martes, 24 de octubre de 2017

Xi's China a boon for mining

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Iron Ore News Digest
Wednesday 25 October 2017
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President Xi's enormous power means his pet projects like One Belt–One Road and Xiongan New Area will receive the full backing of the state.

Kumba Iron Ore increased its full-year production target by 1-million tonnes.

Lower grades managed to eke out small gains, while higher grades were under pressure.

While an estimated 61 larger miners will pay more, about 30,000 smaller miners seen as larger job creators will pay less.

The agency is urging mining companies to put safety first and avoid erecting dams using methods that are known to be high risk.

Price of iron ore declines ahead of Chinese winter steel output cuts, widening Kobe Steel scandal.

Iron ore production rose 3.3% compared with the same period last year to hit a fresh quarterly record of 95.1 million tonnes.

"[W]e expect growth in China to ease modestly over the short-term, as monetary policy tightens and housing and automotive markets soften," Mackenzie said.

Move is part of a wider review of low performing assets after new Chief Executive Fabio Schvartsman took charge in June.

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