Iron Ore Hits One-Week High as Rio Tinto Suspends Work at Guinea Mine

SEATTLE (Scrap Monster): Prices of iron ore futures rose to a one-week high on Monday as Rio Tinto suspended activity at its Simandou project in Guinea following an incident, raising fears of a potential delay in production start at the mine.

The most-traded January iron ore contract on China's Dalian Commodity Exchange (DCE) was 1.56 per cent higher at 781.5 yuan ($109.07) a metric ton, as of 0204 GMT.

The contract hit its highest since August 14 at 788 yuan earlier in the session.

The benchmark September iron ore on the Singapore Exchange was up 1.5 per cent at $102.1 a ton, as of 0154 GMT, after touching the highest since August 18 at $102.95 earlier.

Rio Tinto, the world's largest iron ore miner, said on Saturday it had suspended activities at Guinea's SimFer mine site after an incident there left a contract worker dead.

Courtesy:www.nbcmontana.com