Peabody Energy has teamed up with ArcelorMittal to offer $5 billion for Australia's Macarthur Coal , the world's biggest producer of pulverised coal, as demand for steel-making raw materials intensifies. The cash offer of A$15.50 a share represents a 40-percent premium to Monday's close and comes just a day after Australia unveiled a plan to tax carbon emissions from the nation's worst polluters, or about 500 companies, including coal miners.
Iron Ore Mining News
The demand of galvanized & cold rolled sheets now fulfilled Shri R.K. Lodhi, Head Marketing, Indian Steel Corporation Ltd. Shri R.K. Lodhi, Head Marketing, Indian Steel Corporation Ltd. Indore, M.P., July 8, 2011 /India PRwire/ -- Indian Steel
When Schnitzer Steel Industries (NASDAQ:SCHN) reported earnings 8 days ago on June 30, 2011, analysts, on average, expected the company to report earnings of $0.85 on sales of $747 million. The company actually reported EPS of $1.10 on sales of $722
Much has been made of China’s insatiable appetite for the world’s natural resources but demand growth from another Asian giant is changing the dynamics of the global steel market. Indian demand for steel grew 10 percent last year, helping push global demand to a record 1.4 billion tons in 2010. Over the past two years, India’s renewed economic growth has brought a dramatic increase in the country’s steel production as well as domestic consumption.
Iron ore exports may fall by over 20% to around 75 million tonne in the current fiscal as a result of hike in duty on overseas shipments, miners body Federation of Indian Mineral Industries said.
Alderon strengthens mining team with addition of former Iron Ore Company Vice President as Chief Executive Officer
Alderon Resource Corp. (TSX VENTURE:ADV)(OTCQX:ALDFF) announced the addition of Mr. Tayfun Eldem, P.Eng. as the President and Chief Executive Officer of the company effective September 7, 2011, at which time Mr. Mark J. Morabito will assume the role of Executive Chairman and Mr. Stan Bharti will assume the role of Vice Chairman.
Champion Minerals Inc. (TSX:CHM)(FRANKFURT:P02) announced assay results from the Attikamagen Project, which is wholly-owned by Champion and under option to Century Iron Mines Corp. 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") 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.
Mining Weekly reports that the development of a new iron-ore province in South Australia would require an estimated A$7.6-billion in infrastructure investment. The market news is quoted as saying, Promoting the iron-ore province at the Australian Resources Chinese Investment Congress in Adelaide, Alliance spokesperson Andrew Woskett said that any individual components of the overall infrastructure proposals could make stand-alone investment opportunities, in their own right.
While Western mining multinationals are conspicuous in their absence from any bids for Afghanistan's vast resources of copper and iron ore Tata Steel on Thursday joined other Indian steelmakers to bid for the Hajigak iron ore deposits 130km west of Kabul. So far only China has made any firm commitment to the country's mining sector with state-owned Metallurgical Corp's successful $3.4bn bid to build a copper mine – and a $6bn railway to go with it – that should enter production in 2014.
NEW DELHI The Indian government on Thursday renewed long-term agreements to supply iron ore to international steel majors like Japanese Steel Mills (JSMs) and Posco. The decision was taken by the union cabinet at its meeting on Thursday morning. Union
American Vanadium Corp. (CVE:AVC) reports the non-brokered private placement has been increased to 2,334,667 units for total proceeds of $3,502,000.50.
Segue Resources Limited has signed an agreement to acquire up to 51% of the Emang Manganese Project in the Postmasburg Manganese Field in South Africa, one of the world's largest manganese fields.
Iron ore concentrate production in the first quarter of last year reached 6.694 million. During the said period, the top producer was Chadormalu Mining & Industrial Co. whose production reached 2.428 million tons.
Altius Minerals Corporation reported net earnings of $70,239,000 or $2.42 per share for the year ended April 30, 2011 compared to net earnings of $20,963,000 for the prior year.
TurkPower Corporation announced the purchase of 50.09% working interest in Maksor Madencilik Sanayi Ve Ticaret Anonim Sirketi the 100% private owner of the Kuluncak iron ore project in Turkey.
A union leader has called on David Cameron to take long term measures to help the steel industry, after jobs in Lincolnshire and Teesside were cut.
Renewal of Long Term Agreements for supply of iron ore to Japan and South Korea through MMITC Limited
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
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.