SAO PAULO – Vale SA said on Tuesday a London arbitration court had ordered BSG Resources Limited to pay the iron ore miner $1.246 billion related to a dispute between the companies over a joint venture in Guinea.
The joint venture intended to explore for iron assets at the Simandou prospect, but the concession was revoked in 2014 by Guinea's government.
Spot iron ore prices rose from $75 per tonne to $95 per tonne in the weeks following the Brumadinho dam disaster at Vale’s (NYSE: VALE) Feijao iron ore mine in Brazil, before settling in at about $85 per tonne, according to the latest research on the global iron ore market by the Macquarie Group.
As per SteelMint analysis, amidst the disruption and additions by global iron ore producers and exporters, the iron ore market for the year is expected to witness a shift against market demand and supply in CY18.
SteelMint in conversation with market participants learned that Odisha's 2nd largest merchant miner - Serajuddin Mines has further widened discounts on iron ore lump prices further today on bulk bookings.
The Investor Mining & Tailings Safety Initiative has requested that over 600 resource companies, including major miners, reveal the safety records of their waste storage facilities, following the collapse of Vale’s Brumadinho dam in Brazil in January, which killed hundreds.
Spot iron ore fines Fe 62% index has today jumped by almost USD 3.2/MT against yesterday and closed today at USD 87.05/MT, CNF China.
According to National Bureau of Statistics, China - world's largest consumer and importer of iron ore has witnessed fall in crude iron ore production for Jan-Feb'19.