Iron Ore Mining News

Commodities fall most in seven weeks

Bloomberg reports that commodities dropped the most in seven weeks after the International Energy Agency announced plans to release emergency oil supplies.Gold for August delivery fell 2.4 percent to $1,516.60 an ounce, the first drop in eight sessions, and palladium for immediate delivery declined 2.2 percent to $747.25 an ounce.

China sticks to ban on favourable power tariffs for energy-intensive sectors

China's top economic planner on Thursday reiterated a ban on favourable power tariffs for power-intensive sectors as the world's second-largest electricity consumer struggles to deal with its worst power crisis in seven years. Last year, the National Development and Reform Commission (NDRC) asked local governments and power suppliers to cancel favourable power prices for aluminium, ferroalloy and calcium carbide makers, and said preferential power rates for direct trade between power generators and power users but without approval must be halted.

Cap-Ex Ventures: airborne identifies high priority DSO targets at Lac Connelly

Cap-Ex Ventures announced it has received and interpreted the preliminary data from the recently completed Airborne FALCON Gravity Gradiometer and High Sensitivity Magnetometer survey, conducted by Fugro Airborne Surveys Corp. The survey was conducted over the Company's wholly owned Lac Connelly property located in the Labrador Trough.

Iron Road Limited (ASX:IRD) Raises A$21M to Advance Central Eyre

Iron Road Limited (ASX:IRD) is pleased to announce it has successfully raised A$21.6 million to further advance the Central Eyre Iron Project following the recently completed positive prefeasibility study. "The funds raised today will allow us to continue our aggressive resource drilling campaign and deliver additional large tonnages into the project. We are currently drilling the Murphy South western extension and PIRSA have this week approved drilling over the Murphy South eastern extension. This work will further enhance our position as we continue our partnership discussions.

Central Iron Ore Limited: AUD$15 Million Perinvale North Iron Ore Hub Farm in and Joint Venture

Central Iron Ore Ltd. (the "Company" or "CIO") is pleased to announce that it has, through its subsidiary Central West Resources Pty Ltd, entered into a farm in and joint venture agreement with the Australian Stock Exchange listed Pacific Ore Limited (ASX:PSF) ("Pacific") in respect of CIO's Perinvale North Iron Ore Hub ("Perinvale North Hub") for AUD$15 million ("Joint Venture"). The Perinvale North Hub consists of Exploration Licence 57/818 covering an area of 120km² and is located approximately 550km North East of Perth, Western Australia in the Yilgarn Iron Ore Province ("YIOP").

Iron ore mine plans on hold in northern Wisconsin

The company looking to build a $1.5 billion iron ore mine in northern Wisconsin has stopped the project until state lawmakers agree on a new set of rules for reviewing such projects. State Sen. Robert […]

Vale reroutes world's biggest dry-bulk carrier bound for China to Italy

Brazilian mining giant Vale said on Tuesday it rerouted 391,000 tonnes of iron ore, its first cargo aboard a new class of giant bulk carriers, to Italy from its original destination of China. The cargo is being shipped aboard the Vale Brasil, the world's largest dry-bulk vessel, a ship designed to reduce the cost of shipping the main steel ingredient to China. Despite the rerouting Vale said the so-called Valemax carriers will be able to enter three Chinese ports.

Flinders Mines drilling moves Pilbara Iron Ore Project closer to Measured Resource

Flinders Mines is making strong progress with its drilling program at the Pilbara Iron Ore Project in Western Australia, with over 50 kilometres of drilling completed since the previous resource update. The drilling during 2011 has been carried out on schedule and on budget and is due for completion in mid-July 2011.

Iron ore miner battles with Brazil project amid takeover talk

Dow Jones reports a Khazakhstan mining and metals group says it's forging ahead with plans to build a $2 billion iron ore mine in northeast Brazil despite major logistical and environmental obstacles, while speculation about a takeover-bid swirls. The Pedra de Ferro iron ore project is already four years behind schedule, and the company may miss the 2014 start-up date as it is still waiting for environmental licenses to build a port from which to ship the iron ore, and for Brazil's federal government to build a railroad.

Australia trims outlook for iron-ore exports

Marketwatch reports Australia's government commodities forecaster Tuesday trimmed its projections for iron ore and coking coal exports over the coming financial year, and forecast prices for both raw steelmaking ingredients will continue to ease from highs as global supplies increase.

Iron ore prices to hold on China demand: Macquarie

Iron ore prices will remain firm in the medium term, as tight supply struggles to keep up with Chinese steel output, said Macquarie Commodities Research senior analyst Colin Hamilton at Platts Steel Methodology Forum in New York. The global iron-ore supply chain is struggling to keep up with that demand, and flat iron imports to China reflect the strain in existing infrastructure.

Goa sponge iron making units hit as neighbouring state bans supply of ore

IBN Live News reports at least six industrial units manufacturing sponge and pig iron in Goa have been hit after neighbouring Karnataka imposed ban on transport of iron ore, a key raw material for making sponge iron that the Goan companies source from Uttar Kannada.

Mechel stock jumps after winning subsoil license for Pionerskoye iron ore deposit

Russian mining and metals giant Mechel listed in New York where it has a market capitalization just shy of $11bn, reported on Tuesday winning the auction for the subsoil license for Pionerskoye iron ore deposit, sending its ADRs up 3.5% in midday trade. Pionerskoye's estimated reserves as of January 1, 2010 were 137m tonnes of iron ore with high iron content, which will enable the company to produce iron ore concentrate at the early stages of development without the need to use complex beneficiation technologies.

Rio enters iron-ore infrastructure expansion agreement with NRW

Diversified giant Rio Tinto has entered into a framework agreement with ASX-listed project house NRW Holdings to expand its Pilbara iron-ore infrastructure capacity to 333-million tons a year. NRW said in a statement that the […]

LME board struggles to reform metals warehousing logistics

The board of the London Metal Exchange has been unable so far to reach agreement on a way to resolve aluminum access issues from warehouses owned by a unit of Goldman Sachs. However, the U.K. Office of Fair Trading has determined there are no obvious competition issues meriting further investigation of complaints that ownership of warehouses give certain metals market players' unfair advantage.

Alderon Reports Final North Rose Results in Preparation for Updated Resource

Alderon Resource Corp. (TSX VENTURE:ADV)(OTCQX:ALDFF) ("Alderon") is pleased to announce final assay results from the 2011 winter program on the 100% owned Kamistiatusset ("Kami") Iron Ore Project in western Labrador.

First Point Announces Cliffs to Assume Management of 2011 Exploration Program on the Decar Nickel-Iron Alloy Project

First Point Minerals Corp. (TSX VENTURE:FPX) ("First Point" or the "Company") is pleased to announce that Cliffs Natural Resources Exploration Inc., an affiliate of Cliffs Natural Resources Inc. (NYSE:CLF)(PARIS:CLF) ("Cliffs"), has assumed management of, and is starting the 2011 exploration program on the Decar nickel project in central British Columbia. Cliffs has hired Caracle Creek International Consulting (CCIC), a professional geological, geophysical and engineering services consulting company, to supervise the 2011 exploration program at Decar.

Power returns to Chile's mining heartland

Power supplies have returned to normal in Chile's northern mining heartland after a power grid failure hit some of the world's biggest copper mines earlier on Sunday, the mining minister said. Chilean Energy and Mining Minister Laurence Golborne told Reuters power supplies were back to "100 percent" and that the impact on production in the top global copper producer was expected to be minimal.

Three dead, seven rescued in Goa mining accident

The Hindustan Times reports three people were feared killed while seven others were rescued in a major mining accident in Goa's Sanvordem town, officials said on Saturday. The 10 people got trapped under debris when an unstable tailing stack -- a huge heap of aluminium and silica impurities extracted along with iron ore - gave way due to heavy monsoon showers.

Chrome prices to increase as global steel production rises to 1.5 billion tons in 2012

Global steel production is set to rise to 1.5 billion tons in 2012 and due to increasing costs many ferrochrome and chrome ore producers will increase prices. The devaluation of the dollar, higher labour and fuel costs have led to a substantial increase in costs of ferrochrome and chrome ore production centred in South Africa, Kazakhstan, India, Zimbabwe, Turkey, Oman, Pakistan, Iran and Albania. There is no substitute for chrome in the steel-making process and some 90% of the chromite mined worldwide is converted to ferrochrome, used in the production of stainless steel.

P&H to consolidate Minnesota Iron Range operations in new service centre

According to local paper, the Duluth News Tribune, P&H Mining Equipment is to close its main Minnesota Iron Range offices in Mountain Iron, Buhl and Hibbing after construction of a new $16 million, 82,000 ft2 building off US Highway 53 on the town of Virginia’s north side. The building should open next summer and will include office space and a giant service floor and crane for equipment repair and service.

Tata Steel sells Riversdale stake to Rio Tinto

India's Tata Steel on Thursday agreed to sell its 26 percent stake in Australia's Riversdale to Rio Tinto for $1.1 billion, giving the Anglo-Australian giant full control of the coal miner. Tata, the world's No 7 steelmaker, will sell shares in an open offer at A$16.5 each. Riversdale shares closed little changed at A$16.50 in Sydney on Thursday before Tata Steel's announcement.

Demand destruction looms to hit gold and base metals in H2 2011

After an unrivalled rally, commodity prices are likely to soften during the second half of the year, according to Bank of America Merrill Lynch. At a seminar in London on Wednesday, commodity strategist Francisco Blanch said commodity prices will come off during the latter part of the year as demand destruction looms on the horizon.

Investors are finally seeing value in deal-hungry super-profitable Brazilian giant Vale

With a new government-backed CEO, a capex budget and acquisition war chest that dwarfs others, record net profits, a very generous dividend policy, strong fundamentals in its core business, aggressive expansion into high-growth areas and regions – notably potash and Africa – and a stock that looks downright cheap next to its peers, what is not to like about Vale? After slumping to an 8-month low less than a month ago it now seems investors are finally beginning to warm to the the diversified Brazilian miner. In the month since Murilo Ferreira has been head, the planet's third most valuable mining company has risen against the other supermajors and outperformed the broader market by 7%.

Vale's new partnerships stir competition in Brazil steel market

Dow Jones Newswires reports Brazil's steel sector has been shaken up since mining giant Vale SA started building its first steel mill, bringing in new foreign partners and triggering a bitter fight over manpower and […]