China’s 2025 steel demand to fall 1.5% on year, state research institute says
China's steel consumption in 2024 and 2025 is forecast at 863 million metric tons and 850 million tons, respectively.
Globex Mining Enterprises Inc. announce Monday that it has signed an Option Agreement with Titan Iron Ore Corp wherein Titan may earn 100% interest in a Globex, Labrador trough area iron exploration property in Northern Quebec.
The property consists of 200 claims totalling approximately 9,160 ha (22,635 acres) and covers a 32 kilometre (19.9 miles) long magnetic anomaly which coincides with known showings of magnetite, an ore of iron.
The agreement has a 90 day due diligence provision which Titan has obtained in consideration of a non refundable cash payment of $40,000.
The total transaction, if exercised and documented with an Asset Purchase Agreement, requires cash payment totalling $4 million over 5.5 years and the issuance to Globex of six million Titan shares by January 12, 2012. Globex retains a 3% Gross Metal Royalty and starting in year six (6) will receive annual advance royalty payments of $100,000.
