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Iron Ore News

BHP rewards shareholders, profit jumps 25% on commodity prices

By: Mariaan Webb     20th February 2018 Higher commodity prices have helped the world’s largest diversified mining group to report a 25% increase in its underlying attributable profit and to reward shareholders with higher interim dividends. Melbourne-headquartered BHP grew its underlying attributable profit from $3.24-billion in the... 

Cyclone Kelvin lashes West Australia, no damage reported to mines, gas projects

By: Reuters     19th February 2018 Tropical Cyclone Kelvin hit the resource-rich north coast of Western Australia on Sunday, lashing it with strong winds and causing floods that could cut the main highway for up to two weeks. The storm crossed the coast 165 km south-southwest of Broome early on Sunday morning with destructive... 

Vale notches record iron-ore output in 2017, sales slip

By: Reuters     16th February 2018 Brazilian miner Vale said on Friday that total iron-ore output reached a record of 366.5-million tonnes last year, boosted by record high production from its so-called northern system, even as iron ore sales slipped slightly from 2016. The northern system, composed of its Carajás, Serra Leste... 

Leon expects mining industry to have a future under Ramaphosa’s Presidency

By: Nadine James     16th February 2018 Herbert Smith Freehills partner and Africa co-chairperson Peter Leon is cautiously optimistic that the changes signalled by newly elected President Cyril Ramaphosa will benefit South Africa’s economic recovery. In a speech to the British Chamber of Business in South Africa on Thursday evening, he... 

Leon expects mining industry to have a future under Ramaphosa’s Presidency
Photo by Duane Daws
Herbert Smith Freehills partner and Africa co-chairperson Peter Leon

Fortescue's Aboriginal programme hits A$2bn mark

By: Simone Liedtke     16th February 2018 Iron-ore major Fortescue Minerals' 'billion opportunities programme' has reached the A$2-billion-mark, with 250 contracts and sub-contracts having been awarded to 110 Aboriginal businesses and joint ventures in the seven years since its inception. CEO Nev Power said on Friday that the programme... 

Sound policy, low risk key to attracting mining investment

By: Henry Lazenby     16th February 2018 The global equity markets have been extremely volatile in recent weeks, extending a frantic selloff in US stocks that culminated in the steepest plunge for the Dow Jones Industrial Average in six-and-a-half years. While commodities were not spared from the rout, American multinational investment... 

Sound policy, low risk key to attracting mining investment

Indian mineral royalty rate revision on the cards

By: Ajoy K Das     15th February 2018 Signaling an imminent revision in royalties payable, barring coal, lignite and sand, the Indian government has constituted a study group to review existing rates, recommend any revision and suggest policy changes in administration of the royalty regime. According to a government order, the... 

Kumba profit up 12% in 'royal flush' year – CEO

By: Megan van Wyngaardt     13th February 2018 In a year that CEO Themba Mkhwanazi describes as a "royal flush", Kumba Iron Ore posted a 12% increase in headline earnings to R9.7-billion. Headline earnings reached R30.47 a share, while earnings before interest, taxes, depreciation and amortisation increased by 6% year-on-year to R19.6-billion... 

Mugabe's fall has veteran miners jockeying for Zimbabwe comeback

By: Bloomberg     13th February 2018 Robert Mugabe’s fall as Zimbabwe president is setting the scene for the return of a London mining listing for Andrew Groves and his long-term business partner – and former England cricketer – Phil Edmonds. Groves is preparing to relist the pair’s Zimbabwe coal, chrome and gold assets in London... 

Kumba FY17 profit rises 12%

By: Reuters     13th February 2018 South Africa's Kumba Iron Ore reported a 12% rise in annual profit on Tuesday, underpinned by higher costs for the steel-making ingredient. The company, a unit of Anglo American, said headline earnings came in at R9.7-billion ($813.36-million), or R30.47 a share, in the year ended December 2017,... 

Kumba expects FY17 earnings to soar as production improves

By: Megan van Wyngaardt     9th February 2018 Kumba Iron Ore's headline earnings for the year ended December 31 are likely to increase by 7% to 15% year-on-year to between R9.3-billion and R9.98-billion and its headline earnings per share (HEPS) to between R29.13 and R31.27. "The increase in headline earnings is largely attributable to... 

Industry, environment lobby cautiously optimistic as Canada tables new enviro review rules

By: Henry Lazenby     9th February 2018 Ottawa on Thursday tabled new legislation to improve the federal environmental assessment process for mining projects. The legislation is aimed at strengthening and restoring the credibility of Canada's environmental laws. 

Industry, environment lobby cautiously optimistic as Canada tables new enviro review rules

Vedanta assessing impact of Goa suspension

By: Mariaan Webb     8th February 2018 Diversified mining company Vedanta Resources confirmed on Thursday that its mines would be affected by the Indian Supreme Court ruling that cancelled 88 mining leases in the iron-ore producing province of Goa. Mining operations would stop on March 16, Vedanta said, adding that operations would... 

Zimbabwe to consider waivers on platinum, diamonds ownership law

By: Bloomberg     8th February 2018 Zimbabwe will consider applications from companies mining platinum or diamonds to be exempted from a requirement that they be at least 51% owned by black citizens of the country. The government wants companies to show they have a plan to achieve compliance before it will consider granting... 

Big Mining Indaba thinking for 2019’s quarter-century milestone

By: Martin Creamer     8th February 2018 This year’s Investing in African Mining Indaba has just ended here and the organisers are already putting their thinking caps on to make next year’s twenty-fifth anniversary of the event a grand affair. The names Cyril Ramaphosa, Elon Musk and the top who’s who of global and African mining are... 

Big Mining Indaba thinking for 2019’s quarter-century milestone
Photo by Duane Daws
Investing in African Mining Indaba MD Alex Grose

China iron-ore imports hit 2nd-highest on record on restocking

By: Reuters     8th February 2018 China's iron-ore imports jumped to the second highest level on record in January as the world's top buyer built stockpiles ahead of the Lunar New Year holiday and the lifting of steel production curbs next month. Shipments of the steelmaking raw material in January climbed 19% from December to... 

Strike says planned Peru railway will link its 20Mt/y project to port

By: Mariaan Webb     8th February 2018 Plans for a 570-km multiuser railway from the inland city of Andahuaylas in southern Peru to the mineral export Port of San Juan de Marcona on the west coast of Peru will significantly improve development prospects for Australia-listed junior Strike Resources’ 20-million-tonnes-a-year iron-ore... 

India's top court cancels iron-ore mining permits in Goa – petitioners

By: Reuters     7th February 2018 India's Supreme Court has quashed all iron ore mining permits in Goa, one of the country's top producing states for the steel making raw material, an environmental group that petitioned the government to halt the mining said on Wednesday. Mining in the southwestern state of Goa, which produces... 

Rio Tinto returns $9.7bn to shareholders in 2017

By: Natasha Odendaal     7th February 2018 Mining major Rio Tinto has delivered record full-year ordinary dividends of $5.2-billion, equating to 290c a share, and bringing total cash returns to shareholders for the year ended December 31, 2017, to $9.7-billion. The company posted an operating cash flow of $13.9-billion, underlying... 

Rio Tinto returns $9.7bn to shareholders in 2017
Rio Tinto CEO Jean-Sebastien Jacques

Iron-ore exports to China from Australia's Port Hedland fall to six-month low

By: Reuters     6th February 2018 Iron-ore shipments to China in January from Australia's Port Hedland terminal fell 11.3% from a month ago to 34.7-million tonnes, their lowest since July, port data released on Tuesday showed. That compares with 39.1-million tonnes in December. January imports were 0.6% higher than a year ago,... 

Mbazima urges immediate dialogue on rail, port expansion

By: Martin Creamer     5th February 2018 South Africa’s ability to revitalise crucial infrastructure, especially rail and port networks, is among the key actions needed to bring investment back into the South African mining industry, Anglo American South Africa deputy chairperson Norman Mbazima said on Monday. Speaking on first day of... 

Mbazima urges immediate dialogue on rail, port expansion
Photo by Duane Daws
Anglo American South Africa deputy chairperson Norman Mbazima

CoM sees resurgence in hope, green shoots in South African mining industry

By: Mia Breytenbach     5th February 2018 There is new sense of hope in the mining industry and in South Africa, says Chamber of Mines (CoM) CEO Roger Baxter. “It gives us a new confidence that a resurgence is taking place in the industry for the year ahead,” said Baxter, who spoke at a media briefing at the Investing in African Mining... 

CoM sees resurgence in hope, green shoots in South African mining industry
Photo by Duane Daws
Chamber of Mines CEO Roger Baxter

Mitsui boosts profit forecast on higher iron-ore, coal prices

By: Reuters     2nd February 2018 Japanese trading company Mitsui & Co on Friday said its April-December profits jumped over 60% from the year before and raised its full-year forecast to record levels, boosted by higher prices for iron ore and coking coal. Mitsui is now forecasting a net profit of 440-billion yen, up from its... 

Goldman's most bullish on commodities since supercycle ended

By: Bloomberg     2nd February 2018 Goldman Sachs Group is more bullish on commodities than any time since the end of the supercycle in 2008. As economies around the world pick up, factories are humming, eating into stockpiles of raw materials and driving demand at miners and oil producers already facing limits on output. Copper,... 

Chile miner CAP doubles earnings in 2017, shares rise

By: Reuters     1st February 2018 Chile iron-ore and steel producer CAP more than doubled its earnings in 2017 over the previous year, the company said in a year-end earnings report on Thursday, boosted by rising iron prices even as its total exports of the metal dropped. CAP reported profits of $130.3-million in 2017, more than... 

Beowulf maintains Kallak mine and reindeer herding can co-exist

By: Mariaan Webb     1st February 2018 The UK-based mineral exploration and development seeking to build a magnetite iron-ore mine on the ancestral lands of the indigenous Sami people in northern Sweden has been dealt a blow, after the County Administrative Board (CAB) for Norrbotten recommended against an exploitation licence for the... 

Beowulf maintains Kallak mine and reindeer herding can co-exist
Drilling at the Kallak deposit in northern Sweden.

AMSA weighs asset disposals as losses mount, debt rises and rand strengthens 

By: Terence Creamer     31st January 2018 ArcelorMittal South Africa (AMSA) is considering various asset disposals as part of a plan to strengthen its balance sheet, which remains under pressure as a result of a protracted period of lossmaking, which has endured since 2010. The JSE-listed steelmaker declared another headline loss of... 

AMSA weighs asset disposals as losses mount, debt rises and rand strengthens
New AMSA CEO Kobus Verster on the immediate outlook for the group and initiatives under way to improve prospects for a return to profitability. Camera Work & Editing: Nicholas Boyd. Recorded: 31.1.2018

Vale diversifies away from iron-ore despite strong China demand – CEO

By: Reuters     30th January 2018 Continued Chinese efforts to reduce pollution will boost demand for Vale's high quality iron-ore, the Brazilian miner's chief executive said on Tuesday, even as the world's top iron-ore producer seeks to diversify away from the metal. China's aggressive campaign to clean its skies by clamping... 

Dalian iron-ore near 1-month low, limited impact from icy weather

By: Reuters     30th January 2018 Chinese iron-ore futures ticked higher, but kept near one-month lows on Tuesday, as ample supply of the steelmaking raw material countered transport disruptions caused by heavy snow in the country. Rebar steel prices slipped, touching their lowest in nearly a week at one point. 

BCI progressing diversified portfolio

By: Schalk Burger     30th January 2018 Junior miner BCI Minerals continues to focus on advancing existing projects and remaining debt-free, the company said on Tuesday in its quarterly report to the end of December. BCI’s cash balance was A$18.9-million at the end of December, down A$4.7-million compared with the quarter to the end of... 

Fortescue C1 costs fall to record low of $12/wmt

By: Mariaan Webb     30th January 2018 Iron-ore producer Fortescue Metals has lowered its cash production costs (C1) to a record low of $12.08 a wet metric tonne (wmt). The C1 compares with $12.15/wmt in the first quarter of the 2018 financial year and $12.54/wmt in the corresponding period of 2017, Australia’s third-largest... 

Atlas reduces debt, progresses diversification plans

By: Megan van Wyngaardt     29th January 2018 Iron-ore producer Atlas Iron has repaid a further A$20-million of its debt, as the ASX-listed company continues its strategy of repositioning the business by reducing debt, growing its iron-ore business through the Utah Point and diversifying beyond iron-ore. Atlas reported on Monday that the... 

Indian iron-ore benchmark price proves elusive even as clamour mounts to check rising prices

By: Ajoy K Das     29th January 2018 Even as clamour mounts among various segments of India’s steel industry over a shortage of iron-ore availability and the high prices of domestic raw material, evolving an acceptable benchmark price model for iron-ore is proving elusive for the government. Various steel producers, including blast... 

Anglo American wins two licences to expand in Brazil

By: Reuters     26th January 2018 Anglo American on Friday clinched two long-awaited environmental licenses that pave the way for the global mining company to expand its Minas-Rio iron-ore mine in the Brazilian state of Minas Gerais. Minas Gerais environmental regulator Semad granted a pre-installation and installation permit to... 

Consultancy to partner with black entrants as they acquire Tier 1 coal assets 

By: Martin Creamer     26th January 2018 Project delivery and engineering consultancy WorleyParsons RSA is once again answering the call for transformation and broader economic participation of previously disadvantaged South Africans. The company’s latest initiative is black entrepreneur development in coal, which will be its key focus... 

Consultancy to partner with black entrants  as they acquire  Tier 1 coal assets
WorleyParsons RSA CEO Denver Dreyer discusses Mining Indaba plans with Mining Weekly’s Martin Creamer.

Cliffs delivers second consecutive year of +25% Ebitda growth

By: Henry Lazenby     25th January 2018 US iron-ore company Cleveland-Cliffs has delivered on promises to aggressively drive up growth in its earnings before interest, tax, depreciation and amortisation (Ebitda) metric, reporting growth greater than 25% for the second consecutive year. Based in Cleveland, Ohio, the company reported... 

Kumba’s FY17 iron-ore output up 8% y/y 

By: Creamer Media Reporter      25th January 2018 Kumba Iron Ore produced 44.98-million tonnes of iron-ore in 2017, exceeding guidance. Production was also 8% higher than the 41.48-million tonnes produced in 2016. 

Côte d'Ivoire mining sector turnover rose 11.5% in 2017

By: Reuters     25th January 2018 Côte d'Ivoire's mining sector turnover rose by 11.5% in 2017, an increase achieved mainly via exports of gold, manganese and nickel, the government spokesman said on Wednesday. "The mining sector announced a sales revenue of 539-billion CFA francs ($1.02-billion) in 2017, compared to 483-billion... 

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