Burwill to invest $100 m to increase China mine output
Hong Kong’s Burwill Holdings (0024.HK) reported that the company plans to invest $100 million to quadruple its iron concentrate output using ore from a mine it is buying in eastern China’s Shandong province.
The press release is quoted as saying:
Burwill will build new ore dressing plants, taking the mine’s production to 700,000 tonnes of iron concentrate by the end of this year, then to 1.5 million tonnes in 2011 and 3 million tonnes in 2012. Burwill has the rights to buy another 19 percent of the mine for HK$259 million, taking its interest to 70 percent. Chan said he hoped to exercise those rights in the second quarter of 2010.
Click here to access the entire press release
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Thu, Feb 4, 2010
Post by Melissa Pistilli, Iron Senior Reporter