G4G Resources and IMBS (Pty) Ltd Sign Joint Venture Agreement for the Conversion of Iron Ore Fines Into Hot Briquetted Iron
July 7, 2008
July 7th (Marketwire) – G4G Resources Ltd. (TSX VENTURE:GXG) (“G4G”) and Iron Mineral Beneficiation Services (Pty) Ltd (IMBS) announce the signing of a joint venture agreement for the use of the FinesmeltTM technology developed by IMBS. G4G will joint venture with IMBS to deploy the patented technology in North, Central and South America and by agreement in other global jurisdictions.
The basis of the joint venture agreement is for G4G to secure suitable resources and complete due diligence studies, whereby IMBS will determine the suitability of the iron ore resources through the laboratory scale FinesmeltTM test plant in South Africa. When the suitability of a resource is confirmed, G4G and IMBS will form a joint venture company on an equal participation interest and license the technology therein. All future costs and expenses will be shared equally in the preparation of a bankable feasibility study (BFS) and any and all future development costs.
“The agreement with IMBS fits very well with G4G’s strategic objectives to produce iron ore and saleable iron units. FinesmeltTM is a unique process that converts otherwise waste iron ore fines into hot briquetted iron and pig iron. The IMBS technology utilizes thermal coal in the reduction process whereas other processes use higher priced coking coal,” stated Peter Arendt, President and CEO of G4G resources Ltd. “The joint venture with IMBS is a strategic relationship which compliments G4G’s iron ore projects in Sweden and adds additional value to shareholders.”
IMBS has developed and is the beneficial owner of intellectual property for the conversion of iron ore fines and super fines (hematite and magnetite) into metallic iron units (hot briquetted iron) without agglomeration. It is the intention of G4G to acquire iron ore resources in North, Central and South America. The G4G management team is well equipped with all the necessary skills to determine the suitability and viability of these projects and bring them into production.
G4G also intends to evaluate the suitability of FinesmeltTM on iron ore from mineral properties being developed in Sweden. G4G plans to drill a total of 3,000 metres during 2008 on properties under option from Teck Cominco Limited’s wholly owned subsidiary TCL Sweden Ltd. (“TCL Sweden”), located in the Norrbotten District of northern Sweden. (Refer to news releases of March 31, 2008 and June 10, 2008). Norrbotten is a world-class mining district which hosts the Kiruna and Malmberget iron ore mines.
The Geological Survey of Sweden (SGU) estimates that three of the properties under option (Masugnsbyn, Vittangi and Vathanvaara) have a combined resource of 134.2 million tonnes of iron ore grading between 25% and 39.7% Fe. (Note: The historical resource numbers for the properties have not been verified by a Qualified Person under NI 43-101).
The largest historical resource reported by the SGU is 60 million tonnes of near surface skarn ore at 25% to 30% Fe at the Junosuando occurrence on the Masugnsbyn property. The primary objective of the 2008 exploration program is to upgrade the Junosuando resource to the NI 43-101 compliant category. Following the confirmation of the NI 43-101 resource, G4G intends to immediately begin work on evaluating the suitability of Junosuando ore as feedstock for the FinesmeltTM process, as well as associated engineering studies.
“With the iron ore resource in Sweden and the strategic partnership with IMBS, G4G has the potential to confirm a sizeable iron ore resource and produce hot briquetted iron and pig iron within a relatively short period,” continued Mr. Arendt. “This is a major objective and the Company is focusing its efforts on confirming the viability of producing iron ore and saleable iron units as quickly as possible.”
The exploration program described in this news release is being conducted under the supervision of Mr. Christopher K. Hutchings, P. Geo., who is the qualified person as specified in National Instrument 43-101 for technical disclosure. Mr. Hutchings has reviewed and approved the technical information contained in this news release.
July 5, 2008
July 5th (Steel Guru) – It is reported that BISAN will establish a JV dedicated to developing and commercializing methods for palletizing and briquetting coal and iron ore.
As per report, the new company called Size Technologies Australia will take over the palletizing technologies which had been owned and developed by Dr Len Breytenbach of South Africa.
Dr Breytenbach will apply his expertise in coal and mineral ore agglomeration to the company, of which he and other investors own 50%. The other 50% is owned by Bisan.
The new company will build two coal briquetting pilot plants and one iron ore palletizing pilot plant, and Dr Breytenbach will relocate an existing palletizing pilot plant, briquetting machine, building and office to the STA site.
June 12, 2008
June 12th (Steel Guru) – BNamericas reported that Venezuelan iron ore and pellet producer Ferrominera Orinoco has 1 million tonnes of iron briquettes ready to send as raw material to local steelmaker Sidor.
An Ferrominera Orinoco executive told BNamericas that “This became possible once operation of the Opco briquette plant fell into the hands of FMO adding that practically all of Opco’s output is being earmarked for the recently nationalized Sidor plant.”
In June last year Ferrominera Orinoco assumed control of the Opco briquette plant following the expiration of its contract with Japan’s Kobelco. This allowed Ferrominera Orinoco to add briquettes to its production, on top of iron ore and pellets.
Ferrominera Orinoco has capacity of 1 million tonne per year briquettes at the Opco plant and plans to increase output to 1.4 million tonne per year in two years.