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.
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Bloomberg reported that according to Charles Siwawa, CEO of the Botswana Chamber of Mines, Rio Tinto plc (ASX:RIO,LSE:RIO,NYSE:RIO) may have found “huge” iron ore deposits in the country.
Mining Weekly reported that Rio Tinto plc’s (ASX:RIO,LSE:RIO,NYSE:RIO) Alan Davies said at Investing in African Mining Indaba that the Simandou project, which is expected to put out about 100 million tonnes of iron ore annually, is a “very important investment” for the company.
Reuters reported that yesterday, Norman Mbazima, chief executive of Kumba Iron Ore Ltd. (OTCMKTS:KIROY), a unit of Anglo American plc (LSE:AAL), said he expects the company to be granted a “key mining license” for the expansion of its South Africa-based Sishen mine during the first half of 2014.
Reuters reported that Exxaro Resources Ltd. (OTCMKTS:EXXAY), a South African company, has been awarded a permit to begin production at the Mayoko iron ore mine, located in the Republic of the Congo.
Sinoship News reported on Tuesday that Chinese steelmaker Wuhan Iron & Steel (Wugang) plans to launch its second phase of its Bong iron ore project next year in Liberia, West Africa.
As China continues to urbanize, iron ore demand will remain robust, with prices staying in the $130 to $140 a tonne range for the next couple of years, says the executive VP of CFH Capital.
Now may be the time to take another look at iron ore companies as an investment, with many making major gains over the last 3 months.
African Business Review reported that Sable Mining (LSE:SBLM) has raised £17.1 million from to accelerate development of the company’s flagship Nimba Iron Ore Project in south-east Guinea.
Mining Weekly reported that Sable Mining Africa (LSE:SBLM) has been granted a mining licence for its Nimba iron-ore project, in south-west Guinea.