Rio Tinto, (NYSE:RIO, ASX:RIO, LSE:RIO) a major producer of iron ore, said it expects Chinese demand for the steelmaking commodity to rise this year, Reuters reported.
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Mining Weekly reported that African Rainbow Minerals’ executive chairperson and South African mining magnate, Patrice Motsepe wants to invest in Guinea’s iron ore.
Bloomberg reported that Guinea’s former mines minister Mahmoud Thiam said the Rio Tinto Group will probably not develop its $10 billion iron ore project in Simandou in the near future as Guinea struggles to finance transport links.
Mining Weekly reported that a giant ship carrying iron ore owned by Vale SA has entered a port in eastern China, marking its first entry since its ban in January 2012.
Despite predictions of weaker prices, the world’s leading producers are sticking by their plans to open new mines and expand their current operations.
Reuters reported that Rio Tinto, under the leadership of its new CEO Sam Walsh, will initiate major cost-cutting measures as it mitigates a sharp drop in demand for industrial commodities.
Bloomberg reported that the world’s largest iron ore producers are planning to invest $250 billion on new mines, which threatens to push the price slump deeper as experts believe that the commodity will drop in the next 3 years.
Reuters reported that BHP Billiton said the prices of iron ore will decline over the next few years as major iron ore companies have plans to boost production by 2015 and demand from China weakens.
Bloomberg reported that Labrador Iron Ore Royalty Corp rose 1.8%, and shares rose as much as 4.1% earlier, its highest since March 1 after announcing its intentions to sell the company.
Bloomberg reported that Vale SA, in its bid to retake the title of the world’s second biggest mining company by value will replace trucks with 23miles of conveyor belts and build another railway through the Amazon. It is a $20B project, the most expensive project in the industry to date.