HBIS Lines Up Investment in Peru Iron Ore Mine
HBIS Resources Co Ltd, a unit of China second-biggest steelmaker HBIS Group, said on Monday it had signed an initial deal to develop the Pampa de Pongo iron ore mine in Peru alongside current licence-holder Zhongrong Xinda.
The two Chinese companies plan to set up a joint venture to work on the first stage of the mine, which also contains copper, cobalt and gold reserves, an HBIS Resources filing to the Shenzhen Stock Exchange showed.
The scope of cooperation includes mine and port construction and operation, it added. No value was put on the framework agreement, which was signed on July 31 and will serve as a basis for negotiations between the two firms.
Investing in Peru, the worlds second-biggest copper producer after neighbouring Chile, would be HBIS first foray into South America. It coincides with steady demand from Chinese steel mills as prices of iron ore, the main steel-making ingredient, top $100 a tonne.
Qingdao-based Zhongrong Xinda acquired the rights to Pampa de Pongo in 2016 and its subsidiary Jinzhao Mining Peru is the projectâ??s operator.
A portfolio published by Peru Ministry of Energy and Mines in October 2018 said Pampa de Pongo, in the Arequipa region, could produce 28.1 million tonnes of iron per year and was expected to start operations in 2023.
It put the investment required at $2.2 billion.
Peru in mid-March imposed a mining lockdown to curb the spread of the new coronavirus, but has since eased restrictions. The country has reported more than 400,000 confirmed coronavirus cases and more than 18,000 deaths from covid-19, the respiratory disease the virus causes.
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Iron ores are rocks and minerals from which metallic iron can be economically extracted. The ores are usually rich in iron oxides and vary in color from dark grey, bright yellow, or deep purple to rusty red. The iron is usually found in the form of Mangnetie (Fe3O4, 72.4% Fe) hematite (Fe2O3 69.9%) goethite ((FeO(OH), 62.9% Fe) Limonite (FeO(OH) n(H2O) 55% Fe) siderite (FeCO3, 48.2%, Fe) Ores containing very high quantities of hematite or magnetite, typically greater than about 60% iron, are known as natural ore or direct shipping ore, and can be fed directly into iron-marking blast furnaces. Iron ore is the raw material used to make pig iron which is one of the main raw materials to make steel 98% of the mined iron ore is used to make steel. In 2011 the Finacial Times quoted Christopher LaFemina, mining analyst at Barclays Capital, saying that iron ore is " More integral to the global economy than any other commodity except perhaps oil". MOQ 25,000 Supplied from Oman
Iron ores are rocks and minerals from which metallic iron can be economically extracted. The ores are usually rich in iron oxides and vary in color from dark grey, bright yellow, or deep purple to rusty red. The iron is usually found in the form of magnetite (Fe3O4, 72.4% Fe), hematite (Fe2O3, 69.9% Fe), goethite (FeO(OH), 62.9% Fe), limonite (FeO(OH)n(H2O), 55% Fe) or siderite (FeCO3, 48.2% Fe). Ores containing very high quantities of hematite or magnetite (greater than about 60% iron) are known as natural ore or direct shipping ore, meaning they can be fed directly into iron-making blast furnaces. Iron ore is the raw material used to make pig iron, which is one of the main raw materials to make steel 98% of the mined iron ore is used to make steel. Item Specification Fe: 57 Min SiO2: 4 Max Al2O3: 5.5 Max Moist: 12 Max P: 0.08 Max S: 0.04 Max +40mm: 5 Max -6mm: 20 Max LOI: 7 About TI: 70 Min AI: 15 Max RI: 60 Min RDI: 25 Max DI: 10 Max
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* Iron ore is found in nature in the form of rocks, mixed with other elements. By means of various industrial processes incorporating cutting-edge technology, iron ore is processed and then sold to steel companies. The primary use of iron ore (98%) is to make steel. The remaining 2% is used in various other applications, such as: powdered iron for certain types of steels, magnets, auto parts and catalysts. radioactive iron (iron 59) for medicine and as a tracer element in biochemical and metallurgical research 5.5 -6 mm 8 mm 10 mm 12 mm 16 mm 20 mm 25 mm 32 mm 36 mm 40 mm 50 mm