Mitsui May Increase Iron Ore Output By 49% By 2015

  • Friday, June 4, 2010
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  • Keywords:Iron Ore
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Mitsui & Co may increase iron ore production from its own mines by as much as 49% by 2015 as demand from China will remain brisk.
 
Mr Masami Iijima president & CEO of Mitsui & Co said that "Supplies of iron ore will remain tight with increasing demand from China and emerging economies."
 
Rising steel production in China has spurred competition for iron ore and driven contract prices from Asian mills up by 90%. Vale SA, BHP Billiton Limited and Rio Tinto Group may demand a 30% to 50% increase in the price of iron ore in the July quarter.
 
Mitsui wants to increase output from its own mines to 60 million to 70 million tonnes by the year ending March 31st 2015. It plans to produce 47 million tonnes in 2010, 52 million tonnes by March 2012 and 53 million tonnes by March 2013.
 
Mitsui has a 33% stake in Australia's Robe River Iron Associates mining operation and 7% stakes in the Mount Newman, Yandi and Mount Goldsworthy joint ventures. The company also owns a 15% stake in Valepar, the holding company of Vale.
 
Mitsui plans to invest JPY 240 billion in its minerals and energy business in the year ending March 2011, up 71% from last year. Of this, JPY 100 billion will be invested in the metals and minerals sector.
 
Sourced from internet.

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