POSCO was privatised in 2000, but chief executives have previously been replaced when a new administration takes office.
Iron Ore Mining News
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.
Copper, iron ore prices drop, mining majors punished as US threatens more tariffs on "predatory" Chinese imports and Beijing calls it "blackmail".
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.
The Minerals Council South Africa said it does not support some elements in the latest draft of an industry charter.
Gwede Mantashe said that 20 out of 45 mining deaths reported since the start of 2018 have taken place at Sibanye-Stillwater’s mining sites.
A week choc-a-bloc with billion dollar copper, iron ore and cobalt deals ends with huge drop in prices and sell-off in stocks of mining's biggest names.
The charter produced in 2017, drafted by previous Minerals Minister Mosebenzi Zwane, threatened as many as 100,000 jobs.
Resolving the legal cases will allow talks with creditors to begin as the company starts to draft its long-term business plan.
Vedanta is considering options including lay-offs for some of the 2,000 employees of its iron ore business that was shut down by a court.
BHP building $3.4B mine amid surging lump premiums, high-grade fines prices up 30% in a year, is latest indicator iron ore is once again a mining cash cow.
The new rules are a clear effort to improve the current legislation as seamlessly as possible, but in close attention to the international industry dynamics and to a number of other sensitive issues (such as environmental recovery and security).
The two separate decrees aim at making the local industry more competitive and sustainable, while while implementing rules on the collection of higher mining royalties.
Iron ore shipments from the world's biggest export terminal rose to 45 million tonnes in May from 42.6 million tonnes in the previous month.
Transiting Voisey's Bay nickel mine from open-pit operations to underground will cost about $2 billion, and is expected to extend its productive life to 2035.
But port stocks hit new record.
Government and company officials told CBC News that a "significant" mining announcement would take place on Monday.
Move comes a day after Fortescue Metals said it had built a stake in Atlas large enough to block a takeover.
Michel Temer is expected to issue a decree next week introducing key changes to mining rules that date back to the 1960s.
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 companies are committed to explore for mineral deposits first in the Asian country and then the rest of the world .
Global miners face a new reality in Brazil as local, judges included, react quicker and more ferociously to legal infractions.
The leaders spoke for the first time since the announcement in a 30-minute call and agreed to discuss the issue further at the G7 summit in Canada later this week.
The CEO of Fortescue Metals Group said that the company is working towards finding other commodities to mine.