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 [...]
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 $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 [...]
A subsidiary of Canada Chrome Corporation, KWG Resources Inc (TSXV: KWG), has appointed a railroad engineering firm for a new railroad link. The firm has completed several projects with KWG’s principal shareholder Cliffs Natural Resources (NYSE: CLF). The North American business unit of Cliffs Natural is comprised of six iron ore mines owned or managed [...]
Additional channel sample results with respect to the St. Anthony’s Gold project has been announced by Pacific Iron Ore Corporation (TSX.V: POC). The project has the potential to host gold resources. These results confirm historic grades from the St. Anthony mine area and demonstrate widespread gold mineralization over a large area. In light of the [...]
Iron ore exports surged 17% to 12.6 million tonnes in February 2009 from 10.8 million tonnes in the same month a year ago, backed by a moderate revival in demand from Chinese steel producers. Consulting firm Ernst & Young partner Naveen Vohra, stated: The October-November period was bad for domestic iron ore companies as they [...]
China’s iron ore import rose to new high in three consecutive months just playing in the hand of overseas mining giants. Iron ore talk touched an impasse apparently, but foreign miners’ secret advancing plan starting from last year end has taken effect. For full story, click here
Macarthur Minerals (CVE:MMS) reported today that the resource estimate at the Lake Giles project in Western Australia by 73 per cent to 341 million tonnes. The iron ore resource is only in the inferred category and averages 26.1% iron. The company’s press release states that more drilling will start this month and is designed with [...]
By Kishori Krishnan Exclusive to Iron Investing News The talks haven’t borne fruit, as yet. Even as news comes filtering in that China has landed a 40 per cent price cut with the Top Three ore miners, final iron ore talks for fiscal 2009/2010 have yet to see the light of day. Shan Shanghua, secretary-general [...]
Iron ore, the prime raw material for making steel may have to see a further dip in prices. While the steel demand has declined heavily, iron ore prices, which more than doubled last year, remain vulnerable to a decline. For full story, click here
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