As Fortescue taps Guinea, China eyes broader iron ore supply sources

A private group of Chinese magnates is planning to take away Guinea’s Simandou, the world's largest undeveloped iron ore project, from Anglo-Australian mining giant Rio Tinto.

The new China Beijing Metals Exchange (CBMX), the country’s first physical iron ore trading platform is set to debut Tuesday, with the major producers of the commodity BHP Billiton (NYSE:RIO), Vale (NYSE:VALE), Rio Tinto (NYSE:RIO) as members.

A takeover of the 134-year old LME – responsible for 80% of the global metals futures trade – is expected to become official this week amid talk of manipulation and distorted pricing in the copper market. Some traders are fingering Swiss giant Glencore while others believe China has managed to corner the market.

Gold miners were caught in an ugly slide in the S&P/TSX Composite Index today, which shed 215 points in reaction to another poor economic report coming out of the US.

Due to its widespread use in construction, communication and transport copper is a bellwether for the global metals industry. The red metal […]

The High Court of Malaysia today rejected Australian miner Lynas Corp’s (ASX:LYC) application for an injunction against pressure groups that oppose the company’s rare earth plant (LAMP), informs The Malaysian Insider.

58% of the world’s refined copper is now stockpiled in China, an increase of 40% in just six months. Traders say the country may hold as much as three quarters of the “spare” stock that is actually available to the market.

Japan and India have reached a basic agreement to jointly develop rare earths, used in the production of several high-tech goods from weapons to cell phones, and supply Tokyo with about 14% of its rare earth needs.

Australian rare earths miner Lynas Corporation (ASX:LYC), has filed a defamation action against Malaysian protestors and opponents over their criticism of the company's rare earth plant (LAMP), which will process ores shipped from Western Australia.