Another Australian mine secures long term Chinese mill deal

Sydney: Western Australia’s Gindalbie Metals has secured a 30-year export deal with China. The Perth-based company inked the A$71 billion contract with Angang Group International Trade Corporation (Ansteel), and is set to produce up to 30 million tonnes of iron ore each year from its Karara magnetite project.

In a report by The Australian, Gindalbie said that it will start delivery by the middle part of 2011 and the deal will net them about $US580 million a year, with projected rise of $US2 billion when peak production rate is reached.

(Source: www.schednet.com)