Iron Ore Mining News

Brazilian government overcharging for mineral royalties – Vale

Brazilian mining giant Vale (VALE5.SA: Quote) said on Thursday the government is overcharging it for mineral royalties and will seek a legal review of some the requested payments amid a dispute over debts to the government that could reach $2.4 billion. Vale, the world's largest iron ore miner, insisted it had made payments according to the law and said it disagreed with the government over criteria for calculating what it owed.

Anglesey inks rail agreement with QNS&L

Anglesey Mining's 41%-owned Labrador Iron Mines Holdings Limited (TSX: LIM) has entered into a life of mine transportation contract with Quebec North Shore and Labrador Railway for transporting iron ore from LIM's DSO iron ore projects near Schefferville. The contract provides that QNS&L will carry LIM's iron ore from Emeril Junction, Newfoundland and Labrador, to Sept- les Junction, Quebec, on the QNS& L Railway. The railway already carries iron ore for Iron Ore Company of Canada, Wabush Mines and Consolidated Thompson's (now Cliffs Resources) Bloom Lake Mine.

Tata Steel expects 15% jump in raw material costs

The Wall Street Journal writes that Tata Steel Ltd. expects its raw material costs to increase around 15% in the next fiscal year starting April 1, mainly due to recent floods in Australia and higher […]

Canadian Orebodies Inc. announces completion of Can$5.25 million private placement

Further to its earlier news release of February 17, 2011, Canadian Orebodies Inc. (TSX VENTURE:CO) ("Orebodies" or the "Company") is pleased to announce that it has completed a brokered private placement of 15,000,000 subscription receipts […]

Alice Springs traditional owners acquire 51% of Australian Contract Miner of the Year

The Alice Springs-based Lhere Artepe Group has acquired 51% of the CDE Group, taking indigenous ownership of the Australian mining and civil works contracting group to 84%. CDE’s current activities include providing services to Fortescue Metals Group’s Christmas Creek iron ore mine in Western Australia through the Downer EDI contracting group, and to Xstrata for the McArthur River zinc mine in the Northern Territory.

Another Canadian iron ore partnership in the works

Closely following the CAD$4.9 billion Cliffs-Consolidated Thompson deal earlier this year, Canadian iron ore company New Millenium Capital Corp. has teamed up with Tata Steel Ltd. for a huge iron ore project, The Financial Post reported: With a giant Indian steelmaker providing the cash, New Millennium Capital Corp. is preparing to develop what it thinks will be the largest mine in Canadian history. Following months of due diligence, Montreal-based New Millennium unveiled a joint venture with Tata Steel Ltd. on Monday that will guide financing and construction of its mammoth Taconite iron ore project in Labrador and Quebec.

Ridgemont Strikes MOU With Toquaht Nation of Vancouver Island, BC

Ridgemont Iron Ore Corp. (TSX-V:RDG) has concluded a Memorandum of Understanding ("MOU") with the Toquaht Nation whereby the parties have agreed to an ongoing business relationship with respect to the exploration and development of Ridgemont's Redford iron ore property located on Vancouver Island, outside of Ucluelet, British Columbia. The MOU establishes that Ridgemont and the Toquaht Nation will work together to establish a long term, mutually beneficial and cooperative business relationship.

West African iron-ore miner completes US$133 million placement

Bellzone Mining announced on Tuesday that it had completed a US$133 million placement of 102 million ordinary shares. Canaccord Genuity Limited was the lead manager. Bellzone, an AIM-listed company, is developing two iron ore and nickel/copper assets in Guinea, West Africa. The Kalia iron deposit, a 50mtpa iron ore operation, is the company's flagship project.

Consolidated Thompson shareholders approve takeover by Cliffs

Consolidated Thompson's shares dropped two cents to close at $17.11 on Friday after the company announced its shareholders have approved the friendly takeover by Cliffs Natural Resources Inc. Under the deal, made public in mid-January, Cliffs Natural Resources acquired Consolidated Thompson for CDN$4.9 billion (US$4.6 billion) or C$17.27 in cash per common share. The transaction is expected to close in the second quarter.

Fortescue discovers a billion tonnes of iron ore in Western Australia

Fortescue Metals Group has discovered more than one billion tonnes of iron ore in Western Australia's Pilbara and aims to develop it rapidly. Sydney Morning Herald reports: The new project, named Nyidinghu, is about 35 kilometers south of Fortescue's first mine, Cloudbreak, and contained an inferred resource of 1.032 billion tonnes of ore at a grade of 58 per cent iron, the company said.

LIM signs iron ore haulage agreement

Anglesey's 41%-owned associate Labrador Iron Mines Holdings Limited (TSX: LIM) has signed an agreement with Tshiuetin Rail Transportation Inc. ("TSH") for the transportation of iron-ore from LIM's Schefferville project over the 235-kilometre TSH Railway,  which […]

Vale tops industry with US$17B profit in 2010

Vale was the most profitable mining company in 2010, says an earnings report released this week by the Brazilian diversified mining giant. Sao Paulo-based Vale reported annual net income of US$17.3 billion, or $3.25 per […]

Simandou iron ore mine to have 15m tonne capacity in 2012 – Vale

The Brazilian mining giant said iron ore production from the Zogota mine will have a capacity of 15m tonnes in 2012 before reaching 50m tonnes during its second phase in 2020.

AMEC awarded major Chilean iron ore EPCM contract

Compañía Minera del Pacífico has awarded the EPCM contract or its Cerro Negro Norte iron ore mining projects to international engineering firm AMEC International engineering and project management company, AMEC, has been awarded an engineering,

Ruling on misleading information by Fortescue overturned

Andrew "Twiggy" Forrest may face directorship ban following the overturning of an earlier court case by the Australian Federal Court Today proved to be a day of champagne followed by flat beer for the chief executive of Fortescue Metals Group Ltd (ASX:

Cliffs shares jump 10% on better-than-expected profit

Cliffs Natural Resources CEO says the growth in profits came on the back of the group's move to increase exposure to global pricing for its output.

Iron-ore junior Alderon sees interest in Canadian project

Mining Weekly reports that iron-ore junior Alderon Resources, which has a project on the Labrador-Quebec border, has already been seeing interest from Asian steel-makers who want to buy a stake in the company.

Rio Tinto net earnings up 194% over last year

Rio Tinto announced net earnings of US$14.324 billion in 2010, up from US$4.872 billion in 2009. The company also announced a $5 billion share buy-back program and a 20 per cent increase in its dividend […]

Coveted Chiria deposit will be mined by Steel Authority

Steel Authority of India Ltd. announced on Thursday that it had received government approval to mine Chiria deposits located in Jharkhand, India. SAIL describes the deposit as vital for the existing and future expansion plans […]

Rio Tinto to spend US$1.2 billion in Canada, Australia

Australia Business Reviews reports: Rio Tinto’s quest for world domination in the mining industry continues with its latest US$1.2 billion investments in mining projects in Canada and Australia.

IOC to expand iron ore production

Rio Tinto has green-lighted an expansion of the Iron Ore Company of Canada (IOC)  facility in Labrador City, Canada. The second of a three-stage Concentrator Expansion Program was halted in 2008 due to the financial […]

Iron ore prices remain stable while China slumbers

With China out of the picture for the Lunar New Year holiday, spot iron ore prices show minimal variation.

Mining magnates top Forbes list of richest Australians

Georgina Rinehart is Australia's wealthiest individual with an estimated net worth of $9 billion, according to Forbes list of Australia's 40 Richest released on Wednesday. Rinehart's net worth rose $7 billion from the previous year's […]

India seeing growth in aluminium, coal, iron ore and more – IM reports

The March issue of International Mining will include a detailed report onthe mining industry of India and its future plans. It is gearing up for the XII Five Year Plan.

CAP to post over $300m in profit for 2010

Chilean steel and iron ore producer CAP said on Monday it would post a profit of over $300 million for 2010, not including a $290 million gain stemming from the sale of part of its […]