Iron Ore Top Stories

Cyclones off Western Australia could hike iron ore price 

Western Australia, which hosts the Pilbara iron ore belt, has…

NGOs want Venezuela to halt mining concessions, claim violations of Indigenous rights

Advocacy groups are taking issue at the Mining Arch of…

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Rio Tinto: world needs 800 mln more tonnes of iron ore over next 8 yrs

The world needs at least 100 million tonnes of additional iron ore supply each year for the next eight years to meet demand growth projections in steel making, miner Rio Tinto said on Thursday. At that rate, global iron ore production would almost double over the period, based on industry trade data -- largely covered in the early years at least by expansions underway among the major miners, including Rio Tinto.

Quebec’s tiny Century Iron gets $120 million China injection

Quebec minnow Century Iron Mines (CVE:FER) said Wednesday that China's Wuhan Iron and Steel (WISCO) will invest $120 million over two years in three joint ventures to explore and develop the company’s Duncan Lake, Attikamagen and Sunny Lake projects in Quebec. The joint venture agreement was signed on Tuesday in Beijing with the premier of Quebec in attendance. Century Iron hardly trades but on Wednesday the company enjoyed a tenfold increase in volumes on the Toronto exchange with 44,000 shares exchanging hands. It ended the day flat at $2.60 with a market value of less than $1 million.

Mining giant backs new Australian International Arbitration Rules

SYDNEY, Aug. 31, 2011 /PRNewswire/ -- Vice President of Litigation BHP Billiton, Mr Damian Lovellhas today welcomed the introduction of the new ACICA Arbitration Rules designed to speed up the resolution of cross border and international commercial disputes. Mr Lovell, who is responsible for the dispute resolution strategy for the world's largest diversified mining company, said it is standard practice for BHP Billiton to include arbitration clauses in its cross border contracts:

Rolling stoppages at BHP mines all week (AAP)

Strike action involving 4000 BHP employees has nothing to do with money, a union boss says. Workers employed at seven BHP mines in Queensland will walk off the job this week after enterprise bargaining negotiations stalled.

Iron ore emerging as Asia’s industrial demand gauge

Iron ore could soon become a leading economic indicator in emerging markets such as China, since the absence of speculative froth makes the sandy steelmaking raw material a better gauge of demand than industrial metals like copper.

Iron ore miners call the shots as China steelmakers’ profits melt away

China's 27 largest steel companies saw a 15.7% decrease in the first-half profits from a year earlier for a combined profit of $1.6 billion, according to the Shanghai-based researcher Wind Info, as soaring iron ore costs squeezed margins. The woes of China's steelmakers, which have been switching to cheaper low grade ore to cut costs as prices top $180/tonne, are in stark contrast to profits at miners. Last week results for BHP Billiton showed its iron ore division accounted for the bulk of its record $22 billion in profits. BHP, Vale and Rio Tinto – control nearly 70% of the 1 billion tonne annual iron ore seaborne trade and dominate price talks.

Nigeria: Mining Sector to Generate Two Million Direct Jobs

Stakeholders in the mining sector said they are targeting to create about two million direct jobs for Nigerians from the sector. Under the Progressive Miners Empowerment Association (PMEA), the miners said if about N200 billion is injected into the sector, it would be revived.