The Brazilian mining company Vale is to enter into a partnership with the Portuguese company SGC Energia to build an industrial unit to convert coal into liquid fuel in Moatize district, in the central Mozambican province of Tete. Vale estimates a liquefied fuel processing plant could produce 300 million litres of fuel a year, of which about half would be used by Vale in Mozambique. The rest would be sold on the domestic fuel market.
Brazilian mining giant Vale said on Tuesday it rerouted 391,000 tonnes of iron ore, its first cargo aboard a new class of giant bulk carriers, to Italy from its original destination of China. The cargo is being shipped aboard the Vale Brasil, the world's largest dry-bulk vessel, a ship designed to reduce the cost of shipping the main steel ingredient to China. Despite the rerouting Vale said the so-called Valemax carriers will be able to enter three Chinese ports.
The Rio Colorado potash mine development project of Brazilian miner, Vale S.A. (VALE - Analyst Report), has been suspended by the government of the Argentine province of Mendoza.
Market sources indicate a serious Chinese contender has finally decided to make a bid for Metorex, in opposition to Vale’s $1.1bn cash offer for the South African company. There has been speculation in the market over such a development since the Vale bid was announced in mid-April, with Jinchuan Mining singled out as the most likely bidder. Jinchuan is the company which now controls Wesizwe Platinum after heading up a Chinese consortium which paid some $940m for 51% of Wesizwe.
HudBay Minerals Inc. ("HudBay", the "company") (TSX:HBM)(NYSE:HBM) today announced exploration results from the Pampacancha zone at the company's Constancia project in Peru. Hole PO-11-072 intersected two main intervals of mineralization, including 121.45 meters of 1.62% copper, 13.62 g/t silver and 1.02 g/t gold (2.4% copper equivalent1) and 87.50 meters of 0.46% copper, 2.30 g/t silver and 0.22 g/t gold (0.65% copper equivalent).
With a new government-backed CEO, a capex budget and acquisition war chest that dwarfs others, record net profits, a very generous dividend policy, strong fundamentals in its core business, aggressive expansion into high-growth areas and regions – notably potash and Africa – and a stock that looks downright cheap next to its peers, what is not to like about Vale? After slumping to an 8-month low less than a month ago it now seems investors are finally beginning to warm to the the diversified Brazilian miner. In the month since Murilo Ferreira has been head, the planet's third most valuable mining company has risen against the other supermajors and outperformed the broader market by 7%.
Dow Jones Newswires reports Brazil’s steel sector has been shaken up since mining giant Vale SA started building its first steel mill, […]
Brazilian miner Vale SA plans to spend over $12 billion on investments in Africa over the next five years, a mining conference heard on Wednesday. Brazilian companies, like their Chinese counterparts, are keen on African resources to fuel their growth and the sum involved underscores the continent's growing importance as an investment destination.
HudBay Minerals Inc. (TSX:HBM)(NYSE:HBM) today announced exploration results from the Pampacancha zone at the company’s Constancia project in Peru. Hole PO-11-072 intersected two […]
Brazilian miner Vale (VALE5.SA:Quote) expects iron ore demand in Japan to reach 90 percent of pre-crisis levels in the fourth quarter, the company's global marketing director Pedro Gutemberg said. "Japan iron ore demand was at almost 90 percent of pre-crisis levels before the earthquake and potentially after it recovers from the earthquake it will go back to that in the fourth quarter," he told Reuters on the sidelines of a conference.