Jinchuan buys 70% stake in Tiomin Kenya
Chinese mining firm Jinchuan has acquired 70 percent stake in Tiomin Kenya Limited (TKL) in a bid to revive the titanium mining project located in Kenya’s coastal region.
A statement from the Canada-based mining firm, Tiomin, received in Nairobi Wednesday, said Jinchuan acquired the controlling equity interest in Tiomin Kenya, a wholly owned subsidiary of Tiomin that owns 100 percent of the Kwale Mineral Sands Project in Kenya.
The investment agreement which was signed on Monday offers Jinchuan a 70 percent stake in Tiomin Kenya Limited, leaving the Canadian parent with 30 percent.
The statement said Jinchuan is expected to immediately invest $25 million into the mining project to offer it the financial muscle it needs to take off.
“Tiomin Resources is pleased to announce that it has taken a significant step forward and signed an investment agreement with Jinchuan Group Limited, one of China’s largest companies,” the statement said.
The Canadian and Chinese firms hope to mine an average of 330,000 tons of titanium-bearing ilmenite, 77,000 tons of rutile and 37,000 tons of zircon a year from the Kwale Mineral Sands site.
The statement said all net cash flow generated by Kwale will be used initially to repay project debt and thereafter net free cash flow will be distributed pro-rata 70 percent to Jinchuan and 30 percent to Tiomin.
“The transaction is expected to close in about two months and is subject to regulatory and shareholder approval,” the statement said.
Jinchuan is China’s biggest nickel producer and fourth-largest copper producer.
“Closing this flagship deal, which has had such a long and painful gestation period, will be a key event for Tiomin. We believe that the closing conditions can be met in the next two months,” said Robert Jackson, CEO of Tiomin.
He said a 30 percent carried interest in a good project for no further investment is highly valuable to Tiomin particularly given the potential upside of higher commodity prices and exploration success.
“Investors should look at this transaction in the context of the enormous benefit to Tiomin of Jinchuan’s ability to obtain project financing to construct the project,” Jackson said.
“In addition, closing this transaction with Jinchuan will give Tiomin more flexibility to pursue its strategy of leveraging its strong cash position and management team to find and execute an accretive, company-making transaction.”
Shougang output to hit 30m tons in 2012
Shougang Iron and Steel Group expects its annual steel output to reach 30 million tons by 2012, two years after its Beijing facilities are to be shut down, the group’s chairman said Wednesday.
Shougang, meaning “Capital Steel”, was Beijing’s biggest polluter before it began cutting output at its Beijing plants for last year’s Olympics. It is now moving production to a 10-million-ton, state-of-the-art mill on the nearby coast of Hebei Province.
The 21-sq-km new plant in Caofeidian, an islet 220 km east of Beijing, will replace Shougang’s old facilities in Beijing next year, to become the country’s largest steel production base.
“The new plant will produce 9.7 million tons by the end of next year,” said chairman Zhu Jimin at a Beijing assembly commemorating the group’s 90th founding anniversary.
He said the group would further expand production by launching new projects as well as merging and acquiring smaller plants in different provinces.
In its latest expansion plan, Shougang last month acquired 90 percent of the equities of Changzhi Iron & Steel Co, Ltd, a 3.6-million-ton plant in the northern Shanxi province.
“By 2012, we’ll be producing 30 million tons of steel a year, ” said Zhu.
Meanwhile, the Beijing factory site will become a development zone for a wide range of industries including logistic services, real estate development and auto spares production, which will yield an additional 100 billion yuan ($14.7 billion) a year, he said.
Founded in 1919, Shougang is widely considered the flagship of China’s heavy industry. With its production base just 17 km west of Tiananmen Square in central Beijing, however, it has long been blamed for causing heavy pollution as the plant’s chimneys belch out thick clouds of smoke.
Its Beijing plant produced more than 12 million tons of steel annually before it was forced to cut output and pollution in 2007.
Last year, the plant said it cut output and pollution by 70 percent to ensure better air quality for the Beijing Olympics.
CHICO to expand operations in Liberia
A Chinese company operating in Liberia Monday has unveiled its plans for the West African nation, promising to expand its operations in the mining, agriculture, and electricity sectors.
China Henan International Cooperation Group of Companies Limited (CHICO) said although it came to Liberia under an agreement reached with the World Bank and the government of Liberia to construct and rehabilitate roads, it has already began mining exploration in the country.
The company’s Vice Director Liu Shanliang told Xinhua that its team of explorers is in the Western Liberian mining concession area of Bomi, one of the west Liberian counties, and has embarked on massive exploration of the country’s mining concession area in that part of the country.
Liu said the latest exploration started in early 2009, and plans are in the process for the company’s mining exploration to be extended to northern Liberia, where it has requested the Liberian government to allow it to carry out mining at the highly rich mining area of Wologisi, located in Liberia’s biggest county of Lofa.
“We also have plans to engage in agriculture; we intend to bid to do water supply by December this year and repair and construct drainages; engage in power projects and the construction of sub- stations,” he said.
Liu said the decision by the company to carry out all of these initiatives clearly shows that it intends to stay in Liberia for long, as it has been operating in other countries like Senegal, where it has operated since 1980 as well as nations across Africa like Tanzania, Mozambique, Zambia, Namibia and Guinea, where it is currently active.
“We will also in the not too remote future begin oil exploration, “he assured.
Since its arrival in Liberia in 2007, after it won a bid to reconstruct roads in Liberia, CHICO has built most of the roads in Monrovia city and its environs. The company is currently extending its road construction work in Liberia’s interior and according to the Liberian government by the end of the dry season massive operation mainly in the interior side will begin on a full scale.
GM seeks to cozy up with SAIC
A SAIC-GM-Wuling factory in the Guangxi Zhuang autonomous region. GM is in talks with the Guangxi government to boost its holding in SAIC-GM-Wuling to 44.9 percent from the current 34 percent, according to SAIC’s top official. [China Daily]
General Motors (GM), the largest foreign automaker in China, is considering purchasing an additional 10.9 percent stake in the nation’s mini-commercial vehicle sales leader, SAIC-GM-Wuling, said an executive at its Chinese partner Shanghai Automotive Industry Corp (Group), or SAIC.
The SAIC-GM-Wuling venture currently includes GM with a 34 percent share, Shanghai Automotive with a 50.1 percent share and Guangxi government-owned Wuling Motors with a 15.9 percent stake.
The US automaker is said to be in talks with the Guangxi government to boost its holding in SAIC-GM-Wuling to 44.9 percent from the current 34 percent, Chen Hong, president of SAIC, the venture’s biggest stockholder said at a shareholders’ general meeting yesterday in Shanghai.
Shanghai-listed SAIC would retain its 50.1 percent stake, said Chen, indicating that SAIC won’t alter its holdings in the venture.
If the proposed deal goes through, GM would be able to increase its shareholding, leaving the Guangxi government-owned Wuling Motors with a 5 percent stake.
While GM China officials refused to comment on the news yesterday, the vehicle venture has been good for all the parties involved. Just last Friday, SAIC-GM-Wuling announced that it had become the first Chinese automaker to sell 1 million vehicles in a single calendar year. Wuling is the first domestic brand to achieve annual sales of 1 million units.
Boosted by government encouragement of rural residents to upgrade from farm vehicles to more efficient mini-vehicles, SAIC-GM-Wuling has been one of the fastest growing automakers in China, with sales jumping nearly 60 percent on an annual basis in 2009.
In the first 11 months, the venture delivered more than 980,000 vehicles to customers, compared with 647,296 units in 2008.
It is on track to remain China’s mini-commercial vehicle sales leader for a fourth consecutive year.
SAIC-GM-Wuling plans to roll out another two new minivan models next year, said Yang Jie, general manager of SAIC-GM-Wuling Sales Co. It may also contribute to GM and SAIC’s new joint venture in India, which will leverage products and expertise from SAIC-GM-Wuling.
Automobile sales in India may double to 4 million units by 2015 from 2 million units this year, said Chen of SAIC. Indian vehicle sales may rise 12 percent annually in the next few years, he said.
With the government also offering tax breaks for vehicles with an engine capacity of 1.6 liters or less, and subsidies for vehicle trade-ins, these moves are being seen as good news for the automotive industry next year, Chen said. The executive added that he expected total vehicle sales to increase 10 percent in 2010.
China was crowned the world’s biggest auto market this year with over 13 million units sold across the country.
Launched in 2002 in Liuzhou, the Guangxi Zhuang autonomous region, SAIC-GM-Wuling manufactures a range of Wuling brand mini-trucks and minivans as well as the Chevrolet Spark mini-car. It has a second manufacturing base in Qingdao, Shandong province.
Home on the Grange
Grange, the new steakhouse inside the Westin Chaoyang, is worth a try. We understand that walking through a swish hotel lobby can be intimidating if all you’re wearing is your low-key sweats. So put on a nice pair of jeans and powder your nose for this is one steakhouse not to miss.
At the end of your journey, you will be rewarded with a perfectly grilled slab of meat to be paired with your choice of exotic homemade mustards such as hot English, thyme, rosemary and Guinness (yes, we¡¯re not joking, it is indeed Guinness-flavored mustard). You can also sprinkle your streak with gourmet salt and pepper options like Hawaii volcanic salt and smoked salt. Every bite can be a burst of new flavor as there are close to 20 different flavors of mustard, salt and pepper for you to choose from.
The expert team consists of shy Australian Chef de Cuisine Justin Baziuk, confident French Wine Sommelier Cedrick Croas and suave Italian Restaurant Manager Roberto Pettinau. Together, they have their steak down to a science and will deliver a stunning dining experience. The cuts here are only the best, imported from Australia and cooked to your need. Try the Reese¡¯s parfait and order a glass of house wine (Penfold¡¯s Grange) to top off the meal. Average price for two: RMB 600.
Grange
Daily 6am-11pm.
The Westin Beijing Chaoyang, 1 Xinyuan Nan Road, Chaoyang District
010-5922 8888
2008 Autumn/Winter Food Fair in Shanghai
A chef cooks the beefsteak during 2008 Autumn/Winter Food Fair in Shanghai, China on Sep. 17, 2008. Some 150 chefs participated in the fair to show their unique cuisine. (Xinhua/Zhang Ming)
Moon’s Steakhouse
To truly appreciate Moon’s Steakhouse, one must reflect on the background of steak culture in Shanghai. A little less than five years ago, it was hard to come by a traditional steakhouse, other than in 5-star hotels, such as the Marriot Group which offered great steaks but often at 5-star prices. Steaks may be found on many western restaurant menus but the outcome will often be domestically-procured meats that are best served as road-kill.
Thus, it was with fervent anticipation and admiration when Moon¡¯s Steakhouse first emerged into the Shanghai scene four years ago. Tucked away in a remote corner of Xintiandi¡¯s Shopping Mall ground concourse, it could be perceived as a miracle how this steakhouse could survive where many restaurateurs have dropped like flies in this competitive district. However, Moon¡¯s did more than just survive; she flourished and attracted a loyal following of diners who regularly paid homage to the art of steak-hood. (Moon¡¯s Steakhouse was nominated as one of the Top 100 restaurants in Shanghai by Tatler Shanghai)
To the discerning diner, the formula is simple. Does the steakhouse have a good fresh supply of imported cuts and does the chef understand what the red meat lover desire? Today, having a steak is far more sophisticated than just asking for medium rare or well done. The staff at Moon¡¯s will be able to advise you on the variants of choosing a rump, sirloin, and filet mignon or Wagyu rib eye.
There is no other reason to enter a steakhouse than to have steak but Moon’s menu does offer alternative such as grilled salmon and lamp chops. The appetizer selection compromises heavy entrees with a healthy selection of salads and soups. Apparently, the seafood chowder is a signature dish but the seared scallops with a spicy tomato sauce are equally enticing.
Essentially, the menu is straightforward with the focus on choosing your steak and pairing up with your preferred side dishes, ranging from creamed spinach, fries, garlic mushrooms to mash potatoes. For connoisseurs who enjoy a creamy texture, the Australian Wagyu Rib-Eye is reliable.
Wagyu is a breed of cattle naturally predisposed to produce beef that is densely marbled. Often referred to as the ¡°foie gras of beef,¡± Wagyu has an exquisitely tender texture and incomparable, luxurious taste. The most prized beef in Kobe, Japan, where the marbling is so dense that the lean muscle to marbling ratio can reach 9:1, or 90% fat to 10% meat. This Kobe is unbelievably rich ¡ too rich for many palates. Some say it looks like a piece of meat that has been left in a snowstorm ¡ fine strands of lean meat embedded in pure fat.
The key signature steak for Moon¡¯s is the slowly roasted Prime Rib, which comes in the modest 6 ounce Ladies cut or the Moon¡¯s cut at 12 ounce. This kind of slow roasting preparation cannot be done at home, which makes this choice even more worthy. Other steaks are also prepared on their specially designed grill, which ensures a thorough dry grilling effect.
No respectable steakhouse would go without a reasonable wine collection. A tantalizing selection of New World and Old World wines are sold by the bottle with a robust selection of South American merlots and shiraz sold by the glass or carafe. After dinner aperitifs on offer are a selection of liquors and scotches. For the overly indulgent, do not forget to try the cheesecake.
The subtle and soothing setting allows diners to revel in after-dinner conversations. For the sharpened ears, the walls are actually sound-proofed for a previous music lounge before Moon¡¯s Steakhouse took up tenancy. This has a significant influence on subduing conversations, even though neighboring tables are only an arms length away. With a choice of private corners and a private function room, this is an ideal setting for romantic dates or deal cutting corporate dinners.
Overall, Moon’s Steakhouse still stands out as an unpretentious establishment, offering warm personal service. While looming competitors are around the corner, the proof of the pudding still rests in the quality of the steaks and the cooking method. In this category, Moon¡¯s has been consistent with its quality and value for money. Certainly, Moon¡¯s loyal diners are holding high expectations for their second branch soon to be opened at the Swisshotel Grand, Jingan District.
Moon’s Steakhouse
Location: 357 Ma Dang Rd. Block 8, Suite 401-402
Tel: 8621 6326 8532
Foods tailored for life on the grasslands
Mutton is one of the most popular dishes in Inner Mongolia.(China Daily file photo)
Hearty fare abounds in Inner Mongolia autonomous region where even during the summer months, overnight temperatures on the grasslands plummet to low single figures. A recent trip up north allowed me a brief foray into this stomach lining cuisine.
The traditional lifestyle of the nomadic Mongolian herdsman meant a heavy reliance on animal products – meat and dairy products. Starchy staples included wheat, barley, oats and millet in the form of noodles, dumplings and fried grain.
Visitors traversing the Mongolian grasslands today can develop an aversion to the omnipresence of mutton – which features at every meal and scents every yurt. Nevertheless, the quality of the Mongolian meat – thanks to months of the animals chomping on the vast green pastures and drinking fresh water – cannot be disputed.
Free range, grass-fed animals also have a higher content of omega-3 fatty acids in their meat and milk versus those that are barn-fed.
On special occasions, or when wealthy tourists splash out, whole lambs are stuffed with spices and roasted until golden over an open fire (kao quan yang).
The family we stayed with said a whole lamb fetches around 1,000 yuan (147 U.S. dollars) in the market, so understandably this is not an everyday dish.
More commonly, mutton is served as shouba rou – boiled mutton eaten by hand. The mutton, usually from the leg of the lamb, is placed in an iron pot with water and no seasoning and boiled until tender. Once cooked, it is sliced off with a knife and may be dipped into spices or seasoning before being eaten by hand.
Lamb is also minced with vegetables, such as onion and carrot, and used as filling for wheat wrappers to make dumplings known as shaomai. These are then pinched into the shape of pomegranates before being boiled or steamed for a few minutes.
To my mind, Mongolian Hot Pot (huo guo) is one of the region’s most supreme and more balanced meals (depending on the fattiness of the meat you select). Unlike hot pot from other Chinese regions, it lacks the burning spice but is packed with a melange of flavors. Wafer thin slices of mutton, lamb, tofu, greens, noodles and mushrooms can be selected to blanch in the soup.
Dipping sauces of sesame may or may not be provided. Branches of the Mongolian franchise Little Sheep (Xiao Fei Yang) can be found in major Chinese cities such as Beijing, Shanghai and Shenzhen and as far afield as the US and Canada.
The traditional use of milk foods (known as “white food”) in Mongolian cuisine is in contrast to other parts of China which tend to avoid dairy foods. Mongolians have traditionally made use of milk from the five domestic animals they usually keep – sheep, cows, goats, camels and horses.
Dried milk curds are baked in the sun during the summer to make aarul for the winter; the milk from female horses is fermented to produce aireg; and a sour yoghurt called tarag is made. Another typical food is a hard dried cheese called eetsigii.
Milk is a staple drink, served with most meals. In contrast to the recent fad for sickly sweet milk tea seen in many Chinese cities, Mongolian tea is seasoned with salt. Brick tea is brewed with water in a pan, and once good and strong, sheep’s or cow’s milk is added along with a pinch of salt. The milk tea is ladled in bowls. At breakfast and other meals, various forms of bread or you bing (fried pancakes) are dipped into the tea.
Undoubtedly, Mongolian cuisine is high in fat and overall calories, but if you aim to match your consumption of Mongolian goodies with physical activity to rival a Mongolian herdsman, then all should be well!
Mooncakes made by volunteers
Volunteers for the Beijing Paralympic Games show the mooncakes they make at a Paralympics city volunteer stand near the Xidan Shopping Center in downtown Beijing, capital of China, Sept. 11, 2008. Some volunteers made mooncakes to share with other working fellows as the Mid-Autumn Festival, a traditional Chinese holiday for family reunion and having mooncakes together, falls on Sept. 14 this year. (Xinhua/Jiao Wei)
Veggies help keep BP in check
In a study of middle-aged adults, maintaining a diet high in linoleic acid – the main dietary polyunsaturated fatty acid found in certain plants and vegetables – seemed to lower the risk of developing high blood pressure.
“These results lend support to current recommendations for increased ingestion of polyunsaturated fatty acids from vegetable sources, instead of saturated fats from animal sources, for cardiovascular disease prevention,” says Dr Katsuyuki Miura, of Shiga University of Medical Science, in Japan
