Iron ore market regains composure, futures curve may be too pricey

Mercator Minerals has secured a permit for operating its El Pinar porphyry copper project in Mexico.

Kinross Gold (K.TO) erased 19.46% of its value, with shares dropping to $10.65 a share on Tuesday, after it disclosed that it will take ". . . a material non-cash accounting charge, primarily relating to the goodwill recorded for the Tasiast mine in connection with the 2010 Red Back acquisition."

Newmont Mining, the world's fourth-largest gold miner, says it plans to spend $3.0 to $3.3 billion on capital expenditures in 2012.

FLSmidth has been awarded contracts worth a total of approximately USD 85m (approximately DKK 500m) for equipment supplies to a copper producer in South America.

The Porto Sudeste tunnel project in Brazil features a 20.5 m wide tunnel and will accommodate four conveyor lines to become one of the widest tunnels of its type globally.

According to an Ipsos Apoyo poll, President Ollanta Humala's Cabinet shuffle following fierce protests against Newmont Mining's Conga project lifted his approval rating as it rose to 54% in January.

The Wall Street Journal reports Peru on Friday announced a programme of social and infrastructure investments in its poor Cajamarca region aimed at winning over local protesters who have brought to halt Newmont Mining's $4.8 billion Conga project over environmental concerns.

Bloomberg reports Chile's state-owned firm Codelco, the world's largest copper producer, plans to invest $5 billion in 2012 on capital projects, more than twice the $2.3 billion it allocated last year. Also on Friday a Santiago court blocked Anglos from selling any more shares in its Sur subsidiary while it battles Codelco over an option to acquire 49% of its Chile operations.

Reuters reports spot iron ore was trading close to seven-week highs after a cyclone closed down the world's largest export terminal in Australia and heavy rains in three Brazilian states halted Vale's shipments.