Newcastle’s Forex And Mining Landscape: Strategies For Financial Success


Newcastle’s Forex And Mining Landscape: Strategies For Financial Success – Abu Dhabi’s AD Ports Group has signed a memorandum of understanding (MoU) with the world’s largest iron ore and nickel producer, Vale, to develop a mega facility on local land at Khalifa Port for industrial facilities that produce low carbon products for steelmaking. industry for domestic and offshore markets.

The facility to be built will allow large valemax vessels to call in the Middle East with the capacity to handle up to 50m tonnes of cargo per year.

Newcastle’s Forex And Mining Landscape: Strategies For Financial Success

Newcastle's Forex And Mining Landscape: Strategies For Financial Success

That’s about 125 well-attended trips a year. Where does this come from? Where will the ships come from? Does Abu Dhabi have the steelmaking power to do this? What do they do? Where does it go? Why haven’t I heard of steel products being exported to Khalifa before? Why haven’t I heard of Caliph’s foreign metal before? When will Mega Hub be ready?

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So I checked out the website for Abu Dhabi Ports Group (AD) and to be honest I was none the wiser. Yes, there was an announcement but it seemed vague and focused on – as is the spirit of the times – low carbon products for the steel industry “with a significant reduction in emissions of CO2.”

In all of this there was no mention of when the work would begin, let alone be completed, in fact there is no time at all except for the following:

The Mega Hub project contributes to Vale’s commitment to reduce its Scope 3 emissions by 15% by 2035. In addition, Vale wants to reduce its total Scope 1 and 2 emissions by 33% by 2030 and to net zero by 2050, in line with the Paris Agreement. A consensus, leading the evolution towards sustainable mining.

So maybe I missed something Khalifa? Next was to look at steel production in Abu Dhabi, especially the emirates steel arkan. They make steel billet, wire rod, rebar, pipes, sheet qubus, H bars etc., it seems like 3.5 million tons of goods per year, I think a lot for the industry of construction. It must be a smart estimate because they also manufacture cement (4.6 million tons), concrete products and arkan bags (used to store building materials such as cement, dry gypsum mortar and chemicals some dry).

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So the Khalifa has to put a hell of a lot of steel in the sea? Of course not. According to AXS Marine, in 2022 it was only 174,046 tons, which is one capesize. But what about steel exports? None, unless included in the ‘n/a’ column, which was 417,024 tons, a grand total of eight supramaxes. I’m not sure if these numbers are completely accurate, but they show the pressures on the open stock market. I can’t find any official import or export figures, but that doesn’t mean they aren’t out there somewhere.

However, the biggest purchase is bauxite, about six million tons of it last year, and all of it comes in capesizes, and from Port Kamsar. (For those of you who think that kamsarmaxes are still the largest bauxite export vessels from Port Kamsar, think again.) Also, all this must be used in the local construction industry because the operation of Al Emirates Aluminum’s Taweelah can produce 1.3 million tonnes per year. , and is the world’s largest single-site producer, but there do not appear to be any exports of aluminum (unless it is also included in the ‘n/a’ column).

Yes, I may have missed something, but nothing as big as a dry stock market. But the questions remain: where and how will the various steel industries in the proposed industrial complex use 50 million tons of steel worth 50 million tons? And does this announcement have any chance of coming true?

Newcastle's Forex And Mining Landscape: Strategies For Financial Success

As a football supporter of a UK club not supported by a Gulf country, with a tendency to grumble about unlimited resources, I guess I can say that money can get you anything if you use it. -have enough of it. But the MoU is just that: a memorandum of understanding. It doesn’t cost much to organize (a few long flights, a few press releases, a few computer graphics) and then you can enjoy the glory of success without doing anything.

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And the press release – focused on air reduction for another company, in another country – Vale in Brazil – looks self-indulgent. Scope 3 emissions are those produced by material activities that are not managed or controlled by Vale in this case, but indirectly affect the value of the chain.

But maybe I’m too sad, because in November last year three more MoUs were signed between Vale and official organizations in Saudi Arabia, UAE and Oman:

Vale is building and operating concentration and briquetting plants in hubs to provide a secure supply of high quality composite products; local parties will be responsible for the construction of infrastructure; and investors and / or buyers are expected to build​​​​​​​​ and directly operate reduction plants and lower HBI for export sales or domestic markets, said the statement.

HBI stands for Hot Briquetted Iron, and it replaces coking coal and pig iron in blast furnaces, and can be used in electric furnaces instead of scrap metal. But it is made of steel alloy at a temperature above 650 degrees centigrade, and this temperature is achieved by using a lot of natural gas. HBI production using natural gas emits approximately 60% less carbon dioxide than pig iron production using a traditional blast furnace, and in the future the replacement of natural gas with hydrogen and the use of renewable energy can completely eliminate carbon. But that is still far away.

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But follow this process: coal and raw iron are blasted to make pig iron, which is then further processed into other steel products. HBI is made by blasting it at high temperatures using LNG and then putting it in a blast furnace or an electric furnace to make metal products. This is not mentioned in the press release, and there is no energy used to make metal products, and no emissions involved.

Iron ore will move in bulk to the UAE (along with Saudi Arabia and Oman) to form HBI.

Natural gas is – initially, and probably indefinitely – going to be the main source of energy for making HBI and working it down the production line.

Newcastle's Forex And Mining Landscape: Strategies For Financial Success

There is no doubt that the Middle East has abundant hydrocarbon resources. It also has a lot of sunlight, and the supply of solar energy can be further developed on unusable land. They have a lot of unusable land that could be used industrially, perhaps using renewable energy sources to make hydrogen and other carbon-free fuels. It can happen.

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So, while I can’t believe – if I’m honest with myself – the brave new world presented in these abstract press releases, something interesting is being done on the drawing board: the development of ships, shipping, industry, bulk goods, bulk goods. power, more money.

In the debates about the FIFA World Cup, Manchester City, Paris St Germain and Newcastle, perhaps we do not keep our eye on the ball with the property markets and possible changes in business practices, business centers and industrial centers. Dubai is becoming a major business hub and it’s not about Russian companies leaving the countryside, tax breaks or oil. This ocean team is growing, and other established institutions are taking notice. This may not be news to you, but it made me think more deeply about how progress towards decarbonisation can take a circuitous and unclear path. And it will certainly affect the delivery of goods.

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