Mining no longer top sector attracting investors to Africa — report

Rio Tinto , the world's third-largest miner, expects global markets to remain fragile in the near term and sees itself in a strong position to weather any turbulence, its chairman said on Thursday. The company said that it expected little impact on demand for commodities following the earthquake and tsunami disasters in Japan, and said in the long run demand may increase as Japan moved to rebuild.

CSN, Brazil's largest diversified steel group, said on Tuesday that net income jumped 38 percent in the first quarter from a year earlier thanks to robust sales of iron ore and lower sales costs. Sao Paulo-based CSN (CSNA3.SA)(SID.N) earned 616 million reais ($390 million) in the period, up from 447 million reais a year earlier, according to a securities filing. But this fell short of the 697 million reais profit estimate by five analysts in a Reuters poll.

After lengthy deliberations involving several software vendors, Fortescue Metals Group, Australia's third largest iron ore producer after BHPBilliton and Rio Tinto, has picked MineSight for its mine planning software needs. "We decided to use MineSight because we found it to have a comprehensive suite of mine planning capabilities most suited to our operations and a demonstrated track record of quality improvements," said Andrew O'Dowd, FMG's Manager of Operations Planning.

In India's biggest foreign investment deal since 1991, the Indian government has on Monday finally given South Korea's Posco the green light to build a giant $12 billion steel plant in the country. Posco has said it expects to renew `shortly' its pact with the Orissa government for building the $12 billion steel plant, even as the firm has assured that no exports of iron ore would be conducted from the site.

BHP Billiton today announced that the partners of Samarco had approved the US$3.5 billion (BHP Billiton share1 US$1.75 billion) Fourth Pellet Plant Project at Samarco (Brazil). The expansion will increase Samarco iron ore pellet production capacity by 8.3 million tonnes to 30.5 million tonnes per annum (100% basis). First pellet production is expected in the first half of calendar year 2014. BHP Billiton President Iron Ore, Ian Ashby, said “Samarco is a low cost supplier of high quality iron ore pellets and over the last several years has been very successful in growing its resource base. This investment builds on its resource and operational strengths and will further improve Samarco’s competitiveness and market position.”

Cliffs Natural Resources Inc (CLF.N:Quote) reported more than a five-fold increase in first-quarter profit as demand and prices for its iron ore and steel-making coal soared.Net earnings were $423 million, or $3.11 per share, compared with $77 million, or 57 cents per share in the quarter a year earlier. Revenue rose 63 percent to $1.2 billion, the Cleveland-based company said on Thursday.

Reliance Steel & Aluminum Co. (NYSE:RS) reported today its financial results for the first quarter ended March 31, 2011. For the 2011 first quarter, Reliance reported net income of $92.3 million, up 107% from 2010 first quarter net income of $44.7 million, and up 134% from $39.5 million in the 2010 fourth quarter. Earnings per diluted share were $1.23 in the 2011 first quarter, up 105% from 2010 first quarter earnings per diluted share of $.60 and up 132% from $.53 for the 2010 fourth quarter. Sales for the 2011 first quarter were $1.91 billion, up 32% from 2010 first quarter sales of $1.45 billion, and up 21% from 2010 fourth quarter sales of $1.58 billion.

Sherwin Iron Limited (ASX: SHD) is pleased to announce that it has successfully undertaken a $8.5 million share placement at 16 cents a share to institutional and sophisticated investors as part of its strategy to accelerate drilling and development of its Roper River Iron Ore Project (Project) in the Northern Territory. Image by Sherwin Iron Limited

Russia's top steelmaker Severstal (CHMF.MM: Quote) said on Thursday its crude steel output rose to 3.65 million tonnes in the first quarter 2011, up 5 percent from the same period last year. However, production was down 5 percent compared with the last quarter 2010, when output reached 3.84 million tonnes.