25.08.202507:08:23UTC+00Iron Ore Jumps as Rio Tinto Halts Production at African Mine

Iron ore futures experienced a rise of over 1%, reaching approximately CNY 781 per tonne on Monday. This increase comes after last week's declines, triggered by the temporary halt of operations by mining behemoth Rio Tinto at its expansive Simandou project in Guinea, due to a worker's tragic death. Situated in the southeastern region of Guinea, the Simandou mountain range boasts one of the globe's most substantial high-grade iron ore reserves, with estimates pointing to about 1.5 billion tonnes. Although Rio Tinto was anticipated to commence exports from Simandou in November, following years of setbacks, the company has yet to disclose if this recent suspension will impact that schedule. In another significant development, geologists have announced a groundbreaking discovery in Western Australia’s Pilbara region. This new find is now recognized as the world's largest iron ore deposit, with an estimated value of $6 trillion. Additionally, iron ore prices have been bolstered by a broader risk-on sentiment, following Federal Reserve Chair Jerome Powell's indication during his Jackson Hole address that the central bank is poised to ease policy in its forthcoming meeting.