TISCO Yuanjiacun iron ore project starts construction
July 25, 2008
July 25th (Steel Guru) – Shanghai Securities News reported that the cornerstone laying ceremony of TISCO’s Yuanjiacun iron ore project was held on the Jul 22nd 2008 in Lvliang of Shanxi Province.
It is not only a symbol that some 1.25 billion tonne of reserve in this area will be utilized, but more importantly, it will help pin down the rising international iron ore prices, soften domestic dependence on overseas resources and enhance the speaking right of Chinese steelmakers in the world arena.
It is learned that the mine is mainly deposited with magnetite and hematite, boasting desirable mining conditions which make opencast working preferable. But many ore types, high hardness and complicated components, as well as difficulties in grinding and separating have made the mine unable to be prospected and developed on a large scale until now.
The mine is reported to serve 40 years, 34 years as stable serving term, and can produce 7.418 million tonne concentrate with grade of above 65% with a metal recovery rate of more than 70%.
The project is funded by Taiyuan Iron & Steel Company Ltd with a total of over CNY 10 billion of which CNY 8.8 billion is for main work. TISCO will take the construction work and it is expected the project will be completed in three years.