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IMIC concludes bond restructuring to increase cash flexibility

By: Megan van Wyngaardt Aim-listed International Mining & Infrastructure Corporation (IMIC) has concluded a bond restructuring process at a cost of about $100 000, which IMIC chairperson Ethelbert Cooper said on Friday increased its cash flexibility over the next few years. The restructuring, which reflected a rate of... 

South32 spin-off from BHP turns bearish

By: Creamer Media Reporter Creamer Media's Shannon de Ryhove speaks to Mining Weekly editor Martin Creamer about the planned spin-off of South32 from BHP Billiton turning bearish, with an unprecedented number of ‘sell’ recommendations by analysts. 

South32 spin-off from BHP turns bearish

Walsh says Rio Tinto to continue with low-cost iron-ore expansions

By: Esmarie Swanepoel Diversified giant Rio Tinto has told shareholders that the group will continue to push on with its iron-ore expansion in the Pilbara, despite the declining iron-ore price. CEO Sam Walsh said in London this week that the company would continue with a low-capital brownfield expansion as part of... 

Walsh says Rio Tinto to continue with low-cost iron-ore expansions
Photo by Bloomberg
Rio Tinto CEO Sam Walsh

Moody’s lowers iron-ore and met coal price forecasts, markets to remain under pressure to 2016

By: Henry Lazenby Moody’s Investors Service expected iron-ore and metallurgical (met) coal prices to remain under pressure through at least 2016, prompting it to lower its price expectations for both commodities. The firm fingered slower steel output growth in China and rampant oversupply, particularly in... 

Moody’s lowers iron-ore and met coal price forecasts, markets to remain under pressure to 2016

Apart from Big 3, iron ore miners face 'existential' threat -Goldman

By: Reuters Up to half of iron-ore output by miners outside the three mega producers in Australia and Brazil is at risk of closure with global demand set to peak at about 1.4-billion tonnes next year, Goldman Sachs said. Production volumes among top miners - Vale, Rio Tinto and BHP Billiton - was not at... 

Fortescue forecasts big drop in C1 cash costs

By: Esmarie Swanepoel A 9% reduction in C1 cash costs for the March quarter, compared with the previous quarter, has allowed iron-ore major Fortescue Metals to significantly lower its full-year cost guidance for the next financial year. During the quarter under review, Fortescue achieved a C1 cost of $25.90/t,... 

Fortescue forecasts big drop in C1 cash costs

Australia's Fortescue under pressure as iron-ore crashes

By: Reuters Australia's Fortescue Metals Group has two stark choices to deal with a crash in the iron-ore market and cut its $9-billion debt pile - sell off stakes in its mines or transport infrastructure, or sell new shares. Investors say the quickest capital-raising option for the world's No. 4 iron-ore... 

Brazil's Vale approves $1bn dividend payment

By: Reuters Brazilian miner Vale said on Tuesday it approved payment of a dividend instalment of 3.1-billion reais ($1.01-billion), easing investor concerns that it might slash the payment in the face of falling iron-ore prices. Vale and other major miners were put on credit watch negative by Standard &... 

Mofe Creek MDA months away from finalisation

By: Natasha Odendaal The agreement set to formalise the legal and commercial conditions of the Mofe Creek project for the next 25 years was months away from finalisation, TSX- and JSE-listed Tawana Resources said on Tuesday. The iron-ore miner this week presented its Mineral Development Agreement (MDA) to the... 

Talks with creditors 'positive' - Atlas

By: Esmarie Swanepoel Embattled iron-ore miner Atlas Iron on Tuesday told shareholders that discussions with the company’s creditors were continuing, and were ‘positive’. Atlas at the end of last week announced that it would suspend mining across all of its Pilbara operations, as iron-ore prices continued to tumble.... 

SMC’s Blue Hills mine falls victim to price slump, enviro delays

By: Esmarie Swanepoel The falling iron-ore price has claimed another victim, with Sinosteel Midwest Corporation (SMC) announcing on Tuesday that the company would suspend its Blue Hills operation, in Western Australia, ahead of plan. The mine, which had initially been slated to cease production in October this year,... 

Severstal needs partner to bring Liberia iron-ore mine online

By: Reuters Russian steelmaker Severstal said on Monday that it will not be able to bring its Liberian iron ore project on line without a partner to help with investment and share risk amid a slump in world ore prices. Russia's second-biggest steel producer owns 100% of the Putu project – a 13 km (8 mile)... 

S&P's warns of imminent downgrade for several miners

By: Reuters Standard & Poor's warned on Monday it may soon downgrade several miners as it lowered its iron ore price estimates for the next couple of years. S&P's said in a statement it was placing on watch negative the credit ratings of Vale SA, Rio Tinto, BHP Billiton, Anglo American, CAP SA, Exxaro... 

ARM reports two fatalities at Khumani

By: Natasha Odendaal JSE-listed African Rainbow Minerals on Monday reported that two fatalities had occurred at its joint venture Khumani iron-ore mine, in the Northern Cape, over the weekend. Production at the mine near the town of Kathu was halted on Sunday after the as yet undisclosed accident, with an... 

South32 turns bearish as tax inquiry, iron-ore put ‘sell’ skids under BHP

By: Martin Creamer With the shareholder vote just over three weeks away, the planned spin-off of South32 from BHP Billiton has turned bearish and BHP Billiton has itself fallen victim to an unprecedented number of analyst sell recommendations owing to the plummeting iron-ore price, worsened by the reputational... 

South32 turns bearish as tax inquiry, iron-ore put ‘sell’ skids under BHP
Photo by Duane Daws
The BHP Billiton building in central Johannesburg

Fall in oil, commodity prices to exact toll on Africa’s 2015 growth 

By: Terence Creamer A new World Bank report is forecasting that sub-Saharan Africa’s growth will slow to 4% in 2015 from 4.5% in 2014, owing to the weak commodity prices and the sharp fall in oil prices, which will exact a heavy toll on African oil exporters. Excluding South Africa, whose economic performance is... 

Fall in oil, commodity prices to exact toll on Africa’s 2015 growth

Citigroup sees iron-ore falling below $40 on supply, demand pressure

By: Reuters Iron-ore will fall to $36 a tonne in the third quarter and stay below $40 for the rest of the year as big miners boost supply even further and China's demand declines, Citigroup said on Monday. Spot iron ore has lost 60% over the past 12 months, dropping below $50 a tonne this month for the... 

Australian Budget to suffer from iron-ore collapse, Treasurer tells media

By: Esmarie Swanepoel Australian Federal Treasurer Joe Hockey on Monday said he could have been “more prudent” with an iron-ore price forecast when announcing the mid-year Budget update, in December, and that he was factoring in a price as low as $35/t for next month’s Budget announcement. Speaking to the ABC TV from... 

Australian Budget to suffer from iron-ore collapse, Treasurer tells media

Atlas Iron pulls the plug as prices tumble

By: Esmarie Swanepoel Iron-ore miner Atlas Iron on Friday announced that it would progressively suspend mining at its Pilbara operations during April, with iron-ore exports expected to cease shortly after. The miner has blamed the significant fall in iron-ore prices. Atlas earlier this week suspended share trading,... 

Atlas Iron pulls the plug as prices tumble

Indian iron-ore miners’ woes persist as govt disregards pleas to slash 30% export tax

By: Ajoy K Das An unlimited power to tax involves, necessarily, a power to destroy; because there are limits beyond which no institution and no property can bear taxation.” – John Marshall (1755-1835) Indian iron-ore miners could well be lamenting that the country’s fiscal managers are seemingly unfamiliar with... 

Indian iron-ore miners’ woes persist as govt disregards pleas to slash 30% export tax

Indian iron-ore miners’ woes persist as govt disregards pleas to slash 30% export tax and legislative changes take effect

By: Ajoy K Das “An unlimited power to tax involves, necessarily, a power to destroy; because there are limits beyond which no institution and no property can bear taxation.” – John Marshall (1755-1835) Indian iron-ore miners could well be lamenting that the words of this great American jurist and statesman were... 

Indian iron-ore miners’ woes persist as govt disregards pleas  to slash 30% export tax and legislative changes take effect
Photo by Bloomberg
HIGHLY TAXED India imposed a uniform tax rate of 20% on iron-re lumps and fines in March 2011 and in December of the same year it was hiked to 30%

New system from Tenova represents a shift in overland conveying

By: Schalk Burger Mining engineering company Tenova Takraf’s modular overland conveyor system can be moved once its purpose is fulfilled. It can easily be transported in assembled state by truck and placed by a small crane. This significantly reduces the labour and time required to build a conveyor system. It can... 

Iron-ore in fresh crisis as forward prices crumble

By: Reuters Iron-ore is veering to a new crisis as prices for future delivery of the commodity slide 30% in the space of a month, and its outlook is now more bearish than oil and more dire than ever for miners struggling to just stay in business. Prices of the steel-making ingredient for immediate delivery... 

Kumba Iron Ore opens clinic as Minister visits award-winning housing complex

By: Martin Creamer Kumba Iron Ore top brass and Mineral Resources Minister Ngoako Ramatlhodi on Thursday launched a new R8.8-million clinic and visited the Anglo American company’s award-winning 718-employee-house complex in the Northern Cape. “We believe that these projects will go a long way in addressing the... 

Kumba Iron Ore opens clinic as Minister visits award-winning housing complex
Photo by Duane Daws
Norman Mbazima

S Africa’s February mining output up 7.5% y/y

By: Creamer Media Reporter South Africa’s mining production increased by 7.5% year-on-year in February. The main contributors to the increase were iron-ore, contributing 4.2 percentage points; platinum-group metals (PGMs), contributing 2.8 percentage points; and manganese ore, contributing 1.1 percentage points. Gold made... 

Nullagine reports strong quarter for BC Iron

By: Esmarie Swanepoel Despite wet weather conditions, the Nullagine iron-ore project, in the Pilbara, delivered at an above-expected run-rate, owner BC Iron reported on Thursday. During the quarter ended March, the Nullagine project shipped 1.46-million tonnes of ore, representing a run-rate of 5.8-million tonnes a... 

Quebec scales back plan to develop its resource-rich north

By: Reuters The Canadian province of Quebec unveiled a scaled-back version of its long-touted plan to develop its vast, mineral-rich north on Wednesday as investor interest has waned due to weak commodity prices, particularly for iron-ore. The provincial government said it now expects its Plan Nord to... 

New mineralisation discovered at Tawana’s Mofe Creek South licence

By: Ilan Solomons ASX- and JSE-listed iron-ore company Tawana Resources on Wednesday announced the discovery of new mineralisation as part of its ongoing exploration strategy over its recently acquired, 100%-owned MEL1223/14 Mofe Creek South licence, in Liberia.  New friable itabirite mineralisation had been... 

New mineralisation discovered at Tawana’s Mofe Creek South licence

China plans to subsidise iron ore miners after price slump – paper

By: Reuters China is drawing up plans to subsidise its struggling iron ore sector, official media reported on Wednesday, with many high-cost mines forced to shut as a result of a collapse in global prices. China, the world's biggest steel producer, has long been worried by its growing dependence on foreign... 

Iron-ore cap to cost Australia A$50bn in lost export revenue over 3 years

By: Esmarie Swanepoel The Minerals Council of Australia (MCA) has rejected the notion of capping iron-ore production in the Pilbara in the hopes of alleviating the price crash. MCA CEO Brendan Pearson pointed out to the Committee for Economic Development of Australia (CEDA) that Australia accounted for only 20% of... 

Port Hedland iron-ore exports to China rise in March

By: Reuters Iron-ore exports to China through Australia's Port Hedland, the world's biggest terminal for shipments of the steelmaking raw material, rose 3% in March from February, port figures released on Tuesday showed. The shipments climbed to 31.24-million tonnes in March versus 30.25-million in February... 

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