Sydney: The proposed Oakajee port, scheduled to be completed by about 2013, has been assured steady business thanks to a new 15 year contract between Australian iron ore firm Golden West Resources and Hunan Valin Steel Tube & Wire signed today. The contract would see the producer supply up to 4.5m tonnes of iron ore a year to the Chinese company, in which Arcelor Mittal holds a one-third stake.
"Getting the Chinese involved now is an indication that there's a strong resource and a viable resource," Reuters quoted Paul Downie, Golden West spokesman as saying. The Australian ore company is reported to be in the exploration phase, and is likely to use the money from the deal to fund exploration. [12/08/08]
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