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Iron Ore

Millions of Orchids Are Blooming in an Abandoned Iron Mine – by Michelle Z. Donahue (National Geographic – May 12, 2016)

http://news.nationalgeographic.com/

The plants are thriving in a wetland that sprang up after the mine was shuttered in the 1970s.

A vacationer heading to Lake Placid on State Route 3 could be forgiven for barely glancing at a group of dilapidated buildings on the way through Star Lake, New York. Those structures are all that remain of what was once the world’s largest open-pit iron mine.

But hidden in a wooded marsh directly across the street, curious road trippers would find an even more startling deposit: Millions of orchids have been thriving for over 60 years on the blighted industrial waste site.

The colorful flowers are growing atop a wetland that formed at the base of a pile of tailings—crushed rock left over when iron ore is extracted from its surroundings. As part of her research, graduate student Grete Bader tallied up the plants within 20 predefined plots, and her work suggests wildflowers now cover the hundred-acre wetland.

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UK Serious Fraud Office launches probe into Rio Tinto over Simandou – by Frik Els (Mining.com – July 24, 2017)

http://www.mining.com/

The UK’s anti-fraud investigating body said Monday it is probing Rio Tinto’s dealings in Guinea involving the giant Simandou iron ore project.

“The Serious Fraud Office has opened an investigation into suspected corruption in the conduct of business in the Republic of Guinea by the Rio Tinto group, its employees and others associated with it,” the SFO said in a statement on Monday.

In November last year Melbourne-based Rio fired two executives involved in the project after an internal investigation uncovered a $10.5m payment in 2011 to a French national acting as a go-between with the West African nation’s government.

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Minnesota mining’s place in American history: Soudan state park showcases mining’s impact on country – by Lisa Kaczke Duluth News Tribune – July 22, 2017)

http://www.duluthnewstribune.com/

SOUDAN — Imagine walking three-quarters of a mile through a mine tunnel in complete darkness to find iron ore, park interpreter James Juip tells the tour group. The lights click off to help people imagine that scenario and the 20 people stand in darkness at level 27 of the Soudan Underground Mine, unable to see each other or Juip at 2,341 feet below the surface of the Earth.

Standing on the last level to be mined before Minnesota’s first iron ore mine closed in 1962, Juip lights a candle in the darkness. Its flame only extends to a few faces near him, leaving the rest of the group still in the dark. He places the candle and sconce on his hard hat, similar to how miners would have placed a candle on their soft leather cap before electricity, freeing their hands to mine the ore.

“By the light of one candle, it would be the job of a crew of three men to find the iron that’s hidden here in the wall, drill it, blast it and get it out of here,” Juip told the tour group on July 13.

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‘Proof is in the pudding’ and the iron ore is there, says Tacora on Wabush Mines – by Stephanie Tobin (CBC News Newfoundland and Labrador – July 20, 2017)

http://www.cbc.ca/news/canada/newfoundland-labrador/

First employees getting hired, company will be in Lab West to prep for business by next summer

The company that purchased the Scully Mine in Wabush says it has a five-year deal with the world’s largest iron ore trader and hopes to have the operation back up and running by this time next year.

Tacora Resources is currently going through the Companies’ Creditors Agreement Act (CCAA) purchase process for the site, since the mine has been locked in creditor protection since being shuttered by Cliffs Natural Resources in 2014.

Matt Lehtinen, Tacora CEO and president, says his company has been looking at Wabush Mines since January 2016 and working hard these past eight months to buy and reopen the operation. “I really thought that we had found a diamond in the rough,” he said. “We saw a lot of potential.”

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Traditional owners win native title fight with Fortescue – by Darren Gray (Sydney Morning Herald – July 20, 2017)

http://www.smh.com.au/

Native title holders in the Pilbara will seek compensation after winning their long-running battle with iron ore miner Fortescue Metals Group. In a judgment on Thursday, the Federal Court awarded the Yindjibarndi people exclusive rights over a section of Pilbara land where Fortescue operates the Solomon mine.

Shortly after the judgment was handed down, senior Yindjibarndi lawman Michael Woodley vowed to launch a compensation claim against the iron ore miner.

“We believe strongly they are liable for what they’ve been doing for the last eight years on our country, mining without our … prior and informed consent,” Mr Woodley told the ABC. In his decision, Justice Steven Rares pointed to the presence of the Yindjibarndi in the area well before European settlement and the fact there were important cultural sites near the Fortescue mine.

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Iron King Vale Is Expected to Post Record Output in Volatile Market – by R.T. Watson (Bloomberg News – July 19, 2017)

https://www.bloomberg.com/

The reigning iron-ore king Vale SA is expected to set another quarterly production record, giving investors more to ponder in what has been a seesawing year for the main steel-making ingredient.

On Thursday, the Rio de Janeiro-based company probably will report second-quarter output of 91.4 million metric tons, including third-party purchases, up from 86.8 million a year earlier, according to the average estimate of six analysts surveyed by Bloomberg News.

Vale is coming off its biggest-ever production year, churning out 348.8 million tons in 2016. It’s projecting 360 million to 380 million tons this year for an even bigger share of the market. The record-setting pace has been fueled by the development of low-cost reserves in northern Brazil, including ramping up the industry’s biggest project, S11D.

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Couillard wants Quebec and Newfoundland to cooperate on mining, roads – by Presse Canadienne (Montreal Gazette – July 19, 2017)

http://montrealgazette.com/

EDMONTON — The premiers of Quebec and Newfoundland say their governments will work to increase mining in the Labrador trough and expand Route 138 in the Côte-Nord region.

Discussions between both governments began Wednesday in Edmonton during a meeting of Canada’s premiers and could end in a formal agreement by year’s end, according to Quebec Premier Philippe Couillard.

The two provinces share a border, near Blanc Sablon, and their relationship hasn’t always been an easy one. For years the Newfoundland government has contested the Churchill Falls agreement, which largely benefits Hydro-Québec.

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BHP-Vale JV Excused From Paying $6.3 Billion Legal Guarantee – by R.T. Watson (Bloomberg News – July 19, 2017)

https://www.bloombergquint.com/

(Bloomberg) — A Brazilian judge denied a request by prosecutors for companies and individuals facing criminal charges related to a dam spill to pay financial guarantees, according to court documents obtained by Bloomberg.

The stalled Samarco Mineracao SA joint venture and its owners BHP Billiton Ltd. and Vale SA won’t have to pay a 20 billion-real ($6.3 billion) guarantee while the case is being tried and final damages calculated, the documents show. The judge also ruled that the individuals aren’t required to pay any financial guarantees or be subjected to travel restrictions such as passport seizure.

Federal prosecutors filed criminal charges including homicide against 21 people linked to the operators and owners of the iron-ore mine, while also accusing defendants of a series of environmental crimes. A November 2015 tailings dam collapse killed as many as 19 people and polluted waterways in two states. Among the accused individuals are Vale’s head of iron ore, Peter Poppinga, and Samarco chief executive officer at the time of the incident, Ricardo Vescovi. The case could go before a jury.

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Bloom Lake Mine gets US$180M loan – by Andrew Topf (Mining.com – July 15, 2017)

http://www.mining.com/

Sprott and big Quebec pension fund step in to restart iron ore mine closed in 2014

The cash keeps pouring in to Champion Iron (TSX:CIA) and its subsidiary, Quebec Iron Ore (QIO), which is planning on restarting the idled Bloom Lake Mine in the Canadian province of Quebec.

Earlier this month Montreal-based Champion announced that Sprott Resource Lending and la Caisse de dépôt et placement du Québec- a large pension fund – will provide debt financing for the project totalling USD$180 million.

The large loan follows the granting of a $40 million bridge financing back in May plus offtake agreement. The combination of $26 million in debt and $14 million in equity is being put towards upgrades at the mine and processing facilities.

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U.S. Rep. Rick Nolan tries to balance mining support with work on climate change – by Maya Rao (Minneapolis Star Tribune – July 13, 2017)

http://www.startribune.com/

WASHINGTON – U.S. Rep. Rick Nolan is embracing the fight against climate change in Congress even as he faces criticism from environmentalists back home for his support of local mining interests.

In a congressional hearing on Friday, the northeastern Minnesota DFLer will tout his bill to complete a land swap that would benefit the proposed PolyMet copper-nickel mine. Nolan also recently joined a bipartisan group of lawmakers called the Climate Solutions Caucus, and he maintains that there’s no contradiction between reducing carbon emissions and championing a mining project that has drawn opposition from a range of environmental groups.

“I am convinced beyond any doubt whatsoever that 21st-century state-of-the-art mining which is compliant with strong environmental rules and regulations, unlike the mining of the past, is part of a foundation to address global warming and reduce the carbon footprint,” Nolan said in an interview.

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One Billion Tons of Iron Ore Headed for China as Miners Jump – by Jasmine Ng (Bloomberg News – July 13, 2017)

https://www.bloomberg.com/

Iron ore imports by China this year are on course to exceed 1 billion metric tons by a comfortable margin, breaking 2016’s record, after first-half figures showed another jump in cargoes and highlighted the ability of the top steelmaker to absorb rising supplies. Miners’ shares advanced.

Shipments in June were 94.7 million tons, up from 91.5 million in May, according to customs data on Thursday. In the first six months, imports rose to 539 million tons, 9.3 percent higher than the same period in 2016. Last year, China only just beat the 1 billion ton mark, importing 1.024 billion tons.

Asia’s top economy has been pulling in ever-greater volumes of low-cost ore to meet resilient demand from mills, who’ve benefited from rising steel prices in the second quarter.

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Find solutions to support both mining and the environment – by Adam Ulbricht (St. Cloud Times – July 11, 2017)

http://www.sctimes.com/

Minnesota has a rich history of industry that has shaped the character of our state. From the Great Northern Railroad to the Minneapolis flour mills to premiere medical facilities, our state has contributed to the progress of the United States. But perhaps no other industry in Minnesota has played a larger role for that progress beginning in the mid-19th Century than that of mining.

I recently had the pleasure of spending time on two of our state’s three iron ranges. Here I got a first-hand look at the past and present of this proud industry. Coming from Central Minnesota, I share a mutual respect for mining given our own tradition of being a supplier of granite.

Minnesota’s commercial iron ore mining history dates back to 1884 with the opening of the Soudan Mine near the town of Tower on the Vermilion Range. The “Cadillac” of mines first started as an open pit but operations moved underground to capture the rich ore. By the time the mine closed in 1962, they had reached 2,341 feet below the surface, marking the deepest point in our state!

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Australia cuts resources export revenue forecast on iron ore outlook – by James Regan (Reuters U.S. – July 6, 2017)

https://www.reuters.com/

Australia has revised down the value of its resources and energy export earnings in the year to end-June 2017 by 4.6 percent, or nearly A$10 billion ($7.6 billion), due largely to falling prices for iron ore, its most valuable export.

The downward revision to A$205 billion mainly reflects an earlier than expected decline in iron ore prices since the previous forecasts were published three months ago, the Department of Industry, Science and Innovation said.

Iron ore, Australia’s top source of export revenue, should average $62.40 in calendar 2017, down from an earlier forecast of $65.20, the department said. Iron ore has averaged about $74 a tonne so far this year, implying prices will continue to deteriorate in the second half. The price was last quoted at $63.28 a tonne.

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Explorer seeking partners to support its efforts to tap Mauritania’s mineral wealth – by Ilan Solomons (MiningWeekly.com – July 7, 2017)

http://www.miningweekly.com/

JOHANNESBURG (miningweekly.com) – Mauritania has many mining investment opportunities, with economic, social and political conditions conducive to the pursuit of developing a sector considered strategic by the country’s government, says Oil, Energy and Mines Minister Dr Mohamed Abdel Vetah.

He points out that the Mauritania government has instituted a mining policy aimed at ensuring a “mutually beneficial” balance, while safeguarding the interests of the nation and investors.

International mining companies with existing operational mines in the country include base metals producer First Quantum Minerals and gold major Kinross Gold, both of Canada. Several companies also have exploration licences and/or were recently granted mining licences in Mauritania, such as West Africa-focused gold explorer Algold Resources, iron-ore exploration joint venture Mauritania Saudi Mining and steel and uranium development company Aura Energy.

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BHP’s New Chairman Expected to Drive a ‘Radical Shift’ – by Jasmine Ng (Bloomberg News – July 5, 2017)

https://www.bloomberg.com/

BHP Billiton Ltd.’s new chairman is about to shake things up at the world’s largest mining company, according to Sanford C. Bernstein Ltd., which says that Ken MacKenzie will probably undertake a full-scale review of assets and strategy, and may demerge the petroleum business.

“Despite management’s reluctance to change at this stage, we believe that BHP is about to experience a radical shift in strategy, driven by the arrival, effective Sept. 1, of the new chairman,” analysts including Paul Gait said in a note.

MacKenzie used to run a packaging business, and his “detachment from the mining sector makes him, we believe, inevitably far more objective on the best direction BHP should take from now on.” BHP has been the target of an activist investor campaign in recent months spearheaded by Elliott Management Corp., which has rounded on management decisions that the fund claims have destroyed about $40 billion in value.

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