Brazilian iron-ore company Minerinvest Mineracao Ltda. is negotiating a joint venture with a European steelmaker and a European bank to mine two iron-ore deposits in Brazil's Minas Gerais state, a local partner to Minerinvest said.
Brazil Mining News
(Source: Fox Business) Dow Jones ) -- Brazilian iron ore miner MMX Mineracao e Metalicos SA (MMXM3.BR) and its shipping subsidiary PortX Operacoes Portuarias SA (PORTX3.BR) signed a preliminary 10-year accord with iron ore company Minerinvest Mineracao
Brazilian mining giant Vale has moved to resolve an impasse with joint venture partner Aquila Resources to keep their Isaac Plains export coal mine in Queensland operating.
The introduction of improvement to the Sena railroad would cost over US$200 million and take at least 18 months, the chairman of Mozambican port and rail company, Portos e Caminhos de Ferro de Moçambique, said Tuesday in Maputo. Brazilian mining group Vale and Australia’s Riversdale Mining have invested hundreds of millions of dollars in coal mining projects in Tete province and plan to use the Sena railroad to transport the coal to the port of Beira.
Unrest and strikes in Indonesia, Chile, Australia and Africa, a shortage of skilled workers in North America and rising labour costs all over the globe are quickly becoming the most serious downsides of a mining boom that started almost a decade ago. While a historically high overall jobless rate is masking spiking wages in the resources sector in the US, workers in emerging markets are shutting down operations of mining companies deemed not to be sharing record profits fairly.
Brazil is the ninth-largest energy consumer in the world. Total primary energy consumption has increased strongly over the past decade, rising by more than 40%, supported by a period of sustained economic growth.
Reuters reported that Talon Metals a Canadian iron ore miner reported a 48% rise in inferred resources at its flagship Trair�o iron project at Par� State in Brazil. The company which operates two iron ore exploration projects in northern Brazil
Bloomberg reports Vale SA, the world’s largest iron-ore miner, cut its target for 2015 output by 10%. The Rio de Janeiro-based company expects to produce 469 million metric tons a year of the steelmaking ingredient by that time, compared with an Oct. 28 forecast of 522 million tons, it said today in an e-mailed statement. No more details were given. Chief Executive Officer Murilo Ferreira, who replaced Roger Agnelli this year after the Brazilian government criticized Vale’s strategy, is cutting targets amid concern raw materials demand in China will slow as the country boosts interest rates to combat quickening inflation. The benchmark Standard & Poor’s GSCI commodity index is heading for a second monthly drop.
Outotec has agreed with Samarco Mineração S.A. on a turnkey delivery of the world's largest iron ore pelletizing plant in Brazil. The contract value is approximately EUR 200 million, which will be booked in Outotec's second quarter order intake. In addition, the contract includes local EUR 100 million purchases performed on behalf of the customer. Some 90% of the services and supplies for the project will be delivered from Brazil. Image by Outotec
Outotec has agreed with Samarco Mineração S.A. on a turnkey delivery of the world's largest iron ore pelletizing plant in Brazil. The contract value is approximately EUR 200 million, which will be booked in Outotec's second quarter order intake.
FoxBusiness.com quotes an analyst at an industry conference in Rio de Janeiro as saying on Tuesday Brazil's steel industry is "almost at crisis point," due to the country's strong currency and soaring raw-materials costs. Steelmakers have been hit by soaring prices for raw materials, including metallurgical coal and iron ore, prices for which reached record-high levels earlier this year. Some steelmakers have intensified their own iron-ore production activities in Brazil to shield themselves from high ore prices, but Brazil lacks sufficient coking coal resources.
Yamana Gold Inc. (TSX:YRI; NYSE:AUY; LSE:YAU) today announced mid-year highlights from its 2011 exploration program at existing operations, development projects and a new discovery, Arco Sul in Brazil.The company’s exploration budget was increased by approximately 25% to $105 million which was announced in May, 2011. This increase partially resulted from the significant cash flow being generated by the company and the success of the 2010 program as well as the success already achieved in 2011.
Brazilian miner Vale (VALE5.SA:Quote) said on Wednesday it had scrapped plans to sell stock in its fertilizer division, and would take the unit private, buying shares in the company it does not already own. Vale plans to pay up to 2.2 billion reais (US$1.4 billion) to buy out minority investors of Vale Fertilizantes, whose main asset is a stake in Fosfertil (FFTL4.SA: Quote).
Dow Jones reports a Khazakhstan mining and metals group says it's forging ahead with plans to build a $2 billion iron ore mine in northeast Brazil despite major logistical and environmental obstacles, while speculation about a takeover-bid swirls. The Pedra de Ferro iron ore project is already four years behind schedule, and the company may miss the 2014 start-up date as it is still waiting for environmental licenses to build a port from which to ship the iron ore, and for Brazil's federal government to build a railroad.
The Rio Colorado potash mine development project of Brazilian miner, Vale S.A. (VALE - Analyst Report), has been suspended by the government of the Argentine province of Mendoza.
Further to its news release of April 14, 2011 the Company announces that it has completed the private placement of 16,655,920 shares at $0.10 per share, the proceeds of which are to be used to fund the costs of the transaction with Origo Partners PLC ("Origo"), as detailed in the April 14 Release and to retire outstanding indebtedness. The private placement closed in two tranches, with 9,700,000 shares issued subject to a hold period expiring September 6, 2011 and the balance of 6,955,920 shares being issued subject to a hold period expiring October 17, 2011.
With a new government-backed CEO, a capex budget and acquisition war chest that dwarfs others, record net profits, a very generous dividend policy, strong fundamentals in its core business, aggressive expansion into high-growth areas and regions – notably potash and Africa – and a stock that looks downright cheap next to its peers, what is not to like about Vale? After slumping to an 8-month low less than a month ago it now seems investors are finally beginning to warm to the the diversified Brazilian miner. In the month since Murilo Ferreira has been head, the planet's third most valuable mining company has risen against the other supermajors and outperformed the broader market by 7%.
Dow Jones Newswires reports Brazil's steel sector has been shaken up since mining giant Vale SA started building its first steel mill, bringing in new foreign partners and triggering a bitter fight over manpower and […]
Vaaldiam Mining net loss more than tripled in the first quarter to $7.6m after suspending operations at the Duas Barras diamond mine in Brazil. By close of trade on Wednesday shares in the company had fallen 21%, close to an all-time low leaving it with a market capitalization of a paltry $12m, a far cry from the $150m-plus valuation it commanded a decade ago. Vaaldiam said it will now focus on the development of the Brauna mine in Brazil after it paid $6.5m to increase its stake in the project to 51% in March. It has two other diamond mines in the country that are on care and maintenance.
The recent pullback of the market has created some value opportunities. Out of all the healthy sectors in the global economy, the leading mining companies are some of the best bargains on the market. With […]
Mining Weekly reported that Verde (CVE:NPK) sees itself eventually meeting all of the demand for potash in Brazil. The market news is quoted as saying: “We’ve got 10.5-million tons of resources at 10.3%…we’re talking about a potential billion tons of potash there,” spokesperson Iwona Zakrzewski said.
The mining giant has experienced a loss in market share and is losing its position as dominant iron ore supplier to Brazil steelmakers; plans to build own steel mills. via Mineweb.com - The world's premier […]
Brazilian mining giant Vale sees iron ore prices for clients remaining flat in the third quarter compared to the second quarter, Vale Chief Executive Murilo Ferreira said on Monday. "The price will remain practically unchanged […]
"Everyone who has money is rushing to invest in iron ore," Baosteel Group chairman, Xu Lejiang said on Friday, warning that supply may outstrip demand “sooner than expected” pushing prices down in the process. Brazil’s Vale, and Australian heavyweights BHP and Rio Tinto have some $45bn slated for new mines. The cash price of 62%-iron ore shipped to China's Tianjin port has almost tripled from Nov. 21, 2008 when data became available, according to the Steel Index.
CSN, Brazil's largest diversified steel group, said on Tuesday that net income jumped 38 percent in the first quarter from a year earlier thanks to robust sales of iron ore and lower sales costs. Sao Paulo-based CSN (CSNA3.SA)(SID.N) earned 616 million reais ($390 million) in the period, up from 447 million reais a year earlier, according to a securities filing. But this fell short of the 697 million reais profit estimate by five analysts in a Reuters poll.