Asia’s largest iron ore deposit discovered in China

October 6th, 2009 Kennecott Utah Copper discovers molybdenum depositSALT LAKE CITY — Kennecott Utah Copper says it has discovered a huge deposit of molybdenum (ma-LIB-DE'-nem) beneath its Bingham Canyon Mine. The company says it's unclear whether it will be feasible to develop a mine to extract the deposit, which is estimated at 500 million tons.

September 1st, 2009 PANAJI - Iron ore exporters in Goa say Australia's Yandi mines have emerged as a tough competition. According to Goa Mineral Ore Exporters Association (GMOEA) executive director S.

August 13th, 2009 Minister: China wants more say over iron pricesBEIJING — China affirmed its determination Thursday to tighten control over its huge steel industry and press foreign miners to cut iron ore prices, announcing a three-year ban on new mills and saying it wants more influence over costs. Industry Minister Li Yizhong complained that "disorderly competition" has pushed up iron ore prices, caused a glut of production capacity and caused "serious losses." China's steel industry is the world's largest but has failed to translate that into clout in negotiating iron ore prices.

August 12th, 2009 BHILAI - Steel Authority of India Ltd (SAIL) is set to bag a 2,028-hectare block in the Rowghat iron ore mine deposits in Chhattisgarh to feed its flagship unit, the Bhilai Steel Plant, as it has obtained the final clearance from the environment and forest ministry. "Bhilai Steel has obtained the final clearance from the ministry early this month for the Rowghat project," an official told IANS Wednesday, adding that company had been seeking the deposit since 1983.

August 10th, 2009 Rio Tinto prices plunge on China spy claimsSYDNEY —Rio Tinto Ltd.'s share price plunged more than 3 percent Monday after China accused the Anglo-Australian miner of conducting a six-year spying campaign that it claimed cost Chinese steelmakers billions of dollars in inflated prices for iron ore. Rio Tinto declined to respond to the latest allegations but said in July that bribery allegations against four Rio Tinto employees detained in China were baseless.

August 7th, 2009 NEW DELHI - Union Steel Minister Virbhadra Singh on Friday said that India is "seriously considering" putting curbs on exports. Singh informed this in the national capital during an industry event.

July 31st, 2009 China says iron ore suppliers disrupting marketBEIJING — China's steel industry association accused foreign iron ore suppliers on Friday of disrupting supplies and price talks by encouraging importers to buy more on the global spot market. The association's latest blast at miners came as the two sides are locked in talks on long-term supply contracts, with China pushing for big price cuts.

July 29th, 2009 BHP Billiton cuts ore prices for some customersSYDNEY — BHP Billiton Ltd., the world's biggest mining company, said Wednesday it has agreed to sell 23 percent of its contracted iron ore at a one-third discount to last year's prices. The Melbourne-based company said in a statement that another 30 percent of its iron ore will be sold based on a mix of quarterly negotiated pricing, spot market and index-based pricing.

July 17th, 2009 Rio Tinto: bribery allegations without foundationADELAIDE, Australia — Bribery allegations against four Rio Tinto Ltd. employees detained in China are "wholly without foundation," the mining giant said Friday, as Australia continued to press Beijing for details of a case that is straining ties between the two nations.

July 15th, 2009 Major bribery alleged in Rio Tinto caseBEIJING — A government-owned newspaper alleged Wednesday that executives from all 16 Chinese steel mills participating in iron ore price talks this year were bribed by Rio Tinto employees. The English-language China Daily quoted an unnamed "industry insider" saying that the Anglo-Australian mining giant bribed China's largest steel companies, all members of the China Iron & Steel Association, to get access to industry data.

July 7th, 2009 German iron, steel output falls 45 percentFRANKFURT — German iron and steel output for June fell sharply as the world recession continued to cut into demand for the country's machinery and car exports, the Federal Statistical Office reported Tuesday. The Wiesbaden-based office said Germany's producers made 1.44 million metric tons (1.59 US tons) of iron for the month, a 45 percent decline over the same month last year, while they made 2.5 million metric tons (2.76 US tons) of steel, a 41 percent decline.

June 16th, 2009 RAIPUR - State-run steel manufacturing unit Bhilai Steel Plant has set a target of 5.8 million tonnes of hot metal production for 2009-10, it was announced here Tuesday. The Bhilai unit, the largest steel producing plant of Steel Authority of India Ltd (SAIL), is planning to produce 5.8 million tonnes of hot metal, 5.53 million tones of crude steel and 4.77 million tones of saleable steel during the current fiscal, an official statement said.

June 5th, 2009 Landslide in Chinese mining region buries 59BEIJING — At least 59 people were buried by a landslide Friday in the southwestern Chinese iron mining region of Chongqing, safety officials said. Those buried included 50 miners and nine residents of remote Tiekuang, or "iron mine," township, said an official with the Chongqing work safety supervision bureau, who would give only his surname, Dong, because he was not authorized to speak to media.

May 2nd, 2009 MUMBAI - The country's largest lender State Bank of India Saturday said it has cut deposit rates by 25 basis points (bps) effective from Monday. The new interest rate, for a deposit of 15-45 days, will be 3.75 percent, while deposits up to 10 years will fetch interest of 8.25 percent, SBI said in a statement.

February 4th, 2009 RAIPUR - Mineral-rich Chhattisgarh has hit another goldmine: a fresh discovery of 90 million tonnes of coal and a little over 22 million tonnes of iron ore. 'Deposits of 50 million tonnes of coal have been found in Korba district and 40 million tonnes of coal in Raigarh district,' says the Economic Survey of the state government.