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Trade surplus touches new high on iron ore demand

Record demand for iron ore has lifted Australia’s goods trade surplus to a new peak of $13.3 billion. Australian Bureau of Statistics preliminary figures for the month of June show exports ballooned eight per cent to $41.3 billion, with significant increases in metalliferous ores, coal, non-monetary gold and gas. Exports of metalliferous ores reached $20.5 billion, marking a fourth consecutive

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Iron Bridge project shoots up once again in costs

Fortescue Metals Group (ASX: FMG), the world’s fourth-largest iron ore producer, raised the cost estimate for its Iron Bridge magnetite project to between $3.3 billion and $3.5 billion, the second time this year. Initially, Iron Bridge was expected to cost $2.6 billion and, prior to this recent hike, its price tag had already risen to around $3 billion. In February

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POSCO acquires Ravensthorpe stake from First Quantum

Canada’s First Quantum Minerals has sold a 30 per cent share of the Ravensthorpe nickel operation in Western Australia to South Korean steel-making company POSCO for $US240 million ($310 million). First Quantum will retain a 70 per cent share in the nickel facility and will continue as the operator. POSCO and First Quantum have agreed to evaluate a strategic partnership

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