Australia to increase productivity renewal of the mining boom

Australian Resources Minister Martin Ferguson has warned investment projects in the mining enterprises If you want to plan to continue to implement, it is necessary to control operating costs.

The latest research report released on Monday by the Australian Mining Committee pointed out that due to labor costs rose faster now has leapt to the world, Australia's cost advantage has declined. The rise in the cost of capital and energy transport costs continue to the mining enterprises under pressure, the report calls for more skilled migrants loudly and hope that the decision-makers of the Fair Work Act be adjusted accordingly to improve domestic productivity.

Ferguson pointed out, currently under construction, energy projects worth about 270 billion yuan, about 230 billion yuan in the project plan. He said: "there is the possibility of continuing investment boom, but we must first control the operating costs of these projects. Maximize investment opportunities, we must make sure to create an environment to attract more investment, so that the whole country will benefit. "Ferguson said Australia must always pay attention to the operating costs of the project, and concern potential investors may face challenges.

The federal government had already introduced a plan, plans to spend $ 30 billion to train more technical personnel to remove barriers to obtain environmental permits for mining enterprises, may bring in foreign workers to meet the challenges. Ferguson said: "We are the future income instead of relying on the ultra-high commodity prices, but raise the amount of exports of goods against the case of a cost-effective."

The Mining Committee's report also pointed out that the federal government is too concerned about the redistribution of wealth, so that they ignore the importance of the mining productivity.

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The world's fourth largest iron ore supplier prices plunged into a debt crisis

Reuters reported that the world's fourth largest iron ore producer in Australia FortescueMetalsGroup (FMG) and iron ore prices continued to fall into a debt crisis, the company's total debt has been as high as $ 4.5 billion. The report said, FMG is attempted contact with several international financial institutions debt restructuring.

The FMG into a debt trap and may restructure came out of the news since last week, the stock has been suspended from trading resumed trading this morning after the market was up 17.7%. Said in a Reuters report, Credit Suisse (CreditSuisse) and JP Morgan Chase (JPMorgan) has agreed to take over the the FMG debt restructuring work to pay off the first debt deadline may be postponed until November 2015. This will greatly ease the pressure of the FMG short-term funds.

The FMG, CEO of NevPower said in a statement: "We solve the debt problem quick action to ensure that the debt structure able to withstand long-term decline of the price of iron ore." Affected by the fall in the price of iron ore, FMG last week announced the suspension of a number of development projects.

A reluctant to disclose the names of the analysts, said: "This news may make all shocked." He said: "the FMG action fast, surprisingly, this also shows that the impact on manufacturers of iron ore prices far ultra imagine. "he added:" The debt restructuring is a good thing for the FMG. "

Earlier this month, FMG announced this year would cut $ 1.6 billion of investment spending, suspend the planned capacity expansion, and simultaneously announced the layoffs of thousands of people. In order to make up for lack of cash, the company also sells a power station operations.

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How to resist China's iron ore global market downturn

Today's global market remains in the doldrums, iron ore, coke, coking coal, the charge faced with how fate, the Chinese how to save? Wait and see.

Iron ore
A few days ago, the Chinese iron and steel enterprise information, BHP Billiton agreed to Japan's largest steelmaker - Nippon Steel Tues supply the fourth quarter of 2012 (October-December) offshore of hard coking coal, the price of 170 U.S. dollars / ton, the price than iron ore prices for the third quarter of 2012 was $ 225 / ton, down 55 U.S. dollars / ton, ring than the 25% decline. Iron ore prices is vulnerable, but the coking coal price decreases considerably large margin, more than we expected.

Coke
Billet prices rebound ineffective the Hebei region coke market weakness remains. NDRC: September 5 approved 25 rail transit projects, and 20 other traffic warehousing project, an energy pipeline project and the three companies to borrow offshore commercial loan project, September 6th relevant ministries and approved 11 infrastructure The project, involving an investment amount of more than 7000 billion; resulting in the billet continuous rise in the short term, ferocious rally. Skeptical but most of the steel mills of the late, have strong supporting factor prices, merchants wait-and-see mentality heavier; coupled with destabilizing effects of blank price the discontinued steel mills in the short term is difficult to resume production.

Early September for Large Iron and Steel Group, the the coke market high-end price, I feel pressure. Various steel mills were low inventory run some steel mills, coke stocks coke market downturn persists, the steel mills to negotiate the price will drop $ 100, the file yet announced the expected level the coke tax to the factory price 1480 yuan will be executed / ton. At the same time, the purchase price of coke Shougang Group in September this price, this is the last few years the only time the two steel mills coke purchase price "encounter".

Coking coal
Domestic coking coal prices continued to fall, the steel procurement stocks are running low. Across the country steel mills have said that many steel enterprises are at a loss, in addition to cuts, limiting the production of variable-like strategy, the upstream raw coke, coking coal and iron ore prices and costs is the main influence factors. Reduce inventory in the market remains in the doldrums the market fell, on the one hand be able to reduce the appropriation of funds, on the other hand, anti-guilty of coking coal downlink lead the hidden losses.

Domestic coking coal faces downside risks, by "Eighteen" and Dongchu seasonal impact, coking coal supporting factor synchronization is established; especially large ore coking coal prices plummeted in July to September, close to this part of the mine gas clean coal, steam coal has to stabilize rebound, play a stimulating role in the coking coal market.

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China ranks sixth in the world's gold reserves baked

Awareness of gold as a safe asset in the turbulence of the global economic environment, the growing popularity of Korea "Asian economic" reported on September 18 that 18 of the World Gold Council, global gold reserves totaling 31,359 tons, of which China rowsixth place, reserves tons.

It is reported that, according to the World Gold Council 18, the amount of global gold reserves totaling 31,359 tons. Look at the national and international institutions, the United States has the largest gold reserves of 8133.5 tons. Followed by Germany (3395.5 tons), IMF (2814 tons), Italy, France, China (1054.1 tons). Korea's gold reserves amount to 70 tons, ranked 40.

It is reported that the amount of gold reserves in Korea reached 70 tons, ranked 40 in the 100 surveyed countries. Translated in U.S. dollars, the value of gold reserves amounted to $ 2.98 billion. Affected by the global economic crisis, the international currency status of the U.S. dollar began to shake. In view of this, the Bank of Korea last year, the first time after a lapse of 13 years, large-scale buying 40 tons of gold, 16 tons of gold was purchased in July. South Korea's gold reserves as of September of this year jumped to 40.

Since the beginning of this year, including South Korea, Russia, Turkey and Mexico, 15 countries for the promotion of reserve diversification actively purchase gold.

After the third U.S. policy of quantitative easing (QE3), the rising demand for physical assets is expected that the price of gold will climb, buy gold trend will become increasingly prominent. The percentage of gold in South Korea's foreign exchange reserves is still lower than in developed countries such as the United States and Europe. Gold Portugal (90%), followed by Greece, the United States and Germany, the countries with the highest share of foreign exchange reserves ratio.

Gold reserve ratio is less than 1% of the countries and regions, Hong Kong (0.0%), Canada (0.3%), Iraq (0.5%), and Brazil and other.

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Mine drop in price the cost of high school-owned mines faced put into that loss

Steel market remains in the doldrums, this year to enjoy many years of good life mining enterprises also felt unprecedented pressure, however, the face of the ore price with steel prices rapidly diving, the most anxious not still occupy absolute market share of international three mining giants, but the domestic mining enterprises, and in recent years crazy "sea" domestic investment in overseas mining "golden master" who.

"Despite the continued downturn in China's iron and steel industry, iron and steel manufacturers the ore procurement will reduce, but we still plan to continue to implement the $ 16 billion expansion plan, which most of the investment will continue to give the iron ore." In a recent interview. " First Financial Daily "reporters interview, one of the three global mining giant Rio Tinto chief executive Tom Albanese (Tom Albanese), with high contrarian expansion plans on the future needs of the Chinese steel industry confidence .

In fact, he is not just a gamble the future demand, there is cost advantage in the market downturn, squeezing the ambitions of the small and medium-sized mining enterprises.

Today, the price of iron ore from last year's peak of $ 180 per ton, down to $ 100 per ton, which has not only made a lot of domestic mining into a cut, leaving a huge investment in Australia a few years ago mine owned enterprises have dilemma.

Giant emboldened: cost advantage
Beginning in July, pre been stiff import ore prices, there has been a significant decline, fell to its lowest level since October 2009 in early September, to 86.9 U.S. dollars / ton. In recent days, by the Development and Reform Commission approved intensive urban rail projects to launch QE3 stimulus and the United States, the ore price with steel prices rebound, but not yet to break through 100 U.S. dollars / ton.

However, not Rio Tinto to continue the expansion of the scheme have the slightest impact. "We are currently in the ore production in Western Australia's Pilbara year 230 million tons, is expected to reach 283 million tons in the second half of next year, to reach 3.5 million tons in 2015, at the same time, we also expand production at mines in Canada of 19 million to 24 million ton, a joint venture with Chinalco Guinea Simandou iron ore project also plans to put into operation in 2015. "Albanese said," According to the forecast of Rio Tinto, the next fifteen years, China's steel production will continue to about 40% growth to reach 10 million tons, and we hope to seize the opportunities of the next recovery cycle. "

Compared with the domestic mining enterprises, the international mining giant Rio Tinto's day, or much better. And

People at learned from a number of industry, with imported ore prices fell sharply, the price of imported ore and domestic ore is very close to the low-cost advantage of domestic ore gradually disappear, and the high cost due to the exploitation of the domestic mining are lean ore, the general ore price at $ 110 per ton, has been most mines in the profit and loss line between life. Obviously, the current ore price has fallen below the national average cost of ore production line, resulting in an increasing number of domestic mines into a cut, the main ore producing areas such as Hebei Province, the operating rate has dropped to 60%.

Albanese pointed out, there is still room for profit in the current ore prices, Rio Tinto. However, he did not disclose the average cost of mining ore Rio Tinto.

It is understood that, "two extension" mining giants in Australia and other places to find quality mining resources are mined, the production cost of only 40 to 50 U.S. dollars / ton. Therefore, the industry is expected to downlink under the current market, the foreign mining giant is likely to increase production efforts to seize the market share of the domestic mining through price cuts.

According to the latest statistics of the new route west, the domestic steel mills also have increased the proportion outside the mine, almost stopped purchasing domestic ore, some steel mills imported ore ratio even increased to nearly 100%.

Funded mine risk
Of course, not all of Australia's mining enterprises, have "two extension" so good luck.

Minerals Council of Australia has said that the international iron ore and coal prices due to the recent sharp decline, as well as rising mining costs, some Australian mines began to re-examine their investment plans, about $ 246 billion in mining investment risk is increasing, and nearly half of these projects has been put on hold, or may be postponed.

$ 246 billion in investment projects, including 33 iron ore projects, 73 coal projects. Minerals Council of Australia, said the current iron ore mining project (excluding the Pilbara have been completed and the project) costs are much higher than the global average of 75% higher than the cost of the coastal mine cost.

Above mining investment projects were shelved or postponed, many from the investment of Chinese enterprises.

As early as in 2008 to 2010, CITIC Pacific, China Steel, Wuhan Iron and Steel, Anshan Iron and Steel, including domestic enterprises to Australia a number of investments, or the shares of local mining enterprises, or to direct the development of the mining area, however, many of the projects so far failed to put into operation, such as steel Weld Range iron ore project, CITIC Pacific's Sino-Iron iron ore project, as well as Anshan Iron and Steel in Karara iron ore project.

In the second half of last year, the Steel Group announced a pause in the Weld Range iron ore project in Western Australia, the scale of investment of 20 billion Australian dollars. This project originally planned 2013 annual output of mines, is expected over the next 15 years, an annual output of 15 million tons of iron ore. "Australia's central and western regions of the mine investment cost is relatively low, but low ore grade, and infrastructure are not perfect, which there are many uncertainties and risks." Insiders told an international mining giant enterprises in China reporters, iron ore from exploration to mining, is a long-term process to spend a lot of money, will eventually need to get a return from the ore sales. Not to mention the risk of mineral exploration, only from the construction of the mine production to full production, it normally takes 5 to 8 years.

The CITIC Pacific heavily in the acquisition of large magnetite project in Australia, the same dilemma. In March 2006, CITIC Pacific to spend $ 415 million, the entire equity interest in the company bought Western Australia two has 10 billion tonnes of magnetite resources exploitation rights Sino-Iron and Balmoral Iron project originally planned a total investment of $ 4.2 billion, put into operation in the first half of 2009.

The start of project implementation, CITIC Pacific, only to find that the original budget is not enough, and because of the greater difficulty of exploitation, commissioned repeatedly postponed. Now, this time of trial operation of the project, and from the end of August, postponed until November. And even if the project is put into production, the industry of its earnings outlook is not optimistic, because mining cost of this project is likely to be higher than $ 100 / t.

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Chinese steel mills, iron ore bubble laugh not

September 6, Thurs. As the saying goes, the finance ministers to Chi, a person should be more lucrative, even socks more fat to wear on adrenaline climbed higher speed may feel good about themselves apart, stunned even incoherent, see also inertia is not strange.

The ground economic context as well as the development trajectory from local chaebol money come from the knowledge the whole picture, it is not difficult to see reflected. Hong Kong's richest property developers or by the built floor selling properties, wealth monopoly, "bricks and mortar" extra hot, has a long history.

Foam turn iron ore
Australia's richest man and source, whether we have heard? The fertilizer to the socks wear on the wealthy businessman, is located in Perth, Western Australia (Western Australia) to establish iron ore Kingdom Ms. Reinhardt (Gina Rinehart). She not only "full weight" (referring to the body), in his homeland of Australia's wealthy party fits-premier also to women in terms of net worth. Australia's Business Review Weekly "(Business ReviewWeekly) published this year, the Global 200 richest Reinhardt personal net worth of $ 28.48 billion, for the first time to overwhelm the U.S. retail giant Wal-Mart heiress Kyi Christie Walton ( Christy Walton, the net asset value of $ 25.3 billion), the birth of his first rich woman in the world.

Reinhardt has stunned the world, accusing the end of the hatred of the rich who only know how to smoke and drink social right and wrong, and "recommended" They spend more time trying to work to narrow the gap between the rich and the poor. His words, not only the Australian community and down motion, should have nothing to do with them, "Dr. Doom" Faber (MarcFaber) also could not help but plug in a mouth. Faber, although not directly point out why the incident, but referred to the past 40 years there have been four super asset bubble, in accordance with the timing for the gold of the 1970s, Japanese stocks in the 1980s, 1990s dot.com shares and ... ... is Rheinhardt this iron ore. The first three bubble long burst, and among the gold bull market is back from the dead, Japanese stocks and dot.com shares was brought to its knees. The price of iron ore recent sharp adjustment, but to assume that the bubble has to wear, too early to say. However, it is worth noting that iron ore prices jumped 10-fold in less than a decade, compared to a super-bubble in gold, Japanese stocks and dot.com shares are worse than. Reinhardt suddenly suffering from "mania", urged the Australian compatriots quit smoking quit drinking quit gossip, to work hard to break the world, does not rule out is a bad mood with iron ore trend speak incoherent gave so much due.

Chinese steel mills laugh not
A few years ago, the Chinese mainland steel mills soared year after year due to raw material prices, the profit margin has repeatedly under pressure, from beginning to end helpless bereaved.

It stands to reason, the richest woman in the world feel the worse, the more reason to laugh from the bottom of my heart, because iron ore prices fell overturned, equal to the steel industry raw material costs down, help to improve the profit margin. However, the message of the steel plants in the Mainland pig time to steel oversupply, is evident from the Chinese steel production increased from 683 million tons last year to 717 million tons this year; 2012 three quarters of unfinished steel production will Mainland economic slowdown in industrial production weakening environment at the level of the whole year of 2011, the imbalance between supply and demand intensified inevitable. Do not see the signs stabilized steel prices has hit a 33-month low, steel mills profit margin is not necessarily benefit from the fall in the price of iron ore.

The "Ray language Fupo mother and son fighting over the estate
Mainland steel mills to postpone the shipment of iron ore contract period, spot buyers retreat speculators seeing the momentum is not good, with a corresponding adjustment in the position deployment shock in iron ore demand in the short term, the results in the past few months prices diarrhea such as Note . In the past decade, Australia eat given the trend of China's resource-hungry to become poor immune. Up to 25% of the country's exports to the mainland of China, in which the iron ore accounted for Australia's exports to China worth up to 60%. The the this resource heat not only created Reinhardt earth Fupo, its the hometown Western Australia population is only equivalent to one percent in the country, but in the six states of Australia the fastest growing economies, the GDP per capita also ranks first among the country. A local illiterate miners, frequently more than 10 million Australian dollars annual salary, more than twice the per capita annual income for Australia; wage earners outside Australia, read too more have to "hate" word.

Reinhardt recently due to the dispute over property with four children brought before the court, the only son with two sisters on the same side, and mother try to drive down from the position of trustee of a family trust fund; youngest sister standing mother aside, the merits exposure. Reinhardt's son Hancock publicly revealed that he has been a mysterious Chinese tycoons his help, the full support of his family property to compete with the mother.

Reinhardt mother and because of the expense of justice, home of the world's richest woman off Chinese personnel. The Mainland increasingly bad economic momentum, iron ore "bust" (bubble burst, editor's note) recognized, I do not know how many people will show their colors?

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Ore high profits has ceased to exist in Australia need to expand exports of mineral products

According to the "Daily Telegraph" reported, the Australian Federal Resources Minister Martin Ferguson mining giant Fortescue Metals Group and BHP Billiton announced that comment said, about a year and a half ago, the price of iron ore per ton $ 180 after cutting investment, and now everytons, only 90 Australian dollars. Australia need to expand the volume of exports of mineral products, mineral prices brought about by the record of the kind of easy access to the profits of the now defunct.

It was reported that the investment in Fortescue Metals Group decreased $ 1.6 billion, BHP Billiton put aside $ 2.8 billion worth of expansion projects.

Fortescue Metals Group CEO, Powell said, the speed of China's economic growth slowed more than expected lead their companies to cut investment. He said, they saw the steel market supply surplus, and also see that the people have lost confidence in the short-term the Chinese steel market.

China's manufacturing slowdown has lasted 10 months, reaching its lowest level in three years. However, despite the slowdown of the Chinese market, mining investment in this financial year will reach 119 billion Australian dollars.

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Emerald price inflation turned 1 year 8 times

This from December 24 to January 3 emerald bid Assembly, will become the global emerald prices weathervane in the new year. In Myanmar in March this year on the public plate, a jade stones to 33,333,333 euros, which is more than 3 billion yuan price of the transaction, the highest auction record of jade stones. Now, many people in the industry are closely watching Naypyidaw, look forward to the emergence of new miracle. However, feedback from the public offer on-site to see the current public plate number of participants is less than the last, appear unlikely record-breaking turnover.

Jade is a veritable "Crazy Stone". The once-popular movie "Crazy Stone" around a priceless jade expand the plot, the interpretation of the crazy comedy scenes accidentally. In real life, the emerald is more maddening, especially high-end jade decades, the first price soared from a few million millions or even tens of millions.

Chinese jade carving master Wang Junyi tells that he had witnessed a emerald soaring myth: "In November 2009, Myanmar on the public plate, an 'a kind of colored' original stone was sold for a price of 15 million, and 2010 month's time, this piece of original stone sold for the price of 36 million yuan, to wait until September 2010, this piece of the original stone was sold in the domestic high of 1.3 billion, the equivalent of one year turned more than 8 times. When asked why, Wang Junyi analysis, said: "The key is a large number of new funds added to the emerald investment, real estate owners, coal owners are optimistic about the emerald, among the Chinese people shill result Emerald price spikes."

Jade emerald prices across the board surge led the

Skyrocketing not only emerald.

In recent years, the art market continues to be hot, especially jade's performance even more impressive prices to double in a few years or even rise in the number of multiples of ten times the frequent cases, this is also not so many collectors enter the market early profit Philippines.

And nephrite, from late 2010 to the present, the mountain material prices generally rose by 15% to 20% of the very few high-end varieties price even ascribed hundred times; seed material compared with last year, or 50%. The market believes that the support and nephrite prices an important factor in Xinjiang and nephrite mineral face depletion, the raw material is very scarce, has always been collectors palm-sized and nephrite becomes more and more precious.

Produced in Yunnan the Huanglong worth the skyrocketing even more insiders stunned. The Huanglong worth almost marble, per kilogram has risen to a few thousand dollars or even a million, and doubled the price of thousands of times!

Compared and nephrite, Huanglong, the past two years, prices have gone up the most crazy, or emerald. From mid-2011 until now, jade stone prices generally rose from 30% to 50%, top quality jade soared 100% to 200%. First Chinese (Jieyang) Jade Culture Festival emerald Showcase, many top emerald debut, worth tens of millions of fine jade abound, breathtakingly beautiful solid, but the price is also prohibitive for the average consumer. Then, as the most precious, the highest value of jade, emerald prices rose why so high?

Scarcity of raw materials in short supply

Myanmar is a major producer of emerald, approximately 90% of jade were sold to China, and the Burmese public disk raw jade stone wool traded places, often a direct result of the public offer price increased dramatically the the jade market's sharp price increases.

Myanmar has repeatedly participated in the public drive Jieyang the jewelry jade Chamber of Commerce executive vice president Xu Guofeng said: "Myanmar original stone more scarce and non-renewable, the past two years the price rise in the basic rate of 60%. Basically every time the public drive up . "

It is reported that since 2010, the Myanmar government began to restrict the emerald development, and China's domestic inflation, emerald prices soared involved in gambling stone, plus some people do not know jade in Chinese. "Fratricidal", Myanmar Like skyrocketing price of jade stones like riding a rocket.

The emerald prices go jade benefit Jieyang jade industry faced new puzzles

Emerald prices rose sharply, the many Jade supplier followed benefit. "Chinese jade," said Guangdong Jieyang Yang Mei, almost every family engaged in jade craft, now with the emerald rising prices, the wealth of the locals linear upward trend, walking in the streets of male beauty , Mercedes-Benz, BMW, Ferrari and other luxury cars everywhere. Nurtured by the Chaoshan culture, Jieyang people rely on jade, emerald wealth, is also very willing to engage in public welfare undertakings, to help needy groups. According to Xu Guofeng (Jieyang) local traditional jade merchants together running a few things, hands-on action. Previously held China's first the Jieyang jade Cultural Festival, local jade Chen Xian Mei, "Jade Morals figures 'behavior touched by the support of the Government, of Jieyang jewelry jade Chamber of Commerce spontaneous donations, donated ten' Jade De figure "millions of dollars worth of emerald jade."

However, for local jade who, behind the booming, Jieyang jade industry is facing some problems to solve the problem. Xu Guofeng jade market is the lack of a uniform standard: "jade jewelry with oriental features, unlike diamonds set standards based on its weight, clarity, color, and it is difficult to have a unified measure. jade market, the basic lack of standards. Jieyang also explore this issue. "He also pointed out, the advantage of Jieyang as the main direction of natural jade processing, credit management, selling only A cargo, and thus create a Yang beauty the jade brands.

Limited and Chairman of the the Jieyang jewelry jade Chamber of Commerce vice president of, Po Tsui jewelry artwork, Zhu Wei Huan think, the lack of the support of the big brands Jieyang jade industry development, artistic innovation and cultural value is not enough. Jieyang, more of the Emerald Buddha, the Goddess of Mercy, bracelets and other simple jade processing, so basic every family, and the overall lack of artistic innovation and vitality. Jieyang should introduce jade carving masters to increase the maestro, and enhance the value-added of the of Jieyang Jade brand. "Zhu Wei Huan have put forward their own proposals.

Wang Junyi seems, Jieyang jade industry development and change for the industry as a whole in terms of importance, the government should enhance the school level as well as specialized training height, and businesses to conduct some of the guidance, and support for efforts.

Jieyang Party and government departments on the jade industry development bottleneck facing very understanding. The Jieyang city government this before held jade festival in the Tenth year upgrade for jade Cultural Festival, organized by the "Jade Morals characters" a series of cultural activities, Jade Industry Development Forum, jade culture Auditorium is through the implementation of the seventh session of the Sixth Plenary Session of the party spirit, culture jade promote industrial development, and to the jade industry development to promote tourism development, full build Jieyang jade industry brands.

Jieyang relevant departments say: the jade industry is not gambling stone, selling wool, sell the original stone, jade industry to develop, will also focus on cultural values ​​and artistic value of the excavated jade. "This recognition is also Chinese jade industry to form a consensus.

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The Xiyang Group towards the investment in iron ore project contract suspended

Chinese Foreign Ministry spokesman Hong Lei at a regular press conference on the 5th of an iron ore project contract "Western Group of China to invest in North Korea was aborted" reported to respond, he said, China has always supported the Chinese enterprises DPRK invest, in order to contribute to economic and trade cooperation between China and the DPRK.

A reporter asked: It has been reported that, Xiyang Group to invest in North Korea, an iron ore project contract was aborted. What is your comment?

Hong Lei said that China is the DPRK has been to support Chinese enterprises to invest in and contribute to the economic and trade cooperation between China and the DPRK. Hope that the two sides will properly handle problems emerging in the process of cooperation of enterprises in both countries.

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Foreign media: FMG to postpone a large-scale iron ore development in order to save costs

According to foreign reports, the world's fourth largest iron ore producer Fortescue Metals Group Ltd. (FMG) said Tuesday it will cut operating costs of $ 300,000,000, and will postpone a large iron ore of the Pilbara, Western Australia (Pilbara)development, thus further saving of $ 1.6 billion. In addition, FMG will be the abolition of hundreds of jobs.

FMG chief executive Powell (Nev Power), said iron ore prices would decline far exceeded all expectations, and now we are also worried that time more than originally expected late rebound. Government forecasters warned, iron ore, coal and copper and other industrial commodities, there is space for further price cuts.

Australian mining company to take prompt measures to protect profits, because the major industrial commodity price outlook deteriorated bring the risk to the country's economic resources. Australia's quick to get rid of the financial crisis in 2008, becoming one of the world's fastest growing developed countries, the main reason is that the mining industry. Now, with BHP Billiton, Rio Tinto and FMG companies slashed investment, this status has been at risk. Australia's exports of iron ore is the highest single product, its price in the past two months, fell one-third on Tuesday fell to $ 86.90 per dry ton, the lowest level since October 2009. Coal is an important source of profits for Australia's second largest export products, but also the country's large mining enterprises.

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Mining giant Rio Tinto For the implementation of the Argyle diamond mine layoffs

The news that the world-renowned mining giant Australian mineral producers Rio Tinto said the job cuts will be the implementation of the Argyle diamond mine in Western Australia, designed to reduce the cost of the business. It is understood that Rio Tinto has begun to weigh exit the diamond business, while the Argyle diamond mine owners If its output of rare pink diamond famous.

It is understood, Argyle diamond mine began operating in 1983, is the world's largest rare pink diamond suppliers. Rio Tinto said the Argyle diamond mine pink diamond production accounting for one-fifth of the global natural pink diamond production.

Analysts pointed out that Rio Tinto's Argyle diamond mine, a time when the company decided to cancel some of the expansion project and the layoffs, designed to cope with rising operating costs, while alleviating the decline in commodity prices that the adverse impact on company performance implementation of the layoff decisions impact. Rio Tinto is currently seeking resorting to layoffs in the coal mines of the East Australian business, and said that a coal mine will be closed before the end of the year, rather than to find other ways to extend its operating life. Rio Tinto spokesman Bruce Tobin said: "like others in the industry, the Argyle diamond mine is also facing rising costs adversely affected if you do not lay off, it is difficult to think of other ways and measures to deal with this situation. Unfortunately the the layoff decision will mean that some jobs might be cut. "

But for the specific number of layoffs, Bruce Tobin refused to disclose.

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Both ore and shipping market downturn CVRD sell boats slow pressure

Vale a few years ago, ambitious transport distance disadvantage to narrow the Australian mining enterprises to build their own fleet, now both ore market and shipping market slump, began selling boats decompression.

"First Financial Daily" reporter learned yesterday, the world's largest iron ore supplier CVRD agreed to sell $ 600,000,000 10 large ore carriers to Korea Polaris shipping companies, and then lease the vessel from the latter. These vessels per vessel of approximately 300,000 dwt, is all converted tankers purchased by CVRD in 2009 to 2010.

Besides converted tankers, the Vale still in the past few years, one after another to the shipbuilding enterprises in China and South Korea set a large ship orders, such as Rongsheng Heavy Industries signed a big contract, ordered 12 40-ton ore carriers , the total investment cost of $ 1.6 billion.

At that time, the Vale reason for making such a large ship, its main aim was to make up for Brazil to distance Australia to China to further disadvantage. In 2007, two extension ore freight shipped to China from Australia than Vale to low tens of dollars per ton, the tariff difference is close to the sale of iron ore prices.

Months of industry-wide losses this year of the Chinese steel industry, demand for iron ore has been damaged, information statistics show that in August, the month drop of 28 to 29 U.S. dollars / ton of imported ore. In the process of rapid decline, steel mills and traders although procurement, the majority of the demand side in a wait state, but "to buy up not to buy or psychological role.

This also directly affects the demand for dry bulk shipping mainly to transport ore, CVRD is also selling the ship of the important reasons. The company said that the sale of vessels due to rising production costs and ores and metals prices fell, The transaction is one of the portfolio continued to optimize asset allocation will help improve and further strengthen our balance sheet.

However, the industry analysis Vale to build the ship for the Chinese market so far can not be calling at Chinese ports, perhaps the Vale began to give up one of the fuse own vessel plan. Vale is still with the relevant departments calling at Chinese ports to negotiate, at the same time, the company also said that the company's current strategy is the use of the ship "can itself have its vessels owned by long-term charter contracts leaseback use. "

It is worth noting that Vale 12 40-ton ore carriers ordered from Rongsheng Heavy Industries, has already started to deliver, at the same time, part of the company funds the construction of ships, but also by the Bank of China (601988, stock it) and China Export-Import Bank loans, CVRD use policy changes on the ship will also directly affect the Rongsheng Heavy Industries and the bank side.

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Australian mining companies optimistic about African iron ore production potential

Despite the cooling effect of Chinese demand iron ore prices fell to a near three-year low this week, but the Australian miner optimistic that Africa will be the new iron ore producers.

President Jacques Poos made at a meeting of mining executives said on Friday the country's iron ore production in Africa may eventually be comparable to Australia's major iron ore producing areas of the Pilbara (the Pilbara); approximately half of the world's seaborne iron ore supply from Pierre Bala.

Australian developers and mining companies pointed out that China's economic growth slowdown caused by the decline in demand for iron ore is only temporary, and as China attempts to diversify the sources of supply of iron ore, untapped African resources, shareholders' funds will bring more value.

"Africa will be like the past 40 years, BHP Billiton, Rio Tinto and Hancock fortune in Australia, like the rise of Equatorial Resources executive director John Welborn told Reuters. Equatorial develop two iron ore project in the Republic of Congo.

BHP Billiton, Rio Tinto and Hancock Prospecting are large iron ore producers in Australia.

Miners BHP Billiton and other commodities such as iron ore and coal prices have fallen, and part of the project is suspended, triggering concerns about the 10 years of the Australian resources sector boom withered.

Welborn If the projects are all in the West and Central African region, all planning to put into operation by 2020, African exports likely to reach the current level of 500 million tons in Australia.

But he acknowledged that not all projects are expected to be developed during this period completed. Project developers in Africa must overcome infrastructure and insufficient power supply problem, and the face of some of the political and regulatory obstacles.

Welborn also pointed out that, with the rising costs Australia Pilbara iron ore deposits have been highly developed, Africa is gradually turned into a "new Pilbara.

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