Sesa Goa Reports 80% Drop in Iron Ore Sales
Platts reported that Indian miner Sesa Goa said its iron ore sales during the April 2012-March 2013 fiscal year dropped 80% compared to the previous year, to 3.1 million metric tons.
Iron Market News Directory
BHP Says Iron Ore Prices Will Decline in Coming Years
Reuters reported that BHP Billiton said the prices of iron ore will decline over the next few years as major iron ore companies have plans to boost production by 2015 and demand from China weakens.
Sundance Launches Discussions With Potential Investors After Terminating Hanlong Deal
Mining Weekly reported that Sundance Resources has resumed trading on Tuesday and announced it has launched talks with potential investors regarding an interest in the company’s Mbalam-Nabeba iron-ore project.
Deutsche Bank Says Iron Ore to Trade at $130-$140/DMT CFR Until Summer
Platts reported that analysts from Deutsche Bank said on Tuesday that iron ore prices may remain steady around the $130-$140/dmt on improved steel demand from China.
Karara Iron Ore Project Opens In Western Australia
Mining Australia announced today the opening of Gindalbie Metals' Karara iron ore project in Western Australia. The opening of the project was met with over 150 dignitaries on site for the official ceremony.
Sundance Scraps Billion-Dollar Hanlong Takeover, Stocks Plunge
Bloomberg reported that Sundance Resources suffered a record plunge, with stocks falling as much as 56% after scrapping the $1.19 billion take over agreement with Hanlong.
Labrador Iron Rises After Announcing Possible Company Sale
Bloomberg reported that Labrador Iron Ore Royalty Corp rose 1.8%, and shares rose as much as 4.1% earlier, its highest since March 1 after announcing its intentions to sell the company.
India’s Karnataka to Reopen 19 Iron Ore Mines, Output to Reach 30 Million Tons
Reuters reported that India’s state of Karnataka will re-open 19 iron ore mines which were shut down by the Supreme Court in 2011 due to a mining ban. This move will increase supplies to local mills by around 30 million tons.
Port Hedland’s China Iron Ore Shipments Increase 22% in March
Mining Weekly reported that Australia’s Port Hedland shipped 22% more iron ore to China in March compared to the previous month, a strong indicator of positive Chinese industrial activity.
Angola Lowers Mine Taxes and Spends Billions to Attract Investors, Cut Reliance on Oil
Bloomberg reported that Angola has enacted a mining law that cuts mining tax to 25% to attract more mining investments, according to Geology and Mines Minister Francisco Queiroz. Its government is also spending billions of dollars on projects which include the Cassinga iron ore mine which is projected to cost $900million.
