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HK FIRM TO DEVELOP MINERALOGY IRON ORE DEPOSIT.
PERTH, April 3 Asia Pulse - A Hong Kong-based company has agreed to pay up to $US2.47 billion ($A3.46 billion) to develop private company Mineralogy's iron ore deposit in Western Australia's Pilbara region.
The deal includes an agreement for CITIC Pacific to buy the magnetite - a type of iron ore - from the project once it is producing.
CITIC said it would arrange the financing of the project, located near the mouth of the Fortescue River, estimating it would cost about $US1.375 billion ($A1.92 billion) for the first stage and another $US1.1 billion ($A1.54 billion) for the second stage of development.
CITIC has purchased the right to six billion tonnes of magnetite ore, paying $US215 million ($A300.76 million) for the first billion tonnes and another $US200 million ($A279.78 million) for the second billion tonnes.
CITIC has also entered into a $US100 million option agreement over another four billion tonnes, agreeing to pay million ($A279.78 million) for ...
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- News wire article from: TendersInfo September 7, 2009 700+ words
...the global map, it is the turn of iron ore to make the state richer. India...India (SAIL), has discovered iron ore deposit in Bhilwara district. The company...conducting a feasibility study to extract iron ore. SAIL chairman S K Roongta said...
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...the global map, it is the turn of iron ore to make the state richer. India...Authority of India has discovered iron ore deposit in Bhilwara district. The company...conducting a feasibility study to extract iron ore. Mr SK Roongta chairman of SAIL...