The credit ratings and research division of the Fitch Group says producers should take advantage of the current environment of lower supply, healthy demand and higher prices.
Fortescue Metals Group Mining News
The world's no. 4 iron ore miner cut its fiscal 2019 shipments estimate to 165 million-170 million tonnes, down from 165 million-173 million tonnes.
The supply/demand dynamics benefit Australia’s iron ore miners, according to the latest research by the Macquarie Group.
With a market facing a global deficit, the world’s biggest iron ore export port is flagging a timely boost in shipments as Fortescue and rivals bring on new mines in Australia’s Pilbara region.
The announcement follows the company's commitment to build the $1.3 billion Eliwana iron ore mine last year.
The northwestern ports of Port Hedland, Dampier and Ashburton were beginning to clear anchorages and berths.
China's steel sector is currently locked in a struggle between largely bearish longer-term structural factors and short-term cyclical influences, some of which are bullish.
One of the trucks was traveling at low speed and ran into another that was parked at its Christmas Creek iron ore mine in Australia's Pilbara region.
The mining industry is facing an upward cycle, and IIoT presents numerous opportunities and benefits to maximise profitability.
Rio's interest in the area has sparked a stampede into adjacent lots by other explorers, who see Rio's aggressive activity as an indicator of a highly promising find.
Iron ore shipments to China from Australia's Port Hedland terminal rose 5.3 percent in September.
The company said the investment would enable it to sustain production of its Pilbara Blend brand of iron ore and its Robe Valley lump and fines products.
The company's withdrawal means all eyes are now on Fortescue, which still has a 19.9%-stake in Atlas and has not yet disclosed whether it plans to launch a rival bid or sell its holding into Hancock’s offer.
First production from the Pilbara-based project, which it says it’s one of the world’s most technologically advanced, is expected in 2021.
The offer from Australian billionaire Gina Rinehart's Hancock Prospecting values Atlas shares at 17% more than price reached at Friday close.
Move comes a day after Fortescue Metals said it had built a stake in Atlas large enough to block a takeover.
Fortescue said it had agreed to buy a 15 percent stake in Atlas at A$0.04 per share, or A$55.7 million.
The Eliwana mine will help the company lift its iron ore grades and so satisfy the new demands of its biggest customer, China, which is increasingly asking for higher quality ore for steel mills to help cut smog.
Structural changes in the world's biggest importer, China, are re-shaping how the industry works.
The iron ore producer reported a 2 percent fall in third-quarter iron ore shipments on reduced demand in China.
The project, being considered by the federal government, may cost as much as A$5 billion ($3.9 billion), according to one industry estimate.
The UK-based research and consultancy group has dropped its price forecast to $63 a tonne or 12% below last year's average of $71 per tonne.
Ongoing concerns that looming steel production cuts in China on environmental grounds will sap steel mill demand continue to weigh on prices.
Australia’s Department of Industry, Innovation and Science sees iron ore prices averaging $50 a tonne next year, and dropping to $49 a tonne in 2019.
Figure represents about a third of the country's iron ore mines currently in operations.