The international mining and metals sectors didn’t take a break for Independence Day. Rio Tinto Group has made its first moves under its new CEO and India is reconsidering its steel tariffs.
Jacques Shelves Rio Iron Ore Project
Rio Tinto Group has shelved its $20 billion Simandou iron ore project in Guinea because of a sustained slump in prices, the company’s new CEO Jean-Sebastien Jacques said in an interview with The Times newspaper.
The world’s second biggest miner by market capitalization had been seeking financing for Simandou, even after a $1.1 billion writedown on the project in February. Last month the Anglo-Australian company submitted a feasibility study to the Guinean government.
But global oversupply of iron ore made the project inviable at this time, Jacques told The Times.
India is Reconsidering Steel Minimum Import Prices
India may alter the list of steel items that attract a minimum import price if the country decides to continue with the measure beyond August, steel secretary Aruna Sundararajan said.
India imposed the minimum import price on 173 steel products in February, helping cut inbound shipments last month to their lowest level in at least 14 months.