Posted on 26 Aug 2013
Angang (Ansteel) has become a major shareholder in Karara Iron Ore Project by increased shares from 50% to 52.16%, China Business News reported on August 22.
Karara, jointly developed by Angang (Ansteel) and Gindalbie Metals Ltd, is still profitable at current market prices, even though the profit is not huge because of extra beneficiation process required by its magnetite nature, an senior executive was quoted as saying in the report, who revealed 45% iron ore consumed in the steel company is imported and 55% comes from interests.
Karara Iron Ore Project also has a smaller scale hematite operation which has already started shipments. The major magnetite project made its first shipment in May 2013. By the end of the fourth quarter in the year, magnetite output is expected to reach 8 million tones and total concentrate output, both magnetite and hematite, be slightly less than 10 million tones, according to the report.
Karara Iron Ore Project, with 34.1% iron content and proven 2.4 billion tones of reserve, has the potential to produce +30mtpa for more than 30 years.
