The iron ore mining joint venture between China’s Anshan Steel and Australia’s Gindalbie Metals Ltd started operating on 9 April.
Called Karara Mining, the project is expected to have an annual production capacity of 21Mt of magnetite ore and 8Mt of iron concentrate. Ansteel’s share of production will mainly be provided to its iron and steel base in Bayuquan, an economic development zone in Yingkou City, northeast China’s Liaoning Province.
The Karara mine is located in Western Australia and is the country’s second largest source of magnetite, with proven reserves of 2.4bnt. It has been jointly exploited by Ansteel and Gindalbie since the end of 2009, according to the agreement signed by the two companies in September 2007.
Ansteel Mining, a subsidiary of Ansteel Group, recently announced its operational targets for the period of 2016-2020, saying that it expected to produce 107Mt of iron ore and 29Mt of iron ore concentrate each year during the period.
The company also said that business operations related to the iron ore production were expected to contribute 30% of total annual revenue.
Source: China Metals e-mail email@example.com