Category: Iron Ore

Brazil's Vale will invest $1.9B to shut down nine dams -filing

Brazilian mining company Vale SA said it will spend $1.9 billion for the decommissioning of nine tailing dams in the Brazilian state of Minas Gerais, according to a securities filing late on Friday. The company will invest between $150 million...

/ June 10, 2019

Venezuelan ministers say Pemón tribe supports Mining Arc, NGOs disagree

The Venezuelan Ministers of Mining Ecological Development, Víctor Cano, and Indigenous Peoples Aloha Núñez met with 15 captains from the Pemón tribe and, according to state media, reiterated that it is illegal to carry out mining activities in National Parks....

/ June 7, 2019

Vale creates role of safety czar after two deadly dam collapses

Brazilian mining giant Vale SA said on Wednesday it had created the new role of executive director for safety and operational excellence, following a dam burst in January that killed hundreds, its second such disaster in three years. The world’s...

/ June 6, 2019

Guinea iron ore prospectors set sights on ArcelorMittal rail

The race to mine Guinea’s iron ore has started although the focus is not on its giant Simandou deposits but on smaller finds whose output could be transported via Liberia if ArcelorMittal shares its railway, banking and industry sources said....

/ June 6, 2019

Steinmetz's BSGR bankruptcy fends off Vale's $2B award

Billionaire Beny Steinmetz’s mining company sought bankruptcy protection in the U.S., two months after losing a $2 billion arbitration award to Brazilian mining giant Vale SA. The court filing by BSG Resources Ltd. on Monday could stymie Vale’s effort to...

/ June 5, 2019

Iron ore sticks to fundamentals as other commodities dance to noise — opinion

While geopolitical concerns have been the prime driver for most commodity markets recently, iron ore has been a standout, trading largely on traditional fundamentals. Since the tailings dam disaster in January at one of top exporter Vale’s mines in Brazil,...

/ June 4, 2019

Minas Gerais signs MoU with tech company to monitor tailings dams

Following the collapse of a dam at Vale’s (NYSE:VALE) Corrego do Feijão iron ore mine back in January, the southeastern Brazilian state of Minas Gerais signed a Memorandum of Understanding with tech company Inmarsat to monitor all tailings facilities in...

/ June 3, 2019

Wall at Vale's Gongo Soco pit begins gradual slide; dam holds

After months of apprehension, fragments of the northern slope of Vale’s (NYSE:VALE) Gongo Soco mine, in the southeastern Brazilian state of Minas Gerais, has begun to gradually slide into the bottom of the open pit, reducing the risk of a new...

/ June 1, 2019

ArcelorMittal slides after cutting European steel output

ArcelorMittal fell the most in two years after announcing that it’s further cutting steel production across its European plants to cope with weak demand and rising imports. The world’s largest steelmaker will reduce primary production in France, Germany and Spain,...

/ May 30, 2019

Vale downplays risk of dam break at Gongo Soco mine

Brazil’s mining giant VALE (NYSE: VALE) said Tuesday the risk of a new dam break as a consequence of an unstable embankment at its nearby Gongo Soco open pit, in the southeastern state of Minas Gerais, had decreased. The miner...

/ May 29, 2019

Anger mounts at Vale in Brazil town at risk for new dam burst

BARAO DE COCAIS – It was bad enough for Paulo de Morais when he was expelled in early February from the house where he lived for 22 years, in the shadow of a mining dam at risk of collapse. De...

/ May 25, 2019

Japan's JFE head says not expecting further rise in iron ore prices

The head of Japan’s second-biggest steelmaker JFE Holdings Inc said on Thursday he does not expect iron ore prices to rise further as he expects that Vale’s output in Brazil will likely recover. The iron ore market is surging, with...

/ May 24, 2019