The much heralded driverless AutoHaul Iron Ore Trains have made their first delivery since Rio Tinto was approved for autonomous delivery back in May at a cost of $940 million. The 280 km trip carrying 28,000 metric tons was completed Tuesday.
Mining giant Rio Tinto has been approved by the Australian Office of the National Rail Safety Regulator to operate the world’s first heavy haul, long distance autonomous rail operation for it’s ironore operatioin in Western Australia. $RIO says AutoHaul will improve safety, productivity and lower costs.
Norway’s aluminium producer Norsk Hydro reported higher than expected earnings on Wednesay boosted by higher aluminium and alumina prices. $NHYDY results came after both Alcoa and Aluminum Corp of China missed expectations.
The Australian goverment raised its forecasts for iron ore, LNG and metallurgical coal prices for 2018 and 2019 in the Resources and Energy Quarterly report. However in the long term it expects prices in iron ore to fall.
Norway’s aluminium producer Norsk Hydro reported higher than expected earnings on Friday boosted by higher aluminium and alumina prices. $NHYDY results came after both Alcoa and Aluminum Corp of China missed expectations.
Australian Iron ore exports to China from the world’s largest export terminal, Port Hedland fell to six-month low in January. Exports were affected by Cyclone Joyce, China bottlenecks and year end.
The rebound in prices of coal, copper, aluminum and iron ore has seen mining giant Rio Tinto’s profit and cash boom $RIO showed in it’s Q4 earnings report Wednesday, Iron ore stocks have been bid since the US Tax Reform bill. Lithium appears next for Rio to increase interest in.
Tax Reform euphoria saw the Dow hit it’s 70th high for the year today and leading iron ore stocks went up with it. Leading iron ore stocks, $RIO, $BHP and $VALE have been receiving a boost with China’s clean air program, we also got positive election news for miners in Chile.
Freeport-McMoRan $FCX, the world’s biggest publicly listed copper producer Swung back to a profit in the second quarter. the stock soared 8% at open. We look at where to now for FCX.