Rinehart’s Hancock weighs $3.3 billion iron ore mine project
Hancock acquired a 51% interest in the Mt Bevan project from Legacy Iron Ore Ltd. and Hawthorn Resources.
Brazilian miner Vale SA on Monday said its production of high-grade iron ore agglomerates is expected to increase in coming years as it sees the average premium for better quality rising in a tightening market.
Vale said in a presentation to analysts its output of high-grade agglomerates is set to reach 50 million to 55 million tonnes in 2026, up from 32 million in 2022, before jumping to about 100 million tonnes post-2030.
The mining giant noted that segmentation and supply challenges in the global iron ore market were expected to “further widen the quality gap” ahead, helping drive the average premium for higher grades to $8 to $12 per metric ton in 2026 from $7 last year.
Iron ore supply is set to “stay tighter for much longer,” Vale added, noting that some 400 million tonnes of depletion would require replacement by 2030, while licensing becomes more complex due to more stringent environmental, social and governance (ESG) standards.
(By Marta Nogueira and Gabriel Araujo)
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