Iron Ore Mining News

SSAB sees growing demand for niche steel products

Swedish steelmaker SSAB (SSABa.ST: Quote) beat second-quarter earnings forecasts, helped by demand for its specialist products in the United States and Europe, and said the recovery had further to run.

India steel output at 35.6MT in Jan-June, 1/10th of China

According to the World Steel Association (WSA), production of steel in China during the January-June period of the current year stood at 350.543 MT, almost half of world output during the same period and the single highesat by any country.

Canadian Orebodies commences drilling on potential large tonnage Haig Inlet Iron Ore Project

Canadian Orebodies Inc. (TSX VENTURE:CO) ("Orebodies") has started drilling on its Haig Inlet Iron Ore Project, located on the Belcher Islands, Nunavut, Canada.

The world is entering a new age of iron

Two reports out on Thursday suggest that iron ore is far from being merely a relic of the industrial revolution and still plays a central role in the world economy and the commodities markets. Reuters reports top investment bank Goldman Sachs is preparing to enter the physical iron ore market and the FT says the so-called commodities bible – Cyclope’s World Commodity Yearbook – just published in English is a testament to how the pricing of iron ore from secretive negotiations and annual contracts to prices linked to the spot market constitutes a “true revolution”.

Commodities rise after Greek plan details emerge

Financial markets — including commodities — surged after details from the highly-anticipated EU Summit were released. Germany's demand that private investors be a part of any Greek bailout, which will likely be considered a partial default by ratings agencies, seems to have been met.

BHP Billiton production results in line with expectations – analysts

City broker UBS says global mining firm BHP Billiton's (LON:BLT) June production figures were slightly better than expected and gives the stock an unchanged 12 month rating of a 'buy' with a target price of £28.40. The mining giant released the figures yesterday across the spectrum of its resources, including iron ore production up 14 percent year-on-year in the final quarter.

NRW Holdings wins multiple contracts for Fortescue Metals’ iron ore operations

NRW Holdings, leading provider of civil and mining services to the resources sector in Australia, in joint venture with the Ngarluma and Yindjibarndi Foundation Ltd (NYFL) and Eastern Guruma Pty Ltd, has been awarded a contract worth approximately A$80 million for mining at Fortescue Metals Group (Fortescue’s) expansion project the Solomon Hub.

The economies of BHP and Woolworths

BHP Billiton and Woolworths exactly capture the two faces of our 21st century economy and the challenging - mostly - pluses but also minuses posed right now and into 2012. BHPB approved $12 billion in major new projects in the financial year just ended.

INTERVIEW: Outokumpu To Focus On Growth Outside Europe

Efforts to turn loss-making Finnish stainless steel maker Outokumpu Oyj (OUT1V.HE) around have been insufficient to date and the company will now focus on growth outside of Europe in order to improve profitability, Chief Executive Mika Seitovirtaof said

Indian iron ore mining mess – JSW Steel may cut output due to ore shortage

BS reported that JSW Steel is likely to take production cuts at its 10 million tonne per annum steel plant at Toranagal in Bellary district of Karnataka owing to severe shortage of iron ore.

BHP posts annual production records

BHP Billiton Ltd says it achieved production records in four commodities in 2010/11, with production of iron ore posting its 11th consecutive record. BHP said annual production of iron ore was 134.406 million tonnes (MT), up eight per cent on 2009/10.

WA announces uranium mining royalties

The West Australian Government has announced it will levy a 5 per cent royalty on uranium and magnetite iron ore. By 2014-15 the State Government expects to reap more than $160 million a year from magnetite royalties and $28 million from uranium.

Canada stocks gain on strong commodities

Strong metal and oil stocks lift the TSX Composite Index Tuesday as the loonie rallies on expectations of eventual rate hike.

Watch live – an iron ore mine being built in northern Sweden

Live cams are not just for watching baby eagles and monitoring highway conditions, Northland has its own where users can see how much progress the company has made on its Kaunisvaara project, an iron ore mine being built in northern Sweden.

Q4 output down 17% on furnace shutdown – International Ferro Metals

South African miner International Ferro Metals said output fell 17 percent in the fourth quarter due to a scheduled shutdown of a furnace. Ferrochrome production was at 42,584 tonnes for the quarter ended June 30.

Record mine profit as shipping slumps on glut

The largest glut of ships in history means the cheapest freight rates relative to iron-ore prices in at least a decade, helping Rio Tinto Group and BHP Billiton Ltd. (BHP) to generate record profit. The cost of transporting iron ore to China from Brazil, the biggest route, is now equal to 10 percent of the value of the commodity used by steelmakers, compared with 64 percent in 2003, according to data compiled by Bloomberg.

Legacy Iron under the radar, NMDC transformative for Mt Bevan Iron Ore Project

Legacy Iron Ore (ASX: LCY) is an iron ore exploration company that is based in Western Australia, and is developing the Mt Bevan Iron Ore Project, which has the potential to develop into one of the largest resources of iron ore in the Central Yilgarn.

Commodities 2011 halftime report

Commodities don’t all perform in the same way. In any given year, a particular commodity will go gangbusters and outperform the group.

Forrest digs heels in over WA royalty deal

ANDREW "Twiggy" Forrest, one of Australia's richest men and a champion of the fight against indigenous disadvantage, is being accused of ripping off traditional owners in a West Australian iron ore royalties deal. The mining magnate wants to develop

Metal manufacturer moves to Ind. with 100 new jobs

Special Metals Corp. announced this weekend that it will relocate operations from Rockford, Ill., to Elkhart, Ind., creating up to 100 new jobs by 2014. The inventor and producer of high-nickel, high-performance engineering alloys will move its A-1

China's Hanlong makes $1.5 billion bid for Sundance

China's Sichuan Hanlong Group made a bid to buy out the shares it doesn't already own in West African iron ore exploration company Sundance Resources, valuing the private conglomerate at A$1.4 billion ($1.5 billion). Last week, Hanlong, which is seeking to expand its reach in global resources, launched a A$144 million takeover bid for Bannerman Resources, which is looking for uranium in Namibia.

Iron ore exports seen falling to 8-year low

MUMBAI: Iron ore exports from India are likely to fall by more than a quarter to their lowest level in eight years because of higher costs and slow efforts in a key state to resume shipments, a Reuters poll showed. Iron ore sales from the world's

India mining bill: states to get to call bids

The Hindustan Times reports India's new mining bill will empower state governments to hand out leases, take up prospecting and exploration activities before mines and call for bids for commercial utilisation of mineral deposits such as coal and iron ore. The Group of Ministers, which vetted the draft Mines and Minerals (Development and Regulation) Bill 2011 a fortnight ago, has given its nod for authorising and incentivising state governments take up "prospecting and exploration, so that adequately prospected ore bodies can be put on bid."

Citic Pacific's budget blown as WA ore project costs soar

The Australian reports China-backed Citic Pacific's $US5.2 billion West Australian iron ore project has been hit with a $US900 million budget blowout in another sign of growing costs in the booming resource state. The cost increase is the second for Sino Iron – the largest magnetite iron ore project under development globally – whose first production target has been pushed back again.

Karnataka iron ore exports delayed

State government is putting in place RFID tags, smart cards to regulate movement of ore traffic.Exports of iron ore from Karnataka are likely to be delayed by over three months, as the state government is yet to put in place the infrastructure.