Iron ore weakness to continue into 2025 and beyond, says Fitch Solutions’ BMI
Looking beyond 2024-2025, BMI analysts maintained their view that iron ore prices will likely follow a multi-year downtrend.
A 6.8-magnitude earthquake hit northern Myanmar on Sunday, collapsing a gold mine, a bridge, damaging several old Buddhist pagodas and leaving as many as 12 people feared dead, reported the Associated Press.
The area surrounding the epicentre has several gemstone mines, many of which are said to have collapsed as well. The largest single death toll was reported by a local administrative officer in the Sintku township, where six people died in the gold mine collapse and another 11 were injured.
The United States Geological Survey said an aftershock of magnitude 5.8 later Sunday, but there were no initial reports of new damage or casualties.
Although undeveloped and frequently struck by natural disasters, the South East Asia’s nation is home for vast and untouched reserves of highly demanded minerals and metals, such as gold, tungsten, copper and even some oil. It is also known by its precious stones and lithium reserves.
Image Buddhists pilgrimage in Ynangon, Myanmar. Zzvet / Shutterstock.com
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