By Juan Pablo Spinetto
Vale SA, the world’s largest iron-ore producer, aims to increase production to record levels in an attempt to win back market share while higher-cost competitors are hurt by falling prices, said Executive Director for Ferrous and Strategy Jose Carlos Martins.
The Rio de Janeiro-based company can produce as much as 350 million metric tons next year, 40 million tons more than this year, Martins said in a June 14 interview. Read more
By Chuin-Wei Yap
STATE-OWNED Chinese metals giant China Minmetals is considering a bid for Rio Tinto’s Canadian iron-ore operations, Minmetals assistant president Wang Jionghui said. Read more
By Paul Garvey
WOULD-BE iron ore miner Iron Road has defied the equity-raising freeze afflicting junior resource stocks, with private equity company Sentient Group agreeing to underwrite a $50.7 million raising.
Iron Road, which is studying the development of the Central Eyre magnetite iron ore project in South Australia, Read more
IRON ore miner BC Iron is on track to hit its 2014 full production target as the price of iron ore hovers just above $US110 ($A116) per tonne.
The Pilbara-focused player says its joint venture production target remains at six million tonnes per annum (Mtpa), with BC Iron’s share scheduled to be 4.5 Mtpa for fiscal 2014. Read more
By Sarah-Jane Tasker
THE iron ore price has staged a small rebound, but it remains significantly below the year-to-date average and further volatility is tipped as the head of China’s biggest listed steelmaker warns demand will slow.
The price enjoyed a 4.2 per cent rise to $US116.60 a tonne yesterday, however, Read more
Global iron ore capacity will rise faster than demand from China’s steel mills, the world’s biggest buyers of the raw material, said Baosteel Group Corp.
Steel output growth has dropped to less than 5 percent a year, from 20 percent between 2000-2006, Chairman Xu Lejiang told a conference yesterday in Shanghai. Baosteel is China’s third-biggest mill by output. Read more
By Sarah-Jane Tasker
THE iron ore price has staged a small rebound but remains significantly below the year-to-date average, as the head of China’s biggest listed steelmaker warns demand will slow.
The strong volatility in the price of the key steel-making ingredient is tipped to continue and while it rose $US4.70 overnight to $US116.60 a tonne, Read more
By Jackie Range & Anjuli Davies
Mining group Rio Tinto Plc has drawn up a shortlist of half a dozen suitors for its majority stake in Canada’s largest iron ore producer, sources with knowledge of the situation said on Monday.
Rio values Iron Ore Co of Canada (IOC) at around $8 billion and is seeking between $3.5 billion Read more
By David Winning
ATLAS Iron says that it aims to decide whether to build a new mine in the Pilbara region by the end of next month, a move that comes against a backdrop of iron ore prices at a seven-month low.
Perth-based Atlas, which is aiming to produce 15 million tonnes of iron ore a year by the end of 2015, Read more
By Niklas Magnusson
LKAB is doubling spending on exploration in Sweden’s Arctic as the state-owned company targets finding a deposit to match its Kiirunavaara mine, the world’s largest contiguous body of iron ore.
LKAB will boost its exploration spending to 200 million kronor ($30 million) annually from 100 million kronor and is hiring Read more
ARRIUM said iron ore shipments surged 8.3 per cent in the third quarter as it continued to boost output at its Southern Iron mine in South Australia, which began producing towards the end of last year.
The iron ore producer and steelmaker, formerly OneSteel, said yesterday it exported 1.97 million tonnes of iron ore in the three months to March 31. Read more
By Matthew Denholm
TASMANIA has approved an iron ore strip mine in the Tarkine region, despite failing to meet a requirement to assess its impact as part of broader plans for three neighbouring mines.
The state’s Environmental Protection Agency yesterday announced Venture Mineral’s plan to extract two million tonnes of Read more
By Firat Kayakiran
Vedanta Resources Plc (VED), controlled by billionaire Anil Agarwal, is planning to resume iron ore mining in India’s Karnataka region by June after the country’s top court lifted a 21-month ban imposed for environmental violations.
India’s Supreme Court last month allowed Vedanta’s iron ore unit Sesa Goa Ltd. (SESA) and eight other companies to restart operations in Karnataka. Read more
By Phoebe Sedgman
Iron ore slumped into a bear market on concern that slowing economic growth in China, the world’s biggest buyer, will reduce demand as global supplies increase.
Ore with 62 percent iron content delivered to the Chinese port of Tianjin fell 1.3 percent to $126.40 a ton today, according to The Steel Index Ltd. Read more
By Alex Emery
Jinzhao Mining Peru SA, a unit of China’s Zibo Hongda Mining Co., plans to build a $1.5 billion iron-ore mine in Peru by 2016, newspaper El Comercio reported, citing country manager Xiaohuan Tang.
The company aims to produce between 3 million and 5 million metric tons of iron ore a year at its Pampa del Pongo deposit in the southern Andes, the Lima-based newspaper said, Read more
By Firat Kayakiran
Eurasian Natural Resources Corp. (ENRC), the ferroalloys producer that’s lost 40 percent of its value in a year, said first-quarter output declined 2.9 percent because of maintenance at its Aksu (AKIPD) plant.
Production of saleable ferroalloys, used in steelmaking, dropped to 364,000 metric tons from 375,000 tons a year earlier, the London-based company said today in a statement. Sales decreased “slightly” from a year earlier as average ferroalloy prices slipped 10 percent, it said. Read more
By Sameer C. Mohindru
RIO Tinto expects its iron ore sales to China to rise to a record this year due to the country’s rising demand for steel, a top executive has flagged.
China’s demand for steel was expected to rise at a compound annual growth rate of 3 per cent in the next decade, Alan Smith, president of Rio Tinto Iron Ore Asia, said at an international conference yesterday. Read more
By Sameer C. Mohindru
RIO Tinto expects its iron ore sales to China to rise to a new record this year due to the country’s rising demand for steel, a top company executive says.
China’s demand for steel is expected to rise at a compound annual growth rate of 3% in the next decade, Alan Smith, president of Rio Tinto Iron Ore Asia, said at an international conference in Singapore. Read more
By Elisabeth Behrmann
Rio Tinto Group (RIO), the world’s second- biggest miner, will probably pursue a $5 billion expansion of its iron-ore output in Australia, Chief Executive Office Sam Walsh said, according to two people present at a meeting with investors and analysts.
The board is expected to approve in the fourth quarter an increase in annual production to 360 million metric tons from Read more
By Debbie Carlson
The outlook for copper and iron ore prices will depend on the strength of the U.S. dollar, which can be bearish for prices, and the strength of Chinese demand for the two commodities, which can be price-bullish, said strategists at a German Bank.
Daniel Brebner and Xiao Fu, Deutsche Bank strategists, said they reviewed how copper and iron ore would fare under a 5% and 10% rise in the U.S. dollar, Read more