Pluton to Become Australia’s Latest Iron Ore Exporter

Pluton Resources Ltd. (ASX:PLV) announced that it expects to begin exporting iron ore early next week, commenting that its first shipment will be a total of 43,000 tons worth about US$4 million. The shipment follows the restart of production at at mine located almost 60 meters below sea level.

As quoted in the press release:

A vessel is due to berth later this week and depart the island either Sunday or Monday with a cargo of iron ore worth around US$4 million, Mr. Schoer said.

The initial shipment of 43,000 tons, bound for the Chinese port of Rizhao in the eastern province of Shandong, is expected to attract a roughly 10% discount to current iron ore spot prices due to a lower iron content. But by next year the venture should receive the full market price as grades improve, Mr. Shoer added.

Click here to read the full Pluton Resources Ltd. (ASX:PLV) press release.