Did anyone see this little announcement. Is Ecaudor back on? If...

Did anyone see this little announcement. Is Ecaudor back on? If so, a billion dollar deal. Toot Toot.

http://news.smh.com.au/breaking-news-business/aussie-firm-eyes-iron-sands-in-ecuador-20100627-zbcl.html

Aussie firm eyes iron sands in Ecuador
June 27, 2010 - 7:14AM
AFP

Australia's SAIS minerals company is eyeing a billion-dollar, five-year iron mining project along Ecuador's Pacific coast, Quito's foreign ministry says.

"Australian investors of the company South American Iron and Steel have expressed interest in recycling mineral-rich iron sands" in the southeastern coastal provinces of Guayas and Esmeraldas, the ministry said in a statement.

It said SAIS "plans a steel production operation" based on iron sands present in "access channels to the Guayaquil and Esmeraldas port facilities, as well as in the reservoirs of Paute and Daule Peripa," it added.

The iron extracted from the mineral-rich sediments deposited along the shore from mountain erosion in Ecuador will be used to produce iron and steel products for domestic and foreign markets, the ministry said.

SAIS is seeking a joint partnership with private investors and government companies to launch the project with a $US1 billion ($A1.15 billion) investment over a period of five years, the statement added.