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

NMDC Ltd., India’s biggest iron-ore producer, has teamed up with ABS Consulting of Saudi Arabia and Boulder Steel Ltd. to make a $230 million bid for a stake in an Australian iron-ore project owned by Atlas Iron Ltd.

A non-binding offer has been pitched to Atlas Iron for a 70 percent stake, which may be the Ridley project in Western Australia, the Economic Times reported, citing a person it did not name.

Investor’s eyes will be closely trained on Anglo American’s Minas Rio iron ore project following revelations by Cynthia Carroll, the company’s chief executive, on Friday that the project was experiencing challenges.

Carroll was delivering the company’s 2009 annual results presentation to an audience in London and via live video link to South Africa.

Exxaro Resources will increase the company’s business growth, particularly in the development of the mining sector. Priority development of the mining sector is the target company is the development of iron ore mine exploration. Companies see the prospect of demand for iron ore is very good, therefore the company hopes to have some iron ore mines within the next two years.

Better than expected trial mining results have put the Nullagine Iron Ore Project joint venture between BC Iron and Fortescue Metals on the fast track to development.

BC Iron yesterday announced to the Australian Securities Exchange (ASX) that the final results from a trial mining test pit had exceeded expectations, with tonnes and grade 13% higher than predicted.