Iron Ore
The deal comes as Mineral Resources’ net debt has rapidly risen, as it builds its Onslow mine along with a haulage road.
Outside of China, it notes that steel production and demand for iron ore remain muted as of the first half of 2024.
The recent sell-off has pummeled miners’ shares, with stock in BHP Group Ltd. down by more than a fifth in Australia this year.
The prices have already witnessed downfall by 30% from the peak touched in January this year.
The company didn’t disclose the number of locomotives and the time frame for delivery.
According to company press release, it shipped 53.7 Mt of iron ore in the fourth quarter ending 30, June, 2024.
For the full year ended June 30, BHP Group recorded production of 287.0 million metric tons (Mt) of iron ore.
The company reported a dip in its all-injury frequency rate to 0.32 from 0.37 in the first quarter and 0.38 in the same period last year.
The port shipped 26.1-million tons of iron-ore last year, up from 17.4-million tons a year earlier, but still below its capacity of 50 million tons, according to its latest financial statement.
He added being in the community for 70 years was really reflected in the plant’s history.
The reduced production at the Yandicoogina mine in the Pilbara region was more or less offset by robust production at other operations.
Meantime, Samarco production was boosted as a result of higher concentrate throughput.
Bold, who currently serves as Chief Executive Copper, is expected to relocate to Singapore to take up the role of Chief Commercial Officer on 1st September, 2024.
Iron ore for April traded 3.9% higher at $103.80 a ton at 4:29 p.m. in Singapore, while yuan-priced futures in Dalian ended the session higher. Steel contracts in Shanghai were firmer.