A Venue Change for the Daily Top Ten
Starting tomorrow, the Top Ten will no longer be posted here at benjamincox.com. The Top Ten will move to a new site hosted by Roche Bay: topten.rochebay.com. We’re making the change because of an exciting new development: Mr. Cox recently began to work part-time with a hedge fund, and this new position requires him to no longer post editorials about the market. An archive of all previous postings and past Top Tens will be maintained here on the Ore and More website and will be available for future viewing.
Thank you for your understanding and your continued support. See you at the new site!
Top Tener,
Kristin
1. Bloomberg.com: Fortescue cuts iron-ore shipment target on closure
Fortescue Metals Group advances to the next round in iron ore limbo; company warns of further export cuts. After announcing the temporary shutdown of its port and mine processing plant, the miner said shipments may drop as low as 16 million tonnes this year. Analysts remain hesitant of the company’s ability to meet its short-term ramp up targets.
2. Reuters: Canada TVI Pacific in deal for Philippine mine copper
Canadian mining firm TVI Pacific signs five-year agreement to allow MRI Trading AG to purchase copper concentrate from TVI’s Philippine mine. TVI announced the start-up of mining and processing activities should being in the middle of November. The mine is expected to generate $3 million in monthly revenue in the first four years.
3. IC Publications: Liberia halts rebidding for iron ore riches
Liberia’s Public Procurement and Concessions Commission stalls the rebidding for the country’s Western Cluster iron ore deposits following the complaint from original bid winner South Africa’s Delta Mining. The $1.6 billion contract was cancelled by the commission following allegations of corruption. The rebidding process will be halted for at least two weeks.
4. Bloomberg.com: Teck falls most in 20 years on coal price concern
Coal speculation drags Teck Cominco to biggest fall in 20 years. The company’s stock slid 20% in Toronto trading. The miner gained control of Fording, the world’s second-largest exporter of coal, for $8.64 billion on October 30.
5. Reuters: Indonesia to pass mining law mid-December
Long-delayed Indonesia mining law expected to pass by mid-December. The law has been delayed for years while parties debate whether the regulation should only apply to new contracts or established contracts as well. Parliament has agreed that existing contracts must follow the new law, but there will be a generous transitional period. Regulation includes an initial 20-year contract cap and the mandatory processing of all mining products.
6. Reuters: China Minmetals cuts iron imports on low price
Iron ore supply-side confirmed cuts. Chinese trading firm Minmetals has cut imports of the commodity by 3% this year. Minmetals imports iron ore on term contract and at spot rates to sell to smaller steel mills. The company’s president estimates that Minmetals will import 10 million tonnes to China in 2008, a slight drop from its 2007 imports.
7. The Salt Lake Tribune: Mining company loses on appeal
Ruling upheld: C.W. Mining forced to pay up for contractual breach. An October 2007 court ruled the coal miner owed Aquila, a Midwest utility company, compensation for failing to supply 1.5 million tonnes of coal. The ruling forced C.W. Mining into involuntary bankruptcy.
8. The Australian: Flexible on iron ore volumes, no discounts: Vale
Iron ore giant Vale refuses to markdown product, agrees to adjusted shipments based on volume needs of clients. The company denied claims that it had offered clients discounts to contract prices agreed to earlier this year. Vale said it understood not all its clients could receive the quantities agreed in contracts.
9. Merco Press: Venezuela and Russia strengthen links in mining and finance
Venezuela and Russia celebrate budding friendship: the two countries have signed 15 co-operative agreements. One of the agreements is a joint venture to build an aluminum production facility between with Russian miner RusAl. A major focus of the cooperation is to develop Venezuela’s large natural gas deposits to provide reliable power to new projects.
10. Bloomberg.com: Sumitomo Metal postpones Philippine nickel plant, Nikkei reports
An unnamed source tattles on a pending delay on construction of Sumitomo Metal Mining Company’s nickel ore processing plant. The global economic slowdown and higher-than-expected construction costs are being blamed for the one-year delay. The Philippine plant may start production in 2013.