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’s own Chinalco has built a new town in Peru to relocate more than 5,000 people currently living in crumbling Morococha, a century-old mining village, in order to expand its operations.
The New York Times interviewed some of the 700 families relocated to the still-unnamed town since September 2012.
But most locals oppose the move, as they want the company to pay the people of Morococha $300 million for destroying their town.
They also want Chinalco to guarantee jobs for residents in the new copper mine.
Xstrata Copper, the other miner that has recently proposed a similar relocation project in another area of Peru, has outlined a plan to build new homes several times larger than the residences in Chinalco’s “Levittown.”
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(Image: Relocation in the Andes, New York Times)
