It produced 86.82 million tonnes of iron ore in the April-to-June period, down 2.8% from a year earlier.
Iron Ore Mining News
Industrial metals are now all trading above their 100-day moving averages and most are no longer in backwardation.
Ferrobamba and Tenova sign a cooperation agreement for the Aymaraes (Peru) iron ore development project
Ferrobamba selects Tenova HYL Micro Module to develop its iron ore deposit and build a 250,000 t/y High Carbon DRI plant in Peru
Shares plunged after miner revealed that output fell almost across the board in the April – June period.
World's top miner expects to produce 1.7 million tonnes in 2017 as output at giant Escondida mine jumps 9%.
Down 6.3% over five trading days.
Recovering commodity prices and investors' veto on deals have frustrated Davis and his team in their search for mining and metals bargains.
According to a UN report, since 2000 two-thirds of South Africa's gold exports – mostly to India – did not appear on its trade partners' books.
The approval of Iron Hill mine would the iron ore producer to remain in business for another two to three years.
The firm said about 40% of its Brazilian workforce would take voluntary redundancy to reflect reduced production.
Chinese import price for 62% iron content fines at the port of Qinqdao rose 6.7% to $59.38 a tonne, the largest one-day percentage increase since April 21.
Study shows there are more bullion miners among higher market capital ranking of mining companies in second quarter of 2016 than a year a go.
Dept of Industry says loss-making mines are staying open for longer than expected aggravating oversupply.
Red metal production at the copper-uranium mine is expected to hit around 230,000 tonnes by 2021, but there is potential for up to 450,000 tonnes per year.
Recent upticks in the price of iron ore will turn out to be shortlived, and the price will likely drop from here, according to an analyst whose contrarian view was aired on Business Insider.
Energy had an impressive comeback in Q2, with natural gas and oil being the best performing commodities of the quarter.
The price increase comes as iron ore major Rio Tinto decided to put its Simandou project in Guinea on ice due to the iron ore glut that is keeping a lid on prices.
Iron ore advanced to a 5-week high of $53.40 on Tuesday, but analysts see steep decline in the final quarter of 2016.
It will raise its annual exploration spending by 29%, allocating nearly all its $900 million budget to finding new copper and oil deposits in the fiscal year beginning next month.
Gold's nearly $100 jump early on and copper's 4.5% meltdown split mining investors' Brexit fortunes.
Gold climbs the most in eight years, while copper and oil fall.
Combined these mining and metal giants are worth $700 billion with operations in every corner of the world.
Rumours follow Rio's decision to group its least loved units — coal, uranium salt, borates and its Iron Ore Co. of Canada — under a new umbrella branded as the “energy and minerals” business.
Chief executive Andrew Mackenzie believes the iron ore market will take longer to balance out than other commodities due to an excess of supply coming on stream in the next few years.
Andrew Harding, once tipped as the most likely person to take the company’s reins, is being replaced by Chris Salisbury, currently leading the copper and coal division.