history never repeats:or does it

This may have been discussed before but may hold clues to what is being discussed at present.. Anyone know why this didn't go ahead?.....


Twenty Billion Dollar Australia/China Iron Ore Deal Announced


Following the announcement of BHP Billiton’s major iron ore deal last month, the lead Chinese steel mill involved in the BHP announcement, Wuhan Iron and Steel (Group) Co, has secured even more long term iron ore products.
The new deal centres around Western Australian iron ore group’s Mineralogy Pty Ltd huge iron ore deposits.

The Chairman of Mineralogy and the project company International Minerals Pty Ltd (IM) Professor Clive Palmer said: “International Minerals had executed a Memorandum of Understanding with WISCO and another party.”

The memorandum was executed by Professor Palmer and WISCO vice president Li Fushan in Perth Western Australia on the October 9 2004, and announced today at the 4th China Iron and Steel Raw Material Conference in Shanghai.

Professor Palmer said: “International Minerals will sell over a 25 year period five million tonnes of high grade Iron Ore Concentrate each year with 100 percent of all concentrate being sold to China.

“The project will produce seven million tonnes of High Grade Iron Ore Pellets each year with five million tonnes of pellets allocated to Chinese mills.

“The estimated value of the Iron Ore product sales for the project exceeds twenty billion Australian dollars. This sale will be the single largest Australian Iron Ore export contract ever.

“It is planned that the Chinese side will have ownership of just under 50 percent of the share capital of International Minerals. International Minerals is therefore not planning to raise any additional share capital for the company to develop the project.”

International Minerals company secretary Liam Scanlan said: “The foreshadowed investment in International Minerals share capital would be the largest investment by any offshore parties in a single Iron Ore project in Western Australia.

“International Minerals Iron Ore products are of a much higher quality than existing Western Australian producers. International Minerals Iron Ore Concentrate has a Fe content of up to 71 percent with extremely low impurities.”

Mineralogy and International Minerals project have the benefit of having Environmental Approval and a Western Australian Act of Parliament which was passed by the Western Australian Parliament in 2002. (Mineralogy Iron Ore Processing Act 2002)

International Minerals with proven Iron Ore reserves and engineering studies completed is planned to commence construction in 2005 and could be in production in late 2007.

International Minerals Western Australian manager Vimal Sharma said at the 4th China Iron and Steel Raw Material Conference in Shanghai: “International Minerals would establish a 4th new Port in the Pilbara of Western Australia at Cape Preston significantly increasing Western Australia’s ability to export to Asian markets”.
- 21 Oct 2004