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

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. Advertisements

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

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.

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

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.

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

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.

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

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.

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

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.

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

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.

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