Cantex Mine Development Corp. announce that Vale International SA, a wholly-owned subsidiary of Companhia Vale do Rio Doce, has signed a letter agreement for the Company’s Suwar, Wadi Qutabah nickel, copper, cobalt and platinum group element projects in Yemen.
Vale’s minimum exploration commitment under the agreement is US $2 million to be spent prior to August [...]
The Timken Company announced that metals and mining company, Companhia Vale do Rio Doce (Vale), awarded Timken with a contract for 600 Timken® AP-2™ rail-car bearings. The bearings are for Vale’s Class K freight cars, which are used to transport iron ore from Vale’s mine sites across South America for export into China.
Designed to reduce [...]
The outcome of annual iron ore contract price negotiations between Australian suppliers and Chinese buyers must be decided by market forces, Australian Trade Minister Simon Crean said Saturday.
China wanted the status of a market economy, which Australia previously formally recognized during trade negotiations, so it must recognize that the market will determine prices, he said.
“No [...]
Shares of U.S.-traded mining companies based in Latin America fell on Friday as gold prices retreated and the dollar gained value against some currencies.
Gold for June delivery fell $27.70 to settle at $915.20 an ounce on the New York Mercantile Exchange after earlier plunging to a two-week low of $907.30.
Meanwhile, the dollar moved higher against [...]
Against a backdrop of rising iron ore prices, Brazilian steel producers should maintain high profit margins relative to their global peers during 2008, according to Fitch Ratings. Brazilian steel companies enjoy important competitive advantages, including modern production facilities, close proximity to sources of iron ore and a highly concentrated domestic market, which limits competition based [...]
China’s key steel industry association July 18 accused the world’s three leading iron ore producers of cutting back on supply to ensure strong prices ahead of next year’s negotiations. Brazil’s Companhia Vale do Rio Doce, Australia’s BHP Billiton and Rio Tinto are “working together” to strengthen their negotiating positions in talks with Chinese steelmakers, the [...]
Anglo-Australian mining group Rio Tinto denied on Wednesday a charge by China’s steel industry association that iron ore producers are cutting back production to boost prices.
China is the world’s biggest consumer of iron ore and faces new price negotiations next year with the “big three” producers — Rio Tinto, Brazil’s Companhia Vale do Rio Doce [...]
The Mozambican government hopes that large scale exploitation of the huge coal reserves at Moatize, in the western province of Tete, will begin in the next three years.
Speaking to reporters at the end of a meeting of the Council of Ministers (Cabinet) on Tuesday, the government spokesperson, Deputy Education Minister Luis Covane, said the government [...]
Brazil’s Companhia Vale do Rio Doce (CVRD), the world’s top iron ore supplier, sees Chinese demand for the mineral growing at an average annual rate of 8 percent through 2012, Macquarie Research said on Wednesday. Macquarie quoted Renato Paladino, CVRD’s chief China representative, as saying global iron ore seaborne demand would grow by 250 million [...]
Brazil’s CVRD, the world’s biggest iron ore miner, said on Wednesday it will acquire full control of its iron ore subsidiary, Mineracoes Brasileiras Reunidas (MBR), from Japanese partners.
Companhia Vale do Rio Doce previously held an 89.8 percent stake in MBR, the world’s fourth-largest iron ore producer, with output of 64.6 million tonnes in 2006. MBR [...]
