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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
A private Isle of Man company, Core Mining, based in Australia has announced the finalized agreement with Russian steelmaker Severstal. Core Mining will be giving 16.5% of Core and in return Severstal will invest a total of USD 55m into Core Mining until December of 2012. The UN was quoted as saying: “Guinea’s interim president [...]
Vale and BSG Resources, two of the world’s top iron-ore miner has decided to finalize the contract. Giant Brazilian miner Vale (VALE.N)(VALE5.SA) has bought the 51 percent stake in BSG Resources. The buy out of the iron ore mining company in Guinea was priced at $2.5 billion. Vale is quoted as saying: “The process followed [...]
Richmond Mining (ASX: RHM) which logged the first hole between historical US Steel holes BV 35 and BV 40, has reported that an intersection of 130m of semi-massive and disseminated magnetite mineralisation took place at its Buena Vista iron ore project, 150km northeast of Reno, Nevada, USA. The article is quoted as saying: Seven of [...]
Due to a new pricing scheme for iron ore, the steel industry may be facing higher costs and will lose competitiveness in the market as compared with other materials according to the head of the World Steel Organisation said on Monday. Paolo Rocca, chairman of the steel body, “We will have no alternative but to [...]
A $US400 million project will be set up by RIO Tinto to expand the iron ore program in Canada, while the company reviews its Australian oeprations in the wake of the Rudd government’s resources super-profit tax. Sam Walsh, chief executive iron ore of Rio Tinto, mentioned that their plan to restart the program expansion is [...]
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