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Company News

Iberian Minerals Announces Details of Annual Meeting

Iberian Minerals Announces Details of Annual Meeting

Iberian Minerals (TSXV:IML) reported results from its annual and special meeting held on August 27. All resolutions detailed in the notice of the meeting from July 23 were passed.

Alderon Iron Ore Provides Update on Project Financing

Alderon Iron Ore Corp. (TSX:ADV,NYSE MKT:AXX) and BNP Paribas have agreed to terminate the engagement of BNP Paribas as lead arranger of the senior debt financing facility for the construction of the Kami Project. Alderon has appointed Endeavour Financial Limited in order to act as its financial advisor in terms of the project financing process. It intends to form a club syndicate of international banks to provide the senior debt financing facility.

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Market News

Iron Ore Falls on Projected Surplus

Bloomberg reported today that Iron Ore prices fell today on continued expectations for a surplus for the global seaborne market.

Big 3 Iron Miners Keeping Up Volume, Price Balancing Act

Reuters columnist Clyde Russell wrote today that iron ore miners BHP Billiton (NYSE:BHP) Rio Tinto (NYSE:RIO) and Vale (NYSE:VALE) are bent on keeping their dominant position in the market by increasing low cost production. The strategy will depend on whether demand from China will continue to support prices, according to the author.

India Not Planning to Restrict Exports of Iron Ore

The Deccan Chronicle Reported that although India is attempting to curb illegal money, the country will not restrict its exports of iron ore. According to the Chronicle, Minister of State for Steel Vishnu Deo Sai has stated that the country will still have enough ore to supply domestic steelmakers.

Indonesia Resumes Export of Some Metal Ore Concentrates

Mineweb reported today that shipments of iron ore, lead, and zinc have left Indonesia following the implementation of a mineral export ban from the country in January. Two firms, Sebuku Iron Lateritic Ores and Lumbung Mineral Sentosa, agreed to pay a controversial 20 percent export tax, according to Mineweb.

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