Ore and More

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, [...]

1. Reuters UK: Rio, Fortescue cut iron ore output as China weakens
Major players plan to slash global iron ore output by as much as 6%. BHP Billiton continues to steer clear of cuts. Rio Tinto’s new end-of-year target means the company may cut production by as much as a third for the rest of the [...]

1. Herald News: Fortescue brings forward port and plant shutdown
Fortescue Metals Group admits planned shutdown of its Pilbara port and mine processing plant facilities. The company began mining mid-May, mere months before the global financial crisis and its aftereffect on iron ore demand. The company had previously planned to expand to 80 million tonnes per [...]

1. Reuters: Brazil’s Vale may drag out 2009 iron ore price talks
Vale tries stall for time, wishes to hold out on contract talks until demand returns to normal level. Chief Executive Roger Agnelli confirmed the company was delaying its annual sit-downs to discuss next year’s term prices. Traditionally, Vale’s first major deal with a steelmaker [...]

1. Bloomberg.com: Venezuela to take control of Crystallex’s gold mine
Nationalization of the Las Cristinas gold mine sends Crystallex International share price into a tailspin. Venezuela’s government has confirmed it will take over the mine in 2009 to assure state control of the metals industry. Crystallex was given a 20-year contract to operate the mine in [...]

1. Bloomberg.com: CSN Namisa to spend $2 billion to double iron ore sales by 2015
Brazilian steelmaker set to expand iron ore position; company announces plans to invest $2 billion in its iron ore unit to more than triple production by 2015 and double sales. CSN agreed to sell a 40% stake of its iron ore [...]

1. Herald Sun: Rio Tinto in talks on Guinea ore
The Simandou iron ore project touted as a top priority for Rio Tinto; negotiations and talks demand face time with the iron ore miner’s top executives. A range of top representatives have traveled to Guinea for negotiations and talks after the country’s government threatened to strip [...]

1. Bloomberg.com: BHP says will maintain iron ore output as rival Vale makes cuts
BHP refuses to play follow the leader, maintains iron ore output as rival producer makes cuts. Vale will reduce its output by 30 million tonnes, citing the slowdown in demand and global credit crisis. BHP vows to maintain its expansion plans; the [...]