Chinese firm to acquire Java iron mine

Chinese firm China Vanadium Titano-Magnetite Mining Company Limited announced on Wednesday that its unit Sure Prime Limited (SPL) will enter into a deal to acquire a mine in Java.

Under the deal, SPL will purchase iron concentrates from a vanadium bearing titano-magnetite iron sand ore mine for a period of up to the expiry of its mining service period from a British Virgin Island incorporated company.

To be further demonstrated by an international technical consultant, the Target Iron Mine has JORC reserves of not less than 1.42 billion tonnes of iron ore at an average grade of 10% or better or 143 million tonnes of ore with an equivalent iron content. In addition, a production line with an annual production capacity of 10,000,000 tonnes of 58%-60% iron concentrates (calculated on a wet basis) and ancillary facilities will be constructed by June 2012, the company said without giving detail.(alex)