Be sure to have cargo room for the ore.
The two large Australian miners were prevented from selling iron ore on the spot market in China, as Beijing played hardball in negotiations over the contract price for iron ore for the year starting in April.
The two large Australian miners were reportedly prevented from selling iron ore on the spot market in China, as Beijing played hardball in negotiations over the contract price for iron ore for the year starting in April.
Amid unprecedentedly strong demand for iron ore for Chinas rapid development, Chinese steel mills this year refused to follow the industry practice of agreeing to long-term contracts for iron ore at prevailing industry prices with the three major iron ore producers, including Rio Tinto, BHP Billiton, and Brazils Vale.
China is already scrambling to corner contracts for uranium ore, and uranium prices have soared by 400% over the past six years.
While Cleveland's balance sheet was none too healthy (its debt was 66% of capitalization in 2001), it was able to pick up distressed assets for little or no cash, plus the assumption of the mines' liabilities, along with long-term contracts for ore.
The growth has been driven largely by demand from China, and especially by record rises the mining companies negotiated earlier this year in contract prices for iron ore and coal.
Four months later, he is worth A$3 billion ($2 billion), Fortescue is worth A$8 billion, and whether there will be a rebound or a further collapse is anyone's guess.The contract price for iron ore to Chinese steel mills, of which Fortescue is a beneficiary, is for well over $120 a tonne, almost twice its level last year, and triple that of five years ago.
Oracle started doing contracts for the CIA.
Contracts for the sale of land.
