iron ore

Fortescue Metals (ASX:FMG) is undaunted in the face of a possible fall in iron prices as it says it is on track to meet expansion targets.

Chief executive Nev Power said iron ore prices was at its highest during the three months to September, then softened late in the quarter.

Rio Tinto (ASX:RIO) is on target to meet its 2011 iron ore production and surpass last year’s record profit of US$14.32 billion. In its third quarter production report, Rio posted new quarterly records for iron ore sales and coking coal production.

Atlas Iron (ASX:AGO) will adopt monthly pricing this financial year after its long term supply contracts expire.

''As new contracts are entered or renewed, Atlas will be generally looking to shorten the pricing reference period from quarterly to monthly to ensure that a price more reflective of current conditions is received,'' said Atlas in its annual report.

Several three-year contracts started in 2008 and early 2009 are due to expire this year.

Sundance Resources (ASX:SDL) has recommended a $1.65 billion takeover bid from China's Hanlong Mining. The sweetened price represents a 65.3 percent premium to Sundance's volume weighted average price in July.

To win the Sundance board over, Hanlong raised its original 50 cents per share offer to 57 cents a share, a 14 percent increase. The privately-held Chinese company has its eye on Sundance's Mbalam iron ore project in Africa's Cameroon and Congo.

Rio Tinto (ASX:RIO) is shelling $813 million to bankroll the expansion of its Pilbara iron ore mine in Western Australia. Driven by strong iron ore prices, Rio continues to post record profit margins from its Pilbara operations and the cashout was long in the cards.

"These projects provide certainty in meeting our power and fuel supply requirements, both now and into the future," Rio iron ore chief Sam Walsh said.

Rio Tinto (ASX:RIO) continues operations in its Guinea ore project despite the country's new mining code stating it can take up to 35 percent of projects. The miner has already agreed to this percentage upper limit when it paid Guinea US$700 million, confirmed by Rio on Easter this year.

Fortescue Metals (ASX:FMG) chief Nev Power expressed his disappointment with the company's share price and is out to boost this price by ending scepticism.

Power said the price will rise when the sceptics have heard the iron ore miner's story. While he believes that the share price did well, he said it should have done better.

Newly minted Fortescue Metals (ASX:FMG) chief executive New Power is aligning himself with businesses against the Gillard government's handling of the economy.

He said the government should not focus on taxation alone, but it should also raise revenue through growth.

Record iron ore outputs fired BHP Billiton (ASX:BHP) final-quarter production report, and the world's biggest miner is on track for a full year net profit of $20.49 billion.

Although BHP beat analysts expectations in its iron ore and copper businesses, Queensland's heavy rains blocked the company's coking coal output.

Mining giant Rio Tinto (ASX:RIO) warned of a fall in the current high prices of copper and iron ore because the trend was unsustainable. Rio aims to defend itself against the drop by keeping a strong balance sheet.

Jan du Plessis, Rio chief executive, said, "These record-high levels are probably not sustainable. We all accept that." He also added that in the long term, Rio is "very confident that Chinese demand and Indian demand will be very strong."