Iron Investing News

West African Iron Ore Arranges $2 Million Financing Agreement

Gretchen Cruz — Fri, 24 May 2013 15:59:37 +0000

West African Iron Ore Corp. (TSXV:WAI) arranged a $2 million unsecured convertible debenture financing agreement with Sky Alliance Resources Inc. (SARI), a privately owned, international mining and consulting firm based in Hong Kong and registered in the British Virgin Islands.

Iran to Impose Iron Ore Export Duty

Andrew Topf — Thu, 23 May 2013 23:30:59 +0000

Reuters reported that Iran is planning to tax iron ore exports at a rate of 40 percent to take advantage of a jump in sales to China.

Canadian International Minerals Approves Meeting Resolutions and Reprices Stock Options

Gretchen Cruz — Thu, 23 May 2013 22:59:12 +0000

Canadian International Minerals Inc. (TSXV:CIN) approved all items tabled at its Annual General and Special Meeting held on May 17, 2013. Michael Schuss, Tor Bruland, Garth Evans, J. Casey Forward, and Christopher Verrico were elected as directors, and Mackay LLP were appointed as auditors. A 2013 stock option plan was approved, and so was a special resolution of disinterested shareholder approving the repricing of stock options held by insiders of the Company. The Company also repriced certain stock options.

Swedish Iron Ore Going Strong

Andrew Topf — Thu, 23 May 2013 11:00:20 +0000

Swedish state-owned LKAB has enough confidence in the long-term prospects of iron ore to move 18,000 people to make way for a huge underground iron mine expansion.

Iron Ore Shipping Rates Fall

Andrew Topf — Wed, 22 May 2013 18:16:38 +0000

Bloomberg reports that rates to ship iron ore fell for a ninth day on speculation Chinese steelmakers will cut back from record-high production as prices fall.

New Iron Ore Pellet Plant Gets $375M Financing

Andrew Topf — Wed, 22 May 2013 18:13:16 +0000

AK Steel (NYSE:AKS) said on May 20th that Magnetation LLC ("Magnetation"), its joint venture with Magnetation, Inc., has successfully completed a $325 million senior secured note offering and has entered into a $50 million senior secured credit facility.

Iron Ore from Minnesota to Supply North Dakota Plant

Andrew Topf — Wed, 22 May 2013 18:05:04 +0000

A North Dakota company plans to build a $60 million iron-producing plant near Jamestown using iron ore concentrate from Minnesota, Duluth News Tribune reported.

Karnataka Mines Won’t Be Operational for 2 Years

Andrew Topf — Wed, 22 May 2013 18:00:34 +0000

FirstPost.India reports that iron ore mining in Karnataka will take a minimum of two years to become fully operational after the Supreme Court verdict allowed resumption of mining at category-A & B mines in the state, an industry official has said.

Arrium Iron Shipments Rise 8.3 Percent

Andrew Topf — Wed, 22 May 2013 17:56:02 +0000

The Australian reports that Arrium said iron ore shipments surged 8.3 per cent in the third quarter as it continued to boost output at its Southern Iron mine in South Australia, which began producing towards the end of last year.

Iron Ore in Bear Market

Andrew Topf — Fri, 17 May 2013 16:47:18 +0000

Iron ore has officially entered bear market territory says Motley Fool, quoting Bloomberg.