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The joint venture intended to explore for iron assets at the Simandou prospect, but the concession was revoked in 2014 by Guinea's government.
World's second largest exporter of iron ore - Brazil has recorded iron ore export volumes at 29.40 MnT in June'19 (data complied is for 19 working days), down slightly as compared to May'19 exports at 29.83 MnT, according to trade statistics released by Brazil customs. On yearly basis, exports dropped 17% as against 35.31 MnT in June'19.
The two key raw material for steel production, Iron Ore and Scrap prices are moving in opposite directions. The Vale disaster at the Brumadinho tailing dam in late January this year has led to a cut in iron ore supplies, and a spike in spot prices making them to hit five years high, leaving no margins for blast furnaces.
Brazil’s Vale which needs court approval to resume production at its Brucutu mine after a deadly dam collapse, told analysts it expects to do so soon, analysts at brokerage XP said on Thursday after meeting with the miner’s top executives.
The London Metal Exchange (LME) is partnering with Fastmarkets to develop the reference price for its planned lithium futures contract, which will help analysts and executives to get a full sense of the global market for the key ingredient in the making of the batteries that power electric vehicles (EVs).
World's second largest exporter of iron ore - Brazil has recorded iron ore export volumes at 29.02 MnT in May'19, up 58% as compared to Apr'19 exports at 18.34 MnT, according to trade statistics released by Brazil customs. On yearly basis, exports dropped 16% as compared to 34.62 MnT in May'18.
Following the collapse of a dam at Vale’s (NYSE:VALE) Corrego do Feijão iron ore mine back in January, the southeastern Brazilian state of Minas Gerais signed a Memorandum of Understanding with tech company Inmarsat to monitor all tailings facilities in the region.