Low iron ore prices and the recent Ebola outbreak are causing big problems for West African companies focused on the metal. Is there any way for investors to escape unscathed?
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The Sundance Resources saga took an unusual turn last week with an AU$40-million cash injection via unsecured convertible notes. It came from Ukrainian mining billionaire Gennadiy Bogolyubov.
The move is aimed at allowing BHP to focus on the “four pillars” of iron ore, copper, coal and petroleum.
Moneyweb reported that Kumba Iron Ore Ltd. (JSE:KIO) has signed a three year wage deal that will see its lowest paid workers get a ten percent wage increase. The deal will mean that a strike by the National Union of Mineworkers will be avoided, according to Moneyweb.
Reuters reported today that India’s JSW Steel (NSE:JSWSTEEL) plans to import six million tonnes of iron ore this fiscal year. Last year, the steel giant imported almost no iron ore as a result of production cutbacks
Reuters reported that JSW Steel Ltd. (NSE:JSWSTEEL) the third largest steel maker in India, will import almost half a million tonnes of iron ore from Australia and South Africa by mid summer.
The Age reported today that Rio Tinto (NYSE:RIO) may not be the only player in town in terms of iron ore in Africa, as Tawana Resources (ASX:TAW) has a significant iron ore project in Liberia.
Mining.com reported today that top steelmaker ArcelorMittal (NYSE:MT) is poised to purchase BHP Billiton’s (NYSE:BHP,ASX:BHP) interest in a significant iron-ore deposit in Guinea. According to Mining.com, BHP has wanted to sell its stake in the Mount Nimba project since July 2012.
West African Iron Ore Corp. (TSXV:WAI) provided a technical, financial and corporate update. Highlights include: a delay on the anticipated NI43-101 technical report on the N’Dougou Project, a convertible debenture financing agreement with Sky Alliance Resources, and Philip O’Neal resigning from the Board of Directors.
Reuters Africa reported that South African iron ore producers Assore and Kumba have seen their stocks come back with roughly 3.5 percent gains on spiking iron futures.