Fortescue Metals Mining News

Ecuador aims to more than double mining value to GDP by 2021

Ecuador is being hailed as the biggest potential new source of supply of the metal used in renewable energy.

Australia's Fortescue Q1 shipments fall 8.6%

The company shipped 40.2 million tonnes in the September quarter, compared with 44 million tonnes a year ago

Rio Tinto, Japanese partners to inject $1.55B into Aussie iron ore projects

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.

Tipping point? Inflation creep at Australia's mines to erode margins

Rising costs, falling metals prices may eat into margins.

Australian iron ore miner Fortescue's annual profit halves

Fortescue Metals said that its annual profit halved as prices for its lower quality iron ore fell.

Australia's Mineral Resources drops out of race for Atlas Iron

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.

Rio Tinto to start building massive Koodaideri iron ore mine in 2019

First production from the Pilbara-based project, which it says it’s one of the world’s most technologically advanced, is expected in 2021.

Iron ore magnate Rinehart offers $290 million in cash for Atlas

The offer from Australian billionaire Gina Rinehart's Hancock Prospecting values Atlas shares at 17% more than price reached at Friday close.

Australia's Incitec Pivot wins explosives' contract with Fortescue Metals

The contract with the two units of the world's fourth-largest iron ore miner will last until December 2023

Australia's Mineral Resources okays Atlas talks with other potential buyers

Move comes a day after Fortescue Metals said it had built a stake in Atlas large enough to block a takeover.

World’s No. 4 iron ore miner wants to diversify its portfolio

The CEO of Fortescue Metals Group said that the company is working towards finding other commodities to mine.

Fortescue goes ahead with $1.3bn iron ore project in Western Australia

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.

Materials buoy Aussie shares as BHP hits highest since August 2014, NZ at record

BHP shares rose nearly 2 percent, hitting their highest in about 45 months.

You don't have to dig a mine to run one, female leaders say

The materials industry, which includes miners, trails all other sectors in the Bloomberg World Index on rates of female participation.

Australian court rules against Fortescue in mining land case

While the decision doesn’t ban Fortescue from continuing to operate the mines, it paves the way for the group to sue the company for hundreds of millions of dollars in compensation claims.

Australia’s record-breaking mining exports hint of new sector boom

Higher commodity exports delivered a record trade surplus of $3.5 billion in December, the second monthly trade surplus Australia has recorded in nearly three years.

Rio Tinto to ship less iron ore despite increased demand from China

Smaller rival Fortescue Metals went the opposite way — it increased iron ore exports by 5% in the Sep. quarter.

Vale-Fortescue iron ore pact a win-win deal — analysts

Long-term, the deal could be viewed as the first step of a more disciplined approach to iron ore supply by aligning two of the world’s “big four” producers of the commodity.

World’s biggest iron ore port shut as cyclone to hit Australia

BHP Billiton began evacuating workers from its Port Hedland export facilities early Friday.

Goldman forecasts even more pain for iron ore

The bank says prices will remain under $40 a ton for the next three years as China’s slowdown forces the sector into a long period of hibernation.

Down again: iron ore sinks below $40 a tonne

It hit $39.40 a tonne, the lowest price ever recorded by price assessor The Steel Index (TSI), which began compiling data in 2008.

Iron ore prices hit by fresh evidence of looming surplus

Seaborne with 62% content delivered to Qingdao dropped 0.7% to $51.76 a ton, its sharpest drop in two weeks.

Iron ore prices: the worst is yet to come

Despite the rosy outlook from Australia’s top iron ore producers, they are all facing staggering demand from their biggest customer — China.

Iron ore nose-dives, hits fresh lows of $44.6 per tonne

Chinese import price for 62% iron content fines at the port of Qinqdao lost $5.01 or 10.01% of its value to $44.59 a tonne, the largest percentage drop on record.

Iron ore prices going from bad to worse — below $50

The sustained losses place smaller miners back in the danger zone.