Sino readies to ship first ore - Citic Pacific
PERTH (miningweekly.com) – The Sino iron-ore project, in Western Australia, is gearing up to ship its first iron-ore concentrate to China, project developer Citic Pacific reported on Monday.
The first shipment would head to Citic’s steel mill in the Jiangsu province.
Citic Pacific chairperson Chang Zhenming noted that the first concentrator line at the Sino project was now in operation, adding that line two was progressing, with management focused on ensuring it entered production as early as possible.
Grinding mills for lines three of six have also been put on foundations, and remaining works, including civil construction and installation, have started.
Chang noted that the knowledge and experience gained from the first two concentrator lines would benefit the installation of the remaining four lines.
“Production cost per tonne will be high until the project is in full production, as interest can no longer be capitalised and depreciation begins,” said company president Zhang Jijing.
“We are working hard to bring the additional four lines into operation as early as possible. The economies of scale and the increased production from additional lines are very significant,” he added.
Once in full operation, the Sino project would produce about 27.6-million tonnes of iron-ore concentrate a year, with the project estimated to have a 30-year mine-life.
Citic Pacific has the right to mine two-billion tonnes of magnetite from the project area, and recently exercised its options over a further one-billion tonnes.
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