Iron ore price up as China steel futures hit new highs

The machinery manufacturer logged earnings of $2.82 per share on revenue of $12.9 billion, surpassing expectations.

The announcement is the last of a string of difficulties Anglo has faced with the iron ore mine, which was expected to produce 16 million tonnes this year, but that will now generate just 3 million tonnes.

The iron ore producer reported a 2 percent fall in third-quarter iron ore shipments on reduced demand in China.

China already actively seeking opportunities.

The miner cut its fiscal 2018 production guidance to between 272-274 million tonnes of iron ore from 275-280 million tonnes.

They are seeking to obtain 30 more days to finish details of the plan.

The Anglo-Australian miner maintained its guidance for this year of 330 million to 340 million tonnes.

Minas-Rio is Anglo American’s biggest development project, and its bet on the future of iron ore.

The company halted production and transport operations for 90 days at the Minas-Rio mine to comply with a request by authorities that it inspects a pipeline that has leaked twice.