When Australia's richest person launched the ambitious $10 billion, 55m tonnes a year project iron ore was trading at more than $130 a tonne.
The last 3 years have seen a meltdown in the TSX-V share values that brought it right back to where it started almost 10 years ago.
Following a meeting with BHP’s China boss, Beijing issued a statement saying it believed that “BHP and other iron ore suppliers should avoid abusing dominant market positions."
The country’s legislators approved this week a ruling that declares the region surrounding the mine a national park, affecting Glencore's ability to expand it.
Iron ore is down 34% this year over China fears, soft demand and surging supply. The copper market is equally exposed, but has so far defied fundamentals.
Around 15,000 of the total 55,000 licences in effect risk fines and even losing all privileges over the land.
The iron ore-rich state is the latest of Australia's debt-laden regional governments to announce a selloff of state-owned infrastructure.
If the steel-making material loses another $2 a tonne, it will be the lowest since October 2009.
Chinese backers are now behind one-third of all Peru’s new mining investments by value.
There’s a death match among iron ore producers, with the big Australian miners and Brazil's Vale increasing pressure on their high-cost Chinese rivals.
Spot falls to $88.90 a tonne as iron ore price suffers weakest quarter since 2009.
In a letter to China's ambassador to Australia, Clive Palmer expressed regret for "any insult to the Chinese people caused by any of the language" he used.
Capital raising for exploration up more than 32%.
And that's only during the construction phase.
The new repurchase program will remain active until Dec. 31, 2015.
Economists say the mining boom increased Australian living standards substantially.
Gold assets among favourites.
Anxiety rising in the region.
The news comes only a day after MMX announced it was temporarily halting operations at its only producing mine.
The project is considered vital for Vale as the miner has been losing market share to Rio Tinto and BHP Biliton.
Company lowers production guidance at Marampa mine in Sierra Leone as outbreak impacts supply chain and ramp up.
Glencore CEO Ivan Glasenberg strikes positive note after announcing jump in profits, output and better trading conditions at Swiss commodities giant.
Shares in the company fell by almost 8% on the news, hitting an all-time low.
Chief Executive Officer Andrew Mackenzie said the project ramains in BHP's main plans, but added the firm is not in a rush to develop it.
Clive Palmer has come under fire for labelling the Chinese government “mongrels” and “bastards” on national television.
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