Researchers at the University of Alberta and the UK's Imperial College are examining iron ore deposits above subduction zones — where continental plates slide under each other — as a clue to finding large iron ore deposits.
Iron Market News Directory
MINING.com reported that the price of iron ore jumped to a three-week high on Monday, after Chinese imports of the steelmaking raw ingredient hit new record highs.
The Vancouver Sun reports that China's Dalian Commodity Exchange will start trading the country's first iron ore futures for physical delivery this week.
Greater supply of iron ore and a subdued Chinese steel market may weigh on prices for the steelmaking raw material when China reopens after a week long holiday, Reuters reported via Steel Guru.
Times of Oman reports that an Oman-based investment company, Anvwar Asian Investments, and an Australian iron ore developer are jointly planning to develop an integrated iron ore mine along with a large pelletising plant in South Africa.
Reuters reported that China's CITIC Pacific is moving into initial production at its $8 billion iron ore project in Australia following years of delays.
Bloomberg reported that Sable Mining Africa Ltd. (SBLM) has been granted a license to start mining its Nimba iron-ore project in Guinea.
Fortescue Metals Group (ASX:FMG) said it would take control of iron-ore processing at a mine in West Australia where a worker was called last month, MarketWatch reported.
Tanzania is set to become the fourth largest iron producer in Africa once production at the Liganga iron project starts within five years, reported DailyNews. The country would produce a million tonnes per year.
The CEO of Aquila Resources (ASX:AQA, TSX:AQA) expects that continued growth in Chinese steel production will support the price of iron ore even while analysts are predicting a glut due to oversupply, Mining Weekly reported.