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: arcelor, sail, essar, thyssen, nippon-sumitomo, teck
MUMBAI -- An Indian court Tuesday rejected a 540 billion rupee ($7.6 billion) settlement offer made by the owners of Essar Steel to counter ArcelorMittal's bid for a company whose bankruptcy filing sparked a bidding war.
The National Company Law Tribunal said Essar's creditors are correct in not accepting the controlling Ruia family's offer even though it is higher than the 420 billion rupees being offered by Luxembourg-based ArcelorMittal.
The world's largest steelmaker was the sole eligible bidder for Essar Steel but plans to run the business through a joint venture with Japan's Nippon Steel & Sumitomo Metal. ArcelorMittal's offer had the support of lenders, including State Bank of India. But the Ruias' last-minute bid to exit the bankruptcy process cast doubt on the sale.
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It looks like Team "Arcelormittal and Nippon Steel & Sumitomo Metal" will be victorious in India in snagging Essar Steel.
And Arcelormittal has a deal with Sail(Steel Authority of India LTD)
https://www.metalbulletin.com/Article/3582426/ArcelorMittal-Sail-auto-steel-jv-to-begin-production-in-India-by-mid-2019.html
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And the same TEAM did this back in 2013 in the USA....
https://corporate.arcelormittal.com/news-and-media/press-releases/2013/nov/29-11-2013
ArcelorMittal acquires ThyssenKrupp Steel USA
with Nippon Steel & Sumitomo Metal Corporation for US$1,550 million
Luxembourg, Friday 29 November 2013 - ArcelorMittal today announces that it has entered into a 50/50 joint venture partnership with Nippon Steel & Sumitomo Metal Corporation (“NSSMC”) to acquire 100% of ThyssenKrupp Steel USA (“TK Steel USA”) from ThyssenKrupp for an agreed price of US$1,550 million.
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Outokumpu is right next door in Calvert Alabama to Team Arcelormittal-Nippon Steel & Sumitomo Metal.
Back in 2013 we saw this merger in Calvert Alabama between outokump and Thyssenkrupp
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And in 2017 , Thyssenkrupp opened up shop in Sudbury
https://www.northernontariobusiness.com/regional-news/sudbury/thyssen-mining-sets-up-shop-in-sudbury-826531
Back in October 2017, one of the world's oldest mining companies set up an office in Sudbury. Thyssen Mining's goal was simple: the company needed a base of operations, and with development of the Ring of Fire chromite deposit imminent, they wanted that base to be in a mining hub.
Greater Sudbury seemed the natural choice.
"There's a lot more action going on (at the Ring of Fire) than most people think,” said Tom Reid, who leads Thyssen's local office.
“We have been having meetings — I can't get into details — but things are moving much better there than people think. I'm optimistic that a mine will go into construction there no later than 2020.
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Any guesses about the future plans of Essar Steel Algoma? I wonder what Bain Capital and Goldentree Asset management are planning.
Also, can't seem to get my mind off of Teck Resources. They too have a deal with Sail for Coking Coal. And Teck has two people from Sumitomo Metal mining on their board of directors.
And there is this:
https://www.teck.com/operations/canada/operations/elk-view/elkview
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Things are shaping up nicely for 2019
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