mineral exploration project – commodity prices – mining stock- trade and market

Brazilian mining giant Vale’s second-quarter net profit surged on higher iron ore prices and stronger demand.

Vale, the world’s largest producer and exporter of iron ore and iron pellets, reported a second-quarter net profit of $US3.71 billion, up from $US790 million in the same quarter a year ago.

The miner, which is also the world’s second-largest nickel producer, said revenue for the quarter jumped 95.3 per cent to $US9.93bn, compared with $US5.1bn a year ago.

Prices for iron ore, which provides the bulk of Vale’s revenue, more than doubled in...

Analysis released by BHP Billiton said that the increase in iron ore spot prices due to increased iron ore demand from steel industry in China. Iron ore prices...

Iron ore prices have surged to near a 1½-year high after India, the world’s third largest exporter, slapped an export tax on the commodity used to produce steel.

The imposition of the 5 per cent export duty over Christmas, combined with strong global demand and low domestic production in China, have pushed iron ore prices up almost 30 per cent in the past month, traders and brokers said.

Steelmaker China, India, Korea and Japan are interested in buying stakes iron ore mine owned by Australian iron ore...

JFE Steel Corp. Is the largest steel manufacturer in Japan is planning investments worth 50 billion yen in the coal mines owned Qcoal Pty.. Coal mines located in Queensland, Australia. JFE Steel Investment in this coal mine will provide the right shares by 20 percent.

MMX mining company plans to increase iron ore production capacity in 2015. To achieve the target production capacity of mining company MMX will invest $ 1.2 billion. Iron ore production capacity is planned 33.7 million tonnes per year. Currently MMX iron ore production reached 9 million tons per year.

Planned investment for the expansion of Southeastern system, which includes 7 MTPA Serra Azul and Bom Sucesso mining project, which is still operational.

Analysts expect iron ore production in 2010 will increase, because demand for iron ore imports of China, Japan and the European Union increased. Increased demand for iron ore imports due to increased production of steel that will be used to support the industry automatif-enter the respective countries.

Asian iron ore prices hardened on Thursday on consistent Chinese buying that drove up freight costs as well, even though high steel output in China inspired caution in some buyers.

“Prices are increasing everyday,” said a dealer in a mining and exporting company in eastern India. “There is demand, but people are buying cautiously.”

The exporter said his last deal was done on Wednesday at $108 a tonne with freight, for ores with 63.5 percent iron. “Now we are looking for $111.”