Queensland based explorer Iron Glen Holdings Limited has announced that the initial drilling program of its Iron Ore tenement, located in Townsville, Queensland, has successfully delineated a Magnetite resource.
Tom Albanese Chief Executive Officer of Rio Tinto said that the company was confident that the Australian mine tax issue would be resolved soon. He expects the government's transition committee to put the finishing touches to the proposed mining tax and work through any remaining disagreements.
Iron ore exports in India saw the sharpest monthly drop that they have had in 2 years in September as exports dropped by 47%. India shipped 3.02 million tonnes of iron ore in September 2010 as compared to 5.7 million tonnes in September 2009.
Moly Mines Limited (TSX:MOL)(ASX:MOL) has announced that it has today in Chengdu, China, executed an iron ore sales agreement for 100% of its production from the Spinifex Ridge Iron Ore Project with Hanlong Metals Limited, an entity associated with Hanlong Mining Investment Pty Ltd.
Macmahon Holdings said that the fewer contracts for its construction arm along with problems related to a West Australian rail project have plunged the profit forecast by half. A spokesperson said that the company would post profits just above $40 million.
Rio Tinto is pushing ahead with expansions in the Pilbara region despite its deal with BHP Billiton not taking off. Iron ore production in Australia is likely to get a 28% boost starting 2013 thanks to these expansions.
CHAMPION MINERALS INC. (TSX:CHM)(FRANKFURT:P02) has updated shareholders on the ongoing 15,000 m diamond drill campaign at the Company's Fire Lake North Claim Block from the Fermont Iron Property in northeastern Quebec.
Mr Kevin Rudd was warned by Australian Government solicitors (AGS) that there might be legal problems with the proposed mining Resources Super Profits Tax (RSPT) as per new evidence which came to light yesterday during a Senate estimates hearing.
The proposed joint venture between BHP Billiton and Rio Tinto has finally been laid to rest in the face of regulatory opposition coming in from Europe and Asia. The joint venture located in Western Australia would have created the world's largest iron ore exporter.
Fortescue Metals Group is facing rising production costs along with the rise of the Australian Dollar. The Chief Financial Officer of Fortescue, Stephen Pearce said that the strengthening Australian dollar has continued to have an impact over the quarter, given that approximately 70 per cent of the operating costs are in Australian dollars.
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