R/€ = 16.09 Change: -0.05
R/$ = 14.38 Change: -0.18
Au 1324.10 $/oz Change: -2.43
Pt 1078.50 $/oz Change: 3.00

Iron Ore News

India’s NMDC to boost iron-ore production

By: Ajoy K Das     Updated 6 hours ago Indian iron-ore miner NMDC will increase its production by 14% to 35-million tons during current financial year, in line with a target of producing 50-million tons a year by 2018, a company official has said. The higher production target for merchant sales is significant, as the miner also has to... 

Atlas trucking contractor McAleese appointed a voluntary administrator

By: Samantha Herbst     Updated 7 hours ago ASX-listed iron-ore miner Atlas Iron said on Monday that its main trucking contractor, McAleese Group, had been appointed a voluntary administrator. Atlas advised that trucking of ore from its three mining operations would continue as normal. 

India to seek $15bn of investment to double mining output

By: Bloomberg     29th August 2016 India expects to woo one-trillion rupees ($15-billion) of investment over five years to double mining output and cut mineral imports. The government’s goal is to fast-track exploration, including upfront payments for discovered deposits when the mines are auctioned, Mines Minister Piyush Goyal... 

Vale says crown-jewel deal unlikely this year

By: Bloomberg     26th August 2016 Vale SA, the top iron-ore miner, is poised to complete coal and fertilizer sales this year, while a deal involving its most prized assets probably will take longer, according to its investor relations chief. The Rio de Janeiro-based company, which is grappling to reduce one of the industry’s... 

Brazil's Vale expects Samarco to restart mid-2017

By: Reuters     26th August 2016 Brazilian miner Vale expects Samarco, an iron-ore joint venture it owns with BHP Billiton, to restart operations in the middle of 2017, a company executive said on Thursday. Samarco's mine has been shut since November when a tailings dam on the site burst, killing 19 people and causing Brazil's... 

Australian police probe Sundance over Congo corruption allegations

By: Reuters     25th August 2016 Sundance Resources said on Thursday Australian police are investigating allegations that the company may have bribed politicians in Congo Republic to win permits to pursue a major iron-ore project. Sundance said the allegations dated back to meetings held between 2006 and 2008, as reported by... 

Iron-ore at risk as China veteran warns steel output to drop

By: Bloomberg     25th August 2016 Steel production in China, the world’s biggest supplier, will probably contract this year and shrink further in 2017 as local demand slows, hurting the outlook for iron-ore, according to Li Xinchuang, a vicechairperson at the China Iron & Steel Association. “There will be significant declines in... 

Samarco to sound out bondholders for debt plan, sources say

By: Reuters     25th August 2016 Samarco Mineração, the Brazilian iron-ore joint venture that stopped operations after a dam burst last year, plans to seek bondholder consent to change terms on $2.2-billion of securities or pursue an exchange offer, two people with knowledge of the situation said on Wednesday. According to one... 

Buxton and Independence Group form Fraser Range JV

By: Mariaan Webb     24th August 2016 ASX-listed junior Buxton Resources has granted fellow listed Independence Group (IGO) the sole and exclusive right to acquire a 90% interest in the Zanthus and Widowmaker tenements, in the Fraser Range, Western Australia, for $1.5-million in cash. Under a joint venture (JV) announced on... 

Moody’s upgrades Fortescue’s credit ratings

     24th August 2016 Perth-based Fortescue Metals’ efforts to reduce its debt have won it an improved credit rating from ratings agency Moody’s, which this week upgraded the iron-ore miner’s corporate family rating to Ba2 from Ba3, while the senior unsecured and senior secured ratings were upgraded to B1 and Ba1 from... 

Brazil's Vale says iron-ore railway down for over 12 hours on Monday

By: Reuters     23rd August 2016 Brazilian mining company Vale said on Tuesday that its most important railway, used to transport iron-ore from its Carajas mine in the Amazon, stopped operating for over 12 hours on Monday due to a land protest on the line. Operations were interrupted between 6:30 am and 6:50 pm local time, the... 

Junior miners ‘vindicated’ by ACCC position on Utah Point privatisation

By: Mariaan Webb     23rd August 2016 The Association of Mining and Exploration Companies (Amec) CEO Simon Bennison says junior miners feel vindicated by Australia’s statutory body on competition matters’ position on the privatisation of the Utah Point bulk handling facility. Australian Competition and Consumer Commission (ACCC)... 

Junior miners ‘vindicated’ by ACCC position on Utah Point privatisation

Citigroup says this ‘hot commodity’ is destined to cool off soon

By: Bloomberg     23rd August 2016 Iron-ore, dubbed by Citigroup as one of the hot commodities of 2016, looks set to cool off. Prices may sag toward the end of the year and into 2017 as supply rises and steel demand fades, the bank said, adding to the list of banks that are calling time on an unexpected rally. The raw material... 

Citigroup says this ‘hot commodity’ is destined to cool off soon

Fortescue profit jumps threefold to $985m

By: Mariaan Webb     22nd August 2016 Australian iron-ore miner Fortescue Metals posted a threefold increase in net profit for the year ended June 30, driven by a strong operational performance and an unwavering cost-reduction strategy. Fortescue, which has four mine sites in the Pilbara, increased net income to $984-million, a 212%... 

Fortescue profit jumps threefold to $985m
Fortescue CEO Nev Power

CIC said to pursue $9-billion Vale iron-ore streaming deal

By: Bloomberg     20th August 2016 China Investment Corp (CIC), the $814-billion sovereign fund, is leading a Chinese investor group in talks for a multibillion-dollar iron-ore streaming deal with Brazil’s Vale, people familiar with the matter said. The consortium is negotiating the potential purchase of a portion of Vale’s... 

CIC said to pursue $9-billion Vale iron-ore streaming deal

TPT celebrates 1bn ton iron-ore export milestone

By: Megan van Wyngaardt     19th August 2016 Transnet Port Terminals’ (TPT’s) Saldanha operations on Thursday celebrated a significant milestone – with one-billion tons of iron-ore having passed through the bulk terminal. Saldanha is South Africa's main iron-ore export terminal and a highly mechanised bulk-handling facility that remains the... 

Kumba wins EY integrated reporting award

By: Anine Kilian     19th August 2016 Professional services firm EY has selected Kumba Iron Ore as the overall winner of its Excellence in Integrated Reporting Awards for 2016. For the awards, EY considered the top 100 JSE-listed companies and top State-owned entities (SOEs). The awards were adjudicated by the University of Cape... 

Resources Watch 

     18th August 2016 This week: Attractive returns expected from quick-pay iron-ore projects And, Sibanye firming up funding for gold-from-dumps project 

Resources Watch
Resources Watch

Three-decade iron-ore veteran says 2017 to bring challenges

By: Bloomberg     18th August 2016 Iron-ore strayed well off-script in 2016 as a rally surprised the bears. Michael Zhu, former global sales director at Vale SA, says the commodity will probably face a tough year in 2017 as supply keeps on expanding while China’s steelmakers struggle to sustain output at current levels. “I’m not... 

Three-decade iron-ore veteran says 2017 to bring challenges

AMSA chief says rising rand to take gloss off recovery

By: Terence Creamer     17th August 2016 ArcelorMittal South Africa (AMSA) CEO Wim de Klerk says he still expects the steel group to enjoy a better second half than was the case in the six months to June 30, but admits that the recent strengthening in the rand against the US dollar is likely to weigh on financial performance. The... 

AMSA chief says rising rand to take gloss off recovery
Photo by Duane Daws
AMSA CEO Wim de Klerk

Guinea blames Rio Tinto’s ‘rambling’ London team for mine delay

By: Bloomberg     17th August 2016 Guinea’s mineral management company said Rio Tinto Group overstated the Ebola virus’s effect on developing the world’s biggest iron-ore deposit and delayed its plans for the mine to focus on operations in Australia amid a rout in prices for the steelmaking material. “The real causes of the delay... 

Insurance settlement boosts Mount Gibson FY net profit

By: Samantha Herbst     17th August 2016 Despite significantly lower iron-ore prices and challenging market conditions in the 2015/16 financial year, Western Australian iron-ore miner Mount Gibson has returned to profitability. CEO Jim Beyer attributed its positive full-year results, published on Wednesday, to disciplined cost control,... 

BHP plunges into the red with $6.4bn loss

By: Natasha Odendaal     16th August 2016 One of the world’s largest mining companies, BHP Billiton, has posted a $6.4-billion full-year loss on weaker commodity prices, offshore US asset impairments and the Samarco dam failure. Speaking to journalists during a global conference call on Tuesday, CEO Andrew Mackenzie said the  financial... 

BHP plunges into the red with $6.4bn loss
Photo by Bloomberg
BHP Billiton CEO Andrew Mackenzie

Rio Tinto awards $120m Silvergrass contract to RCR Tomlinson

By: Mariaan Webb     16th August 2016 Diversified engineering and infrastructure company RCR Tomlinson has won a $120-million contract from Rio Tinto to deliver a primary crusher and overland conveyor system for the Silvergrass iron-ore mine, in Western Australia. On August 2, Rio Tinto approved $338-million for the final phase of... 

Iron-ore seen back at $40 by Morgan Stanley as seasons shift

By: Bloomberg     16th August 2016 Iron-ore’s 2016 rally may be about to face a challenge from the changing of the seasons. Morgan Stanley has forecast that prices may tumble back to $40 a metric ton this half as the approach of winter in China typically blunts steel demand and output. “Our short-term forecast still features a... 

Cliffs secures new 20-year energy agreement for core Tilden mine

By: Henry Lazenby     16th August 2016 North American iron-ore products producer Cliffs Natural Resources has secured a new 20-year energy agreement with fellow NYSE-listed WEC Energy Group to provide the company’s core Tilden mine with a long-term, reliable and affordable source of electric power in Michigan. “Our Tilden Mine... 

Stalled BHP-Vale mine said seeking waiver on bank repayments

By: Bloomberg     13th August 2016 Brazilian miner Samarco is seeking a standstill agreement on about $1.6-billion in bank loans as its owners BHP Billiton and Vale refuse to cover debt payments, people with knowledge of the matter said. The iron-ore venture, whose operations were halted last year after a dam spill, is asking... 

Stalled BHP-Vale mine said seeking waiver on bank repayments
Photo by Reuters
A view of the Samarco mine, owned by Vale and BHP Billiton, in Mariana, Brazil

Native title judgment removes Torrens access impediment

By: Megan van Wyngaardt     12th August 2016 ASX-listed companies Aeris and Argonaut, which are in a 70:30 joint venture (JV) developing the Torrens iron‐oxide copper/gold (IOCG) project, in South Australia, are reviewing a decision by the Federal Court to dismiss applications for native titles over Lake Torrens. The Lake Torrens overlap... 

Steadily improving South African mine output to benefit Q2 GDP figures – economist

     11th August 2016 A steady improvement in mining activity in recent months should bode well for South Africa’s second-quarter gross domestic product (GDP) figures, BNP Paribas Securities South Africa economist Jeffrey Schultz commented on Tuesday. “On a quarter-on-quarter seasonally adjusted and annualised basis,... 

What’s next for iron-ore from the guy who predicted 2016’s rally

By: Bloomberg     11th August 2016 Iron-ore will probably extend 2016’s rally as China takes further steps to stoke growth and the dollar weakens, according to Prestige Economics’s Jason Schenker, whose rare bullish call in the final quarter of last year is turning out to be right. While the ride may be choppy, the commodity will... 

Vale denies iron-ore streaming financing deal in the works

By: Reuters     11th August 2016 Vale, the world's largest producer of iron-ore, denied it plans to raise cash from the sale of future iron-ore output through a so-called streaming financing transaction. 

Iron-ore giants reject proposed A$7.2bn iron-ore mining tax hike

By: Bloomberg     10th August 2016 The world’s two largest mining companies rejected a proposed A$7.2-billion ($5.5-billion) tax increase on their Western Australian iron-ore operations, saying it’s likely to put jobs and competitiveness at risk. Brendon Grylls announced the tax proposal after being appointed the new leader of the... 

Iron-ore giants reject proposed A$7.2bn iron-ore mining tax hike

Ontario Steel in bid for US Steel Canada, including C$1bn liabilities

By: Reuters     9th August 2016 Ontario Steel Investment, a group that includes shareholders of Essar Global, said on Tuesday it has submitted an offer to purchase US Steel Canada, which has been in creditor protection since 2014. The offer includes the assumption of C$954-million in liabilities under US Steel Canada's pension... 

China's Guangdong sets up tribunal to handle zombie firms – media

By: Reuters     9th August 2016 China's Guangdong province has set up a special court to deal with disputes that arise from the closure of "zombie enterprises", the official China Daily reported on Tuesday. The Guangdong High People's Court unveiled a new tribunal on Monday to help settle legal issues that might arise from the... 

China's Guangdong sets up tribunal to handle zombie firms – media

China July iron-ore imports hit 2016 high, steel exports ease-customs

By: Reuters     8th August 2016 Chinese iron-ore imports rose 8.3% in July from the previous month to hit its second-highest on record, customs data showed on Monday, as underlying demand for the raw material in the world's top buyer remained strong. Shipment climbed to 88.4-million tonnes in July, the highest since December... 

China July iron-ore imports hit 2016 high, steel exports ease-customs

Attractive returns expected from quick-pay iron-ore projects 

By: Martin Creamer     5th August 2016 Keep a look out for the five letters UHDMS, which stand for ultrahigh dense media separation. Outgoing Kumba Iron Ore CEO Norman Mbazima tells Mining Weekly Online that they translate into “mouth-watering” financial metrics. (Also watch attached Creamer Media video). 

Attractive returns expected from quick-pay iron-ore projects
Outgoing Kumba Iron Ore CEO Norman Mbazima talks to Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video and Video Editing: Nicholas Boyd.

Port Hedland July iron-ore shipments to China drop 6% from June

By: Reuters     5th August 2016 Iron-ore shipments to China from Australia's Port Hedland terminal used by BHP Billiton and Fortescue Metals Group, declined to 32.5-million tonnes in July from a record 34.5-million tonnes in June, port data showed. Metals traders cited fewer cargoes of stockpiled ore at the world busiest port... 

Hambro sees ‘very good fortunes’ for iron-ore on capex slump

By: Bloomberg     5th August 2016 A slowdown in spending on global iron-ore projects amid weak prices is setting the ground for a longer-term revival, according to Hong-Kong listed producer IRC, which is starting up production from a new project in Russia that was 10 years in the making. The steelmaking ingredient, which has... 

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