Mitsubishi Corporation’s ferrous raw materials division focuses on iron ore resource development. The unit tries to launch major iron ore mile in Western Australia in 2011 while the unit expands existing operations and explores new resource in Canada and Guinea. The unit will improve the business portfolio to expand the profit while the unit heavily depends on coking coal operation. The unit will finish feasibility study to develop Jack Hills iron ore deposit in Western Australia with Murchison Metals of Australia. The unit tries to produce annual 26 million tonnes of high grade iron ore through 50/50 joint venture with Murchison Metals through 300 billion yen of major investment including rail and port construction. The unit will finish joint feasibility study with Baffinland Iron Mines Corporation of Canada for new iron ore resource in Canada by mid-2008. The unit is also in drilling test phase for potential iron ore resources in Guinea, which takes around one and half year. The unit also decided the expansion of Iron Ore Company of Canada, which is joint venture with Rio Tinto. The unit targets more than 20 million tonnes per year of iron ore captive resources by 2015 compared with current 7 million tonnes.
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