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Iron ore miner Fortescue scraps $2.5 bln debt deal, shares drop

Australia’s Fortescue Metals Group Ltd, the world’s fourth-largest iron ore miner, pulled a $2.5 billion high-yield bond issue after investors rattled by tumbling ore prices balked at the offer, sending its shares to six-year lows. The scrapped refinancing deal is ...

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Iron ore miner Fortescue scraps $2.5 bln refinancing, shares drop

Fortescue Metals Group Ltd , the world’s fourth-largest iron ore miner, has pulled a $2.5 billion high-yield bond issue after a weak response from investors worried about tumbling iron ore prices. Fortescue, which had net debt of $7.5 billion at Dec. 31, ...

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Trafigura Postpones its Brazilian Iron Ore Port Opening to 2015

Trafigura postponed the opening of its iron ore export terminal Porto Sudeste in Brazil to next year 2015. The company has got a contract to trade ore through the port. In June, the company said that it would open the port in ...

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Vale to Buy More Ships to Increase Iron Ore Exports

Iron Ore Producer of Brazil, Vale has planned to increase its shipping fleet so as to double the iron ore shipment to China over the next five years.    Vale’s head of Iron ore, Mr. Jose Carlos Martin said that with the ...

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Iron Ore Production in Western Australia on the Rise

Large amount of iron ore is flowing out of Western Australia due to the increased production rate by the major iron ore producers including BHP Billiton. During Thursday, Atlas Iron, one of the majors reported their big iron ore volume increase over ...

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Rio Tinto says: Iron Ore Output Increased11% by Australia Expansion

The world’s second largest mining company Rio Tinto Group said that its Q2 iron ore production surged by 11 pct followed by the expansion of operations in the Pilbara region, Western Australia. The company said that the output was about ...

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BHP Is Planning To Slash More Jobs At Australian Iron Ore Unit

Due to the declined iron ore prices , BHP billion, Mining giant is planning to slash more jobs at its Australian iron ore unit, in a view to reduce costs. It is estimated that number of job cuts will reach up to ...

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Baosteel of China to Buy Large Iron Ore Holdings In Western Australia

Baosteel of China agreed to buy a massive iron ore reserves in Western Australia after Mineral Resources denied to take over the control of Aquila Resources. This move made the way for Baosteel to hold up new iron ore supply ...

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BHP Admits that its Iron Ore Production Was Very Rapid

Author: Paul Ploumis CANBERRA (Scrap Monster): BHP Billiton extended its iron ore production too quickly, which made the Anglo-Australian miner to ignore the underlying growth of its overall business, said its chief executive. But, Andrew Mackenzie added that despite the issues ...

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