Eurasian Natural Resources Corp a ferroalloy producer plans to invest USD 6.8 billion to increase iron-ore output in Kazakhstan and Brazil as prices for the steelmaking ingredient climb.
ENRC, based in London, aims to become a leading global iron ore miner with annual output of 70 million tonnes by 2016, Mr Felix Vulis CEO of ENRC at a BMO Capital Markets conference in Hollywood, Florida said that the company currently mines iron ore only in Kazakhstan, where its annual production is 17 million saleable tonnes.
Mining companies are boosting investment in reserves of iron ore and coal, both used to make steel, as Asian demand drives up prices. The price of iron ore imports to China, the world’s largest consumer of the raw material, jumped 70% last year, while European benchmark coal rose 38% in London, according to data compiled by Bloomberg.
ENRC’s investment program includes USD 2.1 billion to expand iron ore operations in Kazakhstan, where the company plans to increase output to 23 million tonnes by 2015.
ENRC, based in London, aims to become a leading global iron ore miner with annual output of 70 million tonnes by 2016, Mr Felix Vulis CEO of ENRC at a BMO Capital Markets conference in Hollywood, Florida said that the company currently mines iron ore only in Kazakhstan, where its annual production is 17 million saleable tonnes.
Mining companies are boosting investment in reserves of iron ore and coal, both used to make steel, as Asian demand drives up prices. The price of iron ore imports to China, the world’s largest consumer of the raw material, jumped 70% last year, while European benchmark coal rose 38% in London, according to data compiled by Bloomberg.
ENRC’s investment program includes USD 2.1 billion to expand iron ore operations in Kazakhstan, where the company plans to increase output to 23 million tonnes by 2015.
Tags :investment in iron ore and coal reserves, raw material, steel mills
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