Venezuela Restarts Iron Mine after 18 years

Platts McGraw Hill Financial reported that Venezuela’s sole iron ore producer, CVG Ferrominera Orinoco, has reactivated its Cerro Bolivar mine that had been mothballed since 1997.

As quoted in the market news,

The mine still has reserves of around 18 billion mt of ore, most of it with 64.4% Fe content, and a remaining lifetime of 30 years.

FMO said it plans to extract around 800,000 mt of iron ore from the mine in a first phase of new work, with about 500,000 mt of that containing high Fe content. The mine has the capacity to produce around 4 million mt/year, it said.

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