The company, which could lose the arbitration as a result, will have to pay the amount to former partner Vale.
Vale Mining News
200 jobs lost.
Move comes barely seven months after Rio Tinto agreed to sell it its stake in Simandou for up to $1.3 billion.
BMI Research expects prices to continue sliding for at least the next five years on rising supplies from Australia and Brazil and evidence of Chinese demand cooling earlier than expected.
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.
And why the worst may be over already.
It’s been a bad week for iron ore, with all indices steeply lower on Friday for a second consecutive day.
In Asia, trading was halted after prices sank 7.3%, which is the maximum a day allowed by Chinese regulators.
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.
BMI Research expects prices to continue sliding for at least the next five years on rising supplies from Australia and Brazil and expectations for a surplus.
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.
Another 5% iron ore price drop Tuesday slashes $30 billion from top 5 producers' market value in one month.
The commodity is now trading below $70 a tonne and has just suffered its largest one-day percentage decline in over a year.
After a 85% rise in 2016, iron ore prices are now down 3.2% so far this year, which has placed the commodity in a bear market.
Ore with 62% content in Qingdao fell almost 7% overnight, entering a bear market and erasing all of this year’s gains.
So far this year, the commodity has risen just 0.6%, quite far from the over 20% gains seen just over a month ago.
Combined worth of $842 billion with 20% gains so far in 2017.
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 steelmaking ingredient has shed almost $10 a tonne in just a week.
Vale said the US District Court for the Southern District of New York annulled the majority of a class action lawsuit against the company and executives over the 2015 deadly accident.
Prices for the raw material have dropped below $90 a tonne as doubts gather about the strength of demand in China at stockpiles hit record highs.
The Stobie mine in Sudbury began in 1890.
Sam Walsh's bonuses, potentially worth millions, had been delayed for at least two years as investigations continue into dubious payments related to Simandou iron ore project in Africa.
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.