Australia cuts iron ore output f'cast, trims copper

Australia slashed its forecast for iron ore output in the year to next July by more than 15 percent as the global steel market withers, suggesting deeper cuts are in store from miners, but made modest reductions in metallurgical coal and copper production...

Rio Tinto Ltd has already reduced its forecast production estimates for 2008 by 10 percent to around 175 million tonnes and said output would grow by only about 3 percent next year. Brazilian rival Vale has also slashed output while BHP Billiton Ltd/Plc has resisted making any sweeping reductions so far.
Demand for iron ore and metallurgical coal, dependent solely on purchases from steel mills, has been particularly hard hit by the global financial crisis as steel makers slash production, reducing the need for raw materials.(china mining)

China business planning - Advertising media

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Shipping contract changes under legal review: FMG

FORTESCUE Metals Group’s plans to renegotiate its shipping contracts have resulted in ongoing discussions with shipping companies and could also trigger legal action.

The company said this morning it was continuing to review its shipping contracts and would be using all “appropriate legal mechanisms” to sort out the disputes caused by the process.

China mining understands one Asian shipping company has begun legal action against FMG in the United States over the suspension of the shipping contracts.

The Perth-based miner said today it had sought legal advice prior to taking its decisive action under the contracts and would continue to take legal advice over the issue.


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Shanghai Business Planning

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Chinese Mining Industry

Chinese mining industry has many issues, because the Government owns the mining property, while the enterprise owns the license for extraction, and because in mining property appraisal the license for extraction is excluded. So even the license for extraction is sold with compensation, it is greatly less than its fair market price. For example the Government owns the land, and in handing over the right to using the land no fair market price is allowed. However the land does have a fair market price, especially big compensation is needed when buildings are torn down and moved. And in accounting no increased value is allowed to add to the land even it was bought by money.