Iron ore price boom in Australia
The report also...
Iron Ore hit close to $62 per ton, a three month high for the commodity, a report released by the Pilbara Ports Authority has revealed.
The report also showed an increase in the amount of shipments of the element through Port Hedland in July, the largest iron ore terminal in the world.
The import price for 62 percent iron content fines at the port of Qingdao added nearly a dollar to $61.56 a tonne, data from The Metal Bulletin Index has shown, taking its monthly average to $61.28.
Pilbara Ports Authority has delivered a total monthly throughput of 52.9 million tonnes (Mt) July, an increase of 2 percent from the same month last year.
The Port of Port Hedland achieved a monthly throughput of 39Mt, an impressive growth of 9 percent from the previous year.
Iron ore exports for the month totalled 38.7Mt an increase of 10 percent from the same month in 2015. Imports totalled 113,000 tonnes, a decrease of 44,000 tonnes or 28 percent from the previous year.
The Port of Dampier delivered a total monthly throughput of 13.8Mt, a decrease of 1.9Mt or 12 percent from the same month in 2015. Imports totalled 57,000 tonnes, a decrease of 19,000 tonnes or 25 percent from the previous year.
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Vale invests $150mn to extend life of Manitoba operations
Vale has announced a $150mn CAD investment to extend current mining activities in Thompson, Manitoba by 10 years while aggressive exploration drilling of known orebodies holds the promise of mining well past 2040.
Global energy transition is boosting the market for nickel
The Thompson Mine Expansion is a two-phase project. The announcement represents Phase 1 and includes critical infrastructure such as new ventilation raises and fans, increased backfill capacity and additional power distribution. The changes are forecast to improve current production by 30%.
“This is the largest single investment we have made in our Thompson operations in the past two decades,” said Mark Travers, Executive Vice-President for Base Metals with Vale. “It is significant news for our employees, for the Thompson community and for the Province of Manitoba.
“The global movement to electric vehicles, renewable energies and carbon reduction has shone a welcome spotlight on nickel – positioning the metal we mine as a key contributor to a greener future and boosting world demand. We are proud that Thompson can be part of that future and part of the low carbon solution.”
Vale continues drilling program at Manitoba
Coupled with today’s announcement, Vale is continuing an extensive drilling program to further define known orebodies and search for new mineralization.
“This $150mn investment is just one part of our ambitious Thompson turnaround story. It is an indicator of our confidence in a long future for the Thompson operations,” added Dino Otranto, Chief Operating Officer for Vale’s North Atlantic Base Metals operations.
“Active collaboration between our design team, technical services, USW Local 6166, and our entire Thompson workforce has delivered a safe, efficient and fit-for-purpose plan that will enable us to extract the Thompson nickel resources for many years to come.”
The Thompson orebody was first discovered in 1956 by Vale (then known as Inco) following the adoption of new exploration technology and the largest exploration program to-date in the company’s history. Mining of the Thompson orebody began in 1961.
“We see the lighting of a path forward to a sustainable and prosperous future for Vale Base Metals in Manitoba,” said Gary Annett, General Manager of Vale’s Manitoba Operations.