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R/$ = 13.38 Change: -13.24
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Pt 993.50 $/oz Change: -8.70

Iron Ore News

Former Alderon chief executive rejoins board

By: Henry Lazenby     Updated 21 minutes ago The former president and CEO of Canadian project developer Alderon Iron Ore Tayfun Eldem has rejoined the company’s board with immediate effect, replacing John Baker, who had been with Alderon since 2010. The TSX-listed company stated Tuesday that Eldem, which was Alderon's president and until... 

China steel mills resist Rio's demand for 'ridiculous' iron-ore premium

By: Reuters     24th January 2017 Chinese steel mills have balked at global miner Rio Tinto's plan to charge a premium in long-term contracts for its highest grade of iron-ore, rekindling the conflicts that caused the collapse of an annual pricing system seven years ago. The world's second-biggest iron-ore miner is seeking a... 

Iron to ‘correct down sharply’ as supply rises, Citigroup says

By: Bloomberg     24th January 2017 Iron-ore is headed for a sharp decline as higher-grade supplies from Brazil and Australia are set to increase, according to Citigroup, which combined its forecast for a second-half tumble with upgrades to the bank’s outlook in the opening quarters of the year. Recent gains have been supported by... 

Atlas Iron in ‘stronger position’ – Lawrenson

By: Mariaan Webb     24th January 2017 Western Australian iron-ore miner Atlas Iron is in a “significantly stronger position” and on track to be in a net cash position by mid-2017, new MD and CEO Cliff Lawrenson said on Tuesday, reporting on the company’s December quarter performance. Atlas, which earlier this month repaid... 

London Metal Exchange CEO resigns after a difficult year

By: Reuters     23rd January 2017 Lower trading volumes and a lack of strategy created a crisis that led to the resignation of London Metal Exchange (LME) CEO Garry Jones after three years at the helm of the world's largest and oldest metals market, metal industry sources say. Parent company Hong Kong Exchanges and Clearing... 

‘Very tough’ mining year ahead as ‘lawfare’ breaks out – Nedbank

By: Martin Creamer     23rd January 2017 South African mining has a “very tough” year ahead, with "lawfare" breaking out. While existing large, powerful mining companies will persist, growth through new entrants and foreign investment is highly unlikely this year, resulting in escalating opportunity loss. 

‘Very tough’ mining year ahead as ‘lawfare’ breaks out – Nedbank
Nedbank mining finance principal Paul Miller

Anglo sees incremental gains as trading unit hits cruising speed

By: Reuters     23rd January 2017 Anglo American, which broke with tradition when it set up a focused commercial unit, sees modest improvements ahead after an early boost to profits, as it gets closer to clients, even offering shelter from volatile markets with fixed-price contracts. Anglo, like many miners, shied away from... 

State agreement signed for A$5.6bn Pilbara iron-ore export facility

By: Esmarie Swanepoel     23rd January 2017 The Western Australian government has committed to a state agreement with the Balla Balla Infrastructure Group (BBIG), which is planning a A$5.6-billion integrated iron-ore project in the Pilbara. The BBIG, which is 90% held by Todd Corporation, is planning to construct an export facility between... 

State agreement signed for A$5.6bn Pilbara iron-ore export facility

India to ensure higher iron-ore availability for domestic steel producers

By: Ajoy K Das     23rd January 2017 The Indian government is planning several measures to alleviate raw material supply issues experienced by steel producers, including stepping up iron-ore mine auctions, earmarking a portion of domestic iron-ore production for local steel mills and reforming the ‘inverted import duty’ structure.... 

Rehabilitation work begins to prepare Highveld structural mill for restart

By: Terence Creamer     23rd January 2017 Rehabilitation work at Highveld Steel’s heavy structural mill, located at the mothballed steel plant’s expansive site in Mpumalanga, is under way to prepare the facility for recommissioning, following the conclusion of a supply and marketing deal with ArcelorMittal South Africa (AMSA) in... 

Rehabilitation work begins to prepare Highveld structural mill for restart

Guinea President says Rio payment saga tied to internal feud  

By: Bloomberg     20th January 2017 The President of Guinea is disputing public statements made by Rio Tinto Group regarding the firing of a senior executive for a $10.5-million payment made to the President’s friend Francois de Combret. President Alpha Conde said the firing of Alan Davies, who headed Rio’s $20-billion Simandou... 

New Vale pact seeks dispersed share ownership in six years – sources

By: Reuters     19th January 2017 Leading shareholders of Vale close to endorsing a plan to turn the world's No 1 iron-ore producer into a company with dispersed share ownership within six years, two people familiar with the talks said. Bradespar SA, Mitsui & Co and several Brazilian pension funds are negotiating a new... 

Mine safety a casualty of too many distractions, say unions as 2016 statistics show marginal improvement

By: Natasha Odendaal     19th January 2017 South Africa’s mining stakeholders need to “go back to the drawing board” and refocus efforts on bringing down the number of fatalities in the sector, trade union Solidarity's deputy general secretary for occupational health and safety and sustainable development Advocate Paul Mardon said, as a... 

Mine safety a casualty of too many distractions, say unions as 2016 statistics show marginal improvement
Photo by Duane Daws
Mineral Resources Minister Mosebezi Zwane

Nigeria plan to link mines to steel mill seen as Buhari test

By: Bloomberg     18th January 2017 Nigeria’s plan to build a railway to supply iron-ore to its idle Ajaokuta steel plant could be the biggest sign yet that President Muhammadu Buhari is implementing his policy to diversify away from oil. The project began in 1979 with what the World Bank in 2002 called obsolete Soviet technology,... 

Anti-iron-ore-tax campaign blazes a trail – CME

By: Esmarie Swanepoel     17th January 2017 The Western Australian Chamber of Minerals and Energy (CME) is revelling in the success of its anti-mining-tax campaign, after recent polling showed that support for the proposed iron-ore tax has dropped from nearly 50% to 34.8%. The CME in November launched a campaign to stop the Western... 

Fortescue appoints new CFO

By: Esmarie Swanepoel     17th January 2017 Iron-ore major Fortescue Metals has appointed Elizabeth Gaines to the position of CFO, replacing Stephen Pearce, who will join diversified miner Anglo American on January 30. Gaines will take up the position of CFO from February 6. 

S Australian magnetite consortium signs Chinese offtake deal

By: Esmarie Swanepoel     17th January 2017 The South Australian Magnetite Consortium, which consists of ASX-listed Magnetite Mines and Lodestone Equities, has signed a sale and purchase letter of intent (LoI) with Chinese company Ningbo Iron & Steel for the purchase of one-million tonnes a year of iron-ore concentrate. Ningbo will... 

Rio Tinto hits 2016 production target, keeps 2017 guidance

By: Esmarie Swanepoel     17th January 2017 Mining giant Rio Tinto has delivered a strong production quarter in the three months to December, helping the group to achieve its targeted iron-ore shipments for 2016. Australia’s largest iron-ore miner produced 85.5-million tonnes in the fourth quarter, taking 2016’s production to 329.5-million... 

Rio Tinto hits 2016 production target, keeps 2017 guidance
Rio Tinto CEO Jean-Sebastien Jacques

Vale loads first iron-ore shipment from giant new S11D mine

By: Henry Lazenby     16th January 2017 The world’s biggest iron-ore miner, Vale, has loaded the first ore from its largest-ever mine, the S11D project, in Canaã dos Carajás, south-east of Pará, at the Ponta de Madeira docks. On Friday, Vale loaded its first 26 500 t of commercial ore produced at the $14.4-billion mine in Brazil,... 

Vale loads first iron-ore shipment from giant new S11D mine
Photo by Vale
Ponta da Madeira loads first ships including cargo produced in S11D mine

Iron-ore opens 2017 with a bang after flaying skeptics last year

By: Reuters     16th January 2017 Iron-ore has carried last year’s bullish momentum into the start of 2017, with prices rallying to a two-year high amid speculation that China’s demand for overseas ore will hold up even as the world’s largest miners bring on new capacity. Ore with 62% content in Qingdao in China climbed 3.9% to... 

Plant shutdowns impact Vedanta's Q3 output

By: Megan van Wyngaardt     16th January 2017 Despite lower output at its zinc operations in the third quarter of the current financial year, diversified miner Vedanta Resources says it is still on track to achieve its stated guidance of higher mined metal production for the full year. Its total production across operations for the quarter... 

Plant shutdowns impact Vedanta's Q3 output

Ferrum, BVI in talks over delayed Moonlight BFS

By: Megan van Wyngaardt     16th January 2017 A farm-in and joint venture agreement between triple-listed metals project developer Ferrum Crescent and Business Venture Investments (BVI) has stalled, after the latter failed to complete the first phase of a bankable feasibility study (BFS) at Ferrum’s Moonlight iron-ore project, in Limpopo. In... 

Shining iron-ore future for Sierra Leone possible as Chinese investors commit

By: Natasha Odendaal     13th January 2017 The $700-million planned injection by Chinese State-owned mining company Shandong Iron and Steel into an iron-ore processing plant at the Tonkolili mine, in Sierra Leone, has further cemented the West African region’s strong mining outlook, BMI Research said on Friday. The new investment, which... 

Thirty-two tons a second shows China’s record iron appetite

By: Bloomberg     13th January 2017 Iron-ore imports by China surged to a record above one-billion metric tons last year as unexpectedly strong steel production and lower local mine output combined to fire up demand in the world’s top buyer for cargoes from Australia and Brazil, supporting a rebound in prices. Asia’s top economy... 

Thirty-two tons a second shows China’s record iron appetite

BC Iron expecting more from Iron Valley

By: Esmarie Swanepoel     12th January 2017 ASX-listed BC Iron has revised the full-year outlook for earnings before interest, tax, depreciation and amortisation (Ebitda) from its Iron Valley operations, in Western Australia, following a strong quarter. Ebitda guidance has increased from a range of A$6-million to A$16-million to between... 

Would-be kingmaker calls out Australian iron giants in ore tax battle

By: Bloomberg     12th January 2017 The world’s biggest mining companies producing iron ore from Australia aren’t paying their fair share in taxes, according to a lawmaker who wants a 20-fold raise in a state levy that’s been unchanged since the 1960s and the era of imperial pounds, shillings and pence. The proposal has... 

Would-be kingmaker calls out Australian iron giants in ore tax battle

Accident at port of Brazil miner Vale kills one, injures another

By: Reuters     12th January 2017 An accident on Tuesday at a port in northeastern Brazil run by miner Vale killed one worker and injured another, the company said in a note on Wednesday. Vale said the pair worked for an external company hired to erect scaffolding on pier 1 of the Ponta da Madeira terminal in the state of Maranhao. 

Brazil court extends deadline for Samarco to pay dam spill guarantee

By: Reuters     12th January 2017 A Brazilian judge has extended the deadline for Samarco and its shareholders Vale SA and BHP Billiton to make a 1.2-billion reais ($375.41-million) payment related to a dam spill to January 19, a statement from the court in the state of the Minas Gerais said on Wednesday. The payment was due on... 

Brazil's Funcesp says Vale stake sale not under discussion

By: Reuters     11th January 2017 Fundação Cesp, Brazil's largest private-sector pension fund, said on Wednesday it is not currently holding discussions over the partial or full sale of a 200-million real ($62-million) stake it owns in Vale, the world's largest iron-ore producer. The fund issued a statement after newspaper Valor... 

High Court exposes DMR as incompetent, irrational investment obstructor

By: Martin Creamer     11th January 2017 A judgement of the Gauteng division of the High Court of South Africa exposes the Department of Mineral Resources (DMR) as an irrational institution with a high degree of incompetence that obstructs the mining investment it is meant to facilitate, lacks energy in resolving issues, allows appeal... 

High Court exposes DMR as incompetent, irrational investment obstructor

Mineral ‘wrongs’ righted 

By: Martin Creamer     10th January 2017 A company that showed diligence in applying for mineral rights ended up getting mineral ‘wrongs’, a court has found. The Gauteng division of the High Court in Pretoria has ruled that Aquila Steel South Africa is entitled to the mineral right that South Africa’s Department of Mineral Resources... 

Brazil’s S11D iron-ore mine a reality check for Australian politicians – CME

By: Esmarie Swanepoel     10th January 2017 The Western Australian Chamber of Minerals and Energy (CME) has warned that the commercial start of the $19.7-billion Eliezer Batista S11D iron-ore mine, in Brazil, is a reality check for Australian politicians looking to use the sector as a “bottomless cash cow”. CME CEO Reg Howard-Smith said... 

Brazil’s S11D iron-ore mine a reality check for Australian politicians – CME
Vale's S11D iron-ore mine will start commercial operations in January.

Brazil's Samarco requests extension for dam disaster guarantee

By: Reuters     10th January 2017 Brazilian miner Samarco and its shareholders Vale and BHP Billiton have requested to extend until January 19 a deadline to pay 1.2-billion reais ($375.39-million) in guarantees related to the collapse of a tailings dam in 2015, Vale said in a statement on Monday. The payment was meant to be made... 

Ferrum appoints new project manager, firms deal with chairperson

By: Megan van Wyngaardt     9th January 2017 Triple-listed metals project developer Ferrum Crescent has entered into a contract of employment with its executive chairperson Justin Tooth to replace interim arrangements agreed at the time of his appointment in December. The contract has no fixed term and may be terminated by either party on... 

Australia forecasts dramatic drop in iron-ore prices through 2018

By: Reuters     9th January 2017 Australia on Monday forecast a dramatic decline in the price of iron ore – its most valuable export commodity – over the next two years to well below current market prices. The Department of Industry, Innovation and Science forecasts iron-ore to average $51.60/t this year and $46.70 in 2018,... 

Atlas aims to be cash positive by mid-2017 as it pays off more debt

By: Esmarie Swanepoel     9th January 2017 Iron-ore miner Atlas Iron has repaid A$54-million in debt, following a strong December quarter, reducing its US term loan debt to A$118-million. The miner said last week that it had completed the December quarter with some A$134-million cash on hand, as a result of the cash flow generated during... 

IHS Materials Price Index jumps to 18-month high; emergent weakness to undermine momentum

By: Henry Lazenby     23rd December 2016 Analytics firm IHS Markit reports that its Materials Price Index (MPI) rose for a sixth consecutive week, increasing 1.4% to hit a fresh 18-month high. IHS Global Insight Pricing & Purchasing senior economist Ben Orhan pointed out that ferrous metals once again drove the index higher, gaining... 

IHS Materials Price Index jumps to 18-month high; emergent weakness to undermine momentum

Corunna Downs DFS indicates large iron-ore deposit

By: Ilan Solomons     21st December 2016 Iron-ore miner Atlas Iron’s Corunna Downs project, in Western Australia, has the potential to deliver 4-million tons a year of lump and fines direct-shipping iron-ore (DSO) over an initial mine life of five to six years. This is according to the results of the project’s definitive feasibility... 

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