Iron Ore Mining News

Another Canadian iron ore partnership in the works

Closely following the CAD$4.9 billion Cliffs-Consolidated Thompson deal earlier this year, Canadian iron ore company New Millenium Capital Corp. has teamed up with Tata Steel Ltd. for a huge iron ore project, The Financial Post reported: With a giant Indian steelmaker providing the cash, New Millennium Capital Corp. is preparing to develop what it thinks will be the largest mine in Canadian history. Following months of due diligence, Montreal-based New Millennium unveiled a joint venture with Tata Steel Ltd. on Monday that will guide financing and construction of its mammoth Taconite iron ore project in Labrador and Quebec.

Ridgemont Strikes MOU With Toquaht Nation of Vancouver Island, BC

Ridgemont Iron Ore Corp. (TSX-V:RDG) has concluded a Memorandum of Understanding ("MOU") with the Toquaht Nation whereby the parties have agreed to an ongoing business relationship with respect to the exploration and development of Ridgemont's Redford iron ore property located on Vancouver Island, outside of Ucluelet, British Columbia. The MOU establishes that Ridgemont and the Toquaht Nation will work together to establish a long term, mutually beneficial and cooperative business relationship.

West African iron-ore miner completes US$133 million placement

Bellzone Mining announced on Tuesday that it had completed a US$133 million placement of 102 million ordinary shares. Canaccord Genuity Limited was the lead manager. Bellzone, an AIM-listed company, is developing two iron ore and nickel/copper assets in Guinea, West Africa. The Kalia iron deposit, a 50mtpa iron ore operation, is the company's flagship project.

Consolidated Thompson shareholders approve takeover by Cliffs

Consolidated Thompson's shares dropped two cents to close at $17.11 on Friday after the company announced its shareholders have approved the friendly takeover by Cliffs Natural Resources Inc. Under the deal, made public in mid-January, Cliffs Natural Resources acquired Consolidated Thompson for CDN$4.9 billion (US$4.6 billion) or C$17.27 in cash per common share. The transaction is expected to close in the second quarter.

Fortescue discovers a billion tonnes of iron ore in Western Australia

Fortescue Metals Group has discovered more than one billion tonnes of iron ore in Western Australia's Pilbara and aims to develop it rapidly. Sydney Morning Herald reports: The new project, named Nyidinghu, is about 35 kilometers south of Fortescue's first mine, Cloudbreak, and contained an inferred resource of 1.032 billion tonnes of ore at a grade of 58 per cent iron, the company said.

LIM signs iron ore haulage agreement

Anglesey's 41%-owned associate Labrador Iron Mines Holdings Limited (TSX: LIM) has signed an agreement with Tshiuetin Rail Transportation Inc. ("TSH") for the transportation of iron-ore from LIM's Schefferville project over the 235-kilometre TSH Railway,  which […]

Vale tops industry with US$17B profit in 2010

Vale was the most profitable mining company in 2010, says an earnings report released this week by the Brazilian diversified mining giant. Sao Paulo-based Vale reported annual net income of US$17.3 billion, or $3.25 per […]

Simandou iron ore mine to have 15m tonne capacity in 2012 – Vale

The Brazilian mining giant said iron ore production from the Zogota mine will have a capacity of 15m tonnes in 2012 before reaching 50m tonnes during its second phase in 2020.

AMEC awarded major Chilean iron ore EPCM contract

Compañía Minera del Pacífico has awarded the EPCM contract or its Cerro Negro Norte iron ore mining projects to international engineering firm AMEC International engineering and project management company, AMEC, has been awarded an engineering,

Ruling on misleading information by Fortescue overturned

Andrew "Twiggy" Forrest may face directorship ban following the overturning of an earlier court case by the Australian Federal Court Today proved to be a day of champagne followed by flat beer for the chief executive of Fortescue Metals Group Ltd (ASX:

Cliffs shares jump 10% on better-than-expected profit

Cliffs Natural Resources CEO says the growth in profits came on the back of the group's move to increase exposure to global pricing for its output.

Iron-ore junior Alderon sees interest in Canadian project

Mining Weekly reports that iron-ore junior Alderon Resources, which has a project on the Labrador-Quebec border, has already been seeing interest from Asian steel-makers who want to buy a stake in the company.

Rio Tinto net earnings up 194% over last year

Rio Tinto announced net earnings of US$14.324 billion in 2010, up from US$4.872 billion in 2009. The company also announced a $5 billion share buy-back program and a 20 per cent increase in its dividend […]

Coveted Chiria deposit will be mined by Steel Authority

Steel Authority of India Ltd. announced on Thursday that it had received government approval to mine Chiria deposits located in Jharkhand, India. SAIL describes the deposit as vital for the existing and future expansion plans […]

Rio Tinto to spend US$1.2 billion in Canada, Australia

Australia Business Reviews reports: Rio Tinto’s quest for world domination in the mining industry continues with its latest US$1.2 billion investments in mining projects in Canada and Australia.

IOC to expand iron ore production

Rio Tinto has green-lighted an expansion of the Iron Ore Company of Canada (IOC)  facility in Labrador City, Canada. The second of a three-stage Concentrator Expansion Program was halted in 2008 due to the financial […]

Iron ore prices remain stable while China slumbers

With China out of the picture for the Lunar New Year holiday, spot iron ore prices show minimal variation.

Mining magnates top Forbes list of richest Australians

Georgina Rinehart is Australia's wealthiest individual with an estimated net worth of $9 billion, according to Forbes list of Australia's 40 Richest released on Wednesday. Rinehart's net worth rose $7 billion from the previous year's […]

India seeing growth in aluminium, coal, iron ore and more – IM reports

The March issue of International Mining will include a detailed report onthe mining industry of India and its future plans. It is gearing up for the XII Five Year Plan.

CAP to post over $300m in profit for 2010

Chilean steel and iron ore producer CAP said on Monday it would post a profit of over $300 million for 2010, not including a $290 million gain stemming from the sale of part of its […]

No End in Sight to Commodities Boom: Panelists

The bull market for commodities that made 2010 a banner year for mining and mining exploration is likely to continue throughout 2011, according to three panelists who addressed the question at a recent forum in Vancouver, Canada.

Palladium a hot metal favorite in 2011

First things first: North American Palladium has moved 51% higher over the past thee months. This is just one example of how palladium and platinum miners are substantially outperforming the broader market as sentiment has gone from bullish to “just buy the thing.”

Global iron ore market in flux

The iron ore market will never be as a sexy as its gold and silver counterparts; it’s much more about hard hats and dirty Dodge RAM 3500 trucks – you know, the ones that can pull big fishing boats up mountainsides, something I did just this past weekend.

ArcelorMittal, Nunavut Iron Ore close in on Baffinland acquisition

It's all over but the shouting as ArcelorMittal and Nunavut Iron Ore Acquisition close in on their joint quest to control 100% of Baffinland Iron Mines and its Mary River project.

BC Iron board agrees to takeover worth US340m

Regent Pacific, a Hong Kong listed mining investment house, has received the nod from directors of BC Iron Ltd to take full control of the new Pilbara iron ore miner.