Iron Ore Mining News

Australian company moving into the big iron ore league in Sweden

Scandinavian Resources Ltd. (ASX:SCR) has now acquired the Ekstromsberg and Tjarrojakka iron ore projects, about 45 kilometres from Kiruna inside the Arctic Circle in northern Sweden which chairman Damien Hicks said adds 250 million tonnes […]

Metinvest-backed united coal plans $350 million investment to expand coal mining in Eastern U.S.

United Coal Company (Blountville, Tennessee), a subsidiary of Ukrainian integrated mining and steel holding company Metinvest Holding LLC (Donetsk, Ukraine), is developing $350 million in coal mine projects in the eastern U.S. United Coal plans to add at least 4 million tons per year of coal mining capacity for use at U.S. locations and for export to Metinvest's steel mills in Europe and Ukraine.

Today in Commodities: USDA big news today

No curve balls from the USDA but as for food prices look for prices to stay elevated. Crude will settle approximately 1% higher in today’s session trading briefly over $102/barrel in the July contract. We […]

Alderon targets 800 million to 1 billion tonne resource at 28 to 32% iron with 2011 drill program launch

Alderon Resource announced that its summer/fall 2011 drill program has commenced at the 100% owned Kamistiatusset Iron Ore Project in western Labrador. The CDN $11 million program will consist of 26,000 metres (m) of drilling and is designed to upgrade the current resource as well as expand the known zones of mineralization and target new areas.

LIM Signs Impact Benefits Agreement With Innu Matimekush-Lac John

Labrador Iron Mines Holdings announced that it has signed a landmark Impact Benefits Agreement with the Nation Innu Matimekush-Lac John of Schefferville, Quebec, with regard to LIM's Schefferville Area direct shipping iron ore mining projects in the Province of Newfoundland and Labrador and in the Province of Quebec.

Northland and Kiruna Wagon to design a prototype for new railcars

Northland is a development-stage mining company with a portfolio of iron ore projects in northern Sweden and Finland. The Company's Kaunisvaara Project will exploit magnetite iron ore deposits, feeding a single, multi-line processing facility in Sweden. The process yields a very high-grade, high-quality magnetite iron concentrate. The Company is also preparing a Definitive Feasibility Study for the Hannukainen Iron Oxide Copper Gold Project in Kolari, northern Finland.

Big Australian search for major new iron ore deposits

Australian prospectors are scouring remote outback locations for new sources of iron ore to rival the big western lodes dominated by Rio Tinto and BHP Billiton , spurred on by China's swelling appetite. Analysts expect most of Australia's iron ore to keep coming from Western Australia's Pilbara region, the world's single largest deposit, which is seen producing about 400 million tonnes this year.

Commodity prices should snap higher in H2, dollar unlikely to recover until 2012 – Morgan Stanley

Ron Leven of Morgan Stanley has recently delivered a presentation under the auspice of ETF Securities Ltd. in which he outlined his expectations for the major currencies. He argues that it was perhaps inevitable that […]

Queensland budget rests on getting mines to full production after floods

The credibility of the coal royalties estimates in next week’s state Budget will rest on the Queensland Government’s resolve to do more to allow the removal of flood waters from Queensland coal mines, according to the state’s main minerals and energy industry group.

Spot iron ore prices recover as Chinese steel mills restock

Spot iron ore prices rose on Wednesday, as Chinese steelmakers replenished inventories that have run low after a record pace of steel production until mid-May.

Extending the life of Australia’s iron ore industry

Adding just one year to the life of Australia’s iron ore industry could earn the nation a bonus A$56 billion according to an article published in the June 2011 issue of CSIRO’s Process magazine. The article highlights how a team of CSIRO scientists has stepped up to the challenge of adding years to the commercial lifespans of known ore resources and converting once uneconomic deposits into viable mines.

Top 40 mining companies’ 2010 financial results ‘spectacular’-PwC

The top 40 global mining companies are poised to break through the US$1 trillion asset mark this year, due to record levels of cash, property and equipment on balance sheets, says a new PwC report. In their report Mine 2011: The game has changed, PwC called the financial results of the top 40 "spectacular" as total revenues increased 32% to US$435 billion, breaking the $400 billion mark for the first time.

Vale eyes steel projects to boost Brazil market share

The mining giant has experienced a loss in market share and is losing its position as dominant iron ore supplier to Brazil steelmakers; plans to build own steel mills. via Mineweb.com - The world's premier […]

Iron Creek retains investor relations consultants

Iron Creek Capital Corp. (TSX-V: IRN) is pleased to announce that it has engaged Contact Financial Corp. ("Contact") to develop and execute a comprehensive marketing and investor communications program to help raise awareness of the […]

Zone Resources Inc. expands the known zone of iron mineralization at the Moore-Ross Mountain property, Quebec

Zone Resources Inc. (Zone) (TSX VENTURE:ZNR) announces that it has expanded the known zone of mineralization at the Moore-Ross Mountain Property due to additional information gathered during a compilation of historical exploration data on its Labrador Trough Iron Properties in the Nunavik district of northern Quebec.

Zone Resources expands the known zone of iron mineralization at the Moore-Ross Mountain Property, Quebec

Zone Resources announces that it has expanded the known zone of mineralization at the Moore-Ross Mountain Property due to additional information gathered during a compilation of historical exploration data on its Labrador Trough Iron Properties in the Nunavik district of northern Quebec. On May 4th 2011, Zone announced a summary of a partial set of drill results for the Moore Iron Zone on the Company's 7,000-hectare Moore-Ross Mountain property. Additional information has now been compiled from reports of statutory work filed by Fenimore Iron Mines Ltd. in 1952.

Profit margins at world’s top 40 mining companies fall

Profit margins for the world's top 40 mining companies are below the historical peaks of 2006 and 2007 as higher costs outweigh record commodity prices, PricewaterhouseCoopers said on Tuesday. Revenues for the world's 40 largest […]

CP: Wesgold Minerals gets option to buy majority stake in Colombian mining property

Wesgold Minerals has struck an option agreement with a polymetallic property in Colombia. According to Canadian Press, Wesgold has acquired an option to buy up to 51 percent of a property that hosts iron-oxide-copper-gold deposits: The Vancouver-based junior miner says it bought the option for an initial 11 per cent interest in the property, known as the Cordoba Property, from Minatura International LLC for a total cash cost of $4 million. The property consists of a mining concession contract and several mining claims covering 25,790 hectares, about 200 kilometres north of Medellin.

Rio Tinto halts part of iron ore port operations

MarketWatch reports Rio Tinto PLC has halted export operations at one of the terminals at its Dampier iron ore port in Western Australia after a contract worker was killed when scaffolding he was working on fell into the water. An investigation by the police and Mines Department has been launched into the circumstances surrounding the accident, the Anglo-Australian company said in a statement Sunday. Rio Tinto hasn't had a fatality at its operations in the Pilbara, a region in Western Australia state that accounts for roughly 40% of the world's seaborne supplies of iron ore, since August 2003.

PwC: Iron ore represents 48% of Canadian metals M&A activity

Big4 reports in Canada, 39 metals deals have been announced in 2011, including five transactions valued at US$50m or more. Iron ore was the most targeted resource in Canada and globally last quarter, accounting for nearly half (48%) of all Canadian deals and almost 22% of all global transactions in Q1. According to a new PwC report, the value of Canadian metals deals more than doubled year-over-year and a heightened pace of mergers and acquisitions (M&A) activity is expected for the balance of 2011.

New Gindalbie chief steps in as magnetite project costs balloon to $2.7bn

The Australian reports Tim Netscher the new chief executive of Gindalbie Metals took over after the miner in March announced a second cost blowout at its West Australian Karara joint venture. At the time, Netscher, 60, was working for Newmont Mining and thinking about swapping executive roles for non-executive positions, but the Gindalbie offer was too good to refuse. The multilingual Netscher, who speaks Afrikaans, Indonesian, German, Spanish and English, knows that Gindalbie's Karara magnetite project is at a crucial stage of development, but the mining industry veteran is not shy about a challenge.

Rio Tinto in $2b native title deal

Traditional Aboriginal owners in the Pilbara stand to receive more than $2 billion over 40 years under a watershed agreement with Rio Tinto that sets a new standard for negotiations between miners and indigenous Australia. Seven years in the making, the land-use agreement with five Aboriginal groups will allow about 40 new iron ore mines to proceed in an area of 70,000sqkm

China's increased dominance of global commodities market carries risk-S&P

Standard & Poor's expressed concerns Wednesday that record commodity prices could represent an "unsustained bubble, subject to a sudden correction."

The world is not running out of natural resources

Let me begin by saying that I believe the premise of this question is mistaken. It is quite incorrect to think that fossil fuel resources are finite. It may be true that there is a finite quantity of such resources in the earth's crust, but that does not mean that we will ever run out.

Forrest steps down as CEO of Fortescue to become chairman

Andrew Forrest, the high profile chief executive of major new Pilbara iron ore miner Fortescue Metals Group Ltd (ASX: FMG), as stepped down as CEO but will become the company's new chairman. Forrest is currently […]