Rio Tinto Ltd (RIO:ASX) has announced the continuation of the Iron Ore Company of Canada (IOC) operations programme to increase its annual concentrate capacity by four million tonnes to 22 million tonnes by 2012. IOC Chairman and Rio Tinto chief executive, Iron ore Sam Walsh is quoted saying: “Some uncertainty and potential volatility remain about [...]
Continue reading "Rio Tinto Restarts Iron ore Expansion with $400M Investment"
Wednesday, May 26, 2010
Fortescue Metals Group (ASX: FMG), an Australian iron ore mining company, is calling for other shareholders to share their voices against the super profits tax (SPT). Fortescue chairperson Herb Elliott is quoted saying: “It harms the mining industry and especially Fortescue, and we are urging the government to drop this proposal and to open a [...]
Continue reading "Fortescue Metals Urges Government to Drop SPT"
Tuesday, May 25, 2010
Bellzone Mining (AIM: BZM) an iron-ore exploration and development company, has announced that the infrastructure required for its Kalia project, in Guinea will be funded by the China International Fund (CIF). Bellzone MD Nik Zuks is quoted saying: “The $2,7-billion infrastructure project would form the first leg of developing a multiuser railway and port that [...]
Continue reading "CIF Funds Bellzone’s Kalia Project Infrastracture"
Monday, May 24, 2010
Rio Tinto has announced the beginning of the expansion program in its Iron Ore Company of Canada (IOC) operations. The new investment is worth $401 million which was approved by the Board of IOC. IOC Chairman and Rio Tinto chief executive, Iron ore Sam Walsh are quoted saying: “Some uncertainty and potential volatility remain about [...]
Continue reading "Rio Tinto’s $400M Iron Ore Expansion in Canada"
Friday, May 21, 2010
Sphere Minerals Limited: ASX:SPH, a West African focused Iron ore company, has announced that it has agreed to place 20,654,000 shares at A$1.60. This share will raise gross proceeds of to a total of $33,046,400. Alexander Burns, Managing Director of Sphere Minerals Limited is quoted saying: “The Placement was jointly managed by GMP Securities Europe [...]
Continue reading "Sphere Raises $33M for Askaf Project"
Thursday, May 20, 2010
Australia’s BC Iron, a new iron-ore producing company is now making its way to develop its Nullagine iron-ore mine. The company’s Nullagine joint venture (JV) is expected to ship its first ore in December. BC Iron MD Mike Young is quoted saying: “The company has strong views on the proposed SPT, and believes that it [...]
Continue reading "BC Iron’s Nullagine Project On Track"
Wednesday, May 19, 2010
Fortescue Metals Group (ASX: FMG), an Australian iron ore mining company has announced that it has delayed its plan for expansion in the Pilbara region worth $15-billion due to super profits tax (SPT). Fortescue CEO Andrew Forrest is quoted saying: “I am a very experienced project financier, and my team is the best project finance [...]
Continue reading "Fortescue Puts $15bn Expansion On Hold"
Tuesday, May 18, 2010
Lincoln Minerals (ASX: LML) has regained full ownership of its flagship Gum Flat iron-ore project, in South Australia after buying its 40% stake. Lincoln Minerals entered a joint venture with Mineral Enterprises in December of 2007 in Australia. Click here to access the entire news
Continue reading "Lincoln Regains 40% Stake Gum Flat Iron-Ore Project"
Tuesday, May 18, 2010
Credit Suisse Group AG (CSGN:VTX) is happy to announce that they expect its production of iron ore swaps to double until December of 2010. This is due to the project finance given by banks which help junior mining companies to lock in prices. Credit Suisse Account Executive Phillip Killicoat was quoted saying: “We have six [...]
Continue reading "Credit Suisse’s Iron Ore Swaps to Double by End of Year"
Friday, May 14, 2010
On Thursday, iron ore prices hit rock bottom due to slow purchases by traders after Beijing, China has resolved to heal the Chinese economy, which means decrease in demand for iron (Fe) in producing steel. London Commodity Brokers is quoted in a report: “There is no sign of a pick-up in the physical market.” Click [...]
Continue reading "Iron Ore Price Hit Rock Bottom In China"
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Thursday, May 27, 2010