North Asia Resources Mongolia Iron Ore Project to start up in 2011

Mr Xie Nanyang vice president of North Asia Resources said that iron ore project based in Mongolia has been testing and will be put into operation in 2011.

Mr Xie said that its gold sand mine will be started up as of April or May 2011. Mongolian government will revoke the super profit tax in gold sector, and the company is expected to enjoy net cash flow. He highlighted that the company will still take iron ore as key business; iron ore trade takes up 80-90 percent of the company's sales income.

In the past year, the company has invested USD 60 million in exploiting gold and iron ore mines. Mr Xie said that now the company has owned around 150 million tonnes of iron ore reserves in Mongolia.

The company ever announced to input another CNY 170 million to acquire two mines in central Mongolia which hold the reserves over 100 million tonnes. After the acquiring, the company will cost USD 50 million in exploitation. At the moment, the cash is not a question.

Mr Xie also disclosed that North Asia Resources has bought 20 hectares area from China Railway Corp to establish the station to facilitate the iron ore transportation. Meanwhile, the company has got the China Railway Corp. Mongolia Branch. The line can load 10 million tonnes of iron ore annually.

As he unfold, Mongolian iron ore is 38% in Fe content on average, higher than China Mainland's 10 to 12% Fe contained iron ore. The operation of Mongolian ore can save a half cost, compared to Chinese iron ore.

Source: steel information centre and industry database



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