Iron ore price up as China steel futures hit new highs

The project, located in the San Juan province, is about 10km from the border with Chile, the world’s No. 1 copper producer.

Brazil's Vale, the world's largest iron ore producer, is seeking out small high-return acquisitions that are related to the miner's current assets.

Bolsonaro has portrayed China, its largest trading partner, as a predator looking to dominate key sectors of its economy.

The combined miner plans to focus on Tier 1 assets, those producing at least 500,000 ounces of gold annually, with a mine life of more than 10 years and low costs.

Jair Bolsonaro is on the cusp of winning Brazil’s presidency, leading the latest polls by double digits, and the mining community is salivating.

Falling gold and copper prices hurt the miner's results for the three months to Sep. 30.

Brazil's Vale SA , the world's largest iron ore producer, on Wednesday posted $1.408 billion in third-quarter net income, below the 2.23 billion a year-ago.

Q3 sees lower profit due to lower prices for gold and copper alongside higher fuel costs.

The mining community is salivating.