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Sinosteel: JV iron ore mine in Australia in good shape

(Xinhua)
Updated: 2008-12-13 14:33

Channar iron ore mine, Sinosteel's overseas joint venture project with Rio Tinto in Australia, is in constant operation, China's metal giant announced in Beijing on Friday denying rumors that the mine had been shut down following massive losses.

Related readings:  Iron ore price cut of 82% 'unlikely'  Stimulus unlikely to impact iron ore talks

"All the company businesses, including our overseas projects are in good shape. There is no such thing as losing money," said Sinosteel in a statement.

According to the state-owned steel maker and trader, Channar cut production in late November because of shrinking market demand. It has already resumed normal operation.

Some media reports said this week that the mine had been closed since Nov 19 as Sinosteel suffered from a huge loss. This aroused concern that the loss may adversely affect the operation of Midwest, an Australian mining company in which Sinosteel holds a 98.5 percent stake.

"Midwest is running smoothly at present and we have strong confidence in its long-term development," the statement said.

Sinosteel and Rio Tinto signed agreement to jointly develop Channar back in 1987. The mine has been yielding 10 million tons of iron ore every year for China since its operation started in 1990.