Sundance Resources: Divide and Conquer?

The Sundance Resources saga took an unusual turn last week with an AU$40-million cash injection via unsecured convertible notes.

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Company News

BHP Billiton Could Cut More Jobs in Western Australia

The AAP reported that, although BHP Billiton (NYSE:BHP) hasn't confirmed that it has already let more of its staff go, the miner has said that it does plan to make some staff at its Nelson Point operations redundant in coming months.

Vale to Cut Iron Ore Shipping Costs with Giant Vessels

Bloomberg reported today that Vale (NYSE:VALE) has made a move to cut costs further by using giant Valemax vessels to ship its iron ore. The company announced Tuesday that it had signed an agreement with China Ocean Shipping Co. to lease several vessels.

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Market News

Iron Ore Records Biggest Gains in Six Months

The Sydney Morning Herald reported that iron ore prices hit their highest in six months, leading several iron ore miners to see slight gains.

Morgan Stanley Calls for Iron Ore Rebound

Bloomberg reported that Morgan Stanley is calling for an "end-of-year rally" for iron ore prices. The analysts saw supply closures and rising steel demand as drivers behind a rebound, although they did say that the base metal could fall slightly lower before coming back.

Low Iron Ore Prices Could Soon Cause Closures, Analysts Say

Reuters reported that iron is set to fall for the fifth week in a row as the surplus continues and China's steel market looks weak. However, Matt Fusarelli, an analyst at AME Group in Sydney saw prices rebounding to "perhaps $95 a tonne towards the end of the year," forecasting production closures and a tightening of supply.

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