Nigeria is looking to diversify its minerals and mining sector to reduce the dependence on oil as a source of national revenue. The West African country is looking to produce 2 million tonnes of iron ore in 2012 through the state owned National Iron Ore mining Co. Ltd.
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.
SMH reported Rio Tinto's (LON:RIO,NYSE:RIO) ownership of the Simandou iron ore project in Guinea remains unchanged despite the new mining code.
Bloomberg reports Rio Tinto Group (NYSE:RIO,LON:RIO,ASX:RIO) paid this year’s highest rent for a capesize vessel to carry iron ore to China from Australia.
Forbes reports experts expect strong results on account of high commodity prices and stable production for Rio Tinto (NYSE:RIO,LON:RIO,ASX:RIO).
Bloomberg reports that Rio Tinto's (NYSE:RIO,ASX:RIO,LON:RIO) Australian mines are recovering from flooding with a 12% gain in iron ore output.
Rio Tinto is the second largest iron producer in the world. Last year the company’s net earnings for it iron division totaled over $10 billion. In this article we look at the company’s iron operations, exploration, and analyst predictions.
MarketWatch reports that Rio Tinto PLC (NYSE:RIO,LON:RIO) says the demand for iron ore continues despite lowering spot prices.
The Sydney Morning Herald reports that Rio Tinto (NYSE:RIO,ASX:RIO,LON:RIO) will drop its prices by up to 3 per cent for Chinese steel mills for the third quarter.
Concerns about the future of the iron market are growing. Investors considering their next move may want to consider oversupply, China's electricity and Japan's steel industry.
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