Iron
Mining Weekly reported that African Rainbow Minerals’ executive chairperson and South African mining magnate, Patrice Motsepe wants to invest in Guinea’s iron ore.
Bloomberg reported that the iron ore market will be able to prevent near-term supply surplus due to high demand from China, according to Investec Securities.
Reuters reported that according to Vale SA, the iron ore market is doing quite well and due to high demand from China, the price of this steelmaking ingredient will not go below $110 per ton.
Bloomberg reported that the worst performing major mining stock for the year, Vale SA, posted a first quarter net income of $3.11B, beating analysts’ estimates.
Bloomberg reported that Guinea’s former mines minister Mahmoud Thiam said the Rio Tinto Group will probably not develop its $10 billion iron ore project in Simandou in the near future as Guinea struggles to finance transport links.
Bushveld Minerals announced that a prefeasibility study on the company’s Bushveld iron ore project will begin in May after a scoping study showed a low-cost near-term development to production.
Reuters reported that China will not grant new licenses to iron ore importers if they will not join in a domestic trading platform, as a way to control pricing.
Mining Weekly reported that iron ore miner, Northern Iron, has reported sales of 482,000 tons for the quarter ended March 2013 and achieved a new production record of 4.96 million tons.
Mining Weekly reported that a giant ship carrying iron ore owned by Vale SA has entered a port in eastern China, marking its first entry since its ban in January 2012.
Bloomberg reported that India’s Supreme Court has allowed Sesa Goa Ltd and 8 other iron ore mining companies to continue operations in Karnataka, after a 21-month mining ban due to environmental breaches.
