Rio Tinto said a strong third quarter and productivity gains led to a 12 percent rise in iron ore production as price volatility persists.» Read More
Fortescue Metals Group, the world's fourth largest iron ore miner, lifted shipments by 32 percent in the December quarter from a year ago, nearly all bound for Chinese steel mills.
BHP Billiton, the world's biggest mining company, boosted its iron ore output by 3 percent in the December quarter, as it races to supply more of the raw material to Chinese steelmakers despite signs of a softening market.
Australia's Port Hedland, which handles about a fifth of the world's seaborne-traded iron ore, will reopen on Wednesday after being spared the brunt of a cyclone that has also shut other major ports in Western Australia.
Mining firms including BHP Billiton and Anglo American are likely to follow Rio Tinto's lead in writing down underperforming assets by as much as $10 billion, as low prices and rising costs eat into valuations.
Iron ore prices have nearly doubled over the past four months, delighting producers, yet the surge is hindering expansion of iron ore mines in Western Australia, the site of the world's largest known deposit.
Global miner Rio Tinto has announced the surprise resignation of its chief executive after taking a $14 billion charge in connection with Tom Albanese's two most significant acquisitions, Mozambican coal and aluminium.
China's harshest winter in nearly three decades has hit iron ore output and driven up prices just as demand from steel mills revives in a resurgent economy. Imports are at record levels.
A cyclone approaching Australia's northwest coast that forced miners to shut down key iron ore export terminals and offshore oilfields has intensified into a category four storm, the second-highest level, and will strengthen over the weekend.
Australia's first cyclone of the storm season is intensifying off the country's northwest and is expected to start affecting coastal areas in mining powerhouse Western Australia state as soon as Friday, the Australian Bureau of Meteorology said.
Asian shares ended mostly lower on Friday, tracking overnight weakness in global equities after several Fed officials expressed concerns about continuing to expand stimulative bond buying. But, Japanese stocks surged as the market played catch-up with the region on its first trading day of 2013.
Asian stock markets edged higher on Thursday on hopes of a steady economic revival in China although gains were marginal compared to the previous session's strong gains as investors took some money off the table and braced for more U.S. budget battles.
Asian stocks rose nearly two percent to hit a five-month high as both houses of Congress passed a bill to end the "fiscal cliff" crisis that threatened a U.S. recession and roiled world financial markets.
Asian stock markets rose on Friday as investors hoped for an 11th-hour budget compromise to avert the so-called U.S "fiscal cliff" ahead of a meeting by President Barack Obama and key lawmakers, while Japanese stocks posted their bets yearly gain of 2012.
Asian shares closed marginally higher on Thursday amid caution about the chances of the U.S. going over the "fiscal cliff" but Japan managed to hit a 21-month high as a strong currency buoyed investor risk appetite.
Asian shares closed mostly higher on Thursday, even though Japan was unable to gain momentum from further stimulus and despite investor worries about the looming "fiscal cliff" deadline, which risks the health of the world's largest economy.
Asian shares posted gains on Tuesday, tracking the overnight gains in U.S. stocks, as fresh signs of compromise maintained a new optimism that the U.S. "fiscal cliff" budget tussle could be settled before tax hikes and spending cuts begin to bite early next year.
Asian shares retreated from session gains on Thursday afternoon to trade mixed, but Korea hit a fresh 3-month high after its central bank held interest rates steady while a weaker yen drove Japan to an 8-month high.
Asian shares rose on Wednesday buoyed by strength in global equities markets on hopes of a deal from the U.S. budget talks and expectations for more stimulus from the Federal Reserve when it ends its two-day policy meeting later in the day.
Asian shares were mixed on Tuesday, as prices were capped as investors waited for the U.S. Federal Reserve's policy decision this week and any progress in U.S. budget talks.
New regulations in Mongolia could stifle a deal to develop the Oyu Tolgoi mine, the world’s biggest new source of copper, and hurt the country’s broader economy.