exports

Iron ore stocks have been hammered today as the price of the commodity dropped to five-year lows.

The price of iron ore has fallen to below $US65 a tonne for the first time since 2009, and analysts warn it will drop even lower.

Iron ore miners were punished yesterday as the price of iron ore edged closer to a fresh five-year low.

Citic has been forced to writedown the value of its Sino Iron project in the Pilbara by $1.8 billion due the falling price of iron ore.

Macquarie Group has joined the list of major banks that are cutting their iron ore price forecasts.

China’s demand for NSW coal jumped 22 per cent over the last financial year.

Oversupply and slowing demand: that’s the story the Australian government says will keep prices of some of the nation’s most valuable exports down for the next few years.

Data released by the Department of Mines and Petroleum has valued Western Australia’s mineral and petroleum industry in 2013-14 at $121.6 billion, a 20 per cent increase on last year.

The Bureau of Resources and Energy Economics predicts iron ore will trade at around $90 – $S95 for the next five years.

The Chinese Government has announced a tightening of the quality of its coal imports, which may have flow on effects to Australian coal miners.

Iron ore had its biggest one-day gain in over a year on Monday with the price rising by nearly four per cent.

Rio Tinto’s energy chief warned punters should not get too carried away with a spike in the uranium price, predicting an uptake in the industry was years away.

At odds with other iron ore analysis of late, Westpac chief economist told a conference he expects the price to pick up to over $US100 a tonne next year.

Fortescue Metals Group posted a record-breaking August with the export of more than 15 million tonnes of iron ore.

Cost cutting and a move to higher grade ores has seen Australia’s gold production rise 10 per cent over the past twelve months.

Japan’s Itochu Corporation and Sumitomo Corp are looking distance themselves from coal by selling their combined 45 per cent stake in two of Glencore’s Queensland coal operations.

Indonesia has allowed two companies to export some metal ore concentrates after they agreed to pay a new 20 per cent tax.

In what could be good news for Australia’s coal industry, India’s power plants are running out of stock, forcing the country to increase its import levels.

Iron ore has seen a price resurgence as China shuts down its high-cost mines and announces upbeat manufacturing data.

According to a new report by ANZ, 75,000 mining-related jobs are at risk as Australia enters “phase three” of the mining boom over the next few years.