Moody’s bullish on base metals, US steel

Brazilian iron ore producer Vale SA (VALE) will likely wait until the end of the Lunar New Year to sell a massive cargo of iron ore that was delivered into the Chinese port of Dalian via one of its “very large ore carriers” or VLOCs at the end of December, two traders said.

The Australian reports the Queensland government is going after speculative prospecting by what the state treasurer termed two-dollar shell mining companies, slapping the industry with $375 million in additional fees. Under the radical new rules competitive cash-bidding auctions for mining exploration permits will replace the flat $1,030 application fee in force currently.

Reuters reports spot iron ore was trading close to seven-week highs after a cyclone closed down the world's largest export terminal in Australia and heavy rains in three Brazilian states halted Vale's shipments.

South Africa’s black-controlled diversified mining company Exxaro Resources is putting the Republic of Congo (RoC) on the map as a new African iron-ore development frontier with its R3-billion (A$338-million) cash takeover offer of African Iron.

Tropical cyclone Heidi hit the west Australian coast early on Thursday packing winds up to 120 kilometres per hour, forcing seaside residents to flee rising tidewaters and closing the world's biggest iron ore export terminals.

The richest woman in the world, Gina Rinehart, on Tuesday handed her daughter Ginia (sic) directorships of three companies, including Hancock Prospecting which controls her $10 billion empire. Ginia who is 25 years old is the only one of Rinehart's four children who are not currently suing her in court in a bitter dispute over control of the family fortune.

Rural communities in Australia’s mineral-rich states are unhappy about the many working girls following highly-paid miners into their small towns and motel and hotel owners are kicking out prostitutes using their rooms to ply their trade.

Illegal iron ore mining in the Karnataka region of India led to a 2009 ban on iron ore exported from the region.

Zone Resources Inc. (CVE:ZNR) has retained Grandich Publications LLC to conduct investor relations and communications for one year for the Vancouver-based iron ore exploration company.