fiscal stimulus by the government to generate demand to save the sector.
Australian Workers’ Union national secretary Paul Howes said demand for steel has collapsed, threatening the long-term viability of the industry and hundreds of thousands of jobs.
“The steel industry in Australia is facing its greatest crisis ever” as a result of the global financial crisis, Mr Howes said.
“We have never seen a drop off in orders to the magnitude of what we’re experiencing now, not even during the Great Depression,” he said.
On Thursday, OneSteel, Australia’s second-largest steel maker, slashed its profit forecast for this fiscal year by almost half and said it plans to raise a minimum $559 million to cut debt.
Both OneSteel and its rival BlueScope Steel have cut output this fiscal half as global steel prices fall and demand eases and both have warned that the outlook remains gloomy.
Mr Howes said the collapse in demand raised concerns about the viability of domestic production, and said some steelworks now are almost like ghost towns.
“To keep this industry alive, we need to for a short term, to generate immediate demand and the best way to do that is through government money,” he said.
An interventionist approach to the crisis is needed that recognises the strategic importance of the industry and its central role in domestic manufacturing, he said.
Australian steel is world-class, Mr Howes said, and the industry is strongly viable and ranks among the world’s highest quality producers.
“What we don’t have is customers for our steel. No-one in the world is buying it, and we can’t sell our steel at any price to anyone, and we’ve never seen that happen any time before.”
The union’s 10-point plan, which has been developed with steelmakers, calls on the government to declare steel a strategic industry, develop a world comparator price and monitor prices for use in anti-dumping cases.
If the industry collapses, it could threaten 500,000 jobs directly and through flow-on effects in the iron ore, coal and coke industries, and downstream manufacturing and fabrication in construction and building products, Mr Howes said.
“The plan isn’t about putting in protectionist measures so much as having sensible procurement policies that ensure we get the best bang for our buck when we are developing these stimulus packages,” he said.
“Australian taxpayer dollars should be spent keeping Australian taxpayers in work,” he said, while stopping short of suggesting domestic steel should be mandated for use in private projects.
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13 years ago
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