From the Yahoo:
The boss of CITIC’s Sino Iron magnetite project says the company expects to ship more than 10 million tonnes of concentrate this year after completion and commissioning of all of its production lines.
That is well below the massive facility’s 24 million tonne-a-year nameplate capacity but CITIC Pacific Mining boss Zhang Jijing told a London mining conference overnight the company was ramping up production at Sino Iron as quickly as possible.
“It’s no secret that producing magnetite product is more expensive than direct shipping ore. Right now our production volume is still below our design capacity,” Mr Zhang said.
“As a result, cost per tonne is high at the moment. To get this down, we need to ramp up production as quickly as possible to achieve economies of scale.”
With all six production lines now complete one can only assume that output will rise swiftly next year, potentially adding another 14mt to the seaborne market.
