Tag: iron ore mines
China Leads Record Low-Grade Iron Ore Mines in Australia
Nov/28/2009 | Under : Companies, Iron Ore Mine, Mineral Exploration
Citic Pacific Ltd., an arm of China’s biggest state-owned investment company, is leading record spending on low-grade iron ore mines in Australia to profit from surging demand as well as to diversify supply.
As much as A$18 billion ($16.6 billion) is being spent on so-called magnetite iron ore projects, 36 percent more than a year ago, according to data from the Australian Bureau of Agricultural and Resource Economics. Citic Pacific this month said it signed sales accords for its $4 billion project.
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