Iron ore weakness to continue into 2025 and beyond, says Fitch Solutions’ BMI
Looking beyond 2024-2025, BMI analysts maintained their view that iron ore prices will likely follow a multi-year downtrend.
Australia’s South32 will make some parts of the Appin Mine, which is part of its Illawarra Metallurgical Coal, non-operational during a week-long strike by underground mining supervisors, the company said on Friday.
Members of the Collieries Staff and Officials Association at the diversified miner’s Appin mine in New South Wales voted to go on a strike till Aug. 18 after rejecting a new workplace deal that would have given them a 6.3% pay hike this year, the Australian Financial Review (AFR) reported earlier in the day.
“We have taken a positive approach throughout the process to date and the offer we have made to our employees is highly competitive,” a South32 spokesperson told Reuters.
Safety members associated with the Appin mine are allegedly frustrated over the lack of bonus pay and work-life balance in the new agreement proposed by the company, AFR reported.
“We are disappointed our offer has not been accepted,” the South32 spokesperson added.
The industrial action implemented by the underground mining supervisors will impact South32’s ability to monitor its underground workforce and meet the work health and safety obligations, the company spokesperson told Reuters.
“This will, unfortunately, mean that Illawara Metallurgical Coal will have to stand down some members of our workforce during this period of industrial action.”
(By Roushni Nair, Archishma Iyer and Ayushman Ojha; Editing by Subhranshu Sahu and Shailesh Kuber)
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