Iron ore price rises on firmer steel outlook, but trade tensions cap gains
Lower Chinese steel product inventory driven by robust exports also supported iron ore prices above $100/t.
Hyundai Steel Company issued a US$17.2 million (C$17.1 million) letter of credit to Australian iron ore company Pluton Resources (ASX:PLV) against the purchase of four shipments commencing in August 2013.
Managing Director Tony Schoer lauded the deal in a news release from today.
“Korea is a dynamic economic growth engine for Asia and the rest of the world, and Pluton will continue to seek opportunities to diverse its market risk profile,” said Schoer.
Pluton Resources operates on Irvine Island, located in northern section of Western Australia.
Image by CDEGlobal, from Flickr Creative Commons
Comments
David Collins
There are a number of recent reports that mining companies will require significant funds next year, this one for instance:
http://www.grantthornton.com.au/files/jumex_report_2012.pdf
This report by Norton Rose on Alternative Financing, provides some potential alternatives, there is a PDF available:
http://www.nortonrose.com/knowledge/publications/73013/alternative-financing-in-equity-challenged-times
Kind regards,
David Collins
http://www.costcurve.com.au