Boulder Steel operational report for quarter ended Dec 31 2010
Progress on the Gladstone Steel Plant Project continued during the quarter under review. On December 6th 2011, a delegation from Metallurgical Corporation of China International Incorporation Limited and MCC WISDRI visited the proposed 500 hectare plant site and key Gladstone infrastructure including the proposed Fisherman's Landing wharf expansion. The purpose of the visit was an on site assessment of the project and meetings with key representatives of Boulder Steel Limited as well as government representatives and authorities.
On December 9th 2010, Boulder Steel Limited, MCCI and MCC WISDRI entered into a memorandum of understanding to use their best endeavors to jointly progress the Gladstone Steel Plant Project towards accomplishment.
The joint project activities will proceed in three phases:
Phase 1: Complete the review of the company's pre feasibility study with emphasis on an updated market analysis to determine the final product mix.
Phase 2: A Bankable Feasibility Study to be prepared by MCC-WISDRI.
Phase 3: Securing Project Funding and to commence Joint Project Development.
Boulder's contribution of equity funds will take into account the risk money spent by the Company prior to the bankable feasibility study.
MCC WISDRI has submitted its proposal of the inputs required of the Company in accordance with the memorandum. The company's experienced steel industry team has worked closely with MCC WISDRI to refine the tasks to ensure maximum efficiency and understanding to complete the PFS.
The team is currently focused on updating the market analysis and compiling the extensive information it has for the PFS.
Apart from the work with MCC WISDRI direct progress on the Gladstone Steel Project was made in the following areas:
Work with government authorities progressed to the point where the site boundaries can be surveyed. This is a pre requisite to the land purchase agreement.
Significant work has been undertaken on the Private Haul Road [PHR] and the interfaces with various government authorities. As a result, the contract to progress the approvals process for the PHR was awarded to CQ Consulting Group, an environmental engineering firm based in Rockhampton, Central Queensland.
Land reclamation for the expansion of the Fishermans Landing site to accommodate Boulder's Gladstone Steel Plant's three berths is ready to commence in Quarter 1 2011.
Meetings with potential suppliers of iron ore in Central Queensland are continuing.
The Financial Model for the project was updated adding further detailed information for a number of large operating cost items. The results of the model continue to indicate that the project is robust and that it will remain firmly in the lowest cost quartile of world producers on completion.
2. Euro Forming Services GmbH
During the December quarter, EFS' total revenue was EUR 63,670,801, down 3.19% from EUR 63,791,732 for the September quarter but a 33% increase on the same quarter last year. Most of the increase was at the Austrian facility in Heiligenkreuz, which is trading at 213% above last year's levels and is providing a good contribution towards EFS returns.
The total EFS revenue for the 2010 calendar year was EUR 13,701,312, a 50% increase over 2009.
EFS revenue during the last four quarters:
Period EUR QoQ
Q1 '10 2792390 0.012
Q2 '10 3446388 0.2342
Q3 '10 3791732 0.1002
Q4 '10 3670801 -0.0319
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