- Write by:
-
Wednesday, October 27, 2021 - 12:44:20
-
453 Visit
-
Print
Mining News Pro - Botswana’s first iron ore mine, Ikongwe, has started production and delivered its maiden exports to China, a company official told Reuters on Tuesday, as the Southern African country makes headway in efforts to diversify its economy away from diamonds.
Although diamond mining’s contribution to GDP has declined over the years and was less than 20% last year, Botswana is still heavily reliant on the precious stones, with diamonds accounting for more than 70% of foreign currency revenues.
The first exports from the Ikongwe mine, owned by Vision Ridge Investments, a unit of India’s Yashomann Industries, reached China in September.
“We have an order of 50,000 tonnes per month from a state-owned steel manufacturing company there,” Vision Ridge director Chetan Patil said.
Vision Ridge aims for Ikongwe to produce one million tonnes of iron ore per year over an initial 10-year lifespan, with a grade of up to 65%.
The exports currently go via South Africa, in containerised shipments, but Vision Ridge is in talks with Botswana Railways to organise bulk shipments through Mozambique’s port of Maputo, Patil said.
“This should help us to ramp up production and exports,” he said.
Prices for iron ore, which is the main ingredient in steel production, have soared over the past year to reach record highs of $240 per tonne in May driven by strong demand from China which produces most of the world’s steel.
China has been seeking new sources of iron ore amid a trade war with its top supplier Australia.
Short Link:
https://www.miningnews.ir/En/News/616913
BHP’s plan to divest the South African assets of its target Anglo American are key to the strategy behind the proposed ...
Anglo American CEO Duncan Wanblad is meeting on Friday South African mines minister Gwede Mantashe for the first time ...
China’s leading metals companies, including its state iron ore buyer, are considering their next moves following BHP ...
BHP Group (ASX: BHP) has deployed a senior team including its chief executive officer to South Africa as the world’s ...
A takeover of Anglo American Plc would need to be pitched at more than £30 ($37.6) per share, a higher price than BHP ...
BHP Group Ltd.’s proposal for Anglo American Plc to spin off platinum and iron ore units before a takeover would likely ...
Iron ore will average more than $100 a ton this year as the worldwide market remains tight, despite China’s property ...
Iron ore futures prices fell on Monday after weak industrial data in top consumer China and the completion of of ...
Brazil’s Corumba region could more than double iron ore shipments through neighboring Uruguay this year if there is ...
No comments have been posted yet ...