China Metallurgical eyes Australia iron ore mine SYDNEY, Sept 6 | Sun Sep 5, 2010 6:49pm EDT
(Reuters) - China Metallurgical Group Corp has unveiled plans to develop an iron ore mine in Western Australia with construction starting in mid-2012 and operations starting by 2015, the Australian Financial Review said on Monday. According to plans lodged with the Australian government, China Metallurgical plans to initially mine 55 million tonnes of low-grade magnetite iron ore at its Cape Lambert iron ore project, which it will then process into a magnetite concentrate at a rate of 15 million tonnes a year. It also plans to eventually boost magnetite concentrate production to 25 million tonnes a year and expects to be mining at Cape Lambert for about 25 years, the AFR said. As part of the development, the firm also plans to construct a 300 megawatt natural gas-fired power generator and a desalination plant. China's rapid economic growth and insatiable appetite for natural resources such as iron ore and coal has fuelled Australia's mining boom and companies are rushing to expand operations to meet demand. Global miner Rio Tinto (RIO.AX) is planning to expand iron ore output in Western Australia's Pilbara region to rate to 330 million tonnes a year while smaller miners like Fortescue Metals (FMG.AX) and Atlas Iron (AGO.AX) are also raising production. (Reporting by Balazs Koranyi; Editing by Ed Davies)
China Metallurgical eyes Australia iron ore mine | Reuters
ps(This is why they want our iron ore-supply and demand!!!)
Please DYOR
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