Asian stocks rose for the first time in five days, with the regional benchmark index rallying the most in four months, after Turkey’s central bank more than doubled interest rates to arrest a currency slide that roiled global markets.
Tugboat workers at Australia’s Port Hedland approved work stoppages amid a dispute over wages and annual leave, risking disruption to iron ore shipments to China from the world’s largest bulk-export terminal.
Iron ore shipments from Australia’s Port Hedland expanded to a record in May as mining companies boosted output, helping to push benchmark prices to the lowest level since 2012 and contributing to a rising global surplus.
Atlas Iron Ltd. said it expects iron ore mining at its Wodgina site to start early next month after receiving final government approval. The Perth-based company said it’s on target to ship ore through Utah Point in October and achieve iron ore exports at a combined rate of 6 million tons per annum from its Wodgina and Pardoo mines in Western Australia by December. That rate should grow to a rate of 9 million tons by the end of 2011 following the planned commissioning of the Abydos project, Atlas Iron said in a statement to the Australian stock exchange today.
Atlas Iron Ltd. will meet with lenders on Nov. 14 in New York to discuss a $325 million term loan the company is seeking for general corporate purposes, according to a person with knowledge of the transaction.