Iron Ore Mining News

Rio Tinto to weather storm of fragile global economy

Rio Tinto , the world's third-largest miner, expects global markets to remain fragile in the near term and sees itself in a strong position to weather any turbulence, its chairman said on Thursday. The company said that it expected little impact on demand for commodities following the earthquake and tsunami disasters in Japan, and said in the long run demand may increase as Japan moved to rebuild.

CSN profits up 38%, misses analyst estimates

CSN, Brazil's largest diversified steel group, said on Tuesday that net income jumped 38 percent in the first quarter from a year earlier thanks to robust sales of iron ore and lower sales costs. Sao Paulo-based CSN (CSNA3.SA)(SID.N) earned 616 million reais ($390 million) in the period, up from 447 million reais a year earlier, according to a securities filing. But this fell short of the 697 million reais profit estimate by five analysts in a Reuters poll.

Fortescue chooses Minesight software for its Pilbara iron ore ops

After lengthy deliberations involving several software vendors, Fortescue Metals Group, Australia's third largest iron ore producer after BHPBilliton and Rio Tinto, has picked MineSight for its mine planning software needs. "We decided to use MineSight because we found it to have a comprehensive suite of mine planning capabilities most suited to our operations and a demonstrated track record of quality improvements," said Andrew O'Dowd, FMG's Manager of Operations Planning.

Three Cs Going Crazy in Commodities

With silver spiraling out of control, it's worth checking in on some of the other commodities. Indeed the agricultural or soft commodities have, as a group, been surging in recent times, sending the Dow Jones UBS commodities index up over 30% year on year. Not only have they inflated returns on broad based commodity investment products but they've inflated prices, political tensions, and economic risks around the globe.

Posco finally gets $12bn nod from India

In India's biggest foreign investment deal since 1991, the Indian government has on Monday finally given South Korea's Posco the green light to build a giant $12 billion steel plant in the country. Posco has said it expects to renew `shortly' its pact with the Orissa government for building the $12 billion steel plant, even as the firm has assured that no exports of iron ore would be conducted from the site.

BHP Billiton approves Samarco expansion

BHP Billiton today announced that the partners of Samarco had approved the US$3.5 billion (BHP Billiton share1 US$1.75 billion) Fourth Pellet Plant Project at Samarco (Brazil). The expansion will increase Samarco iron ore pellet production capacity by 8.3 million tonnes to 30.5 million tonnes per annum (100% basis). First pellet production is expected in the first half of calendar year 2014. BHP Billiton President Iron Ore, Ian Ashby, said “Samarco is a low cost supplier of high quality iron ore pellets and over the last several years has been very successful in growing its resource base. This investment builds on its resource and operational strengths and will further improve Samarco’s competitiveness and market position.”

Cliffs Natural Resources reports more than five-fold jump in Q1 profits

Cliffs Natural Resources Inc (CLF.N:Quote) reported more than a five-fold increase in first-quarter profit as demand and prices for its iron ore and steel-making coal soared.Net earnings were $423 million, or $3.11 per share, compared with $77 million, or 57 cents per share in the quarter a year earlier. Revenue rose 63 percent to $1.2 billion, the Cleveland-based company said on Thursday.

Caterpillar Surprises With Massive Profit Gain

Caterpillar (NYSE:CAT) reported Friday a surprising five-fold jump in first quarter profits, reaching an all-time quarterly record as the company benefits from a recovering economy and a resulting boost in construction equipment demand.

Today in Commodities: Tipping Point

We feel that some commodity prices are getting overextended and very close to their tipping pint. Far from an ultimate top but ready for a healthy correction. Crude traded to its highest level in two […]

Geordie Mark: Global demand for iron ore on rise

How long until the window on rising iron-ore prices closes? Global demand is driving prices higher and shipping costs are at historic lows. But only companies poised to get into production quickly will be able to capitalize. In this exclusive interview with The Gold Report, Geordie Mark, an analyst with Haywood Securities in Vancouver, picks the companies that are ready to profit and those that are likely to get picked off by competitors.

Reliance Steel & Aluminum Co. reports first quarter results

Reliance Steel & Aluminum Co. (NYSE:RS) reported today its financial results for the first quarter ended March 31, 2011. For the 2011 first quarter, Reliance reported net income of $92.3 million, up 107% from 2010 first quarter net income of $44.7 million, and up 134% from $39.5 million in the 2010 fourth quarter. Earnings per diluted share were $1.23 in the 2011 first quarter, up 105% from 2010 first quarter earnings per diluted share of $.60 and up 132% from $.53 for the 2010 fourth quarter. Sales for the 2011 first quarter were $1.91 billion, up 32% from 2010 first quarter sales of $1.45 billion, and up 21% from 2010 fourth quarter sales of $1.58 billion.

$8.5 million capital raising to accelerate the Roper River Iron Ore Project, Northern Territory, Australia

Sherwin Iron Limited (ASX: SHD) is pleased to announce that it has successfully undertaken a $8.5 million share placement at 16 cents a share to institutional and sophisticated investors as part of its strategy to accelerate drilling and development of its Roper River Iron Ore Project (Project) in the Northern Territory. Image by Sherwin Iron Limited

Severstal boosts crude steel output 5%

Russia's top steelmaker Severstal (CHMF.MM: Quote) said on Thursday its crude steel output rose to 3.65 million tonnes in the first quarter 2011, up 5 percent from the same period last year. However, production was down 5 percent compared with the last quarter 2010, when output reached 3.84 million tonnes.

Russian metals firms constrained by rail

Russia's two main rail lines into Asia and, in particular China, are increasingly overburdened which is causing a headache for metals firms looking to increase exports.

A longer-term view of inflation: industrial metals vs. gold

I found an interesting dataset at the IMF of commodity prices going back to 1980. What makes it interesting is to look at the longer-term price trends of some of the industrial metals you don't often don't see charted, such as aluminum, tin, lead, zinc, and nickel.

Commodities: No bubble here

With commodity prices up so much over the past several years, you can forgive long-term value investors for giving them a miss. Who wants to risk exposure to another asset bubble so soon after the dot-com implosion and the U.S. housing mess?

It's a good time to invest in coal

Coal is considered the dirtiest of all fossil fuels due to the emissions of hazardous pollutants when burned. But we are at a point today where there is a scarcity of energy around the world, oil and gas prices are constantly rising and reaching new highs and energy consumption is showing no signs of slowing down.

Today in Commodities: Status quo from Fed

Nothing new to report from Uncle Ben and his cronies but at least there was more talk of inflation with rising commodity prices. The $2.50 range carried on in Crude again today as traders try […]

Revolver to acquire operating iron ore assets in Brazil

Revolver Resources Inc., (TSX VENTURE:RZ) ("Revolver") is pleased to announce that it has entered into an arm's length letter of intent with Oculus Mining S.A. ("Oculus") effective April 11, 2011, relating to a reverse takeover transaction (the "Transaction"), pursuant to which Revolver proposes to acquire all of the issued and outstanding securities of Oculus from the shareholders of Oculus (the "Oculus Shareholders") on a pro rata basis. Trading in the shares of Revolver has been halted in accordance with the policies of the TSX Venture Exchange (the "TSXV") and will remain halted until such time as all required documentation has been filed with and accepted by the TSXV and permission to resume trading has been obtained from the TSXV.

LIM completes Can$110 million equity financing

Labrador Iron Mines Holdings Limited (TSX:LIM) (the "Company" or "LIM") is pleased to announce that it has completed its previously announced public offering of C$100,000,000 in common shares and C$10,000,500 in flow-through shares of the Company, at a price of C$12.50 per common share and C$15.00 per flow-through share (collectively, the "Offering"). The Offering was completed by a syndicate of underwriters led by Canaccord Genuity Corp. and included BMO Nesbitt Burns Inc., Jennings Capital Inc., Haywood Securities Inc. and Scotia Capital Inc. (collectively, the "Underwriters").

Metso wins processing equipment deal for Kaunisvaara iron ore project

Northland Resources has contracted Metso to supply the mineral processing equipment and services for the two processing lines at Northland’s Kaunisvaara iron ore project in northern Sweden. The order is valued at $293 million and covers the complete equipment package for the processing plant, including two primary gyratory crushers, two AG mills, seven vertical grinding mills (VTM 3000), magnetic separators and seven VPA press filters.

Tata to hold onto Riversdale stake

India's Tata Steel , the world's No 7 steelmaker, will hold on to its stake in Africa-focused Riversdale Mining , its vice chairman said on Monday. "We will continue to hold on to our stake," B Muthuraman told reporters.

Rio does $700 million Simandou iron ore deal with Guinea

Mining giant Rio Tinto (RIO.L) said on Friday it would pay the government of Guinea $700 million after reaching an agreement to resolve all outstanding disputes over blocks 3 and 4 of its Simandou iron ore project. The company said in an emailed statement to Reuters that it had signed a settlement to secure Rio's mining title for the southern Simandou blocks, paving the way for some $10 billion in investment and the first shipment of iron ore by mid-2015.

Chinese co secures MOU on Australian ferrovanadium project

TNG Ltd (ASX: TNG), which recently released a positive scoping study review of Mt Peake said today it had a memorandum of understanding (MOU) with a major Chinese engineering and development company. It was also now in discussions with other potential funding/development partners.

Anaconda Mining posts fifth straight quarterly loss

Canadian gold miner Anaconda Mining Inc posted a fifth-straight quarterly loss, but expenses were lower from a year-ago levels and production rose sequentially. Net loss for the third quarter was $1.9 million, or 1.5 cents a share, compared with a loss of $2.2 million, or 2.5 cents per share, a year ago.