Bloom Lake Mine gets US$180M loan

Two mining companies announced Thursday that their respective dealings with Japanese smelters and steel manufacturers have not been impacted by the devastating Japanese earthquake and tsunami at this time.

Global miner Rio Tinto warned that metals demand could fall in the near term and prices could be volatile in the medium term due to economic imbalances, but the long term growth outlook remained strong.

Sumitomo Metal Industries Ltd Japan's third-biggest steelmaker, said it had no plan to declare force majeure on input deliveries. The company has suspended operations of the two giant blast furnaces at its mainstay Kashima plant in Ibaraki prefecture after the quake and tsunami.

Altius Minerals made a profit of $69.3 million, or $2.38 per share, in the three months ending January 31 — the Canadian iron ore producer's third quarter. That compares to a $102,000 loss in the same period last year. Quarterly revenues were 1.1 million versus $912,000 for the previous year's Q3. Altius also gained $84.6 million after transferring its 100% interest in the Kami iron ore property to Alderon Resources Corp. in exchange for 32.3 million shares of Alderon.

Largo Resources Ltd. (“Largo” or the “Company”) (TSX VENTURE:LGO) is pleased to announce that it has entered into a letter of intent […]

Brazilian mining giant Vale (VALE5.SA: Quote) said on Thursday the government is overcharging it for mineral royalties and will seek a legal review of some the requested payments amid a dispute over debts to the government that could reach $2.4 billion. Vale, the world's largest iron ore miner, insisted it had made payments according to the law and said it disagreed with the government over criteria for calculating what it owed.

Anglesey Mining's 41%-owned Labrador Iron Mines Holdings Limited (TSX: LIM) has entered into a life of mine transportation contract with Quebec North Shore and Labrador Railway for transporting iron ore from LIM's DSO iron ore projects near Schefferville. The contract provides that QNS&L will carry LIM's iron ore from Emeril Junction, Newfoundland and Labrador, to Sept-
les Junction, Quebec, on the QNS& L Railway. The railway already carries iron ore for Iron Ore Company of Canada, Wabush Mines and Consolidated Thompson's (now Cliffs Resources) Bloom Lake Mine.

The Wall Street Journal writes that Tata Steel Ltd. expects its raw material costs to increase around 15% in the next fiscal […]

Further to its earlier news release of February 17, 2011, Canadian Orebodies Inc. (TSX VENTURE:CO) (“Orebodies” or the “Company”) is pleased to […]