The company also said is ready to shut Caledonia mine mid-next year if it has not found a strategic partner ready to buy a 20 to 40% stake in the project.
Vale SA Mining News
Brazil’s lower house of Congress removed from the agenda the discussion of a transitory presidential decree, which modified the country’s current mining law.
They claim it won’t be possible to cut costs enough to offset the higher levies, and warn that some miners may need to pass on this new cost increase to the industrial production chain.
The miner denied it had decided to suspend the sale of a stake in its loss-making New Caledonia nickel mine (VNC), and added that its plan to find a partner is still a go.
Iron ore production rose 3.3% compared with the same period last year to hit a fresh quarterly record of 95.1 million tonnes.
Move is part of a wider review of low performing assets after new Chief Executive Fabio Schvartsman took charge in June.
It would have opened up for mining a vast national reserve in the country’s Amazon, larger than the size of Switzerland.
The company is also interested in investing in the electricity sector itself or through a joint venture.
Federal judge Rolando Spanholo said opening the area known as Renca to mining can only be done by an act of Congress under the constitution.
The region, preserved as a national reserve for more than three decades, is thought to be rich in gold, iron ore, copper and other minerals.
Experts and mining companies fear some of the modifications that go in effect in November, will result in hefty taxes, higher research costs and decrease interest from foreign investors.
Agreement is part of plan to double investment in the sector to $25bn in eight years.
The company, which could lose the arbitration as a result, will have to pay the amount to former partner Vale.
Governments, industry players, unions expected to sign federal mining agreement this week, which aims to double investment in the sector to $25bn in eight years.
Net income totalled $2.5 billion, compared with profit of $525 million in the prior three months and almost $1.8 billion a year earlier.
Production of the steelmaking raw material jumped 11% to 86.2 million tonnes in the January-March period, compared to the same quarter a year earlier.
The Stellar Daisy, which set out from the a port in Brazil to China, last made contact on Friday. 22 out of the 24 crew members are still unaccounted for.
Fabio Schvartsman will lead the transition of the world’s largest iron ore miner into a new shareholding structure.
The world's No.1 iron-ore producer recorded a net profit of $3.98 billion in 2016, a significant recovery from a loss of $12.13 billion it reported a year earlier.
The world’s No.1 iron ore miner produced 349 million tonnes of the steelmaking ingredient in 2016, helped partly by the opening of its massive S11D mine.
A reworked sale process for plants located in the southeastern city of Cubatão was reportedly launched in recent days.
The company has loaded 26,500 tonnes of iron ore onto three ships at the company's port of Ponta de Madeira.
The Israeli billionaire, under house arrest since Dec. 19, has been at the centre of an international investigation into alleged bribery to win mining rights in Guinea.
Instead, the company is moving forward with a new prefeasibility study for the Argentina-based asset.
The billionaire and other Israeli businessmen are suspected of paying tens of millions of dollars to senior state officials to secure a licence for Simandou, local police said.