PERTH (miningweekly.com) – Australia-listed South American Iron & Steel (SAIS) confirmed on Tuesday that it was in preliminary discussions with the Ecuador government to recycle mineral-rich iron sands, but added that agreement had been reached as yet.
The company was responding to a government statement, which indicated that SAIS was looking to recycle dredged-sludge with a high iron-ore content to produce iron and steel for the Ecuadorian market, at an investment that would exceed $1-billion.
The Ecuador government estimated that the phased development of the project would take around five years, after receiving the green light from government authorities.
SAIS’ operations in Ecuador are held through its wholly owned subsidiary, Fierroinca del Ecuador, however, its concessions were dismissed owing to the new mining law in that country.
SAIS has previously reported that it was focusing its efforts on reinstating its onshore exploration rights.
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