BHP Billiton Still In Talks To Sell Guinea Iron Ore Stake

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Many wondered if BHP Billiton would still consider selling its stake in a major iron ore deposit in Guinea, but the company said on Thursday that talks continue, “despite lengthy negotiations that have prompted questions over the potential for a deal,” reports Reuters.

“Sources familiar with the matter said in December that BHP had selected mining venture B&A Mineracao, co-founded by the former boss of Brazil’s Vale Roger Agnelli, as the preferred bidder for its slice of the Mount Nimba iron ore deposit.”

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Rising 2.3 percent to close at $220.00 per metric ton, the steel billet cash price experienced the biggest change on the LME for Thursday, October 24. Also on the LME, the steel billet 3-month price saw little movement yesterday at $230.00 per metric ton.

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Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India was range bound. Chinese HRC stayed flat. The price of Chinese coking coal remained essentially flat.

The US HRC futures contract 3-month price held steady around $650.00 per short ton. The spot price of the US HRC futures contract remained essentially flat at $651.00 per short ton.