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

The company IMX Resources is officially opening its Cairn Hill mine in South Australia’s outback today.

The iron ore and copper mine is south of Coober Pedy and will directly employ 150 people and have a life of up to 20 years.

Premier Mike Rann will be at the opening – an event the company’s managing director, Duncan McBain, says proves that South Australia has a strong future in the resource sector.

“We’ll mine down to about 120 metres below ground level in two small pits,” Mr McBain said.

“Potentially it could go underground...

Steelmaker largest company’s, Tata Steel, Posco and BaoSteel against joint venture from iron ore mining company Rio Tinto and BHP Billiton. Steel manufacturers expect the joint venture of the two iron ore mining companies (Rio and BHP) will allow both companies to control the supply of iron ore and iron ore prices.

World Steel Association, which represents nearly all major steelmaker, said this week that the European Union rejected the proposed joint venture.

Moves aimed at reducing reliance on imported ore for steelmaking. With a proposed joint venture between the number two and three iron ore suppliers looking more likely, Chinese steelmakers are working furiously to secure their own ore supply by buying smaller iron ore firms or expanding mining capacity domestically.

Burwill Holdings Ltd., a Hong Kong- listed steel trader, plans to triple the production capacity of a Chinese iron ore mine it agreed to buy last month on expectations prices will rise at least 15 percent next year.

The company may boost the iron ore concentrate capacity of the mine in Shandong province to 3 million metric tons a year by 2012, from an expected 1 million tons next year, Chairman Chan Shing said Dec. 1 in a phone interview.

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.”

Citic Pacific Ltd., an arm of China’s biggest state-owned investment company, is leading record spending on low-grade iron ore mines in Australia to profit from surging...