Iron ore weakness to continue into 2025 and beyond, says Fitch Solutions’ BMI
Looking beyond 2024-2025, BMI analysts maintained their view that iron ore prices will likely follow a multi-year downtrend.
China-backed metals producer Minerals and Metals Group (MMG) might be the new kid on the Canadian Arctic block, but it is already moving ahead with its plans to build mines in Nunavut in the next six years.
The company, which submitted Tuesday its proposal for a zinc-copper mine in the Kitikmeot region to the Nunavut Impact Review Board, wants to export 180,000 tonnes of zinc and 50,000 tonnes of copper a year from its Izok lake and High Lake properties near the Nunavut/N.W.T. border.
CBC reports local authorities said the cost for projects such as the proposed by MMG are likely to be of billions of dollars, so companies must have a reasonable level of confidence that they can actually develop the mine when they get to the submission stage.
The public has until Nov. 30 to express any worries to the board about MMG’s proposed mine.
Last June the Government of Nunavut announced it was in favour of uranium mining in the largest and newest federal territory of Canada, on the condition that the radioactive ore be used for peaceful and environmentally responsible purposes only.
Major mining companies currently conducting exploration work and mine developments in Nunavut, include Xstrata, AngloGold Ashanti, Commander Resources, Vale, XingXin Iron Pipes, Areva, and ArcelorMittal.
Image by Jerry Woody
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