He noted that mining activity and export of iron ore was banned by the Indian government in late 2012.

Vale (NYSE: VALE) expects to start building “mega hubs” to make low-carbon iron ore products for the steel industry in the next six months to a year, the Brazilian miner said on Thursday.

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Flying Nickel Mining has signed a binding letter of intent with Norway House Cree Nation (NHCN) to offload its Minago Nickel project as well as related assets and undertakings in Manitoba, Canada.

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"It's important we actually continue that good trading relationship that's been mutually beneficial for both countries," he said.