Market news27 Nov 2019 07:23
https://www.spglobal.com/platts/en/market-insights/latest-news/metals/112619-guinean-simandous-planned-debut-wont-upset-high-grade-iron-ore-market-developer
"Guinean Simandou's planned debut won't upset high-grade iron ore market: developer
Author Diana Kinch
Editor Jonathan Dart
London — Output from Guinea's Simandou blocks 1 & 2 iron ore project -- which could reach 60 million mt a year from 2026 -- is unlikely to unbalance the iron ore market due to its high grades and because capacity elsewhere has been taken out of production, SMB-Winning, the alliance which gained rights to develop the project this month, said.
"The high-grade market can be thought of as a micro-market -- maybe representing just 5% of the total iron ore market of some 2.7 billion mt/year production -- as such we should be less exposed to price volatility than others," Fadi Wazni, chairman of Societe Miniere de Boke (SMB), part of the alliance, told S&P Global Platts.
"If we throw 50 million-60 million mt into this market it won't have much impact -- 200 million may have an impact, however," he said."
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https://www.google.com/amp/s/www.bloomberg.com/amp/news/articles/2019-11-27/rio-lifts-iron-ore-spending-to-4-billion-on-firm-china-demand
Rio Spending $4 Billion on Iron Ore Pipeline Amid China Demand
By David Stringer
November 26, 2019, 7:27 PM EST
Updated on November 26, 2019, 11:41 PM EST
No. 2 miner to invest $749 million on project at Tom Price hub
BHP and Fortescue are also building new mines in Australia
Wagons Of Iron Ore Make Their Way To Port By Rail And Road
Photographer: Ian Waldie/Bloomberg
Rio Tinto Group lifted its spending on new iron ore projects in Australia to more than $4 billion with the approval of a replacement mine at a key hub, providing a further sign of the industry’s confidence in demand led by China.
London-based Rio will invest $749 million to bring the Western Turner Syncline Phase 2 project into production from 2021, according to a statement Wednesday. It will help extend the life of operations around the Tom Price mine, which began exporting in 1966.
While the new project is aimed only at replacing output that’ll be lost from aging pits, Rio will have options to boost volumes from its $2.6 billion Koodaideri development, Chris Salisbury, iron ore chief executive officer, said in a phone interview. The Western Turner project was accounted for under capital expenditure guidance outlined last month, he said."
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