Two of the largest mining companies in the world are being held to account by the Brazilian government over a massive tailings dam rupture.
Vale SA Mining News
It hit $39.40 a tonne, the lowest price ever recorded by price assessor The Steel Index (TSI), which began compiling data in 2008.
The miner is likely to cut its iron ore output target for the year from 376 million tonnes to 355 mt, says independent investment bank BTG Pactual.
The last thing two of the world’s biggest mining companies, BHP Billiton and Vale , need today is speculation that after the disaster at their jointly owned Samarco iron ore mine in Brazil they might also have to close big nickel-mining operations to stem a tide of heavy losses.
The world’s largest producer of iron ore continues to flood the market with the addition of 88.2 million metric tons in the third quarter of the year.
Argentina’s presidential election, the first to be decided in a second and final round since the constitution was changed in the 1990s, will be key for the country’s economy, particularly its mining sector.
The world’s largest iron ore producer continued to flood the market despite a current oversupply that has sent prices for the commodity plummeting to historic lows.
The world's No.1 miner will continue boosting its iron ore output, adding to a global glut and keeping pressure on prices.
The Chamber of Mines wants the government to reconsider its decision to hike corporate income tax rate on mineral processing from 30% to 35%, which came in effect July 1.
The world's largest producer of iron ore could raise about $1.5 billion through the sale of a stake in one of its Brazil-based assets.
The move puts an end to a nearly nine-month standoff that has hit output and profits in Africa’s second largest copper producer.
The country's national pension fund has bought 15.9 million shares of Zambia's Consolidated Copper Mines-Investment Holdings for almost $80 million.
Mines minister Christopher Yaluma said reducing royalties below the recently revised 9% would make underground mining more cost effective.
As Brazil’s Vale SA figures out what to do with its fertilizer business, the mining giant is thought to be testing the waters on a potential sale, according to people familiar with the matter.
Goldman expects the iron ore "war of attrition" will continue while prices gradually decline toward its $40 per metric ton forecast by 2017.
The stock surged over 15% in early trade, closing at A$2.40, or 10.6% up, after reports of Chinese-linked companies seeking permission to invest in the iron ore producer.
The China-Brazil deal means that in just three years Vale will be producing more than BHP Billiton and Rio Tinto combined.
Andrew Mackenzie also warned the proposed would damage the Australia’s economy and shift investment to main foreign competitor Brazil.
CEO Andrew Mackenzie announced the firm would cut capital and exploration expenditure to $9 billion in the 2016 financial year from $12.6 billion in 2015.
Forrest is blaming BHP and Rio for a fall in the price of iron ore as the pair continue to ramp up production.
The UK High Court ruling is the latest setback BSG Resources, which is fighting on multiple legal fronts over the alleged corruption case.
Today's results are the lowest earnings Vale has reported in six years and its third straight quarterly loss.
The announced changes will be effective on July 1, once parliament has approved them.
Davis is said to be finalizing talks with a Toronto-listed miner, in a deal that could kick-off a long awaited buying spree.
Government claims it was not notified according to the law.