Hedge funds slash bullish wagers on gold over Trump election win
The precious metal has fallen about 8% from a record high on Oct. 31, with losses accelerating after Trump’s election victory last week.
Brazilian miner Vale said on Monday it has been selected by the US government to begin negotiations for a potential financing for a new iron ore briquette plant in the country, according to a securities filing.
Vale said it will negotiate an award for up to $282.9 million for the project, which was selected by the Department of Energy through a program focused on technologies to reduce emissions.
The briquette, which is produced through the low-temperature agglomeration of high-quality iron ore, could be used to replace sinters, pellets and granules in steelmaking, cutting greenhouse gas emissions by up to 10% compared to the traditional blast furnace process.
Vale inaugurated its first iron ore briquette plant in Brazil in December, while it also mulls other units in its home country, as well as in Gulf of Mexico and in the Middle East.
(By Andre Romani; Editing by Steven Grattan)
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