Latest news with #iron ore
CNA
a day ago
- Business
- CNA
Australia's Champion Iron secures $179.1 million from Nippon Steel, Sojitz for Canada project
Australia's Champion Iron Ltd said on Tuesday Japan's Nippon Steel and Sojitz Corp will invest an initial C$245 million ($179.11 million) in its Kami iron ore project in Canada for an aggregate 49 per cent interest. The investment follows an agreement that the three companies entered into in December 2024 for the project, which Champion Iron acquired in 2021. Following the initial closing, Champion will hold a 51 per cent interest in the project, while Nippon Steel and Sojitz will have 30 per cent and 19 per cent stakes, respectively. Nippon Steel, Japan's largest steelmaker, recently closed its $14.9 billion acquisition of U.S. Steel after an 18-month-long pursuit. Champion expects the initial closing of the deal to occur in the second half of 2025. Shares of Champion Iron rose as much as 4.6 per cent to A$5.04 in early trade. ($1 = 1.3679 Canadian dollars)
South China Morning Post
2 days ago
- Business
- South China Morning Post
New railway lines put Guinea and Algeria on track to send iron ore to China
China is poised to begin receiving iron ore shipments from Guinea and Algeria this year, as Chinese firms complete the railway lines and ports needed to overcome logistical bottlenecks. For years, the lack of railway infrastructure connecting mine sites to port facilities had stymied iron ore exports from both nations. These massive projects are strategically important to China as it tries to diversify its supply of iron ore away from Australia and Brazil, which together account for about 80 per cent of seaborne exports. Simandou , in the remote southeast of Guinea, is one example. It is said to have the world's largest undeveloped iron ore deposit, and to get that moving a new railway line stretching up to 650km (400 miles) to the Atlantic coast was needed. Likewise, in Algeria, there is another significant iron ore deposit at the Gara Djebilet mine deep in the southwestern Sahara Desert, near the Mauritanian border. That is about 1,650km away from Mediterranean ports – a distance that will be bridged by a combination of new and upgraded railway lines. In the remote southeast of Guinea, Simandou is said to have the world's largest undeveloped iron ore deposit. Photo: Rio Tinto In Guinea, Simandou is now on track to start shipping iron ore from November, according to Rio Tinto, the Anglo-Australian mining giant jointly developing the project with Chinese companies.
Reuters
5 days ago
- Business
- Reuters
BHP fourth-quarter iron ore output beats estimates on Pilbara strength
July 18 (Reuters) - BHP Group ( opens new tab on Friday reported better-than-expected iron ore output for the fourth quarter and hit the upper end of guidance for both iron ore and copper output in fiscal 2025, helped by supply-chain strength at its central Pilbara hub. The company had undergone a debottlenecking exercise at its Pilbara operations after the ramp-up of the South Flank mine last year. That helped boost its output in the June quarter, offsetting a weak March quarter that was impacted by two tropical cyclones. In fiscal 2025, BHP produced 290 million metric tonnes (Mt) of iron ore, at the upper end of its full-year forecast of 282 Mt to 294 Mt. It expects to produce between 284 Mt and 296 Mt in fiscal 2026. The world's largest listed miner said iron ore production from those operations on a 100% basis was 77.5 Mt in the three months ended June 30, up from 76.8 Mt a year earlier. That beat a Visible Alpha consensus estimate of 75.90 Mt. BHP's total copper production was 2.02 Mt for fiscal 2025, at the upper end of its guidance range and in line with a Visible Alpha consensus estimate of 2.0 Mt.
