from the west austnEvraz, MCC to develop Cape Lambert31st July...

from the west austn

Evraz, MCC to develop Cape Lambert
31st July 2008, 16:00 WST

The new owner of the Cape Lambert iron ore project, China Metallurgical Group Corporation, will work with Russian steelmaker Evraz Group as part of a new development plan for the project.

Evraz, which will take a 75 per cent economic interest in the project, expects the project's anticipated annual output of 15 million metric tonnes of magnetite concentrate to be shipped to China to meet the requirements of Chinese mills.

MCC will be entitled to sign an off-take agreement for up to 60 per cent of the iron ore volumes, the company said today in a statement.

Evraz, which has a 19 per cent stake in project vendor Cape Lambert Iron Ore, must gain approval from the Foreign Investment Review Board to participate in the joint venture.

Cape Lambert shares were up 2¢ to 59¢ at close of trade today, still down 26 per cent, or 21¢, on its closing price of 80.5¢ last Friday.

PERTH
ANDREW HOBBS
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