Iron Ore

Iron ore miner IRC confident its investor will complete share purchase

“We are looking at putting in place in a timely manner a revised funding timetable as quickly as possible," said Jay Hambro. Photo: Jonathan Wong

IRC, a Hong Kong-listed iron ore miner in Russia's far east that supplies northeastern China's market, said it expects strategic shareholder General Nice Development to be able to complete its commitment to buy IRC's shares "in the not too distant future".

Thursday, 23 January, 2014, 12:35am

Iron ore exports to China from top Australian port jump 38 per cent from year earlier

Port Hedland handles about a fifth of the global seaborne market for iron ore. Photo: Reuters

Iron ore exports to China from Australia’s Port Hedland, which handles about a fifth of the global seaborne market, rose 38 per cent last month from the same month last year in another sign of solid demand from the world’s second-largest economy.

Shipments to China amounted to 22.3 million tonnes, compared with 16.2 million a year earlier.

3 Dec 2013 - 9:43am

Australia sees iron ore exports rising, even as demand falters

Australia expects iron ore exports to rise this year despite slowing growth in China. Photo: Reuters

Australia, the world’s biggest producer of iron ore, forecast a 14 per cent rise in exports in the this year/14 fiscal year as the country’s big miners press ahead with multi-billion dollar expansions despite signs demand growth is softening.

Slower than expected economic growth in China is forecast to weaken prices for iron ore, Australia’s largest export earner, further next year.

26 Jun 2013 - 11:04am

China to scrap iron-ore import licenses after battles with miners

China planned to scrap a decade-old iron-ore import licensing system this year.

China planned to scrap a decade-old iron-ore import licensing system this year, an industry source with direct knowledge of the matter said, opening-up an import market that takes two-thirds of the world's international iron-ore trade.

14 Jun 2013 - 3:49am

CAA joins ranks of market casualties

Iron ore from CAA Resources' Malaysian operation is of a lower grade. A process to upgrade the ore before shipping adds to costs. Photo: SCMP

CAA Resources, an iron ore miner in Malaysia controlled by a mainland businessman, has become the latest company to postpone its initial public offering in Hong Kong amid "adverse market conditions", two people with direct knowledge of the deal say.

14 Jun 2013 - 3:24am

Steel firms question price index for iron ore trade

Steelmakers on the mainland say iron ore prices are decided by very small trades, which is 'unreasonable and unfair'. Photo: Xinhua

Mainland steelmakers, the world's biggest iron ore buyers, are questioning the reliability of the main industry price index for ore provided by Platts, expressing concerns about transparency and trading volume.

30 May 2013 - 4:33am

Australian court rules against Citic in iron royalties dispute with Mineralogy

Australian mining tycoon Clive Palmer. Photo: Reuters

In the course of a lawsuit, Australian tycoon Clive Palmer dropped his demand that a mining agreement signed between Citic and his firm, Mineralogy, in 2006 be terminated, eliminating the risk that Citic would be kicked out of the operation.

23 May 2013 - 3:43am

Citic Pacific chief sidesteps mines start date query

Chang Zhenming

The embattled property-to-steel conglomerate Citic Pacific is still working to resolve technical challenges as it seeks to get its iron ore mining project in the Pilbara region in Western Australia into commercial operation, according to the company's chairman, Chang Zhenming.

17 May 2013 - 3:21am

Australia budget blues in land of mining boom

Australian Treasurer Wayne Swan economic stewardship through the global downturn earned him Euromoney’s Finance Minister of the Year in 2011. Photo: EPA

As China’s economy slows and Australia begins its painful transition away from a decade-long mining boom, Treasurer Wayne Swan will have little to offer voters seeking an election-year spending spree Tuesday.

13 May 2013 - 11:14am

Iron ore steels for a fall as China growth eases

Iron ore from Australia amasses at a port in Tianjin, where prices of some grades of the commodity have fallen since hitting highs in February. Photo: Reuters

Iron ore prices have staged a strong rebound since falling last autumn to their lowest level since the global financial crisis in 2009, but analysts expect prices to edge moderately lower in the next few years on slow Chinese demand and addition of new supply.

26 Apr 2013 - 4:41am

Citic Pacific backed by judge on day one of iron ore royalties case

Citic Pacific and Clive Palmer are in dispute over when exactly royalties should start to be paid under their mining deal. Photo: Reuters

A judge has expressed reluctance to let the Australian tycoon Clive Palmer cancel a A$215 million (HK$1.71 billion) mining right transfer agreement signed seven years ago with the Beijing-backed property-to-steel conglomerate Citic Pacific over Citic's failure to pay royalties.

24 Apr 2013 - 5:16am

Further decline seen in iron ore prices

Imported ore price at the Tianjin port fell 2.4 per cent yesterday.

Analysts expect the latest correction in iron ore prices to continue after prices had almost doubled from September last year, which the mainland's top industry policymaker said was partly driven by sellers withholding stock and an "unreasonable" pricing system.

7 Mar 2013 - 6:12am

MCC blows budget on iron ore mine, again

Work on one of six production lines at Citic Pacific's Sino Iron project near Karratha is complete. Photo: Bloomberg

It's happened again. Citic Pacific, the state-backed conglomerate building Australia's largest magnetite iron ore project, and its contractor Metallurgical Corporation of China (MCC), disappointed the market last week by announcing that the project is over budget for a fourth time.

5 Feb 2013 - 5:25am

Storms shut Australian iron ore ports, stop zinc shipments

A full iron ore train car enters BHP Billiton's loading facility in Port Hedland. The port closed on Tuesday because of a tropical storm. The region between Port Hedland and Dampier is known as “cyclone alley”, with at least half a dozen cyclones hitting from November to April each season. Photo: Reuters

A tropical storm intensifying off Australia’s northwest coast brought nearly half the world’s iron ore trade to a halt on Wednesday, idling huge ports used by miners Rio Tinto and BHP Billiton.

Port Hedland closed on Tuesday evening as the tropical storm gathered strength in the Indian Ocean, sending dozens of vessels in search of safe harbours.

23 Jan 2013 - 1:29pm

IRC shares dive 17.6pc after stake sale at big discount

IRC chief executive Jay Hambro says the share sale will finance the mine's expansion and lower the risk of the project. Photo: Jonathan Wong

IRC, which develops iron ore projects in Far East Russia, saw its share price fall 17.6 per cent after it clinched deals to raise HK$1.84 billion by selling shares at a sharp discount to two mainland companies which also agreed to be its main customers.

18 Jan 2013 - 4:32am