The Cabinet in its meeting held on 30th March, 2006 had authorised MMTC to engage in fresh Long Term Agreements (LTAs) with Japanese Steel Mills (JSMs), POSCO of South Korea and Chinese Steel Mills for supply of iron ore for a period of five years
Iron Ore Mining News
New Delhi, July 7 (IANS) The Indian government Thursday renewed long-term agreements to supply iron ore to international steel majors like Japanese Steel Mills (JSMs) and South Korean firm POSCO. The decision was taken by the union cabinet at its meeting
Brazil's Vale , the world's top iron ore miner, expects prices of the steelmaking raw material to remain above $150 a tonne for at least the next five years on tight global supplies, the Financial Times reported on Thursday. Guilherme Cavalcanti, Vale's chief financial officer, said miners would struggle to meet booming Asian demand, according to the newspaper.
SINGAPORE - Brazil's Vale , the world's top iron-ore miner, expects prices of the steelmaking raw material to remain above $150/t for at least the next five years on tight global supplies, the Financial Times reported on Thursday.
Unrest and strikes in Indonesia, Chile, Australia and Africa, a shortage of skilled workers in North America and rising labour costs all over the globe are quickly becoming the most serious downsides of a mining boom that started almost a decade ago. While a historically high overall jobless rate is masking spiking wages in the resources sector in the US, workers in emerging markets are shutting down operations of mining companies deemed not to be sharing record profits fairly.
The destruction of Mongolia's grasslands to access a wealth of mineral riches has sparked an anti-mining movement led by a nomadic herder who says force can be used to bring polluting firms to heel. Tsetsegee Munkhbayar is the head of Fire Nation, a small group on a crusade to put an end to what they say are irresponsible mining operations in the resource-rich landlocked country that are threatening their livelihoods.
Champion Minerals announce assay results from the Attikamagen Project, which is wholly-owned by Champion and under option to Century Iron Mines Corp. ("Century Iron") and is located in north-eastern Quebec and western Labrador, near the town of Schefferville, Quebec. The 2011 winter drilling program focused on several potential taconite and direct shipping ore ("DSO")(1) targets near Hayot Lake, Quebec and Joyce Lake in western Labrador. Century Iron completed over 2,000 metres of combined diamond and reverse circulation ("RC") drilling and are continuing the current phase of drilling which is expected to be completed by December 2011.
Winmar Resources, a company backed by Fortescue Metals chairman Andrew Forrest, is expected to announce today a deal with an Indian iron ore giant that could lead to could lead to further Indian investment in the mining sector.
Australia-based iron ore development company African Iron Limited (ASX: AKI) is pleased to announce a greater than 80% increase to the aggregate exploration target size at its 80%-owned Mayoko Iron Ore Project, located in the Republic of Congo, West Africa. Image of a drilling rig at the Mayoko Iron Ore Project, by African Iron Limited.
The Top 10 Metals & Minerals Industry projects in Canada are dominated by large-scale oil sands and metal mining projects. What was once considered a large project is being dwarfed by today's mega-projects. Projects exceeding $1 billion are no longer rare, but commonplace. Currently, there are 67 projects in Canada with a total investment value (TIV) of $1 billion or more.
Brokers Collins Stewart and Evolution Securities were upbeat about iron ore producer Ferrexpo (LON:FXPO), which released production figures today. The firm reported numbers for the second quarter of 2011 revealing that pellet production from its own ore had increased 6.9 percent compared to Q1.
CAT in major autonomous truck milestone with Fortescue while Rio doubles its Komatsu driverless fleet
Caterpillar has made a key announcement on the progress of its autonomous truck program. Together with Australian dealer WesTrac, CAT has signed a Memorandum of Understanding (MOU) with Fortescue Metals Group to implement an autonomous mining solution for Fortescue’s new Solomon iron ore mine.
Reuters reported that iron ore production in Australia, the world largest exporter of the steelmaking raw material is rising rapidly to keep pace with projected increases in China led demand.
Shanghai steel futures rose more than 1 percent to their highest in nearly three weeks on Monday, chasing gains in Chinese equities, even as the outlook for steel demand remained bleak. The most briskly traded October rebar contract on the Shanghai Futures Exchange rose 1.4 percent to close 4,792 yuan per tonne, just off the day's peak of 4,798 yuan, its highest since June 15.
A state of the art laser scanning system supplied by 3D Laser Mapping has been used to improve safety of iron ore extraction in South Africa. The Riegl laser scanner forms an integral part of a Waste Spreader Positioning System (WSPS) developed by Stone Three Venture Technology in partnership with Reutech Mining. Read more
The Guardian reports the billionaire chief of ArcelorMittal Lakshmi Mittal is planning a giant new opencast mine 300 miles inside the Arctic Circle in a bid to extract a potential $23bn worth of iron ore. The mega-mine – which includes a 150km railway line and two new ports – is believed to be the largest mineral extraction project in the Arctic and highlights the huge commercial potential of the far north as global warming makes industrial development in the region easier.
Proto Resources & Investments has received a mining lease from the Tasmanian Government for the firm's Barnes Hill project near Beaconsfield, Tasmania, for an initial period of 15 years.
Business Spectator reports the scale of the challenge confronting new Murchison Metals chairman, and former AGL chief executive, Greg Martin has been made clear by Monday’s presentation on the proposed Oakajee Port and Rail project and Murchison’s Jack Hills iron ore joint venture. Murchison, a company with a market capitalisation of less than $300 million, is trying to develop projects with combined capital costs of almost $10 billion.
Economies of scale are now being reached at Cairn Hill, as unit costs per tonne are falling as production is being ramped up. Phase one ore at the operation is expected to deliver 7.9Mt from two pits, generating revenue of A$250m at current prices.
It is reported that pig iron shipped from Commonwealth of the Independent States maintained stable in European market last week. Yet, rumors spreading through the market players warn that the spot market has a possibility of going downward in future.
It is reported that Russian mining and steel producing company Evraz Group is going to build a new section rolling mill in southern Russia. The production capacity of the mill is expected to be 450,000 tonnes of products per year.
It is reported that Cherepovets Steel Mill, a subsidiary of Russian steelmaker Severstal has started installation of a new loading crane No 8 at its converter plant worth RUB 800 million. The new crane's load-carrying ability is 520 tonnes, 70 tonnes
Strike Resources has executed an agreement with Iron Associates Corporation to purchase an additional 12% interest in Apurimac Ferrum SA from IAC increasing its stake in AF to 56%. The strategic acquisition was made for a consideration of USD 1.2 million
IBNS cited Mr Ganesan Natarajan Encore Coke Ltd President as saying that the merchant coke sector in eastern India is hopeful of riding the boom of steel production in the near future. He said steel industries in India are largely dependant upon blast
Reuters reported that Talon Metals a Canadian iron ore miner reported a 48% rise in inferred resources at its flagship Trair�o iron project at Par� State in Brazil. The company which operates two iron ore exploration projects in northern Brazil