Iron Ore - Copperbelt Katanga Mining

Guinea halts Simandou iron ore project again

July 4, 2022July 4, 2022 admin

Guinea’s mines minister has once again ordered a full suspension of activities related to the Simandou iron ore mine project after the two companies involved missed an extended deadline to agree on a joint venture. Mines Minister Moussa Magassouba, a member of the ruling junta, said that both Rio Tinto’s (ASX, LON: RIO) subsidiary Simfer and Chinese-backed consortium Winning Consortium Simandou (WCS) have shown a “lack of willingness” to work on a partnership, local news outlet Vision Guniee reports. “There is a major discrepancy between the companies’ vision to implement… Read More Here

Iron Ore International

Global iron ore production growth to accelerate through 2026 (Report)

June 28, 2022June 28, 2022 admin

Growth in global iron ore production will accelerate in coming years, ending the stagnation that has persisted since iron ore prices hit a 10-year average of $55 a tonne in 2015, the report says. market analyst Fitch Solutions in its latest industry report. Continued, albeit slower, growth in Australia, faster growth in Brazil and stabilization of ore production in mainland China will be key growth drivers, Fitch said. China will invest heavily in overseas mining to improve iron ore supply security, and Guinea will be a major beneficiary of this trend… Read More Here

Iron Ore

Sinosteel signs $690 million deal for Cameroon iron ore mine

May 10, 2022May 10, 2022 admin

China’s Sinosteel Corp. has signed a $690 million contract to exploit an iron ore mine in southern Cameroon amid a push to cut Chinese reliance on Australian and Brazilian ore. Sinosteel will produce 10 million tons of ore annually containing 33% iron from the Lobe mine, Zheng Zhengao, who heads the Cameroonian subsidiary told reporters in the capital, Yaounde. It will then enrich the output to produce 4 million tons of high-grade ore with more than 60% iron content, he said. The Chinese company signed a 50-year contract with the… Read More Here

International Iron Ore

Billionaire Friedland secures rail deal to tap Guinea iron ore

March 31, 2022March 31, 2022 admin

A mining company controlled by billionaire Robert Friedland has secured access to a Liberian railway that opens the way for it to tap vast iron ore reserves in neighboring Guinea.The deal with the Liberian government provides High Power Exploration Inc. with an outlet for its Nimba concession, which holds an estimated 1 billion tons of high-grade iron ore. The miner expects to start work by 2024 on a rail link that will connect with a line running to Liberia’s Buchanan port. “The rail is critical for us to be able… Read More Here

Iron Ore International

Iron ore price up to $150.75 per tonne

March 28, 2022March 28, 2022 admin

The price of iron ore jumped nearly 4% on Friday as Chinese factories grapple with supply shortages due to covid-related disruptions. Benchmark 62% Fe fines imported into North China changed hands for $150.75 a tonne during morning trading, according to Fastmarkets MB, up 3.5% from Thursday’s close. . The most traded iron ore futures on the Dalian Commodity Exchange, for delivery in May, rose 3.9% to 858 yuan ($134.82) a ton. They ended at 856 yuan a ton, sending weekly gains to 2.7%. Producers in the main steel city of Tangshan… Read More Here

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Iron ore price jumps as Fortescue, BHP and Rio Tinto face labour shortage

January 26, 2022January 26, 2022 admin

The iron ore price jumped on Tuesday after Fortescue raised concerns over a labour shortage in Australia because of covid-19 curbs, which could hamper output and shipments. BHP and Rio Tinto have also warned of disruptions from labour shortages as Australia faces a surge of Omicron coronavirus variant cases. According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $138.39 a tonne during morning trading, up 3.7% compared to Monday’s closing. Iron ore’s most-traded May contract on China’s Dalian Commodity Exchange ended daytime trading 1.4% higher… Read More Here

Iron Ore International

BHP warns of difficult outlook for iron ore

January 20, 2022January 20, 2022 admin

BHP, the world’s biggest mining company, has warned investors of an increasingly troubling outlook for its iron ore business due to the proposed easing of border restrictions in Western Australia (WA). In an operational review, BHP said that the planned reopening of WA’s borders on 5 February was likely to “introduce some short-term disruption to the operating environment as the Covid-19 pandemic evolves in the state”. BHP joined rival mining giant Rio Tinto in warning of further disruptions from Covid-19, including labour shortages, and said that the impact of the… Read More Here

Iron Ore International

Iron ore price extends gains on China demand hopes

January 7, 2022January 7, 2022 admin

Iron ore rose on Friday as traders returned from the New Year holidays feeling optimistic about potential demand recovery in China. According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $128.03 a tonne during morning trading, up 0.3% compared to Thursday’s closing, the highest since October 12. Iron ore’s most-active May contract on China’s Dalian Commodity Exchange ended daytime trading 1.4% higher at 719 yuan ($112.78) a tonne, rising for a fourth straight session and touching 725.50 yuan earlier in the day. “The… Read More Here

Iron Ore International

Iron ore price rebounds despite poor demand outlook

November 3, 2021November 3, 2021 admin

The iron ore price recovered some ground on Wednesday after it fell below $100 per tonne for the first time in nearly a year on Tuesday due to loose supply conditions and poor demand outlook. According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $100.10 a tonne, up 4.5% from Tuesday’s closing. Benchmark iron ore futures on the Dalian exchange dipped 0.4% to 590 yuan ($92.18) a tonne. Metals prices reached multi-year highs on supply fears in October, but the main driver now is arguably turbulence in… Read More Here

Iron Ore

Botswana delivers first iron ore exports to China

October 27, 2021October 27, 2021 admin

Botswana’s first iron ore mine, Ikongwe, has started production and delivered its maiden exports to China, a company official told Reuters on Tuesday, as the Southern African country makes headway in efforts to diversify its economy away from diamonds. Although diamond mining’s contribution to GDP has declined over the years and was less than 20% last year, Botswana is still heavily reliant on the precious stones, with diamonds accounting for more than 70% of foreign currency revenues. The first exports from the Ikongwe mine, owned by Vision Ridge Investments, a… Read More Here