Iron ore miners in the world are racing to dig new mines and expand old after ore prices . IO62-CNI = IF has more than doubled last year and prices moved to the spot market quarterly fixed annual indexing rates. Below are the expansion and new mine evolution.
* Rio Tinto (RIO.AX) (RIO.L) is expanding annual production its Pilbara operations in Western Australia to 234 million tons by the end of this year in a broader effort to increase production 600 million tons during the decade.
* Rio Tinto and private Hancock prospecting plan begin to produce up to 30 million tonnes of iron ore per year
2012 under a joint venture agreement signed in 2007.
* In the longer term, Rio Tinto, Chinalco is in partnership with to dig a huge iron ore mine in Guinea Simandou containing
2.25 billion tons of ore. The first year of production could reach 70 million tonnes.
* Rio Tinto Orissa Mining joint venture with Indian state owned Orissa Mining Corp on access to 3.6 billion tonnes of reserves. A joint development agreement is expected this year.
* BHP Billiton Ltd. / Plc (BHP.AX) (BLT.L) Project on the rapid growth 5 is the next stage of the company in its growth stages to nearly half a billion tonnes per year and increase overall capacity exceeding 200 million tons per year from 2011.
* Vale (VALE5.SA) (formerly Companhia Vale do Rio Doce) is expenditure of 10.1 billion dollars to develop its Serra Sul iron ore project in the State of Para in Brazil over the fourth quarter of 2011, adding 90 million tonnes of new production.
* Kumba (KIOJ.J), aims to boost production by 40 percent two years. Kumba also has the potential to increase production to 70 million tonnes by 2015, making the African mining company Fourth largest producer of lump iron ore by 2014.
* Fortescue Metals Group Ltd (FMG.AX) estimates for the entire year 2009/10 production of 55 million tonnes, a gradual increase 100 million tonnes per annum of the further development of its mines by BHP and Rio operations.
* Minors Australia Mid West Region, consisting of eight companies in exploration and pre-production stages, forecasts Combined annual production of 45 million tonnes by the beginning middle of the decade.
Gindalbie Metals * (GBG.AX) estimates of the first production Karara mine in Australia to 8 million tonnes of high quality concentrate and 2 million tonnes of ore shipment to 2011. He expects to triple its production to 30 million tonnes year 2020.
* Brazilian mining baron Eike Batista Serra Azul Minerminas mines in Minas Gerais state to produce a total of six million tonnes of iron ore per year and is expected to churn out of 15 million tons in 2011.
Savage River project in Australia operated by Grange Resources (GRR.AX), 47.1 percent owned by Chinese steelmaker Shagang, yields 2.3 million tons per year. Grange developing a second project will provide 6.6 million tons per year.
* Atlas Mining (AGO.AX) intends to export 3 million tonnes 12 million in 2010 and in 2012 the mines in Australia.
* Brockman Resources (BRM.AX) provides for the production of 15 million tonnes per year from 2012.
* FerrAus Ltd (FRS.AX) is the estimated 10 million tonnes starting in 2012 from deposits in Australia.
* BC Iron Ltd. (BCI.AX) will begin the annual production of 5 milllion tonnes of iron pre year in December 2010.
* CITIC Pacific Mining (0267.HK) plans to export the first cargo of iron from the Sino Iron in Australia by
late December, working quickly to 27 million tonnes year.
* West Pilbara Iron Ore Project is a joint 50-50 between Aquila Resources (AQA.AX) and American Metals and Coal Industries Inc. proposes to mine 30 million tonnes of iron
year in Australia.
NMDC Ltd, the third largest iron ore producer, Asia could buy four coking coal mines controlled by Mikhail Prokhorov Russian billionaire, securing raw material supplies for the two planned steel plants in India. . . Read more »
Adding a bit of gold and silver, only a well-diversified investment portfolio. So save your hissy fits and hate mail for someone else. . . Read more »
All 29 workers trapped in a flooded coal mine in southwest China's Sichuan province have been taken to safety, ending a day rescue operation, China Central Television reported. . . Read more »
Gold may extend its climb to a record as guilt in the U.S. and Europe boost demand for the metal as a protection of wealth, a survey found. . . Read more »
CANBERRA - Australian Prime Minister Kevin Rudd voter support has decreased, after miners with a big new tax, a survey showed on Monday, with only a modest support for a measure that has raised the fear for new investments. . . Read more »
