Rio Tinto Plans Major Cost-Cutting Under New CEO
Iron – Reuters reported that Rio Tinto, under the leadership of its new CEO Sam Walsh, will initiate major cost-cutting measures as it mitigates a sharp drop in demand for industrial commodities.
Articles Tagged "iron ore news"
Iron Ore Swaps Fall Highest in 2 Weeks as China Economic Growth Weakens
Iron – Bloomberg reported that iron ore swaps fell 3.6%, its biggest daily slump since April 1, affected by the slower-than-forecast Chinese economic growth.
Sesa Goa Reports 80% Drop in Iron Ore Sales
Iron – Platts reported that Indian miner Sesa Goa said its iron ore sales during the April 2012-March 2013 fiscal year dropped 80% compared to the previous year, to 3.1 million metric tons.
BHP Says Iron Ore Prices Will Decline in Coming Years
Iron – Reuters reported that BHP Billiton said the prices of iron ore will decline over the next few years as major iron ore companies have plans to boost production by 2015 and demand from China weakens.
Sundance Launches Discussions With Potential Investors After Terminating Hanlong Deal
Iron – Mining Weekly reported that Sundance Resources has resumed trading on Tuesday and announced it has launched talks with potential investors regarding an interest in the company’s Mbalam-Nabeba iron-ore project.
Deutsche Bank Says Iron Ore to Trade at $130-$140/DMT CFR Until Summer
Iron – Platts reported that analysts from Deutsche Bank said on Tuesday that iron ore prices may remain steady around the $130-$140/dmt on improved steel demand from China.
Labrador Iron Rises After Announcing Possible Company Sale
Iron – Bloomberg reported that Labrador Iron Ore Royalty Corp rose 1.8%, and shares rose as much as 4.1% earlier, its highest since March 1 after announcing its intentions to sell the company.
India’s Karnataka to Reopen 19 Iron Ore Mines, Output to Reach 30 Million Tons
Iron – Reuters reported that India’s state of Karnataka will re-open 19 iron ore mines which were shut down by the Supreme Court in 2011 due to a mining ban. This move will increase supplies to local mills by around 30 million tons.
Angola Lowers Mine Taxes and Spends Billions to Attract Investors, Cut Reliance on Oil
Iron – Bloomberg reported that Angola has enacted a mining law that cuts mining tax to 25% to attract more mining investments, according to Geology and Mines Minister Francisco Queiroz. Its government is also spending billions of dollars on projects which include the Cassinga iron ore mine which is projected to cost $900million.
Vale SA Plans to Use Conveyor Belts, Amazon Railway to Cut Costs
Iron – Bloomberg reported that Vale SA, in its bid to retake the title of the world’s second biggest mining company by value will replace trucks with 23miles of conveyor belts and build another railway through the Amazon. It is a $20B project, the most expensive project in the industry to date.
