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Borealis Exploration Limited Weekly Update for the Weeks Ended 10 and 17 October 2013 - Part II

20.10.2013 15:44:00 | Borealis Exploration Limited

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Iron Ore Prices

Copy Right Reuters

Big three' to boost iron ore production

Date October 14, 2013

Australia's "big three" iron ore miners are set to unveil a boost in third-quarter production and will mine even more in the fourth quarter, ignoring forecasts of a looming supply glut in favour of capturing greater economies of scale.

Rio Tinto this month upped annualised output of the steel-making raw material by 20 per cent to 290 million tonnes, while BHP Billiton and Fortescue Mining are in the midst of robust expansion work.

All three already mine ore at costs well below selling prices -- thanks to a combination of rich grades and high volumes -- and see any dip in prices as simply weeding out less competitive rivals.

Rio Tinto, which is set to post a 3 per cent rise in third-quarter output against the previous quarter to 53 million tonnes on Tuesday, is expected to announce a further mine expansion to 360 million tonnes a year by a December 3 meeting with investors.

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"With the iron ore price holding up well as we move into Q4, we expect to see continuing growth from this key driver of earnings," said RBC Capital Markets analyst Chris Drew, pointing to resilient demand from China.

Fortescue is set to unveil on Thursday a 20 per cent output increase to just under 30 million tonnes for the three months to end-September, and BHP Billiton a 4 per cent rise on October 24 to just under 50 million tonnes.

Output from the three companies accounts for about 70 per cent of the seaborne iron ore trade, feeding strong demand from China that has pushed prices to record levels in recent years.

Despite persistent forecasts for a price fall due to greater supply and slower Chinese demand growth, benchmark 62-per cent iron ore sold for at least $US130 a tonne for much of the third quarter and now fetches $US132, sufficient to generate healthy margins.

Rio Tinto and BHP, whose cash costs are projected by analysts at around $US25 a tonne -- down from $US28 in the September quarter -- need iron ore prices of only $US50 a tonne to start generating positive cash flows, when freight and other fees are applied.

Fortescue, which typically sells its ore at a 12 per cent discount to the benchmark price, requires a price of $US75 a tonne for positive cash flow.

BHP is developing new mines with an initial production capacity of 35 million tonnes a year, boosting overall capacity to 220 million tonnes annually by late 2014.

Nearby, Fortescue's Kings mine expansion will lift the company's 120-million-tonnes-per-year production rate to 155 million tonnes by the end of December.

HEADWINDS OR BLUSTER

The expansion work means output will rise again in the fourth quarter. Miners have already concluded most booking requirements for October loadings, which should exceed last month's record shipments, when the Port Hedland Port Authority recorded a 46 per cent rise to 28.9 million tonnes year on year.

Port Hedland is used by BHP and Fortescue, and handles about a fifth of all global seaborne iron ore.

Some see headwinds for the sector from the increased supply and with plans on the drawing board for other mines in Australia, Africa and Brazil.

HSBC is forecasting global iron ore demand will reach 2.21 billion tonnes in 2016, with supply outrunning demand by 231 million tonnes, which could weaken prices.

But Rio Tinto's iron ore chief Andrew Harding is expected to assure investors at the December briefing that steel demand in China remains strong and warrants new mine development.

Trade data shows steel production rates in China, which typically wilt in September and October, have displayed no sign of easing and continue to exceed a healthy 2 million tonnes a day.

Also, trade flows for iron ore are still above a robust 65 million tonnes a month.

The World Steel Association has lifted its global steel use growth forecast to 3.1 per cent year-on-year in 2013 and 3.3 per cent in 2014, citing a strong outlook for China.

UBS still sees iron ore falling as low as $70 a tonne before the end of the year due to inventory draw downs by China's mills, but even so believes the drop will be short-lived, with a recovery in place before the start of 2014.

"It's not the end of the world," UBS commodities analyst Tom Price said. "In fact we have been saying to clients that it's a really good buy signal."

Reuters

Read more: http://www.smh.com.au/business/mining-and-resources/big-three-to-boost-iron-ore-production-20131014-2vhi7.html#ixzz2hlDq24kS

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Share Prices

Please note we are working on getting trading going on the PSE. Brokers need to be harassed. It really costs them nothing and just a few ‘switches’ need to be changed so trading can happen.

We did not expect this problem. We are working on it and will hopefully soon be able to send shareholders instructions for how to trade on Prague:

As stated before:

Borealis Exploration Limited(BOREY) is now listed on the Prague Stock Exchange(PSE), http://www.pse.cz. PSE is a member of the Federation of European Securities Exchanges (FESE), and the US Securities and Exchange Commission (US SEC) DESIGNATED it A “Designated Offshore Securities Market”. The Frankfurt Stock Exchange Xetra(R) electronic trading platform, used by the PSE and more than 14 other stock exchanges, has an outstanding record of high scalability, speed, reliability, quality of core technology.

For 04 October 2013 through 10 October 2013

PSE:BOREY(CZK)

High: n/a Last: 180.00 Best Bid: 2.35 Best Ask: n/a

Low: n/a Vol: 0 Bid Size: 500 Ask Size: 0

=====Company:Symbol === High ==== Low === Last =Change === Volume ==== Bid ==== Ask

.Borealis Exp:BOREF .$12.35 .$11.95 .$12.35 + 0.400 ....7,375 .$12.35 .$12.50

Chorus Motors:CHOMF . . did not trade . $2.25 + ..... ........0 . . .n/a . . .n/a

...Cool Chips:COLCF . . did not trade . $0.60 - ..... ........0 . $1.20 . $1.99

..Power Chips:PWCHF . . did not trade . $1.25 + ..... ........0 . . .n/a . . .n/a

....Roche Bay:RCHBF . . did not trade . $0.02 - ..... ........0 . . .n/a . . .n/a

West Melville Metals INC

..Toronto.TSX-V:WMM .C$0.060 .C$0.060 .C$0.060 + 0.020 ....95,000 .C$0.050 .C$0.180

Advanced Explorations Inc.

....Other-OTC:ADEXF . . did not trade . $0.050 - ..... .........0 . . .n/a . . .n/a

..Toronto.TSX-V:AXI .C$0.055 .C$0.045 .C$0.050 - 0.005 ...151,550 .C$0.045 .C$0.055

..Frankfurt.FWB:AE6 .EU0.036 .EU0.031 .EU0.036 + 0.003 ....34,000 . . .n/a . . .n/a

For 11 October 2013 through 17 October 2013

PSE:BOREY(CZK)

High: n/a Last: 180.00 Best Bid: 2.35 Best Ask: n/a

Low: n/a Vol: 0 Bid Size: 500 Ask Size: 0

=====Company:Symbol === High ==== Low === Last =Change === Volume ==== Bid ==== Ask

.Borealis Exp:BOREF .$15.70 .$12.40 .$15.50 + 3.150 ...26,527 .$15.40 .$15.50

Chorus Motors:CHOMF . . did not trade . $2.25 + ..... ........0 . . .n/a . . .n/a

...Cool Chips:COLCF . $1.20 . $1.20 . $1.20 - 0.000 ......100 . $1.10 . $1.99

..Power Chips:PWCHF . . did not trade . $1.25 + ..... ........0 . . .n/a . . .n/a

....Roche Bay:RCHBF . . did not trade . $0.02 - ..... ........0 . . .n/a . . .n/a

West Melville Metals INC

..Toronto.TSX-V:WMM . . did not trade .C$0.060 + ..... .........0 .C$0.050 .C$0.130

Advanced Explorations Inc.

....Other-OTC:ADEXF . . did not trade . $0.050 - ..... .........0 . . .n/a . . .n/a

..Toronto.TSX-V:AXI . . .n/a . . .n/a .C$0.045 - 0.000 .......715 .C$0.040 .C$0.055

..Frankfurt.FWB:AE6 .EU0.037 .EU0.031 .EU0.031 - 0.005 .....8,000 . . .n/a . . .n/a

n/a = not available

NOTE: DO NOT PLACE MARKET ORDERS FOR ANY OF OUR SHARES

Please note that Dow Jones is now covering Borealis Exploration Limited.

http://www.marketwatch.com/investing/stock/BOREF?link=MW_Djcom_Autocomplete

It is amusing to look at their reporting of our financials at

http://quotes.wsj.com/BOREF/financials/annual/income-statement

The WSJ really is totally confused as to their reporting of our Audited Fiscal 2013 numbers. Their reporting is simply wrong. The WSJ are adding our income generated from our share transactions to our worldwide operating losses instead of subtracting the income from our operating losses. One would have thought that the WSJ would be more sophisticated than that in reporting our numbers. It is very amusing and is actually better than saying we do not report audited numbers and have not reported audited numbers since 2007, which is also very much not the truth. The latter is what most of the other reporting services re reporting. One would wonder if the financial reporting services have any obligation to report accurate and correct numbers for any company. Just a thought.

Go to www.borealis.com for the correct audited numbers.

We take no responsibility for the content of accuracy of any reports posted on www.wsj.com or any third-party web site. We have not found a third party web site that accurately reports our audited financial statement numbers.

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Sign Off

rtc

iwc

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(c) Copyright, Borealis Exploration Limited, 2013

WheelTug and Chorus are Registered Trade Marks of Borealis Technical Limited

To be added to the BoreyNet (which includes updates and daily stock closes), please e-mail: pr@borealis.gi

If there are any comments or questions about the information given above, please mail to:

pr@borealis.gi

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This information is being sent to various News Agencies and newsgroups as part of Borealis' policy to ensure that all news sent to the BoreyNet(Corporate e-mail listserv over the Internet) is absolutely public in nature.

All the information being sent out is public information, and is included on the BoreyNet. Much of the information is also contained in our web page at http://www.borealis.gi.

Our companies are quoted in the US under the Symbols:

BOREY, BOREF - Borealis Exploration Limited http://www.borealis.gi

CHOMF - Chorus Motors plc ----------------- http://www.chorusmotors.gi

COLCF - Cool Chips plc -------------------- http://www.coolchips.gi

PWCHF - Power Chips plc ------------------- http://www.powerchips.gi

RCHBF - Roche Bay plc --------------------- http://www.rochebay.gi

AMTPF - Avto Metals plc ------------------- http://www.avtometals.gi

FWYPF - Faraway plc ----------------------- http://www.faraway.gi

PHPWF - Photon Power plc ------------------ http://www.photonpower.gi

Current quotes with bid and ask information can be found at:

BOREY - http://www.pse.cz/Cenne-Papiry/Detail.aspx?isin=GI000A1J9JJ0#KL

BOREF - http://si.advfn.com/p.php?pid=squote&symbol=boref

COLCF - http://si.advfn.com/p.php?pid=squote&symbol=colcf

PWCHF - http://si.advfn.com/p.php?pid=squote&symbol=pwchf

Advanced Explorations Inc.

http://www.advanced-exploration.com/home/

West Melville Metals Inc.

http://www.westmelville.com/

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