Iron ore prices: the worst is yet to come

Inmet Mining Corporation (TSX:IMN) has launched a $1 billion senior unsecured notes offering as part of a total finance plan for the $6.18 billion copper/gold/molybdenum project Cobre Panama.

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.

Miningmx.com reports April has seen the lowest number of mining fatalities ever in South Africa, according to figures released by mines minister Susan Shabangu.

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.

Authorities in Kazakhstan, a former Soviet republic of 16.7 million people, are especially wary of labor unrest in single-industry towns after a months-long dispute involving sacked oil workers last year erupted into the country's worst violence in decades.

Vancouver's First Point Minerals served notice of arbitration on Cliffs on Saturday because the iron and coal giant refuses to hand over crucial information about the tiny explorer's Decar project, set to become the world's first commercial nickel-iron alloy mine, effectively naturally-occurring 'stainless steel'. BlackRock, an asset manager with more than $3 trillion in assets picked up a stake in First Point two months ago.

Four months after having its Keystone XL pipeline project rejected by the Obama Administration, TransCanada Corp. is taking another crack at the $7.6-billion project.

Shares of Chilean miner Antofagasta PLC (LON:ANTO) were down over 4% at 11:20 ET after the company announced yesterday that its first-quarter copper production fell almost 13% amid rising development and maintenance costs.

Argentina's Congress voted 208-32 to move forward with a bill giving President Cristina Kirchner the green light to seize a 51% stake in the country's largest oil and gas producer, YPF SA from Spain's Repsol YPF SA.