uruguay seeks australian investment in iron or

Uruguay seeks Australian investment in iron ore mining
[email protected],28/05/2012-17:45

Uruguayan minister of industry, mines and energy, Roberto Kreimerman, called for Australian companies to invest in iron projects in the country.

The minister admitted during a meeting with businessmen in Australia that Uruguay lacks “a tradition of large-scale mining”such as Brazil, Chile, Peru, Mexico and Bolivia.

He said Uruguay has mineable deposits with many opportunities for iron ore exploration, citing the ongoing feasibility studies requested by Australian miner Gladiator Resources.

According to Kreimerman, Gladiator announced earlier this year the issuance of 68.6 million new shares to raise $6.2 billion, partly to be invested in the project’s feasibility study for extraction of iron ore and production of pig iron in the Isla Cristalina region.

The Zapucay project would be developed in conjunction with Canada’s Orosur Mining and include an iron ore mine, sinter plant, mini blast furnace, several charcoal production modules and general infrastructure, such as new transport facilities and utility networks.

“The Uruguayan strategy is to diversify the source of investment and trade,” Kreimerman concluded.

PG

Getting in on the ground floor but it looks like I am talking to myself again.