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
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.
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.
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.
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.
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.
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.
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.
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.
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.