New Iron Ore Discovery in China – Analyst Blog
Source: http://www.zacks.com/stock/news/21506/New+Iron+Ore+Discovery+in+China+-+Analyst+BlogPosted on Friday, June 26th, 2009 | In Market Commentary, Stocks to Watch
Contributed by: Zacks Market Commentaries (http://www.zacks.com/) -
New Chinese Iron Field Raises Long-Term Concerns for VALE
Yesterday, China announced that it was found what may be the biggest iron ore mining field in Asia, in the Northeast of China, with an estimated potential of 3 billion tons. Of course this announcement must be checked and the potential production may be overestimated.
Nevertheless, such an announcement raises some concerns on the medium- t -long-term perspectives on Vale (VALE) with China. We do not believe this new announcement will have a meaningful impact on price negotiations currently underway, but the long-term outlook could be changed. We are keeping our neutral view on VALE.
Read the full analyst report on “VALE”
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