Iron Ore Mining News

BHP eyes second share buyback

BHP Billiton could be set to announce another share buyback, after the successful completion of its $US10 billion ($9.3bn) capital management program. UBS analyst Glyn Lawcock said a renewed capital management plan from the diversified miner was imminent and he was expecting BHP to announce another buyback at its half-year results on August 24.

Long path to Oakajee deal

The proposed Oakajee project port facility site near Geraldton, WA. Source: The Australian VETERAN businessman Ken Court would love to be back at the centre of the decades-long dream to build a deepwater port at Oakajee, a vacant piece of coastline north

China Metal Acquisition Binge Led by Australian Rhodes Scholar

Andrew Michelmore, the Rhodes Scholar who plotted China’s biggest metals takeover bid, said Beijing isn’t calling the shots when it comes to buying commodities for the world’s fastest-growing major economy.

Global iron ore swaps volume seen swelling to 80 million tonnes in 2015

Reuters reported that global volume of iron ore swaps may jump to 80 million tonnes by 2015 around four times last year level as interest in the hedging tool rises. The projected volume represents nearly 13% of China iron ore imports of more than 618 million tonnes last year.

thyssenkrupp unit hit by rail cartel probe

cartel probe, Deutsche Bahn, rail, ThyssenKrupp German authorities said that they are investigating 10 steel and rail companies, including thyssenkrupp subsidiary GfT Gleistechnik GmBH, for operating a cartel between 2001 and 2008. Prosecutors said that

Meps: Consolidation in the EU stainless steel sector is a step nearer

closer, consolidation, Europe, Meps, steel sector Europe's four major stainless steel producers have all been involved in significant restructuring since the beginning of 2011. It seems unlikely that this is mere coincidence. It is perhaps

TATA Steel expects higher profit at European Unit

European Unit, higher profit, Steel, TATA It is reported that TATA Steel Ltd expects operating profit at its European unit to rise by two thirds of its current level to USD 100 a metric tonne over the next three years as it focuses on more value added

Mining Expansion Lifts Cliffs Outlook

Cliffs Natural Resources ( CLF ) clearly has its vision set to draw the maximum possible value out of the Bloom Lake iron-ore mines it recently added to its North American operations with the acquisition of Consolidated Thompson. That would explain the

Vale cuts 2015 iron-ore output target by 53m tonnes

Bloomberg reports Vale SA, the world’s largest iron-ore miner, cut its target for 2015 output by 10%. The Rio de Janeiro-based company expects to produce 469 million metric tons a year of the steelmaking ingredient by that time, compared with an Oct. 28 forecast of 522 million tons, it said today in an e-mailed statement. No more details were given. Chief Executive Officer Murilo Ferreira, who replaced Roger Agnelli this year after the Brazilian government criticized Vale’s strategy, is cutting targets amid concern raw materials demand in China will slow as the country boosts interest rates to combat quickening inflation. The benchmark Standard & Poor’s GSCI commodity index is heading for a second monthly drop.

First iron ore train in 30 years leaves Schefferville

Stocks in Labrador Iron Mines Holdings ended up 5% in Toronto on Thursday after reporting that on June 29, 2011 the first loaded iron ore train departed Silver Yards for the Port of Sept-Iles travelling over the TSH and QNS&L railways. This historic event is the first commercial iron ore train from the Schefferville area in almost 30 years. Labrador is developing twenty direct shipping iron ore deposits in western Labrador and north-eastern Quebec. LIM’s properties are part of the historic Schefferville area iron ore district where mining of adjacent deposits was previously carried out by the Iron Ore Company of Canada from 1954 to 1982.

LME Steel billet volumes up 214% in first half

Trading in steel billet at the London Metal Exchange (LME) has continued to grow rapidly in the first half of 2011, up 214 per cent compared with the corresponding period last year.

Outotec to deliver the world’s largest iron ore pelletizing plant in Brazil

Outotec has agreed with Samarco Mineração S.A. on a turnkey delivery of the world's largest iron ore pelletizing plant in Brazil. The contract value is approximately EUR 200 million, which will be booked in Outotec's second quarter order intake. In addition, the contract includes local EUR 100 million purchases performed on behalf of the customer. Some 90% of the services and supplies for the project will be delivered from Brazil. Image by Outotec

Industrial metals surge to near two-month highs

Industrial metals surged nearly 3 percent to end at its priciest in nearly two months Wednesday, as repressed buyers flooded the market after a Greek parliament vote to accept austerity measures bolstered risk appetite.

Schnitzer steel industries Q3 profit drops

Schnitzer Steel Industries, Inc. (SCHN) posted third-quarter net income attributable to the company of $33.03 million or $1.18 per share compared to $40.45 million or $1.43 per share a year ago.Income from continuing operations for the quarter fell to

Brazil's Samarco orders world's largest iron ore pelletizing plant

Outotec has agreed with Samarco Mineração S.A. on a turnkey delivery of the world's largest iron ore pelletizing plant in Brazil. The contract value is approximately EUR 200 million, which will be booked in Outotec's second quarter order intake.

Right time to get into commodities, says Barclays Capital

The world seems set to enter a period of slower growth and higher inflation and investors would do well to gain some direct exposure to commodity markets, said Barclays Capital MD Kevin Norrish on Wednesday.

Invest in commodities rather than producers

Investing directly in commodities through indexes gives an investor more direct exposure to commodity prices than investing in the producers, whose returns were more aligned with equities.

POSCO not in talks with Sundance on $4.6 bln iron ore project

POSCO, the world's third-biggest steelmaker, is not in talks with Sundance Resources over the latter's $4.6 billion iron ore project in West Africa, a POSCO source said. "We previously met Sundance Resources (on the project) but are not currently in talks with the company on it," the source told Reuters, declining to be named as he was not authorised to talk to the media.

Mining truck tires now pricier than a Merc

China's insatiable demand for commodities has prompted a tripling in the price of mining truck tyres, making them more expensive than a Mercedes sportscar. Prices for tyres about 3.5 meters wide used on the Caterpillar trucks that haul iron ore and coal have touched $93,500 on the spot market, according to Leighton Holdings, a contractor for mining companies including BHP Billiton. Prices rose as high as $140,000 in 2008.

Proto Resources: Government grants mining lease for new Tasmanian project

The Directors of Proto Resources & Investments Ltd are pleased to announce that the Tasmanian Government has granted Mining Lease ("ML") 1872P/M over the area of the company's Barnes Hill project near Beaconsfield.

Brazil’s steel industry ‘almost at crisis point’ quotes an analyst at an industry conference in Rio de Janeiro as saying on Tuesday Brazil's steel industry is "almost at crisis point," due to the country's strong currency and soaring raw-materials costs. Steelmakers have been hit by soaring prices for raw materials, including metallurgical coal and iron ore, prices for which reached record-high levels earlier this year. Some steelmakers have intensified their own iron-ore production activities in Brazil to shield themselves from high ore prices, but Brazil lacks sufficient coking coal resources.

Tata Steel aims at investing at early stage of mine

Entirely reliant on non-captive sources to feed its plants in Europe, Tata Steel will stick to long-term policy of being an "early stage investor" when it comes to acquiring raw material assets, a senior company official said.

China Direct Industries to commence iron ore shipments to China from its Bolivian operations in the fourth quarter

scal 2011 Anticipates Fiscal Fourth Quarter Shipments From Bolivia in Excess of 85,000 Metric Tons Currently Valued at $10 Million With a Progressive Ramp in Shipment Levels Throughout Fiscal 2012 China Direct Industries, Inc. ("China Direct Industries")

Sundance shortlists partners for $4.6B iron ore project

MELBOURNE (Reuters) - Sundance Resources has shortlisted potential partners for its $4.6 billion iron ore project in West Africa, it said on Wednesday, sending its shares up as much as 6 percent.

Imported iron ore stocks rise for sixth straight week

The stock of imported iron ore last week was 400,000 metric tons higher than one week earlier, or up 0.4 percent week-on-week, according to the index compiled by the Xinhua News Agency to track iron ore inventories and imports in Chinese spot markets.