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State-controlled China Communications Construction Co and iron ore miner Vale SA have agreed to set up a steel mill in Brazil's northern state of Pará with a $450 million investment.

The iron ore market is surging, with prices last week topping the $100-per-tonne level for the first time in five years.

While iron ore prices have surged to a five-year high above $100 a tonne, not all producers of the steel-making ingredient are sharing in the bounty.

According to the Vancouver-based miner, there are low exploration and development costs associated with the project.

The fortunes of two commodities are beholden to China, the world's biggest importer and user of both iron ore and copper.

"We were very clear that as long as the 232 tariffs were there it would be very, very hard for us to ratify the new NAFTA," Foreign Minister Chrystia Freeland said on Saturday.

Researchers want space-miners to focus on the Moon, Mars and iron-rich bodies tumbling through the asteroid belt and leave things such as Jupiter and Saturn alone.

Increasing supply worries after Vale warns of another dam burst.

According to a document published on Thursday, prosecutors said Vale is predicting the dam in the city of Barao de Cocais may collapse next week.