Author: Paul Ploumis
28 Oct 2014 Last updated at 07:59:48 GMT
LONDON (Scrap Monster): Earlier reports which were released by the CEO stated that, the company would take place in the same time in the right budget. In the quarterly production update, released from the mine showed perfectly that it is on the right track. It also uplifts the determination o9f the former CEO, Cynthia Carrooll’s to go on with mine’s production, even after facing several pressures both internally as well as externally.
But still there are many complications, including the continuing decline the iron ore price and its present stay at 80 dollars per tonne, so it’s still not the time to celebrate, not until iron ore stabilizes its position.
The company has already shipped its first shipment with 80,000 tonnes of iron ore, which is worth to be appreciated. The iron ore, which comes out of the mine, contains about 68 percent of more iron than 62 percent iron content in the benchmark iron ore. The iron ore is better quality, than the one which is being shipped from Australian miners. So it will definitely more price from the steel makers other than lower grade iron ore.