Zou Can, vice director of the department of iron ore and non-ferrous resources division of WISCO International Resources Development and Investment Company, subsidiary of the Chinese steel producer Wuhan Iron and Steel Corporation (WISCO), revealed at the International Geology Conference held on November 18 that the company has inked a preliminary agreement with a Canadian miner, namely Adriana Resources Inc. to jointly develop the LacOtelnuk iron ore program located in Quebec, Canada.
LacOtelnuk mine has a total reserve of 6 billion mt of magnetic concentrate with 30 percent iron content.
Mr. Zou also said that WISCO is setting to develop the Mbalam iron ore deposit in Cameroon in Africa. The mine contains hematite iron ores with 30-40 percent iron content.
According to the estimation of Australian mining company Sundance Resources, the previous owner of Mbalam iron ore program, the deposit has a longevity of at least 25 years, with an annual iron ore production capacity of 35 million mt. In addition, it has a prospective reserve of 200 million mt.
Mr Zou said that WISCO would establish a coalition including financial sectors, infrastructure contractors, steelmaking plants and traders to propel the development of the Mbalam iron ore program.
