Iron ore price drops 2.2% as stockpiles in China surge to new record and worries over country's property market mounts.
Fortescue Metal Group Mining News
Big 4 enjoy huge market value gains as the price of their most profitable product and the prospects of their number one customer continue to recover.
The country's commodities forecasting agency expects average price to fall to $90 a tonne over the next five years.
The steelmaking commodity hit a 2½-month low Monday as Chinese steelmakers resist restocking frightened by weakening economic data.
BC Iron's Nullagine mine in Australia will produce another 18 months thanks to an updated mineral resource at it Bonnie East deposit.
Fortescue Metals Group today said it plans to raise $US1 billion ($947.7 million) with a high-yield bond offering to help fund the expansion of its iron ore operations in Western Australia.
Fortescue Metals was up 5% Monday on rumours that Canadian coal and copper/zinc miner Teck Resources is making a play for the third-largest iron ore producer in Australia.