Fire at Vale iron ore terminal could cut shipments by 32m tonnes – sources

Necessary tougher measures are likely to meet fierce Republican opposition.

Goldman expects the iron ore "war of attrition" will continue while prices gradually decline toward its $40 per metric ton forecast by 2017.

China needs supply for its 22 operating reactors and the other 24 currently are under construction.

The entity will be run by a new company to be established by gold producers and financial institutions.

The stock surged over 15% in early trade, closing at A$2.40, or 10.6% up, after reports of Chinese-linked companies seeking permission to invest in the iron ore producer.

Perhaps the most important aspect of today’s agreements is the fact that both aim to form long-term strategic partnerships to collaborate on further ventures, opening new markets for all the firms involved.

The deal is part of a long-term strategic cooperation agreement that will see Zijin and Barrick collaborate on future projects and joint investments.

Analysts believe Cowal mine may be worth at least $400 million, and that Barrick would likely get as much as $1.1 billion from the sale of both, the New South Wales' mine and Papua New Guinea’s Porgera.

The planned cuts, about 21% of Murray’s workforce, will come largely at mines in Ohio and West Virginia, a state hit hard by recent coal mine closures and layoffs.