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Brazil's Vale halves 2015 dividends as iron-ore prices fall

By: Reuters Brazilian miner Vale proposed on Friday to pay dividends of $2-billion this year, less than half the $4.2-billion it distributed in 2014, amid falling prices of iron ore and other base metals. The company intends to pay $0.388095186 per outstanding common and preferred share in two equal... 

Merafe lifts FY, Q4 ferrochrome output

By: Natalie Greve Merafe Resources has lifted attributable ferrochrome production from the Glencore-Merafe chrome venture by 3% year-on-year to 92 000 t in the quarter ended December 31. The company said in a report on Friday that the improved output was the result of the start-up of Project Lion II, which was... 

BC Iron back in full swing

By: Esmarie Swanepoel Iron-ore producer BC Iron returned to an annual run-rate of six-million tonnes a year during the three months to December, following a troubled September quarter, with the miner on Friday also downgrading its cost expectations for the full year. The Nullagine joint venture (JV), in Western... 

Vale's mega-ships dock at five Chinese ports – executive

By: Reuters Brazilian miner Vale's mega-ships have been able to dock at five ports in China, the firm's head of investor relations said on Thursday, as a ban that had been in place since 2012 is relaxed. "The issue ... of the obstruction, that's overcome," investor relations chief Rogerio Nogueira, said at... 

Iron-ore prices at new 5-1/2 yr low as rout takes hold

By: Reuters Spot iron-ore prices hit a new 5-1/2 year low on Thursday as more signs emerged of slowing Chinese economic growth, although iron-ore and steel futures in China edged higher on interest from bargain hunters. A deepening iron-ore glut and worries over a sharper economic slowdown in top buyer... 

Baobab to select Chinese partner to conduct Tete feasibility study

Mozambique-focused miner Baobab Resources was nearing the conclusion of the selection process of a Chinese partner to conclude a feasibility study at its Tete iron project, in Mozambique. The company has been in detailed discussions with steel industry specialists Sinosteel Equipment &... 

IFM posts marginal production lift in Q2 despite stoppage

By: Natalie Greve International Ferro Metals (IFM) lifted ferrochrome production by a modest 3% to 49 800 t for the quarter ended December 31, despite the issuance of a Section 54 notice in November following a health and safety incident that led to two employees being exposed to carbon monoxide gas. IFM said at... 

Fortescue lowers H2 cost guidance

By: Esmarie Swanepoel Iron-ore major Fortescue Metals has slashed its C1 cash costs during the quarter ended December, prompting the miner to decrease its C1 guidance for the second half of the 2015 financial year. C1 costs during the December quarter averaged $28.48/oz, a decrease of 11% on the previous quarter, and... 

Bellzone secures $30m loan from Chinese partner

By: Megan van Wyngaardt Aim-listed miner Bellzone on Wednesday reported that it was finalising its $30-million secured debt agreement with China Sonangol International to meet its liabilities. The company last year reported that it had been unable to secure long-term financing, with China Sonangol providing short-term... 

Kumba Q4 output up 10%

By: Ilan Solomons JSE-listed Kumba Iron Ore’s production increased 10% year-on-year to 12.43-million tonnes in the quarter ended December 31. The fourth-quarter production was, however, 4% lower than the 12.97-million tonnes produced in the third quarter of 2014. 

Kumba Q4 output up 10%

Anglo may record noncash impairment charges in price plunge parry

By: Martin Creamer Given the sharply lower commodity price environment, particularly for bulk commodities, Anglo American said on Wednesday that it expected to record noncash impairment charges in its 2014 results. The London- and Johannesburg-listed diversified major, headed by CEO Mark Cutifani, added in a media... 

Anglo may record noncash impairment charges in price plunge parry
Mark Cutifani

Goa mining ban lifted but operations remain unattractive

By: Ajoy K Das The ban on iron-ore mining in the western Indian province of Goa might have been lifted but the resumption of mining operations to any significant volume was unlikely in the current environment of falling prices and the Indian government’s refusal to lower export taxes. According to an official... 

Mt Gibson flags A$850m to A$950m half-year impairment

By: Esmarie Swanepoel Iron-ore miner Mount Gibson Iron on Wednesday warned of a noncash impairment of between A$850-million and A$950-million in its interim results for the period ended December. The impairment comes in light of the declining market conditions, as well as recent development at Mount Gibson’s Koolan... 

US miner Cliffs seeks creditor protection in Canada

By: Reuters Iron-ore and coal miner Cliffs Natural Resources has become the third major US company in the past six months to seek creditor protection for its Canadian arm to try to isolate losses and protect shareholders.The miner said it had commenced restructuring proceedings in Montreal on Tuesday. The... 

US miner Cliffs seeks creditor protection in Canada

RoF access route land squabble headed to Court of Appeal

By: Henry Lazenby Prospective Ring of Fire (RoF) miners KWG Resources and Cliffs Natural Resources have been given the green light to take their quarrel over the right of way over an isthmus, narrow strip of land, connecting the remote Northern Ontario mining camp with the outside world to the Court of Appeal for... 

Mining companies suffer $70bn in impairment losses – report

A recent survey revealed that major global mining companies had suffered impairment losses of $70-billion in 2013/14, reflecting the impact of the current low commodity price cycle. The ‘Mining Financial Reporting Survey 2014’, compiled by financial services firm KPMG, further revealed that... 

Mining companies suffer $70bn in impairment losses – report

Northern Iron says it needs more funding despite record sales

By: Esmarie Swanepoel Despite reporting record production and sales for the year ended December, iron-ore miner Northern Iron on Tuesday warned shareholders that the company would require additional funding to continue as a going concern. Northern Iron reported that the continued decline of the iron-ore price had... 

Cape Lambert gets first royalty from Timis

By: Esmarie Swanepoel ASX-listed resource group Cape Lambert on Tuesday announced that it had received its first royalty payment of A$400 000 from Timis Mining Corporation, as part of a funding agreement with the junior. Cape Lambert in October last year entered into a $20-million funding agreement with Timis... 

Gindalbie looks to cut costs

By: Esmarie Swanepoel Iron-ore miner Gindalbie Metals on Tuesday told shareholders that further cost cutting measures would be implemented at the company, including a reduction in administrative overheads and the elimination of committee fees payable to directors. Gindalbie said that it was also reviewing its... 

Iron-ore hits 5-/12 yr low as China mills cut output

By: Reuters Iron-ore prices hit their lowest in 5-1/2 years on Monday as some loss-making Chinese steel mills curbed output, ore supplies remained abundant and concerns persisted about the outlook for economic growth in China this year. Cooling Chinese steel demand forced some steel mills to bring forward... 

Cliffs suspends dividend, repays $400m in debt

By: Henry Lazenby US iron-ore and coal producer Cliffs Natural Resources has suspended its quarterly dividend as part of accelerated plans to repay its outstanding debt balance. Cleveland, Ohio-based Cliffs on Monday said it had already reduced its outstanding debt balance by more than $400-million during the... 

Sable signs infrastructure development agreement with Liberia govt

By: Megan van Wyngaardt The signing of a 25-year infrastructure development agreement (IDA) between Aim-listed iron-ore explorer and developer Sable Mining Africa and the government of Liberia would allow the company to use, rehabilitate and expand the established rail line from Yekepa, in south-east Guinea, to the Port... 

Sable signs infrastructure development agreement with Liberia govt

Peru grants environmental permit for $1.5bn Chinese-owned mine

By: Reuters The government has granted Chinese-owned Jinzhao Mining Peru the environmental permit for its proposed $1.5-billion Pampa de Pongo iron mine, estimated to produce 22.5-million tonnes per year. The energy and mines ministry said in a statement on Friday that it had also approved the company's... 

Sable confirms discussions around Liberia iron-ore export deal

By: Megan van Wyngaardt Aim-listed Sable Mining on Friday confirmed that it was in “advanced discussions” with the governments of Liberia and Guinea regarding its Mount Nimba iron-ore project, in south-east Guinea. Media reports stated that the company was expected to soon sign a $1.3-billion, 25-year infrastructure... 

China's 2014 iron ore imports from Australia rise 31.6%

By: Reuters China's iron ore imports from Australia rose 31.6% to 548.4-million tonnes last year, customs data showed on Friday, as soaring production by big miners drove down prices and eliminated some smaller suppliers. Giant miners such as Rio , BHP Billiton and Brazil's Vale have been ramping up iron... 

Arrium redesigns operations to fend off iron-ore price fall

By: Esmarie Swanepoel ASX-listed Arrium on Friday announced the redesign of its South Australian hematite operations, including mothballing its Southern Iron mining operation, as part of an initiative to combat the falling iron-ore price. The company told shareholders that the redesign was aimed at maximising cash... 

Brazilian port licence in spotlight as Kazakh, Indian miners head to court

By: Reuters Brazil's public prosecutor is seeking an injunction on a port licence that could be central to a London court battle between two mining companies run by Kazakh and Indian tycoons. Documents seen by Reuters on Thursday showed that Brazil's Federal Prosecution Service and Office of the District... 

Investors urged to be cautious about SA resource equities

By: Zandile Mavuso Financial services company Old Mutual Investment Group senior portfolio manager John Orford warns that owing to commodity prices, which are unlikely to recover strongly in 2015 as a result of the extent of the supply-side response in oil and iron-ore, as well as the underlying slowing of China’s... 

Tawana prepares for Liberia operation restart

By: Natasha Odendaal As the health, safety and corporate risks associated with the Ebola virus in Liberia diminish, ASX-listed Tawana Resources is gearing up to resume full site-based activities at its $53-million Mofe Creek iron-ore project. In August last year, Tawana suspended all nonessential fieldwork at its... 

Watershed economics rise as Australian dollar falls

By: Esmarie Swanepoel The significant depreciation of the Australian dollar value and the subsequent lower costs of Australian products and services would result in economic benefits to ASX-listed Vital Metals’ proposed Watershed tungsten project, in Queensland. Vital on Thursday reported that a review of its 2014... 

CITIC warns of massive write-down at Sino

By: Esmarie Swanepoel Chinese major CITIC has warned shareholders of a write-down of between $1.4-billion and $1.8-billion on its Sino iron-ore project, in Western Australia, for the 2014 financial year. The miner blamed the falling iron-ore price for the massive impairment charge. 

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