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Iron Ore

Will we go back? Exploring the Edmund Fitzgerald wreck 49 years later – by Josh Berry (Fox 17 Online – November 10, 2024)

https://www.fox17online.com/

OTD in 1975: The SS Edmund Fitzgerald lost to the depths of Lake Superior

GRAND RAPIDS, Mich. — It’s part of Michigan and midwest lore. Lost to the depths of the Great Lakes, the SS Edmund Fitzgerald sank on November 10, 49 years ago. We took a look back through the lens of a man who has laid eyes on the site himself.

“Because of the notoriety, because of the song from Gordon Lightfoot, everybody wants to know about the Edmund Fitzgerald,” said Ric Mixter. There aren’t many people better suited for answers on the wreckage than Ric Mixter. He’s published a 300-page book on the Fitzgerald, three documentaries, and a four-hour podcast.

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November on the Great Lakes is deadly. The Edmund Fitzgerald and many others bear witness – by Jenna Prestininzi (Detroit Free Press – November 8, 2024)

https://www.freep.com/

Beware of the “gales of November” on the Great Lakes this month, as singer Gordon Lightfoot warned, because this month has been particularly deadly for sailors on the lakes for hundreds of years.

Over the last two centuries, more than 70 ships have plunged to their demise on the Great Lakes during November. Some, like the iron ore carrier the Edmund Fitzgerald, went down and took the entire crew down with them.

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After many delays, $2B Iron Range project revives quest to create first new taconite mine since 1970s – by Mike Hughlett (Minnesota Star Tribune – November 2024)

https://www.startribune.com/

Mesabi Metallics lost critical state mineral leases last year, leaving an even bigger question mark over its half-built, controversial project in Nashwauk. But the company says it will finish the plant.

NASHWAUK, MINN. – An industrial resurrection seems afoot at a long-promising but snakebitten $2 billion-plus taconite project. On a crisp fall morning, a construction site in this Iron Range city teemed with workers aiming to complete a venture given up for dead by just about everybody but its owner, Mesabi Metallics.

After years of missed deadlines and financial failures, Mesabi last year permanently lost crucial state mineral leases. But Mesabi still controls private land leases in Nashwauk. And it has renewed construction of a project that was only half built when work shut down during a 2016 bankruptcy.

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Liability trial for BHP in Samarco dam collapse begins in London – by Cecilia Jamasmie (Mining.com – October 21, 2024)

https://www.mining.com/

BHP (ASX, NYSE: BHP) faces a potential $47 billion payout in damages over the 2015 Mariana Dam disaster in Brazil, believed to be country’s most catastrophic environmental incident, as a lawsuit against the miner kicked off on Monday in London’s High Court.

The trial, expected to last up to 12 weeks, will determine whether BHP is legally responsible for the collapse of the Fundão tailings dam in Minas Gerais, Brazil. The structure failure caused a massive flood that claimed 19 lives, destroyed villages and severely polluted water sources for local communities. The dam was owned by Samarco, a joint venture between BHP and Brazilian mining giant Vale.

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Baffinland cuts 10% of workforce to focus on Steensby rail – by Samuel Wat (CBC News North – October 19, 2024)

https://www.cbc.ca/news/canada/north/

Mining company will reduce amount of iron ore shipments out of Milne Inlet

Baffinland Iron Mines is laying off 10 per cent of its workforce in Nunavut due to weak iron ore prices. Senior adviser Paul Quassa said the company is diverting its resources to the $5.7-billion railroad from the Mary River Mine south to Steensby Inlet.

“We would be rationalizing our equipment and supplies… and reducing the number of permit fronts to concentrate folks on the Steensby authorization,” he said.

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Column: Exuberant iron ore, subdued copper show different sides of China stimulus – by Clyde Russell (Reuters – October 2, 2024)

https://www.reuters.com/

China’s significant stimulus measures have kicked the prices of key metals higher, and the gains have largely been sustained even amid a debate as to whether Beijing has actually done enough to boost the world’s second-biggest economy.

The raft of announcements last week, which included lower interest rates and easier home purchase terms, saw metals prices respond, especially those with a high degree of China exposure, such as iron ore.

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Iron Ore Spikes as Beijing Takes Slew of Steps to Aid Economy – by Jake Lloyd-Smith (Bloomberg News – September 23, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — Iron ore and copper rallied strongly after China unveiled a series of measures to boost growth and resurrect its beleaguered property market.

China, the biggest consumer of metals and the main driver of the fortunes of those who produce them, has been a constant source of bad news for commodity markets this year. A broad economic slowdown, combined with the crisis in the property sector, has seen metal prices slump and piled pressure on everything from steelmakers to copper smelters.

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BACK ROADS BILL: Mitigating a catastrophe at a legacy mine – by Bill Steer (Timmins Today – September 13, 2024)

https://www.timminstoday.com/

Go to Charles Dube’s website for a well documented historical account of the Steep Rock Lake Mine: https://tinyurl.com/af8f93nj

Bill tells us about a not-so-well-known, long-term environmental solution in the making

A recent back road trip led me to discover the current progress of the provincial government in trying to mitigate an inherited contaminated area. If ignored, it would become a long-term catastrophe. It’s called a lake, Steep Rock Lake, but it isn’t, really.It now looks a little like the setting of a Waubgeshig Rice dystopian novel or Last of Us the raging HBO hit.

There are cautionary and explanatory signs and fenced off areas everywhere. Over time the former asphalt access roads are now well pitted and cracked with emerging plants. The same with the railway over/underpasses. The original galvanized guard rails are coated with a tinge of red iron ore dust.

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Vale Aims to Boost Iron Ore Output Despite Weakening Prices – by Vanessa Dezem (Bloomberg News – September 11, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — Vale SA said it will produce more iron ore this year than previously expected, even with prices trading near two-year lows as China’s steel slowdown weighs on the global market.

The world’s No. 2 iron ore supplier said in a Wednesday presentation to investors that it expects to produce 323 million to 330 million metric tons of the steelmaking ingredient this year, compared with a prior forecast of 310 million to 320 million tons.

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Column: Fading China optimism hits iron ore prices, but not yet volumes – by Clyde Russell (Reuters – September 3, 2024)

https://www.reuters.com/

China’s iron ore futures suffered their worst one-day price drop for almost two years on Monday, but the evaporating optimism in the market has yet to show up in imports of the key raw material for making steel. Contracts on the Dalian Commodity Exchange ended day trading on Monday at 723.5 yuan ($101.83) a metric ton, 4.83% down from the previous close and the largest daily loss since Oct. 31, 2022.

The weakness was mirrored by Singapore Exchange futures , which closed at $96.60 a ton, down 2.13% from the prior close and the lowest since Aug. 16. The catalyst for Monday’s weakness was a raft of data that indicated that the world’s second-biggest economy is struggling to gain momentum.

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Ekati boss envisions another 25 years of mining – by Derek Neary (NNSL.com – July 4, 2024)

https://www.nnsl.com/

Agnico Eagle hits new marks at Meliadine and Meadowbank

The Northwest Territories’ economy continues to lean heavily on diamond production, which is waning overall, and, to a lesser extent, rare earths. In Nunavut, gold and iron ore are the backbone of GDP. Here are some noteworthy occurrences from operating mining companies in both territories.

Burgundy Diamond Mines

Burgundy Diamond Mines, owner of Ekati, reported a major jump in carats sold in its first quarter report for 2024. Its 1.32 million carats sold played a central part in the $117 million (U.S.) in revenues generated for the quarter. The total yield was 1.15 million carats, down from 1.18 million a year earlier.

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Rio Tinto CEO Jakob Stausholm may have to change strategy as company enters new round of upheaval – by Eric Reguly (Globe and Mail – June 8, 2024)

https://www.theglobeandmail.com/

Extrovert or introvert, buyer or builder, opportunistic or judicious. These are the existential questions that Rio Tinto must answer for itself as the global mining industry enters a new round of upheaval, driven by the lunge for metals critical to a low-carbon future. Which way will Rio, a primarily iron ore and aluminum producer, go?

No one knows, and there are enormous risks in both playing the mergers and acquisitions game and avoiding it. Rio knows it needs more copper – it is ranked a lowly eighth in terms of production. At the same time, its reputation for capital discipline and conservative thinking might make it shy away from bidding wars and hostile deals, perhaps even big mergers and acquisitions of the friendly variety.

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Iron ore prices lack conviction despite China stimulus moves – by Clyde Russell (Reuters – May 28, 2024)

https://www.reuters.com/

LAUNCESTON, Australia, May 28 (Reuters) – The balance of risks for iron ore prices are tilted to the downside despite top buyer China’s most recent steps to boost its struggling property sector.

A series of stimulus measures announced earlier this month will see up to 1 trillion yuan ($138 billion) in new property funding, an easing of mortgage rules and allowing local governments to buy some apartments in order to clear overhangs.

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Baffinland hopes railroad to Steensby is built in next few years – by Jeff Pelletier Nunatsiaq News – April 24, 2024)

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Application to temporarily continue increased iron ore shipments from Milne Inlet submitted to Nunavut Impact Review Board

Baffinland Iron Mines Corp. is applying to continue exporting six million tonnes of iron ore from Mary River Mine through Milne Inlet, its northern marine shipping corridor, until 2030 or its railroad to Steensby Inlet is built.

Megan Lord-Hoyle, the company’s vice-president of sustainable development, shared the news Wednesday during a presentation at the Nunavut Mining Symposium in Iqaluit. The company previously applied to ship 12 million tonnes of ore through Milne Inlet, but the federal government shot that plan down in 2022.

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Iron ore boom of the 2000s repeating – this time with critical metals – by James Cooper (Northern Miner – February 22, 2024)

https://www.northernminer.com/

A headline published in The Age back in July 2003 reads: “[Andrew] Forrest has a grand $1.2bn plan for tiny Perth mining company.” That company was called Allied Mining and Processing and you’ve probably never heard of it. But from small roots this tiny outfit grew into one of Australia’s largest listed companies with a market cap exceeding A$88 billion.

Twenty years ago, Andrew (Twiggy) Forrest renamed this micro-cap stock to Fortescue Metals Group (ASX: FMG). The rest is history, but it was quite the story behind Twiggy’s road to immense wealth. Fortescue was perhaps the single biggest success story from the last mining boom. A stock that grew from a measly A2¢ per share back in 2003 to more than $10 a share just five years later.

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