Iron Ore
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Zuckerberg lost $1.5 billion in 24 hours, but he wasn't the unluckiest billionaire. Batista was
The declines wiped $1,744,800,000 from Batista's personal fortune in one day, which means he fared worse than Mark Zuckerberg who suffered more than $1.5 billion in losses as a result of the post Facebook IPO fiasco.
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Brazil's Usiminas scales back iron ore mining plans
Hellenic Shipping News Worldwide | May 22, 2012Brazilian steelmaker Usiminas has cut back on plans to expand its iron ore production, reducing its targeted output by 2015 to 25 million tonnes from 29 million tonnes, the company's vice-president said.
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Is post-Taylor diamond mining in Sierra Leone clean?
MINING.com News | May 21, 2012
Charles Taylor, was convicted in April of war crimes for arming Sierra Leone's rebels in return for blood diamonds. Taylor is now awaiting sentencing and the BBC tries to find out if mining in the country is now “clean”.
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Billionaire battle: Property tycoon says Rinehart is bilking him out of iron royalties
Frik Els | May 21, 2012
Gina Rinehart, the world of mining's 4th richest person, is meeting a fellow billionaire Stan Perron in the Australian supreme court this week in a fight over – no surprises here – iron ore royalties.
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Iron ore hits six-month low as China just says no
Frik Els | May 21, 2012
Iron ore prices fell on Monday to six-month lows of $130/tonne as Chinese steelmakers demand cargo deferrals or simply default on shipments.
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Tata Steel forecasts improved demand amid European woes
China Post | May 20, 2012India's Tata Steel forecast improving global demand in spite of European woes, as the world's No.7 steelmaker reported a bigger-than-expected drop in quarterly profit after being squeezed by weak prices, lower volume and higher input costs.
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Alrosa not planning major investment in Timir iron ore project
Steel Guru | May 20, 2012Interfax cited Mr Igor Kulichik Russian diamond miner vice president and financial director as saying that Alrosa is not planning major investments in the near term in the Timir iron ore project in Yakutia a 51% stake in which it is selling to steelmaker Evraz Group.
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MMTC inks supply pacts with Japanese, South Korean steel companies
Asian Age | May 20, 2012State-owned trading giant MMTC has inked pacts with Japanese and South Korean steel companies including Posco, to supply 2.8 million tonnes of iron ore annually for a period of three years. "We have signed iron ore supply contracts with five Ja…
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Rio Tinto seeks OK for W. Australia iron-ore mine
MarketWatch via Yahoo! | May 20, 2012
Rio Tinto PLC RIO -2.50% has unveiled its latest iron ore mine development plans to start the construction next year of its Turee Syncline project in Western Australia, according to referral documents posted Friday on the Australian government's environmental website.
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Junior resource investment in a financial meltdown – the Good, the Bad and the Ugly
Mineweb | May 19, 2012
Rick Rule's presentation at the New York Hard Assets Conference earlier this week sees some light for the informed junior resource investor despite current patterns which have mostly been Bad or Ugly!
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Golden Dory ups stake in Labrador iron deposit
Andrew Topf | May 18, 2012
Golden Dory Resources says it is increasing its stake in the Gabbro Lake iron ore deposit in Canada's Labrador Trough.
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India the next China? Don't bet on it, says BHP
Andrew Topf | May 18, 2012
Michael Pascoe, writing for the Sydney Morning Herald, hits on a little-reported theme gleaned from remarks by BHP Billiton chairman Jac Nasser this week in Sydney.
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Planetary Resources doesn’t want more people onboard its asteroids-mining ship
Cecilia Jamasmie | May 18, 2012
Less than a month after officially launching its asteroid-mining plans, Google’s billionaire co-founders and filmmaker James Cameron’s owned company Planetary Resources, has already decided not to accept any more job applications.
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Expat execs in Africa: Without 'danger pay' how does the money stack up now?
Frik Els | May 17, 2012
Africa's economic indicators are all pointing up, but executive pay packages and living arrangements for expatriates are changing too.
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Western Australia to review state royalties
Mining Weekly | May 17, 2012The Western Australian government on Thursday reported that it would be conducting a review on its royalty system over the next three years.
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Rio Tinto doubles mine trainees in Australia
Joanna Gaskell - Education Editor | May 17, 2012
Miner Rio Tinto has announced plans to double its mine trainee and apprenticeship programs to meet future demands in Australia, reports Australian Mining.
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Falling off the supercycle: BHP puts the brakes on capex, stock hits 3-year low
Frik Els | May 16, 2012
“Where the industry previously lacked investment opportunities and choice, it now has more projects than cash flows. All of us in the industry are having to make choices.”
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Vale not retaliating against mega ship ban
Mineweb | May 16, 2012The world's top iron ore exporter, Brazil's Vale, is not excluding Chinese shipowners from transporting its iron ore and remains open to selling its huge dry bulk carriers to them, industry officials said on Wednesday.
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How to lose $1 billion in a day. Ask Eike
Frik Els | May 16, 2012
Brazil's Eike Fuhrken Batista is the world of mining's richest man and he's been on a roll this year – until Tuesday when $1,023,200,000 disappeared from his personal fortune.
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Want to get rich quick? Become an iron ore trader
MINING.com Editor | May 15, 2012
Forget about precious metals, oil or pork bellies: For commodities traders, iron ore is the new Shangri-La.
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BHP Billiton puts its money on the iron ore market and China
Cecilia Jamasmie | May 15, 2012
BHP Billiton Ltd. (NYSE:BHP) is betting on the iron ore market as one of the forces to drive the mining industry in the next decade, especially as developing nations such as China move from investment-led economic growth to consumption-led economic growth.
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Chinese steel giant invests heavily in Quebec iron ore property
Canadian Mining Journal : Headline News | May 15, 2012Toronto to Shanghai is a long haul, even in the age of intercontinental air travel, and Allen Palmiere can attest to that because he’s made the 23-hour trip more than 20 times since taking over Adriana Resources Inc. of Toronto in June 2009.
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NMDC mines affected over Naxal attack
Business Standard | May 15, 2012Production in the Kirandul mines of the National Mineral Development Corporation (NMDC) in Dantewada district of Chhattisgarh was affected Monday following Naxal attack that killed six Central Industrial Security Force (CISF) jawans on Sunday night.
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India plagued by problems acquiring foreign mines
Andrew Topf | May 14, 2012
India is not China when it comes to successful acquisitions of foreign mining companies, reports the Wall Street Journal.
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Commodities sector needs more skilled workers: Dompok
Sabah Daily Express | May 13, 2012TAMPARULI: More local skilled workers are needed to ensure the national commodities industry remains competitive and market-oriented. Plantation Industries and Commodities Minister Tan Sri Bernard Dompok said given that the sector is the main contribut…
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South African steel producers to face collusion charges in tribunal
Steel Guru | May 13, 2012The Competition Commission has referred a collusion case in the steel industry to the Competition Tribunal and has requested that the tribunal impose a penalty of 10% of each of the steel producers' annual turnover in South Africa. The commission's…
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ANNOUNCEMENT
Orezone Completes the Sale of Sega to Cluff Gold for $26.5M
Orezone Gold Corporation (ORE:TSX) is pleased to announce that it has completed the sale of its Sega Gold Project ("Sega") in Burkina Faso to Cluff Gold plc (Cluff) for total consideration of approximately US$26.5M.
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