Berstein analyst sees ‘strong’ iron ore supply
Iron ore shipments by the world's largest producers expanded 10% in the first three months of 2016 compared with the same period last year, according to Sanford C. Bernstein & Co, which said it expected production to be strong this year, according to the Australian Financial Review.
Combined exports from miners including Rio Tinto Group in Australia and Brazil's Vale totalled an estimated 270 million tonnes in the first quarter, about 10% more than the same period last year, Bernstein said in a weekly cargo-tracking report that tallies figures on a ship-by-ship basis.
Whyalla could be Australia's largest ghost town
The prospect of becoming Australia's largest ghost town terrifies Whyalla, where residents ask why a nearby city received $385 million in government funds to keep a polluting lead smelter open, according to the Australian Financial Review.
Hours after administrators from Grant Thornton were appointed to oversee Arrium, acting Whyalla mayor Tom Antonio said there would be an economic “domino effect” if the steelworks and associated iron ore mine at Whyalla, about 380 km from Adelaide, were closed.
Alumina signs $350m bauxite supply deal
Alcoa's Australian partner, Alumina Ltd, has signed a deal to supply bauxite to customers in China, Europe and Brazil worth more than $350 million, according to the Sydney Morning Herald.
Alumina's Alcoa World Alumina and Chemicals (AWAC) joint venture with metals giant Alcoa inked the two-year contract to supply the mineral from existing mines.
