Vale shares shed $17 billion as iron ore slump foils turnaround
The miner has lost its rank as Brazil’s third-largest publicly traded company.
Ausdrill has received a Letter of Intent from Fortescue Metals Group for the award of a mining services contract at Fortescue’s Solomon iron ore project, located in the Pilbara region of Western Australia.
Ausdrill will provide Reverse Circulation (RC) Grade Control and Resource Development Drilling at the Solomon Hub, using up to six drills in order to define the initial three years of ore production. The contract, which is expected to commence in October 2011, will generate approximately A$75million in revenue over 36 months. Read more
