In July 2017, iron ore miners Gibson Hill Company announced the lifting of the Iron Hill (Iron Hill) mine acquisition agreement, the solution is a party in Hebei, China, a business.
Gibson Hill said the reason for the relocation was that the company failed to comply with the basic terms of the acquisition agreement, that is, the purchase of the mine’s first year of iron ore planned production of 1 /
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First, the signing of the agreement
The acquisition agreement was first signed in November last year. On December 23, 2016, the Mountgibson Iron Mine Company of Australia announced that it had entered into a company with Scit Trading Co., Ltd. (hereinafter referred to as “Scit Trade”), a subsidiary of Head & Shoulders International Enterprise Limited (“Chief International”) Iron ore purchase agreement. Under the agreement, the scit trade will purchase 25 percent of the available capacity for the first year of the iron hill in Gibson Hill.
Gibson Hill said the pricing reference to the Platts index, in accordance with the premium and impurity to do the corresponding increase and decrease, and scit trade in the 12-month contract agreement expires after 12 months.
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The agreement is also the third sales agreement signed by Gibson Hill for the Tieshan project, which now sells 70% of its first annual production.
At that time, Gibson Hill hoped that the development of Tieshan mine would begin as soon as possible so that the sales of the Tieshan mine began in the first half of 2017 when the standard hematite stock was produced.
Gibson Hill Chief Executive Officer has said: “This agreement further emphasizes the good relationship between the mountain Gibson and Shougang, Shougang has been our company ‘s strong and reliable shareholders and customers.
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Second, the background of Gibson Hill
The database shows that Gibson Mountain Iron and Steel 1996 in Western Australia Perth was formally established in 2001 listed on the Australian Exchange. China Shougang Group holds 14.20% of the shares of the company.
Shougang Holdings (Hong Kong) Limited holds 47.78% of the shares of Chief International, while Shougang Holdings is fully controlled by Shougang Group. Shougang is one of the largest state-owned steel producers in China and has become the second largest shareholder of Gibson Hill since 2009 through indirect shareholding.
The company has two iron ore projects in Western Australia and the Kimberley area of Western Australia, and the company also has a hematite project in the Gibson Hill area of southeastern Geraldton. The three projects are: Tallering Peak project in Western Australia, iron ore project in Kulan Island and three mines in Izannin Mountain.
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The exploration resources of Istan Xinshan Iron Mine are 1.668 billion tons. The long-term reserves are over 5 billion tons, the average grade of ore is 39.4%, and the grade of iron ore after ore dressing can reach 68.5%. The iron mine was originally the first project of Chongqing Iron and Steel (Zinc Steel) and Asian steel cooperation. But this was called “the most cost-effective, the acquisition of the best quality resources,” but because of the $ 3 billion mining gap is difficult to solve, and ultimately can only choose to sell shares.
According to Gibson Hill official website, the company has a recoverable reserves of 52 million tons, the annual output of 3 million tons. 2011 total assets of 1.56 billion Australian dollars, the income of 670 million Australian dollars, the profit of 350 million Australian dollars.
Third, Tieshan mine profile
Tieshan Mine is located in the western Midwest, only three kilometers from its existing extension hill mine.
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On December 9, 2016, Gibson Hill announced that the Western Australian Ministry of Environment had approved the Tieshan project and said the company expects to begin its work in the first half of 2017.
In the third quarter of 2016, Istan Tan Shan sales of only 71.1 million tons. As an alternative to Istan, the total cash cost of Tieshan is expected to be consistent with that of Izannin Hill.
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Tieshan’s presumption and inferred iron ore resources for the 8.8 million tons level, grade 58.3%.
Based on the current development schedule, Gibson Hill expects the project to contribute between 400,000 and 500,000 tonnes of iron ore in 2016 and 2017 and is expected to be sold at the end of 2018, when all product sales are expected to 5.5 million tons – 600 million tons.
Fourth, the Chinese enterprises repeatedly lost letter
And this termination is not the first time Gibson Hill on the Chinese enterprises default, before Rizhao Iron and Steel had the enterprise to court!
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August 2010, Gibson Hill Rizhao Steel on the grounds of breach of contract to the Japanese claim 114 million US dollars. In October 2011, the two companies announced a settlement and a long-term relationship.
A year later the situation reversed, the steel will Gibson Hill to the arbitration tribunal.
According to Rizhao Iron and Steel, Rizhao Iron and Steel and Gibson Hill in 2011 after the signing of iron ore import contracts signed, but Gibson Hill has not yet fulfilled one of the “garbage ore” contract, after the invalid is forced to bring arbitration, the subject amount of 700 Ten thousand U.S. dollars.
Finally, have to say that Chinese enterprises to do their own at the same time, we must establish their own signs in the international, can not be foreign enterprises pit cheat!
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