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Steelmaker China, India, Korea and Japan are interested in buying stakes iron ore mine owned by Australian iron ore producer, Atlas Iron Ltd. Purchasing stakes iron ore mines in order to anticipate competitive iron ore demand from steel manufacturers of the world.

China is a country of the world’s largest steel producer and importing countries of the world’s largest iron ore. In 2009 China is a country that maintains the purchase price of iron ore with the largest pieces, resulting in conflict with the iron ore mining company, Rio Tinto.

Steelmakers worldwide are increasing purchases of iron ore, used to feed furnaces, as the economic recovery fuels demand by carmakers and builders. The cash price for iron ore rose to the highest in more than a year as demand from China, the largest buyer, rose and India announced plans to levy duties on exports.

“Goldman Sachs have a got a nice group of people in the final stages now and as soon as we complete we will let the market know,” Flanagan said by phone. He didn’t give details.

Atlas shares rose 4.7 percent to A$2.23 at the 4:10 p.m. close in Sydney trading. The stock gained 121 percent last year.

The company today also said it received “strong interest” from steel mills seeking supplies from its Wodgina project. Talks are advancing and are not complete, Atlas said in the statement to the Australian stock exchange.

Wodgina Production

Atlas plans to start production from Wodgina this year at an initial rate of 2 million metric tons a year, it had said in November. The company produces about one million tons of iron ore a year from the Pardoo mine in the Pilbara. It plans to increase output to 12 million tons by 2012.

“Atlas notes that the market for iron ore is very strong, reflected in the spot price, and that the strength of demand is reflected in Atlas’ discussions,” the company said in the statement. The higher spot prices may be reflected in Atlas’ cargoes later, Flanagan said.

The company last year estimated the Ridley project, which will cost A$3 billion to build, could produce 15 million tons of ore concentrate over 30 years. A study had estimated average annual earnings before interest, tax, depreciation and amortization of A$535 million.

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