Alves says tough times to persist for iron ore market

Iron ore mining giant Vale just delivered a stark, three-pronged warning: first, this year's dramatic run-up isn't fully justified by the fundamentals; second, watch out as low-cost supply is set to pick up; and third, the Brazilian company is ready to compete at any price level, according to the Sydney Morning Herald.

“We'll have to prepare for tougher periods,” Claudio Alves, global director of iron ore marketing and sales at the Rio de Janeiro-based company, told an industry conference in Singapore on Thursday. “The price less than one month ago was more than $US70. When you come back three months ago, it was $US38. This shows there's a big volatility.”

PanAust sees two-year wait for PNG copper mine approval

China-owned PanAust estimates it may take as long as two years to win approvals for its expanded $US3.6 billion copper project in Papua New Guinea as bigger rivals forecast a deficit of the metal by the decade's end, according to the Australian Financial Review.

A revised development plan for the Frieda River project by state-owned Guangdong Rising Assets Management Co's Australian unit more than doubled an earlier cost estimate following a better understanding of the earthworks required.

Fortescue Metals says 'use it or lose it' beats an LNG national interest test

The Australian Financial Review reports that what will provide more and lower-cost domestic gas is proper competition in offshore production, at least according to Fortescue Metals.

As Labor announced a policy this week to scrutinise LNG export projects for their national benefits, the iron ore miner distanced itself from the many other gas buyers voicing their support.

Rather, the West Australian iron ore miner – which would be a bigger user of gas if it could – points to what it regards as an archaic system for offshore retention leases.