https://www.miningweekly.com

Australian magnetite drawing more Chinese interest

27th March 2017

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – The South Australian Magnetite Consortium has inked another sale and purchasing letter of intent (LoI), this time with Chinese steel company Sha Steel, for the acquisition of two-million tonnes a year of iron-ore concentrate for sinter feed blends.

ASX-listed Magnetite Mines chairperson Gordon Toll said on Monday that the LoI created a value-adding relationship with one of the largest, most efficient and entrepreneurial steel companies in the world.

“This LoI adds to previously announced agreements with Chinese steel companies Shandong Steel, Qingdao Steel and Ningbo Iron and Steel, plus additional agreements with two non-Chinese steelmakers. It clearly emphasises the demand for our high-quality products,” he added.

The South Australian Magnetite Consortium comprises Magnetite Mines and Lodestone Equities, which through its subsidiaries FE Mines and Olary Magnetite, holds rights to prospective tenements in South Australia.

The consortium's assets include the Mawson iron-ore project, which contains the Ironback Hill prospect, and is estimated to host more than one-billion tonnes of resource.

With the latest LoI in place, the consortium now has a total of eight-million tonnes a year of possible offtake, subject to LoI’s, ready for conversion to firm sales contracts.

Edited by Creamer Media Reporter

Comments

Showroom

Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 
Environmental Assurance (Pty) Ltd.
Environmental Assurance (Pty) Ltd.

ENVASS is a customer and solutions-driven environmental consultancy with established divisions, serviced by highly qualified and experienced...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.1 0.136s - 88pq - 2rq
Subscribe Now