The acquisition of the tenement, with associated data, will improve the company's asset base as it moves towards the monetisation of its core iron
We are investing in an integrated worldwide production and logistics system, aiming to enhance the company's capabilities of generating customised solutions for clients, by shortening the distance between our core iron
ore mines in Brazil and the growing demand from consumer markets in the Middle East and Pacific Asia," he added.
According to the vendor, the divestment is in line with its strategy to concentrate on the development of its core iron
It is engaged in a wide variety of business areas including electronics and consumer goods in addition to the core iron
, steel and industrial materials.
The sale of our Albion facility allows us to concentrate on our core iron
casting and machining capability," Grimm said.
For the year to March 2002, all the major steelmakers but Kawasaki estimate overall sales to dip in fiscal 2000 with sluggish sales in their core iron
and steel businesses.
Commenting today, Ben James, Baobab's Managing Director, said: 'The Company's decision to add value on site through the production of pig iron is due to the Project's unique and strategic position at the confluence of core iron
and steel making commodities, namely iron ore, coal, power and water.
This arrangement allows Dynasty shareholders to retain an interest in these greenfield projects without Dynasty losing focus on its core iron