Quebec’s iron ore industry heading for active times

June 23, 2008

June 23rd (The Gazette) – Quebec’s iron ore industry is heading for active times. Rio Tinto Group, parent of Canada’s Alcan and Iron Ore Co. of Canada, said today the Chinese steel industry has agreed to pay 79.88 to 96.5 per cent more for iron ore in the year ending April 30, 2009. Baosteel, China’s biggest steelmaker, negotiated on behalf of all the Chinese industry. The prices apply to iron ore produced at Rio’s Australian mines, but set a world standard because China is now the world’s biggest steelmaker. In March Rio said it will invest $500 million to raise annual capacity of its Quebec-Labrador iron ore mines from 17 million tonnes of concentrates to 25 million tonnes by 2011.

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