Fears of a lingering global iron ore supply squeeze while Brazilian miner Vale struggles to return to full-scale production are driving prices of the steel-making ingredient to fresh highs.
The mining giant cautioned that shipments remained subject to weather, market conditions and tying in about 90mt of replacement mine capacity at existing hubs.
The Brazilian miner churned out less iron ore than expected last quarter after lower productivity at one mine and a ship loader fire.
Iron ore futures in Singapore surged on signs of robust demand from China’s steel sector, while market focus shifts to output reports from the top producers this week.
Australia is leveraging off its strength as a mining powerhouse to become the go-to destination for initial public offerings in the resources sector.
The Chris Ellison-led miner has been forced to trim shipping guidance by millions of tonnes as output sits idle amid a shortage of truck drivers.
Hancock Prospecting’s lawyers said Lang Hancock had breached his fiduciary duty by moving the Hope Downs tenements away from the family flagship company.
Goldman Sachs expects the market to enter a surplus in the second half of the year on higher Brazilian exports.
Hancock Prospecting claims it could take years to prepare the Wright Prospecting and DFD Rhodes actions for trial if the court simultaneously deals with John Hancock and Bianca Rinehart’s claims.
China’s vast steel sector is the scene of a conflict between growth and a green agenda that points to wider challenges as President Xi Jinping tries to clean up the world’s top carbon emitter.
Iron ore futures in China extended an advance as imports surged to a five-month high, signalling robust demand as the world’s second-biggest economy grapples with rising commodity prices.
The Samarco joint venture with Vale has filed for a form of bankruptcy protection in Brazil to protect its iron ore operations in the South American country.
It’s no wonder the joint venture partners in the Australian Premium Iron project are eyeing new ways to kickstart their stalled development in the Pilbara, with the iron ore price above $US170/t.
The steel-making commodity is still trading well above the WA Government’s price assumptions, suggesting up to another $800m could be added to State coffers.
Chris Ellison-led company’s Crushing Services International subsidiary wins nine-month contract to develop new pit at mining giant’s Brockman 2 operation.
Reports have emerged that the joint venture partners in the Australian Premium Iron project are looking to kick-start the stalled project.
Investors in the Pilbara’s biggest iron ore players can also expect more bumper dividends.
BHP has reportedly been ordered to undertake remediation works at a mine in the Pilbara following the discovery of dangerous chemicals in groundwater that could pose a risk to workers’ health.
WA’s booming resources sector has achieved record sales of $174b in 2020.
Recently-listed drilling company is further expanding its fleet amid boom-time conditions in the exploration sector.
The iron ore magnate has launched a fresh bid to stop serious allegations by her two eldest children being aired in court rows over her Hope Downs riches.
WA’s highest court has refused to delay an appeal by Clive Palmer after the royalties billionaire claimed he needed more time to probe allegedly sinister activities by the Chinese miner.
The fallout from the mining giant’s errant destruction of ancient Indigenous rock shelters continues with proxy advisers recommending shareholders vote against the company’s remuneration report.
Federal Government data shows export revenue from Australia’s resources and energy sector is set to hit an all-time high of $296b this financial year.
© West Australian Newspapers Limited 2020