Company became the latest top miner to report soaring profits, hefty dividends and lighter debt burden.
Brazil Mining News
Output of the steelmaking material reached 366.5 million tonnes last year, boosted by record high productionat Vale's northern system, which composed of its Carajás, Serra Leste and the massive S11D mine.
With the acquisition of two hydroelectric plants, the miner expects to eliminate about 70% of future power purchases.
They also claim miner offloaded the asset to avoid paying for environmental damage caused by an accident at its floating dock, which killed six people and dragged vehicles, equipment and large amounts of iron ore into the Amazon River.
Anglo American's Minas Rio iron ore mine in Minas Gerais state has nameplate capacity of 26.5m tonnes per year.
The company beat expectations on Thursday with a 5% increase in 2017 production.
Receiving the necessary licences would allow the company to continue operating in the state of Minas Gerais, where the iron ore mine is located, for at least another 15 years.
During a meeting with investors and analysts in Sao Paulo, Vale’s investor relations director, André Figueiredo, said it seemed “natural” for his company to become the sole owner of the project.
Brazilian mining giant is retaining control of the TIPLAM port terminal, which was originally included in the deal.
The Canadian miner wants to increase production to 135,000 ounces of gold per year.
Markets where technology hasn’t substantially shortened the supply cycle and where cost are rising (ie copper) have the greatest long-term upside in prices
The South American miner wants to retain control of the TIPLAM port terminal, which is an asset originally included in the deal.
The new company based in Vancouver will focus on finishing construction of the Aurizona Gold Mine in Brazil.
More than half the 2017 combined market cap gains for the world's largest listed miners accrued to just five firms as gold producers drop out of top 10.
Workers at Vale's Mozambique Moatize coal mine downed tools on Friday in a dispute over bonus payments, paralysing work at the plant.
A report released today documents human rights abuse tied to a Canadian mine in Brazil, a project operated by a subsidiary of Kinross Gold.
The company also said is ready to shut Caledonia mine mid-next year if it has not found a strategic partner ready to buy a 20 to 40% stake in the project.
Brazil's Vale is prepared to unleash as much as 50 million metric tons of spare capacity to balance the market if prices get too high.
"The first thing we are going to do with the cash is pay debt, and then we are going to make this company's shareholders happy as never before," said Chief Executive Officer Fabio Schvartsman.
Could the lack of a broader mining code overhaul weigh on investor sentiment over the coming months?
Brazil’s lower house of Congress removed from the agenda the discussion of a transitory presidential decree, which modified the country’s current mining law.
Analyst Hui Shan said that Goldman’s projections see iron ore falling to $60 a ton in three months, $55 in six and $50 in 12.
They claim it won’t be possible to cut costs enough to offset the higher levies, and warn that some miners may need to pass on this new cost increase to the industrial production chain.
BHP Billiton Ltd and Vale SA have secured a 150-day extension from a Brazilian court to negotiate a settlement of a $48 billion claim stemming from the Samarco mine disaster in 2015, BHP said on […]
The miner denied it had decided to suspend the sale of a stake in its loss-making New Caledonia nickel mine (VNC), and added that its plan to find a partner is still a go.