Industrial Minerals TV: 17 May 2013
Published: Friday, 24 May 2013
Magnesita weathers economic downturn; rare earths discovered in Rwanda
On this weeks show we report on how Brazils Magnesita has weathered the economic storm, posting growth in revenues and EBITDA across all sectors in its first quarter results.
The companys total revenues for the first quarter were at $306m, up 2% over the first quarter of last year, while EBITDA increased 19% to $57m.
Our reporter on the ground in Morocco last week uncovered that discussions between Morocco and the European Union for a deep and comprehensive free trade area (DCFTA) for phosphate have begun in countrys capital, Rabat.
During the annual SYMPHOS event, taking place in Agadir, it was also announced that DuPont and Moroccos 94% state-owned OCP had signed a joint venture agreement to provide consulting and training services to companies in Morocco and other African countries.
We also take a look at Chinas 12th Five-Year Plan, which highlights that Chinese production of nitrogen and phosphate is expected to exceed demand by 17% and 44% respectively, creating a situation of oversupply by 2015, while potash production will reach 60% of self sufficiency.
Figures presented by Sinofert at the Sulphur World Symposium from the IFA and China Petroleum and Chemical Industry Association, show that since 2005 Chinese fertiliser supply has exceeded demand, a growing trend which is set to continue.
In graphite news, junior Ontario Graphite has said that it has received final clearance from the Ministry of the Environment for the re-commissioning of the Kearney mine in Ontario, while fellow Ontario explorer Northern Graphite Corp. has released a revised resource estimate of almost seventy million tonnes for its Bissett Creek graphite property.
And finally, we report news that rare earths deposits have been discovered in Rwanda, prompting the countrys Ministry of Energy and Natural Resources to invite foreign investors to explore the areas evaluated. A recently-released study into the areas mineral resource was originally aimed to explore known large industrial mineral deposits, including kaolin, silica sand and natural clays. Rare earths were an unexpected surprise!