Pluton Resources Ltd. (ASX:PLV) announced that it expects to begin exporting iron ore early next week, commenting that its first shipment will be a total of 43,000 tons worth about US$4 million. The shipment follows the restart of production at at mine located almost 60 meters below sea level.
As quoted in the press release:
A vessel is due to berth later this week and depart the island either Sunday or Monday with a cargo of iron ore worth around US$4 million, Mr. Schoer said.
The initial shipment of 43,000 tons, bound for the Chinese port of Rizhao in the eastern province of Shandong, is expected to attract a roughly 10% discount to current iron ore spot prices due to a lower iron content. But by next year the venture should receive the full market price as grades improve, Mr. Shoer added.
|Investing Opportunity: Using LME Prices and Base Metals News.|