Steel demand soft for several years: Rio Tinto

(Minews) - Australia's biggest iron ore exporter expects demand for steel in China to be dampened for several years, in comments that are bearish for iron ore prices in the short term.Rio Tinto's iron ore boss, Andrew Harding, said a short-term oversupply of housing in China would keep a lid on demand ...

Falling copper stocks just a shuffling exercise

(Minews) - Expectations that falling stocks of copper in exchange-registered warehouses signpost stronger consumption and higher prices are likely to be disappointed, as metal leaving warehouses does not translate into usage.Material exiting warehouses registered with the London Metal Exchange or the ...

Mineral explorations by IMPASCO at record high

(Minews) - Mineral explorations carried out by Iran Minerals Production and Supply Company during the last Iranian year (ended March 20) led to the discovery of more than 150 million tons of iron ore and 200 million tons of coal, says IMPASCO’s managing director, Vajihollah Jafari.The explorations ...

Heavyweight enviro group targets world's largest gold project

(Minews) - During the final days of 2014 Canada's minister of the environment gave the green light to Seabridge Gold's KSM project in northern British Columbia, the world's largest undeveloped gold-copper project by reserves.The joint harmonized federal and provincial environmental assessment process ...

Zambia mining group urges single royalty to boost investment

(Minews) - Zambia's Chamber of Mines on Wednesday called for the introduction of one royalty tax rate for all mining operations to attract investment in Africa's No.2 copper producer.Zambia's government set the royalty tax rate for open cast and underground mining at 9 percent in April, rowing back ...

Finland to inject more funds into troubled nickel mine

(Minews) - The Finnish government plans to inject a further 112 million euros ($126 million) into restructuring troubled nickel mine Talvivaara after a potential buyer failed to arrange financing, a minister said on Wednesday.Talvivaara's listed parent company is going through debt restructuring while ...

Iran increases crude steel product

(Minews) - During the first two months of the current year (March/April) Iran’s crude steel production increased by 1,663 tons over the same period last year while in the first four months of 2015 about 32 world countries reduced their output, announced Iranian Mines and Mining Industries Development ...

Less than a week after Essar's $2.3b investment proposal

Second Indian Holding offers to invest in Iran's mineral industries

(Minews) - The giant Indian holding company Tata has offered to invest in Iran's mineral and tourism industries, Eghtesad News reported.The proposal was made during a meeting between the head of Tata Consultancy Services, Anandbalaji Sundararaman, and Iran's deputy minister of industries, mines and ...

Dubai Cable building first aluminum plant as copper losing

(Minews) - Dubai Cable Co., the second-largest cable manufacturer in the Middle East, is building its first aluminum plant as customers in Saudi Arabia to the U.S. seek cheaper alternatives to copper for power transmission.The $60 million factory in Abu Dhabi in the United Arab Emirates will have capacity ...

Vietnam coal exports grapple with El Nino year

(Minews) - China, Japan and other Asian buyers of Vietnamese coal can expect more uncertainty in the volume of shipments this year as scorching weather linked to the El Nino phenomenon raises domestic power consumption to a record, adding pressure on regional supply of the fuel.Electricity demand hit ...

Alrosa does not see recovery in diamond prices this year

(Minews) - Russian diamond miner Alrosa lowered rough diamond prices by 6 percent at its May trading session and does not expect them to recover for the rest of the year, the company's president said on Tuesday."In prices I don't think we see a recovery. The opposite, actually. If we are talking ...

Iran’s industry, mining sectors forecasted to grow 6%

(Minews) - Iran is forecast to reach six percent growth in the industry and mining sectors in the current Iranian calendar year (March 2015-March 2016), according to Iranian Deputy Industries, Mines and Trade Minister Hossein Aboui Mehrizi.He said industry and mining sectors are the leading sectors ...

Three China-funded steel projects to come on stream

(Minews) - Three steel projects, which have been financed by China Metallurgical Group Corp (MCC), will come on stream in Iran in the current Iranian calendar year, which began on March 21, said Mehdi Karbasian, the managing director of the Iranian Mines and Mining Industries Development and Renovation ...

Sistan-Baluchestan holds 10% of global antimony reserves

(Minews) - According to Governor General of the southeastern Sistan-Baluchestan Province Ali Owsat Hashemi, the province is home to 10% of the world’s antimony reserves, Mehr News Agency reported.The governor general made the comment during a visit to Sefidabeh Antimony Mine, adding that exploration ...

Indian giant to invest $2.37b in Iran's steel sector

(Minews) - India's giant steelmaker Essar Group is planning to invest $2.37 billion on building a steel plant in Iran, according to managing director of Persian Gulf Special Economic, Industrial and Mining Zone, Masoud Hendian.Initial negotiations have been concluded between PGSEZ and Essar Group, the ...

Reviving oversight concerns, China port says iron ore stocks missing

(Minews) - A subsidiary of China's Tianjin port said some iron ore stored in a private warehouse had been illegally released by an undisclosed agent and trading firm.The move led Tianjin Port No. 5 Stevedoring Co. Ltd to block the release of some iron ore stocks and has prompted checks by customers ...

Daesh eying Afghanistan's natural resources

(Minews) – Afghanistan's largely untapped natural resources have long been considered by some to be vital to rebuilding the country's conflict-affected economy.However, this week the country’s Minister of Mines and Petroleum Dawoud Shah Saba warned there are serious barriers to exploiting ...

BHP Billiton, Rio Tinto credit ratings on negative outlook

(Minews) – Global credit ratings agency Fitch has placed BHP Billiton, Rio Tinto and Anglo American on negative ratings outlooks due to the slide in commodity prices.While all three companies had their current credit ratings reaffirmed, Fitch has put them on notice for possible future downgrades ...

Cement demand rises in Azerbaijan

(Minews) – The demand cement products will grow annually in between four and five percent in Azerbaijan beginning from 2016, said Hasan Yalcinkaya, the CEO of Norm Gizildash Cement, the largest cement plant in the South Caucasus.“The company plans to produce 1.1 million tons of cement and ...

Vale says iron ore break even price $37-$41 in 2015

(Minews) - Brazilian miner Vale revised on Wednesday its break even price for producing a tonne of iron ore and shipping it to China to between $37 and $41 in 2015, down from $43 previously, as it cuts costs because of slumping iron prices.The world's largest producer of iron ore also revised down its ...