Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Offer prices for iron ore dropped to three-week lows, reports Reuters, with steelmakers in top producer China mostly staying out of the market amid thin demand.
Despite the low steel demand limiting Chinese buying interest, Vale SA said – as reported by Mining.com – it expects valemaxes, the world’s biggest iron-ore carriers, to eventually be allowed into ports inChina, the biggest user of the commodity.
Bloomberg said that Vale Brasil, the first such vessel Rio de Janeiro-based Vale had built, was diverted toItaly in June on its maiden voyage toChina. Neither that ship nor four more completed since then have called at Chinese ports, vessel-tracking data compiled by Bloomberg show.
