Bearish outlook for metal prices for 2020 — report

More may really be better for end users and mining companies when it comes to graphite.

Drops to June 2009 levels on the way to $70 a tonne after Chinese house prices fall for sixth month in a row.

The mine and rail project in Queensland's Galilee Basin is expected produce 60 million tonnes of thermal coal a year.

The partnership dates back to 1987, in the early stages of the development of the Chinese steel industry.

The news comes barely a day after the miner announced it was scrapping the sale of its Nickel West division.

The move will cut the miner's output by 5 million tonnes — 2.5% of Australia's forecast 2014 thermal coal exports — and force about 8,000 workers to take a leave.

Chinese steel mills restart production but ore demand remains modest.

Their plea comes amid fears a climate change deal reached Wednesday between the U.S. and China could hurt coal miners in Australia.

The news come only a day after the project executive director in Chile, Eduardo Flores, told local media that Barrick was hopeful it could find a way forward with the long-delayed mine.