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Chinalco proposes curbing China’s copper capacity

Country’s lawmakers are gathered in Beijing to decide policy objectives…

Coal market faces fresh speculation

Two influential publications within China have raised the specter of…

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With super-carrier disabled in its port Vale’s shipping strategy is keel hauled

The Vale Beijing, the globe's largest bulk carrier, is disabled in a Brazilian port and shipping agents tell Reuters the vessel had ruptured its hull. If the $110 million vessel should sink it could also turn out the be the final nail in the coffin of Vale's disastrous strategy to tighten its grip on the world's annual 1 billion tonnes sea-borne iron-ore trade. China, the world's number one market for the steelmaking ingredient to where Vale ships about 45% of its output, turned away another carrier in the fleet earlier this year.

Korea and Canada to boost large-scale rare earth resources mine in S. Africa

Korea Resources Corporation (KORES) has reached a definitive agreement with Canadian Frontier Rare Earths Ltd. to secure a 10 per cent interest in the Zandkopsdrift rare earth element mining project in South Africa. The contract, signed in Johannesburg on Thursday, involves an investment by KORES in both Frontier and in the large-scale rare earth element project owned by the Canadian company, along with an off-take agreement that could commit up to 31 percent of future production.


Stocks rally, lifting commodities

North American stock exchanges are on a tear today after central banks made more funds available to lenders, giving investors hope for a way out of the European debt debacle. The markets were also cheered by better than expected private sector job growth in the United States. The mining-heavy S&P/TSX Composite was up 2.5% to just over 12,000 at time of writing. The Dow Jones Industrial Average gained 384 points, or 3.3%, the most on a closing basis since Aug. 11, according to Bloomberg. Spot gold was up $32 from yesterday to $1747 which is just above the 20-day moving average of $1744, noted Kitco. Silver was up marginally to $32.86 from yesterday's $31.92, while benchmark copper was up more than 5% to a two-week high of $7,885/tonne. Zinc, lead, aluminum and nickel were also up from Tuesday.

Iron ore prices fall to three-week lows

Offer prices for iron ore dropped to three-week lows, reports Reuters, with steelmakers in top producer China mostly staying out of the market amid thin demand. Despite the low steel demand limiting Chinese buying interest, Vale SA said that it expects valemaxes, the world’s biggest iron-ore carriers, to eventually be allowed into ports inChina, the biggest user of the commodity.

Canadian iron ore miner reaches $120 million development deal with Chinese steel producer

Century Iron Mines, an iron ore miner with projects in Quebec and Newfoundland and Labrador, has reached a $120 million development deal with WISCO Resources, one of the third largest steel producer in China. WISCO Resources, which holds an approximate 25% interest in Century Iron, will invest $120 million in exchange for a 40% interest in three of Century Iron Mines' projects, Duncan Lake, Attikamagen and Sunny Lake. Funds will be used for exploration and development. WISCO Resources is a major subsidiaries of Wuhan Iron & Steel Corporation, headquartered in Wuhan in the province of Hubei in the People's Republic of China.