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Strong Chinese demand will support magnetite market, says IMX md

September 02, 2010 - 07:14 GMT Location: Brisbane

KEYWORDS: magnetite , iron ore , copper , Cu , Cairn Hill , Duncan McBain

The magnetite market will remain strong for the next five years, bolstered by healthy Chinese demand, IMX md Duncan McBain said, as the company targets its first shipment by year-end.

The Perth-based miner started production from the 1.7 million tpy high-grade magnetite mine last month, which will also produce 5,000 tpy of contained copper. "We are gradually seeing hematite grades dropping so there is a solid market for high-grade magnetite,” McBain told MB. "There is a very good market in China from blast furnaces requiring higher-grade magnetite feed.” he added. IMX owns 51% of the magnetite-copper-gold mine and its majority shareholder Sichuan Taifeng...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

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