Equatorial Resources' Welborn says Africa will be major supplier of world's iron ore

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Source: www.proactiveinvestors.com. --- Friday, August 31, 2012
? Equatorial Resources ( ASX:EQX ) managing director John Welborn says central and west Africa will be the world?s next major supplier of iron ore. Speaking at the Africa Down Under Conference in Perth he said that traditional iron ore regions will struggle to fulfil future Chinese demand. And he told conference goers that even the most sombre forecasters agreed China?s consumption of seaborne iron-ore will continue to grow and that this provides a degree of certainty that projects in central and west Africa would be developed to ?fill the gap?. Welborn?s Equatorial Resources is advancing two large scale iron ore projects in the Republic of Congo. The mining executive pointed to China?s stated ambition for 50 per cent of China?s iron imports to come from Chinese owned mines outside of the country by 2015. ?China remains by far the dominant buyer of seaborne iron-ore, importing more than 650-million tons last calendar year, or 63% of total global seaborne iron-ore demand,? Welborn said. ?Historically, more than 75% of China?s seaborne iron-ore supply has come from Australia, Brazil and India and China recognises it has relied too heavily on the big three producers,? he said. ?Chinese steels mills are suffering from high input costs and low profitability and need to find new sources of supply. Short term thinking focuses on the current price of iron-ore.? "In the long term there is a reality that new sources of iron-ore need to be ...

Source: http://www.proactiveinvestors.com./companies/news/34109/equatorial-resources-welborn-says-africa-will-be-major-supplier-of-worlds-iron-ore-34109.html

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