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
Tag Archives: Rio Tinto
Michael Sainsbury Nikkei Asian Review, August 6 2014 These are tougher times for the world’s iron ore miners. After four years of record prices, the commodity has fallen back to earth and is now selling at $95 per ton, down from $135 at the start of the year, as China’s economy – which
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,
Michael Sainsbury China must be now be extremely concerned about its property market plummeting with a story widely published in state media at the weekend going to great lengths to say that if the property bubble does pop – and note that the story actually calls it a bubble – it won’t hurt the economy.
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