Iron ore price at fresh 5-year high

He said rivals BHP Billiton, Rio Tinto, and Vale has put too much pressure on prices through their aggressive brownfields expansions.

This year iron ore is down 27% hitting a fresh low of $97.50 on Tuesday, echoing 2011 and 2012 when the price dropped by a third in a matter of weeks.

Rio Tinto CEO Sam Walsh says agreement on funding and execution of $20 billion Simandou iron ore project will "inject new momentum".

India was set to substantially grow exports this year, but now courts have shut down an additional 26 mines with combined output of 40 million tonnes.

"Now that we broke through $100, I think that's a very bearish sign. It shows you there's a lot of supply around"

Foreign direct investment is shifting from extractive industries to consumer-related sectors according to new report.

Companies’ low valuation, the current focus on operational efficiency in the mining sector, and the chase for overseas assets by Chinese investors, are pushing deals up.

Iron ore price gives up 2% on Friday falling to a 21-month low as Chinese steel price drops to record low.

Vale says mines are not economically feasible under current market conditions.