Tag Archives: Rio Tinto

Iron Ore price to tumble below US$90?

Michael Sainsbury The iron ore price hit its lowest mark so far this quarter today (August 13) falling to US$93.20 and appears to be moving down towards the psychological price of US$90 per tonne. For the past month it has averaged about US$95 and has been below US$100 since mid-May, breaching US$90 briefly on June

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Iron ore miner Fortescue roars back from the brink

Michael Sainsbury It was with an air of triumph that Andrew Forrest, the billionaire founder of Fortescue Metals Group, opened the company’s fourth mine in late March. FMG is Australia’s third-largest iron ore producer; 400 select guests attended the ceremony for Kings, the new site in the country’s remote northwest. Australia’s third-largest iron ore producer,

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Citic’s Australian mine a pit of despair

Michael Sainsbury Once-mighty Citic Pacific was almost destroyed by a currency-hedging scandal in 2008. Today, the Chinese conglomerate is again caught up in crisis as it pours cash into the much-delayed Sino Iron mining project in Western Australia, a black hole that has swallowed over $10 billion to date. The iron ore mine in the

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