Australian FMG participates Chinese iron ore trading platform
It is reported that China iron ore spot trading platform, launched in Beijing by the China Iron and Steel Association (CISA) and the Beijing International Mining Exchange in January has inked an agreement with Australian Fortescue Metals Group (FMG), the third largest Australian iron ore producer.
In the first full year of operations in 2003, Fortescue mined, railed and shipped more than 27 million tons of iron ore to customers in China. This rose to 40 million tons over the 2011 financial year and the expansion plan is targeting a run rate of 155 million tons per annum over 2013 and 2014.
Nevertheless, China Beijing International Mining Exchange welcomes the participation of the big three global iron ore miners, Vale, BHP Billiton and Rio Tinto.
News Date 27 Mar 2012 14:16:51 reported by Mike Lo