scoping study released, page-16

Just for interest re iron ore prices....I certainly wouldn't be downgrading price movements just now!!!!!News wire 15 mins ago!!!! SMH


Rio scores more iron ore deals

* July 1, 2008 - 11:24AM


Rio Tinto said it has reached further agreements with all of its customers for iron ore deliveries from its Hamersley Iron, Robe River and Hope Downs projects in Western Australia.

The agreements apply for the year beginning April 1, 2008.

Rio shares were up 2.3%, or $3.11, to $138.61 in late morning trade.

The new settlements are in line with Hamersley Iron's Baosteel settlement announced last week, with lump prices increasing by 96.5% and fines prices increasing by 79.88%.

South Korea's Posco, the world's No. 4 steelmaker, confirmed it had agreed to pay up to 96.5% more to Rio for iron ore.

''These agreements are a strong endorsement of the settlement reached last week and reflect the very strong demand for our products across the world's fastest growing markets,'' Rio Tinto chief executive of iron ore Sam Walsh said.

''The agreements throughout Asia will provide an important platform as we embark on the largest expansion in Rio Tinto iron ore's history.''

The company plans to increase production from the Pilbara in Western Australia to 320 million tonnes of iron ore per annum in 2012, and 420 million tonnes per annum beyond that.''