Glencore’s Sphere mothballs its Askaf iron ore project

Glencore subsidiary Sphere Minerals has mothballed its Askaf iron ore project in Mauritania, as prices for the steelmaking raw material remain at six-year lows.

“All construction commitments are being closed out, expenditure minimised, and employment numbers reduced,” the company said in a filing with the Australian Securities Exchange on Friday March 13.
The decision was made following a review of the Askaf project last October.

Metal Bulletin’s benchmark 62% Fe iron ore index stood at $57.66 per tonne cfr...


Shu Zhu

March 13, 2015

12:45 GMT