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How China is moving beyond Australia for its iron ore hunger Matthew Hall 8 April 2021 (Last Updated April 7th, 2021 22:29) China has a seemingly endless hunger for iron ore but the countrys relationship with one of its primary providers, Australia, has been tenuous following the political fallout of the Covid-19 pandemic. We take a look at how China has been investing in other nations to meet this hunger and how it may affect t...

Rio frees Simandou, Oyu Tolgoi of tax haven taint Share Rio Tinto has moved to wind up three tax haven subsidiaries linked to its big growth projects in Mongolia and Guinea as Australian Taxation Office audits into its iron ore division continue. A $447 million dispute over the price at which Rio sold Australian iron ore to its Singapore marketing hub between 2010 and 2013 has simmered since being lobbed by the ATO in 2017 and Rio said on Thursday the ATO was still auditing accounts lodged afte...

ADVERTISEMENT ADVERTISEMENT Brazil Drops Investigation Over Guinean Mining Project Law360 (April 6, 2021, 7:40 PM EDT) -- An investigation in Brazil into Israeli billionaire Beny Steinmetzs allegations that Vale SA engaged in corruption with respect to a doomed Guinean mining project has been shelved, though a second investigation focusing on whether the company misled its investors over the project remains pending. The Brazilian federal public prosecutors office said in late March that it wi...

Iron ore bonanza to deliver until 2022 as supply squeeze lingers Australia’s biggest miners are poised to benefit from better-than-expected iron ore prices for at least the rest of the year as global ratings agency S&P upgrades its forecasts for the key steel-making raw material. After surging Chinese steel output in 2020 propelled iron ore prices to a 10-year high and delivered bumper returns to shareholders of BHP, Rio Tinto and Fortescue, S&P Global on Friday upgraded its price assumption ...

Iron ore’s ‘sleeping giant’ viable but grade challenge looms Save Share The “sleeping giant” of Australian iron ore would deliver a 10 per cent return on investment over the next two decades if the original $7.4 billion mine, rail and port plan were adopted, according to Wood Mackenzie analysis that warns product quality would be the project’s biggest challenge. Proponents of the long-dormant Australian Premium Iron (API) project – China’s Baowu, Koreaâ�...

Steinmetz says probe against Vale “alive, well and kicking” Israeli billionaire Beny Steinmetz has been at the centre of an international investigation into alleged bribery to win mining rights in Guinea. ( Billionaire Beny Steinmetz, the founder and owner of a company embroiled in a long-drawn-out dispute with Vale (NYSE: VALE) over lost rights to the Simandou iron ore project in Guinea, said the Brazilian miner is trying to confuse the public. The miner said on Monday that the Federa...

Steinmetz Loses Latest Battle over $2bn Court Award April 06, 21 by John Jeffay (IDEX Online) - The authorities in Brazil have shelved claims by diamond billionaire Beny Steinmetz that global mining giant Vale misled its shareholders. Both parties embarked on a joint venture to extract iron ore for steelmaking from the vast Simandou resource, in southern Guinea. But the government concluded that mining rights had been obtained through bribery, a nd in 2019 a British court awarded Vale a sum t...

Vale says Steinmetz-triggered probe in Brazil over Simandou closed Beny Steinmetz. ( Vale (NYSE: VALE) said on Monday that billionaire Beny Steinmetz, the founder and owner of a company embroiled in a long-drawn-out dispute with the Brazilian miner over lost rights to an iron ore project in Guinea, has lost his latest battle against the Brazilian miner. The Rio de Janeiro-based firm said on Monday that Brazil’s federal prosecutors had closed an investigation into CEO Eduardo Bartolomeo, an...

By Reuters Staff 1 Min Read FILE PHOTO: The logo of the Brazilian mining company Vale SA is seen in Brumadinho, Brazil January 29, 2019. REUTERS/Adriano Machado/File Photo SAO PAULO (Reuters) - Brazilian prosecutors have closed an investigation into Vale SA executives related to the Simandou mine, in Guinea, the iron ore miner said in a securities filing on Monday. Prosecutors had opened an investigation based on documents supplied by Israeli businessman Benjamin Steinmetz, Vale said, citing t...

news Stake in huge iron ore mine in Guinea may cut China’s dependence on Australia Iron ore from Australia is unloaded at the port in Tianjin, China. Photo: Reuters The Simandou mountains, a 110km (68-mile) range deep in the interior of southeastern Guinea, is home to the worlds biggest untapped supply of high-grade iron ore, and China believes it could help cut its reliance on Australian imports amid trade tensions. The huge project, which holds an estimated 2.4 billion tonnes of iron ore g...