By 2015 iron ore production is set to grow by 53 percent. This has worried investors that falling prices will hurt the bottom line of some of the world’s largest mining firms. Recent movements in share prices have reflected these concerns. Yet the heads of the BHP, Vale, and Rio Tinto remain confident.
By Kishori Krishnan Exclusive To Iron Investing News Rio Tinto has completed the sale of its Corumba iron ore mine in Brazil to mining giant Vale SA for a cash consideration of $750 million. The Corumba sale, which was agreed in January, includes a potash project in Argentina and exploration assets in Canada. The Corumba [...]
Nippon Yusen K.K, the world’s second- leading ship operator, predicted profit at its capesize division for shipping iron ore will be higher than originally forecast this fiscal year on demand for the steel ingredient from China. For full story, click here
Australia on Tuesday lifted its forecast for iron ore exports by 0.3 percent to 338.4 million tonnes in the 2009/10 financial year, but warned of weaker international demand from steelmakers hit by the financial slump. For full story, click here
Australia’s Fortescue Metals Group has cut its full-year sales forecast by 15 percent to 26 million tonnes on Wednesday, following heavy rains in the March quarter, the second iron ore miner to signal lower output this week. For full story, click here
Goldman Sachs reported that it has deepened its contract iron ore price forecast to a record 40% decline because of slumping global steel production. For full story, click here
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