Iron ore prices for October 16, 2020:
Chinese empty apartment sales have turned. Let’s see where they go from here:
In other news:
China-backed consortium SMB-Winning aims to bring blocks 1 and 2 of Guinea’s massive Simandou iron ore deposit into production by 2025, Chairman Fadi Wazni said on Friday.
The consortium – which includes Société Minière de Boké (SMB) and Singapore’s Winning Shipping as well as Guinean government interests – won a $14 billion government tender in November 2019 to develop the blocks of the largest known deposit of its kind, holding more than 2 billion tonnes of high-grade ore.
“2025 is what we are aiming to,” Wazni said. “I have to say that, if you look at our record with bauxite… we are fairly confident we will meet this target.”
Blocks 3 and 4 of Simandou are owned by Rio Tinto.
Brazilian mining company Vale SA is on track to reach its goal of producing 400 million tonnes of iron ore by the end of 2022 or early 2023, Chief Executive Eduardo Bartolomeo said during the FT Commodities Mining Summit on Friday.
The company is already producing 1 million tonnes of iron ore daily, he said.
The base case remains that we are enjoying iron ore last boom.