US markets fall, Aug. 31-Sept. 4
The Dow Jones Industrial Average fell 1.82% to 28,133.21 and the S&P 500 dropped 2.31% to 3,426.96 during the Aug. 31-Sept. 4 trading week. Spot gold lost 1.50%, or US$29.50…
Iron Ore
Vale opens iron ore grinding hub in China
Vale (NYSE: VALE) has begun producing high-grade iron ore fines for pelletizing at its new 3-million-tonne-a-year grinding hub at China’s Shulanghu Ore Transfer Terminal. The unit, a partnership with Ningbo…
Rio Tinto executives lose millions over Aboriginal site blast in Australia
Rio Tinto’s (NYSE: RIO; LSE: RIO) top bosses will pay millions of dollars for the destruction of two ancient caves in Australia as the group has decided to cut short-term…
Iron ore price hits six-and-half year highs on Chinese demand
Iron ore prices hit six-and-half year highs on Aug. 18 as Chinese furnaces, where more than half the world’s steel is forged, roll out crude steel at a never before…
Fortescue backtracks on plan that endangers Australian heritage site
Australian iron ore major Fortescue Metals Group (ASX: FMG) said today it would reevaluate an expansion plan at one of its iron ore mines in the Pilbara region, after an…
Glencore records US$2.6B loss, scraps dividend
Glencore (LSE: GLEN) posted a US$2.6 billion loss after write-downs for the first half of the year and scrapped its dividend, as the coronavirus pandemic dented global demand and lowered…
Iron ore and coking coal prices approach parity
Since the establishment of the spot market for iron ore in 2008 and the inclusion of coking coal prices on the Singapore Exchange in 2014, the price of 62% iron…
B of A forecasts US$3,000 gold, US$35 silver on ‘financial repression’
In April, Bank of America Global Research increased its 18-month price target on gold from US$2,000 per oz. to US$3,000 per oz. and forecast an average gold price in 2020…
Chinese funding may resurrect Rio Tinto’s troubled Simandou project in Guinea
Rio Tinto (ASX, LON, NYSE: RIO) is once again discussing the development of the controversial large-scale Simandou iron ore project in Guinea, as half-year earnings support an investment case for…
Top 10 US-based mining companies
Mining in the United States has been ongoing for centuries and has played a role in the country’s development over the years. The Northern Miner presents its annual Top-10 listing…
Top 10 US-based mid-tiers to juniors, excluding coal and precious metals
The Northern Miner presents the top-10, U.S.-based mid-tier to junior companies, excluding coal and precious metals, by market capitalization, as of July 24, 2020. 1. Compass Minerals Market cap: US$1.8 billion Compass…
Baffinland Iron Mines and Inuit association strike landmark agreement
A new multimillion-dollar agreement between Baffinland Iron Mines and the Qikiqtani Inuit Association (QIA) that includes a substantial royalty increase, Inuit oversight of environmental monitoring and direct community benefits may…