Saudi Arabia made its first big move into the global mining industry by purchasing from Brazilian mining giant Vale 3% of its nickel and copper business in two separate deals totaling $3.4B. This also gives the Kingdom a shift of its oil assets into energy transition assets. Vale made the announcement after releasing details of its second quarter profits. Vale said the deal’s proceeds will help finance as much as $30 billion of investments over the next decade to tap … Continue reading “Saudi Arabia Makes First Big Move in Mining with Vale Nickel and Copper Deal”
Benchmark iron ore futures in China gained for a fourth straight week. Iron ore prices have taken a hammering since the Chinese zero Covid policy however it has steadily risen since November lows. Prices for the most actively traded iron ore futures on the Dalian Commodity Exchange for iron ore cargoes with a 63.5% iron ore content for delivery into Tianjin rose to $110 Friday, the highest since mid-August. Analysts were anticipating demand for iron ore to collapse as China … Continue reading “Iron Ore Prices Hit Four Month High on Zero Covid Easing & China’s Property Curve”
Iron ore had the bears out in full force just a month or so ago, with the China attempt to “destroy Australia”, the shipping crisis and more. Analysts were anticipating demand for iron ore to collapse as China reduced its steel production. Targets were lowered to US$65 to $85 a tonne by many of the larger groups. Here we are the most actively traded iron ore futures on the Dalian Commodity Exchange for May delivery closed 3.9% higher at 714 … Continue reading “Iron Ore Prices Rise Pre-emptively on Easing Along China’s Property Curve”
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.