Sydney: Western Australia's Gindalbie Metals has secured a 30-year export deal with China. The Perth-based company inked the A$71 billion contract with Angang Group International Trade Corporation (Ansteel), and is set to produce up to 30 million tonnes of iron ore each year from its Karara magnetite project.
In a report by The Australian, Gindalbie said that it will start delivery by the middle part of 2011 and the deal will net them about $US580 million a year, with projected rise of $US2 billion when peak production rate is reached. [31/03/10]
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited.
Add Seatrade Maritime News to your Google News feed.
