Author: Paul Ploumis
29 Oct 2014 Last updated at 05:35:17 GMT
NOUAKCHOTT (Scrap Monster): The statement released by the company yesterday, stated that, the company is reviewing on the development strategies planes at the Askaf iron ore project, located in Mauritania. Which was earlier approved in the month of April, by the same company.
According to the forecasts, after the development of the project is completed it would bring high yieldings by the year, 2017. The forecasts also stated that, once all the procedures regarding the development of the project are completed, it would produce to the minimum of 7.5 million tonnes, every year.
Matthew Conroy, the Company Secretary of sphere Minerals, stated that, as the development of the project is delayed, the production of iron ore in the project located in Africa will also start late. According to the data of the company, Sphere Mineral, the 88 percent of the stake of the company is owned by Glencore.
The price of iron ore, has declined over to 40 percent from the beginning of this year, while the iron ore giants from Australia, like, BHP, and Rio is filling up the market, leading to a fatal supply glut.