After crumbling down a year ago for suffering massive losses, Bloom Lake iron ore mine in Quebec finally has a buyer. The losses Bloom Lake incurred shows how the commodity meltdown has adversely affected the metals industry.
Tags: Iron ore
Anglo American Announces Plans to Leave Diamond, Platinum, Coal Mining to Avoid BHP Acquisition Plans
Anglo American decided on abandoning its diamond, platinum, and coal operations in order to realign its operations on nickel and avoid acquisitions offered by BHP Group.
Iron Ore Climbs as China Property Market Recover
Price of iron ore rallies as China's property market showed further sign of recovery. Surge in the price of iron ore also correlated with increase in steel futures.
Zimbabwe Government Robbed of Wealth, Takes Control of Diamond Mining Fields
The Zimbabwe government will now take control all of the mining fields in the country as the state is being robbed of its wealth. Billions of dollars have been stolen from the nation's treasure chest because of smuggling and swinding according to President Mugabe.
Anglo Kumba Unit cuts off 3,900 jobs: iron ore demand drops
South African largest iron ore producer Kumba cuts as many as 3900 miners after prices plunged. Kumba decided to restructure the Sishen mines to become a low cost pit configuration and as a result, about 2,633 employees of Kumba and 1,300 contractors will be affected.
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Australia's Fortescue Metals Group Ltd will change its roster to increase the time workers spend at mines, as the world's fourth largest iron ore producer rushes to reduce costs in the face of plunging prices for the steelmaking ingredient.
World shares tested record highs on Friday as hopes of more easy money from top central banks pushed Japan's Nikkei past 20,000 points for the first time in 15 years and European stocks reached similar heights.
Global stocks rose on Tuesday, as many European bourses re-opening after the Easter break took on the positive tone set by U.S. markets overnight, with sentiment boosted by a potential trans-Atlantic acquisition.
China will boost efforts this year to rid itself of a strong addiction to coal in a bid to reduce damaging pollution as well as cut the energy intensity of its economy, which is expected to grow at its lowest rate in 25 years.
Rio Tinto and BHP Billiton are amassing vast copper holdings in a push to capture a greater chunk of the $140 billion world market, apparently aiming to squeeze out high-cost producers just as they did in the global iron ore business.
A possible public listing of a stake in the base metals unit of Brazil's Vale SA (VALE5.SA) hinges on a rally in nickel prices of around 20 percent, its chief financial officer said on Friday.
Cliffs Natural Resources Inc (CLF.N) said it would write down the value of its coal and iron ore assets by $6 billion due to weak prices, putting it in breach of debt covenants and sending its shares down as much as 6.8 percent.
Rio Tinto (RIO.AX) rejected a merger approach from smaller rival Glencore Plc (GLEN.L) to create a $160 billion mining and trading giant in August just as the price of its most profitable product, iron ore, hit a five-year low.
Australian junior iron ore miner Western Desert Resources Ltd said it had called in administrators after failing to negotiate a deal with its bankers, due largely to plunging iron ore prices.
