OUR iron ore accounting

Depletion Expense | Formula | Example | Journal Entry

Apr 17, 2013· Depletion is an accounting concept which is similar to depreciation but it is mostly used in timber, mining and mineral oil extraction industries to refer to the gradual exhaustion of natural resource deposits such as coal mines, oil fields, etc.

Australian iron ore supply shouldn't be too disrupted by ...

Mar 22, 2019· Australia is the largest exporter of iron ore worldwide, accounting for about 55% of the seaborne market. The vast majority is shipped from ports expected to be impacted by Veronica.

Rio Tinto faces slower return to exports after Cyclone ...

The Robe Valley mines are relatively small in the context of Rio's big iron ore business, accounting for 16.9 million of the 281.8m tonnes it produced in 2018.. Paul Garvey.

Iron Ore | Today's Spot Price & Charts - Market Index

Apr 18, 2019· Australia is the world's largest iron ore exporter (and 2nd largest producer) accounting for around a third of global production [1].. Western Australia holds just over 90% of Australia's identified iron ore resources and has a reputation for producing consistently high concentrations of around 60%.

Accounting Chapter 7 & 9 Flashcards | Quizlet

During the first year of production, WV Mines removed 35,000 tons of ore, of which it sold 28,000 tons. Make journal entries to record purchase of mineral rights, payment of fees and other costs, depletion the first year, and sale of ore.

CBA says demand for Australian iron ore and coking coal ...

May 22, 2017· "Australia's iron ore exports to China will also increase as high-cost domestic production, which accounts for around 15% of China's iron ore needs, is increasingly being replaced by low-cost ...

China's iron ore edges down after 7-day rally - Reuters

Apr 10, 2019· China's iron ore futures edged lower on Wednesday after a seven-session rally to a record peak, but the pullback was mild as demand for the …

Accounting Topic 6, Chapter 8- Receivables Flashcards ...

O'Reilly Corp. purchased a mine on January 1, 2016, for $539,000. The mine is estimated to contain 38,000 tons of iron ore. There is no residual value. The business extracted and sold 14,500 tons of ore in 2016 and 14,800 tons of ore in 2017. What is the book value of the mine at the end of 2017?

Ferro giants- the world's biggest iron ore producers

May 28, 2014· Rio Tinto, BHP Billiton, Fortescue Metals Group (FMG) and Atlas Iron are the leading iron ore producers in the country. Brazil. Brazil produced 400Mt of iron ore in 2012 accounting for about 13% of the world's total, while its iron ore reserves estimated at 31bt containing 16bt of iron, are the world's second biggest.

Working at Cleveland Cliffs

Founded in 1847, Cleveland-Cliffs Inc. is the largest and oldest independent iron ore mining company in the United States. We are a major supplier of iron ore pellets to the North American steel industry from our mines and pellet plants located in Michigan and Minnesota.

(PDF) Water resource accounting for an iron-ore mining ...

PDF | A study has been conducted at the Bicholim iron-ore mine, North Goa, India to investigate the hydrogeological continuity between the mine's open pit and surrounding villages. Water resource ...

cost accounting in steel and iron ore processing ...

★Magnetite Iron Ore Crushing,mobile plant,processing equipment★ … of the project and cost accounting, … iron ore crushing process plays an important role … as the steel making materials. iron ore is fed … Mining Process – Official Site of Great Northern Iron Ore Properties [To the extent pig iron or steel can be ...

DRI production | International Iron Metallics Association

There are several processes for direct reduction of iron ore: gas-based shaft furnace processes (Midrex® and Energiron being the main ones, but there are several others including Finmet which uses iron ore fines as feedstock) - accounting for 82% of 2016 production (72.8 million tonnes);

Global Iron Ore Mining Markets Report 2018-2022 Featuring ...

Jan 18, 2019· Australia, Brazil, India, China, and Russia were the world's five largest producers of iron ore, collectively accounting for 87.5% of global iron ore production. Global production is expected to ...

Congo Republic ships first iron ore from upgraded port ...

5 · Congo Republic shipped its first iron ore exports on Friday from a rehabilitated deep-water port that will be used by Congolese billionaire Paul Obambi's Sapro …

Price Taker Versus Price Maker: The Perils Of Iron Ore ...

Mar 22, 2017· China constitutes the largest market for iron ore, accounting for close to two-thirds of the imports of the world's seaborne iron ore. China is also the major market for the big iron ore ...

China iron ore slips on tepid demand amid steel output ...

2 · Iron ore futures in China edged lower in early trade on Tuesday as demand eased in the wake of a move to restrict production in top steelmaking city of Tangshan, but losses were modest amid hopes ...

Global Iron Ore Cost Curve - MarketWatch

Sep 05, 2016· The report's analysis covers 70 iron ore operations accounting for over 1,300Mt of iron ore production globally, the majority of which is export production.

Accounting Flashcards | Quizlet

Iron Ore Deposit. Which of the following is considered an accelerated depreciation method? ... In accounting for a contingent liability, if the likelihood of the obligation is probable and the amount can be estimated, the company must. report the liability on the balance sheet. Long-term debt would likely be used for which of the following?

Iron-ore tops the charts in WA - miningweekly.com

Iron-ore contributed A$61.7-billion in earnings to Western Australia during 2017-18, with the sector accounting for more than half of all mineral and petroleum sales. Resources Minister Bill ...

IFRS and the mining industry - IAS Plus

is based on significant changes in accounting guidance, specific first-time adoption issues or the extent of data needed to be obtained and maintained for financial reporting differences. For IFRS and the mining industry, here are our views on the top ten accounting issues for Canadian issuers to consider from a financial reporting standpoint.

Mining in the Republic of the Congo - Wikipedia

Two iron ore mining permits, one to Core Mining's Avima deposit and the other to Nebaba, held by Sundance. Geology. Precambrian rocks of the Archean to Neoproterozoic Age form the central part of the Republic of the Congo, overlain by continental Cretaceous and Tertiary Sediments. The East is made up of Quaternary alluvial sedimentation.

Fortescue steps up hunt for lithium 'elephant' - afr.com

Apr 18, 2019· The cashed-up miner has been exploring for lithium in its iron ore heartland in Western Australia where Chris Ellison's Mineral Resources, Pilbara Minerals and Altura Mining already have lithium ...

2013 Minerals Yearbook - USGS

was the leading global producer of iron ore, accounting for 47% of iron ore production by gross weight (29% by metal content), followed by Australia, Brazil, and India (table 12). These countries accounted for about 82% of global iron ore production by gross weight. Iron ore is …

Rio Tinto - China Will Continue To Remain More Robust Than ...

Rio Tinto is a major diversified mining company with leading iron ore, aluminum, copper, coal, diamond, and mineral businesses. I believe Rio Tinto's high-quality asset base and disciplined cash ...

The rise of iron ore derivatives - Risk.net

Iron ore is beginning to give rise to a market for risk management products that befits one of the world's most important commodities. The vast majority of iron ore is used to make steel – a product integral to the construction of buildings, railways, planes, ships and …

USGS Minerals Information: Iron Ore

Iron ore is a mineral substance which, when heated in the presence of a reductant, will yield metallic iron (Fe). It almost always consists of iron oxides, the primary forms of which are magnetite (Fe 3 O 4) and hematite (Fe 2 O 3). Iron ore is the source of primary iron for the world's iron and steel industries.

What Are the Different Uses of Iron Ore? (with pictures)

Apr 12, 2019· One of the most important uses of iron ore is steel production, accounting for the bulk of iron ore processed annually. Iron-rich ores have a number of other uses, some of which are literally quite colorful; they are used in cosmetics, for example, and in the production of some paints, inks, and dyes.