Goldman Sachs says it's time to bet against iron ore price rally
Goldman Sachs believes iron ore's rally from a decade-low offers investors an opportunity to bet against the commodity as prices will resume their decline amid weak demand and rising supplies, according to the Australian Financial Review.
“Market fundamentals will reassert themselves sooner rather than later,” analysts Christian Lelong and Amber Cai wrote in a new report, maintaining their forecast for prices to average $US52 a tonne this year. “Investors may consider this as a window to take short positions.”
New Zealand's Todd Corp swoops on Flinders’ tough ask
New Zealand's billionaire Todd family has strengthened its foothold in Western Australia's Pilbara region through a $65 million deal that could see it gain ownership of Flinders Mines' flagship iron ore project, according to the Sydney Morning Herald.
In a move that bucks recent trends in the struggling iron ore sector, a subsidiary of the Todd family's investment vehicle, Todd Corporation, signed a $10 million option to buy the Pilbara Iron Ore project for an additional $55 million plus an ongoing royalty.
Aurizon pushes back dates for West Pilbara Iron Ore project decisions
Aurizon's largest shareholder, Perpetual, has called for the rail and infrastructure giant to shelve its planned $6 billion West Pilbara Iron Ore project after it pushed back a series of development deadlines due to a slump in the iron ore price, according to the Sydney Morning Herald.
Aurizon on Monday said following talks with the other partners in the project – Baosteel Resources and its subsidiary Aquila Resources, Korean steel giant POSCO and AMCI – it remains committed to the technical and commercial feasibility study stage for the project.
