HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
Message: Essar Steel Algoma wrestles with operational challenges - Report
Just more reasons why Algoma needs to end these CCAA proceedings....and soon. This situation coupled with the Noront Ferrochrome Plant announcement, and the road to the Ring assurances hopefully will all align with the stars at the same time, and give us the boost we need before the Ontario election takes place. Kathleen and gang have been way too quiet about the ROF, so I am assuming once The Legislature resumes talking about all things ROF related we should see a number of these issues addressed over the coming months....I also get the feeling we may also see another PDAC announcement in March to garner support for the Liberals....They would be foolish not to take advantage of this opportunity, it has done well for them in the past, so I am banking on their presence this year.....GLTA.
https://steelguru.com/steel/essar-steel-algoma-wrestles-with-operational-challenges-report/499101
Essar Steel Algoma wrestles with operational challenges - Report
Steel News - Published on Fri, 05 Jan 2018
Image Source: Resize.indiatvnews.com
SooToday reported that recent technical issues at Essar Steel Algoma Inc are affecting the company's steel production and shipments, Mr Brian Denega, the court-appointed monitor who's overseen the Sault steelmaker's restructuring for more than two years. The problems, which include water getting into the No. 7 blast furnace, are complicating Algoma's ship delivery schedule and its iron pellet supply agreement with US Steel Corp, court records indicate.The steel mill's recent setbacks began during last summer's rebuild of one of four stoves that provide hot air to No. 7 blast furnace. Originally planned to take "several months," the work took longer than expected because of what Denega describes as "unforeseen construction delays."
Original estimates called for Algoma's steel production to be reduced by about 78,000 tons, resulting in a revenue decrease of USD 60 million and a loss in profits of USD 25 million.
But the rebuild wasn't completed until December, Brenda Stenta, Algoma's manager of corporate relations, tells SooToday.
The blast furnace continued to operate without the troublesome stove, but at reduced levels.
Another iron making production issue surfaced near the end of November.
Mr Rajat Marwah, the company's chief financial officer, said in an affidavit sworn on Dec. 18 that "There was an accidental cooling member failure that caused water to get into Algoma's blast furnace.”
Mr Marwah said that "The accident resulted in the blast furnace being shut down for a number of days in November, further reducing Algoma's monthly steel production and increasing the stockpiles of excess raw materials.”
Mr. Denega reported in his most recent update on the company that "The delayed stove rebuild project, coupled with the production issue described above and certain maintenance work, negatively affected Algoma’s production and shipments in the past several months.”
"As a result, Algoma’s ability to take delivery of certain raw materials as originally scheduled has been moderately constrained as described."
Mr Denega said that "Notwithstanding the above-noted operational challenges, Algoma projects that, subject to receiving the anticipated deliveries between January and March 2018, weather permitting, it will have an adequate store of raw materials to continue operating in the ordinary course during the winter months and into the spring.”
From Nov. 25 to Dec. 15, Essar Algoma and related companies reported combined net cash outflow of USD 16 million, USD 3 million worse than forecast.
Source : SOOTODAY
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