Iron Ore Top Stories

Worst week for iron ore price since October 2011

Rout continues ahead of crucial Chinese import data.

BHP, Vale disaster turned into mining’s Deepwater Horizon

Shares in mining giants tumble after civil suit in Brazil…

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CP: Wesgold Minerals gets option to buy majority stake in Colombian mining property

Wesgold Minerals has struck an option agreement with a polymetallic property in Colombia. According to Canadian Press, Wesgold has acquired an option to buy up to 51 percent of a property that hosts iron-oxide-copper-gold deposits: The Vancouver-based junior miner says it bought the option for an initial 11 per cent interest in the property, known as the Cordoba Property, from Minatura International LLC for a total cash cost of $4 million. The property consists of a mining concession contract and several mining claims covering 25,790 hectares, about 200 kilometres north of Medellin.

Rio Tinto halts part of iron ore port operations

MarketWatch reports Rio Tinto PLC has halted export operations at one of the terminals at its Dampier iron ore port in Western Australia after a contract worker was killed when scaffolding he was working on fell into the water. An investigation by the police and Mines Department has been launched into the circumstances surrounding the accident, the Anglo-Australian company said in a statement Sunday. Rio Tinto hasn't had a fatality at its operations in the Pilbara, a region in Western Australia state that accounts for roughly 40% of the world's seaborne supplies of iron ore, since August 2003.

New Gindalbie chief steps in as magnetite project costs balloon to $2.7bn

The Australian reports Tim Netscher the new chief executive of Gindalbie Metals took over after the miner in March announced a second cost blowout at its West Australian Karara joint venture. At the time, Netscher, 60, was working for Newmont Mining and thinking about swapping executive roles for non-executive positions, but the Gindalbie offer was too good to refuse. The multilingual Netscher, who speaks Afrikaans, Indonesian, German, Spanish and English, knows that Gindalbie's Karara magnetite project is at a crucial stage of development, but the mining industry veteran is not shy about a challenge.

Rio Tinto in $2b native title deal

Traditional Aboriginal owners in the Pilbara stand to receive more than $2 billion over 40 years under a watershed agreement with Rio Tinto that sets a new standard for negotiations between miners and indigenous Australia. Seven years in the making, the land-use agreement with five Aboriginal groups will allow about 40 new iron ore mines to proceed in an area of 70,000sqkm

China setting the pace for iron ore

The world's biggest consumer of steel is ready to raise the stakes. Steel demand in China is expected to rise by around 25% by the year 2015, to a huge 750 million metric tonnes. To ensure an adequate supply position, China is set to create three iron ore mining groups, with an output capacity of 100 million tonnes each. Six other groups with a capacity of 30 million tonnes are to be cobbled together to ensure steady supplies. Iron ore is the principal raw material used to make steel.

Black Iron intersects 32.1% iron over 164 meters in Twin Hole at its Shymanivske project in Ukraine

Black Iron reported initial assay results from its ongoing confirmation ("twin hole") and metallurgical diamond drill program at the Company's Shymanivske Iron Ore Project in Ukraine. The Company is encouraged by the results of the initial two holes highlighted by 20342-T that intersected 164 meters grading 32.1% iron, including 83 meters grading 33.8% iron. Matt Simpson, President and Chief Executive Officer of Black Iron, commented, "As anticipated, the assay results from the first two twin holes align well with the historical drilling logs for the Project."

Australia warns resources firms to be vigilant for cyber attack

Australia's government urged companies on Monday to tighten vigilance over cyber attacks launched offshore against some of the world's biggest resource firms and other businesses, warning high-tech threats were intensifying. Lockheed Martin Corp , the U.S. government's top information technology provider, raised concern about cyber hacking at the weekend, complaining of a pattern of frequent attacks on it from around the world.

Commodities boom drives economic growth in several Canadian provinces

A Conference Board of Canada report says high energy and metals prices "are prompting resource companies to invest billions in iron ore projects, nickel processing and offshore oil developments" in Newfoundland and Labrador, generating the largest growth in real GDP this year of all the Canadian provinces." The board's Provincial Outlook - Spring 2011 report issued Wednesday also forecasts that Saskatchewan "will benefit from tax breaks and a hot mining industry."

Fortescue drops $1 billion term loan raising

Australia's Fortescue Metals said on Thursday that due to weak credit market conditions it had dropped plans to proceed with a previously announced $1 billion unsecured term loan facility. The loan was launched in the United States on Monday by JP Morgan , according to Loan Pricing Corp, a Reuters news service. It was syndicated in the range of 375-400 basis point over London Interbank Offered Rates (Libor), it said.