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Iron Ore News

Kumba CEO gives firm thumbs up to continued exploration in prospective Northern Cape   

By: Martin Creamer     24th February 2022 New Kumba Iron Ore CEO Mpumi Zikalala this week gave a firm thumbs up to South Africa’s biggest iron-ore mining and marketing company continuing to invest in mineral exploration in the Northern Cape, which she described as being highly prospective. The Johannesburg-listed Anglo American group... 

Samarco faces crunch creditor vote as standoff looms

By: Reuters     23rd February 2022 Samarco Mineracao faces a possible creditor standoff at meetings starting on Wednesday to vote on debt restructuring proposals which would allow the Brazilian iron-ore miner to exit bankruptcy protection. Creditors of the iron-ore joint venture between Vale and BHP are expected to vote on the... 

Rio Tinto posts bumper year

By: Esmarie Iannucci     23rd February 2022 Diversified giant Rio Tinto has reported record results for the 2021 financial year, with a 116% surge in aftertax profit. "Our people have continued to safely run our world-class assets and are working hard to improve our operational performance, despite challenging operating conditions from... 

China to prevent 'excessive hoarding' of iron-ore to cool prices

By: Reuters     23rd February 2022 Chinese authorities will prevent "excessive hoarding" of iron-ore and guide port firms to ensure that traders of the commodity bring inventories back to a reasonable level as soon as possible, the powerful state planner said on Wednesday. The decision follows a symposium called by the National... 

China to prevent 'excessive hoarding' of iron-ore to cool prices

Black Iron monitoring Russia’s incursion into eastern Ukraine

By: Mariaan Webb     23rd February 2022 Toronto-listed exploration and development company Black Iron said on Tuesday that work continued as usual at its Shymanivske iron-ore project, in central Ukraine, while monitoring Russia’s incursion into the east of the  country. Black Iron noted that adjacent iron-ore mines to the Shymanivske... 

Kumba shares R89bn of value created in 2021 with stakeholders  

By: Martin Creamer     22nd February 2022 South Africa’s biggest iron-ore producers and marketer, Kumba Iron Ore, has shared R89-billion of the value it created in 2021 with its stakeholders, with more than R21-billion going to the government in tax revenues and mineral royalties. The Johannesburg-listed Anglo American group company... 

Creamer Media screenshot taken during presentation.
Kumba Iron Ore 2021 results covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Cash-flush Kumba Iron Ore reports record earnings in exceptional year of delivery

By: Martin Creamer     22nd February 2022 Iron-ore mining and marketing company Kumba Iron Ore delivered record earnings of R64.6-billion in 2021, when it accumulated 47%-higher attributable free cash flow of R30.5 billion. The average realised export price of $161/t was 18% above benchmark helped the company to achieve a 63% earnings... 

Picture supplied
Kumba Iron Ore CEO Mpumi Zikalala

Fitch revises short-term iron-ore price outlook higher on China stimulus

By: Schalk Burger     21st February 2022 Business intelligence firm Fitch Solutions Country Risk and Industry Research is revising its 2022 iron-ore price forecast upwards, from $90/t to $120/t, and its 2023 forecast, from $75/t to $110/t, as Chinese demand has once again started picking up. The firm expects Chinese demand to also... 

ARM to report lower interim earnings

By: Tasneem Bulbulia     18th February 2022 JSE-listed African Rainbow Minerals (ARM) expects its headline earnings for the six months ended December 31, to be between 24% and 33% lower year-on-year at between R3.38-billion and R3.83-billion. Headline earnings a share are expected to be between R17.33 and R19.66. 

China to boost commodity price supervision in push for industrial growth

By: Reuters     18th February 2022 China's State planner will take steps to stabilise the commodity market and hasten construction of new infrastructure, it said on Friday, in the effort to promote steady industrial growth. In a joint notice, the National Development and Reform Commission (NDRC) and other regulators announced 18... 

Fortescue's profits hit by iron-ore falls

By: Esmarie Iannucci     16th February 2022 Despite reporting record shipments in the half year to December, iron-ore major Fortescue Metals has announced a 13% drop in revenue compared with the previous corresponding period, as iron-ore prices dropped. Fortescue shipped 93.1-million tonnes of ore during the six months under review, up... 

Image shows iron-ore stacking operations in the Pilbara

Ferrexpo makes North’s appointment permanent

By: Creamer Media Reporter      15th February 2022 Swiss-headquartered iron-ore company Ferrexpo has appointed Jim North as CEO, with immediate effect. North has held the position of acting CEO from May 2020, having been the group’s COO since 2014. Prior to joining Ferrexpo, North held senior operational management roles in multiple commodities... 

China’s fight with iron-ore 'guerrillas' triggers price rout

By: Bloomberg     15th February 2022 Iron-ore plummeted as Beijing ramped up a campaign to stop prices overheating even before the government rolls out demand-boosting stimulus measures this year. Prices tumbled more than 11% in Singapore on signs that authorities in China will intensify efforts to quell a big rally since... 

Vale backs out of $1.2bn bribery trial against billionaire Beny Steinmetz

By: Bloomberg     15th February 2022 Vale dropped its $1.2-billion London court battle with Beny Steinmetz and five of his associates less than half way through a planned 11-week trial into alleged bribery, according to the Israeli tycoon’s media team. The mining giant backed out after its lawyer told the High Court on Monday that... 

An image of Beny Steinmetz
Beny Steinmetz

Commodity prices drive BHP profits up

By: Esmarie Iannucci     15th February 2022 Diversified miner BHP has reported a 50% increase in profit for the half-year ended December, amid higher commodity prices, but has warned of cost increases in the near future. Profit from operations for the half-year reached $14.8-billion, while underlying earnings before interest, taxes,... 

Image shows iron-ore trains

West Africa a fly in BHP's iron-ore ointment

By: Esmarie Iannucci     15th February 2022 Mining giant BHP is keeping an eye on the cost of iron-ore production as competition emerges from West Africa. Iron-ore prices declined in the first half of 2022 as China’s steel production curbs took hold, while seaborne supply improved. 

West Africa a fly in BHP's iron-ore ointment

Red tape delaying R90bn investment in ready-to-go projects – Minerals Council 

By: Martin Creamer     14th February 2022 Red tape is delaying investment worth R90-billion in ready-to-go mining-related projects, at a time when the South African economy is in desperate need of such projects proceeding, to create jobs and to stimulate economic growth. Projects worth R30-billion would be able to proceed if the 4... 

President Cyril Ramaphosa
President Cyril Ramaphosa

Weekly Commodities Market Wrap

By: Creamer Media Reporter      14th February 2022 ENERGIES - Coal continues strong although a market correction is imminent once European physical supplies are assured. The current strong physical premiums being enjoyed are likely to align back to paper market levels, especially considering that natgas, power and carbon markets were softer on... 

An image of the latest spot market prices for various metals

Cleveland-Cliffs’ slowing demand adds to steel industry woes

By: Bloomberg     14th February 2022 Cleveland-Cliffs piled on to the bad news for the steel industry Friday, saying that demand remained weaker than expected at the end of the year. The biggest culprit was the ongoing chip shortages in the automotive industry that prevented Cliffs’ car customers from meeting demand in the fourth... 

Rio strikes deal with Traditional Owners over Western Range

By: Esmarie Iannucci     14th February 2022 Diversified miner Rio Tinto has reached an agreement with the Yinhawangka Aboriginal Corporation (YAC) on a new co-designed management plan to ensure the protection of significant social and cultural heritage values as part of the proposed development of the Western Range iron-ore project in the... 

Image shows Rio Tinto logo

Giant miners to see record profits slip as cost pressures bite

By: Bloomberg     14th February 2022 Investors in the world’s biggest mining companies will this month be watching for signs that mounting cost pressures and the impacts of slowing Chinese growth could further erode record earnings. Miners are likely to report a drop in profits. The top-five western diversified mining companies,... 

New Rio Tinto chairman to weigh CEO's future amid toxic culture crisis - sources

By: Reuters     11th February 2022 The incoming chairperson of Rio Tinto will review the position of CEO Jakob Stausholm to determine whether he is suitable to lead an overhaul of the company's toxic work culture, two people familiar with the matter said. Dominic Barton, a former diplomat who takes up the role of chairman in May,... 

A Rio Tinto office

Green hydrogen strategy supporting development of R270bn Northern Cape pipeline 

By: Martin Creamer     11th February 2022 Over the past year, the South African government has built on its successful hydrogen strategy to make major strides in positioning the country as a global leader in the green hydrogen market, President Cyril Ramaphosa stated during his State of the Nation Address. This positioning included the... 

Supplied picture
President Cyril Ramaphosa

Vale produces less iron than expected in boost to ore recovery

By: Bloomberg     11th February 2022 Vale, the Brazilian firm vying with Rio Tinto Group for the title of top iron ore supplier, delivered less of the steel raw material than expected in a welcome boost to a wavering recovery in prices. Fourth quarter production came in at 82.5-million metric tons, compared with the... 

Vale produces less iron than expected in boost to ore recovery

UN advisers urge Sweden to stop mine in home of indigenous Sami

By: Reuters     10th February 2022 United Nations human rights experts on Thursday urged Sweden not to award a license for an iron-ore mine in the Gallok region, home of the indigenous Sami people, saying the open-pit mine would endanger the protected ecosystem and reindeer migration. British company Beowulf Mining has sought a... 

Foreseen renewables demand providing opportunity for job creation, just energy transition 

By: Martin Creamer     10th February 2022 Demand already foreseen is providing South Africa with the far-reaching and very welcome opportunity to create sufficient new jobs – “and then some” – to ensure a just energy transition away from the country’s current climate-threatening carbon intensity, Mining Weekly can report. South Africa’s... 

Screenshot by Creamer Media during Creamer Media webinar
Photo by Creamer Media
From left, clockwise, Paul O’Flaherty, Dr Tsakani Mthombeni, Hein Reyneke, and Andre de Ruyter

Brazilian miners set to miss deadline for removal of tailings dams

By: Reuters     10th February 2022 Vale and other Brazilian mining companies are set to miss a legal deadline in the state of Minas Gerais for the removal of all tailings dams built using a method linked to past collapses, and the industry is seeking to change it. The February 25 deadline has been considered unrealistic by the... 

An image of the devastation caused by a dam burst in Mariana, Brazil, in 2015.
Devastation caused by a dam burst in Mariana, Brazil, in 2015.

Vale is getting back on top of iron industry as Rio stumbles

By: Bloomberg     10th February 2022 Vale has closed the iron-ore production gap with its main rival Rio Tinto Group, and is even expected to report slightly higher output in the fourth quarter. Rio Tinto’s Australian mines churned out 84.1-million metric tons of the steel-making ingredient last quarter. In its production statement... 

Vale is getting back on top of iron industry as Rio stumbles

Fortescue planning renewables hub for the Pilbara

By: Esmarie Iannucci     10th February 2022 Iron-ore major Fortescue has unveiled plans for a renewable energy hub to power its mining operations in the Pilbara. In a proposal document submitted to the Western Australian Environmental Protection Authority, Fortescue outlines plans for the energy hub, which will consist of up to 340 wind... 

Rosond, Boart Longyear partnership to uplift N Cape communities

By: Schalk Burger     9th February 2022 Drilling technology solutions provider Rosond and drilling technology multinational Boart Longyear have entered into a partnership to develop local businesses in the Northern Cape as part of the drilling programme at Kumba Iron Ore's Sishen and Kolomela mines. “This contract is anticipated to... 

Rosond's employees working at Kumba's mines

Anglo starts up new metallurgical coal mine 

By: Martin Creamer     9th February 2022 Diversified mining company Anglo American announced on Wednesday that its new Aquila mine has achieved its first longwall shear of steelmaking metallurgical coal on schedule and on budget, marking the project’s final stages of construction and commissioning. The new mine, which will have a total... 

Supplied picture
Anglo American Bulk Commodities CEO Themba Mkhwanazi

Iron-ore sinks after China warns over false price information

By: Bloomberg     9th February 2022 Iron-ore futures slumped from a five-month high after Chinese regulators warned information providers against false price disclosure. Prices in Singapore fell to about $144/t from a high of $153/t on Tuesday, the strongest intraday level since end of August. The warning is the latest sign of... 

MRL hit by iron-ore woes, sees hope in lithium

By: Esmarie Iannucci     9th February 2022 ASX-listed Mineral Resources (MRL) has reported a tough quarter on the back of falling iron-ore prices, but the company is looking to expand its lithium footprint. MRL on Wednesday reported a 12% drop in revenue for the first half of 2022, to A$1.4-billion, while underlying earnings before... 

BHP looks at direct shipping to the Pilbara

By: Esmarie Iannucci     9th February 2022 Diversified major BHP has announced plans to increase the direct shipping of supplies from Singapore to Port Hedland. BHP has been trialling direct shipping to Port Hedland since 2020 and will now ship 7.5% of the containerised supplies it receives into its Western Australian iron-ore operations... 

Metals, engineering need govt support to ensure sustainable economic recovery

By: Martin Creamer     8th February 2022 South African businesses in the metals and engineering sector have faced enormous challenges over the past few years, with the Covid-19 pandemic compounding an already difficult situation, Steel and Engineering Industries Federation of Southern Africa (Seifsa) said on Tuesday. Seifsa is a... 

Picture supplied
Seifsa CEO Lucio Trentini

Iron-ore smashes $150 after Beijing eases steel's green targets

By: Bloomberg     8th February 2022 Iron-ore roared past $150/t as China moved to prioritize economic growth by giving the country’s giant steel industry five extra years to start reining in its carbon emissions. Carbon flows from the vast and highly-polluting steel sector should peak in 2030, against an earlier target of 2025,... 

An image of iron-ore stockpiles

Directors face potential liability for climate change risks – Webber Wentzel 

By: Martin Creamer     8th February 2022 Directors face potential liability if they fail to carry out their fiduciary duties to curb climate change risks and do not make complete disclosures about climate-related risks, Webber Wentzel partner Merlita Kennedy and associate Tobia Serongoane stated on Tuesday. In a release to Mining... 

Creamer Media montage
Webber Wentzel associate Tobia Serongoane (left) and partner Merlita Kennedy.

China plans to increase iron-ore output, boost use of steel scrap

By: Reuters     7th February 2022 China, the world's top steel producer, said on Monday that it aims to "significantly increase" mines' iron-ore production and boost utilisation of steel scrap, as part of a plan to develop a higher quality, greener ferrous industry. Making a joint statement with the state planner and... 

An image of iron-ore
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