Mining Companies Exploration and Investment News

China steel company leadership prepared to have a meeting with the mining company’s largest iron ore supplier to determine the contract price of iron ore in 2010. Discussion planned in April 2010. However, from both sides – producers of iron ore and steel companies – have delivered their desire for change in contract iron ore prices.
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Reporting from Beijing – China has indicted four employees of the British-Australian mining giant Rio Tinto for alleged bribery and theft of commercial secrets, a move that paves the way for a trial in a case that has already elicited widespread international criticism.
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China indicted four employees of Rio Tinto Group, including the Australian head of its iron ore unit in the country, on trade secrets and bribery charges, signaling it won’t back down from confrontation with global business.
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The cash price of iron ore delivered to China, the world’s biggest buyer, rose to the highest in more than a year amid what Goldman Sachs JBWere Pty said was “panic buying” by steel mills.

The cost of 62 percent iron-content ore delivered to Tianjin port increased 2.9 percent to $124.80 a metric ton yesterday, according to The Steel Index. (continue reading…)

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. (continue reading…)

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.
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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.
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Demand for iron ore and coal is expected to grow next year, reflecting higher steel production, pushing Australia’s output close to capacity.

The Australian Bureau of Agricultural & Resource Economics said world trade in iron ore would increase by 8 per cent to 987 million tonnes in 2010, compared with an estimated rise of 2 per cent in 2009.
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