zink usw. - 500 Beiträge pro Seite

[dosto]

20 February 2007

ZincOx Resources puts new, refitted US plants' net present value at 189 mln usd




ZincOx Resources PLC announced values and rates of return for their new and refurbished integrated zinc and iron ore recycling plants in the US, adding that it would not need to issue new shares to finance the works.

Revealing the results of pre-feasibility studies, they said they expect their new Ohio facility to have a 20 pct internal rate of return, giving it a net present value of 60 mln usd.

The refurbished Big River zinc plant near St Louis is expected to have a 35 pct internal rate of return, and a net present value of 129 mln usd, it also said.

ZincOx said the Ohio plant will take about 18 months to construct at a capital cost of about 107 mln usd. It added that its Big River upgrade will cost 90 mln usd and take 16 months to complete.

It said it was confident that it would not need to issue new shares to finance the projects, however.

'There are a number of attractive financing options available to us, including the early sale of the future Shaimerden deferred payments, and we are optimistic that we will be able to develop these projects without a major issue of new equity,' chairman Andrew Woollett said.

ll include a new facility in Ohio and modifying and refurbishing the Big River Zinc plant near St Louis.

Using a zinc price of US$1,900 per tonne for the next five years and US$1,500 thereafter the Ohio Project and Big River Zinc Project individually have internal rates of return of 20% and 35%, and have, net present values of US$60million and US$129million respectively (post tax, pre finance 10% discount rate).

Commenting on the announcement, Andrew Woollett, ZincOx's Chairman said 'These two projects, together with our new Turkish Project, complete the operating structure for our first fully integrated zinc, lead and iron recycling concept. This structure will enable us to recycle virtually all the valuable metals found in electric arc furnace dust (EAFD), a problematic waste material produced when galvanised steel is recycled. This structure and the proprietary technology involved represents a blueprint that we intend to repeat elsewhere in the world'.

At the Ohio Project a rotary hearth furnace will be used to treat EAFD to recover zinc and lead in an oxide concentrate (HZO) and to recover the contained iron as a Direct Reduced Iron (DRI) product. The DRI will be melted in a small electric furnace that will produce a very clean slag suitable for construction purposes and pig iron which will be sold to the steel industry. The plant will be designed to treat 200,000 tonnes per annum of EAFD for the production of 48,000 tonnes of zinc contained in HZO and about 50,000 tonnes of pig iron. The HZO will be sent to Big River Zinc for the recovery of the valuable metals. The Ohio plant will take approximately 18 months to construct at a capital cost of about US$107million.

In June 2006, ZincOx acquired the Big River Zinc smelter, in Sauget, Illinois (BRZ). The HZO from both the Ohio Project and from the Aliaga project in Turkey will be processed at BRZ. The zinc contained in the HZO will be dissolved in BRZ's refurbished leach plant. The resultant zinc bearing solution will be purified in a new solvent extraction circuit, prior to conventional zinc recovery using BRZ's existing electrowinning, melting and casting equipment to produce zinc ingots. The ZincOx management team used the solvent extraction process in the design of the flowsheet for the Skorpion zinc oxide deposit in Namibia, where it now accounts for 150,000 tonnes of zinc metal production per annum. Big River will be designed to produce 90,000 tonnes of Special High Grade quality zinc metal per annum. The refurbishment of the Big River plant and installation of solvent extraction will take approximately 16 months at a cost of about US$90million.

At Aliaga, in Turkey, (see announcement dated: 12 December 2006) ZincOx is planning to develop an EAFD processing plant similar to that proposed for the Ohio project. The capital cost of the Aliaga project is expected to be US$106million with production commencing in mid 2008.

The development of the plants in Turkey and Ohio and the refurbishment of the Big River Zinc facility are expected to require total capital expenditures of about US$303million, including contingencies. The company is investigating various financing strategies including participation by one of ZincOx's largest shareholders, Teck Cominco. In December 2006, Teck Cominco, the world's second largest zinc mining company, increased its interest in ZincOx by 3.5% to 11.5%. Commenting on the financing, Andrew Woollett said 'There are a number of attractive financing options available to us, including the early sale of the future Shaimerden deferred payments, and we are optimistic that we will be able to develop these projects without a major issue of new equity.' chairman Andrew Woollett said.

[dosto]

Gold Hawk announces Coricancha mine start up
Source: Edited Press Release


Gold Hawk Resources Inc. (TSX VENTURE: CGK) Tuesday announced the start of commissioning of its wholly owned Coricancha gold-silver-zinc-lead-copper mine and processing facility in Peru.

The underground mine development program was accelerated with the arrival of the first order of mining equipment in January. While commissioning work is progressing in many areas in the processing facility, we are pleased to announce that the first lead and zinc concentrates were produced during this past week, and build-up of the bacteria for the BIOX circuit, used for the recovery of gold, has been initiated.

The company is undertaking a full scale employee recruiting campaign with most of the senior staff in place. The present workforce of 260 workers will be increased to approximately 600 people by April 2007.

As previously announced, the mine and mill are expected to be in full production at the rated capacity of 600 tpd in April, 2007. Management is currently examining the feasibility of expanding the operation by up to 50% from the existing capacity of 600 tonnes per day.

The Company is currently in a strong financial condition with cash of $10.9 million.

Coricancha mine has a total measured and indicated mineral resource of 652,818 metric tonnes averaging 0.209 oz/t gold, 6.46 oz/t silver, 3.18 % lead, 3.85 % zinc, 0.44 % copper.

Gold Hawk is a Canadian natural resource company, based in Vancouver, B.C., engaged in the exploration, development and operating of precious and base metal mines. In addition to 100% ownership of the Coricancha Mine in Peru, the Company has exploration properties in Peru and Canada (Quebec).

[dosto]

Zinc

Posted: Thu, 01 Mar 2007
[miningmx.com] -- ZINC prices are forecast to average $3,307/tonne in 2007, said Numis Securities analyst John Meyer. This is compared to the $4,070/tonne predicted by consultancy Brook Hunt.


The three-month LME zinc contract averaged $3,251 in 2006.

Brook Hunt's forecast anticipates a global supply shortfall, excluding China, of 500,000 tonnes this year. It said stock draw down could cover 100,000 tonnes and that China could have an estimated 500,000 tonnes of zinc available for export.

"In our view these figures released by Brook Hunt imply a balanced market in 2007, versus one that was in deficit in 2006. There appears to be a growing supply of zinc to the market from a number of small mines, particularly in China, encouraged by the strong prices of last year," Meyer said.

"We feel that it is possible that this supply source has been underestimated, which implies that Brook Hunt's outlook for 2007 pricing could be overly optimitistic," he said in a note.

"Zinc inventories, following a continued decline since 2005, appear to have now stabilised and even been on the increase. This is further evidence that the supply shortage may be easing. Although current LME stock levels (at 94kt) are equivalent to only around a week's worth of supply," he added.


Nun warten wir mal wie sich der Markt entwickelt und welcher
der meinungs-Gurus recht hat.

[dosto]

12.01.2007 - 12:20 Uhr
Goldman Sachs erwartet schwächere Zink-Fundamentals
SYDNEY (Dow Jones)--Die fundamentale Lage am Zinkmarkt wird sich nach Ansicht von Goldman Sachs in diesem Jahr abschwächen, denn die Zeichen mehrten sich, dass eine Reaktion der Angebotsseite zu einem globalen Metallüberschuss von 85.000 t führen werde. Für 2008 wird sogar ein Anstieg auf 160.000 t erwartet. Angesichts der weltwirtschaftlichen Entwicklung seien die Nachfrageaussichten für Zink bestenfalls gemischt, meint Goldman Sachs weiter. Viele Analysten sähen das Metall zwar in diesem Jahr als starken Performer und begründeten das mit Angebotsmangel und niedrigeren Lagerbeständen. Jedoch stünden im Verlauf von 2007 Minenreaktivierungen zu erwarten, durch die 200.000 t Produktion hinzukämen. Dazu gehöre ein zusätzlicher Output von 90.000 t in der Mine Mount Isa von Xstrata sowie eine steigende chinesische Zinkproduktion, durch sich die Knappheit am Markt erheblich entspannen dürfte. Im Lauf von 2006 hatte sich Chinas Output von Zink wieder erholt, wodurch das Land erneut zu einem Nettoexporteur dieses Metalls wurde.

Goldman Sachs meint, die bessere Verfügbarkeit zeige sich möglicherweise bereits am Markt, denn die Bestände in den Lagerhäusern der Londoner Metallbörse hätten nach zwei Jahren rückläufiger Entwicklung wieder zu steigen begonnen. Gleichzeitig sei die Backwardation zwischen den Drei- und 15-Monats-Kontrakten in den vergangenen Wochen drastisch von mehr als 25 USD/t auf knapp über 10 USD geschrumpft. Allerdings mache das niedrige Lagerniveau den Markt extrem anfällig gegenüber Lieferstörungen, gibt Goldman Sachs zu bedenken. DJN/DJG/bdz/12.1.2007

[dosto]

Another Commodity Hedge Fund Rumored To Be In Trouble
Copper and zinc prices tumbled this last week in volatile trading after a report that a $1billion UK base metals hedge fund suffered losses of about 20 per cent in January. The report sparked fears another Amaranth-like debacle may be in the making.
Zinc fell as much as 12 per cent on the London Metal Exchange in a day — the sharpest one-day plunge in 18 years. Copper, meanwhile, dropped as much as 6.3 per cent.

Part of the downward push came in response to a report in The Wall Street Journal that said Red Kite Metals LLC, a metals hedge fund launched in October, 2004, by Red Kite Management Ltd. of London, has sustained losses from falling metals prices.

The losses prompted the fund to ask investors in a January 31 letter to agree to extend the amount of notice they must give before withdrawing money from the fund to 45 days from 15. That is a defensive tactic hedge funds can employ if they are expecting a mass exodus by investors, because it gives them more time to sell positions and reimburse investors. The Journal report also said that as of January 24, Red Kite was down about 20 per cent for the year, citing an "unofficial estimate" the fund gave to one investor.

Copper prices fell about 20 per cent last month. David Lilley, one of Red Kite's three partners, reportedly said in Shanghai last month that, with copper prices down sharply, it was a good time to buy. He also said the metals fund had risen to $1 billion from just $50 million at its launch.



zur Erinnerung, die 45 Tage sind nun vorbei.

[dosto]

Print article

Free Base Metals newsletter
1 March 2007

Buyers will pay even more than they planned in 2007
Source: Purchasing



See also
Base Metals Board
Base Metals Catalog"Price containment has been a challenge," a senior buyer of nonferrous metals reports from Florida. "The upward pressure is growing."

He's correct, according to market analysts, who have changed their minds and now see transaction prices for nickel, zinc, tin and lead increasing to new annual average highs in 2007. Reason: Expectations of supplies creating market surpluses are being toned down until at least 2008.

The metals mavens say that global economic activity is likely to remain brisk in 2007 despite some cyclical headwinds in North America and Europe. That will maintain growth in demand for stainless and specialty steels used in machinery and construction and coated carbon and alloy steel used in consumer goods and commercial products. And then there's China. After four years of double-digit growth, the economic forecasters now expect China's growth to cool slightly just below 10%. Still, that will be enough to keep global nonferrous demand and prices elevated.

Rising inventories at the various commodity exchanges late last year convinced many analysts that global demand had slowed sharply in the fourth quarter, setting the stage for their 2007 forecasts of supply growing and prices heading for decline. But, as the new calendar year started, threats of supply disruptions from labor strife in Canada, Indonesia, Australia and elsewhere rekindled sourcing worries and triggered stronger-than-expected prices for zinc, nickel, and tin.

Analysts now suggest that world nickel, tin, and zinc supplies could stay quite tight through midyear. "That's why nickel and tin, especially, have been setting fresh price highs lately," says analyst William Adams at BaseMetals.com. "Ongoing concerns over supply seem to be the main driving force in pricing of these two metals."

A report authored by the Global Nonferrous Group of analysts at Merrill Lynch & Co. also projects that nickel and zinc demand growth could outpace the expected supply expansions for these metals.

Base metals prices rose sharply on the London Metal Exchange (LME) in January, and then fell sharply in early February. Although still high, early first quarter prices of the alloying and plating metals have been erratic – reacting downward to economic reports of weakened manufacturing or reacting upward to the reports of de-stocking at warehouses. "There seems to have been good levels of trader and investor buying underpinning the market," says Adams, "but the end-use buyers appear to have been in no hurry to chase even-higher prices."

It's not that buyers ever want to pay higher prices but the nonferrous pricing spike of 2006 generally was unexpected. That's why the global materials manager for a tire maker in Ohio is especially upset that the price of zinc, which averaged $2.04/lb the fourth quarter, was twice the $1.02 cost of the first quarter of last year and better than three times the 64¢ cost of 2005. The purchasing manager for a car key manufacturer in Georgia also is peeved about zinc deliveries, but not the price (which slipped to $1.72 in January).

About 75% of the zinc alloying and coating metal used nationally is imported and "deliveries are becoming a big problem," he says, "since the leadtimes from offshore have become long." A buyer at an auto parts manufacturer in South Carolina agrees that "buying from foreign suppliers can be difficult, because they do not give the same type of customer service and as a result the leadtimes of materials are horrible."

U.S. geological survey commodity reports note that 55% of the total zinc consumed in the U.S. is used in galvanizing, 21% in zinc-based alloys for die casting, 16% in brass and bronze smelting and 8% in myriad other applications. That's pretty much the ratios offshore as well, where global zinc consumption grew by almost 4% even though North American and European use slipped from 2005 volume.

Slowing economic growth and high zinc prices are reducing zinc consumption in the U.S. This is evident from galvanized steel production cutbacks in response to slower growth in the construction sector and a weak automotive sector. Still, strong U.S. non-residential construction is more zinc-intensive than is home-building. However, worldwide, zinc prices are likely to push higher in 2007 from the February pricing of around $1.50/lb, as supplies are likely to remain tight. It is believed that the world zinc market recorded a supply deficit of 500,000 metric tons in 2006.

"Overall, robust demand growth in China has been the driving factor behind the increase in 2006 and early 2007 consumption," says analyst Daniel Brebner at UBS Securities' London office. "Besides, the U.S. now has only a limited impact on overall zinc demand (since) China's share of global zinc consumption is 2.6 times bigger than that of the U.S."

Also bullish on zinc is Patricia Mohr, a vice president and commodity market research economist at Scotiabank in Toronto, who says that with global consumption surpassing supplies, "zinc prices are likely to stay high in the first half of 2007, before significant mine expansion begins to trim prices in late 2007 and 2008." Brebner agrees that "strong demand growth, supply shortfalls and falling stocks have prompted market tightness, which will continue to translate into price strength in 2007 – with a peak in the first half of the year supported by stocks at historical lows."

Although refined consumption growth in 2007 will be softer than that in 2006, stocks have been drawn down to such low levels that the global refined market is now heavily dependent on China being able to significantly increase its exports of refined zinc to satisfy global demand for metal, says an analysis by Brook Hunt & Associates in London. Demand will ease as a result of high prices, eventually, but a market surplus won't become apparent until 2008, says Helen Henton, head of commodity research at Standard Chartered Bank in Johannesburg, South Africa.

World stainless steel prices are 95% higher than a year ago. What's behind the price hikes? The continued rise in the price of nickel, chrome and cobalt alloys that make stainless corrosion resistant; nickel alone is selling for 177% more than a year ago. That's partly because world nickel mine production was at an all-time high in 2006, but didn't keep up with demand. Austenitic (nickel-bearing) stainless steel accounts for two-thirds of global primary nickel use. Stainless steel production accelerated and remained strong during the second half of 2006 to reach almost 28 million metric tons in 2006, a rise of 15% from 2005, according to the International Stainless Steel Forum.

Strong nickel consumption growth is forecast this year and next, because of continued robust growth in global output of stainless steel – and expanded output of superalloys. When combined with reasonably constricted supply growth, the market is projected to continue the growth in already record-high nickel prices.

Mohr says that "China's enormous growth in stainless steel production is likely to continue in 2007 by a projected 35%." Of the 32 commodities covered in Scotiabank's commodity pricing index, "nickel was the top performing commodity in 2006 – climbing an extraordinary 159% over the past year." Mohr forecasts that "a super-cycle is expected in nickel, with prices staying strong through 2008."

U.S. Geological Survey commodity analyst Peter Kuck says that mergers and acquisitions have completely changed the structure of the global nickel industry since 2004 – and trigger concern among buyers that global demand for the metal will outstrip supply long before key, new mining projects can be completed.

A tight nickel market is in prospect until 2009, agree other analysts, who point to start-up delays at new mining/smelting operations at Ravensthorpe in Australia and Goro in New Caledonia. Several other companies are having startup issues with various forms of acid leach technology to recover nickel at greenfield sites in Cuba, Guatemala, Indonesia, Kazakhstan, Turkey, and the Philippines.

That's why the Brook Hunt analysis projects a deficit nickel market in 2007-2008, keeping prices at a peak in 2007 – with only some moderation anticipated from 2008 onwards. By then, Kuck of the Geological Survey says five automobile manufacturers plan to boost nickel demand in the manufacture of nickel-metal hydride (NiMH) batteries to power their gasoline-electric hybrid vehicles for the 2008 and 2009 model years.


Alloying and plating metals
(annual, world spot average, ¢/lb)
Nickel Zinc Tin Lead
2000 392 51 247 21
2001 294 43 205 22
2002 338 39 203 23
2003 437 38 222 23
2004 628 48 386 40
2005 666 64 335 44
2006 1102 148 397 58
2007/F* 1360 170 401 59


Ein langer Artikel

bei dem mir letzte Zeile wohl am nachhaltigstens in Erinnerung bleibt.

der Average für 2007 liegt zum Teil deutlich niedriger,
als der heutige Spotpreis.
Was müssen wir daraus schließen?
Nehm mers mal zur Kenntnis. Zahlen rennen nicht davon.

[dosto]

Ich wills nicht verheimlichen,
mir lag ein Artikel eines Aussie-Brokerhauses vor.
Die waren sehr bullish für Zink eingestellt.
Leider ist er irgendwo auf dem Computer vergraben und
ich find ihn nicht.

Aber auch die untere Post.
Man kann sehen, auch diese Leute sind bullish fürs Zink.

Die Lager sind gespalten,
also jeder darf nun seinen Sinn und Unsinn zum Zink
als Senf dazusagen.

Ich will hier Fakten verfolgen.

Fakt

Lagerbestan:

Anfang Januar 90.275
Anfang Februar 98.525
Anfang März----93.525


also weniger als im Vormonat,

aber immer noch mehr als zu Jahresbeginn.

Noch kein Trend, das Bild ist uneinheitlich.

[dosto]

Metalico reports record year; Solid gains in revenue, Operating income and earnings per share
Source: Press Release
Metalico, Inc. (AMEX:MEA) Friday reported its best year ever, with increases in revenues and operating income for 2006 compared to 2005.

Net income for the year ended December 31, 2006 was $10,048,000 or $.39 per share on sales of $207,655,000, compared to net income of $5,589,000 or $.23 per share on sales of $155,237,000 for the year ended December 31, 2005, both on a diluted basis. These results represent an increase in sales of $52,418,000 or 34% over the 2005 results. Operating income for 2006 increased $5,465,000 or 39.8% to $19,183,000, compared to $13,718,000 for 2005.

Metalico's Scrap Metal segment enjoyed year-over-year unit volume increases of approximately 16% for ferrous and 7% for non-ferrous. The Lead Fabrication segment experienced approximately 5% higher year-over-year unit volume. Non-ferrous metal prices saw an increase of 51% year over year, while prices for ferrous and fabricated lead products also rose year over year by 7% and 11%, respectively.

The Company's Scrap segment experienced a 68% increase in operating income while the Lead Fabrication segment increased operating income by 12%. Net income for 2006 benefited from a lower effective tax rate of 35% (versus 40% for 2005) due to state investment tax credits earned for operating and investing in approved enterprise zones.

Fourth-quarter sales increased by 25.1% to $47,757,000 in 2006, compared to $38,172,000 in the prior year's fourth quarter. Operating income for the quarter ended December 31, 2006 was $2,078,000, compared to operating income of $3,495,000 for the quarter ended December 31, 2005, a decrease of 40.5% due to higher operating costs.

Net income for the fourth quarter of 2006 was $1,824,000 or $.07 per diluted share compared to net income and diluted earnings per share of $955,000 and $.04 respectively. A decrease in the Company's income tax expense of $1,041,000 in the fourth quarter of 2006 from the comparable period for 2005 was principally responsible for the increase in fourth-quarter net income.

In May of 2006, the Company sold substantially all of the lead smelting assets of its Gulf Coast Recycling, Inc. subsidiary, in Tampa, Florida, and exited the lead smelting business. For the year-ends December 31, 2006 and 2005, the Company has reclassified the operating losses of Gulf Coast to discontinued operations.

"Our record financial performance in 2006 resulted from solid year-over-year unit volume growth across all commodity products sold and continued pricing strength in non-ferrous metals," said Carlos E. Aguero, Metalico's President and Chief Executive Officer.

"In addition, we improved our net working capital, reduced total debt by more than one-third, and significantly improved shareholders equity. A stronger balance sheet will enhance our financial flexibility as we continue executing our strategy of growth through acquisitions and internal development projects while diversifying our mix of commodity metal revenues."

EBITDA (*defined below) for 2006 was $23,793,000, an increase of $6,198,000 (35.2%) over $17,595,000 of EBITDA reported for 2005.

Metalico's outstanding debt fell to a total of $18,502,000 as of December 31, 2006 from $29,318,000 at December, 31, 2005, a decrease of 37% or $10,816,000, even after financing approximately $9,861,000 in capital expenditures. Shareholders' equity increased by 32% or $17,588,000 as of December 31, 2006 to $72,599,000, from $55,011,000 as of December 31, 2005.

The Company's results also reflect the consolidation of its investment in AgriFuel Co., a biodiesel development company.

As of December 31, 2006, Metalico had 11,754,688 common shares issued and outstanding and 14,372,187 non-trading preferred shares (exchangeable for common at a one-to-one ratio) outstanding, for a total of 26,126,875 common equivalent shares outstanding as of that date. The company's preferred stock is held principally by the financial institutions that financed Metalico at its inception.

Since December 31, 2005, 4,006,421 freely trading shares of Metalico common stock have been issued from the conversion of 2,645,684 preferred shares (including 507,213 shares converted in 2007) and the exchange of convertible debt for another 1,360,737 shares.

Metalico, Inc. is a rapidly growing holding company with operations in two business segments: ferrous and non-ferrous scrap metal recycling, and fabrication of lead-based products. The Company operates six recycling facilities through New York State and five lead fabrication plants in four states. Metalico's common stock is traded on the American Stock Exchange under the symbol MEA.