Iron Ore

Global Oil & Gas: $2 billion Congo-Brazzaville iron ore project stalled

Posted on March 9, 2018March 9, 2018 by Mozambique Resources Post

Shares in Zanaga Iron Ore Company (LON:ZIOC) dropped 15% in London on Thursday after the company detailed its change of focus to a small-scale early production operation at its flagship Republic of Congo project.

Africa Mining: First train carrying ore from DR Congo arrives in Angola

Posted on March 6, 2018March 6, 2018 by Mozambique Resources Post

The delivery of the first shipment of manganese mined in the Democratic Republic of Congo carried along the Benguela Railroad to the port of Lobito provided tax revenue of 22,000 kwanzas (US$103), said the regional director of Angola’s 7th Tax Region.

Global Markets: Iron ore price jumps to 10-month high

Posted on February 27, 2018 by Mozambique Resources Post

Steelmaking raw materials made strong gains on Monday as Chinese mills, responsible for half the world’s steel output, on the back of speculations that the certain provinces may extend steel supply curbs beyond the winter.

Global Industry: Vale swings back to profits on soaring iron ore prices

Posted on February 24, 2017February 24, 2017 by Mozambique Resources Post

Brazil’s Vale (NYSE:VALE), the world’s No.1 iron-ore producer, profited from a sharp surge in iron ore prices that helped the company swing to a net profit of $525 million in the fourth quarter from a $8.6bn loss for the same period a year earlier.

Global Mining: Brazil politics could keep Ferreira as Vale CEO for two more years

Posted on February 14, 2017 by Mozambique Resources Post

Vale’s (VALE +7.9%) top non-government shareholders want CEO Murilo Ferreira to stay in his job for another two years to stem pressure from Brazilian politicians to appoint an ally, Reuters reports, citing newspaper Valor Econômico.

Global Markets: Iron ore soars past $92 a tonne, highest price in 2.5 years

Posted on February 14, 2017February 14, 2017 by Mozambique Resources Post

Iron ore continued to defy forecasts for a sharp price collapse Monday as the steelmaking ingredient added more than five dollars per tonne hitting the highest price since August 2014.

Africa Mining: BSGR boss arrested in Israel over Guinea bribery case

Posted on December 20, 2016December 20, 2016 by Mozambique Resources Post

Israeli police have arrested diamond tycoon Beny Steinmetz, the owner of BSG Resources, on suspicion of bribing government officials in Guinea in order to obtain mining rights over the vast Simandou iron ore project.

Global Mining: Vale opens world’s largest iron ore mine

Posted on December 20, 2016 by Mozambique Resources Post

Vale opened this weekend the S11D iron ore mine in Brazil – its biggest project ever, adding 75M metric tons of production when it reaches peak output in four years and firmly lifting Vale over Rio Tinto as the world’s top iron ore producer.

Global Markets: World Bank puts 2017 price outlook for oil and metals up

Posted on October 21, 2016 by Mozambique Resources Post

The World Bank has increased its 2017 price outlook for both metals and oil in its latest ‘Commodity Markets Outlook’, raising its October forecast for crude oil to $55/bl, from $53/bl in July. It has, however, sustained its forecast for an average oil price of $43/bl in 2016.