vallenar iron aiming to produce 3 mtpa of io

http://steelguru.com/news/index/2008/09/30/NjQ4OTI%3D/Vallenar_Iron_aiming_to_produce_3_MTPA_of_iron_ore.html

"BNamericas reported that Chile's Vallenar Iron Company, previously Minera Santa Barbara, is aiming to produce 3 million tonnes per annum of iron ore in the medium term following its immediate goal of reaching 1 million tonnes per annum.

As per report, Vallenar Iron's long term production goal is 5 million tonnes per annum, which would require an investment of USD 700 million.

Vallenar Iron also said that it is exercising its option to acquire the Pampa Tololo and Cerro Varillas properties in region III for 7,000 UF. With the acquisition of the 3,455 hectare encompassed in both properties, Vallenar Iron now controls 8,200 hectare in region III.

Vallenar Iron is controlled by Australia's Admiralty Resources with 60% while the remainder is in the hands of Wyndham Explorations, controlled by Chilean businessman Mr Leonardo Farkas Klein."