July 17, 2009 |
Beyond triggering a growing chorus of international criticism, China's detention of an Australian mining executive is a reminder that doing business here carries risks not found in other major economies. The controversy has sparked heated exchanges between Chinese and Australian officials in recent days, with Australians complaining that the Chinese have not released any evidence backing the charges against Stern Hu, an iron ore negotiator for mining giant Rio Tinto.
June 7, 2009 |
A landslide buried an iron ore plant and several homes, killing at least 26 people and leaving dozens missing in a valley in central China, state television said. Nineteen miners and seven employees of a cellphone company died Friday in the landslide in Wulong county, about 90 miles from Chongqing city, CCTV said. Rescuers saved eight people, three of whom were seriously injured. A Chongqing government spokesman said 74 people were missing: 47 workers at an iron ore mine, 21 residents, two telecom company workers and four passersby.
May 28, 2008 |
The sloping expanse of verdant hillside known as El Mutun doesn't stand out amid the lush semi-jungle straddling the remote Bolivian-Brazilian frontier. But the rust-colored stones strewn about provide a hint of hidden treasure: This is a mountain of iron ore. Forty billion tons of it. El Mutun is, in fact, the world's largest concentration of iron ore at a single site, said Pritam Singh Rana, Bolivian managing director for Jindal Steel & Power, a New Delhi-based conglomerate.
May 1, 2008 |
Brazil received an investment-grade credit rating for the first time from Standard & Poor's, sending the country's benchmark stock market index to a record high and yields on dollar bonds to an all-time low Wednesday. Brazil, whose economy grew last year at the fastest pace since 2004, should be able to maintain annual growth of as much as 4.5%, S&P said as it raised the country's long-term foreign-currency debt rating to BBB-minus from BB-plus. Brazilian exports have tripled since President Luiz Inacio Lula da Silva took office in January 2003 on rising world demand for soybeans, iron ore, beef and cars.
February 7, 2008 |
Rio Tinto Group rejected a sweetened $147-billion offer from BHP Billiton Ltd. because the company said it "significantly" undervalues the copper and iron-ore producer. BHP raised the bid by 13% after Aluminum Corp. of China bought a stake in Rio to block the takeover. The combination of BHP and Rio would create the world's biggest producer of copper and vie with Brazil's Cia Vale do Rio Doce as the largest supplier of iron ore.
July 30, 2006 |
Rich Rojeski is mulling over his exit strategy. Maybe a second career selling machinery? What about home prices in Arizona? Rojeski isn't the only one at Hibbing Taconite Co. practicing his golf swing and surfing the Internet for real estate in warmer climates. Already this year, four colleagues in the maintenance department have retired and at least two others are poised to follow.